Pension Board of Trustees

REGULAR MEETING – PENSION BOARD OF TRUSTEES AGENDA MAY 14, 2025, 6:00 PM ZOOM AND ROOM 220 To allow public access, anyone may access a meeting by telephone and/or Zoom, or a recording in the City of Norwalk YouTube channel. Specific instructions and links can be found at norwalkct.gov/meetings. Members of the public may call in to participate. Callers will not be able to see the meeting participants. All participants will be muted upon entering the meeting. To speak, dial *9 on the phone and you will be called on by the host of the meeting during the public comment section. All speakers must state their name and address. Comments must be on a topic on the agenda, and are limited to three minutes. Anyone disrupting the orderly conduct of the meeting, including by using threatening, hateful, or sexually-explicit language, will be removed. Please find the information using the link above. Members of the public who wish to provide "live comments" may also use the Zoom meeting platform. All participants will be muted upon entering the meeting. To speak, click the “raise your hand indicator” and you will be called by the host of the meeting during the public comment section. All speakers must state their name and address. Comments must be on a topic on the agenda, and are limited to three minutes. Anyone disrupting the orderly conduct of the meeting, including by using threatening, hateful, or sexually-explicit language, will be removed. Please find the information using the link above. Members of the public who wish to provide public comment are encouraged to submit those via email in advance of the meeting. For these comments to be included into the record, they must be submitted by 12:00 p.m. the day of the meeting. Please email Tina Fogell at tfogell@norwalkct.gov with the subject line “Public Comment” to provide written public comment prior to the meeting. I. CALL TO ORDER II. ROLL CALL III. ACCEPTANCE OF MINUTES A. Regular Meeting: April 9, 2025 IV. PUBLIC PARTICIPATION V. APPROVAL OF PENSION APPLICATIONS A. Grid Sheet of Applicant Names VI. REPORTS A. PIMCO All Asset Presentation B. Performance Review Page 1 of 74  C. Legal Opinion regarding Pension Document - Executive Session D. Update on Proposed Collective Bargaining Agreements - Executive Session VII. COMMITTEES VIII. ADJOURNMENT UPCOMING MEETINGS June 11, 2025 Page 2 of 74  CITY OF NORWALK PENSION BOARD OF TRUSTEES REGULAR MEETING APRIL 9, 2025 ATTENDANCE: Frank Nash, Chair; James Hendrickson; Eileen Romeo; Francis Nash; David Pramer; Richard Baskin, Robert Raleigh OTHER: Jared Schmitt, Chief Financial Officer; Chitsamay Lam, Kevin Schmidt, Callan; Britt Murdoch, Callan; Brenden Walsh, Empower CALL TO ORDER Chairman Nash called the meeting to order at 6:02 P.M. There was a quorum present. ROLL CALL A roll call of those present was performed. ACCEPTANCE OF MINUTES A. REGULAR MEETING: MARCH 12, 2025 ** MR. HENDRICKSON MOVED TO APPROVE THE MINUTES OF MARCH 12, 2025 AS SUBMITTED. ** MR. BASKIN SECONDED THE MOTION. ** THE MOTION PASSED UNANIMOUSLY. B. REGULAR MEETING: DEFINED CONTRIBUTION - JANUARY 8, 2025 ** MR. HENDRICKSON MOVED TO APPROVE THE MINUTES OF JANUARY 8, 2025 AS SUBMITTED. ** MR. BASKIN PRAMER SECONDED THE MOTION. ** THE MOTION PASSED UNANIMOUSLY. PUBLIC PARTICIPATION There was no Public Comment at this time. APPROVAL OF PENSION APPLICATIONS A. GRID SHEET OF APPLICANT NAMES – NONE City Of Norwalk Pension Board of Trustees Regular Meeting April 9, 2025 Page 1 of 2 Page 3 of 74 While there were no applications to approve, an update was provided on an application that was currently being researched. COMMITTEES DEFINED CONTRIBUTION COMMITTEE EMPOWER (RECORDKEEPER) PRESENTATION A representativeMr. Walsh from Empower came forward to deliver his report and presentation. Information regarding the item 457b and 401a plans was provided in the meeting documentation. He provided an overview of the Empower Norwalk DC plans and answered the Board Members Questions. REPORTS A. PERFORMANCE REVIEW Mr. SchmittMurdoch came forward to provide the performance reviews of the March Pension Flash Report and the 4Q24 DC Plans Performance Report. Information regarding the Performance reviews was provided in the meeting documentation. He reviewed the current statemarket environment and investment performance of the finances and investments for the Pension Board. Questions and comments were fielded throughout the presentation. B. FIXED INCOME DISCUSSION Mr. Schmidtt came forward to provide a report on the Fixed Income Discussion. Information regarding the Fixed Income Discussion was provided in the meeting documentation. Discussion followed. Callan agreed to provide a review of the fixed income structure in the Pension and OPEB Plans at the June meeting. ADJOURNMENT ** MR. HENDRICKSON BASKIN MOVED TO ADJOURN. ** MR. BASKIN HENDRICKSON SECONDED THE MOTION. ** THE MOTION PASSED UNANIMOUSLY. The meeting adjourned at 7:59 P.M. Respectfully Submitted Ian A. Soltes Telesco Secretarial Services City Of Norwalk Pension Board of Trustees Regular Meeting April 9, 2025 Page 2 of 2 Page 4 of 74 Page 5 of 74 City of Norwalk All Asset Fund Strategy Review May 2025 IMPORTANT NOTICE Please note that the following contains the opinions of the manager as of the date noted, and may not have been updated to reflect real time market developments. All opinions are subject to change without notice. For Institutional Investor Use Only – Not for Public Distribution Page 6 of 74 Disclosures The information provided herein is confidential and intended for use with authorized persons only. You may not share this information with any unauthorized persons. PIMCO is not responsible if you share confidential account information with persons other than authorized users. Past performance is not a guarantee or a reliable indicator of future results. All investments contain risk and may lose value. Shares distributed by PIMCO Investments LLC. This information is provided exclusively to you as an authorized person on behalf of an existing investment in a PIMCO product or strategy. 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. PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world. For institutional investor use only. Client-specific update – not for public distribution. 1 Page 7 of 74 Biographical information Justin Blesy, CFA Mr. Blesy is an executive vice president and asset allocation strategist in the Newport Beach office. He focuses on multi-asset strategies and customized client portfolio analyses and he is the lead product strategist for PIMCO’s model portfolio business. Prior to joining PIMCO in 2012, he was a management consultant at Oliver Wyman, where he led strategy, product development, and risk management projects for financial institutions. He has 17 years of investment and financial services experience and holds an MBA from the University of Chicago Booth School of Business. He received an undergraduate degree from Dartmouth College. Eric Bachman, CFA Mr. Bachman is a senior vice president and account manager in the New York office, focusing on institutional client servicing. Prior to rejoining PIMCO in 2022, he was a vice president at Man Group, responsible for business development for insurance companies and other institutional investors. Previously, he worked in institutional sales at Goldman Sachs Asset Management, focusing on corporate pensions, and earlier he was a senior account associate at PIMCO, servicing public pensions. He has 16 years of investment experience and holds an undergraduate degree from the University of Wisconsin- Madison. Mr. Bachman is a CFA charterholder. 2 Page 8 of 74 Agenda 1 Strategy review 2 Market and strategy performance 3 Outlook and positioning 4 Appendix 3 Page 9 of 74 Strategy review Page 10 of 74 Review of All Asset’s role in an investor’s portfolio Seeking attractive long-term returns with diversifying characteristics Investor challenges All Asset’s goals • While portfolios built on mainstream stocks  Deliver attractive real returns and bonds have performed well historically, - Secondary Benchmark: CPI + 5% asset class performance can vary considerably over long periods of time.  Diversify away from equity risk • High equity allocations drive the need for risk - Historical equity beta: ~0.4 diversification.  Provide inflation protection • Conventional stock/bond portfolios may face - ~80% correlation to changes in inflation serious headwinds from elevated inflation. expectations All Asset: A distinctive approach to meeting investor needs • Emphasize diversifying & inflation-sensitive markets (i.e. “diversifier” assets) – To provide attractive return potential, inflation protection and a diversifying return pattern. • Combine the complementary expertise of two leading firms into a single strategy – Research Affiliates: Manage and continually enhance a model-informed allocation process that blends long-horizon, valuation-based return forecasts with various shorter-horizon tactical signals designed to exploit evolving opportunities across a global opportunity set of underlying strategies. – PIMCO: Manage a broad and diverse roster of actively-managed mutual funds and ETFs in an effort to provide attractive net-of-fee outperformance within each strategy. As of 31 March 2025. Source: PIMCO. 5 AAF_review_01 Page 11 of 74 All Asset’s differentiated approach We invert the traditional portfolio structure to seek complementary attributes Traditional balanced portfolio Diversifying and inflation-sensitive- centric portfolio MAINSTREAM EQUITIES All Asset Average: 11% Inflation EM Inflation- -related Credit equity related Strategies Core bonds, CORE BONDS All Asset Average: 19% 30% Liquid Alt. Global Mainstream Strategies EM bonds EMcredit Equities, 50% Globalequities & FX Diversifying and & EM inflation-related bonds Liquid assets, 20% Alternatives DIVERSIFIERS All Asset Average: 70% Characteristics Characteristics • Typically does better in equity bull markets • Typically does better in equity bear markets • Performs better in disinflationary environments • Performs better in reflationary environments • Tends to perform better in low volatility regimes • Tends to perform better in high volatility regimes As of 31 March 2025. Source: PIMCO. Percentages based on historical average allocations for the PIMCO All Asset Fund. Allocations at any point in time are subject to change. 6 1cs_AAF_review_03 Page 12 of 74 All Asset has added value on each key goal versus hypothetical passive real asset and diversifier allocations 3 Real Assets 6 “Diversifier” Assets PIMCO All Asset Fund (TIPS, Commodities, REITs) (TIPS, Commodities, REITs, HY, EM Equities, EM Local Bonds) Higher absolute and risk adjusted returns Lower volatility and drawdown All Asset has provided more attractive absolute and risk- All Asset has also displayed lower total volatility and a adjusted returns, net of fees, than passive approaches smaller peak-to-trough drawdown S.I. Returns Sharpe Ratio Total Volatility (LHS) Drawdown (RHS) 0.52 6.10% 6.41% 11.30% 10.54% 5.50% 0.43 9.30% 0.34 -23.56% -34.29% -42.79% Lower equity beta Greater inflation risk mitigation All Asset has provided better equity diversification All Asset has provided greater correlation with changes in since inception inflation expectations Equity Beta Correl to Δ 10 yr BEI 0.51 0.52 0.77 0.79 0.44 0.73 31 July 2002 to 31 March 2025. SOURCE: Bloomberg, PIMCO. All Asset Fund data shown is for Institutional class shares. 3 Real Assets is represented by: 33% Bloomberg U.S. TIPS, 33% Bloomberg Commodity Total Return, 33% Dow Jones Select REIT. 6 Diversifier Assets are represented by an equally-weighted composite of the following indices which are added to the overall mix in the first full month they became All Asset’s opportunity set by virtue of the Underlying PIMCO Fund launch (date in bracket). ICE BofAML US HY BB-B Rated Constrained Index, Bloomberg U.S. TIPS Index, JPMorgan Government Bond Index-Emerging Markets Global Diversified Unhedged Index (Jan 2007), MSCI EM Index (Dec 2008), Dow Jones Select U.S. REITs Index (Nov 2003) and the Bloomberg Commodity TR Index (Aug 2002). Volatility measured by standard deviation of returns. Refer to Appendix for additional performance and fee, correlation, index, investment strategy, and risk information. AAF_review_39 7 Page 13 of 74 All Asset is highly differentiated within the GTAA universe Presents a stark contrast to the equity-centric risk of category peers All Asset vs. Global Allocation and Tactical Allocation Categories Full Sample Realized Volatility Contribution by Risk Factor1 12% Residual EM FX 10% Momentum Commodity Realized Volatility (%) 8% EM premium HY spread 6% IG spread U.S. Duration 4% JP premium DM FX 2% EUR premium U.S. premium 0% World equity -2% Morningstar Global Morningstar Tactical U.S. 60/40* Global 60/40** All Asset Allocation Allocation Total Realized Volatility3 9.4% 9.5% 10.3% 9.0% 9.3% % of Volatility from World Equities 97.2% 89.7% 73.1% 83.4% 28.6% Equity Beta2, 3 0.62 0.62 0.63 0.57 0.44 SOURCE: PIMCO, Bloomberg, As of 31 March 2025, percentage of volatility from world equities as of 31 December 2024. Hypothetical example for illustrative purposes only. *US 60/40 represented by 60% S&P 500/40% bloomberg U.S. Aggregate Index (Unhedged) **Global 60/40 represented by 60% MSCI World Index/40% bloomberg Global Aggregate Index (USD Hedged) All Asset is represented in the Morningstar Tactical Allocation Category. The Morningstar World Allocation Category is comprised of funds that seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. Typically, these portfolios have at least 10% of assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non-U.S. stocks or bonds. All Asset is comparable to portfolios in this category. 1Based on daily returns with quarterly rebalance since 31 October 2003, representing maximum history where all of the data is available. Realized volatility is calculated using a multi-factor regression model – factors are defined in the appendix. Realized volatility may not be representative of forward-looking volatility. 2Equity Beta: For a 1.0 Equity Beta, each 1% increase in the S&P 500 Index will lead to a 1% increase in portfolio return. 3Based on monthly returns from the All Asset Fund inception date, 31 July 2002. Refer to Appendix for additional hypothetical example, index, investment strategy, portfolio analysis, and risk information. AAF_review_18 8 Page 14 of 74 Since 2013's "Taper Tantrum", asset class returns have diverged sharply U.S. equities soared, but performance in majority of other asset classes was more muted U.S. Stocks U.S. Agg Diversifiers $1,100 $1,050 $1,000 Pre-Taper Tantrum Post-Taper Tantrum Total $950 (31 Jul '02 - 30 Apr '13) (30 Apr '13 - 31 Mar '25) (31 Jul '02 - 31 Mar '25) $900 U.S. Stocks 7.5% 13.2% 10.5% $850 U.S. Agg 5.4% 1.6% 3.4% $800 Diversifiers 10.0% 2.7% 6.1% $750 $700 Growth of $100 $650 $600 $550 $500 $450 $400 $350 $300 $250 $200 $150 $100 $50 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 As of 31 March 2025. SOURCE: Barclays, BofA, JPMorgan, Bloomberg. Past performance is not a guarantee or reliable indicator of future results. U.S. Stocks and U.S. Agg represented by the S&P 500 Index and Bloomberg U.S. Aggregate Index, respectively. Diversifiers are represented by a dotted light green line and is an equally-weighted composite of the following indices which are added to the overall mix in the first full month they became All Asset’s opportunity set by virtue of the Underlying PIMCO Fund launch (date in bracket). ICE BofAML US HY BB-B Rated Constrained Index, Bloomberg U.S. TIPS Index, JPMorgan Government Bond Index-Emerging Markets Global Diversified Unhedged Index (Jan 2007), MSCI EM Index (Dec 2008), Dow Jones Select U.S. REITs Index (Nov 2003) and the Bloomberg Commodity TR Index (Aug 2002). 