The Top Client Questions About the U.S.

A year ago, former U.K. Prime Minister Gordon Brown warned that the world was becoming more fragmented, more multipolar, and increasingly shaped by power rather than rules. One year on, where does he think we stand? In this episode of Fixing Your Interest, Gordon, Chair of PIMCO’s Global Advisory Board, rejoins Andrew Balls, PIMCO’s CIO of Global Fixed Income, to explore why politics is increasingly driving economics and what that means for investors. From conflict in the Middle East and Ukraine to U.S.-China competition, AI and Europe’s political future, they discuss the forces reshaping the global order and the implications for policy, growth, and markets. From This Episode: Gordon and Andrew discuss how the geopolitical shifts they identified a year ago have intensified, even as the global economy has continued to grow. Gordon explains why he sees a world moving from a unipolar to a multipolar order, with protectionism on the rise and power increasingly taking precedence over established rules. They examine the conflicts in the Middle East and Ukraine, the increasingly complex U.S.-China relationship and the prospect of competing technology and trade systems. They also explore AI as both an economic force and a source of growing political pressure, including the debate over regulation and Europe’s role in the technology race. The conversation then turns to Europe, where elections, populist movements, defence spending and fiscal pressures could shape the political landscape. Closer to home, Gordon considers the U.K.’s challenge of raising growth and productivity, as well as the potential for closer economic cooperation with Europe. Key topics include: Why politics is increasingly driving economics, and the shift from a unipolar to a multipolar world The outlook for conflict in the Middle East and the implications for energy and markets U.S.-China relations and the prospect of competing technology and trade systems The global AI race and whether Europe can carve out a meaningful role Russia, Ukraine and the possibility of a ceasefire or prolonged frozen conflict Europe’s changing political landscape, rising defence spending and fiscal pressures France’s political and fiscal challenges The U.K.’s growth and productivity challenge and the prospects for closer cooperation with Europe The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

What’s on investors’ minds when it comes to the U.S.? In this episode of Fixing Your Interest, PIMCO Vice Chair John Studzinski is joined by Libby Cantrill, PIMCO’s Head of Public Policy, to tackle the questions they hear most often from clients. Recorded just ahead of the U.S. midterm elections, they explore voter sentiment and the economy, Washington’s fiscal challenges, the growing politics of AI, U.S.-China relations and what investors should be watching as 2028 approaches. From This Episode John Studzinski and Libby Cantrill discuss how Americans are feeling about the economy and why affordability remains a source of frustration even as the U.S. economy has proved resilient. Libby Cantrill looks at the importance of gas, groceries, housing and health care to voter sentiment, while also considering what the midterm elections could mean for the balance of power in Washington. They examine the U.S. fiscal outlook and why entitlement spending sits at the heart of the longer-term deficit debate. The conversation also explores the increasingly political dimensions of AI and the implications for policy, alongside the Federal Reserve and the evolving relationship between the U.S. and China.   Looking further ahead, John Studzinski and Libby Cantrill consider which political, economic and geopolitical signals investors should pay attention to, and what they should and shouldn’t read into the early positioning ahead of the 2028 presidential election. Key topics include: President Trump’s endgame in Iran and the most likely paths from here How Americans are feeling about the economy and the administration, and the issues that matter most to voters heading into the midterms Whether the U.S. is headed for a midterm wave election and what different outcomes could mean for markets and policy [ Washington’s fiscal outlook, including concerns around deficits and U.S. fiscal sustainability The Federal Reserve under Chair Warsh Why AI has become a political flashpoint and what that could mean for regulation and policy  How investors should think about the U.S.-China relationship, including the key areas of cooperation and tension The political, economic and geopolitical themes investors should be watching for 2028 and beyond The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

Who owns the aircraft you fly on? Most passengers never think about it. Yet more than half of the world's commercial aircraft are leased rather than owned by the airlines that operate them, making aviation finance an increasingly important part of the asset-based finance universe. In this episode of Fixing Your Interest, PIMCO's Kris Kraus is joined by Greg Conlon, CEO of High Ridge Aviation, to explore how aviation finance works, what's driving the opportunity today, and why investors are paying growing attention to the sector. Together, they discuss the rise of aircraft leasing, the forces reshaping airline financing, and the role aviation can play within broader private credit allocations. From This Episode Kris and Greg explain how airlines access the aircraft they need to grow, why leasing has become a dominant source of financing, and what makes aviation a distinctive segment of private markets. They discuss how aviation finance combines contractual cash flows with hard-asset backing, the supply and demand dynamics shaping the market today, and why investors are paying closer attention to asset-based finance as they seek diversification beyond traditional corporate lending. The conversation also covers the long-term growth in global air travel, aircraft supply constraints, the importance of specialist underwriting, and how investors evaluate both the opportunities and risks associated with aviation finance. Key topics include: How aviation finance works and why aircraft leasing has grown over the past two decades Why more than half of the world's commercial aircraft are now leased The role of aviation finance within the broader asset-based finance universe How contractual lease payments can generate income backed by tangible assets Why airlines increasingly rely on leasing to fund fleet growth The supply and demand dynamics shaping the aviation market today How aircraft differ from traditional corporate credit exposures The diversification benefits aviation finance may offer within investor portfolios Why specialist asset management and underwriting expertise are critical in aviation investing How investors assess opportunities and risks in one of private markets' most global asset classes This conversation offers a practical introduction to aviation finance and the growing role asset-based finance plays in supporting the real economy. The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

