PIMCO Investments LLC

Customer Relationship Summary

March 3, 2021

PIMCO Investments LLC (“PI”) is a broker-dealer registered with the Securities and Exchange Commission (“SEC”) and member of the Financial Industry Regulatory Authority, Inc. (“FINRA”).  Brokerage and investment advisory services and fees differ.  It is important for you to understand those differences.  Free and simple tools are available to research firms and financial professionals at Investor.gov/CRS, which also provides educational materials about broker-dealers, investment advisers, and investing.

What investment services and advice can you provide me?

We offer brokerage services to retail investors, but generally only those we view as “high net worth.”  We primarily offer investment funds managed by our parent company, Pacific Investment Management Company LLC, and its investment adviser affiliates (“PIMCO”), including mutual funds, exchange-traded funds, closed-end funds, interval funds, private funds, funds offered to non-US investors, and collective investment trusts (collectively, “PIMCO Funds”).  We also offer third-party private funds that invest substantially all of their assets in PIMCO private funds (“Access Funds”).  From time to time, we may recommend PIMCO Funds and Access Funds directly to you, but you decide whether to follow the recommendation.  Each fund has its own investment minimums, as described in the fund’s prospectus or other offering document.  A list of publicly offered PIMCO Funds, including prospectuses and other disclosures, is available on PIMCO’s website at  https://www.pimco.com/en-us/resources/explorer.

We do not monitor or have discretion over your investments. We do not accept or process orders, maintain customer accounts, or hold shareholder funds or securities. Any customer relationship we have with you, and any obligation we have to act in your best interest, is temporary in nature and limited to the making of a recommendation. We do not have a customer relationship with you solely by virtue of offering the PIMCO Funds and Access Funds, or acting as broker of record for fund shares you own. Our financial professionals, acting in an investment advisory capacity for PIMCO, may also recommend advisory strategies via separately managed accounts (“SMAs”) or model portfolios.You may find additional information in our Regulation Best Interest Disclosures.

Conversation Starters. Ask your financial professional—

  • Given my financial situation, should I choose a brokerage service?  Why or why not?
  • How will you choose investments to recommend to me?
  • What is your relevant experience, including your licenses, education and other qualifications? What do these qualifications mean?

What fees will I pay?

When you buy or sell interests in funds, depending on the fund and share class, you may pay us sales charges.  We may share sales charges with any third-party firm through which you buy the interests.  You will also bear a proportionate share of a fund’s expenses, such as investment management, supervision, and administrative fees that are paid to the fund’s adviser, including PIMCO, and distribution and/or service fees (“12b-1 fees”) that will be paid to us or PIMCO.  Sales charges and 12b-1 fees differ depending on the fund and share class bought.  We have incentives to (i) recommend funds that have higher sales charges and 12b-1 fees and that pay higher investment management fees to PIMCO, and (ii) encourage you to buy and sell funds more frequently because, depending on the fund and share class chosen, you will pay greater amounts of sales charges.  

You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees and costs you are paying. You may find additional information in our Regulation Best Interest Disclosures.

Conversation Starters. Ask your financial professional—

  • Help me understand how these fees and costs might affect my investments.  If I give you $10,000 to invest, how much will go to fees and costs, and how much will be invested for me?

What are your legal obligations to me when providing recommendations? How else does your firm make money and what conflicts of interest do you have?

When we provide you with a recommendation, we have to act in your best interest and not put our interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests. You should understand and ask us about these conflicts because they can affect the recommendations we provide you. Here are some examples to help you understand what this means.

PIMCO Funds. PIMCO receives management, supervision, and administrative fees for sponsoring and managing PIMCO Funds.  We have an incentive to recommend PIMCO Funds (and share classes) and Access Funds for which we and/or PIMCO receive greater compensation and to recommend new PIMCO Funds and Access Funds to increase assets in the new funds.  We and our financial professionals have an incentive to promote PIMCO SMAs and model portfolios for which PIMCO receives compensation.

Third-Party Payments and Other Benefits. PI receives compensation and other benefits from PIMCO for marketing and related services PI provides to PIMCO and certain PIMCO Funds and Access Funds.

Conversation Starters. Ask your financial professional—

  • How might your conflicts of interest affect me, and how will you address them?

You may find additional information in our Regulation Best Interest Disclosures.

How do your financial professionals make money?

Financial professionals who may make recommendations to retail investors receive a salary and can earn annual discretionary bonuses based on various factors, such as their contributions to, and the overall profitability of, us and PIMCO. This creates an incentive for financial professionals to recommend products for which we and/or PIMCO receive greater compensation.

Do you or your financial professionals have legal or disciplinary history?

Yes.  Visit Investor.gov/CRS for a free and simple search tool to research us and our financial professionals.

Conversation Starters. Ask your financial professional—

  • As a financial professional, do you have any disciplinary history? For what type of conduct?

You may find additional information in our Regulation Best Interest Disclosures and any agreement that governs your relationship with us. This additional information is important because the information in this Relationship Summary is summary in nature, is limited in substance and size by SEC Form CRS, and relates only to our obligations under SEC Regulation Best Interest. If you would like additional information or to request a copy of this Relationship Summary, call us at (949) 720-6000. Relationship Summaries for PIMCO and Gurtin Municipal Bond Management are available at https://www.pimco.com/en-us/general/legal-pages/pimco-llc-crs and https://www.gurtin.com/Form-CRS.

Conversation Starters. Ask your financial professional—

  • Who is my primary contact person? Is he or she a representative of an investment adviser or a broker-dealer? Who can I talk to if I have concerns about how this person is treating me?
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