9 Page 15 of 74 However, long-term performance cycles (and reversals) have been common U.S. Stocks U.S. Agg Diversifiers* Cash 18.2% 17.5% 14.9% 13.3% Annualized Returns 12.4% 10.4% 10.7% 9.8% 9.8% 9.1% 9.1% 7.7% 8.0% 6.3% 6.4% 5.1% 5.0% 4.0% 4.5% 3.2% 2.5% 2.7% 1.3% -0.9% 1970s*** 1980s 1990s 2000s 2010 - Present S.I.** • Economic Cycle: Inflection points in performance amongst these asset classes have often occurred near the end of the economic cycle • US Dollar Weakness: A peaking U.S. policy rate, an anticipated U.S. relative growth deficit, and overvaluation concerns may all contribute to a weakening U.S. Dollar, which would benefit many diversifiers • Valuations favor diversifiers: Relative valuations favor diversifiers, particularly vs. U.S. equities As of 31 March 2025. SOURCE: PIMCO, Global Financial Data. Past performance is not a guarantee of future results. U.S. Stocks and U.S. Agg represented by the S&P 500 Index and Bloomberg U.S. Aggregate Index, respectively. *Diversifiers consist of an equally-weighted blend of: U.S. high yield represented by Bloomberg U.S. Corporate High Yield Index (1973 to 1992) and BofAML US HY BB-B Rated Constrained Index (1993 to present); diversified commodities represented by S&P GSCI TR (1973 to 1990) and Bloomberg Commodity Index (1991 to present); REITs represented by FTSE REIT All REITS (1973 to 1986) and Dow Jones Select U.S. REITs (1987 to present); EM equities represented by MSCI EM Index (1988 to present); EM local bonds/currencies represented by JPMorgan ELMI+ TR (1994 to 2002) and JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) (2003 to present); U.S. TIPS represented by Bloomberg U.S. TIPS Index (March 1997 to present). Cash represented by: 3M T-Bill TR Index. ** Since Inception date represented for the period 31 December 1973 to 30 June 2024. ***Annualized returns starting on 31 December 1973. Refer to Appendix for additional, index, outlook and risk information. 10 Page 16 of 74 Performance of U.S. equities has historically been very modest from these valuation levels, while bonds and diversifiers have done well When CAPE has been greater than 30x, the …however, a CAPE >30x doesn’t prevent other asset average return of U.S. equities has been 1.58%… classes from offering attractive opportunities S&P 500 Average Subsequent 10 Year Returns Starting CAPE, inverted (lhs) following CAPE >30 Subsequent 10-Year Return (rhs) 6x 20% 8.03% 15% Subsequent 10-Year Annualized Return 5.94% CAPE (log scale, inverted) 12x 10% 5% 24x 1.58% 0% Correlation: 69% 34.4 48x -5% '26 '33 '41 '49 '57 '65 '73 '81 '89 '97 '05 '13 '21 U.S. Stocks U.S. Agg Diversifiers As of 31 March 2025. SOURCE: Research Affiliates, PIMCO. Past performance is not a guarantee of future results. U.S. Stocks and U.S. Agg represented by the S&P 500 Index and Bloomberg U.S. Aggregate Index, respectively. Diversifier Assets are represented by an equally-weighted composite of the following indices which are added to the overall mix in the first full month they became All Asset’s opportunity set by virtue of the Underlying PIMCO Fund launch (date in bracket). ICE BofAML US HY BB-B Rated Constrained Index, Bloomberg U.S. TIPS Index, JPMorgan Government Bond Index-Emerging Markets Global Diversified Unhedged Index (Jan 2007), MSCI EM Index (Dec 2008), Dow Jones Select U.S. REITs Index (Nov 2003) and the Bloomberg Commodity TR Index (Aug 2002). Refer to Appendix for additional correlation, index, investment strategy, and risk information. 11 Page 17 of 74 Market and strategy performance Page 18 of 74 Executive summary Q1 ‘25 Market Recap: Diversifiers and Bonds delivered attractive returns as U.S. equities declined • Most asset classes, except for U.S. equities, posted positive returns in Q1, with mainstream equities (-2.30%) underperforming core bonds (+3.27%) and diversifiers (+3.77%) • Over the first quarter of the year, U.S. large-cap equities (-4.27%) and U.S. small-cap equities (-9.48%) experienced meaningful drawdowns amid rising uncertainty over changes in U.S. trade policy and a weakening growth outlook All Asset benefiting from diversification • While U.S. equities experienced an adverse environment and closed the quarter in negative territory, diversifiers and core bonds rallied given more favorable valuations and outlook, including Developed ex-U.S. equities, Commodities, EM Bonds and EM Equities as well as value- oriented equity strategies which meaningfully outperformed their growth counterparts • The All Asset Fund posted attractive returns of +3.37%, through the quarter, amid the broader market volatility Outlook remains supportive of multi-year outperformance potential • Research Affiliates’ return forecasts show diversifiers** outperformance potential vs. U.S. 60/40* remains well above historical average. • Looking forward, we see the potential for several additional macro/market factors to serve as supportive tailwinds: • The elevated yield levels (YTM + Div. yields) of the fund reinforce this outperformance potential (Gross Yield: AAF: 7.31%) • The end of the growth cycle and a turning point in the U.S. Dollar cycle have historically helped All Asset’s diversifying, home base markets. • Heightened cross-asset volatility given historical strong outperformance during these periods • In addition, All Asset seeks further outperformance potential through: • Ongoing tactical allocation shifts, that seek to balance longer-term value with shorter-term tactical considerations • Significant net-of-fee alpha potential from an actively managed opportunity set of PIMCO funds As of 31 March 2025, Source: PIMCO. *Represented by 60% S&P500 and 40% Bloomberg U.S. Aggregate Indices. **Diversifiers consist of an equally-weighted blend of: U.S. high yield represented by Bloomberg U.S. Corporate High Yield Index (1973 to 1992) and BofAML US HY BB-B Rated Constrained Index (1993 to present); diversified commodities represented by S&P GSCI TR (1973 to 1990) and Bloomberg Commodity Index (1991 to present); REITs represented by FTSE REIT All REITs (1973 to 1986) and Dow Jones Select U.S. REITs (1987 to present); EM equities represented by MSCI EM Index (1988 to present); EM local bonds/currencies represented by JPMorgan ELMI+ TR (1994 to 2002) and JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) (2003 to present); and U.S. TIPS represented by Bloomberg U.S. TIPS Index (March 1997 to present). AAF_AAAAF_review_02 13 Page 19 of 74 Q1 '25 highlighted the benefits of diversification, reversing recent performance trends amid a shifting macro & policy environment In Q1 U.S. equities fell, bonds and diversifiers rallied… … while value meaningfully outperformed growth within equities Q1 2025 Performance Q1 2025 Performance Developed ex-U.S. EM Equities, Value, 11.56% 2.93% EM Bonds, 4.31% U.S. HY, 1.16% EM Equities Value REITs, 1.17% 4.32% Commodities, U.S. Equities 8.88% Value, 2.13% TIPS, 4.17% Developed ex- EM Equities U.S. Credit, 2.36% U.S. Growth, Growth, 1.66% 2.13% Long Treasuries, 4.67% U.S. Agg, 2.78% Developed ex-U.S. Equities, 6.86% U.S. Small Equities, -9.48% U.S. Equities U.S. Equities, - Growth, -9.97% 4.27% Diversifiers Core Bonds U.S. Equities** U.S. Equities Dev. Ex-U.S. EM Equities Q1 ‘25 Average Q1 ‘25 3.77% 3.27% -6.88 +12.11% +9.43% +2.65% Performance Outperformance As of 31 March 2025. SOURCE: PIMCO, Research Affiliates, Bloomberg. **Represented by the average of Russell 2000 TR Index and S&P 500 Index. U.S. Equities represented by S&P 500 Index, U.S. Small Equities by Russell 2000 Index, Developed ex-U.S. Equities by MSCI EAFE Index. Core Bonds represented by an equal weighted average of Long Treasuries (Bloomberg US Long Treasury Index), U.S. Credit (BBG US Credit Index), and U.S. Agg (BBG US Agg Index). Diversifiers represented by an equal weighted average of EM Equities (MSCI EM Index), TIPS (Bloomberg US TIPS Index), Commodities (BBG Commodity Index Total Return), REITs (Dow Jones US Select REIT Total Return Index), U.S. HY (ICE BofA BB-B US HY Constrained Index), and EM Bonds (J.P. Morgan GBI-EM Global Diversified Composite). U.S. Equities Value Represented by Russell 1000 Value Index, U.S. Equities Growth by Russell 1000 Growth Index, Developed ex-U.S. Value by MSCI EAFE Value Total Return Index, Developed ex-U.S. Growth by MSCI EAFE Growth Total Return Index, EM Equities Value by MSCI Emerging Markets Value Index, and EM Equities Growth by MSCI Emerging Markets Growth Index. Refer to Appendix for additional index, outlook and risk information. 14 Page 20 of 74 Recent U.S. equity weakness contrasts with 2024 strength, with bonds and diversifiers leading the way YTD Q1 ‘25 2024 Q1 ‘25 average: -2.3% Q1 ‘25 average: 3.3% Q1 ’25 average: 3.8% 2024 average: 13.5% 2024 average: -1.0% 2024 average: 4.5% 30% 25.0% 25% 20% 15% 11.5% 10% 8.9% 8.1% 7.5% 6.9% 6.8% 5.4% 4.7% 4.2% 4.3% 5% 3.8% 2.8% 2.4%2.0% 2.9% 1.3% 1.8% 1.2% 1.2% 0% -2.4% -5% -4.3% -6.4% -10% -9.5% -15% U.S. Small cap Developed U.S. core Long U.S. U.S. U.S. Diversified REITs U.S. high EM local EM equities equities ex. U.S. fixed Treasuries investment TIPS commodities yield bonds equities equities income grade credit Mainstream equities Core bonds Diversifiers As of 31 March 2025. SOURCE: Bloomberg, BofA, JPMorgan, Bloomberg Past performance is not a guarantee of future results. U.S. equities represented by S&P 500 Total Return Index; Small cap equities represented by Russell 2000 index; Developed ex. U.S. equities represented by MSCI Daily TR Gross EAFE USD Index; U.S. core fixed income represented by Bloomberg U.S. Aggregate Total Return Index; Long U.S. Treasuries represented by Bloomberg U.S. Aggregate Long Treasury Index; U.S. investment grade credit represented by Bloomberg U.S. Aggregate Credit Total Return Index; U.S. high yield represented by ICE BofAML US HY BB-B Rated Constrained Index; U.S. TIPS represented by Bloomberg U.S. TIPS Index; EM local bonds represented by JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged); EM equities represented by MSCI EM Index; REITs represented by Dow Jones Select U.S. REITs Index.; Diversified commodities represented by Bloomberg Commodity TR Index. AAF_review_31 15 Page 21 of 74 PIMCO All Asset Fund performance review Calendar year and trailing fund returns PIMCO All Asset Fund Market value as of Apr '25 $ 10,983,625,756 Performance Portfolio (after fees) 30 25 22.99 Diversifiers Bear 20 15.98 15.44 Market 15.58 15 12.00 Diversifiers 13.68 Diversifiers 13.34 13.98 12.21 Diversifiers 11.85 Bear Market 8.68 Bear 8.41 Bear 8.56 Returns (%) 10 6.48 Market* Market 5.27 4.12 5 2.44 3.19 0.77 0.80 0 -5 -4.98 -10 Diversifiers Bull Market** Diversifiers Bull Market -8.72 -15 -11.53 -20 -15.48 -25 Aug- '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 Apr Dec '25 '02¹ Fund S.I. 1 YTD 31 Jul '02 10 yrs. 5 yrs. 3 yrs. 1 yr. 6 mos. 3 mos. 30 Apr '25 After fees (%) 6.41 4.99 9.06 1.85 5.60 -0.18 3.37 3.19 Bloomberg U.S. TIPS: 1-10 Yr Index (%) 3.81 2.81 3.44 1.81 6.94 2.18 4.00 4.63 CPI + 5 (%)2 7.57 8.08 9.37 8.60 7.41 3.94 1.84 2.61 As of 31 March 2025. YTD period as of 30 April 2025. For the YTD period, CPI +5% benchmark is shown with a one-month lag due to data availability. SOURCE: PIMCO. 1Note: Partial performance for 2002 is due to a 31 July '02 inception date of the All Asset Fund. 2The CPI + 500 Basis Points benchmark is created by adding 5.00% to the annual percentage change in the Consumer Price Index (“CPI”). This index reflects non-seasonably adjusted returns. The Consumer Price Index is an unmanaged index representing the rate of inflation of the U.S. consumer prices as determined by the U.S. Department of Labor Statistics. There can be no guarantee that the CPI or other indexes will reflect the exact level of inflation at any given time. *Diversifiers bear market is defined as a period in which diversifiers drew down by 10% during the year or over the course of a multi-year period. **Diversifiers bull market is defined as a period in which diversifiers rose by 10% during the year or over the course of a multi-year period. AA_perf_retu_736_MOD 16 Page 22 of 74 Attribution summary for All Asset Performance in line with the fund's strategic emphasis on diversifiers and tactical emphasis on bonds Q1 ‘25 Recap All Asset 1Q '25 2024 SI • While U.S. equities were challenged in Q1 by an uncertain policy and Diversifiers 149 204 380 growth outlook, the All Asset Fund benefited from its diversified approach, posting positive returns on the quarter. US TIPS 0 -26 105 Liquid Alternatives 5 18 1 • The strategy’s allocations to diversifiers such as EM equities and Credit Strategies 10 21 90 commodities, along with developed ex-U.S. equities and core bonds contributed to performance in Q1; while allocations to U.S. small equities Emerging Markets Bonds 29 -14 67 detracted from performance over the quarter. Commodities 36 23 42 REITs & MLPs 32 125 43 2024 Recap Emerging Markets Equities 37 56 32 • Even after drawdowns experienced in Q4, 2024 returns were largely positive across most asset classes amid U.S. economic resiliency, Core Bonds 66 61 66 moderating inflation, and the first Federal Reserve cuts of this cycle. Short-Term Bonds 21 74 23 • Diversifiers including REITs & MLPs, EM equities, and commodities, US & Global Core Bonds 22 34 15 along with short-term bonds and developed ex-U.S. equities, provided Long Duration Bonds 23 -46 28 healthy contributions over the year to All Asset’s returns; though exposures to U.S. TIPS, EM bonds, and long-duration bonds detracted Mainstream Equities 50 116 90 from performance. Developed ex-US Equities 73 50 54 Since Inception Recap US Small Equities -27 43 12 • All Asset has sourced diversified returns across its full opportunity set, US Equities 4 24 23 with an emphasis on diversifiers and inflation-sensitive markets and without over-reliance on a single market. Underlying PIMCO 72 31 105 Fund Alpha • Underlying PIMCO fund alpha (net of underlying fund fees) has been an additional important contributor to long-term returns: +105 bps since inception, highlighting the value proposition versus passive Total 337 412 641 implementation. As of 31 March 2025. Performance is shown for the institutional class. The attribution analysis contained herein is calculated by PIMCO and is intended to provide an estimate as to which elements of a strategy contributed (positively or negatively) to a portfolio's performance. The attribution results contain certain assumptions that require elements of subjective judgment and analysis. Attribution analysis is not a precise measure and should generally be considered within a range (e.g., +/- 5 bps). Further, attribution analysis should not be relied upon for investment decisions. AAF_attrib_01 17 Page 23 of 74 Outlook and positioning Page 24 of 74 Investment process Our approach to delivering outperformance vs. diversifying & inflation-sensitive markets 1 Create Capital Market Expectations Forecast the drivers of asset class returns (i.e. yield & growth) via a quantitative forecasting approach 2 Generate Strategic Allocations Optimize the portfolio for maximum real returns while maintaining an emphasis on diversifying assets 3 Incorporate Portfolio Tilts Adjust positioning through the use of various tactical signals to enhance return potential 4 Select PIMCO Funds Map asset class exposures to a broad array of PIMCO funds 5 Consider Subjective Adjustments Account for insights not captured by our modelling efforts through modest positioning adjustments Model Allocations Source: Research Affiliates. For illustrative purposes only. Refer to Appendix for additional investment strategy and risk information 19 Page 25 of 74 Research Affiliates’ current long-term nominal return forecasts The highest return potential is outside U.S. stocks and bonds Long-term nominal return estimates for major asset classes Diversifiers Core Bonds Mainstream Equities EM Equities Value 10% Developed ex-U.S. Equities Value Long-Term Nominal Expected Returns Developed ex-U.S. Equities EM Equities Developed ex- MLPs 8% U.S. Small Equities U.S. Equities EM Local Bonds Growth Diversifiers U.S. IG EM Equities Growth Credit U.S. REITs ~3% forecasted 6% EM External Bonds Global Ex-US U.S. HY Commodities annual return U.S. TIPS Aggregate difference U.S. 60/40 U.S. Equities Value 4% U.S. Core U.S. Equities Bank Loans Bonds Long U.S. Treasuries 3 Month T-Bill Index U.S. Equities Growth 2% 0% 0% 5% 10% 15% 20% 25% 30% Volatility • Diversifiers are priced for superior returns than conventional stocks and bonds • All Asset's gross yield of 7.31%1 underscores the relative cheapness of All Asset’s underlying assets and return potential • CPI + 5% is achievable with value add from tactical asset allocation, PIMCO alpha, & Research Affiliates Equity (RAE) alpha As of 31 March 2025. 