This section of the brochure tells you about our business, including ownership, and a description of the services we offer. Pacific Portfolio Consulting, LLC is referred to in this document as “Pacific Portfolio”, “the Company”, “us”, “we”, or “our”. In this document we refer to current and prospective clients of Pacific Portfolio as “you”, “client”, or “your”. Pacific Portfolio was created in 1992 and is wholly-owned by Pacific Wealth Advisors, LLC. Pacific Wealth Advisors, LLC is an investment joint venture between several different individuals, partnerships, and corporations, none of whom own more than 25% of Pacific Wealth Advisors, LLC. Pacific Wealth Advisors, LLC also owns Pacific Portfolio Trust Company. Since its founding in 1992, Pacific Portfolio has solely operated as an independent, fee-only investment advisory practice, providing financial planning, investment advisory and reporting services for our clients including individuals, trusts, foundations, charitable organizations, and corporations. We also advise a variety of retirement plans sponsored by employers representing several different industries. Types of Advisory Services Wealth Management Advisory Services We provide wealth management advisory services to clients with managed accounts over $2 million in assets. These services may include:  Financial planning and analysis  Overview of estate planning possibilities  Investment planning  Discretionary investment management  Non-discretionary investment advisory and consulting services  Performance reporting These services are available to all wealth management clients but not all clients will receive or need all services. Services will be provided as requested by clients. Investment Planning We will develop your investment plan through a series of interviews and personal discussions. Our firm provides initial and ongoing advice regarding investment of client funds. In our data gathering process we determine our client’s goals, objectives, time horizon, risk tolerance and liquidity needs. We will also discuss client’s preferences between return and risk characteristics and may review other factors that may influence client behavior. We use this information to develop a written investment policy statement and manage the portfolio based on the contents of that statement. Discretionary Wealth Management Services for Individuals When retained on a discretionary basis, Pacific Portfolio will help you develop your return objective and risk tolerance by combining goals, objectives, and preferences regarding return and risk with an asset allocation optimization model. Once you have selected a return and risk objective, we will take full discretion over your account and have authority to determine investment policy and asset allocation targets that are consistent with your chosen return and risk tolerance. Pacific Portfolio will select individual bonds for laddered portfolios, managers for each asset classes, or if retained to select securities under our asset management offering, publicly-traded securities (or exchange traded funds where individual stocks lack sufficient liquidity or representation of a specific region or market). Pacific Portfolio has full discretion to choose the broker dealer or custodian to be used and will provide all instructions and place trades on your accounts. The Pacific Portfolio Investment Committee will review asset allocation strategies and monitor performance of each manager against criteria established by Pacific Portfolio. When we deem appropriate, changes will be made to the asset strategy, laddered bond portfolios, and managers previously selected. Changes will be made in accordance with your stated return and risk profile and this profile will not be changed without your consent. We regularly inquire about, and you are responsible for providing, information about your investment goals, time horizon, and risk tolerance. You may place reasonable restrictions on the asset classes and types of investments that may be recommended by Pacific Portfolio in a non-discretionary portfolio or used in a discretionary portfolio. You must provide these restrictions to us in writing. Non-Discretionary Wealth Management Services for Individuals Pacific Portfolio provides non-discretionary, comprehensive investment advisory and consulting services for individual clients (“Wealth Management Services”) who are interested in determining their personal return and risk tolerance by combining goals, objectives, and preferences regarding return and risk with an asset allocation optimization model. Wealth Management Services clients normally receive a written Investment Policy Statement. Based upon the analysis and resulting Investment Policy Statement, Pacific Portfolio will recommend managers within various asset classes. These managers may be accessed through various types of vehicles such as mutual funds, ETFs, separate account managers, or other securities. We may also implement and maintain a laddered (buy and hold) investment strategy for some or all of your bond allocation. In some cases we may purchase a fixed income security for your account based on agreed upon general characteristics of a desired security without your specific pre- approval of that exact security. Once you have approved the appropriate portfolio we will coordinate implementation between the broker-dealer or custodian, and the managers you have chosen. Pacific Portfolio will monitor the performance of your portfolio as well as each manager we recommend and you select. When appropriate, subsequent modifications to your asset allocation, laddered bond portfolios, or specific managers will be recommended by Pacific Portfolio. Recommendations will be made in accordance with the investment goals and objectives