Our Firm Pacific Investment Management Company LLC (“PIMCO,” “we,” or “us”) is a leading global investment management firm founded in Newport Beach, California in 1971. We are an indirect subsidiary of Allianz SE (“Allianz”), a global financial services company based in Germany, although our operations are separate from and autonomous of Allianz. Please see Appendix A for a list of PIMCO’s principal owners. PIMCO’s Global Offices. As a global investment manager, PIMCO uses the resources of our offices around the world to provide portfolio management, research and trading services for client accounts (each, a “Client” or “Account”). The PIMCO entity with which a client has contracted supervises any services provided by one or more of our global offices. Our People. PIMCO was founded on the philosophy that hard work, high standards of excellence and the desire to be the best are critical to our success. Biographical and other information relating to certain key investment management personnel is contained in the supplement to this brochure. Assets Under Management As of December 31, 2023, PIMCO managed approximately $2,615,929,249,500 of regulatory assets under management and $1,864,964,353,567 of net assets under management, respectively. For purposes of calculating our AUM, we included assets that we manage on behalf of Allianz-affiliated companies as well as the assets of clients contracted with the non-U.S. investment advisers affiliated with PIMCO listed in Appendix C (the “Non-U.S. Advisers”), except PIMCO Prime Real Estate GmbH, which files reports with the SEC as an Exempt Reporting Adviser. Our Services Our Organization. Since 1971 we have provided discretionary investment management services to clients throughout the world. PIMCO began as a manager of fixed income portfolios and has evolved to include active management of equities, open-end funds, closed-end funds (exchange listed funds and interval funds), exchange traded funds (“ETFs”), collective investment trusts (“CITs”), private investment funds (such as private equity-style funds and hedge funds) and structured products. PIMCO is a provider of solutions services, offering a menu of sophisticated strategies, analysis and advice for clients in all types of market conditions. While these services have greatly evolved over time, one thing that has not changed is our mission to provide the highest quality investment management services. As a leading provider of discretionary investment management services, PIMCO employs a broad range of portfolio management tools that seek to appropriately manage risk, hedge exposures, and seek returns consistent with Client guidelines. We have considerable experience in an array of global investment strategies, which include both fixed income and equity strategies. As markets evolve we will seek to employ new strategies and manage new products. Additional information regarding our strategies, methods of analysis, and the material risks associated with our significant strategies is included under Item 8, “Methods of Analysis, Investment Strategies and Risk of Loss.” Portfolio Management. PIMCO provides investment management services to Clients through a global team of investment professionals. The investment professionals employed by PIMCO are devoted primarily to the management of Accounts. Client portfolio management teams include portfolio managers, risk managers, research analysts, economists, and others who assist in the development of investment ideas, implementation of portfolio strategies and risk analysis. PIMCO has an Investment Committee comprised of senior portfolio managers and headed by PIMCO's Group Chief Investment Officer and Chief Investment Officers. The Investment Committee determines key portfolio management strategies. Guided by these key strategies, individual portfolio management teams then make investment decisions for their respective Accounts. Separate Account Management. The client management team, which acts as the bridge between PIMCO ADV Part 2A Brochure | 2024 5 separate account Clients (each, a “Separate Account”) and their PIMCO portfolio managers, is devoted to client service. One of the advantages of this approach is that it permits our portfolio managers to concentrate the vast majority of their time to investment activities. Client management professionals work closely with the portfolio management team to implement each Separate Account’s investment guidelines. Client management professionals also are responsible for day-to-day servicing of Separate Accounts and play an integral role in helping to develop investment ideas and strategies in conjunction with the portfolio management team. Business Management. Our business management team provides the infrastructure for the operation of the firm and includes the Legal and Compliance, Human Resources, Operations, Finance, and Technology Departments. One key function of the business management team is to manage back-office operations. We have outsourced certain back-office operations to State Street Investment Manager Solutions LLC and its affiliates (together, “SSIMS”), a firm specializing in back- office trade processing, settlement and accounting operations. This enables us to focus the majority of our people and resources on what we do best: managing investments and servicing clients. SSIMS administers the following functions, among others, on our behalf, including, but not limited to: (i) coordinating asset transitions; (ii) assisting with the maintenance and update of our security master database; (iii) processing trades; (iv) communicating trade and settlement directives to the relevant account’s custodian banks; and (v) facilitating failed trade and overdraft compensation claims. While SSIMS provides our back-office services, we actively supervise all work performed on behalf of our Clients in