PIMCO Investments LLC*

PIMCO Investments LLC (“PI”) is a limited purpose 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 serve as the distributor and principal underwriter of 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 (“offshore funds”), and collective investment trusts (collectively, “PIMCO Funds”).  We primarily offer PIMCO Funds, but also offer third-party private funds that invest substantially all of their assets in PIMCO private funds (“Access Funds”).  We may recommend PIMCO Funds and Access Funds to you, but you make the ultimate decision whether to follow the recommendation.  We do not have discretion over your investments, and we do not monitor your investments.  We do not accept or process orders, maintain customer accounts, or custody or safe-keep shareholder funds or securities.  Any customer relationship we have with you is temporary in nature and limited to the making of a recommendation.  We do not have a customer relationship with you solely because we distribute the PIMCO Funds, offer the Access Funds, or act as broker of record for fund shares you own.  Financial professionals market, and may recommend, PIMCO separately managed accounts (“SMAs”) or model portfolios as supervised persons of PIMCO.  Each fund has its own investment minimums, as disclosed in the fund’s prospectus or other offering document.  A complete 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. 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 purchase or redeem interests in funds, depending on the fund and share class, you may pay sales charges that are paid to us and shared with any third-party financial intermediary through which you purchase 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 purchased.  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 purchase and redeem 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 the 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 overall 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.  If you would like additional information or to request a copy of this document, call us at (949) 720-6000.  The Form CRS 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?
* Statements in this summary (including our obligation to act in your best interest when making a securities recommendation) (i) are required by SEC Form CRS, summary in nature and limited in substance and size by SEC Form CRS; (ii) relate only to our obligations under SEC Regulation Best Interest, (iii) do not create or modify any agreement, relationship or obligation between you and us or our financial professionals; and (iv) are subject to the more complete terms and conditions of our other disclosures.