established by you. Services Provided for Model Portfolio Clients Accounts between $500,000 and $2,000,000 will be managed on a fully discretionary basis utilizing one of the Pacific Portfolio investment strategies appropriate to achieve client objectives. The objectives are as follows: 1. Income 2. Capital Preservation 3. Conservative 4. Moderately Conservative 5. Balanced Conservative 6. Balanced 7. Balanced Growth 8. Moderate 9. Moderate Growth 10. Growth Each portfolio will be allocated among no load mutual fund managers and ETFs based upon an asset allocation determined by Pacific Portfolio to be appropriate given the client’s objectives, investment goals, and risk profile. We will contact our clients at least once per year to update information on investing goals, objectives and circumstances and reconfirm the investment strategy. We typically do not provide additional wealth management services to Model Portfolio clients; if provided, client may be subject to additional fees. Services Provided for Asset Management Clients Accounts will be managed on a fully discretionary basis utilizing one of the Pacific Portfolio investment strategies appropriate to achieve client objectives. The objectives are as follows: 1. Performance Equity Portfolio (A1) 2. Blend Equity Portfolio (A) 3. Conservative Equity Portfolio (A2) 4. Moderate Risk Balanced Portfolio (B) 5. Conservative Risk Balanced Portfolio (B2) 6. Model Independent Portfolio (D) Services Provided for Model Automated Investment Program Accounts under $500,000 may be invested on a discretionary basis via the Schwab Institutional Intelligent Portfolios automated investment program. The objectives are as follows: 1. Income 2. Capital Preservation 3. Conservative 4. Balanced Conservative 5. Balanced 6. Balanced Growth 7. Moderate Growth 8. Growth Each portfolio will be allocated among a mix of fully liquid Exchange Traded Funds (ETFs) based upon an asset allocation determined by Pacific Portfolio to be appropriate given the client’s objectives, investment goals, and risk profile. We will contact our clients on an ongoing basis to confirm that the asset allocation fits the goals and objectives for the invested portfolio. We typically do not provide additional wealth management services to clients utilizing the automated investment program; if provided, client may be subject to additional fees. We provide this automated investment program through the Institutional Intelligent Portfolios® platform (“Platform”), offered by Performance Technologies, Inc., d/b/a Schwab Performance Technologies (“SPT”), a software provider to independent investment advisors and an affiliate of CS&Co., to operate the Program. We are independent of and not owned by, affiliated with, or sponsored or supervised by SPT, CS&Co., or their affiliates (together, “Schwab”). The client’s portfolio is held in a brokerage account opened by the client at Charles Schwab & Co., Inc. (“CS&Co”). We, and not Schwab, are the client’s investment advisor and primary point of contact with respect to the Program. We are solely responsible, and Schwab is not responsible, for determining the appropriateness of the Program for the client, choosing a suitable investment strategy and portfolio for the client’s investment needs and goals, and managing that portfolio on an ongoing basis. We have contracted with SPT to provide us with the Platform, which consists of technology and related trading and account management services for the Program. The Platform enables us to make the Program available to clients online and includes a system that automates certain key parts of our investment process (the “System”). The System includes an online questionnaire that can help us determine the client’s investment objectives and risk tolerance and select an appropriate investment strategy and portfolio. Clients should note that, if we use the online questionnaire, we will recommend a portfolio via the System in response to the client’s answers to the online questionnaire. The client may then indicate an interest in a portfolio that is one level less or more conservative or aggressive than the recommended portfolio, but we then make the final decision and select a portfolio based on all the information we have about the client. The System also includes an automated investment engine through which we manage the client’s portfolio on an ongoing basis through automatic rebalancing and tax-loss harvesting (if the client is eligible and elects). Clients do not pay brokerage commissions or any other fees to CS&Co. as part of the Program. Schwab does receive other revenues, including (i) the profit earned by Charles Schwab Bank, a Schwab affiliate, on the allocation to the Schwab Intelligent Portfolios Sweep Program described in the Schwab Intelligent Portfolios Sweep Program Disclosure Statement; (ii) investment advisory and/or administrative service fees (or unitary fees) received by Charles Schwab Investment Management, Inc., a Schwab affiliate, from Schwab ETFs™ Schwab Funds® and Laudus Funds® that we select to buy and hold in the client’s brokerage account; (iii) fees received by Schwab from third-party ETFs that participate in the Schwab ETF OneSource™ program and mutual funds in the Schwab Mutual Fund Marketplace® (including certain Schwab Funds and Laudus Funds) in the client’s brokerage account for services Schwab provides; and (iv) remuneration Schwab may receive from the market centers where it routes ETF trade orders for execution. We do not pay SPT fees for the Platform, which gives us an incentive to recommend or require that our clients with accounts not enrolled in the Program be maintained with CS&Co. Financial Planning Some clients are provided a written plan that may include the following:  Personal balance sheet  Projection of source and use of funds  Projection for growth of assets and net worth  Review current and potential estate taxes with overview of estate planning considerations These services should not be considered comprehensive financial planning services and we encourage you to seek professional guidance in the fields of tax, law, accounting,