connection with these services. PIMCO may in-source or outsource certain processes or functions in connection with a variety of services that it provides in its administrative or other capacities without notice to Clients. Depending upon the nature of the services and subject to applicable law and agreements, fees associated with in-sourced or outsourced services will be borne by PIMCO or, subject to applicable offering documents or investment management agreements, a Client. In addition, PIMCO, and not Clients, could benefit from certain fee reduction arrangements under certain such agreements. Please refer to “Payments Made to Service Providers and Other Third Parties” for additional information. Asset Management. PIMCO provides asset management services related to the post-acquisition and ongoing management and monitoring of certain investments through a dedicated team of asset managers. Such activities include, among others: assisting with asset and liability servicing, such as seeking to ensure that all principal and interest is received for loan agreements and that debt obligations are satisfied; monitoring assets pledged as collateral for financing; and supporting asset servicing functions as appropriate. In certain instances, senior members of the asset management division may function both as asset managers and portfolio managers. Non-Discretionary Services. In addition to our discretionary investment management services, we also provide non-discretionary investment management and non-discretionary advisory services certain clients. Some clients grant PIMCO limited discretion with respect to the assets in their Account (“Non-Discretionary Accounts”). For example, a Client may require that PIMCO seek the Client’s approval prior to any buy or sell transactions in the Client’s Account. In these instances our ability to transact on behalf of the Client will be limited. Therefore, a Non-Discretionary Account may not be able to obtain comparable discounts that we may negotiate on aggregated transactions, it may pay higher transaction costs or brokerage commissions, and we may be unable to achieve the most favorable execution depending on the circumstances of the transaction and the limitations of the Account. Similarly, a Non- Discretionary Account may not be able to participate in certain investment opportunities. For these reasons, a Non-Discretionary Account may achieve lower returns compared to a comparable Account that grants PIMCO full discretion. For more information on non- discretionary Accounts, please see “Potential Conflicts Relating to Non-Discretionary Advisory Services” in Item 11. PIMCO ADV Part 2A Brochure | 2024 6 Other Services. PIMCO engages in related business activities, including licensing of intellectual property with respect to, for example, the development of methodologies for compiling and calculating a benchmark index. We license or sell our intellectual property rights in such methodologies to third parties who use such methodologies to create and issue investment products that are based on such indices and/or correlated to the underlying components of such indices. We also license or sell our intellectual property rights in such methodologies to third parties who use such methodologies to hedge or reinsure such investment products or develop a benchmark index or use such methodologies to calculate performance on a financial product. In certain cases, such third parties pay us a portion of the subscription or licensing fees they receive in connection with such indices or a percentage of the total assets allocated to investment products that are based on or reference such indices. In connection with the licensing of our indices, we will in certain cases receive a fee for entering into certain hedging transactions on behalf of the licensee of the index (or another third party) or for permitting third parties to engage in such hedging transactions. Other examples of related business activities include, among other things, entities owned by or otherwise affiliated with us or owned by certain Clients that we manage or sponsor, including Clients that are pooled investment vehicles (“PIMCO Funds” or “Funds”), providing loan servicing, consulting, legal, accounting, tax, due diligence, asset management or other services to certain Clients or portfolio companies or other investments directly or indirectly owned by such Clients. PIMCO Aurora LLC (“PIMCO Aurora”), formerly PIMCO Services LLC, is a wholly-owned subsidiary of PIMCO, and service provider for certain Clients. For additional information relating to PIMCO Aurora please see “Payments Made to Service Providers and Other Third Parties” under Item 5. Securities Lending. While PIMCO primarily offers investment management services, we generally do not enter into securities lending arrangements for our Clients (other than for the PIMCO Funds). Under typical securities lending arrangements, a manager loans a security held in a client’s portfolio to a broker-dealer in exchange for collateral. This collateral can consist of either cash collateral or non-cash collateral (i.e., other securities). The client may earn potentially enhanced returns from these arrangements by collecting finance charges on the loan or by reinvesting cash collateral to earn a positive net return. Such returns are generally shared between the client and the securities lending agent, and the risk associated with the investment of collateral is generally borne by the client. Some Clients have established separate securities lending arrangements through their custodian. If a Client has entered into these arrangements, the Client and its custodian are responsible for adhering to the requirements of such arrangements, including ensuring that the securities or other assets in the Account are available for any securities lending transactions. We