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^* PIMCO is committed to the integration of Environmental, Social and Governance ("ESG") factors into our broad research process and engaging with issuers on sustainability factors and our climate change investment analysis. At PIMCO, we define ESG integration as the consistent consideration of material ESG factors into our investment research process, which may include, but are not limited to, climate change risks, diversity, inclusion and social equality, regulatory risks, human capital management, and others. Further information is available in PIMCO's Environmental, Social and Governance (ESG) Investment Policy Statement.

With respect to comingled funds with sustainability objectives ("ESG-dedicated funds"), we have built on PIMCO's 50-year core investment processes and utilize three guiding principles: Exclude, Evaluate and Engage. In this way, PIMCO's ESG-dedicated funds seek to deliver attractive returns while also pursuing strategies that PIMCO believes may help achieve positive ESG outcomes. Please see each ESG-dedicated fund's prospectus for more detailed information related to its investment objectives, investment strategies and approach to ESG.return to content↩

¹ Source: UNPRI. UNPRI assessment report limited to asset managers signed up to the Principles for Responsible Investment (PRI) and based on how well ESG metrics are incorporated into their investment processes. UNPRI Transparency Reports are available at https://stpublic.blob.core.windows.net/pri-ra/2020/Investor/Public-TR/(Merged)_Public_Transparency_Report_PIMCO_2020.pdf . Prior to 2021, PRI assessments were awarded scores based on A+ - E scale. A+ being highest score, while E being the lowest. PRI Assessments awarded from 2021 onward are based on a scale of 1-5 Stars. 1 star being the lowest score, 5 stars being the highest. For methodology prior to 2021, please refer to: https://www.unpri.org/reporting-and-assessment/how-to-access-reported-data/3073.article#downloads. For 2021 Methodology, please refer to https://dwtyzx6upklss.cloudfront.net/Uploads/v/g/y/2021_assessmentmethodology_jan_2021_403875.pdf.return to content↩

² Sustainable Investment AUM includes third party and Allianz Socially Responsible AUM (negative screened portfolios), ESG AUM (portfolios with ESG objectives) and thematic AUM. $ referenced above is in USD.return to content↩

³ Calculated as % by par-adjusted Firm AUM. Corporate issuer is defined as a non-government legal entity that develops, registers and sells securities to finance its operations. The statistic relates solely to the in-depth engagement activities by PIMCO's ESG analysts.return to content↩

⁴ Calculated as % AUM of green, social, and other impact bonds as compared to the index. Green bonds are defined as bonds with use-of-proceeds devoted to environmental projects. Social bonds are defined as bonds with use-of-proceeds devoted to social projects or activities that achieve positive social outcomes and/or address a social issue. Impact bonds are defined as bonds with use-of-proceeds used to finance or re-finance a combination of green and social projects or activities. Impact bonds also include sustainability-linked bonds, which are bonds structurally linked to the issuer's achievement of climate or broader goals.return to content↩

⁵ Carbon intensity calculated using the weighted average of corporate holding in the portfolio, rather than total portfolio metrics. Carbon Intensity is defined as the weighted average Carbon emissions (Scope 1 + Scope 2 emissions in tCO2e)/Revenues in USD. Scope 1 emissions are direct emissions from a company while Scope 2 are in direct emissions from the generation of purchased energy. Green bonds from Utilities that have aligned their business models to meet the Paris Agreement targets are treated as zero carbon emissions and therefore, zero carbon intensity given their financing of renewable projects and issuer commitments. Green bonds from non Paris aligned Utilities receive 10% of the issuer's carbon metrics given the financing of renewable energy, while recognizing the issuer's more limited commitments. For all other green bonds, carbon metrics from the issuer are passed to the green bond. Source: MSCI. Reported by companies or estimated. Corporate bonds only. Carbon Intensity is defined as the weighted average Carbon emissions (Scope 1 + Scope 2 emissions in tCO2e)/Revenues in USDm. Scope 1 emissions are the direct emissions of a company. Scope 2 emissions are indirect carbon emissions. Absolute carbon emission analysis takes the total emission per issuer into consideration. Utilities' Green Bonds are given 10% of the parent company's CO2e intensity. Paris-Aligned green bonds are treated as zero carbon emissions and therefore, zero carbon intensity given their financing of 100% renewable projects and issuer commitments. Green bonds in the utilities sector receive 10% of the issuer's carbon metrics given the financing of 100% renewable energy, while recognizing the issuer's more limited commitments. For all other green bonds, carbon metrics from the issuer are passed to the green bond.return to content↩

⁶ Universe is based on utilities sector holdings. 100% of the fund's utilities sector exposure is in renewable energy-based utilities, calculated as % by par-adjusted AUM.return to content↩

⁷ Calculated as % by par-adjusted Fund AUM. The statistic relates solely to the in-depth engagement activities by PIMCO's ESG analysts.return to content↩

All investments contain risk and may lose value. Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and low interest rate environments increase this risk. Reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed.

PIMCO is committed to the integration of Environmental, Social and Governance ("ESG") factors into our broad research process and engaging with issuers on sustainability factors and our climate change investment analysis. At PIMCO, we define ESG integration as the consistent consideration of material ESG factors into our investment research process, which may include, but are not limited to, climate change risks, diversity, inclusion and social equality, regulatory risks, human capital management, and others. Further information is available in PIMCO’s Environmental, Social and Governance (ESG) Investment Policy Statement.

ESG investing is qualitative and subjective by nature, and there is no guarantee that the factors utilized by PIMCO or any judgment exercised by PIMCO will reflect the opinions of any particular investor, and the factors utilized by PIMCO may differ from the factors that any particular investor considers relevant in evaluating an issuer’s ESG practices. In evaluating an issuer, PIMCO is dependent upon information and data obtained through voluntary or third-party reporting that may be incomplete, inaccurate or unavailable, or present conflicting information and data with respect to an issuer, which in each case could cause PIMCO to incorrectly assess an issuer’s business practices with respect to its ESG practices. Socially responsible norms differ by region, and an issuer’s ESG practices or PIMCO’s assessment of an issuer’s ESG practices may change over time. There is no assurance that the ESG investing strategy or techniques employed will be successful. Past performance is not a guarantee or reliable indicator of future results.

PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material contains the opinions of the managers and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. ©2021, PIMCO.