and risk management. We typically work with your current advisors or will refer you to outside advisors as requested. The financial plans provided for some of our clients do not address all potential aspects of financial planning. Typically our plans address retirement planning, college funding, and investment allocation. Risk management issues such as life, health, disability, and long-term care insurance are not typically addressed and you are encouraged to seek professional counsel in these areas. At your request, we may provide review and analysis of needs for various types of insurance coverage and coordinate review with an insurance agent not affiliated with us. Our analyses will be highly dependent on certain economic assumptions about the future. Therefore, you should establish familiarity with historical data regarding key assumptions such as inflation and investment rates of return, as well as an understanding of how significantly these assumptions affect the results of our analyses. We may counsel you as to the consistency of your assumptions with relevant historical data, but we will not express any assurance as to the accuracy or reasonableness of your specific data and assumptions. You are ultimately responsible for the assumptions and personal data upon which our procedures and projections are based. The financial plan assumptions and reports are primarily a tool to alert you to certain possibilities. The reports are not intended to nor do they provide any guarantee about future events including your investment returns. The implementation of the plan is solely your responsibility. Any reports, financial statement projections, and analyses are intended exclusively for your use in developing and implementing your financial plan. In view of this limited purpose, the statements should not be considered complete financial statements. Pacific Portfolio will not audit, review, or compile financial statements, and accordingly, we will not express an opinion or other form of assurance on them, including the reasonableness of assumptions and other data on which any prospective financial statements are based. It is likely that there will be material differences between projected and actual results because events vary and circumstances frequently do not occur as expected. Consulting Services We may provide additional services for our wealth management clients if requested, that may include:  Reporting on client’s total portfolio (data aggregation) that may include unsupervised assets; accuracy of this reporting will be dependent on data provided by you or your other custodians and may or may not be accurate  Strategies for diversification of concentrated stock positions  Manager performance evaluation for outside managers that may include: o manager performance against benchmark o manager performance against peer group o manager fees relative to peer group o written report with observations  Review and analysis for private illiquid securities that may include real estate, operating business, and hedge funds; this analysis will be limited in scope and highly dependent on assumptions provided by clients or other advisors; our analysis is normally focused on how the investment fits within client’s total allocation and financial plan, observation on project plan and reasonableness of fees and expenses Services Provided for Institutional Clients Pacific Portfolio’s institutional clients include ERISA plans (both Trustee and participant directed), corporate accounts and charitable foundations or endowments. Pacific Portfolio provides services to clients based on their individual needs and circumstances. The following description of services may or may not apply to all clients. Specific services to be provided will be detailed in the client’s Letter of Engagement. Trustee Directed Plans For Trustee Directed plans, including ERISA plans, corporate accounts and charitable foundations and endowments, Pacific Portfolio helps clients define goals, objectives and guidelines for the oversight of institutional accounts. We help clients develop asset allocation strategies and determine the portfolio’s return and risk tolerance through the use of an asset allocation optimization model. Pacific Portfolio develops and maintains a written Investment Policy Statement. Based on our analysis and the resulting investment policy, Pacific Portfolio will recommend mutual funds or other securities within each asset class and management style. Management style will be determined using returns-based style analysis. Once you have selected the mutual fund or other security, Pacific Portfolio will oversee and coordinate the implementation between custodians, Trustees, plan administrators and investment managers. Pacific Portfolio will monitor the performance of your portfolio as well as individual mutual funds and other investment securities against objectives and criteria detailed in your investment policy statement. When appropriate, subsequent modifications to the client’s asset allocation strategies, specific mutual funds and other investment securities chosen by the client will be recommended by Pacific Portfolio. All recommendations will be made in accordance with investment goals, guidelines and criteria established by the client. Each client will be able to add to or place reasonable restrictions on the asset classes, styles, investment options and investment types to be included in their