In a world of constant headlines, how can investors separate signal from noise? In this episode of Fixing Your Interest, Marc Seidner, PIMCO's CIO of Non-Traditional Strategies, joins Tina Adatia to discuss the forces shaping markets today, from geopolitical uncertainty and changing central bank dynamics to the outlook for growth and inflation. Together, they explore how investors can focus on the signals that matter and identify opportunities amid market volatility. From This Episode Marc Seidner shares how PIMCO approaches investing when markets are being driven by a relentless stream of economic data, policy developments and geopolitical headlines. He explains why volatility can create opportunity for active investors and outlines the framework he uses to distinguish durable trends from short-term market narratives. The conversation also covers the outlook for duration, the role of bonds as portfolio diversifiers, opportunities in emerging markets, and why Marc believes investors may need to look beyond traditional credit markets in search of value. Key topics include: ·         How investors can separate signal from noise in today's markets ·         The outlook for growth, inflation and global fixed income ·         What geopolitical developments mean for investors ·         How changing Fed communication may create opportunities for active investors ·         Why market volatility can create attractive investment opportunities ·         The case for duration and the potential role of bonds as portfolio diversifiers ·         Why emerging markets are becoming an increasingly attractive source of real yield ·         Where Marc Seidner sees value across government bonds, securitised assets and other areas of fixed income ·         Why investors may need to look beyond traditional credit markets for opportunities ·         How active management can help investors navigate a wider range of potential market outcomes The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

In this episode, Grover Burthey, Portfolio Manager and Vicki Gedge, Credit Research Analyst, discuss how sustainable investing has evolved and what that means for fixed income investors today. From This Episode: The conversation explores the shift from broad ESG frameworks and ratings towards a more pragmatic focus on business resilience, risk management and long-term value creation. Together, they discuss why active research and issuer engagement remain critical tools for investors, how bondholders approach sustainability differently from equity investors, and why understanding where a company is headed may be just as important as assessing where it stands today. They also examine the role of governance, emerging risks and opportunities, and key themes including AI, that are likely to shape the next phase of sustainable investing. Key Topics • The evolution of sustainable investing and the shift towards a more pragmatic approach • Why ESG scores and ratings are only one input into the investment process • The role of forward-looking research, fundamental analysis and issuer engagement in identifying investment opportunities • Why governance and management quality remain critical considerations for credit investors • How bondholders assess sustainability through the lens of risk, resilience and long-term value creation • The themes shaping the next phase of sustainable investing, including physical climate risk and AI. The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

Bond markets have been transformed by a generational reset in yields, creating a very different backdrop for investors than just a few years ago. In this episode of Fixing Your Interest, Mohit Mittal, CIO of Core Strategies at PIMCO, joins economist Peder Beck-Friis to discuss why the opportunity set in fixed income has expanded and what that means for portfolios today. They explore the outlook for inflation, central bank policy and duration, as well as the forces reshaping markets, including geopolitics, AI investment and rising government debt. They also discuss where they see the most compelling opportunities across global fixed income and why diversification and active management may matter more than ever. From This Episode: In this episode, PIMCO economist Peder Beck-Friis is joined by Mohit Mittal, PIMCO’s CIO of Core Strategies. Together, they examine how higher starting yields have changed the investment landscape and why fixed income looks more attractive today than it has in many years. The discussion explores whether inflation is likely to remain above central bank targets, how investors should think about duration and central bank expectations, and the impact of structural trends such as AI, deglobalisation and fiscal policy. The conversation also looks at portfolio construction in an environment characterised by greater uncertainty and dispersion, highlighting opportunities across global bond markets, inflation-linked securities, currencies and other areas of fixed income. Key topics include: Why higher starting yields have reset the opportunity set for fixed income investors How investors should think about duration in today's environment Whether inflation is likely to remain above central bank targets The potential impact of AI investment, energy demand and productivity gains on inflation Why geopolitics and fiscal policy are becoming increasingly important market drivers How central banks may respond to evolving growth and inflation dynamics The case for diversification across global bond markets, sectors and currencies Where Mohit Mittal sees the most compelling opportunities in fixed income today Why active management may be increasingly valuable in a more fragmented world How investors can seek attractive risk-adjusted returns amid a wider range of possible market outcomes The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

