REALPATH® Blend 2025 Fund

PPZAX

Updated July 10, 2020

Objective

The Fund seeks to maximize total return, consistent with prudent investment management.

Primary Portfolio

Access to PIMCO-managed mutual funds, PIMCO Exchange-Traded Funds and unaffiliated funds

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Overview

Fund Overview

A risk-managed approach to retirement investing

A suite of target-date funds that uses a blend of active and passive portfoliomanagement which seeks to capture global growth opportunities, maintain purchasing power andguard against the market shocks that can derail retirement savings.

Why Invest In This Fund

Seeks to build and support purchasing power

REALPATH® Blend funds aim to build purchasing power byinvesting across an exceptionally broad range of asset classes and protect purchasing power by investing ininflation-related investments, such as TIPS. The funds generally combine a passive, index-based approachto equities with an actively-managed approach to other investments.

Manage risk

REALPATH® Blend funds take a measured approach to equity risk exposure, emphasizingcapital preservation and carefully managing risk allocations over the entire course of an investor’s life -especially near retirement.

Seeks to guard against shocks

In addition to taking a broadly diversified approach, REALPATH® funds employhedging strategies specifically designed to curb the effects of severe market stress on a retirementportfolio. If left unchecked, the losses caused by market setbacks can be devastating, especially in theyears directly before retirement.

PRIMARY BENCHMARK

S&P Target Date 2025 Index

PRIMARY BENCHMARK DESCRIPTION

The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

DIVIDEND FREQUENCY

Quarterly

SHARE CLASS INCEPTION

12/31/2014

CUSIP

72202L702

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