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IV.B2. BBGE Fixed Search Updated 6-30-21 BOYNTON BEACH GENERAL EMPLOYEES’ PENSION PLAN FIXED INCOME RESEARCH AUGUST 2021 JEFFREY D. SWANSON, SENIOR CONSULTANT 3495 PIEDMONT RD, NE, BLDG 12-202 ATLANTA, GA 30305 PHONE: 404.237.3156 FAX: 404.237.2650 1 Fixed Income Research Southeastern Advisory Services, Inc. conducted research to identify qualified fixed income managers and/or funds for BBGE. Candidates were identified through both qualitative and quantitative screens and our internal research. The following firms/funds have been selected as candidates: Firm / Strategy / Vehicle Fund Style Inclusion Methodology Defining Characteristics Min Acct Size / Net Expense Ratio Garcia Hamilton Houston, TX SA Intermediate Domestic FI SEAS Research Large bond specialists with public fund book. Focus on security selection. AUM $13B, 165 public fund clients $5MM 25 SA Integrity Fixed Income Orlando, FL SA Intermediate Domestic FI SEAS Research Boutique specialist focused on public fund clients. Small size allows flexibility to perform. AUM $700M, 35 clients, 28 public funds. $5MM 25 SA Richmond Capital Richmond, VA SA Intermediate Domestic FI SEAS Research Fixed income boutique. Conservative operator, consistent performance with optimized portfolios. AUM $5.5B. 41 public fund clients $7MM 35 SA Alliance Bernstein Total Return New York, NY MF - ABQIX Core-Plus Bond Legacy Manager Option Strong team, mixed near term performance. $356M AUM $2MM 52 MF Alliance Bernstein Int Duration New York, NY MF - SIIDX Intermediate Core-Plus Bond Legacy Manager Option Soft performance near-term with favorable risk scores. $1B AUM. Cannot be held at WF, AB holds custody. $3MM 45 MF Dodge & Cox Income San Francisco, CA MF - DODIX Intermediate Core- Plus Bond SEAS Research 19-member committee run fund with $68B in AUM. Consistent long-term performer for core bond position. AUM $70B $2,500 42 MF Doubleline Core Fixed Los Angeles, CA MF - DBLFX Intermediate Core- Plus Bond SEAS Research Dual manager-run fund with $11B in AUM. Consistent long-term performer for core bond position. AUM $12B $100K 48 MF Western Asset Core Bond San Mateo, CA MF - WATFX Intermediate Core Bond SEAS Research Large and diverse team with value driven process. Highest rating from Morningstar. AUM $21B $1MM 46 MF PIMCO Income Fund Newport Beach, CA MF - PIMIX Multi-Sector Bond SEAS Research Diversified, global multi-sector strategy with income as primary objective. $139B AUM $1MM 109 MF PIMCO Diversified Income Newport Beach, CA MF - PDIIX Multi-Sector Bond SEAS Research Diversified, global multi-sector strategy focused on High Yield, EM and IG Corp debt. AUM $5B $1MM 79 MF PIMCO High Yield Newport Beach, CA MF - PHIYX US High Yield Bond SEAS Research Low quality bond strategy that focused on the highest below investment grade. AUM $11B $1MM 57 MF PIMCO Investment Grade Newport Beach, CA MF - PIGIX US Corporate Bond SEAS Research Domestic US corporate bond strategy. All investment grade or higher. AUM $19B $1MM 85 MF 2 Fixed Income Research Returns as of 6/30/21 1-Yr 3-Yr 5-yr Std Dev (3-yr) Alpha (3-yr) # Portfolio Positions Fees/ Net Expense Ratio Garcia Hamilton -0.4% 3.9% 2.5% 2.4% 0.8 30 25 bp Integrity 1.8% 5.3% 3.3% 2.8% 1.7 136 25 bp Richmond 0.3% 4.6% 2.8% 2.4% 1.3 150 35 bp AB Total Return 3.1% 5.2% 3.5% 6.2% -0.5 620 52 bp Bernstein Int Dur 1.3% 5.4% 3.4% 4.1% -0.1 663 45 bp Dodge & Cox 3.4% 6.4% 4.5% 3.8% 1.6 1,107 42 bp DoubleLine 3.3% 4.7% 3.3% 4.8% -0.2 2,356 48 bp Western Asset Core 1.6% 6.2% 4.0% 4.2% 0.5 4,754 46 bp PIMCO Income 9.6% 5.7% 5.8% 5.8% 2.9 7,123 109 bp PIMCO Diversified Inc 7.5% 6.5% 5.9% 7.0% 1.7 2,151 79 bp PIMCO High Yield 12.4% 6.9% 6.6% 8.3% 3.4 954 57 bp PIMCO Inv Grade 4.3% 7.1% 5.2% 7.5% 0.0 2,044 85 bp AB Actual (BBGE) -0.5% 5.1% 2.9% 4.1% -0.2 199 42 bp GHA Actual (BBGE) -0.4% 4.6% 3.0% 2.4% -0.7 31 25 bp BB US Aggregate Index -0.3% 5.3% 3.0% 3.5% NA 17,000+ NA Standard DeviationReturns3 Years As Of: 6/30/2021 Garcia Hamilton Integrity Fixed Richmond Capital AB Tot Ret Bond;I AB Int Duration Dodge & Cox Income DoubleLine WA Core PIMCO Income PIMCO Div Income PIMCO:High Yield;Inst PIMCO:Inv Grd Cr;Inst BB Aggregate 2 2.5 3 3.5 4 4.5 5 5.5 6 6.5 7 7.5 8 8.5 3.5 4 4.5 5 5.5 6 6.5 7 7.5 Results displayed in USD using Spot Rate (SR). Returns Standard Deviation Garcia Hamilton 3.9 2.4 Integrity Fixed 5.3 2.8 Richmond Capital 4.6 2.4 AB Tot Ret Bond;I 5.2 6.2 AB Int Duration 5.4 4.1 Dodge & Cox Income 6.4 3.8 DoubleLine 5.2 4.7 WA Core 6.2 4.2 PIMCO Income 5.7 5.8 PIMCO Div Income 6.5 7.0 PIMCO:High Yield;Inst 6.9 8.3 PIMCO:Inv Grd Cr;Inst 7.1 7.5 BB Aggregate 5.3 3.5 3 Standard DeviationReturns5 Years As Of: 6/30/2021 Garcia Hamilton Integrity Fixed Richmond Capital AB Tot Ret Bond;I AB Int Duration Dodge & Cox Income DoubleLine WA Core PIMCO Income PIMCO Div Income PIMCO:High Yield;Inst PIMCO:Inv Grd Cr;Inst BB Aggregate 2 2.5 3 3.5 4 4.5 5 5.5 6 6.5 7 2 2.5 3 3.5 4 4.5 5 5.5 6 6.5 7 Results displayed in USD using Spot Rate (SR). Returns Standard Deviation Garcia Hamilton 2.5 2.1 Integrity Fixed 3.3 2.5 Richmond Capital 2.8 2.3 AB Tot Ret Bond;I 3.5 5.0 AB Int Duration 3.4 3.6 Dodge & Cox Income 4.5 3.3 DoubleLine 3.8 4.0 WA Core 4.0 3.8 PIMCO Income 5.8 4.6 PIMCO Div Income 5.9 5.7 PIMCO:High Yield;Inst 6.6 6.7 PIMCO:Inv Grd Cr;Inst 5.2 6.2 BB Aggregate 3.0 3.3 4 AB Total Return Bond I (USD)Morningstar Analyst RatingTM ‰ 02-09-2021 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQ BBgBarc US Agg Bond TR USD BBgBarc US Universal TR USD US Fund Intermediate Core-Plus Bond550 US Fund Intermediate Core-Plus Bond Performance 06-30-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 3.18 3.04 2.05 0.46 9.00 2020 -4.92 8.04 1.93 2.00 6.80 2021 -2.90 2.10 — — -0.85 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 3.08 5.20 3.47 3.79 4.44 Std 06-30-2021 3.08 — 3.47 3.79 4.44 Total Return 3.08 5.20 3.47 3.79 4.44 +/- Std Index 3.41 -0.14 0.44 0.40 — +/- Cat Index 1.96 -0.44 -0.01 0.05 — % Rank Cat 38 73 64 53 No. in Cat 587 550 478 341 Subsidized Unsubsidized 7-day Yield — — 30-day SEC Yield 04-30-21 2.00 1 1.80 1. Contractual waiver; Expires 01-31-2022 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-227-4618 or visit www.AllianceBernstein.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.00 12b1 Expense %NA Gross Expense Ratio %0.70 Risk and Return Profile 3 Yr 5 Yr 10 Yr 550 funds 478 funds 341 funds Morningstar RatingTM 2Q 2Q 3Q Morningstar Risk High High +Avg Morningstar Return -Avg Avg Avg 3 Yr 5 Yr 10 Yr Standard Deviation 6.19 5.03 4.07 Mean 5.20 3.47 3.79 Sharpe Ratio 0.66 0.48 0.79 MPT Statistics Standard Index Best Fit Index Morningstar US Corp Bd TR Hdg USD Alpha -0.48 -1.12 Beta 1.12 0.80 R-Squared 38.21 84.29 12-Month Yield 2.92% Potential Cap Gains Exp 1.94% 0 5 5 5 5 5 5 4 5 5 5 5 97 95 89 95 90 93 87 86 87 91 85 84 4k 10k 20k 40k 60k 80k 100k Investment Style Fixed-Income Bond % Growth of $10,000 AB Total Return Bond I 16,367 Category Average 16,290 Standard Index 15,280 * * ) ( & * * ( * ( ) _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 06-21 History 10.78 11.06 11.36 10.89 11.21 10.83 10.97 11.12 10.75 11.33 11.59 11.33 NAV/Price 9.52 6.82 5.88 -1.30 6.92 0.15 4.28 4.13 -0.25 9.00 6.80 -0.85 Total Return % 2.98 -1.02 1.66 0.73 0.95 -0.40 1.63 0.59 -0.26 0.28 -0.70 0.75 +/- Standard Index 2.35 -0.58 0.34 0.05 1.36 -0.28 0.37 0.04 0.01 -0.30 -0.77 0.29 +/- Category Index 29 33 81 56 9 36 35 55 29 58 76 —% Rank Cat 428 456 467 500 510 528 561 597 617 613 602 600 No. of Funds in Cat Portfolio Analysis 05-31-2021 Top Holdings 04-30-2021 Asset Allocation % 04-30-2021 Net % Long % Short % Cash -37.94 46.32 84.25 US Stocks 0.13 0.13 0.00 Non-US Stocks 0.00 0.00 0.00 Bonds 138.31 157.91 19.60 Other/Not Clsfd -0.50 3.25 3.74 Total 100.00 207.59 107.59 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM — — — P/C Ratio TTM — — — P/B Ratio TTM — — — Geo Avg Mkt Cap $mil — — — Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity 6.89 Avg Eff Duration 6.51 Avg Wtd Coupon 3.49 Avg Wtd Price — Credit Quality Breakdown 03-31-2021 Bond % AAA 39.97 AA 4.12 A 10.72 BBB 25.26 BB 10.23 B 2.86 Below B 0.43 NR 6.41 Regional Exposure Stocks % Rel Std Index Americas 100.0 — Greater Europe 0.0 — Greater Asia 0.0 — Share Chg since 04-2021 Share Amount Holdings : 1 Total Stocks , 619 Total Fixed-Income, 83% Turnover Ratio Net Assets % T 361 2 Year Treasury Note Future June 21 22.33 T 162 Ultra US Treasury Bond Future June 8.38 T 191 5 Year Treasury Note Future June 21 6.64 T 137 Ultra 10 Year US Treasury Note Fut 5.57 Y 17 mil United States Treasury Notes 0.25%5.13 89 Long Gilt Future June 21 -4.36 13 mil IBOXHY-TRS-576724 0% 20/06/2021 -3.74 R 7 mil Federal National Mortgage Associat 2.07 31 Euro Buxl Future June 21 2.05 61 10 Year Government of Canada Bond -1.96 R 5 mil United States Treasury Bills 0%1.48 R 5 mil United States Treasury Bills 0%1.48 T 5 mil United States Treasury Notes 0.375% 1.42 R 4 mil United States Treasury Notes 1.625% 1.23 20 Euro Bund Future June 21 1.14 Sector Weightings Stocks %Rel Std Index h Cyclical —— r Basic Materials —— t Consumer Cyclical —— y Financial Services —— u Real Estate —— j Sensitive —— i Communication Services —— o Energy —— p Industrials —— a Technology —— k Defensive —— s Consumer Defensive —— d Healthcare —— f Utilities —— Operations Family:AllianceBernstein Manager:Multiple Tenure:15.8 Years Objective:Growth and Income Base Currency:USD Ticker:ABQIX ISIN:US0185286129 Minimum Initial Purchase: $2 mil Purchase Constraints:A Incept:03-01-2005 Type:MF Total Assets:$356.62 mil Release date 06-30-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 1 of 19 5 Bernstein Intermediate Duration Instl (USD) Morningstar Quantitative RatingTM ´Q 05-31-2021 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQ BBgBarc US Agg Bond TR USD BBgBarc US Universal TR USD US Fund Intermediate Core-Plus Bond550 US Fund Intermediate Core-Plus Bond Performance 06-30-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 3.11 2.99 2.07 0.23 8.64 2020 -0.12 5.33 1.44 1.07 7.86 2021 -2.93 1.74 — — -1.24 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 1.25 5.38 3.37 3.68 4.67 Std 06-30-2021 1.25 — 3.37 3.68 4.67 Total Return 1.25 5.38 3.37 3.68 4.67 +/- Std Index 1.58 0.04 0.34 0.29 — +/- Cat Index 0.13 -0.26 -0.11 -0.06 — % Rank Cat 82 67 70 62 No. in Cat 587 550 478 341 Subsidized Unsubsidized 7-day Yield — — 30-day SEC Yield 04-30-21 1.54 1 1.48 1. Contractual waiver; Expires 01-28-2021 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 212-486-5800 or visit www.bernstein.