1Gross yield represented by yield to maturity for bonds and dividend yield for equities. Hypothetical forecast for illustrative purposes only. SOURCE: Research Affiliates, LLC, based on data building blocks, mean reversion and business cycle models Performance is shown for the institutional class. Return estimates listed above may vary from PIMCO Capital Market Assumptions. The asset classes shown above are represented by the following indexes: U.S. Equities represented by S&P 500; Developed ex U.S. Equities represented by MSCI EAFE; Long U.S. Treasuries represented by Bloomberg U.S. Treasury Long; U.S. Core Bonds represented by Bloomberg U.S. Aggregate; U.S. Investment Grade Credit represented by Bloomberg U.S. Interim Credit; U.S. high yield represented by ICE BofAML US HY BB-B Rated Constrained Index; U.S. TIPS represented by Bloomberg U.S. TIPS, U.S. REITs represented by FTSE NAREIT; EM local bonds represented by JPM GBI-EM; EM equities represented by MSCI EM; EM currencies represented by JPMorgan ELMI Composite (Unhedged); Commodities represented by Bloomberg; MLPs represented by Alerian MLP Index, U.S. Small-cap Equities by Russell 2000 Index, Global Bonds by BB Global Agg ex USD Hdg USD. Commodity Index; EM currency represented by JPMorgan ELMI+ Composite (Unhedged), EM Non-Local Debt represented by JPMorgan EMBI+ (Unhedged), and U.S. Small Equities represented by the Russell 2000. 60/40 represented by 60% S&P500 and 40% Bloomberg U.S. Aggregate indices. Diversifiers represented by an equal weighting of indices for U.S. High Yield, EM Local Bonds, EM Equities, U.S. TIPS, REITs, Diversified Commodities AAF_AAAAF_Outlook_05 20 Page 26 of 74 Return forecasts increased materially since Q1 ‘22, especially for core bonds and diversifiers Change In Expected Returns: Q1 ‘25 vs. Q1 ‘22 Mainstream Diversifiers Core Bonds Equities 3.4% 2.5% 2.3% 1.8% 1.8% 1.1% 0.9% 0.1% -0.3% -0.7% -1.1% -1.2% U.S. Equities U.S. Small Cap Developed ex- U.S. Core Fixed Long U.S. U.S. Investment U.S. TIPS Diversified REITs U.S. High Yield EM Local Bonds EM Equities Equities U.S. Equities Income Treasuries Grade Credit Commodities • Estimated returns across most diversifiers and core bonds have increased meaningfully since Q1 ’22 • On a risk-adjusted basis, bonds are particularly attractive, especially given their diversifying properties • On average, mainstream equities’ return forecast has declined As of 31 March 2025. Source: Research Affiliates. U.S. Equities represented by S&P 500 Index (January 1973 to present); U.S. Small Cap Equities represented by Russell 2000 Index (January 1979 to present); Developed ex-U.S. Equities represented by MSCI EAFE USD Index (January 1973 to present); U.S. Core Fixed Income represented by Bloomberg U.S. Aggregate Total Return Index (February 1976 to present); Long U.S. Treasuries represented by Bloomberg U.S. Long Treasury Index (February 1973 to present); U.S. Investment Grade Credit represented by Bloomberg U.S. Credit Index (February 1973 to present); U.S. TIPS represented by Bloomberg U.S. TIPS Index (March 1997 to present); Diversified Commodities represented by S&P GSCI TR (January 1973 to December 1990) and Bloomberg Commodity TR Index (January 1991 to present); REITs represented by FTSE REIT All REITS (January 1973 to December 1986) and Dow Jones Select U.S. REITs Index (January 1987 to present); U.S. High Yield represented by Bloomberg U.S. Corporate High Yield Index (January 1973 to December 1992) and ICE BofAML U.S. HY BB-B Rated Constrained Index (January 1993 to present); EM Local Bonds represented by JPMorgan ELMI+ TR (January 1994 to December 2002) and JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) (January 2003 to present); EM Equities represented by MSCI EM Index (January 1998 to present). 21 Page 27 of 74 Research Affiliates forecasted probabilities of economic slowdown Probabilities of slowdown are elevated in U.S. and other developed markets Probabilities of economic slowdown by region US Developed ex-US Emerging Markets 100% 100% 100% Increasing slowdown 80% probability 80% 80% 59% 55% 60% 60% 60% 40% 40% 40% 43% 20% 20% 20% Decreasing slowdown probability 0% 0% 0% '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 '22 '24 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 '22 '24 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 '22 '24 Neutral Slowdown probabilities are informed by various macroeconomic and monetary policy indicators, by country Regional probabilities are GDP-weighted combinations of the country probabilities within each region The results provide tactical “risk on” or “risk off” signals that complement strategic portfolio construction As of 31 March 2025. SOURCE: Research Affiliates LLC. 22 Page 28 of 74 All Asset's current positioning summary Return prospects, macro-economic fundamentals, and tactical considerations suggest a balanced risk profile Key statistics Historical Allocation Mix • Gross Yield1: 7.31%, Current Duration: 4.54 Years • Trailing equity beta2: 0.44, Trailing Volatility2: 9.30% 2 2 3 3 2 4 6 4 3 5 4 9 1 6 7 8 7 2 3 5 5 2 4 8 6 11 4 3 2 5 2 4 4 8 1414 Short-term Bonds 4 7 1 7 4 Defensive Strategies The All Asset Fund remains well diversifiers and well positioned 2 5 18 1718 4 11 2729 4 3 3 8 4 9 10 6 9 for potential downside risks. 1614 2613 5 7 13 8 2 4 • Current positioning is informed by 1) asset class yields & 10 9 4 6 1312 U.S. & Global Core Bonds 16 3 6 6 13 valuations, 2) probabilities of economic slowdown and inflation 2 10 17 17 5 15 14 16 surprise across the globe, 3) various tactical signals suggesting 46 18 12 5 5 Long Duration Bonds 11 5 1 increased dry powder exposure, and 4) continued cheapness in 12 1 9 2015 12 6 3 3 U.S. TIPS 26 7 7 global value stocks versus their growth counterparts. 2 27 8 5 54 32 16 10 5 11 Liquid Alternatives 31 8 2 4 4 11 9 18 27 17 • As there continues to be a wide range of potential outcomes with 30 6 13 14 10 6 Credit Strategies greater downside risks than the market is currently pricing, All 1310 10 6 28 Asset maintains a majority of its allocations to diversifiers, many of 20 14 6 12 5 20 18 5 8 Emerging Markets Bonds which are attractively priced and offer either defensive or inflation- 12 19 8 4 5 5 7 20 9 hedging characteristics. In addition, the Fund’s core bond 13 9 6 21 5 8 6 4 6 Commodities allocations are near their highest levels in All Asset’s history, 17 2616 6 4 3 13 7 15 7 4 13 8 4 driven by attractive valuations. 19 4 7 1 4 1211 REITs & MLPs 25 4 16 6 4 21 3 3 3 1011 • Exposure to value-oriented strategies (via RAE equity strategies 19 5 3 15 19 9 2 5 8 9 and long-short alternative strategies) remains considerable given 2 5 2 19 1010 Emerging Markets Equities 4 14 1212 182326 the historic relative cheapness of value stocks. 2 3 9 8 7 10 14 141213 9 4 1 4 4 6 1119 4 4 1 3 2 9 9 9 Developed ex U.S. Equities • We continue to look for bouts of market volatility to provide 17 4 7 7 2 4 5 6 11 8 11 3 opportunities to add value via tactical trading, and elevated 8 6 9 5 7 U.S. Small Equities 4 5 7 6 4 1 2 2 4 1 3 6 6 6 6 3 3 3 3 3 exposure to defensively-oriented bond and liquid alternative 1 1 1 1 1 2 2 3 2 U.S. Equities 1 1 1 1 1 strategies provides ample rebalancing flexibility to exploit future Dec '02 Dec '03 Dec '04 Dec '05 Dec '06 Dec '07 Jun '24 Dec '08 Dec '09 Dec '10 Dec '11 Dec '12 Sep '24 opportunities. Dec '13 Dec '14 Dec '15 Dec '16 Dec '17 Dec '18 Dec '24 Dec '19 Dec '20 Dec '21 Dec '22 Dec '23 Mar '25 As of 31 March 2025. SOURCE: PIMCO. Yield is shown for the institutional class. Annually Quarterly 1Yield comprised of yield to maturity for fixed income and dividend yield for equities. 2Using since inception monthly data AAF_structure_03 23 Page 29 of 74 Why All Asset Now? Page 30 of 74 All Asset Fund's historical performance has been strong following periods of high yields 10% All Asset’s yield of 7.3% remains among the highest level offered in over a decade (98th Percentile) 8% 7.31% 6% Gross Yield (%) 4% 2% 0% Jan '11 Jan '12 Jan '13 Jan '14 Jan '15 Jan '16 Jan '17 Jan '18 Jan '19 Jan '20 Jan '21 Jan '22 Jan '23 Jan '24 Jan '25 Time Period Yield Subsequent Returns (%) Event Description Date Starting Yield Percentile 1-year 3-year 5-year Current 3/31/2025 7.31% 98% - - - COVID-19 3/31/2020 5.22% 61% 37.13% 10.87% 9.06% 2018 Market Volatility 11/30/2018 6.31% 82% 8.07% 10.29% 5.10% 2016 US Election 2/29/2016 6.27% 81% 19.77% 9.28% 9.60% 2013 Taper Tantrum 8/31/2013 5.16% 58% 12.34% 2.61% 3.92% 2011 European Debt Crises 12/31/2011 5.58% 70% 15.44% 5.45% 3.94% Average Yield 1-year 3-year 5-year Top quartile - 6.79% - 7.82% 9.77% 6.37% As of 31 March 2025. Source: PIMCO. Starting yield comprised of estimated yield to maturity for fixed income and dividend yield for equities. Refer to Appendix for additional performance and fee, investment strategy, outlook, yield to maturity, and risk information. AAF_structure_01 25 Page 31 of 74 Performance cycles between diversifiers and a traditional 60/40 portfolio have often experienced inflection points near the end of the economic cycle Performance Differential (Diversifiers - 60/40) US Dollar Recessionary Period 10% -10% 10 Year Performance Differential (Diversifier - 60/40) 8% -8% Diversifiers US Dollar 6% -6% outperform underperforms 4% -4% Inverse US Dollar 2% -2% 0% 0% -2% 2% -4% 4% -6% 60/40 6% outperforms US Dollar -8% 8% outperforms -10% 10% Dec '85 Dec '90 Dec '95 Dec '00 Dec '05 Dec '10 Dec '15 Dec '20 • Though performance differentials between diversifiers and the 60/40 blend have grown in both length and magnitude over the last ~40 years, inflection points often occur near the end of the economic cycle • 60/40 outperformance of diversifiers has eclipsed peak outperformance in the late 90s but we may be near an inflection point, given the recession in 2020 and challenging growth conditions on the horizon As of 31 March 2025. Source: PIMCO, Bloomberg. Past performance is not a guarantee of future results. Diversifiers consist of an equally-weighted blend of: U.S. high yield represented by Bloomberg U.S. Corporate High Yield Index (1973 to 1992) and BofAML US HY BB-B Rated Constrained Index (1993 to present); diversified commodities represented by S&P GSCI TR (1973 to 1990) and Bloomberg Commodity Index (1991 to present); REITs represented by FTSE REIT All REITS (1973 to 1986) and Dow Jones Select U.S. REITs (1987 to present); EM equities represented by MSCI EM Index (1988 to present); EM local bonds/currencies represented by JPMorgan ELMI+ TR (1994 to 2002) and JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) (2003 to present); and U.S. TIPS represented by Bloomberg U.S. TIPS Index (March 1997 to present). The 60/40 blend is comprised of 60% S&P 500 and 40% Bloomberg U.S. Aggregate Index. US Dollar is represented by DXY Index. Refer to Appendix for additional index, investment strategy and risk information. cs_AAF_review_24 26 Page 32 of 74 Rising inflation expectations have historically been a tailwind for diversifiers, which may benefit All Asset The 10-Year BEI is in line with Central Bank Diversifiers have outperformed when inflation targets, but risks skew to the upside expectations rise 40% 4% Correlation: 74% 30% 12 month 20% 3% 10-Year Breakeven Inflation Rate 2019 Diversifiers returns 2021 10% 2023 YTD 2025 2.37% 2024 2% 0% 2018 2020 -10% 2022 1% -20% -2.0% -1.0% 0.0% 1.0% 2.0% 12-month changes in 10yr breakeven inflation 12 month changes in 10yr breakeven inflation • All Asset strategically emphasizes assets with high correlation to changes in inflation 0% • However, stable inflation is also associated with positive returns (y- Mar-97 Mar-02 Mar-07 Mar-12 Mar-17 Mar-22 intercept = 6.8%), as is modestly falling inflation. All Asset’s tactical shifts may further improve outcomes around this linear relationship • Historically, every 0.1% rise in inflation expectations has delivered ~1.7% incremental returns As of 31 March 2025. SOURCE: Bloomberg, FRED, PIMCO. Past performance is not a guarantee or reliable indicator of future results. Inflation expectation is represented by the 10-year breakeven inflation rate. Diversifiers represented by an equally- weighted blend of: U.S. high yield represented by BofAML US HY BB-B Rated Constrained Index; U.S. TIPS represented by Bloomberg U.S. TIPS Index; EM local bonds represented by JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged); EM equities represented by MSCI EM Index; REITs represented by Dow Jones Select U.S. REITs; Diversified commodities represented by Bloomberg Commodity TR Index. 27 Page 33 of 74 All Asset has historically offered attractive diversification benefits relative to equities, especially in bear markets All Asset vs. US 60/40, Lower correlation and beta to equities than a balanced portfolio since inception (rolling 12m periods) All Asset (Since Inception) 20% 100% 0.98 60/40 mix (%)¹ 15% All Asset excess returns over 60/40 PIMCO All Asset Fund 80% 10% 0.71 Correlation and Beta 0.62 5% AAF Avg. 60% 0% 0.44 40% -5% -10% Diversification 20% benefit most -15% pronounced when 60/40 is failing! 0% -20% Equity Correlation Equity Beta -40% -20% 0% 20% 40% US 60/40 Total Return • All Asset provided meaningfully better portfolio diversification than 60/40, as measured by both equity beta and correlation • The historical diversification benefits were most pronounced when 60/40 posted negative returns ̵ All Asset delivered outperformance in the vast majority of these periods – positive diversification when it was needed most ̵ The Fund has historically provided more pronounced value-add when 60/40 is falling Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and principal value will fluctuate, so that fund shares may be worth more or less than their original cost when redeemed. Performance data current to the most recent month-end is available at www.pimco.com or by calling 888.87.PIMCO. As of 31 March 2025. Source: PIMCO, Bloomberg. 1The 60/40 mix is comprised of 60% S&P 500 and 40% Bloomberg U.S. Aggregate Index Performance is shown for the institutional class, net of fees. Refer to Appendix for additional performance and fee, index, correlation and risk information. 28 AAF_AAAAF_review_38 Page 34 of 74 Why is All Asset Particularly Attractive Now? Attractive Yield: All Asset’s gross yield1 of 7.31% underscores the relative cheapness 1 of All Asset’s underlying assets and return potential. Additionally, expected returns for Diversifiers2 are nearly 3% greater than U.S. 60/403 Market Cycle: Performance cycles between diversifiers and a traditional 60/40 2 portfolio often experience inflection points near the end of an economic cycle Diversification: Volatility may increase in 2025, and All Asset has historically offered 3 attractive diversification benefits, especially during U.S. equity market drawdowns Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and principal value will fluctuate, so that fund shares may be worth more or less than their original cost when redeemed. Performance data current to the most recent month-end is available at www.pimco.com or by calling 888.87.PIMCO. As of 31 March 2025. Source: PIMCO 1 2 Gross yield comprised of yield to maturity for fixed income and dividend yield for equities. Diversifiers calculated as the average of ICE BofAML U.S. High Yield, BB-B 3 Rated, Constrained Index, Bloomberg U.S. TIPS Index, JPM Gov't Bond Index- Em Global Diversified (Unhedged), MSCI Emerging Markets Index, Dow Jones U.S. Select REIT Total Return Index, and Bloomberg Commodity Index Total Return. 60/40 represented by 60% S&P500 and 40% Bloomberg U.S. Aggregate indices. Refer to Appendix for additional performance and fee, forecast, investment strategy, valuation, outlook, yield to maturity and risk information. AAF_Outlook_30 29 Page 35 of 74 Appendix Page 36 of 74 Additional Information on Performance and Outlook Page 37 of 74 A Tale of Two Decades (2003 – 2012): A Balanced Opportunity In most years, U.S. equities performed in the ‘middle of the pack’ 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 - 2012 24.0% 16.5% Long U.S. EM Treasuries equities 5.2% 12.3% 34.0% 39.4% U.S. core fixed EM local EM equities EM equities income bonds 21.4% -1.7% 29.9% 33.2% 18.1% 11.5% Diversified Long U.S. Long U.S. REITs EM local bonds REITs commodities TIPS Treasuries 16.2% -3.1% 24.4% 18.2% 9.7% 25.6% 14.0% 78.5% 28.1% Diversified U.S. investment Long U.S. EM Small cap EM equities REITs EM equities REITs commodities grade credit TIPS equities equities 13.5% 12.1% -5.2% 26.9% 17.3% 9.3% 55.8% 23.0% 36.1% 46.1% 9.4% Developed ex. U.S. Long U.S. EM local Small cap Developed ex. U.S. U.S. high EM equities EM local bonds REITs U.S. high yield REITs equities TIPS bonds equities equities yield 47.2% 20.3% 6.5% 11.2% -23.3% 31.8% 18.9% 8.4% 8.9% 32.2% 17.1% Small cap Developed ex. U.S. Long U.S. Developed ex. U.S. U.S. high Developed ex. U.S. EM U.S. investment Long U.S. EM equities REITs equities equities Treasuries equities yield equities equities grade credit TIPS 38.6% 18.3% 26.3% 9.8% -33.8% 16.8% 7.8% 16.8% 8.2% 6.3% 28.5% Developed ex. U.S. Small cap Developed ex. U.S. Long U.S. Small cap Diversified U.S. core fixed EM local Developed ex. U.S. EM local bonds REITs equities equities equities Treasuries equities commodities income bonds equities 12.2% 5.5% 18.4% 7.0% -35.6% 27.2% 15.7% 5.4% 16.3% 7.6% 36.3% Long U.S. Long U.S. Small cap U.S. core fixed Diversified Small cap EM local U.S. high Small cap Long U.S. 2003 – 2012 REITs TIPS TIPS equities income commodities equities bonds yield equities Treasuries CPI + 5%: 28.7% 10.9% 4.9% 15.8% 5.5% -37.0% 26.5% 15.1% 2.1% 16.0% 7.1% 7.4% U.S. equities U.S. equities U.S. equities U.S. equities U.S. equities U.S. equities U.S. equities U.S. equities U.S. equities U.S. equities U.S. equities 23.9% 10.0% 4.6% 5.1% 22.0% 14.3% -1.8% 14.6% 6.2% 15.2% -39.2% Diversified U.S. high Small cap U.S. investment EM local U.S. high EM local U.S. high U.S. investment EM local bonds REITs commodities yield equities grade credit bonds yield bonds yield grade credit 22.9% 9.2% 3.4% 9.3% 3.2% -43.4% 18.9% 9.4% -4.2% 11.5% 5.2% U.S. high Diversified U.S. high U.S. high U.S. high Developed ex. U.S. Diversified Long U.S. Small cap Long U.S. U.S. core fixed yield commodities yield yield yield equities commodities Treasuries equities TIPS income 7.7% 2.4% 4.3% -1.6% -53.3% 16.0% 8.6% -12.1% 9.4% 4.1% 16.9% Long U.S. U.S. core fixed U.S. core fixed Small cap EM U.S. investment Long U.S. Developed ex. U.S. U.S. investment Diversified EM local bonds Treasuries income income equities equities grade credit TIPS equities grade credit commodities 11.9% 5.2% 2.0% 4.3% 9.6% 8.5% -13.3% 4.2% -17.9% Long U.S. U.S. investment U.S. investment U.S. investment Long U.S. U.S. investment Diversified U.S. core fixed REITs TIPS grade credit grade credit grade credit TIPS grade credit commodities income 7.7% 4.3% 2.1% 5.9% 7.8% -18.4% 3.6% U.S. investment U.S. core fixed Diversified U.S. core fixed Developed ex. U.S. EM Long U.S. grade credit income commodities income equities equities Treasuries 4.1% 1.9% -12.9% 6.5% -1.1% U.S. core fixed Long U.S. Long U.S. U.S. core fixed Diversified income Treasuries Treasuries income commodities 2.5% -2.4% Long U.S. Long U.S. Treasuries TIPS As of 31 December 2024. Source: PIMCO. U.S. equities represented by S&P 500 Total Return Index; Small cap equities represented by Russell 2000 index; Developed ex. U.S. equities represented by MSCI Daily TR Gross EAFE USD Index; U.S. core fixed income represented by Bloomberg U.S. Aggregate Total Return Index; Long U.S. Treasuries represented by Bloomberg U.S. Aggregate Long Treasury Index; U.S. investment grade credit represented by Bloomberg U.S. Aggregate Credit Total Return Index; U.S. high yield represented by ICE BofAML US HY BB-B Rated Constrained Index; U.S. TIPS represented by Bloomberg U.S. TIPS Index; EM local bonds represented by JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged); EM equities represented by MSCI EM Index; REITs represented by Dow Jones Select U.S. REITs Index.; Diversified commodities represented by Bloomberg Commodity TR Index. Refer to Appendix for additional index, investment strategy and risk information. 32 Page 38 of 74 A Tale of Two Decades (2013 – 2024): A Sustained rally in U.S. Equities left most asset classes behind each year In most years U.S. equities was a ‘Top 3’ performer, outperforming by over 10% on average 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2013 - 2024 16.1% Diversified commodities 0.01% -10.6% U.S. core fixed U.S. high income yield -1.8% -11.7% Long U.S. EM local Treasuries bonds -2.0% -13.0% U.S. high U.S. core fixed yield income 21.3% 37.3% -2.1% 25.3% -14.5% 32.0% Small cap EM U.S. investment Long U.S. Developed ex. U.S. REITs equities equities grade credit TIPS equities 38.8% 25.1% 14.7% 25.0% 20.0% -15.3% 4.5% -4.2% 45.9% Small cap Long U.S. U.S. high Developed ex. U.S. Small cap U.S. investment REITs REITs REITs equities Treasuries yield equities equities grade credit 32.4% 13.7% 1.4% 12.0% 21.8% -4.4% 31.5% 18.4% 28.7% -18.1% 26.3% 25.0% 14.6% U.S. equities U.S. equities U.S. equities U.S. equities U.S. equities U.S. equities U.S. equities U.S. equities U.S. equities U.S. equities U.S. equities U.S. equities U.S. equities 22.8% 12.0% 0.5% 11.8% 15.2% -5.8% 25.5% 18.3% 27.1% -20.1% 18.2% 11.5% 9.9% Developed ex. U.S. Long U.S. U.S. core fixed Diversified EM local Long U.S. Small cap EM Diversified EM Developed ex. U.S. Small cap Small cap equities TIPS income commodities bonds TIPS equities equities commodities equities equities equities equities 6.3% 7.5% -0.8% 11.2% 14.7% -6.2% 17.7% 14.8% -20.4% 16.9% 23.1% 8.1% 6.6% U.S. high U.S. investment U.S. investment EM Small cap EM local REITs Long U.S. Small cap Small cap Small cap REITs REITs 2013 – 2024 yield grade credit grade credit equities equities bonds Treasuries equities equities equities 6.0% -0.8% 9.9% 8.5% -11.0% 22.0% 9.4% 11.3% 7.5% 5.7% CPI + 5%: 1.2% -26.0% 14.0% REITs U.S. core fixed Developed ex. U.S. EM local Long U.S. Small cap Developed ex. U.S. U.S. investment Developed ex. U.S. REITs REITs EM Developed ex. U.S. 7.7% income equities bonds Treasuries equities equities grade credit equities equities equities -2.0% 4.9% -1.2% 7.3% 7.5% -11.3% 18.4% 7.8% 7.0% -29.3% 12.7% 6.8% 4.9% U.S. investment Small cap Long U.S. Long U.S. Long U.S. Diversified EM Developed ex. U.S. Long U.S. Long U.S. EM local U.S. high U.S. high grade credit equities Treasuries TIPS TIPS commodities equities equities TIPS Treasuries bonds yield yield -2.0% 3.5% -2.8% 7.0% -13.8% 17.4% 7.5% 4.6% -31.9% 12.6% 5.4% 2.6% 6.7% U.S. core fixed U.S. high U.S. high U.S. high Developed ex. U.S. Long U.S. U.S. core fixed U.S. high Long U.S. U.S. high Diversified EM REITs income yield yield yield equities TIPS income yield TIPS yield commodities equities -2.6% -2.2% -4.4% 5.6% 6.2% -14.6% 15.1% 6.3% -1.1% 9.8% 3.8% 2.3% EM EM Small cap U.S. investment U.S. investment EM U.S. high U.S. high U.S. investment EM Developed ex. U.S. U.S. investment equities equities equities grade credit grade credit equities yield yield grade credit equities equities grade credit -9.0% -4.9% -4.8% 2.6% 14.8% 2.7% -1.5% 8.2% 2.0% 1.4% 3.8% EM local Developed ex. U.S. Long U.S. U.S. core fixed Long U.S. EM local U.S. core fixed U.S. investment U.S. investment U.S. core fixed REITs bonds equities TIPS income Treasuries bonds income grade credit grade credit income -9.5% -5.7% -14.9% 1.3% 3.5% 13.8% -3.0% -2.5% 5.5% 1.3% 0.2% Diversified EM local EM Long U.S. U.S. core fixed U.S. investment Diversified EM U.S. core fixed U.S. core fixed Long U.S. commodities bonds equities Treasuries income grade credit commodities equities income income Treasuries -12.7% -17.0% -14.9% 1.0% 1.7% 13.5% -4.7% 3.1% -2.4% 0.0% -11.2% Long U.S. Diversified EM local Developed ex. U.S. Diversified EM local Long U.S. Long U.S. EM local Long U.S. REITs Treasuries commodities bonds equities commodities bonds Treasuries Treasuries bonds TIPS -16.2% -24.7% 8.7% -8.8% 1.2% -5.4% -0.9% Long U.S. Diversified U.S. core fixed EM local Long U.S. Long U.S. EM local TIPS commodities income bonds TIPS TIPS bonds 7.7% -7.9% -6.4% -1.3% Diversified Diversified Long U.S. Diversified commodities commodities Treasuries commodities As of 31 December 2024. Source: PIMCO. U.S. equities represented by S&P 500 Total Return Index; Small cap equities represented by Russell 2000 index; Developed ex. U.S. equities represented by MSCI Daily TR Gross EAFE USD Index; U.S. core fixed income represented by Bloomberg U.S. Aggregate Total Return Index; Long U.S. Treasuries represented by Bloomberg U.S. Aggregate Long Treasury Index; U.S. investment grade credit represented by Bloomberg U.S. Aggregate Credit Total Return Index; U.S. high yield represented by ICE BofAML US HY BB-B Rated Constrained Index; U.S. TIPS represented by Bloomberg U.S. TIPS Index; EM local bonds represented by JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged); EM equities represented by MSCI EM Index; REITs represented by Dow Jones Select U.S. REITs Index.; Diversified commodities represented by Bloomberg Commodity TR Index. Refer to Appendix for additional index, investment strategy and risk information. 33 Page 39 of 74 Valuations still favor EM and Int’l equities vs. U.S. Forward-looking returns are closely correlated to starting valuations U.S. valuations: Cyclically-adjusted P/E CAPE, inverted (lhs) 10-Year Subsequent Return (rhs) 4x 30% Avg Subsequent Avg Subsequent CAPE CAPE (log scale, inverted) Annualized 10 Year 5 Year Return 10 Year Return 8x 20% 0-10 9.7% 13.5% 16x 10% >10-20 6.2% 9.9% Subsequent Return 32x 0% >20-30 5.2% 7.3% 34.40 >30-40 2.5% 3.0% 64x -10% 1926 1944 1963 1982 2001 2019 EAFE valuations: Cyclically-adjusted P/E CAPE, inverted (lhs) 10-Year Subsequent Return (rhs) 4x 30% Avg Subsequent Avg Subsequent CAPE (log scale, inverted) Expected annualized return above U.S.: +6.6% CAPE Annualized 10 Year 8x 20% 5 Year Return 10 Year Return 18.90 0-10 16.5% 17.2% 16x 10% >10-20 5.8% 9.6% Subsequent Return 32x 0% >20-30 3.1% 5.8% 64x -10% >30-40 0.8% 4.6% 1982 1988 1993 1998 2003 2008 2013 2019 2024 EM valuations: Cyclically-adjusted P/E CAPE, inverted (lhs) 10-Year Subsequent Return (rhs) 4x 30% Avg Subsequent Avg Subsequent CAPE CAPE (log scale, inverted) Expected annualized return above U.S.: +6.3% Annualized 10 Year 5 Year Return 10 Year Return 8x 20% 15.90 0-10 10.1% 16.7% 16x 10% >10-20 4.5% 9.3% Subsequent Return 32x 0% >20-30 1.5% 4.8% >30-40 1.9% 3.0% 64x -10% 1990 1995 2001 2007 2013 2019 2025 As of 31 March 2025. SOURCE: Research Affiliates. U.S. represented by S&P 500; EAFE/International represented by MSCI EAFE Index; EM represented by MSCI EM Index. AAF_Outlook_15 34 Page 40 of 74 Market Performance Concentrated Among Top Names Others Amazon NVIDIA Alphabet Tesla Microsoft Meta Apple Apple 7.6% Meta Top 7: Microsoft 2.6% 20.0% 3.0% Tesla 6.3% Alphabet 2.2% Top 7: NVIDIA 2.3% 33.5% Am azon 1.6% 1.3% 4.0% 0.9% 6.6% 3.2% 1.1% 1.4% 4.1% 1.0% 1.8% 5.2% 2.7% 1.9% 1.5% Others: 80.0% Others 66.5% Others: 66.5% 11.0% 11.5% 0.7% -0.5% -1.3% -0.7% -0.8% -0.7% -0.9% 0.0% S&P 500 Weight S&P 500 Weight Contribution to Contribution to Contribution to (12/31/2022) (12/31/2024) Return 2023 Return 2024 Return YTD 2025 Magnificent 7 +15.3% +13.6% -4.9% Others +11.0% +11.5% +0.7% As of 31 March 2025. SOURCE: Bloomberg, PIMCO. Past performance is not a guarantee of future results. Performance is YTD through 3/31/2025. The S&P 500 Index is used to approximate market performance and holdings. Refer to Appendix for additional index and risk information. 35 Page 41 of 74 Additional Strategy Information Page 42 of 74 All Asset consolidates diversifying positions and actively rebalances across them, allowing investors to use the strategy in a variety of ways Mainstream Equities High Yield Equity Credit Equity 45% EM Bonds EM Equities All Asset 20% TIPS REITs Fixed Income Fixed Income Commodities 35% Core Bonds How clients typically categorize All Asset Real Return Strategy Liquid Alternative Strategy* Diversifying GTAA1 Strategy Seeks returns in excess of inflation Emphasizes less traditional markets Provides tactical asset allocation through a multi-asset approach and strategies to drive returns with value add while remaining a focusing on diversifying and low equity beta and a daily liquidity diversifying complement to inflation-sensitive exposures profile traditional 60/40 balanced strategies Source: PIMCO. As of 31 March 2025. *PIMCO defines liquid alternatives as strategies that are without the principal lock-ups of traditional private equity funds and hedge funds. In the context of the All Asset strategies, this includes mutual funds that can be liquidated at NAV on a daily basis. 1Global Tactical Asset Allocation (GTAA). Refer to Appendix for additional portfolio structure, investment strategy, and risk information. 37 Page 43 of 74 All Asset has been more consistent than its home base markets and posted positive returns across all trailing 5-year periods since its inception Trailing 5 Year Performance Range 39.9% Median Trailing 5 Year Performance 29.5% 17.7% 18.6% 16.5% 13.0% 8.5% 5.4% 6.2% 6.0% 4.1% 4.6% 2.8% 0.3% -0.2% -1.1% -1.0% -3.9% -5.6% -9.5% -14.4% All Asset Fund TIPS EM Bonds US HY Commodities REITs EM Equities Percentage of Trailing 5 100% 98% 68% 99% 44% 89% 84% Year Periods Positive • Consistency: The fund has more consistent long-term returns than most of its home base markets • Attractive Return Profile: All Asset posted positive returns across all trailing 5-year periods since its inception As of 31 March 2025. Source: PIMCO. Exhibit's data starts on 31 July 2002 up to latest quarter end. Returns for the All Asset Fund are for the Institutional Share Class after fees. Past performance is not a guarantee of future results. TIPS represented by Bloomberg US Tsy Infl TR Unhgd Index; EM Bonds by JPMorgan ELMI+ TR (1994 to 2002) and JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) (2003 to present); US HY by ICE BofA BB-B US HY Constrained Index; Commodities by Bloomberg Commodity Total Return Index; REITs by Dow Jones US Select REIT Index; and EM Equities by MSCI Emerging Markets Index. Refer to Appendix for additional index, investment strategy and risk information. cs_AAF_review_24 38 Page 44 of 74  All Asset has delivered better outcomes than passive approaches 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 US TIPS EM Equities High Yield REITs REITs High Yield EM Equities US TIPS REITs EM Equities REITs Commodities REITs REITs 13.55% 18.22% 6.31% 32.00% 4.48% 14.72% 37.28% -1.26% 23.10% 18.31% 45.91% 16.09% 13.96% 8.10% REITs REITs REITs US TIPS US TIPS Commodities EM Bonds High Yield EM Equities US TIPS Commodities High Yield EM Bonds EM Equities 9.37% 17.12% 1.22% 3.64% -1.44% 11.77% 15.21% -2.04% 18.42% 10.99% 27.11% -10.58% 12.70% 7.50% High Yield EM Bonds EM Equities High Yield High Yield EM Equities High Yield REITs High Yield High Yield US TIPS EM Bonds High Yield High Yield 5.40% 16.76% -2.60% 3.49% -2.79% 11.19% 6.98% -4.22% 15.11% 6.28% 5.96% -11.69% 12.58% 6.84% EM Bonds High Yield US TIPS EM Equities EM Equities EM Bonds REITs EM Bonds EM Bonds EM Bonds High Yield US TIPS EM Equities Commodities -1.75% 14.58% -8.61% -2.19% -14.92% 9.94% 3.76% -6.21% 13.47% 2.69% 4.60% -11.85% 9.83% 5.38% Commodities US TIPS EM Bonds EM Bonds EM Bonds REITs US TIPS Commodities US TIPS Commodities EM Equities EM Equities US TIPS US TIPS -13.32% 6.98% -8.98% -5.72% -14.92% 6.68% 3.01% -11.25% 8.43% -3.12% -2.54% -20.09% 3.90% 1.84% EM Equities Commodities Commodities Commodities Commodities US TIPS Commodities EM Equities Commodities REITs EM Bonds REITs Commodities EM Bonds -18.42% -1.06% -9.52% -17.01% -24.66% 4.68% 1.70% -14.57% 7.69% -11.20% -8.75% -25.96% -7.91% -2.38% Diversifiers -0.86% 12.10% -3.70% 2.37% -9.04% 9.83% 11.32% -6.59% 14.37% 3.99% 12.05% -10.68% 7.51% 4.55% All Asset 2.45% 15.44% 0.77% 0.80% -8.72% 13.34% 13.98% -4.98% 12.21% 8.41% 15.58% -11.53% 8.56% 4.12% All Asset actively rebalances across a diversifier-centric allocation, avoiding line item risk and leaning into more attractively valued assets as markets shift As of 31 December 2024. Source: PIMCO. All Asset performance is shown for the institutional class after fees. Diversifiers represented by an equal weighted average of Bloomberg US TIPS Index (representing TIPS), Bloomberg Commodity Index Total Return (representing commodities), Dow Jones US Select REIT Total Return Index (representing REITs), ICE BofA BB-B US High Yield Constrained Index (representing High Yield), J.P. Morgan GBI-EM Global Diversified Composite (representing EM Bonds), and MSCI EM Index (representing EM Equities). Performance relative to other indexes is shown to indicate performance relative to broader market. The portfolio composition may materially vary from the indexes shown. Refer to Appendix for additional index, investment strategy and risk information. 39 Page 45 of 74 Historical Fund Data Page 46 of 74 PIMCO All Asset Fund: Historical exposures (Page 1 of 2) Dec '07 Dec '08 Dec '09 Dec '10 Dec '11 Dec '12 Dec '13 Dec '14 Dec '15 Dec '16 Dec '17 Dec '18 Dec '19 Dec '20 Dec '21 Dec '22 Dec '23 Dec '24 Mar '25 Core Bonds 39.4% 3.9% 23.3% 14.7% 15.0% 20.4% 8.2% 11.9% 10.2% 11.9% 17.6% 17.5% 12.2% 10.4% 20.5% 22.9% 40.3% 32.4% 30.9% Short Term Bonds 28.7% 2.8% 6.0% 6.9% 7.5% 6.6% 2.6% 1.6% 5.1% 4.7% 4.0% 5.9% 3.6% 3.1% 5.1% 7.6% 18.2% 14.3% 14.0% Government Money Market Fund 0.8% - 2.3% 0.6% 0.6% 0.5% 1.4% 0.6% 0.6% 0.6% 0.6% Low Duration Fund 7.0% 0.4% 2.3% 0.7% 0.0% 0.0% 0.6% 0.5% 1.5% 2.4% 3.3% 5.3% 3.0% 1.7% 4.5% 7.0% 11.2% 11.4% Low Duration Income Fund 20.9% 2.4% 0.9% 6.1% 7.4% 6.6% 2.0% 0.1% 0.3% - - - - - - - - - Net Short Duration Instruments 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Low Duration Exchange Traded Fund 0.2% 0.2% - - - - - - - - - Short Term Fund 0.9% 0.0% 2.7% 0.1% 0.0% 0.0% 0.0% 0.0% - - - - - - - - - - Money Market Fund 3.1% - - - - - - - - - Multi-RAE PLUS Fund - Short Term Bond Strategies 6.4% 2.3% US & Global Core Bonds 8.9% 0.2% 4.3% 3.5% 4.2% 7.3% 1.6% 2.6% 2.8% 1.9% 4.9% 2.1% 1.8% 3.6% 11.2% 9.5% 14.6% 13.1% 12.0% Total Return Fund 3.8% 0.1% 2.3% 0.2% 0.0% 1.5% 0.5% 2.2% 1.6% 1.9% 4.9% 2.1% 1.8% 2.4% 7.9% 7.9% 8.1% 8.1% International Bond Fund (Unhedged) 1.6% 0.1% 0.1% 0.8% 1.5% 2.7% 0.1% 0.3% 0.3% - - - - - - - - - International Bond Fund (US Dollar-Hedged) 1.2% 3.3% 1.5% 6.5% 5.0% Global Advantage Strategy Bond Fund 2.0% 2.6% 2.7% 3.2% 1.0% 0.0% 0.9% - - - - - - - - - GNMA and Government Securities Fund 0.9% - - - - - - - - - - - - - - - - - Mortgage-Backed Securities Fund 1.5% - - - - - - - - - - - - - - - - - Global Bond Opportunities Fund (Unhedged) 1.1% 0.1% - - - - - - - - - - - - - - - - Long Duration Bonds 1.8% 0.9% 13.0% 4.3% 3.2% 6.5% 4.0% 7.7% 2.3% 5.3% 8.7% 9.6% 6.7% 3.7% 4.2% 5.8% 7.5% 5.0% 5.0% Long-Term US Government Fund 1.8% 0.1% 3.6% 0.1% 0.1% 1.0% 0.1% 3.9% 0.0% 2.4% 4.3% 3.6% 1.7% 0.9% 1.0% 1.7% 2.5% 2.1% Extended Duration Fund 0.0% 1.5% 3.1% 4.6% 4.1% 2.7% 1.3% 1.6% 2.2% 1.4% Long Term Credit Bond Fund 6.0% 4.2% 3.0% 3.7% 3.8% 1.9% 0.9% 0.2% - - - - - - - - Long Duration Total Return Fund 0.8% 3.3% 0.0% 0.1% 1.8% 0.1% 1.9% 1.4% 1.2% 1.3% 1.3% 1.0% - 2.0% 2.5% 2.7% 1.5% Mainstream Equities 10.0% 10.7% 3.1% 2.7% 5.5% 8.8% 12.5% 12.0% 7.3% 11.1% 9.3% 5.7% 5.8% 21.2% 21.0% 20.7% 8.9% 14.8% 14.8% Dev ex-US Equities 3.7% 2.6% 1.2% 1.7% 4.2% 7.9% 11.4% 8.0% 5.8% 10.8% 9.0% 5.7% 5.8% 14.4% 11.6% 12.8% 6.7% 9.3% 9.2% StocksPLUS® International Fund (USD-Hedged) 3.2% 2.3% 0.8% 0.3% 0.5% 0.2% 0.2% 0.0% 0.1% 2.8% 3.0% 3.0% 2.7% 1.4% - - - - StocksPLUS® International Fund (Unhedged) 0.5% 0.3% 0.3% 0.3% 0.6% 0.6% 0.6% 0.0% - 0.2% 0.8% - - 0.5% - - - - RAE International Fund Class Instl 2.6% 0.8% 2.3% 1.1% 1.1% RAE PLUS International Fund 0.8% 5.3% 6.9% 3.0% 1.5% 2.5% 3.4% 0.9% 1.2% 6.3% - 0.7% 0.8% 0.8% Multi-RAE PLUS Fund - Developed ex-US Equity Exposure 3.5% 10.8% 9.8% 4.8% 7.3% RAE Low Volatility PLUS International Fund 3.8% 4.2% 5.3% 1.8% 1.7% 1.9% - - - - - EqS Dividend Fund 0.1% 0.1% 0.1% 0.0% - - - - - - - - - - EqS Pathfinder Fund 1.1% 2.3% 1.8% 3.5% 1.2% - - - - - - - - - - US Small Equities 0.1% 4.1% 0.7% 0.1% 0.8% 0.7% 0.9% 0.8% 0.3% 0.0% 0.0% 0.0% 0.0% 6.4% 3.3% 4.7% 1.4% 2.8% 3.2% StocksPLUS® Small Fund 0.1% 4.1% 0.7% 0.1% 0.1% 0.1% 0.1% 0.0% - - - - - - - - - - RAE PLUS Small Fund 0.6% 0.6% 0.8% 0.7% 0.3% - - - - 2.8% - - - - RAE US Small Fund 2.4% 0.3% 1.4% 0.5% 0.9% Multi-RAE PLUS Fund - US Small Cap Equity Exposure 1.1% 3.0% 3.3% 0.9% 1.9% US Equities 6.2% 4.0% 1.3% 0.9% 0.5% 0.2% 0.2% 3.3% 1.2% 0.2% 0.3% 0.0% 0.0% 0.4% 6.1% 3.1% 0.8% 2.8% 2.3% StocksPLUS® Fund 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% 0.0% 0.0% - - - - - - - - - - StocksPLUS® Absolute Return Fund 0.5% 0.3% 0.3% 0.3% 0.3% 0.1% 0.1% 0.0% - - - - - - - - - - StocksPLUS® Long Duration Fund 1.7% 0.6% - - RAE US Fund 2.0% 0.7% 0.5% 1.3% RAE PLUS Fund 2.8% 2.7% 0.7% 0.4% 0.2% 0.1% 0.1% 0.6% - - - - - 0.3% 2.4% - - - Multi-RAE PLUS Fund - US Market Cap Equity Exposure 0.1% 0.0% 1.9% 0.3% 1.5% RAE Low Volatility PLUS Fund 0.0% 2.7% 1.2% 0.2% 0.3% - - - - - - - Fundamental IndexPLUS™ 2.8% 1.0% 0.1% 0.1% - - - - - - - - - - - - - - Multi-Exposure Funds 16.2% 35.1% 35.9% 34.1% 34.5% 34.5% All Asset: Multi Real Fund 6.1% 15.9% 15.2% 16.8% 15.4% All Asset: Multi-RAE PLUS Fund 10.1% 19.2% 20.7% 17.3% 19.2% As of 31 March 2025. AA_structure_02 41 Page 47 of 74 PIMCO All Asset Fund: Historical exposures (Page 2 of 2) Dec '07 Dec '08 Dec '09 Dec '10 Dec '11 Dec '12 Dec '13 Dec '14 Dec '15 Dec '16 Dec '17 Dec '18 Dec '19 Dec '20 Dec '21 Dec '22 Dec '23 Dec '24 Mar '25 Diversifiers 50.6% 85.4% 73.6% 82.7% 79.5% 70.7% 79.2% 76.1% 82.5% 77.0% 73.1% 76.8% 82.0% 68.4% 58.5% 56.5% 50.9% 52.9% 54.3% US TIPS 14.3% 25.6% 31.9% 9.9% 5.4% 0.1% 0.7% 2.7% 7.9% 3.9% 3.8% 1.9% 8.0% 6.2% 2.7% 5.3% 4.1% 2.6% 2.5% Real Return Fund 5.1% 0.1% 5.9% 1.7% 0.0% 0.0% 0.3% 1.4% 0.8% 3.2% 3.3% 1.5% 1.8% 3.9% 1.1% 2.8% 1.0% 1.3% Long-Term Real Return Fund 9.3% 25.5% 26.0% 8.2% 5.3% 0.0% 0.3% 1.3% 7.0% 0.5% 0.4% 0.4% 6.2% 2.3% 1.5% 2.6% 0.7% 0.9% Global Advantage® Inflation-Linked Bond ETF 0.1% 0.1% 0.1% 0.1% 0.1% - - - - - - - - Multi-Real Fund - TIPS Exposure 2.3% 0.4% Liquid Alternatives 0.0% 1.2% 8.5% 26.8% 6.4% 9.6% 13.5% 16.3% 17.0% 9.0% 6.1% 15.5% 18.4% 17.5% 11.9% 11.6% 10.1% 10.8% 10.6% RAE Fundamental Advantage PLUS Fund 0.0% 1.2% 8.5% 15.7% 3.6% 4.1% 2.3% 4.8% 2.6% 1.1% 2.1% 5.9% 9.0% 6.5% 3.7% 3.5% 3.5% 3.4% RAE Worldwide Long/Short PLUS Fund 3.1% 8.0% 5.7% 3.0% 6.3% 6.6% 5.1% 3.8% 3.5% 3.5% 3.5% TRENDS Managed Futures Strategy Fund 0.2% 0.3% 0.3% 0.3% 1.1% 1.0% 1.0% 1.8% 3.9% 3.0% 3.9% Dynamic Bond Fund 11.0% 2.6% 3.8% 3.8% 1.8% 2.1% - - 1.6% 1.0% 1.0% 1.8% - - - Credit Opportunities Bond Fund 0.2% 0.5% 2.0% 0.8% 0.2% - - - - - - - - - Mortgage Opportunities and Bond Fund 0.5% 0.6% 0.7% 0.7% 0.7% 0.7% 0.8% 0.8% - - - - Multi-RAE PLUS Fund - Alternative Strategies 3.1% 0.4% 0.4% 0.0% - Multi-Real Fund - Alternative Strategies 0.3% 0.3% 0.0% - EqS Long/Short Fund 0.3% 0.4% 0.5% - - - - - - - - - - RAE Worldwide Fundamental Advantage PLUS Fund 0.8% 4.3% 4.6% 3.2% 1.2% - - - - - - - - Credit Strategies 12.6% 26.6% 20.7% 26.2% 30.8% 30.1% 25.8% 16.5% 17.0% 20.2% 14.7% 10.3% 7.6% 7.8% 5.0% 1.9% 4.5% 5.8% 5.9% Income Fund 0.9% 1.7% 1.8% 8.9% 9.1% 10.3% 10.7% 6.2% 6.3% 7.6% 6.3% 5.5% 4.9% 4.6% 1.3% 1.2% 1.2% 1.3% Investment Grade Credit Bond Fund 0.0% 10.0% 12.1% 5.3% 5.0% 2.8% 0.3% 2.3% 2.0% 2.8% 2.3% 2.1% 1.7% 0.7% 0.6% 0.7% 0.6% 0.6% Low Duration Credit Fund 0.8% 2.6% 2.2% 2.3% 2.1% 2.3% 4.0% - - 1.0% 1.0% - - 0.0% High Yield Fund 4.1% 4.1% 0.7% 3.9% 6.5% 6.2% 4.8% 2.6% 2.5% 2.3% 0.6% 1.0% - 1.5% 2.2% - 2.7% 4.0% High Yield Spectrum Fund 0.8% 1.6% 3.0% 4.3% 2.9% 3.8% 4.6% 1.6% 1.6% 1.0% - 0.0% - - - Diversified Income Fund 4.5% 3.0% 3.5% 3.6% 4.4% 4.3% 3.6% 0.1% 0.2% 0.5% - - - - - - - - Convertible Fund 3.1% 7.7% 2.7% 3.7% 3.4% 0.7% - - - - - - - - - - - - European Convertible Fund - - - - - - - - - - - - - - - - - - Emerging Markets Bonds 19.4% 25.5% 5.8% 5.1% 15.6% 18.6% 19.8% 18.8% 20.8% 19.9% 20.1% 17.7% 13.9% 6.1% 12.5% 13.0% 7.7% 6.9% 8.3% Emerging Markets Bond Fund 4.3% 7.3% 1.4% 0.6% 2.7% 3.4% 3.7% 0.5% 0.3% - - - - 1.6% 4.8% 5.4% 1.5% - Emerging Markets Corporate Bond Fund 0.0% 0.0% 0.0% 0.0% 0.0% 0.8% 1.4% 0.2% 0.1% - - - - - - - - - Emerging Markets Currency and Short-Term Investments Fund 8.1% 7.9% 2.5% 3.0% 7.1% 7.0% 7.4% 9.1% 11.9% 13.0% 13.7% 12.0% 11.5% 2.5% 2.0% 2.3% 2.0% 2.9% Emerging Markets Local Currency and Bond Fund 7.0% 10.3% 1.8% 1.5% 5.7% 7.4% 7.2% 9.1% 8.5% 7.0% 6.4% 5.7% 2.5% 2.0% 5.7% 5.3% 4.2% 4.0% Commodities 3.5% 2.4% 4.5% 7.3% 9.0% 2.4% 4.1% 7.0% 3.3% 4.0% 6.5% 4.5% 5.4% 6.1% 7.6% 3.6% 6.4% 4.4% 4.5% CommodityRealReturn Strategy Fund® 3.5% 2.4% 4.5% 4.2% 4.5% 0.1% 1.4% 4.0% 1.6% 0.5% 1.1% 1.2% 1.0% - 1.0% - 0.0% 0.0% CommoditiesPLUS™ Strategy Fund 3.1% 4.5% 2.4% 2.8% 3.1% 1.7% 3.5% 5.4% 3.2% 4.4% 3.6% 1.1% - - - Multi-Real Fund - Commodities Exposure 2.5% 5.6% 3.6% 6.4% 4.4% REITs & MLPs 0.7% 4.1% 0.3% 1.5% 3.3% 0.0% 3.4% 2.9% 2.2% 1.3% 4.2% 4.0% 2.6% 8.8% 13.4% 12.9% 9.3% 11.9% 12.8% Multi-Real Fund - REITS Exposure 3.6% 8.5% 10.0% 6.7% 8.9% Multi-Real Fund - MLPs Exposure 1.6% 1.4% 1.4% 1.7% RealEstateRealReturn Strategy Fund 0.7% 4.1% 0.3% 1.5% 3.3% - 3.4% 2.9% 2.2% 1.3% 4.2% 4.0% 2.6% 5.2% 3.3% 1.5% 1.2% 1.3% Emerging Markets Equities 0.0% 0.1% 1.9% 5.9% 9.2% 9.9% 11.8% 11.8% 14.1% 18.8% 17.8% 22.9% 26.2% 15.8% 5.4% 8.1% 8.8% 10.3% 9.7% RAE Emerging Markets Fund 0.0% 4.6% 5.3% 6.7% 11.4% 5.7% 0.4% 2.3% 3.1% 3.3% RAE PLUS EMG Fund 0.1% 1.9% 5.9% 8.9% 9.7% 11.6% 4.1% 4.7% 3.4% 6.4% 11.9% 10.3% 4.5% - 0.6% 0.8% 0.9% RAFI Dynamic Multi-Factor EM Equity ETF 0.3% 0.9% 1.8% 3.4% - - - - Multi-RAE PLUS Fund - Emerging Market Equity Exposure 2.2% 5.0% 5.2% 4.9% 6.1% RAE Low Volatility PLUS EMG Fund 7.7% 9.5% 10.8% 5.8% 3.3% 2.8% - - - - - EqS Emerging Markets Fund 0.2% 0.2% 0.2% 0.0% - - - - - - - - - - As of 31 March 2025. AA_structure_02 42 Page 48 of 74 Organizational Overview Page 49 of 74 All Asset: A 20+ year partnership between PIMCO and Research Affiliates All Asset Fund Research Affiliates PIMCO Tactical Asset Allocation Sub-advisor Active Manager of Underlying Funds  A global leader in asset allocation and smart  A global leader in active investment beta strategies management across asset classes  3 portfolio managers (Rob Arnott, Chris  270+ portfolio managers, 80+ credit Brightman, Jim Masturzo) analysts, 75+ portfolio analytics team  AUM $151.8 billion, founded by  AUM $2.03 trillion¹, founded 1971 Rob Arnott in 2002 Our three-fold approach to meeting investor needs: 1. Emphasize diversifying & inflation-sensitive markets: To provide attractive return potential, inflation protection and a diversifying return pattern vs. conventional portfolio exposures. 2. Tactical Asset Allocation: Research Affiliates manages and continually enhances a model-informed allocation process that blends long-horizon, valuation-based return forecasts with various shorter-horizon tactical signals designed to exploit evolving opportunities across a global opportunity set of underlying strategies. 3. Underlying Fund Management: PIMCO manages a broad and diverse roster of actively-managed mutual funds and ETFs in an effort to provide attractive net-of-fee outperformance within each strategy. As of 31 March 2025. SOURCE: PIMCO, Research Affiliates. 1Including $1.64 trillion in third-party client assets as of 31 March 2025. Assets include $75.4 billion (as of 31 December 2024) in assets managed by Prime Real Estate (formerly Allianz Real Estate), an affiliate and wholly-owned subsidiary of PIMCO and PIMCO Europe GmbH, that includes PIMCO Prime Real Estate GmbH, PIMCO Prime Real Estate LLC and their subsidiaries and affiliates. PIMCO Prime Real Estate LLC investment professionals provide investment management and other services as dual personnel through Pacific Investment Management Company LLC. PIMCO Prime Real Estate GmbH operates separately from PIMCO. Refer to Appendix for additional investment strategy and risk information. all_asset_phil_34b 44 Page 50 of 74 PIMCO and Research Affiliates: strategic partners for the benefit of investors for over 20 years Research Affiliates About Research Affiliates • Founded by Rob Arnott in 2002 Robust Research • Led by CEO/CIO Chris Brightman • $151.8 billion in assets under management Well-Crafted Strategies • Global leader in global tactical asset allocation and innovative indexation • Over >450 published pieces of content and online interactive tools Impactful Investor Support As of 31 March 2025. Excludes RAFI investments made by the AAF suite. Based on estimates. Includes assets managed or sub-advised by Research Affiliates or licensees using RAFI, eRAFI® or GTAA strategies. AAF_update_01 45 Page 51 of 74 Research Affiliates’ Leadership Team Board of Directors Rob Arnott Katrina Sherrerd Chris Brightman Campbell Harvey Reena Lalji Chair Vice Chair CEO & CIO Director of Research COO Management Committee Chris Brightman, CFA CEO & CIO Chris Ariza Reena Lalji Jim Masturzo Que Nguyen Ari Polychronopoulos Jeff Wilson Chief Technology Chief Operating Officer CIO - Multi-Asset CIO - Equity Head of Product Chief Distribution Officer Strategies Strategies Management Officer Board composition effective July 2022 & Management Committee composition as of 31 March 2025. 46 Page 52 of 74 Research Affiliates Investment Team Equity Product Development & Research Team Rob Arnott Chairman of the Board Que Nguyen Responsible for researching, testing and developing (Bio) Chief Investment Officer – quantitative signals, product design for active and smart Equity Strategies beta equity strategies, building model portfolios and (Bio) infrastructure to generate replicable portfolios. Chris Brightman, CFA Multi-Asset Product Development & Research Team Chief Executive Officer & Chief Investment Officer (Bio) Responsible for researching, testing and developing Jim Masturzo, CFA quantitative signals both across and within asset Chief Investment Officer – Multi-Asset Strategies classes, generating capital markets forecasts, (Bio) product design and portfolio management of multi- asset strategies. Cam Harvey, PhD Director of Research (Bio) Product Specialist Brent Leadbetter, CFA Responsible for detailing the philosophy, process, Partner, Head of characteristics and performance of the firm’s multi- Solutions Distribution asset and equity strategies to institutional asset (Bio) owners and their consultants as well as financial advisors. As of 31 March 2025. 47 Page 53 of 74 Sheena Update Verify pimco.com & AUM by region excel calc WFH –invest professionals- Total employees =WFH + email/excel AUM by then drag office – take out dpt region – add up by Americas, Emea, - Pimco.com PIMCO at a glance PM# - Pimco.com Asia **need add number from Kristie Pham email - HC by Cost Center tab PIMCO $2.03 trillion 50+ years in 1055+ investment 3,095+ total 270+ Portfolio Managers with an 50+ countries in which in AUM* industry professionals employees** average of 17 years experience clients are based*** London Dublin (2020) (1998) Luxembourg (2010) Chicago Montreal (2021) Paris (2023) Munich (2000) (2019) Toronto (2004) Zurich (2009) Milan (2012) Newport Beach New York (2001) Shanghai (1971) Madrid (2019) Tokyo (2020) (1997) San Diego Austin Hong Kong (2019) Taipei (2018) Miami (2006) (2018) (2018) Dubai3 (2025) Singapore (1996) São Paulo Sydney (2012) (1997) Americas EMEA Asia Pacific $1,165 Billion AUM¹ $563 Billion AUM¹,² $296 Billion AUM¹ 705+ Investment Professionals 235+ Investment Professionals 110+ Investment Professionals 2,165+ Total Employees 630+ Total Employees 300+ Total Employees As of 31 March 2025. SOURCE: PIMCO * Including $1.64 trillion in third-party client assets as of 31 March 2025. Assets include $75.4 billion (as of 31 December 2024) in assets managed by Prime Real Estate (formerly Allianz Real Estate), an affiliate and wholly-owned subsidiary of PIMCO and PIMCO Europe GmbH, that includes PIMCO Prime Real Estate GmbH, PIMCO Prime Real Estate LLC and their subsidiaries and affiliates. PIMCO Prime Real Estate LLC investment professionals provide investment management and other services as dual personnel through Pacific Investment Management Company LLC. PIMCO Prime Real Estate GmbH operates separately from PIMCO. ** Excludes PIMCO Prime Real Estate LLC employees. *** Based on client account tax domicile 1Includes PIMCO Prime Real Estate AUM as of 30 December 2024 due to a data lag 2Includes PIMCO Prime Real Estate indirect AUM 3Dubai office opened 12 February 2025 Ft notes- (*, 1) verify AUM + ARE from Ryan (Finance). Unknown ARE in EMEA (per Samin Rai) 48 from pimco.com – will be a lag of 1 QE ARE employees only in US. Page 54 of 74  Email: Courtney Benefits of partnering with PIMCO Achay Leverage PIMCO’s global perspective and expertise for more than just pursuing alpha, whenever and wherever you need it EDUCATION ACCESS ANALYTICS NETWORKING INSIGHT PIMCO Institute PIMCO Pro – Client Portal Deepen your understanding of global capital Login to our dynamic, self-service digital markets through interactive sessions with platform to access customized portfolio peers and PIMCO experts. information, value-add analytical tools, market data and many other new features. Bespoke Client Analytics Partner to generate objective, actionable insights that can help you attain portfolio outcomes and leverage complementary PIMCO analytics to deepen understanding of portfolio risk factors. PIMCO Global Advisory Board Client-Driven Thought Access economic, political, and market Leadership and Events insights from a team of renowned experts Receive regular PIMCO content applicable to (Joshua Bolten, Gordon Brown, Michèle broader market themes and specific client Flournoy, Raghuram Rajan, Janet Yellen). peer groups, alongside participation in a multitude of events across formats. As of 31 March 2025; Source: PIMCO 49 Page 55 of 74 The PIMCO Platform Page 56 of 74 PIMCO’s Edge: Harnessing our full platform to deliver consistent outcomes 1 Scale & Access • Global investment platform built on decades of experience with debt markets 1 Our leadership position and deep relationships are a persistent source • Broad bench of specialty global teams seeking to uncover value in every market of value to clients • Comprehensive access to deal flow and sourcing capabilities across public and private markets Ability to Navigate • Forward-looking macroeconomic framework developed through secular and cyclical forums 2 Complex Markets We can allocate capital flexibly across • • 80+ global credit research analysts conducting proprietary analysis Highly specialized private resources in corporate credit, real estate and specialty finance with assets classes and risk spectrum asset management, underwriting and restructuring expertise • Disciplined approach to portfolio construction seeks high conviction views while aiming to avoid any Consistent, single risk to dominate returns Disciplined Approach 3 50+ year time-tested process aims • Focus on data, behavioral science, and responsible risk management to adapt to changing market conditions and pursue resilient portfolios to deliver outperformance through varied market cycles • Strong culture of teamwork engenders tight coordination and connectivity across global platform • Dedicated Portfolio Implementation, Analytics, and Risk teams to proactively focus on Quantitative Rigor portfolio optimization 4 Data-driven tools help enhance and • Robust risk management framework is deeply integrated into our process optimize investment decision-making • Significant ongoing investment in technology, proprietary analytics, and big data As of 31 March 2025. SOURCE: PIMCO. For illustrative purposes only Refer to Appendix for additional investment strategy and risk information. 51 MK_Orga_PIMCO_Edge_01 Page 57 of 74 We are a global leader in active fixed income with deep expertise across public and private markets Private Real Income Core Alternatives* Estate* $418 billion $188 billion $92 billion $91 billion Global Mortgages Credit Diversified Income $131 billion $42 billion $226 billion $35 billion $2.03 trillion Assets under management Long Duration Municipals Emerging Markets Equities $162 billion $60 billion $54 billion $42 billion Real Return Cash Asset Allocation Other $58 billion $82 billion $40 billion $12 billion As of 31 March 2025. Source: PIMCO PIMCO manages $2.03 trillion in assets, including $1.64 trillion in third-party client assets as of 31 March 2025. Assets include $75.4 billion (as of 31 December 2024) in assets managed by Prime Real Estate, an affiliate and wholly-owned subsidiary of PIMCO and PIMCO Europe GmbH, that includes PIMCO Prime Real Estate GmbH, PIMCO Prime Real Estate LLC and their subsidiaries and affiliates. PIMCO Prime Real Estate LLC investment professionals provide investment management and other services as dual personnel through Pacific Investment Management Company LLC. PIMCO Prime Real Estate GmbH operates separately from PIMCO. * Alternatives (now includes specific traded closed end funds as of 31 December 2024) and Private Real Estate AUM show previous quarter data due to data availability limitations and include uncalled capital. Private Real Estate AUM assets at NAV and includes estimated gross assets managed by PIMCO Prime Real Estate. “Cash” includes assets held in short-term and low-duration bond strategies. “Asset Allocation” includes assets held in asset allocation and target date strategies. “Other” are assets held in strategies outside of the categories listed, including those in managed volatility, tail risk hedging, select government bond and overlay strategies. The above chart does not represent all PIMCO strategies. Information reported as of 31 March 2025 leverages a new data source. As a result, there may be shifts in AUM between strategy categories. Refer to Appendix for additional investment strategy and risk information. Mk_AUM_platform_01; asst_summary_01_USD 52 Page 58 of 74 Integrated process designed to build resilient portfolios Tested by markets and time over 50+ years KEY DRIVERS OF PIMCO’S PROCESS Macro Themes Cyclical and secular economic framework helps us cultivate longer-term themes and set risk parameters Asset-Level Research Dedicated sector specialists conduct proprietary analysis and rigorous scenario analysis to uncover relative value Portfolio across public and private markets globally Management Behavioral Science Embedded behavioral science practices are designed to challenge our base case and combat biases Risk Management Robust, integrated risk management uses targeted tools to surface, manage and diversify portfolio and firm-wide risks Quantitative Rigor Data-driven insights exploit structural inefficiencies and enhance investment decision-making SOURCE: PIMCO. For illustrative purposes only. Refer to Appendix for additional investment strategy and risk information. MK_Orga_Process_02 53 Page 59 of 74 An integrated global team powers our process Robust data science and Commitment to inviting diverse Market-tested investors technology engine perspectives 270+ 14 4 Portfolio managers with 17 years Dedicated Risk Managers Regional Portfolio Committees average investment experience incorporating global viewpoints 75+ 130+ Portfolio Analytics team 3 Dedicated Alternatives 20+ Team Members Behavioral Scientists Portfolio Implementation team 80+ 5 Analysts on our industry-renowned credit research team 415+ Global Advisory Board External Experts Technologists and 130+ financial engineers As of 31 March 2025. SOURCE: PIMCO Refer to Appendix for additional investment strategy and risk information. 54 MK_Orga_team_03 Page 60 of 74 50+ years of innovating to address our clients’ evolving needs We assess shifting risks and opportunities to build forward-looking solutions Created global and EM bond strategies One of the first movers in active ETFs and interval Pioneered a total return Launched first dedicated funds Integrated real estate approach to bond inflation-hedging Established alternatives: business from parent investing portfolios hedge funds, quant, Expanded ESG Allianz to form one of the alternative credit and real investment capabilities largest, most diversified Introduced secular and estate real estate platforms cyclical economic forums Created Client Solutions Hard-coded behavioral Developed the first & Analytics to develop finance principles into portable alpha strategy client-centric solutions portfolio management 1970s 1990s 2010s ($185.0 M) ($84.3 BN) ($1.3 TN) 1980s 2000s 2020s Interest rates ($10.1 BN) Major global bond ($530.1 BN) Fed policy drove ($2.03 TN) spiraled higher amid market expansion; interest rates to hyper-inflation First U.S. TIPS extreme lows; Growth auction of private markets End of Cold War paved Global financial crisis Global pandemic ushered way for globalization; led to distressed in sharp economic and S&P 500 futures opportunities market volatility introduced As of 31 March 2025. SOURCE: PIMCO. Bracketed figures refer to approximate average assets under management during the period. Refer to Appendix for additional ESG investing, investment strategy, and risk information. 55 Page 61 of 74 Multi-asset model factor definitions KEY RISK FACTORS Definition Long Exposure Short Exposure Description Return to MSCI All Country For a 1.0 World Equity Beta, each 1% increase in the MSCI ACWI Index World equity (beta) Beta to world equity market returns World Local Index (ACWI) will lead to a 1% increase in portfolio return Beta to U.S. equity market returns net of Return to MSCI All Country For a 1.0 U.S. Equity Beta, a 1% increase in the MSCI USA Index over U.S. premium (beta) Return to MSCI USA Index world equity market returns World Local Index (ACWI) the MSCI ACWI Index will lead to a 1% increase in portfolio return Beta to European equity market returns net Return to MSCI Europe Return to MSCI All Country For a 1.0 EU Equity Beta, a 1% increase in the MSCI Europe Local Index EUR premium (beta) of world equity market returns Local Index World Local Index (ACWI) over the MSCI ACWI Index will lead to a 1% increase in portfolio return Beta to Japanese equity market returns net Return to MSCI Japan Local Return to MSCI All Country For a 1.0 JP Equity Beta, a 1% increase in the MSCI Japan Local Index JP premium (beta) of world equity market returns Index World Local Index (ACWI) over the MSCI ACWI Index will lead to a 1% increase in portfolio return Beta to EM equity market returns net of world Return to MSCI EM Local Return to MSCI All Country For a 1.0 EM Equity Beta, a 1% increase in the MSCI EM Index over the EM premium (beta) equity market returns Index World Local Index (ACWI) MSCI ACWI Index will lead to a 1% increase in portfolio return Change in 10Y U.S. For each year of duration, a 1% instantaneous increase in nominal yields U.S. Duration (yrs) Duration to U.S. nominal interest rates Nominal yield will lead to a 1% instantaneous decline in portfolio return Change in Bloomberg For each year of IG credit spread duration, a 1% instantaneous increase IG spread (yrs) Duration to investment grade credit spread Global Aggregate Corporate in IG credit spreads will lead to a 1% instantaneous deline in portfolio Avg. OAS return Change in Bloomberg For each year of HY credit spread duration, a 1% instantaneous increase HY spread (yrs) Duration to high yield credit spreads Global Corporate High Yield in HY credit spreads will lead to a 1% instantaneous decline in the Avg. OAS portfolio Return to Bloomberg For a 1.0 Commodity Beta, a 1% increase in the Bloomberg Commodity Commodity (beta) Beta to commodity returns Commodity Index Index will lead to a 1% increase in portfolio return Beta to a multi-asset trend following Return to S&P Diversified For a 1.0 Trend Following Beta, a 1% increase in the S&P Diversified Momentum (beta) (momentum) strategy Trends Indicator Trends Indicator Index will lead to a 1% increase in portfolio return Inverse return of the DXY For a 1.0 DM FX beta, a 1% increase in DM FX will lead to a 1% increase DM FX (beta) Beta to developed market currencies Index in portfolio return Return to JP Morgan ELMI+ For a 1.0 EM FX beta, a 1% increase in EM FX will lead to a 1% increase EM FX (beta) Beta to emerging market currencies Index in portfolio return Residual volatility is generally driven by tactical shifts in exposures over Component of portfolio volatility not Residual N/A N/A time as such shifts are not captured in a linear factor model and by explained by