Active ETFs are gaining traction, but many misconceptions remain, especially in fixed income. In this episode of Fixing Your Interest, we explore how the ETF market is evolving and delve into active versus passive approaches to the bond market. We look at how ETFs work in practice, what’s driving their wider adoption, and why investors are increasingly looking beyond passive strategies. We also discuss what today’s market backdrop means for fixed income, and how investors can navigate complexity, fragmentation and shifting liquidity dynamics. From This Episode: In this episode, Tina Adatia, Head of Public Strategies EMEA at PIMCO, is joined by Martin Svorc, Portfolio Manager, and Jean Baptiste Faure, ETF Capital Markets Specialist. Together, they unpack how ETFs have evolved from predominantly passive equity tools into more flexible vehicles that can deliver active strategies, particularly in fixed income. The conversation covers how the ETF “wrapper” works, why liquidity in ETFs is often misunderstood, and how structural inefficiencies in bond markets can create opportunities for active managers. The discussion also reflects on the current fixed income environment, including attractive starting yields, global divergence, and the importance of diversification. Key topics include: • What an ETF is and why it should be seen as a wrapper, not a strategy • Why active management matters more in fixed income than equities • Structural inefficiencies in bond markets and how they create opportunities • The role of starting yields and why they look more attractive today • How ETFs can offer liquidity, sometimes even more efficiently than the underlying bonds • How the investor base is evolving, with growing retail adoption • Why diversification and selectivity matter in today’s uncertain environment The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

John Studzinski, PIMCO Vice Chairman, speaks with Libby Cantrill, PIMCO’s head of public policy, to get the view from Washington on the big topics of the moment. Together they explore what might come next in the Iran conflict, as well as its implications for the midterm elections and the US relationship with China. They also look at what lies ahead for the Federal Reserve and its chair-in-waiting Kevin Warsh. From this episode: In this episode, Libby Cantrill, Head of Public Policy at PIMCO, joins PIMCO Vice Chairman John Studzinski to explore the growing overlap between geopolitics, US domestic politics and financial markets. They discuss how the conflict with Iran is reshaping energy markets and supply chains, why elevated oil prices matter for voters as the US midterm elections approach, and how geopolitical shocks can translate into both inflation and growth risks. The conversation also examines what these dynamics mean for monetary policy, including the role of the Fed, the outlook for rate cuts, and how a new Fed chair should be interpreted by markets. Key topics include: • Why geopolitics is once again a major driver of market volatility • The energy shock from Iran and the implications for global supply chains • How gas prices feed into US domestic politics ahead of the midterms • What investors should understand about the Fed, its voting structure and leadership transition • The balance between inflation risks and downside risks to growth • How US-China relations are evolving amid a more distracted global environment Listen in for a discussion of why politics and markets are now deeply intertwined, and why geopolitical volatility may be here to stay as a persistent feature of the investment landscape. The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

Public and private credit markets are evolving fast, reshaping how investors think about risk, return and liquidity. In this episode of Fixing Your Interest, we explore what’s driving today’s credit landscape, where valuations stand, and how investors can navigate growing dispersion across markets. From This Episode In this episode, Lotfi Karoui, Multi Asset Credit Strategist and Co Head of Client Solutions and Analytics at PIMCO, joins Philipp Nowak, Credit Strategist, to unpack the changing dynamics across public and private credit markets. They discuss how starting yield continues to be a powerful anchor for forward returns, why credit valuations look rich by historical standards, and what today’s elevated yield levels mean for potential returns. The conversation also dives into corporate credit fundamentals, highlighting differences between public markets and areas of stress emerging in parts of private credit. Key topics include: • Why yield remains a crucial buffer in today’s credit markets • The relative appeal of credit vs. equities from a valuation perspective • Where investors are truly compensated for liquidity - and where they aren’t • Structural challenges facing private credit and direct lending • How AI is reshaping credit fundamentals • Why selectivity and active management matter more than ever Listen in for a clear framework on how to think about public and private credit in the current environment, which is both more fragmented yet opportunity rich. The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

Today’s episode takes you inside bond markets at a moment of heightened geopolitical uncertainty and shifting macro dynamics. Andrew Balls, CIO of Global Fixed Income, and Christian Stracke, PIMCO President, explore how the current Middle East turbulence is shaping inflation pressures, interest rate expectations and market volatility across developed and emerging economies. They will unpack what’s been driving the recent moves in rates, how central banks may respond, what this environment means for building portfolios, and where active fixed income investors might find opportunities amid the uncertainty. 1. Geopolitics has driven outsized market moves that don’t align with fundamentals 2. Central banks are likely to remain cautious and avoid knee-jerk reactions. 3. In portfolios, careful liquidity management is key, while being on lookout for selective, high-quality opportunities. 4. Existing credit risks and vulnerabilities may be amplified by the economic fallout from recent events, but opportunities will also appear. 5. It’s important to have an active approach, focusing on quality and diversification across developed and emerging markets. Discover how PIMCO is navigating the current investment landscape. The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures