PIMCO All Asset

Objective And Strategy

Objective
Maximum real return, consistent with preservation of real capital and prudent investment management.

Strategy
The Portfolio seeks to achieve its investment objective by investing under normal circumstances substantially all of its assets in InstitutionalClass shares of any funds of the PIMCO Funds, an affiliated open-end investment company, except the PIMCO All Asset, PIMCO All Asset All Authority, PIMCO Global Multi-Asset, PIMCO RealRetirement® 2010, PIMCO RealRetirement® 2020, PIMCO RealRetirement® 2030, PIMCO RealRetirement® 2040 and PIMCO RealRetirement® 2050 Funds, as well as in funds of PIMCO Equity Series, an affiliated open-end investment company (“Underlying PIMCO Funds”).

Principal Risks

* This portfolio invests its assets in underlying funds, thus the risks associated with investing in the portfolio are closely related to the risks associated with the securities and other investments held by the underlying funds. The ability of this portfolio to achieve its investment objective will depend on the ability of the underlying funds to achieve their investment objectives.

* The Fund could lose money if the issuer of a debt security is unable to meet its financial obligations or goes bankrupt. This fund may invest in securities rated below investment grade or "junk bonds." Junk bonds may be sensitive to economic changes, political changes, or adverse developments specific to a company.