the model risk factors exposures that are not represented by a particular set of risk factors. As of 31 March 2025. Source: PIMCO !mk_Solutions_All_Channels_body 56 Page 62 of 74 Appendix PERFORMANCE AND FEE Past performance is not a guarantee or a reliable indicator of future results. The performance figures presented reflect the total return performance, unless otherwise noted, for Institutional Class shares (after fees) and reflect changes in share price and reinvestment of dividend and capital gain distributions. All periods longer than one year are annualized. Periods less than one year are cumulative. The minimum initial investment for Institutional class shares is $1 million; however, it may be modified for certain financial intermediaries who submit trades on behalf of eligible investors. Investments made by a Fund and the results achieved by a Fund are not expected to be the same as those made by any other PIMCO-advised Fund, including those with a similar name, investment objective or policies. A new or smaller Fund’s performance may not represent how the Fund is expected to or may perform in the long-term. New Funds have limited operating histories for investors to evaluate and new and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies. A Fund may be forced to sell a comparatively large portion of its portfolio to meet significant shareholder redemptions for cash, or hold a comparatively large portion of its portfolio in cash due to significant share purchases for cash, in each case when the Fund otherwise would not seek to do so, which may adversely affect performance. Differences in the Fund's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. There is no assurance that any fund, including any fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a fund’s [total] return in excess of that of the fund’s benchmark between reporting periods or 2) a fund’s total return in excess of the fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in a fund’s performance as compared to one or more previous reporting periods. ATTRIBUTION ANALYSIS The attribution analysis contained herein is calculated by PIMCO and is intended to provide an estimate as to which elements of a strategy contributed (positively or negatively) to a portfolio's performance. The attribution results contain certain assumptions that require elements of subjective judgment and analysis. Attribution analysis is not a precise measure and should generally be considered within a range (e.g., +/- 5 bps). Further, attribution analysis should not be relied upon for investment decisions. CHART Performance results for certain charts and graphs may be limited by date ranges specified on those charts and graphs; different time periods may produce different results. CORRELATION The statements contained in this presentation regarding the correlation of various indices or securities against one another or against inflation are based upon data over a long time period. These correlations may vary substantially in the future or over shorter time periods, resulting in greater volatility. ESG INVESTING 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 with the goal of enhancing our clients’ risk-adjusted returns. Relevant factors may include, but are not limited to: climate change risks, resource efficiency, natural capital, human capital management, human rights, regulatory risks, and reputation risk at an issuer. Further information is available in PIMCO’s Sustainable 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 standardized industry definition or certification for certain ESG categories, for example “green bonds”; as such, the inclusion of securities in these statistics involves PIMCO’s subjectivity and discretion. 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. !mk_AAF_Finals_Cavalieri_app 57 Page 63 of 74 Appendix ETF Exchange Traded Funds (“ETF”) are afforded certain exemptions from the Investment Company Act. The exemptions allow, among other things, for individual shares to trade on the secondary market. Individual shares cannot be directly purchased from or redeemed by the ETF. Purchases and redemptions directly with ETFs are only accomplished through creation unit aggregations or “baskets” of shares. Shares of an ETF, traded on the secondary market, are bought and sold at market price (not NAV). Brokerage commissions will reduce returns. Investment policies, management fees and other information can be found in the individual ETF’s prospectus. Buying or selling ETF shares on an exchange may require the payment of fees, such as brokerage commissions, and other fees to financial intermediaries. In addition, an investor may incur costs attributed to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the bid-ask spread). Due to the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment returns. Investment in Fund shares may not be advisable for investors who expect to engage in frequent trading. Current holdings are subject to risk. Holdings are subject to change at any time. An investment in an ETF involves risk, including the loss of principal. Investment return, price, yield and Net Asset Value (NAV) will fluctuate with changes in market conditions. Investments may be worth more or less than the original cost when redeemed. Premium/Discount is the difference between the market price and NAV expressed as a percentage of NAV. FORECAST Forecasts, estimates and certain information contained herein are based upon proprietary research and should not be interpreted as investment advice, as an offer or solicitation, nor as the purchase or sale of any financial instrument. Forecasts and estimates have certain inherent limitations, and unlike an actual performance record, do not reflect actual trading, liquidity constraints, fees, and/or other costs. In addition, references to future results should not be construed as an estimate or promise of results that a client portfolio may achieve. HYPOTHETICAL EXAMPLE HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. [1] [1] THIS MAY INCLUDE THE IMPACT OF TRANSACTION COSTS, LACK OF LIQUIDITY, PRICE VOLATILITY IN THE MARKET AS A WHOLE OR FOR A PARTICULAR INVESTMENT, HOW PARTICULAR INVESTMENTS WITHIN A TRADING PROGRAM INTERACT WITH ONE ANOTHER, OR HOW A TRADING STRATEGY MAY BE ADJUSTED OVER TIME IN RESPONSE TO PERFORMANCE AND RISK METRICS ON A PER-INVESTMENT OR MACRO LEVEL. ALTHOUGH HYPOTHETICAL PERFORMANCE MAY BE USEFUL TO CONSIDER WHEN MAKING AN INVESTMENT DECISION, IT SHOULD NOT SERVE AS THE SOLE BASIS FOR AN INVESTMENT DECISION. YOU MAY LOSE MONEY ON YOUR INVESTMENT. INFORMATION CONTAINED HEREIN IS BASED ON DATA FROM STATISTICAL SERVICES, COMPANY REPORTS, COMMUNICATIONS OR OTHER SOURCES THAT PIMCO BELIEVES TO BE RELIABLE; HOWEVER, PIMCO MAY NOT HAVE VERIFIED ALL OF THIS INFORMATION AND MAKES NOT REPRESENTATIONS AS TO ITS ACCURACY OR COMPLETENESS. INDEX It is not possible to invest directly in an unmanaged index. INVESTMENT STRATEGY There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest long-term, especially during periods of downturn in the market. !mk_AAF_Finals_Cavalieri_app 58 Page 64 of 74 Appendix MORNINGSTAR ©2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Past rankings are no guarantee of future rankings. OUTLOOK Statements concerning financial market trends or portfolio strategies are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for the long term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice. PORTFOLIO STRUCTURE Portfolio structure is subject to change without notice and may not be representative of current or future allocations. PORTFOLIO ANALYSIS The portfolio analysis is based on 31 December 2022 and no representation is being made that the structure of the average portfolio or any account will remain the same or that similar returns will be achieved. Results shown may not be attained and should not be construed as the only possibilities that exist. Different weightings in the asset allocation illustration will produce different results. Actual results will vary and are subject to change with market conditions. There is no guarantee that results will be achieved. No fees or expenses were included in the estimated results and distribution. The scenarios assume a set of assumptions that may, individually or collectively, not develop over time. The analysis reflected in this information is based upon data at time of analysis. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. PIMCO routinely reviews, modifies, and adds risk factors to its proprietary models. Due to the dynamic nature of factors affecting markets, there is no guarantee that simulations will capture all relevant risk factors or that the implementation of any resulting solutions will protect against loss. All investments contain risk and may lose value. Simulated risk analysis contains inherent limitations and is generally prepared with the benefit of hindsight. Realized losses may be larger than predicted by a given model due to additional factors that cannot be accurately forecasted or incorporated into a model based on historical or assumed data. !mk_AAF_Finals_Cavalieri_app 59 Page 65 of 74 Appendix RETURN ESTIMATES Return assumptions are for illustrative purposes only and are not a prediction or a projection of return. Return assumption is an estimate of what investments may earn on average over the long term. Actual returns may be higher or lower than those shown and may vary substantially over shorter time periods. RISK The fund invests in other PIMCO funds and performance is subject to underlying investment weightings which will vary. 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. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Commodities contain heightened risk including market, political, regulatory, and natural conditions, and may not be appropriate for all investors. Mortgage and asset-backed securities may be sensitive to changes in interest rates, subject to early repayment risk, and their value may fluctuate in response to the market’s perception of issuer creditworthiness; while generally supported by some form of government or private guarantee there is no assurance that private guarantors will meet their obligations. The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund. High-yield, lower- rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Investing in securities of smaller companies tends to be more volatile and less liquid than securities of larger companies. Inflation-linked bonds (ILBs) issued by a government are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation; ILBs decline in value when real interest rates rise. Investing in securities of smaller companies tends to be more volatile and less liquid than securities of larger companies. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. Derivatives and commodity-linked derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Commodity-linked derivative instruments may involve additional costs and risks such as changes in commodity index volatility or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Investing in derivatives could lose more than the amount invested. The cost of investing in the fund will generally be higher than the cost of investing in a fund that invests directly in individual stocks and bonds. The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund. SECONDARY BENCHMARK The funds' secondary benchmark is created by adding 5% (All Asset) and 6.5% (All Asset All Authority) to the annual percentage change in the Consumer Price Index ("CPI"). This index reflects seasonally adjusted returns. The Consumer Price Index is an unmanaged index representing the rate of inflation of the U.S. consumer prices as determined by the U.S. Department of Labor Statistics. There can be no guarantee that the CPI or other indexes will reflect the exact level of inflation at any given time. Prior to 31 July 2012 the funds' benchmark used non-seasonally-adjusted CPI. The performance presented reflects this change in calculation. YIELD TO MATURITY Yield to Maturity (YTM) is the estimated total return of a bond if held to maturity. YTM accounts for the present value of a bond’s future coupon payments. PIMCO calculates a Fund's Estimated YTM by averaging the YTM of each security held in the Fund on a market-weighted basis. PIMCO pulls each security's YTM from PIMCO's Portfolio Analytics database. In general, the calculation will incorporate the yield based on the notional value of all derivative instruments held by a Fund. The measure does not reflect the deduction of fees and expenses and is not necessarily indicative of the Fund's actual performance. A portfolio’s actual yield or distribution rate may be significantly lower than its estimated YTM in practice. Also, estimated YTM is not intended to indicate that a portfolio will actually hold any or all of its portfolio securities to maturity in practice, and various securities may be sold or otherwise disposed of prior to maturity. Estimated YTM is not a projection or prediction of the actual yield or return that a portfolio may achieve or any other future performance results. There can be no assurance that a portfolio will achieve any particular level of yield or return and actual results may vary significantly from estimated YTM. VALUATION The terms “cheap” and “rich” as used herein generally refer to a security or asset class that is deemed to be substantially under- or overpriced compared to both its historical average as well as to the investment manager’s future expectations. There is no guarantee of future results or that a security’s valuation will ensure a profit or protect against a loss. PIMCO Investments LLC, distributor, 1633 Broadway, New York, NY, 10019 is a company of PIMCO 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 current opinions of the manager 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 LLC. in the United States and throughout the world. ©2023, PIMCO !mk_AAF_Finals_Cavalieri_app 60 Page 66 of 74 Appendix INDEX DESCRIPTIONS 60% S&P 500 / 40% BCAG Index - synthesized from the Standard & Poor's 500 and the Bloomberg U.S. Aggregate Indices. Allocations are assigned to each index: 60% to the S&P 500 and 40% to the BCAG. The Bloomberg 1–10 Year U.S. TIPS Index is an unmanaged market index comprising U.S. Treasury Inflation Linked Indexed securities with maturities between 1 and 10 years. The Bloomberg Long-Term U.S. Treasury Index is an unmanaged market index comprised of U.S. Treasuries with maturities greater than 10 years. The Bloomberg U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. The Bloomberg U.S. TIPS Index is an unmanaged market index comprised of all U.S. Treasury Inflation Protected Securities rated investment grade (Baa3 or better), have at least one year to final maturity, and at least $250 million par amount outstanding. Performance data for this index prior to Oct '97 represents returns of the Lehman Inflation Notes Index. ICE BAML U.S. High Yield, BB-B Rated, Constrained Index tracks the performance of BB-B Rated U.S. Dollar-denominated corporate bonds publicly issued in the U.S. domestic market. Qualifying bonds are capitalization-weighted provided the total allocation to an individual issuer (defined by Bloomberg tickers) does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. Similarly, the face value of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. The Citigroup 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last three-month Treasury bill issues. Prior to 7 April '03 the Citigroup Indices were known as the Salomon Indices. The Consumer Price Index (CPI) is an unmanaged index representing the rate of inflation of the U.S. consumer prices as determined by the U.S. Department of Labor Statistics. There can be no guarantee that the CPI or other indexes will reflect the exact level of inflation at any given time. The Bloomberg Commodity Index is an unmanaged index composed of futures contracts on 19 physical commodities. The index is designed to be a highly liquid and diversified benchmark for commodities as an asset class. Prior to 7 May 2009, this index was known as the Dow Jones AIG Commodity Total Return Index. Dow Jones U.S. Select Real Estate Investment Trust (REIT) Total Return Index, a subset of the Dow Jones U.S. Select Real Estate Securities Total Return Index, is an unmanaged index comprised of U.S. publicly traded Real Estate Investment Trusts. This index was formerly known as the Dow Jones Wilshire REIT Index. JPMorgan Emerging Markets Bond Index (Plus) is an unmanaged index which tracks the total returns for external-currency dominated debt instruments of emerging markets: Brady bonds, loans, Eurobonds, and U.S. dollar-denominated local markets instruments. The EMBI+ offers coverage of 16 emerging market countries. The JPMorgan Non-U.S. Government Bond Index is an independently maintained and published index composed of non-U.S. government bonds with maturities of one year or more. The MSCI EAFE (Morgan Stanley Capital International Europe, Australasia, Far East Index) is an unmanaged index of over 900 companies, and is a generally accepted benchmark for major overseas markets. Index weightings represent the relative capitalizations of the major overseas markets included in the index on a U.S. dollar adjusted basis. The S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The index focuses on the Large-Cap segment of the U.S. equities market. It is not possible to invest directly in an unmanaged index. !mk_AAF_Finals_Cavalieri_app 61 Page 67 of 74  March 31, 2025 City of Norwalk Monthly Report Investment Measurement Service Monthly Review Important Disclosures regarding the use of this document are included at the end of this document. These disclosures are an integral part of this document and should be considered by the user. Page 68 of 74 Table of Contents City of Norwalk March 31, 2025 Asset Distribution 1 Manager Performance Table 2 Page 69 of 74  Investment Manager Asset Allocation The table below contrasts the distribution of assets across the Fund’s investment managers as of March 31, 2025, with the distribution as of February 28, 2025. The change in asset distribution is broken down into the dollar change due to Net New Investment and the dollar change due to Investment Return. Asset Distribution Across Investment Managers March 31, 2025 February 28, 2025 Market Value Weight Target Net New Inv. Inv. Return Market Value Weight Target Total Equity $347,445,698 66.03% 65.00% $(9,307,473) $(12,678,218) $369,431,388 68.56% 65.00% U.S. Equity $182,951,767 34.77% 35.00% $(9,046,805) $(12,365,358) $204,363,930 37.92% 35.00% BR Russell 1000 Index Non-Lend 135,636,045 25.78% (9,000,000) (8,699,977) 153,336,022 28.45% LSV 24,548,795 4.67% (36,872) (1,276,792) 25,862,459 4.80% Principal Dynamic Growth 22,766,927 4.33% (9,933) (2,388,589) 25,165,449 4.67% International Equity $120,722,317 22.94% 23.00% $(40,668) $413,840 $120,349,145 22.33% 23.00% Developed Markets $98,688,896 18.76% - $(40,668) $127,426 $98,602,137 18.30% - Silchester 64,767,487 12.31% (40,668) 1,119,526 63,688,630 11.82% Walter Scott 33,921,408 6.45% 0 (992,099) 34,913,507 6.48% Emerging Markets $22,033,421 4.19% - $0 $286,414 $21,747,007 4.04% - BlackRock EM Alpha Tilts 22,033,421 4.19% 0 286,414 21,747,007 4.04% Global Equity/Long Short $23,363,230 4.44% 4.00% $0 $(726,700) $24,089,929 4.47% 4.00% ABS Global 23,363,230 4.44% 0 (726,700) 24,089,929 4.47% Private Equity* $20,408,384 3.88% 3.00% $(220,000) $0 $20,628,384 3.83% 3.00% Pantheon USA IV 20,827 0.00% 0 0 20,827 0.00% Pantheon USA VI 134,075 0.03% 0 0 134,075 0.02% Pantheon USA VII 341,506 0.06% (25,000) 0 366,506 0.07% Pantheon Europe Fund V A 242,142 0.05% (60,000) 0 302,142 0.06% Pantheon Global Fund III 58,564 0.01% 0 0 58,564 0.01% Pantheon US Select 2014 19,611,270 3.73% (135,000) 0 19,746,270 3.66% Domestic Fixed-Income $90,947,172 17.28% 19.00% $0 $(83,566) $91,030,738 16.89% 19.00% Prudential Cons Core Bond 40,433,212 7.68% 0 3,678 40,429,534 7.50% Metropolitan West CIT 50,513,960 9.60% 0 (87,243) 50,601,204 9.39% Absolute Return $37,503,413 7.13% 6.00% $0 $178,412 $37,325,001 6.93% 6.00% UBS AIS 37,503,413 7.13% 0 178,412 37,325,001 6.93% Real Assets $36,386,549 6.92% 6.00% $0 $(16,353) $36,402,902 6.76% 6.00% PIMCO All Asset 36,386,549 6.92% 6.00% 0 (16,353) 36,402,902 6.76% 6.00% Cash $13,902,984 2.64% 4.00% $9,189,106 $23,072 $4,690,806 0.87% 4.00% Cash Account 13,902,984 2.64% 9,189,106 23,072 4,690,806 0.87% Total Fund $526,185,816 100.0% 100.0% $(118,366) $(12,576,653) $538,880,835 100.0% 100.0% *Market values are preliminary and adjust for asset flows. City of Norwalk Page 70 of1 74 Investment Manager Returns The table below details the rates of return for the fund’s investment managers over various time periods ended March 31, 2025. Negative returns are shown in red, positive returns in black. Returns for one year or greater are annualized. The first set of returns for each asset class represents the composite returns for all the fund’s accounts for that asset class. Returns for Periods Ended March 31, 2025 Last Last Last Last Fiscal 12 36 60 84 YTD Months Months Months Months Total Equity 2.51% 3.85% 5.65% 13.76% 8.26% U.S. Long Equity 2.68% 4.77% 6.73% 18.12% 11.66% Russell 3000 Index 3.88% 7.22% 8.22% 18.18% 12.49% BR Russell 1000 Index Non-Lendable 4.09% 7.80% 8.66% 18.47% 12.96% Russell 1000 Index 4.10% 7.82% 8.65% 18.47% 12.95% LSV 1.99% (1.54%) 4.96% 20.70% 6.33% Russell 2000 Value Index 0.54% (3.12%) 0.05% 15.31% 5.32% Principal Dynamic Growth (4.82%) (5.93%) (2.02%) 14.99% 10.55% Russell 2500 Growth Index (2.25%) (6.37%) 0.55% 11.37% 6.73% International Equity 2.02% 2.04% 4.49% 9.94% 4.00% MSCI ACWI ex US Index 5.41% 6.65% 5.03% 11.46% 4.98% Developed Markets 1.98% 0.97% 5.17% 10.36% 4.60% MSCI EAFE Index 5.32% 4.88% 6.05% 11.77% 5.33% Silchester 6.29% 4.79% 7.12% 12.85% 5.22% MSCI EAFE Val Idx 12.83% 12.85% 9.69% 14.77% 5.39% Walter Scott (5.36%) (5.66%) - - - MSCI EAFE Index 5.32% 4.88% 6.05% 11.77% 5.33% MSCI EAFE Growth (1.89%) (2.63%) 2.35% 8.54% 4.92% Emerging Markets 2.19% 7.24% 1.70% 8.22% 1.49% BlackRock EM Alpha Tilts 2.19% 7.24% 1.70% 8.22% - MSCI Emerging Mkts Idx 3.36% 8.65% 1.91% 8.38% 2.00% Global Equity/Long Short 3.84% 5.04% 4.86% 7.71% 4.90% HFRI FOF: Strategic Index 2.99% 3.89% 3.51% 7.55% 3.85% ABS Global 3.84% 5.06% 5.37% 7.88% 5.05% MSCI World Index 4.29% 7.04% 7.58% 16.13% 10.16% Private Equity(1) 0.79% 2.56% 1.55% 15.05% 12.91% Pantheon USA IV 0.00% 0.00% (3.32%) (0.50%) 0.00% Pantheon USA VI 1.09% 1.90% (4.47%) (8.29%) (8.17%) Pantheon USA VII (1.25%) (8.54%) (4.67%) 9.59% 6.29% Pantheon Europe Fund V A 6.84% 7.05% 2.24% 12.00% 12.42% Pantheon Global Secondary Fund III (2.32%) (2.32%) (0.87%) (0.83%) 0.57% Pantheon US Select 2014 0.84% 2.93% 1.84% 16.40% 15.81% Private Equity Benchmark(2) 0.79% 2.56% 1.55% 15.05% 12.91% *Fiscal year starts 7/1 and ends 6/30. (1) Private Equity has a 1 quarter lag in valuation. (2) Private Equity benchmark is a composite of Private Equity performance. City of Norwalk Page 71 of2 74 Investment Manager Returns The table below details the rates of return for the fund’s investment managers over various time periods ended March 31, 2025. Negative returns are shown in red, positive returns in black. Returns for one year or greater are annualized. The first set of returns for each asset class represents the composite returns for all the fund’s accounts for that asset class. Returns for Periods Ended March 31, 2025 Last Last Last Last Fiscal 12 36 60 84 YTD Months Months Months Months Domestic Fixed Income 4.96% 5.08% 0.41% (0.14%) 1.71% Prudential Cons Core Bond 5.04% 5.20% 0.84% (0.09%) 1.66% Metropolitan West Fund (2) 4.89% 4.99% 0.08% (0.16%) 1.71% Blmbg Aggregate Index 4.81% 4.88% 0.52% (0.40%) 1.58% Absolute Return 8.41% 9.43% 7.74% 8.71% 6.44% UBS AIS 8.41% 9.43% 7.74% 8.71% 6.44% HFRI FOF: Conservative Index 3.72% 4.54% 4.17% 6.93% 4.49% Real Assets 5.61% 5.70% 1.88% 9.07% 4.80% PIMCO All Asset Fund 5.61% 5.70% 1.88% 9.08% 4.69% Blmbg US TIPS 1-10 5.76% 6.94% 1.81% 3.44% 3.48% Cash 3.79% 5.18% 4.57% 2.83% 2.68% Cash 3.79% 5.18% 4.57% 2.83% 2.68% 3-month Treasury Bill 3.60% 4.97% 4.23% 2.56% 2.45% Total Fund 3.55% 4.58% 4.62% 10.34% 6.64% Total Fund Custom Benchmark (1) 4.49% 6.17% 4.94% 9.93% 7.03% Annual Discount Rate:6.5% *Fiscal year starts 7/1 and ends 6/30. *Returns are gross of fee. (1) The Total Fund Custom Benchmark is 35.0% Russell 3000 Index, 19.0% MSCI ACWI ex-US, 19.0% Bloomberg Aggregrate Index 3.0% Norwalk Private Equity, 8.0% HFRI FOF Strategic, 6.0% Bloomberg US TIPS 1-10 Year Index, 6.0% HFRI FOF Conservative, 4% 3-month Treasury Bill. (2) On August 24, 2022 switched from Mutual Fund to CIT. City of Norwalk Page 72 of3 74  Important Disclosures Information contained in this document may include confidential, trade secret and/or proprietary information of Callan and the client. It is incumbent upon the user to maintain such information in strict confidence. Neither this document nor any specific information contained herein is to be used other than by the intended recipient for its intended purpose. The content of this document is particular to the client and should not be relied upon by any other individual or entity. There can be no assurance that the performance of any account or investment will be comparable to the performance information presented in this document. Certain information herein has been compiled by Callan from a variety of sources believed to be reliable but for which Callan has not necessarily verified for accuracy or completeness. Information contained herein may not be current. Callan has no obligation to bring current the information contained herein. Callan’s performance, market value, and, if applicable, liability calculations are inherently estimates based on data available at the time each calculation is performed and may later be determined to be incorrect or require subsequent material adjustment due to many variables including, but not limited to, reliance on third party data, differences in calculation methodology, presence of illiquid assets, the timing and magnitude of unrecognized cash flows, and other data/assumptions needed to prepare such estimated calculations. In no event should the performance measurement and reporting services provided by Callan be used in the calculation, deliberation, policy determination, or any other action of the client as it pertains to determining amounts, timing or activity of contribution levels or funding amounts, rebalancing activity, benefit payments, distribution amounts, and/or performance-based fee amounts, unless the client understands and accepts the inherent limitations of Callan’s estimated performance, market value, and liability calculations. Callan’s performance measurement service reports estimated returns for a portfolio and compares them against relevant benchmarks and peer groups, as appropriate; such service may also report on historical portfolio holdings, comparing them to holdings of relevant benchmarks and peer groups, as appropriate ("portfolio holdings analysis"). To the extent that Callan’s reports include a portfolio holdings analysis, Callan relies entirely on holdings, pricing, characteristics, and risk data provided by third parties including custodian banks, record keepers, pricing services, index providers, and investment managers. Callan reports the performance and holdings data as received and does not attempt to audit or verify the holdings data. Callan is not responsible for the accuracy or completeness of the performance or holdings data received from third parties and such data may not have been verified for accuracy or completeness. Callan’s performance measurement service may report on illiquid asset classes, including, but not limited to, private real estate, private equity, private credit, hedge funds and infrastructure. The final valuation reports, which Callan receives from third parties, for of these types of asset classes may not be available at the time a Callan performance report is issued. As a result, the estimated returns and market values reported for these illiquid asset classes, as well as for any composites including these illiquid asset classes, including any total fund composite prepared, may not reflect final data, and therefore may be subject to revision in future quarters. The content of this document may consist of statements of opinion, which are made as of the date they are expressed and are not statements of fact. The opinions expressed herein may change based upon changes in economic, market, financial and political conditions and other factors. Callan has no obligation to bring current the opinions expressed herein. The information contained herein may include forward-looking statements regarding future results. The forward-looking statements herein: (i) are best estimations consistent with the information available as of the date hereof and (ii) involve known and unknown risks and uncertainties. Actual results may vary, perhaps materially, from the future results projected in this document. Undue reliance should not be placed on forward-looking statements. Callan is not responsible for reviewing the risks of individual securities or the compliance/non-compliance of individual security holdings with a client’s investment policy guidelines. This document should not be construed as legal or tax advice on any matter. You should consult with legal and tax advisers before applying any of this information to your particular situation. Reference to, or inclusion in this document of, any product, service or entity should not necessarily be construed as recommendation, approval, or endorsement or such product, service or entity by Callan. This document is provided in connection with Callan’s consulting services and should not be viewed as an advertisement of Callan, or of the strategies or products discussed or referenced herein. The issues considered and risks highlighted herein are not comprehensive and other risks may exist that the user of this document may deem material regarding the enclosed information. Please see any applicable full performance report or annual communication for other important disclosures. Page 73 of 74 Unless Callan has been specifically engaged to do so, Callan does not conduct background checks or in-depth due diligence of the operations of any investment manager search candidate or investment vehicle, as may be typically performed in an operational due diligence evaluation assignment and in no event does Callan conduct due diligence beyond what is described in its report to the client. Any decision made on the basis of this document is sole responsibility of the client, as the intended recipient, and it is incumbent upon the client to make an independent determination of the suitability and consequences of such a decision. Callan undertakes no obligation to update the information contained herein except as specifically requested by the client. Past performance is no guarantee of future results. Page 74 of 74