shall neither have nor accept any liability, authority or power to determine, or influence the determination, whether to loan any security in an Account or recall any security that has been lent from an Account by a Client or a Client’s custodian. For Accounts that we actively manage, we execute transactions based on a number of factors, including market conditions and best execution, and generally do not consider factors relating to a Client’s securities lending arrangements, such as whether the Client’s custodian may need to recall securities on loan to settle the sales transactions. We have established policies and procedures in the event there is a loss or overdraft in connection with a transaction. Please refer to “Claims Process” in Item 12, which would include any loss relating to PIMCO’s sale of a security that is not available in an Account due to such Client’s securities lending activities. Certain PIMCO Funds engage in securities lending, as described in their respective offering documents. Please see “Government and Regulatory Risk” below. Litigation, Class Actions and Bankruptcies. As an investment manager, we are asked from time to time to decide whether to participate in litigation, including by filing proofs of claim in class actions for assets held in an Account. As a general matter, it is the Client’s PIMCO ADV Part 2A Brochure | 2024 7 responsibility to monitor and analyze its portfolio and consult with its own advisers and custodian about whether it may have litigation claims that it should consider pursuing. Generally, PIMCO cannot, without express Client written authorization, exercise any rights a Client may have in participating in, commencing or defending suits or legal proceedings such as class actions for assets held or previously held in an Account, although we do undertake such activities for the PIMCO Funds. In the case of Separate Account Clients, upon mutual agreement of PIMCO and the Client and receipt of a letter of authorization and Power of Attorney, we will assist Clients or their custodian in assembling transaction information to file a proof of claim (such as a class action or bankruptcy claim) on behalf of their Account. When submitting proofs of claim on behalf of Clients, PIMCO will not include securities purchased on behalf of a Client by another investment manager. Further, Clients may be precluded from filing a direct claim against an issuer where PIMCO files a proof of claim on behalf of a Client. Generally, a Separate Account’s custodian should receive all documents for these matters because the securities are held in the Client’s name at the custodian and the Separate Account Client should direct its custodian as to the manner in which such matters should be handled. Notwithstanding the above, in connection with bankruptcies, reorganizations, debt workouts, or other types of corporate events, PIMCO may, and in some cases does, enter into documents and take any and all such actions as may be necessary to facilitate such transactions, including entering into restructuring support agreements, transaction support agreements, releases of claims, providing indemnities, filing proofs of claim, engaging in or defending litigation including as part of an ad hoc group or other group, and or otherwise participating in such transactions, or taking similar actions at our discretion, where permitted, on behalf of PIMCO Funds and Separate Accounts in order for those Funds and Clients to participate (or participate to the extent PIMCO believes desirable) in the bankruptcy, reorganization or other corporate event, although we are under no obligation to do so. Any such action will bind the Client with respect to the securities or other investments with respect to which the action was taken. In connection with such corporate events, PIMCO may (i) accept, receive, purchase or subscribe for securities or other instruments (including but not limited to, common stock and/or private equity) into an Account, and (ii) hold such securities or instruments for a reasonable time in an Account, in each case, that may or may not be referenced or otherwise permitted in an Account’s investment guidelines, provided such actions are in the best interests of the Account. In addition, to the extent that a Client holds assets such as bankruptcy claims, we may, but will not be obligated to, take such actions as we believe desirable in order to realize the value of such asset. Clients that are currently or were formerly investors in, or otherwise involved with, investments that are the subject of a legal action may or may not (depending on the circumstances) be parties to the particular legal action, with the result that a Client may participate in an action in which not all Clients with similar investments may participate. In these instances, non-participating Clients may benefit from the results of such actions without bearing or otherwise being subject to the associated fees, costs, expenses and liabilities. In connection with these actions, PIMCO Funds and Separate Account Clients may be sued or otherwise be named as defendants. Tailoring Services to Client Needs Upon selecting an investment strategy, Clients typically provide PIMCO with specific investment parameters in the form of investment guidelines. The investment guidelines may include, for example, restrictions on investing in certain assets, such as product types, issuers or securities or transaction types with certain attributes. The investment guidelines form a part of our investment management agreement with a Client and we manage the Account within these confines. Clients should be aware, however, that certain restrictions can limit our ability to act and as a result, the Account’s performance may differ from and may be lower than that of other Accounts that have not limited our discretion. PIMCO ADV Part 2A Brochure | 2024 8 Important Information About Procedures For Establishing a New Client Relationship To help the government fight the funding of terrorism and money laundering activities, federal law requires certain financial institutions to obtain, verify, and record information that identifies each Client (and, in the case of legal entity customers, their beneficial owners) who opens an Account or establishes a relationship. Accordingly, when we establish a relationship with a Client, when appropriate, we ask for the Client’s name, address, and other information or documentation (e.g., a formation document or tax document), as well as information about the Client’s beneficial owners (if applicable), that will allow us to identify and verify the Client and the source of Client funds that are being invested. Failure to provide requested information, either at account opening or during the lifetime of the account, may result in us declining to open the account, or freezing or blocking the account. Wrap and Similar Program Services PIMCO also offers investment management services through wrap fee programs (“Wrap Programs”) that are sponsored by banks, broker-dealers or other investment advisers (each a “Sponsor”). As a provider of investment advice under a Wrap Program, PIMCO is responsible for managing the Account in accordance with the selected investment strategy and any “reasonable restrictions” imposed by the Wrap Program Client, and for this service PIMCO typically receives a portion of the Wrap Program fee from the Sponsor. PIMCO is generally not responsible for determining whether a particular Wrap Program, PIMCO’s investment style or a specific PIMCO strategy is suitable, appropriate, or advisable for any particular Wrap Program participant. For these reasons and others, while a same or similar PIMCO strategy might be available through a Wrap Program, the management, execution, performance, and fees for a strategy can and will differ from other Clients, as discussed in greater detail below. PIMCO provides investment advice to both discretionary wrap programs, where PIMCO makes decisions with respect to the investments and trading in the selected strategy for the portion of the portfolio PIMCO manages (“Discretionary Wrap Programs”), and non-discretionary wrap Programs, where PIMCO provides an investment allocation to a Sponsor who determines whether and when to invest and trade (“Non-Discretionary Wrap Programs”), in each case as discussed in greater detail below. Generally, in a typical Wrap Program, each Wrap Program Client enters into an agreement with a Sponsor, who provides or arranges for the provision of an array of services, including some or all of the following: assistance with establishing client goals and objectives, asset allocation analysis, security selection and other portfolio management services, selection of investment advisers, sub-advisers, custodians and/or broker-dealers, trade execution and ongoing monitoring, reporting and client support, which is generally covered by a single “wrap” fee. Clients access certain Wrap Programs through an intermediary such as a bank, broker-dealer or other investment adviser rather than the Sponsor, in which case the intermediary may provide some, or all, of the functions otherwise provided by a Sponsor. The services to be performed by the Sponsor, PIMCO or others in these Wrap Programs, and related fees, are generally detailed in the relevant agreements between or among the Client, the Sponsor, PIMCO and/or any other parties. With respect to a Sponsor that is a registered investment adviser, the services provided, and other terms, conditions and information related to the Wrap Program are also described in the Wrap Program disclosure documents and the agreement between the Client and the Sponsor. Sponsors that are not registered investment advisers may, but are not required to, provide a similar Wrap Program disclosure document (each Wrap Program disclosure document, whether for a registered investment adviser or another Sponsor, a “Wrap Program Brochure”). All Wrap Program Clients and prospective Wrap Program Clients should carefully review the terms of the agreement with the Sponsor and the relevant Wrap Program Brochure to understand the terms, services, minimum account size and any additional fees or expenses that are associated with a Wrap Program account. PIMCO makes available through Wrap Programs certain of the same or similar strategies that are available to PIMCO ADV Part 2A Brochure | 2024 9 institutional clients or through Funds; however, not all of PIMCO’s strategies are available through Wrap Programs and not every PIMCO strategy that is available through a particular Wrap Program will be available through other Wrap Programs. Further, the manner in which PIMCO executes a strategy through Wrap Programs may differ from how that same or a similar strategy is executed through another Wrap Program or for a Fund or institutional Client. For instance, the execution of a particular strategy in a Wrap Program may differ from the execution of the same or a similar strategy for a Fund or institutional Client due to the need to adhere to “reasonable restrictions,” as discussed below, imposed by the Wrap Program Client or due to the use of affiliated no-fee registered investment companies or other affiliated commingled vehicles rather than individual securities. Accordingly, the performance of a strategy available through a Wrap Program may differ from the performance of the same or a similar strategy that is executed through another Wrap Program or for a Fund or institutional Client. As a provider of investment advice under a Wrap Program, PIMCO is generally not responsible for determining whether a particular Wrap Program, PIMCO’s investment style or a specific PIMCO strategy is suitable, appropriate or advisable for any particular