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.45 12b1 Expense %NA Gross Expense Ratio %0.52 Risk and Return Profile 3 Yr 5 Yr 10 Yr 550 funds 478 funds 341 funds Morningstar RatingTM 3Q 2Q 3Q Morningstar Risk Avg Avg Avg Morningstar Return Avg -Avg Avg 3 Yr 5 Yr 10 Yr Standard Deviation 4.10 3.62 3.29 Mean 5.38 3.37 3.68 Sharpe Ratio 1.01 0.62 0.94 MPT Statistics Standard Index Best Fit Index BBgBarc US Universal TR USD Alpha -0.07 -0.76 Beta 1.03 1.12 R-Squared 75.24 92.08 12-Month Yield 2.38% Potential Cap Gains Exp 5.47% 5 5 5 5 5 5 5 4 5 5 5 5 97 95 87 86 85 96 91 86 89 88 83 86 4k 10k 20k 40k 60k 80k 100k Investment Style Fixed-Income Bond % Growth of $10,000 Bernstein Intermediate Duration Instl 16,169 Category Average 16,290 Standard Index 15,280 * * ) ) & & * ( * ( ( _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 06-21 History 15.67 15.95 16.23 15.35 15.42 14.86 14.88 15.05 14.60 15.34 15.89 15.53 NAV/Price 9.27 6.87 5.54 -2.03 6.60 0.42 4.31 3.85 -0.21 8.64 7.86 -1.24 Total Return % 2.73 -0.97 1.33 -0.01 0.63 -0.13 1.66 0.31 -0.22 -0.07 0.35 0.36 +/- Standard Index 2.11 -0.53 0.01 -0.69 1.04 -0.01 0.40 -0.24 0.04 -0.65 0.28 -0.10 +/- Category Index 32 31 86 81 16 22 34 68 28 68 58 —% Rank Cat 428 456 467 500 510 528 561 597 617 613 602 600 No. of Funds in Cat Portfolio Analysis 05-31-2021 Top Holdings 04-30-2021 Asset Allocation % 04-30-2021 Net % Long % Short % Cash -17.45 22.57 40.01 US Stocks 0.00 0.00 0.00 Non-US Stocks 0.00 0.00 0.00 Bonds 114.41 124.00 9.58 Other/Not Clsfd 3.03 3.03 0.00 Total 100.00 149.60 49.60 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM — — — P/C Ratio TTM — — — P/B Ratio TTM — — — Geo Avg Mkt Cap $mil — — — Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity 8.25 Avg Eff Duration 6.24 Avg Wtd Coupon 2.73 Avg Wtd Price 105.85 Credit Quality Breakdown 03-31-2021 Bond % AAA 55.28 AA 2.98 A 10.76 BBB 23.93 BB 3.41 B 0.40 Below B 0.30 NR 2.94 Regional Exposure Stocks % Rel Std Index Americas —— Greater Europe —— Greater Asia —— Share Chg since 04-2021 Share Amount Holdings : 0 Total Stocks , 663 Total Fixed-Income, 86% Turnover Ratio Net Assets % T 541 2 Year Treasury Note Future June 21 11.85 R 76 mil United States Treasury Notes 0.125% 7.51 45 mil United States Treasury Notes 0.125% 4.49 44 mil United States Treasury Notes 0.125% 4.39 Y 36 mil United States Treasury Notes 0.25%3.92 220 Long Gilt Future June 21 -3.81 T 309 5 Year Treasury Note Future June 21 3.80 T 177 Ultra 10 Year US Treasury Note Fut 2.57 R 180 10 Year Treasury Note Future June 2.35 R 18 mil Federal National Mortgage Associat 1.88 R 102 Ultra US Treasury Bond Future June 1.87 77 Euro Buxl Future June 21 1.81 156 10 Year Government of Canada Bond -1.77 16 mil United States Treasury Bonds 2.25%1.54 11 mil United States Treasury Bonds 4.375% 1.47 Sector Weightings Stocks %Rel Std Index h Cyclical —— r Basic Materials —— t Consumer Cyclical —— y Financial Services —— u Real Estate —— j Sensitive —— i Communication Services —— o Energy —— p Industrials —— a Technology —— k Defensive —— s Consumer Defensive —— d Healthcare —— f Utilities —— Operations Family:AllianceBernstein Manager:Multiple Tenure:15.8 Years Objective:Corporate Bond - High Quality Base Currency:USD Ticker:SIIDX ISIN:US0858071055 Minimum Initial Purchase: $3 mil Purchase Constraints:A Incept:05-17-2002 Type:MF Total Assets:$999.77 mil Release date 06-30-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 2 of 19 6 Dodge & Cox Income (USD)Morningstar Analyst RatingTM Œ 10-26-2020 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ BBgBarc US Agg Bond TR USD BBgBarc US Universal TR USD US Fund Intermediate Core-Plus Bond550 US Fund Intermediate Core-Plus Bond Performance 06-30-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 3.70 2.79 2.09 0.85 9.73 2020 -0.70 5.98 1.48 2.48 9.45 2021 -2.52 1.98 — — -0.58 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 3.39 6.42 4.54 4.26 6.62 Std 06-30-2021 3.39 — 4.54 4.26 6.62 Total Return 3.39 6.42 4.54 4.26 6.62 +/- Std Index 3.73 1.07 1.52 0.87 — +/- Cat Index 2.28 0.78 1.06 0.52 — % Rank Cat 33 21 16 24 No. in Cat 587 550 478 341 Subsidized Unsubsidized 7-day Yield — — 30-day SEC Yield — — Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-621-3979 or visit www.dodgeandcox.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.40 12b1 Expense %NA Gross Expense Ratio %0.42 Risk and Return Profile 3 Yr 5 Yr 10 Yr 550 funds 478 funds 341 funds Morningstar RatingTM 4Q 4Q 4Q Morningstar Risk -Avg -Avg -Avg Morningstar Return +Avg +Avg +Avg 3 Yr 5 Yr 10 Yr Standard Deviation 3.82 3.26 3.02 Mean 6.42 4.54 4.26 Sharpe Ratio 1.34 1.04 1.20 MPT Statistics Standard Index Best Fit Index Morningstar US Corp Bd TR Hdg USD Alpha 1.59 1.69 Beta 0.86 0.53 R-Squared 60.03 95.58 12-Month Yield — Potential Cap Gains Exp 6.78% 5 5 5 5 5 5 2 2 2 2 5 5 94 96 96 93 96 96 95 94 97 97 91 89 4k 10k 20k 40k 60k 80k 100k Investment Style Fixed-Income Bond % Growth of $10,000 Dodge & Cox Income 16,780 Category Average 16,290 Standard Index 15,280 ( ) * & ( ( & * * * & _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 06-21 History 13.23 13.30 13.86 13.53 13.78 13.29 13.59 13.76 13.26 14.03 14.65 14.33 NAV/Price 7.17 4.76 7.94 0.64 5.48 -0.59 5.61 4.36 -0.31 9.73 9.45 -0.58 Total Return % 0.63 -3.08 3.73 2.66 -0.48 -1.14 2.97 0.82 -0.32 1.01 1.94 1.02 +/- Standard Index 0.00 -2.64 2.41 1.99 -0.08 -1.02 1.70 0.27 -0.05 0.44 1.88 0.56 +/- Category Index 75 84 46 14 52 65 12 43 31 32 23 —% Rank Cat 428 456 467 500 510 528 561 597 617 613 602 600 No. of Funds in Cat Portfolio Analysis 03-31-2021 Asset Allocation %Net % Long % Short % Cash 8.63 8.63 0.00 US Stocks 0.00 0.00 0.00 Non-US Stocks 0.00 0.00 0.00 Bonds 89.37 89.37 0.00 Other/Not Clsfd 2.00 2.00 0.00 Total 100.00 100.00 0.00 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM — — — P/C Ratio TTM — — — P/B Ratio TTM — — — Geo Avg Mkt Cap $mil — — — Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity 9.30 Avg Eff Duration 5.40 Avg Wtd Coupon — Avg Wtd Price 106.00 Credit Quality Breakdown 03-31-2021 Bond % AAA 56.09 AA 4.90 A 6.50 BBB 22.60 BB 9.70 B 0.20 Below B 0.01 NR 0.00 Regional Exposure Stocks % Rel Std Index Americas —— Greater Europe —— Greater Asia —— Share Chg since 12-2020 Share Amount Holdings : 0 Total Stocks , 1,107 Total Fixed-Income, 94% Turnover Ratio Net Assets % R 4,628 mil Federal National Mortgage Associat 6.49 2,208 mil United States Treasury Notes 0.12%3.03 T 2,300 mil United States Treasury Notes 0.88%2.92 R 900 mil United States Treasury Notes 0.38%1.21 Y 875 mil Federal Home Loan Mortgage Corpora 1.21 Y 739 mil Federal Home Loan Mortgage Corpora 1.02 707 mil United States Treasury Notes 0.62%0.88 575 mil Imperial Brands Finance Plc 4.25%0.87 Y 627 mil Federal Home Loan Mortgage Corpora 0.86 454 mil Charter Communications Operating,0.81 R 500 mil United States Treasury Notes 0.12%0.69 R 500 mil United States Treasury Notes 0.5%0.67 500 mil United States Treasury Notes 0.25%0.67 500 mil United States Treasury Notes 0.62%0.65 T 560 mil United States Treasury Bonds 1.62%0.64 Sector Weightings Stocks %Rel Std Index h Cyclical —— r Basic Materials —— t Consumer Cyclical —— y Financial Services —— u Real Estate —— j Sensitive —— i Communication Services —— o Energy —— p Industrials —— a Technology —— k Defensive —— s Consumer Defensive —— d Healthcare —— f Utilities —— Operations Family:Dodge & Cox Manager:Multiple Tenure:32.5 Years Objective:Income Base Currency: USD Ticker:DODIX ISIN:US2562101053 Minimum Initial Purchase: $2,500 Minimum IRA Purchase: $1,000 Purchase Constraints: — Incept:01-03-1989 Type:MF Total Assets:$69,799.74 mil Release date 06-30-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 3 of 19 7 DoubleLine Core Fixed Income I (USD) Morningstar Quantitative RatingTM ´Q 05-31-2021 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQ BBgBarc US Agg Bond TR USD BBgBarc US Universal TR USD US Fund Intermediate Core-Plus Bond550 US Fund Intermediate Core-Plus Bond Performance 06-30-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 2.96 3.02 1.48 0.32 7.99 2020 -3.29 5.41 1.84 1.72 5.60 2021 -2.08 1.86 — — -0.25 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 3.33 4.70 3.29 4.23 4.94 Std 06-30-2021 3.33 — 3.29 4.23 4.94 Total Return 3.33 4.70 3.29 4.23 4.94 +/- Std Index 3.67 -0.64 0.27 0.83 — +/- Cat Index 2.22 -0.94 -0.18 0.48 — % Rank Cat 35 85 74 27 No. in Cat 587 550 478 341 Subsidized Unsubsidized 7-day Yield — — 30-day SEC Yield 05-31-21 2.27 2.22 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 877-354-6311 or visit www.doublelinefunds.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.40 12b1 Expense %NA Gross Expense Ratio %0.48 Risk and Return Profile 3 Yr 5 Yr 10 Yr 550 funds 478 funds 341 funds Morningstar RatingTM 2Q 2Q 4Q Morningstar Risk +Avg Avg Avg Morningstar Return -Avg -Avg +Avg 3 Yr 5 Yr 10 Yr Standard Deviation 4.78 3.99 3.49 Mean 4.70 3.29 4.23 Sharpe Ratio 0.74 0.55 1.03 MPT Statistics Standard Index Best Fit Index Morningstar US Corp Bd TR Hdg USD Alpha -0.22 -0.60 Beta 0.92 0.64 R-Squared 43.25 89.10 12-Month Yield 2.96% Potential Cap Gains Exp 0.35% 6 6 6 6 6 6 5 6 6 6 6 6 96 94 94 96 85 86 93 92 96 94 94 95 4k 10k 20k 40k 60k 80k 100k Investment Style Fixed-Income Bond % Growth of $10,000 DoubleLine Core Fixed Income I 16,742 Category Average 15,425 Standard Index 14,506 _ & * ( & & * * & ) ) _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 06-21 History 10.38 10.96 11.34 10.70 10.98 10.67 10.79 10.97 10.61 11.07 11.32 11.13 NAV/Price —11.45 8.15 -1.20 6.86 0.63 4.11 4.66 -0.02 7.99 5.60 -0.25 Total Return % —3.61 3.93 0.83 0.90 0.08 1.47 1.12 -0.03 -0.73 -1.90 1.35 +/- Standard Index —4.05 2.61 0.15 1.31 0.21 0.20 0.57 0.24 -1.30 -1.97 0.89 +/- Category Index —2 41 52 11 15 40 31 25 76 86 —% Rank Cat — 456 467 500 510 528 561 597 617 613 602 600 No. of Funds in Cat Portfolio Analysis 05-31-2021 Top Holdings 04-30-2021 Asset Allocation % 04-30-2021 Net % Long % Short % Cash 6.72 6.87 0.15 US Stocks 0.02 0.02 0.00 Non-US Stocks 0.01 0.01 0.00 Bonds 92.18 92.23 0.05 Other/Not Clsfd 1.07 1.07 0.00 Total 100.00 100.20 0.20 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM — — — P/C Ratio TTM 5.0 — — P/B Ratio TTM — — — Geo Avg Mkt Cap $mil 1119 — — Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity 6.65 Avg Eff Duration 4.80 Avg Wtd Coupon 2.84 Avg Wtd Price 100.82 Credit Quality Breakdown 04-30-2021 Bond % AAA 42.07 AA 5.21 A 13.88 BBB 17.14 BB 5.77 B 4.90 Below B 3.80 NR 7.23 Regional Exposure Stocks % Rel Std Index Americas 100.0 — Greater Europe 0.0 — Greater Asia 0.0 — Share Chg since 04-2021 Share Amount Holdings : 7 Total Stocks , 2,349 Total Fixed-Income, 155% Turnover Ratio Net Assets % 61 mil DoubleLine Global Bond I 5.31 46 mil DoubleLine Infrastructure Income I 4.06 R 402 mil United States Treasury Notes 0.38%3.41 214 mil United States Treasury Notes 0.13%1.81 R 182 mil United States Treasury Notes 0.75%1.54 R 172 mil United States Treasury Notes 1.45 T 156 mil JPMorgan US Government MMkt IM 1.32 T 156 mil Morgan Stanley Instl Lqudty Govt I 1.32 T 156 mil First American Government Obligs U 1.32 R 152 mil United States Treasury Notes 1.25%1.28 T 134 mil United States Treasury Bonds 1.88%1.08 Y 126 mil United States Treasury Bonds 1.88%0.97 Y 108 mil Fnma Pass-Thru I 2.5%0.96 R 100 mil Cmlti 2021-Rp2 Pt 0.87 95 mil United States Treasury Notes 2.25%0.85 Sector Weightings Stocks %Rel Std Index h Cyclical 0.0 — r Basic Materials 0.0 — t Consumer Cyclical 0.0 — y Financial Services 0.0 — u Real Estate 0.0 — j Sensitive 100.0 — i Communication Services 10.6 — o Energy 88.7 — p Industrials 0.6 — a Technology 0.0 — k Defensive 0.0 — s Consumer Defensive 0.0 — d Healthcare 0.0 — f Utilities 0.0 — Operations Family:DoubleLine Manager:Multiple Tenure:11.1 Years Objective:Growth and Income Base Currency: USD Ticker:DBLFX ISIN:US2586203018 Minimum Initial Purchase: $100,000 Min Auto Investment Plan: $100,000 Minimum IRA Purchase: $5,000 Purchase Constraints:— Incept:06-01-2010 Type:MF Total Assets:$11,710.06 mil Release date 06-30-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 4 of 19 8 Western Asset Core Bond I (USD) Morningstar Analyst RatingTM Œ 11-25-2020 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQQ BBgBarc US Agg Bond TR USD BBgBarc US Agg Bond TR USD US Fund Intermediate Core Bond403 US Fund Intermediate Core Bond Performance 06-30-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 4.00 3.14 2.30 0.64 10.44 2020 -0.22 5.64 1.49 1.98 9.11 2021 -3.95 2.19 — — -1.84 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 1.60 6.19 3.99 4.26 6.57 Std 06-30-2021 1.60 — 3.99 4.26 6.57 Total Return 1.60 6.19 3.99 4.26 6.57 +/- Std Index 1.93 0.84 0.96 0.87 — +/- Cat Index 1.93 0.84 0.96 0.87 — % Rank Cat 21 11 4 2 No. in Cat 437 403 348 264 Subsidized Unsubsidized 7-day Yield 07-02-21 2.03 1 — 30-day SEC Yield — — 1. Contractual waiver; Expires 12-31-2022 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 877-721-1926 or visit www.leggmason.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.40 12b1 Expense %NA Gross Expense Ratio %0.55 Risk and Return Profile 3 Yr 5 Yr 10 Yr 403 funds 348 funds 264 funds Morningstar RatingTM 4Q 5Q 5Q Morningstar Risk +Avg +Avg +Avg Morningstar Return +Avg High High 3 Yr 5 Yr 10 Yr Standard Deviation 4.23 3.79 3.34 Mean 6.19 3.99 4.26 Sharpe Ratio 1.17 0.76 1.09 MPT Statistics Standard Index Best Fit Index BBgBarc US Universal TR USD Alpha 0.48 -0.22 Beta 1.09 1.18 R-Squared 78.29 94.54 12-Month Yield — Potential Cap Gains Exp 5.57% 5 4 4 4 4 5 5 5 4 4 4 4 82 87 91 91 83 86 85 83 89 94 92 93 4k 10k 20k 40k 60k 80k 100k Investment Style Fixed-Income Bond % Growth of $10,000 Western Asset Core Bond I 17,728 Category Average 15,423 Standard Index 15,280 & & * ( & & & & ( & & _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 06-21 History 11.42 11.86 12.37 11.81 12.31 12.13 12.32 12.66 12.22 13.01 13.65 13.23 NAV/Price 12.20 7.38 7.15 -1.86 7.38 1.21 4.11 5.21 -0.63 10.44 9.11 -1.84 Total Return % 5.65 -0.46 2.94 0.17 1.41 0.66 1.46 1.67 -0.64 1.72 1.60 -0.24 +/- Standard Index 5.65 -0.46 2.94 0.17 1.41 0.66 1.46 1.67 -0.64 1.72 1.60 -0.24 +/- Category Index 3 18 44 57 4 8 25 9 57 1 14 —% Rank Cat 1164 1195 1165 1079 1038 1042 985 986 1019 430 415 452 No. of Funds in Cat Portfolio Analysis 03-31-2021 Asset Allocation %Net % Long % Short % Cash -2.57 6.76 9.33 US Stocks 0.00 0.00 0.00 Non-US Stocks 0.00 0.00 0.00 Bonds 101.06 102.42 1.37 Other/Not Clsfd 1.51 1.51 0.00 Total 100.00 110.70 10.70 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM — — — P/C Ratio TTM — — — P/B Ratio TTM — — — Geo Avg Mkt Cap $mil — — — Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity 12.47 Avg Eff Duration 6.95 Avg Wtd Coupon — Avg Wtd Price 104.10 Credit Quality Breakdown 02-28-2021 Bond % AAA 66.22 AA 6.30 A 14.95 BBB 14.08 BB 1.24 B 0.03 Below B 0.07 NR -2.89 Regional Exposure Stocks % Rel Std Index Americas —— Greater Europe —— Greater Asia —— Share Chg since 12-2020 Share Amount Holdings : 0 Total Stocks , 4,754 Total Fixed-Income, 159% Turnover Ratio Net Assets % T 1,135 mil Western Asset Prem Instl Govtt Rsr 5.82 R 648 mil Federal National Mortgage Associat 3.31 4 mil iShares iBoxx $ Invmt Grade Corp B 2.99 T 511 mil United States Treasury Bonds 1.38%2.05 T 376 mil United States Treasury Notes 0.62%1.84 T 436 mil United States Treasury Bonds 1.25%1.70 292 mil United States Treasury Notes 0.25%1.47 258 mil United States Treasury Bonds 2.25%1.28 238 mil United States Treasury Notes 0.5%1.17 R 220 mil United States Treasury Notes 0.75%1.08 R 210 mil Federal National Mortgage Associat 1.08 T 214 mil United States Treasury Bonds 1.62%0.92 R 165 mil Federal National Mortgage Associat 0.87 R 160 mil Government National Mortgage Assoc 0.83 115 mil United States Treasury Bonds 3.12%0.69 Sector Weightings Stocks %Rel Std Index h Cyclical —— r Basic Materials —— t Consumer Cyclical —— y Financial Services —— u Real Estate —— j Sensitive —— i Communication Services —— o Energy —— p Industrials —— a Technology —— k Defensive —— s Consumer Defensive —— d Healthcare —— f Utilities —— Operations Family:Franklin Templeton Investments Manager:Multiple Tenure:14.6 Years Objective:Corporate Bond - General Base Currency: USD Ticker:WATFX ISIN:US9576633054 Minimum Initial Purchase: $1 mil Min Auto Investment Plan: $1 mil Minimum IRA Purchase: $1 mil Purchase Constraints:A Incept:09-04-1990 Type:MF Total Assets:$20,789.41 mil Release date 06-30-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 9 of 19 9 PIMCO Income Instl (USD)Morningstar Analyst RatingTM Œ 05-17-2021 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQQ BBgBarc US Agg Bond TR USD BBgBarc US Universal TR USD US Fund Multisector Bond289 US Fund Multisector Bond Performance 06-30-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 3.03 2.40 -0.11 2.53 8.05 2020 -7.66 6.48 3.01 4.46 5.80 2021 -0.17 2.01 — — 1.84 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 9.59 5.65 5.80 6.97 7.91 Std 06-30-2021 9.59 — 5.80 6.97 7.91 Total Return 9.59 5.65 5.80 6.97 7.91 +/- Std Index 9.92 0.31 2.78 3.58 — +/- Cat Index 8.47 0.01 2.33 3.23 — % Rank Cat 47 48 15 1 No. in Cat 347 289 256 134 Subsidized Unsubsidized 7-day Yield — — 30-day SEC Yield 05-31-21 2.77 2.77 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 888-877-4626 or visit www.pimco.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.50 12b1 Expense %NA Gross Expense Ratio %1.09 Risk and Return Profile 3 Yr 5 Yr 10 Yr 289 funds 256 funds 134 funds Morningstar RatingTM 3Q 5Q 5Q Morningstar Risk -Avg -Avg -Avg Morningstar Return Avg +Avg High 3 Yr 5 Yr 10 Yr Standard Deviation 5.75 4.56 4.20 Mean 5.65 5.80 6.97 Sharpe Ratio 0.77 1.01 1.48 MPT Statistics Standard Index Best Fit Index Morningstar EM Bd GR USD Alpha 2.91 0.55 Beta 0.38 0.63 R-Squared 5.08 87.76 12-Month Yield 4.10% Potential Cap Gains Exp 0.52% 0 0 0 0 0 0 0 0 0 0 0 0 84 94 88 87 72 69 73 68 72 65 57 61 4k 10k 20k 40k 60k 80k 100k Investment Style Fixed-Income Bond % Growth of $10,000 PIMCO Income Instl 24,945 Category Average 17,232 Standard Index 15,280 & & & & & & * & & ) * _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 06-21 History 11.04 10.85 12.36 12.26 12.33 11.73 12.06 12.41 11.81 12.04 12.11 12.09 NAV/Price 20.46 6.36 22.17 4.80 7.18 2.63 8.72 8.60 0.58 8.05 5.80 1.84 Total Return % 13.92 -1.48 17.95 6.83 1.21 2.08 6.07 5.06 0.57 -0.67 -1.71 3.44 +/- Standard Index 13.29 -1.04 16.63 6.15 1.62 2.20 4.81 4.51 0.84 -1.24 -1.78 2.99 +/- Category Index 1 7 1 18 7 3 31 10 18 78 47 —% Rank Cat 268 250 283 308 276 304 299 321 326 302 336 369 No. of Funds in Cat Portfolio Analysis 03-31-2021 Asset Allocation %Net % Long % Short % Cash 11.42 118.84 107.42 US Stocks 0.75 0.75 0.00 Non-US Stocks 2.75 2.75 0.00 Bonds 79.93 199.62 119.69 Other/Not Clsfd 5.15 5.15 0.00 Total 100.00 327.12 227.12 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM 13.6 — 0.82 P/C Ratio TTM 8.8 — 0.70 P/B Ratio TTM 0.9 — 0.57 Geo Avg Mkt Cap $mil 7771 — 0.15 Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity 3.94 Avg Eff Duration 2.50 Avg Wtd Coupon 3.28 Avg Wtd Price 104.99 Credit Quality Breakdown —Bond % AAA — AA — A — BBB — BB — B — Below B — NR — Regional Exposure Stocks % Rel Std Index Americas 22.7 — Greater Europe 6.7 — Greater Asia 70.6 — Share Chg since 12-2020 Share Amount Holdings : 15 Total Stocks , 7,108 Total Fixed-Income, 396% Turnover Ratio Net Assets % R 151,108 10 Year Treasury Note Future June -14.65 R 6,887 mil Federal National Mortgage Associat 5.22 R 6,873 mil Federal National Mortgage Associat 5.07 R 4,285 mil Federal National Mortgage Associat 3.31 Y 451 mil Pimco Fds 3.29 R 19,019 FTSE Bursa Malaysia KLCI Future Ju 2.47 R 16,810 Fin Fut Us Ultra 30yr Cbt 06/21/21 -2.26 R 17,279 US Treasury Bond Future June 21 -1.98 Y 2,152 mil CSMC TRUST 3.30155%1.69 R 1,637 mil Durham Mortgages A PLC 0.84887%1.68 R 2,063 mil Federal National Mortgage Associat 1.57 R 1,929 mil Federal National Mortgage Associat -1.42 R 11 mil Secretaria Tesouro Nacional 0%1.38 T 1,611 mil United States Treasury Notes 0.25%1.31 R 1,723 mil Federal National Mortgage Associat 1.31 Sector Weightings Stocks %Rel Std Index h Cyclical 52.6 — r Basic Materials 8.2 — t Consumer Cyclical 4.3 — y Financial Services 32.4 — u Real Estate 7.7 — j Sensitive 24.1 — i Communication Services 18.4 — o Energy 3.2 — p Industrials 2.6 — a Technology 0.0 — k Defensive 23.3 — s Consumer Defensive 9.2 — d Healthcare 6.9 — f Utilities 7.3 — Operations Family:PIMCO Manager:Multiple Tenure:14.3 Years Objective:Multisector Bond Base Currency:USD Ticker:PIMIX ISIN:US72201F4900 Minimum Initial Purchase: $1 mil Purchase Constraints:A Incept:03-30-2007 Type:MF Total Assets:$138,896.29 mil Release date 06-30-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 7 of 19 10 PIMCO Diversified Inc Instl (USD) Morningstar Analyst RatingTM Œ 06-11-2021 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ BBgBarc US Agg Bond TR USD BBgBarc US Universal TR USD US Fund Multisector Bond289 US Fund Multisector Bond Performance 06-30-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 5.82 3.59 1.20 1.67 12.78 2020 -7.53 7.19 2.71 4.49 6.37 2021 -2.53 2.77 — — 0.18 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 7.51 6.46 5.90 5.48 6.87 Std 06-30-2021 7.51 — 5.90 5.48 6.87 Total Return 7.51 6.46 5.90 5.48 6.87 +/- Std Index 7.85 1.11 2.88 2.08 — +/- Cat Index 6.40 0.81 2.42 1.73 — % Rank Cat 68 24 14 15 No. in Cat 347 289 256 134 Subsidized Unsubsidized 7-day Yield — — 30-day SEC Yield 05-31-21 2.29 2.29 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 888-877-4626 or visit www.pimco.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.75 12b1 Expense %NA Gross Expense Ratio %0.79 Risk and Return Profile 3 Yr 5 Yr 10 Yr 289 funds 256 funds 134 funds Morningstar RatingTM 4Q 5Q 4Q Morningstar Risk Avg Avg Avg Morningstar Return +Avg +Avg +Avg 3 Yr 5 Yr 10 Yr Standard Deviation 6.95 5.71 5.61 Mean 6.46 5.90 5.48 Sharpe Ratio 0.76 0.84 0.87 MPT Statistics Standard Index Best Fit Index Morningstar EM Bd GR USD Alpha 1.68 0.40 Beta 0.89 0.79 R-Squared 19.21 95.59 12-Month Yield 3.51% Potential Cap Gains Exp 0.17% 0 0 0 0 0 0 0 0 0 0 0 0 70 57 85 87 75 83 89 85 88 87 84 83 4k 10k 20k 40k 60k 80k 100k Investment Style Fixed-Income Bond % Growth of $10,000 PIMCO Diversified Inc Instl 20,295 Category Average 17,232 Standard Index 15,280 & * & ) ( & & & * & * _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 06-21 History 11.44 11.27 12.24 11.49 10.67 10.04 10.56 10.95 10.38 11.15 11.42 11.25 NAV/Price 14.26 4.42 14.98 -0.91 2.96 1.26 10.56 8.85 -0.99 12.78 6.37 0.18 Total Return % 7.72 -3.42 10.76 1.12 -3.00 0.71 7.91 5.31 -1.00 4.06 -1.13 1.78 +/- Standard Index 7.10 -2.98 9.44 0.44 -2.60 0.83 6.65 4.76 -0.73 3.49 -1.20 1.33 +/- Category Index 16 32 12 82 64 13 16 9 35 11 39 —% Rank Cat 268 250 283 308 276 304 299 321 326 302 336 369 No. of Funds in Cat Portfolio Analysis 03-31-2021 Asset Allocation %Net % Long % Short % Cash -17.28 19.32 36.61 US Stocks 0.08 0.08 0.00 Non-US Stocks 0.29 0.29 0.00 Bonds 111.44 119.53 8.09 Other/Not Clsfd 5.48 5.48 0.00 Total 100.00 144.70 44.70 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM 8.0 — 0.48 P/C Ratio TTM — — — P/B Ratio TTM 0.4 — 0.23 Geo Avg Mkt Cap $mil 5316 — 0.10 Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity 9.35 Avg Eff Duration 5.81 Avg Wtd Coupon 4.28 Avg Wtd Price 106.20 Credit Quality Breakdown —Bond % AAA — AA — A — BBB — BB — B — Below B — NR — Regional Exposure Stocks % Rel Std Index Americas 35.3 — Greater Europe 22.6 — Greater Asia 42.1 — Share Chg since 12-2020 Share Amount Holdings : 12 Total Stocks , 2,139 Total Fixed-Income, 110% Turnover Ratio Net Assets % T 47 mil Pimco Fds 8.74 R 118 mil Federal National Mortgage Associat 2.36 R 516 Euro Bund Future June 21 1.97 87 mil United States Treasury Notes 2.25%1.75 78 mil United States Treasury Notes 2.875% 1.62 75 mil United States Treasury Notes 3.125% 1.59 R 77 mil Federal National Mortgage Associat 1.46 R 322 Euro Bobl Future June 21 0.97 43 mil United States Treasury Notes 2%0.85 2 mil At&T Mobility II LLC 7%0.80 35 mil United States Treasury Notes 2.875% 0.71 34 mil United States Treasury Notes 2.125% 0.68 R 33 mil Federal National Mortgage Associat 0.67 31 mil United States Treasury Bonds 3.125% 0.66 31 mil United States Treasury Notes 2.625% 0.63 Sector Weightings Stocks %Rel Std Index h Cyclical 59.3 — r Basic Materials 5.9 — t Consumer Cyclical 5.9 — y Financial Services 47.5 — u Real Estate 0.0 — j Sensitive 23.8 — i Communication Services 19.6 — o Energy 2.3 — p Industrials 1.9 — a Technology 0.0 — k Defensive 16.9 — s Consumer Defensive 6.6 — d Healthcare 5.0 — f Utilities 5.3 — Operations Family:PIMCO Manager:Multiple Tenure:5.3 Years Objective:Income Base Currency:USD Ticker:PDIIX ISIN:US6933918806 Minimum Initial Purchase: $1 mil Purchase Constraints:A Incept:07-31-2003 Type:MF Total Assets:$5,330.71 mil Release date 06-30-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 5 of 19 11 PIMCO High Yield Instl (USD) Morningstar Analyst RatingTM „ 06-02-2021 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ BBgBarc US Agg Bond TR USD ICE BofA US High Yield TR USD US Fund High Yield Bond634 US Fund High Yield Bond Performance 06-30-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 7.45 2.81 1.51 2.50 14.93 2020 -11.04 7.99 3.99 5.45 5.34 2021 0.06 2.48 — — 2.54 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 12.44 6.89 6.59 5.99 7.52 Std 06-30-2021 12.44 — 6.59 5.99 7.52 Total Return 12.44 6.89 6.59 5.99 7.52 +/- Std Index 12.77 1.54 3.56 2.59 — +/- Cat Index -3.18 -0.26 -0.71 -0.51 — % Rank Cat 76 34 40 29 No. in Cat 683 634 556 361 Subsidized Unsubsidized 7-day Yield — — 30-day SEC Yield 05-31-21 3.03 3.03 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 888-877-4626 or visit www.pimco.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.55 12b1 Expense %NA Gross Expense Ratio %0.57 Risk and Return Profile 3 Yr 5 Yr 10 Yr 634 funds 556 funds 361 funds Morningstar RatingTM 4Q 3Q 4Q Morningstar Risk -Avg -Avg -Avg Morningstar Return Avg Avg +Avg 3 Yr 5 Yr 10 Yr Standard Deviation 8.29 6.66 6.44 Mean 6.89 6.59 5.99 Sharpe Ratio 0.70 0.82 0.84 MPT Statistics Standard Index Best Fit Index Morningstar US HY Bd TR USD Alpha 3.38 0.23 Beta 0.60 0.87 R-Squared 6.01 98.89 12-Month Yield 4.37% Potential Cap Gains Exp 4.13% 0 0 0 0 0 0 0 0 0 0 0 0 76 76 82 84 87 89 87 82 85 87 80 86 4k 10k 20k 40k 60k 80k 100k Investment Style Fixed-Income Bond % Growth of $10,000 PIMCO High Yield Instl 21,308 Category Average 19,925 Standard Index 15,280 * * ( ( & & ( * * & * _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 06-21 History 9.30 8.98 9.64 9.61 9.14 8.26 8.81 8.96 8.28 9.04 9.08 9.11 NAV/Price 14.24 4.00 14.55 5.77 3.31 -1.85 12.70 7.01 -2.49 14.93 5.34 2.54 Total Return % 7.70 -3.84 10.34 7.80 -2.66 -2.40 10.05 3.47 -2.50 6.22 -2.17 4.15 +/- Standard Index -0.95 -0.38 -1.03 -1.65 0.81 2.79 -4.79 -0.48 -0.22 0.52 -0.83 -1.16 +/- Category Index 45 38 52 68 13 22 61 39 44 22 48 —% Rank Cat 574 573 598 662 731 769 707 699 695 711 676 695 No. of Funds in Cat Portfolio Analysis 03-31-2021 Asset Allocation %Net % Long % Short % Cash -3.28 8.63 11.91 US Stocks 0.22 0.22 0.00 Non-US Stocks 0.09 0.09 0.00 Bonds 95.91 95.91 0.00 Other/Not Clsfd 7.07 7.07 0.00 Total 100.00 111.91 11.91 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM — — — P/C Ratio TTM — — — P/B Ratio TTM — — — Geo Avg Mkt Cap $mil — — — Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity 5.62 Avg Eff Duration 3.72 Avg Wtd Coupon 5.41 Avg Wtd Price 104.76 Credit Quality Breakdown —Bond % AAA — AA — A — BBB — BB — B — Below B — NR — Regional Exposure Stocks % Rel Std Index Americas 100.0 — Greater Europe 0.0 — Greater Asia 0.0 — Share Chg since 12-2020 Share Amount Holdings : 4 Total Stocks , 950 Total Fixed-Income, 29% Turnover Ratio Net Assets % Y 76 mil Pimco Fds 6.70 R 375 mil TRS IBOXHY/3ML INDX 06/21/21 BRC 3.43 R 65 mil TRS IBOXHY/3ML INDX 06/21/21 BRC 0.58 R 60 mil Sotera Health Hldgs Llc Tl 1l Usd 0.54 Y 50 mil United States Treasury Notes 2.625% 0.48 T 45 mil Kraft Heinz