PIMCO Model Portfolio Strategies

MULTI-ASSET Accumulation

Put the power of PIMCO to work for you. Explore and compare our innovative model portfolios.

FOR INVESTMENT PROFESSIONAL USE ONLY. NOT TO BE SHOWN OR DISTRIBUTED TO ANY OTHER PARTIES. 2 PIMCO Model Portfolio Strategies

MULTI-ASSET Accumulation While many investors have enjoyed strong returns post-crisis, forward-looking views, allocating across a range of actively the forward-looking environment is likely to be more challenging. managed equity, fixed income and real asset mutual funds. PIMCO’s Accumulation Multi-Asset models seek to provide PIMCO’s five accumulation multi-asset model portfolios provide diversified exposure to global markets and aim to strengthen exposure to a range of actively managed equity, fixed income and return potential, while managing downside risk to improve real asset funds. portfolio outcomes. The asset allocation process follows PIMCO’s

80% STOCKS | 20% BONDS 60% STOCKS | 40% BONDS 50% STOCKS | 50% BONDS

2% 2% 2% 7% 3% 12% 12% 15% 13% 21% 16% 8% 4% 4% 13% 5%3% 18% 5% 2% 15% 7% 3% 20% 13% 15% 2% 4% 11%

13% 20% 17% 6% 10% 8% 2% 2% MODEL COMPOSITION Data as of 6/30/2021 MODEL COMPOSITION Data as of 6/30/2021 MODEL COMPOSITION Data as of 6/30/2021 StocksPLUS ® Absolute Return Fund (PSPTX) 21% StocksPLUS ® Absolute Return Fund (PSPTX) 16% StocksPLUS ® Absolute Return Fund (PSPTX) 13% RAE US Fund (PKAIX) 20% RAE US Fund (PKAIX) 15% RAE US Fund (PKAIX) 13% StocksPLUS ® International Fund StocksPLUS ® International Fund StocksPLUS ® International Fund 6% 4% 3% (USD-H) (PISIX) (USD-H) (PISIX) (USD-H) (PISIX) RAE International Fund (PPYIX) 17% RAE International Fund (PPYIX) 13% RAE International Fund (PPYIX) 11% RAE Emerging Markets Fund (PEIFX) 13% RAE Emerging Markets Fund (PEIFX) 10% RAE Emerging Markets Fund (PEIFX) 8% RealEstateRealReturn Strategy Fund RealEstateRealReturn Strategy Fund RealEstateRealReturn Strategy Fund 3% 2% 2% (PRRSX) (PRRSX) (PRRSX) Total Return Fund (PTTRX) 8% Total Return Fund (PTTRX) 15% Total Return Fund (PTTRX) 20% International Bond Fund (U.S. Dollar-H) International Bond Fund (U.S. Dollar-H) Investment Grade Credit Bond Fund (PIGIX) 3% 2% 2% (PFORX) (PFORX) Mortgage Opportunities and Bond Fund 2% Investment Grade Credit Bond Fund (PIGIX) 5% (PMZIX) Investment Grade Credit Bond Fund (PIGIX) 7% Mortgage Opportunities and Bond Fund Mortgage Opportunities and Bond Fund Income Fund (PIMIX) 7% 4% 4% (PMZIX) (PMZIX) Income Fund (PIMIX) 12% Income Fund (PIMIX) 15% Emerging Markets Bond Fund (PEBIX) 2% Emerging Markets Bond Fund (PEBIX) 2%

MODEL STATISTICS Data as of 6/30/2021 MODEL STATISTICS Data as of 6/30/2021 MODEL STATISTICS Data as of 6/30/2021 Duration 1.41 Years Duration 2.24 Years Duration 2.66 Years Equity Beta 0.91 Equity Beta 0.71 Equity Beta 0.61 Estimated Volatility 14.14% Estimated Volatility 11.26% Estimated Volatility 9.79%

FOR INVESTMENT PROFESSIONAL USE ONLY. NOT TO BE SHOWN OR DISTRIBUTED TO ANY OTHER PARTIES. PIMCO Model Portfolio Strategies 73

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40% STOCKS | 60% BONDS 20% STOCKS | 80% BONDS than ever. Our accumulation multi- asset model portfolios leverage PIMCO’s investment process and 3% 4% 5% 2% active management expertise to 11% 5% help you efficiently deliver innovative 18% 5% 11% 24% investment solutions to your clients. 3%