Wrap Program Client. Rather, such determinations are generally the responsibility of the Sponsor and the Client (or the Client’s financial advisor and the Client) and PIMCO is responsible only for managing the Account in accordance with the selected investment strategy and any “reasonable restrictions” imposed by the Wrap Program Client. In the course of providing services to Wrap Program accounts advised by a financial advisor, PIMCO generally relies on information or directions communicated by the financial advisor acting with apparent authority on behalf of its client. PIMCO reserves the right, in its sole discretion, to reject for any reason any Wrap Program Client referred to it. PIMCO may from time to time engage one or more third-party investment advisers to provide sub-advisory services to PIMCO for certain strategies that are offered to Wrap Program Clients. PIMCO (and not the Client) will be responsible for compensating any such sub-adviser. In particular, PIMCO has entered into agreements with Research Affiliates, LLC (“RA”) to develop and offer multiple PIMCO products, including strategies available in Wrap Programs (“RA Strategies”) for which PIMCO serves as investment adviser and RA as sub-adviser. PIMCO expects that such RA Strategies will be implemented through a third-party sub-adviser engaged by PIMCO. The terms of PIMCO’s agreements with such sub-advisers and/or RA create economic disincentives for PIMCO to terminate or recommend the termination of such sub-advisers or RA. “Reasonable restrictions” imposed by a Wrap Program Client serve to limit PIMCO’s freedom of action with respect to an Account and, as a result, the performance of Accounts for which such investment restrictions are imposed will differ from, and may be worse than, the performance of Accounts within the same strategy that do not have such restrictions. For its services, PIMCO typically receives a portion of the wrap or other fee paid to the Sponsor, or is paid a fee by the Wrap Program Client. For a further discussion of the nature of Wrap Program arrangements, including the fees charged by the Sponsor and paid to PIMCO, see Item 5, Fees and Compensation, Wrap Programs. Typically, the investment management services we provide in connection with these Wrap Programs are discretionary. In Discretionary Wrap Programs, PIMCO is generally responsible for causing the portion of each Discretionary Wrap Program Client’s Account that is managed by PIMCO to engage in transactions that are appropriate for the selected strategy. Wrap Program Accounts within a particular strategy are generally managed similarly, subject to a Wrap Program Client’s ability to impose reasonable restrictions (such as a prohibition on holding the securities of a particular issuer within the Wrap Program Client’s Account). Because PIMCO’s advisory services to these Accounts are strategy-dependent, PIMCO will not accept a restriction that PIMCO believes would be inconsistent with the applicable investment strategy. PIMCO ADV Part 2A Brochure | 2024 10 PIMCO participates in Wrap Programs, which may be sponsored by affiliates or unaffiliated third parties. PIMCO generally does not compensate Sponsors for PIMCO’s inclusion in a Wrap Program or for introductions of Clients through a Wrap Program, although PIMCO makes payments to some Sponsors related to set-up, support, maintenance, servicing, account services and other costs. Such Sponsors may have an incentive to recommend PIMCO’s services over the services of another manager. The portion of the total wrap fee paid to PIMCO by certain Sponsors includes breakpoints reducing the effective fee rate payable to PIMCO and thus increasing the amount retained by the Sponsor at higher asset levels. These fees paid to PIMCO by such Sponsors may be negotiable, with the relationship size being a factor in negotiation. Affiliated Sponsors, if any, will have an incentive to recommend PIMCO’s services over the services of unaffiliated managers. Sponsors may apply different methods of analysis, use different types of information or apply different thresholds in determining whether to recommend an affiliated manager than are applied when recommending an unaffiliated manager. Depending upon the particular Wrap Program, accounts may be funded with cash and/or securities. Restrictions as to funding with securities in-kind are described in the relevant Wrap Program brochure and may include certain securities or types of securities that will be liquidated by PIMCO or the Sponsor. Under normal circumstances, Accounts will generally be fully invested in accordance with the relevant investment strategy within 90 days of PIMCO commencing management of the Account. To the extent that an account is funded with portfolio securities rather than solely cash, implementation may be further delayed because any in-kind contributions that are not consistent with the intended investment strategy for the Account will be liquidated at the Wrap Program Client’s risk and expense and without taking into account any adverse tax consequences to the Wrap Program Client. While the Sponsor is responsible for most aspects of the relationship with a Wrap Program Client, our personnel who are knowledgeable about the Wrap Program Account and its management will be reasonably available to Wrap Program Clients for consultation (either individually or in conjunction with Sponsor personnel), upon a Wrap Program Client’s request, as required by applicable law or as agreed between PIMCO and the Sponsor. Because the Sponsor is generally responsible for reports to Wrap Program Clients, typically we will supply the Sponsor with information necessary for the Sponsor to provide such reports directly to Wrap Program Clients. Upon request or as agreed with a Sponsor, we may provide investment holdings, transactions, and performance reports directly to Discretionary Wrap Program Clients on a periodic basis. Moreover, with respect to each Discretionary Wrap Program Client, PIMCO reviews each managed portfolio periodically to ensure it is managed in accordance with the applicable investment objectives, guidelines and restrictions. In addition, PIMCO may be engaged as a sub-adviser by other investment advisers to manage client accounts outside of a Discretionary Wrap Program (“Direct Managed Account”). For certain cash management purposes (including but not limited to the investment of cash balances, to maintain exposure pending available investment opportunities, or to maintain exposure during Sponsor- or Client-directed tax selling) or as otherwise directed by Sponsor or the Client, PIMCO may utilize a variety of security types, including U.S. Government bonds, money market funds, and, upon the Client’s authorization, the PIMCO Ultra Short Government Active ETF (the “PIMCO ETF”). To the extent a Sponsor or Client has provided such authorization and the Client’s Account invests in the PIMCO ETF, the Client will bear the fees and expenses of the PIMCO ETF in addition to the fees and expenses the Client pays to PIMCO for the management of the Client’s Account. The PIMCO ETF’s fees include fees that are paid to PIMCO for services PIMCO provides to the PIMCO ETF. PIMCO does not expect to consider any ETFs managed by other managers for cash management purposes where the Client or Sponsor has authorized PIMCO to invest in the PIMCO ETF for such purposes. The Client and/or the Sponsor may select another investment PIMCO ADV Part 2A Brochure | 2024 11 vehicle or account for cash management purposes at any time and neither the Client nor the Sponsor is required to select the PIMCO ETF. With respect to Discretionary Wrap Programs and Direct Managed Accounts, PIMCO has entered into an arrangement with SEI Global Services, Inc. (“SEI”) under which SEI performs certain administrative and operational functions, such as accounting, reconciliation, trade settlement, recordkeeping, billing and reporting. Typically, these services are paid for by PIMCO and not the Discretionary Wrap Program Clients. In addition to the advisory services we provide in the Discretionary Wrap Programs, we also provide non- discretionary investment management services to Sponsors who exercise investment discretion. In Non- Discretionary Wrap Programs, we typically provide a model portfolio (which includes allocations to direct investments or to PIMCO Funds, and may include third- party funds, or a combination thereof in PIMCO’s discretion) to be analyzed and implemented by the Sponsor or another manager at the Sponsor’s discretion. Further, in Non-Discretionary Wrap Programs, the Sponsor or other manager is typically responsible for applying any client-imposed restrictions to the model portfolio. In certain Non-Discretionary Wrap Programs, the Sponsor who exercises investment discretion may direct PIMCO to place orders for the execution of purchase and sale transactions for Wrap Program Client portfolios. In such case, trades for the Wrap Program Client will typically occur after trades placed for non- wrap Accounts, potentially resulting in inferior execution for Wrap Program Clients. Similarly, for Non- Discretionary Wrap Program Clients, to the extent PIMCO does not have trading authority, it is likely that a Sponsor will execute trades after PIMCO has made similar trades for its non-wrap Clients and such execution may be impacted by PIMCO’s execution. Stable Value Investment Management Services PIMCO offers a wide variety of stable value services, including 1) full-service stable value management, in which PIMCO handles all aspects of the stable value investment strategy; 2) investment-only fixed income management where PIMCO is hired directly by plan sponsors to manage their stable value portfolio; or 3) fixed income sub-advisory services whereby PIMCO is hired by other stable value managers and insurance companies to manage all or a portion of the assets of a fixed income portfolio. PIMCO manages Separate Account portfolios for large institutional defined contribution plans as well as a stable value commingled vehicle for the small-and mid-sized defined contribution marketplace. Model Portfolios PIMCO develops and maintains model portfolios (“Model Portfolios”) that are typically comprised of PIMCO Funds, including ETFs, but may be comprised of separately managed accounts managed by PIMCO or a third party, or pooled investment vehicles managed by a third party, or indices administered by a third party, or a portfolio of securities (collectively, “underlying investments”). These Model Portfolios are licensed or otherwise made available (including through Non-Discretionary Wrap Programs) to third party managers and intermediaries. Such firms may use Model Portfolios as investment strategies for managing their underlying clients’ accounts. The Model Portfolios seek to provide exposure to investment strategies that collectively reflect PIMCO’s investment outlook. Model Portfolio allocations are based on what PIMCO believes to be generally accepted investment theory. As further described below, a variety of factors influence the inclusion or exclusion of an underlying investment in a Model Portfolio. In adjusting Model Portfolios, PIMCO considers, among other things, the results of quantitative modeling. Such quantitative modeling is designed to optimize each Model Portfolio’s allocation and align with the Model Portfolio’s investment objective and internal PIMCO guidelines, and takes into account various factors or “inputs”, determined by PIMCO, including third party data, to generate a suggested allocation for the Model Portfolios. PIMCO’s investment team then reviews the quantitative output and adjusts the output to reflect variables, which may include, among other things, the anticipated trade size, and qualitative investment insights. PIMCO Model PIMCO ADV Part 2A Brochure | 2024 12 Portfolio allocations are ultimately subject to the discretion of PIMCO’s investment team. Model Portfolio allocations are not based on any particular investor’s financial situation, or need, although, in some instances a Model Portfolio may be designed or modified to meet certain investment guideline parameters of third party platforms on which the Model Portfolio(s) may be made available and, unless specifically stated otherwise, are not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other strategy, product or service. The risks of a Model Portfolio allocation depend on the risks of the underlying investments represented in the Model Portfolio allocation. Please refer to Item 8 for a broader discussion of material risks. The Model Portfolio allocation is also subject to the risk that the selection of the underlying investments and the allocation and reallocation of the Model Portfolio allocation’s assets among the various underlying investments might not produce the desired result. Model Portfolios are constructed in reliance on forward-looking assumptions, forecasts, and estimates, and, as a result, Model Portfolios do not fully reflect the impact that material economic and market factors might have had on PIMCO’s decision making if PIMCO had actually managed a portfolio with assets pursuant to the Model Portfolio since its inception; Model Portfolios also do not reflect the impact of future material economic and market factors not available at the time of allocation. The allocations to underlying investments in a Model Portfolio have changed over time and may change in the future. As described above, the selection and weighting process across underlying investments is partially informed based on return estimates driven by PIMCO’s Systems, as discussed further in Item 8, Quantitative Investing Risk. These Systems rely heavily on the use of proprietary and nonproprietary data, software, hardware, and intellectual property, including data, software and hardware that may be licensed or otherwise obtained from third parties. The use of such Systems has inherent limitations and risks. Although PIMCO takes reasonable steps to develop and use Systems appropriately and effectively, there can be no assurance that PIMCO will successfully do so. Errors may occur in the design, writing, testing, validation, maintenance, monitoring, and/or implementation of Systems, including in the manner in which Systems function together. The effectiveness of Systems may diminish over time, including as a result of market changes and changes in the behavior of market participants or based on how such Systems are applied. The quality of the resulting analysis, including the Model Portfolio allocations, depends on a number of factors including the accuracy and quality of data inputs into the Systems, the mathematical and analytical assumptions and underpinnings of the Systems’ coding, the accuracy in translating those assumptions into program code or interpreting the output of a System by another System in order to facilitate a change in market conditions, the successful integration of the various Systems into the portfolio selection and trading process and whether actual market events correspond to one or more assumptions underlying the Systems. Please refer to “Quantitative Investing Risk” in Item 8, which discusses the reliance on Systems and that Systems are subject to errors and/or mistakes (“System Incidents”) that may adversely impact Accounts. PIMCO does not recommend or select money market or other cash-equivalent sweep vehicles for purposes of implementation of such cash allocations, which shall be the responsibility of the implementing investment professional. Information about Model Portfolios is made available on certain financial intermediary and other platforms and is updated periodically in accordance with the Model Portfolio’s defined production schedule and with the overriding objective of achieving fair and equitable treatment of investor accounts over time. With respect to Model Portfolios, under normal circumstances, platforms will receive notice of updated model allocations within a 24-hour period and are expected to execute trades on the same business day of receipt or prior to market open on the advised trade date. For Model Portfolios that hold ETFs, under normal circumstances, platforms will receive updated model allocations after market close on the business day PIMCO ADV Part 2A Brochure | 2024 13 preceding the anticipated trade date or prior to market open on the anticipated trade date. In the event that a particular platform’s business needs require updated allocations to be delivered during a pre-specified window that falls outside of the delivery window described in the preceding sentence, PIMCO will make reasonable efforts to work with those platforms to deliver updated allocations within such timeframe. In connection with the Model Portfolios, Market Street Advisor, Inc., (d/b/a Archer) performs certain administrative and operational functions, including the dissemination of updates to the Model Portfolios to platforms. Any investment in an investment company will be subject to the terms and conditions of the investment company’s prospectus. The investment results achieved by a Model Portfolio at any given time, including for the same or similar investments, could and will differ from the investment results achieved by other PIMCO Funds or Accounts for which PIMCO acts as investment adviser, including Funds or Accounts with names, investment objectives, benchmarks, policies and/or portfolio management teams similar to the Model Portfolio. There is no guarantee that the use of a Model Portfolio will