Foods Company 5.2%0.47 45 mil T-Mobile US, Inc. 7.875%0.46 T 52 mil Occidental Petroleum Corporation 1 0.46 49 mil CD&R Waterworks Merger Sub LLC 6.1 0.45 41 mil Beacon Roofing Supply, Inc. 4.875%0.37 36 mil Kraft Foods Group Inc. 5%0.37 R 40 mil Parexel Intl Corp (West Street) In 0.35 T 37 mil Cornerstone Building Brands Inc 8%0.34 25 mil Sprint Capital Corporation 8.75%0.33 33 mil Lloyds Banking Group plc 7.5%0.33 Sector Weightings Stocks %Rel Std Index h Cyclical —— r Basic Materials —— t Consumer Cyclical —— y Financial Services —— u Real Estate —— j Sensitive —— i Communication Services —— o Energy —— p Industrials —— a Technology —— k Defensive —— s Consumer Defensive —— d Healthcare —— f Utilities —— Operations Family:PIMCO Manager:Multiple Tenure:11.5 Years Objective:Corporate Bond - High Yield Base Currency:USD Ticker:PHIYX ISIN:US6933908419 Minimum Initial Purchase: $1 mil Purchase Constraints:A Incept:12-15-1992 Type:MF Total Assets:$10,755.29 mil Release date 06-30-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 6 of 19 12 PIMCO Investment Grade Credit Bond Instl (USD) Morningstar Analyst RatingTM „ 09-23-2020 Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ BBgBarc US Agg Bond TR USD BBgBarc US Corp Bond TR USD US Fund Corporate Bond194 US Fund Corporate Bond Performance 06-30-2021 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2019 5.51 4.16 2.97 1.37 14.72 2020 -6.03 8.59 2.03 3.26 7.50 2021 -4.28 3.40 — — -1.03 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly 4.27 7.13 5.16 5.73 7.31 Std 06-30-2021 4.27 — 5.16 5.73 7.31 Total Return 4.27 7.13 5.16 5.73 7.31 +/- Std Index 4.60 1.78 2.13 2.33 — +/- Cat Index 0.96 -0.67 0.25 0.56 — % Rank Cat 39 72 34 12 No. in Cat 209 194 136 91 Subsidized Unsubsidized 7-day Yield — — 30-day SEC Yield 05-31-21 2.27 2.27 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 888-877-4626 or visit www.pimco.com. Fees and Expenses Sales Charges Front-End Load %NA Deferred Load %NA Fund Expenses Management Fees %0.50 12b1 Expense %NA Gross Expense Ratio %0.85 Risk and Return Profile 3 Yr 5 Yr 10 Yr 194 funds 136 funds 91 funds Morningstar RatingTM 2Q 4Q 4Q Morningstar Risk Avg Avg +Avg Morningstar Return -Avg Avg +Avg 3 Yr 5 Yr 10 Yr Standard Deviation 7.50 6.20 5.49 Mean 7.13 5.16 5.73 Sharpe Ratio 0.80 0.66 0.93 MPT Statistics Standard Index Best Fit Index Morningstar US Corp Bd TR Hdg USD Alpha 0.02 -0.75 Beta 1.47 1.04 R-Squared 44.86 96.96 12-Month Yield 3.33% Potential Cap Gains Exp 2.40% 0 0 0 0 0 0 0 0 0 0 0 0 71 68 92 92 85 92 80 83 88 89 91 91 4k 10k 20k 40k 60k 80k 100k Investment Style Fixed-Income Bond % Growth of $10,000 PIMCO Investment Grade Credit Bond Instl 20,333 Category Average 18,394 Standard Index 15,280 & * & ( & & * & * * ) _Performance Quartile (within category) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 06-21 History 10.48 10.35 11.12 10.24 10.55 9.92 10.21 10.54 9.91 10.92 11.29 10.99 NAV/Price 11.72 6.86 14.99 -1.69 8.76 0.28 6.99 7.95 -2.02 14.72 7.50 -1.03 Total Return % 5.18 -0.98 10.78 0.33 2.80 -0.27 4.34 4.41 -2.03 6.01 0.00 0.58 +/- Standard Index 2.72 -1.28 5.18 -0.16 1.30 0.96 0.88 1.53 0.49 0.19 -2.38 0.24 +/- Category Index 11 45 8 74 10 13 39 14 37 28 83 —% Rank Cat 104 127 134 145 169 177 199 227 250 217 206 220 No. of Funds in Cat Portfolio Analysis 03-31-2021 Asset Allocation %Net % Long % Short % Cash -51.29 9.49 60.78 US Stocks 0.05 0.05 0.00 Non-US Stocks 0.22 0.22 0.00 Bonds 144.87 167.84 22.97 Other/Not Clsfd 6.15 6.15 0.00 Total 100.00 183.74 83.74 Equity Style Value Blend Growth LargeMidSmallPortfolio Statistics Port Avg Rel Index Rel Cat P/E Ratio TTM 4.6 — — P/C Ratio TTM — — — P/B Ratio TTM 0.1 — — Geo Avg Mkt Cap $mil 3000 — — Fixed-Income Style Ltd Mod Ext HighMedLowAvg Eff Maturity 11.91 Avg Eff Duration 7.86 Avg Wtd Coupon 3.65 Avg Wtd Price 103.69 Credit Quality Breakdown —Bond % AAA — AA — A — BBB — BB — B — Below B — NR — Regional Exposure Stocks % Rel Std Index Americas 18.9 — Greater Europe 81.1 — Greater Asia 0.0 — Share Chg since 12-2020 Share Amount Holdings : 10 Total Stocks , 2,034 Total Fixed-Income, 173% Turnover Ratio Net Assets % 416 mil United States Treasury Notes 0.875% 2.02 R 321 mil Federal National Mortgage Associat 1.81 Y 330 mil United States Treasury Notes 1.5%1.72 R 277 mil Federal National Mortgage Associat 1.54 R 273 mil Federal National Mortgage Associat 1.52 Y 261 mil United States Treasury Bonds 2.875% 1.50 238 mil United States Treasury Bonds 3%1.40 313 mil United States Treasury Bonds 1.375% 1.40 R 283 mil United States Treasury Bonds 1.875% 1.38 231 mil United States Treasury Notes 3.125% 1.36 R 210 mil United States Treasury Notes 1.125% 1.04 151 mil United States Treasury Bonds 3.375% 0.94 196 mil United States Treasury Bonds 2%0.94 6 mil At&T Mobility II LLC 7%0.90 163 mil United States Treasury Bonds 2.375% 0.85 Sector Weightings Stocks %Rel Std Index h Cyclical 100.0 — r Basic Materials 2.3 — t Consumer Cyclical 0.0 — y Financial Services 86.2 — u Real Estate 11.5 — j Sensitive 0.0 — i Communication Services 0.0 — o Energy 0.0 — p Industrials 0.0 — a Technology 0.0 — k Defensive 0.0 — s Consumer Defensive 0.0 — d Healthcare 0.0 — f Utilities 0.0 — Operations Family:PIMCO Manager:Multiple Tenure:18.7 Years Objective:Corporate Bond - General Base Currency:USD Ticker:PIGIX ISIN:US7220058165 Minimum Initial Purchase: $1 mil Purchase Constraints:A Incept:04-28-2000 Type:MF Total Assets:$18,891.29 mil Release date 06-30-2021 ©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß® Page 8 of 19 13