3% 6% 8% 8% 8% 7% 30% 3% 10% 22% 4% A focus on helping you actively get – and stay – ahead MODEL COMPOSITION Data as of 6/30/2021 MODEL COMPOSITION Data as of 6/30/2021 of the markets StocksPLUS ® Absolute Return Fund (PSPTX) 11% StocksPLUS ® Absolute Return Fund (PSPTX) 5% RAE US Fund (PKAIX) 11% RAE US Fund (PKAIX) 5% StocksPLUS ® International Fund StocksPLUS ® International Fund 3% 2% (USD-H) (PISIX) (USD-H) (PISIX) RAE International Fund (PPYIX) 8% RAE International Fund (PPYIX) 5% RAE Emerging Markets Fund (PEIFX) 7% RAE Emerging Markets Fund (PEIFX) 3% Actively managed Total Return Fund (PTTRX) 22% Total Return Fund (PTTRX) 30% underlying funds to help International Bond Fund (U.S. Dollar-H) International Bond Fund (U.S. Dollar-H) 3% 4% (PFORX) (PFORX) maximize opportunities Investment Grade Credit Bond Fund (PIGIX) 8% Investment Grade Credit Bond Fund (PIGIX) 10% Mortgage Opportunities and Bond Fund Mortgage Opportunities and Bond Fund 6% 8% (PMZIX) (PMZIX) Income Fund (PIMIX) 18% Income Fund (PIMIX) 24% Emerging Markets Bond Fund (PEBIX) 3% Emerging Markets Bond Fund (PEBIX) 4%

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MODEL STATISTICS Data as of 6/30/2021 MODEL STATISTICS Data as of 6/30/2021 Duration 3.00 Years Duration 3.78 Years Equity Beta 0.52 Equity Beta 0.32 Estimated Volatility 8.45% Estimated Volatility 5.81%

FOR INVESTMENT PROFESSIONAL USE ONLY. NOT TO BE SHOWN OR DISTRIBUTED TO ANY OTHER PARTIES. to facilitateachangeinmarket conditions, thesuccessfulintegration ofthevarious Systemsintotheportfolioselectionandtrading processandwhetheractualmarket eventscorrespondtooneor analytical assumptionsandunderpinningsoftheSystems’coding, theaccuracy intranslating thoseanalyticsintoprogram codeorinterpretingtheoutputofaSystembyanotherinorder quality oftheresultinganalysis, includingthe PIMCOModelallocationsdependsonanumberoffactorsincludingtheaccuracy andqualityofdatainputsintotheSystems, themathematicaland the mannerinwhichSystemsfunctiontogether. The effectivenessofSystemsmaydiminishovertime, includingasaresultofmarket changesandinthebehaviorofmarket participants. The appropriately andeffectively, therecanbenoassurance thatwewillsuccessfullydoso. Errorsmayoccurinthedesign, writing, testing, monitoring, and/orimplementationofSystems, includingin hardware thatmaybelicensedorotherwiseobtainedfromthirdparties. The useofsuchSystemshasinherentlimitationsandrisks. Although wetake reasonablestepstodevelopanduseSystems PIMCO’s analyticinfrastructure (“Systems”). These Systemsrelyheavilyontheuseofproprietaryandnonproprietarydata, software, hardware, andintellectualproperty, includingdata, software and Underlying FundsisinformedbasedonreturnestimatesdrivenbyPIMCO’s quantitativemodelsandforecastsforkey riskfactorinputsandforward lookingviewandrisk estimates informedby desired result. The PIMCOModelallocationstoUnderlyingFundshavechangedovertimeandareexpectedchangeinthefuture. As describedabove. theselectionandweightingprocessacross allocations aresubjecttotheriskthatUnderlyingFundsandreallocation(or “rebalancing”) ofthePIMCOModelamongvarious UnderlyingFundsmaynotproducethe The risksofaPIMCOModel’s allocationswillbebasedontherisksofPIMCOmutualfunds(each, a “Fund”) includedinthePIMCOModel’s allocation(“UnderlyingFund”). The PIMCOModel’s historical andislikely tochangeovertime. PIMCOhasnotundertaken, andwillnotundertake, anyanalysistodeterminespecificmodels’suitabilityforinvestors. advisors todeterminethemostappropriateallocationsfortheirfinancialsituation, includingtheirinvestmentobjectives, timeframe, risktolerance, savingsandotherinvestments. Volatility is not beconstruedas, aforecast, research, investmentadviceorarecommendationforanyspecificPIMCOotherstrategy, productorservice. Individualsshouldconsultwiththeirownfinancial illustrative purposesonlyandmaynotbeappropriateforallinvestors. PIMCOModelsarenotbasedonanyparticularizedfinancialsituation, orneed, andarenotintendedtobe, andshould total expenseratio fortheModel, andqualitativeinvestmentinsights. PIMCOModelallocationsareultimatelysubjecttothediscretionofPIMCO’s investmentteam. PIMCOModelsarefor Models. PIMCO’s investmentteamthenreviewsthequantitativeoutputandadjuststoreflect variables, whichmayinclude, amongotherthings, theanticipatedtrade size, target with theModel’s investmentobjective, andtakes intoaccountvarious factorsor “inputs”, determinedbyPIMCO, includingthirdpartydata, togenerate asuggestedallocationforthePIMCO adjusting PIMCOmodelsconsiders, amongotherthings, theresultsofquantitativemodeling. SuchquantitativemodelingisdesignedtooptimizeeachModel’s allocationandalign PIMCO ModelsarecreatedbasedonwhatPacific InvestmentManagementCompanyLLC(togetherwithitsaffiliates, “PIMCO”)believestobegenerally acceptedinvestmenttheory. In The PIMCOModelsdescribedinthismaterialareavailable exclusivelythroughinvestmentprofessionals. the fund’s prospectusandsummaryprospectus, ifavailable. Encourage toreadthemcarefully. yourclients Investors shouldconsidertheinvestmentobjectives, risks, beforeinvesting. chargesandexpensesofthefundscarefully This andotherinformationarecontainedin -including holdings, performance andothercharacteristics -maynotbeindicativeofaclient’s actualexperience fromanaccountmanagedinaccordance withthemodelportfolioallocation. clients. PIMCOdoes not placetrade ordersforany of theyourclients’account(s). Information andothermarketing materialsprovidedtoyoubyPIMCOconcerning amodelportfolioallocation held andsoldforaclient’s account(s), norisPIMCOresponsiblefordeterminingthesuitabilityorappropriatenessof amodelportfolioallocationoranysecuritiesincludedthereinforofyour For financialprofessionals: the UnitedStatesandthroughoutworld. ©2021, PIMCO this materialmaybereproducedinanyform, orreferredtoinany otherpublication, without expresswrittenpermission. PIMCOisatrademark of Allianz Asset Managementof America L.P. in notice. This materialhasbeendistributedforinformationalpurposesonly. Informationcontainedhereinhasbeenobtainedfrom sourcesbelievedtobereliable, butnotguaranteed. Nopartof determine themostappropriateinvestment optionsfortheirfinancialsituation. This materialcontainsthecurrentopinionsofmanager andsuchopinionsaresubjecttochangewithout PIMCO asageneral matterprovidesservicestoqualifiedinstitutions, financialintermediariesandinstitutionalinvestors. Individualinvestorsshouldcontact theirownfinancialprofessionalto as tomattersdiscussedhereinandbeforeenteringintoanyestateplanning, trust, investment, retirement, orinsurance arrangement. relied uponorusedforthepurposeofavoidingpenaltiesimposedbyInternalRevenue Serviceorstateandlocaltaxauthorities. Individualsshouldconsulttheirownlegalandtaxcounsel provided forinformationalpurposesonly. There isnoguarantee astoits accuracy orcompleteness. Any taxstatementscontainedhereinarenotintendedorwrittentobeused, andcannotbe PIMCO doesnotprovide legalortaxadvice. term, especiallyduringperiodsofdownturninthemarket. Investorsshouldconsulttheirinvestmentprofessionalpriortomakingandecision. There isnoguarantee thattheseinvestmentstrategies willworkunderallmarket conditionsorareappropriateforallinvestors andeachinvestorshouldevaluate theirabilitytoinvestlong- For risksspecifictoaparticularfund, pleaserefertothefund’s prospectus. closed whenmostadvantageous. Investinginderivatives couldlosemorethantheamountinvested. may beenhancedinemergingmarkets. portfolios thatdonot. Investingin obligations. interest rates, subjecttoearlyrepaymentrisk, and while generally supportedbyagovernment, government-agencyorprivate guarantor, thereisnoassurance thattheguarantor willmeetits performance bythemanager, adversechangestotaxlawsorfailurequalifyfortax-freepass-throughofincome. Commodities Protected Securities (TIPS) government arefixedincomesecuritieswhoseprincipal value isperiodicallyadjustedaccordingtothe rate ofinflation; ILBsdeclinein valuewhenrealinterest ratesrise. to decreasedmarket liquidity andincreasedpricevolatility. Bondinvestments maybeworthmoreorlessthantheoriginalcostwhenredeemed. than thosewithshorterdurations; bondpricesgenerally fallasinterestrates rise, andlowinterestrate environmentsincreasethisrisk. Reductionsinbondcounterpartycapacitymaycontribute liquidity risk. The value ofmostbondsandbondstrategies areimpactedbychangesininterestrates. Bondsandbondstrategies withlongerdurations tendtobemoresensitiveandvolatile A word aboutrisk: more detailsonhowspecificproxy factorexposuresareestimated. strategy proxy, wewilllookateitherapointintimeestimateorhistoricalaverage offactor exposuresinordertodeterminethetotalvolatility. PleasecontactyourPIMCOrepresentativefor between factors. Finally, volatilityofeachassetclassproxy iscalculatedasthesumofvariances andcovariance offactorsthatunderlieparticularproxy. For eachassetclass, index, or annualized returns. The standarddeviationoftheseannualreturnsisusedtomodelthevolatilityforeachfactor. We thenusethesamereturnseriesforeachfactor tocomputecovariance present date. We thendraw asetof12monthlyreturnswithinthedatasettocomeupwithanannualreturnnumber. This processisrepeated25,000timestohaveareturnserieswith We employedablockbootstrap methodologytocalculatevolatilities. We startbycomputinghistoricalfactorreturnsthatunderlieeachassetclassproxy fromJanuary 1997throughthe of anyspecifictrading program whichcannotbefullyaccounted forinthepreparation ofhypotheticalperformanceresultsandallwhichcanadverselyaffectactualtrading results. in spiteoftrading lossesarematerialpointswhichcanalsoadverselyaffectactualtrading results. There arenumerousotherfactorsrelatedtothemarkets ingeneral ortotheimplementation no hypotheticaltrading recordcancompletelyaccountfortheimpactoffinancialriskinactualtrading. For example, theabilitytowithstandlossesoradhereaparticulartrading program One ofthelimitationshypotheticalperformanceresultsisthattheyaregenerally preparedwiththebenefitofhindsight. Inaddition, hypotheticaltrading doesnotinvolvefinancialrisk, and performance resultsandtheactualsubsequentlyachievedbyanyparticulartrading program. below PMODAMAB_71184 High yield, lower-rated securities containheightenedrisk, includingmarket, political, regulatoryandnatural conditions, andmaynotbeappropriateforallinvestors.

All investments areILBsissuedbytheU.S. government. The implementationof, orreliance on, amodelportfolio allocationislefttoyourdiscretion. PIMCOisnotresponsiblefordeterminingthesecuritiestobepurchased, foreign-denominated and/or-domiciledsecurities Derivatives containriskandmaylosevalue. Investinginthe FOR INVESTMENTPROFESSIONAL USEONLY. NOT TO BESHOWN ORDISTRIBUTED TO ANY OTHER PARTIES. involvegreaterriskthanhigher-rated securities; portfoliosthatinvestinthemmaybe subject togreaterlevelsofcreditandliquidityriskthan Please consultyourtaxand/orlegalcounselforspecificorquestionsandconcerns. The discussionherein isgeneral innatureandis mayinvolvecertaincostsandrisks, suchasliquidity, interestrate, market, credit, managementandtheriskthatapositioncouldnotbe Equities maydeclineinvalue duetoboth realandperceivedgeneral market, economicandindustryconditions. bondmarket mayinvolveheightenedriskduetocurrencyfluctuationsandeconomicpolitical risks, which

Hypothetical performanceresultshavemanyinherentlimitations, someofwhicharedescribed Diversification issubjecttorisks, includingmarket, interestrate, issuer, credit, inflation risk, and Mortgage- andasset-backed securities doesnotensureagainstloss. Inflation-linked bonds(ILBs) REITs aresubjecttorisk, suchaspoor maybesensitivetochangesin Treasury Inflation- issuedbya

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