result in effective investment outcomes. In addition, PIMCO cannot guarantee the availability for purchase of any Fund or investment product, as applicable, at any particular time or, to the extent a Model Portfolio includes an allocation to ETFs, that an active trading market for ETF shares will develop or be maintained or that their listing will continue or remain unchanged. Model Portfolios are developed in part on the basis of historical data regarding particular economic factors and securities prices that may be ineffective as a result of changes in the market and/or changes in the behavior of other market participants. For certain financial intermediaries who receive or whose clients receive Model Portfolios, PIMCO may make payments to such intermediaries related to set-up, maintenance, servicing, marketing, support, or other costs. Financial intermediaries who receive such payments have an incentive to recommend PIMCO’s Model Portfolios over other managers’ model portfolios, which creates conflicts for the recipients(s) of such payments. Model Portfolios are provided “as-is,” and PIMCO makes no express or implied warranties of merchantability, suitability or fitness for a particular purpose or use. Although PIMCO takes reasonable steps to develop Model Portfolios, there can be no assurance that PIMCO will successfully do so. Errors may occur in the design, testing, validation, monitoring, maintenance, transmission or implementation of Model Portfolios. PIMCO generally does not classify errors and/or mistakes that it may make in connection with a Model Portfolio to be Trade Errors (as defined below) and PIMCO is not responsible for losses associated with errors and/or mistakes related to a Model Portfolio. Certain Model Portfolios are expected to consist of a portfolio of securities. Such Model Portfolios may be used by PIMCO to manage Funds and Accounts at the same time such Model Portfolios are provided to intermediaries. It is expected that intermediary firms could be provided updates to such Model Portfolios and/or implement updates to such Model Portfolios subsequent to PIMCO implementing updates to such Model Portfolios for Funds or Accounts. Accordingly, PIMCO Funds or Accounts that follow a Model Portfolio may be competing for applicable investment or disposition opportunities with accounts managed by financial intermediaries who receive Model Portfolio information. Transactions ultimately placed by such intermediaries for their investors or by the Funds or Accounts may be subject to price movements, particularly with large orders relative to the given security’s trading volume, that may result in execution prices that are less favorable. Further, while PIMCO takes reasonable steps in an effort to mitigate the market impact caused by transactions for accounts over which PIMCO has investment or trading authority, because PIMCO does not control the intermediary’s execution of transactions for its clients, PIMCO cannot control the market impact of such transactions to the same extent that it may be able for accounts over which PIMCO has trading authority. Such intermediaries are expected to PIMCO ADV Part 2A Brochure | 2024 14 have sole authority and responsibility for the selection of broker-dealers and the execution of transactions for their client accounts. PIMCO is not responsible for placing orders for the execution of Model Portfolio transactions involving assets of such intermediary client accounts or for giving instructions to the intermediary with respect thereto. Customized Target Date Strategy PIMCO provides a customized target date service, myTDFTM, to participating retirement plans. The myTDF service incorporates certain demographic factors, which may include an individual’s age, salary, assets, savings rate, and/or company retirement plan match rate, to seek to assign more personalized investment allocations for plan participants of retirement plans that use the myTDF service. Under the myTDF service, PIMCO uses its proprietary methodology (referred to as the “engine”) to construct various portfolios that include PIMCO-advised CITs (each a “myTDF Portfolio” and collectively, “myTDF Portfolios”) and to assign a plan participant to a myTDF Portfolio based on his or her demographic factors. The engine constructs myTDF Portfolios based on quantitative and qualitative data relating to various risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement, and then seeks to assign a plan participant to one of those myTDF Portfolios based on the plan participant’s individual demographic factors noted above. The engine is hosted by a technology provider, who is responsible for the operation of the engine and hosting the engine on the technology provider’s platform. Participating retirement plan recordkeepers (“Plan Providers”) have access to the myTDF service through the technology provider’s platform. Pursuant to an automated process, the technology provider’s platform provides Plan Providers an interface so that the Plan Provider may provide participant data to be inputted into the engine, and place trade transactions to implement the myTDF service for plan participants. Plan participants should review the documentation provided by their plan sponsor for more information about the myTDF service. In addition to the foregoing, PIMCO offers non-discretionary target date services for retirement plans. Under these arrangements, PIMCO licenses to an investment manager PIMCO’s proprietary methodology for assigning a portfolio that includes PIMCO-advised CITs to a plan participant. This investment manager is responsible for implementing the methodology for plan participants, and PIMCO has no discretion related to the management of such plan participant accounts. Use of these non-discretionary services are subject to the risks described under “Model Portfolios” above.