portfolios or individual fund lineup. Participant Directed Plans For participant directed plans, Pacific Portfolio helps clients define goals, objectives and guidelines for the oversight of institutional accounts. Pacific Portfolio develops and maintains a written Investment Policy Statement. Based on our analysis and the resulting investment policy, Pacific Portfolio will recommend mutual funds or other securities within each asset class and management style. Management style will be determined using returns-based style analysis. Once you have selected the mutual fund or other security, Pacific Portfolio will oversee and coordinate the implementation between custodians, Trustees, plan administrators and investment managers. We help clients develop asset allocation strategies and determine return and risk tolerance through the use of an asset allocation optimization model. This modeling is used to develop model portfolios that can be provided for education and guidance to participants of self-directed ERISA plans. For participant directed plans, Pacific Portfolio will assist clients by providing information and communication materials to be used with plan participants. This material will include information on individual investment options as well as the model portfolios described above. Pacific Portfolio will update this material quarterly and make the information available to the client via electronic format. All costs of printing and distributing materials may be paid by the client in addition to the outlined fees. Pacific Portfolio will help clients conduct employee meetings and communicate investment basics and information on the plan’s investment options and/or model portfolios. Pacific Portfolio will normally provide all of the services outlined above that apply to the specific client a part of an asset-based retainer. Additional Services Additional services can be offered that include:
• Investment plan review and evaluation
• Investment policy review and design
• Investment portfolio strategy design
• Analysis of current investments/managers
• Investment manager search, due diligence and selection/replacement
• Investment manager monitoring
• Investment manager performance analysis and reporting:
• Fiduciary support services
• Model asset allocation portfolios (DC Plans)
• Participant education and consulting
• Investment manager monitoring, analysis, evaluation and reporting
• Employee education meetings
• Plans service vendor search
• Full manager search
• Fee negotiations and analysis
• Fee reporting
• Plan specific issue research
• Benchmarking of portfolio
• Benchmarking of plans
• Board education services These services may be provided on a flat fee basis or based on our hourly fee. The scope and nature of each project will be clearly defined in the client’s Letter of Engagement. Some clients may not receive all services outlined. Discretionary Advisor Choice Program Services for Institutional Clients This program is a discretionary program for participant directed ERISA plans. Pacific Portfolio will provide a written Investment Policy Statement developed by our Investment Committee. We will have full discretion to hire and fire third party investment managers as deemed appropriate by the Investment Committee. This program will offer model allocations that are designed to account for participants’ risk and investment horizon, and/or a broad array of diverse investment options. Pacific Portfolio may use mutual funds or other investment securities as the allocation to the specific asset classes. All employee communication and client meetings, with the exception of the annual review, may be provided by the third party administrator or other registered investment advisors who recommend this service to their clients, unless otherwise outlined in the client’s Letter of Engagement. Pacific Portfolio will provide these services for clients that do not have a direct relationship with another advisor or third party administrator. A detailed service agreement will be provided to each client that clearly discloses the services to be provided by each party. Types of Investments Used We consider many different types of securities when formulating the investment advice we give to you. If you come to us with existing investments, we evaluate them with respect to your financial goals, risk tolerance, and investment time horizon. Depending upon your situation, your account(s) managed by us may contain individual stocks, corporate, government and/or municipal bonds, mutual funds, exchange traded funds (“ETFs”), separate account managers, or other securities. In most situations we may recommend that real estate, in the form of mutual funds or ETFs that hold Real Estate Investment Trusts (“REITs”) be part of your investment portfolio. Derivatives Pacific Portfolio may help clients with strategies using derivative products to hedge or monetize concentrated, low-basis equity positions. This service may be provided as part of the client’s overall relationship at no additional cost or for a negotiated amount, depending on the complexity of the transaction and the time expended and expertise provided by Pacific Portfolio. To date, these services have only been provided as part of the Pacific Portfolio overall supervisory service for the standard assets under management fees. Interest in Partnerships From time-to-time Pacific Portfolio is asked by clients to analyze and review various investments that may include direct ownership in real estate, operating businesses, or other investment opportunities. These are usually private illiquid investments for accredited investors only. Pacific Portfolio may require client to pay hourly fees for research and analysis depending on the scope and depth of the requested review. Tailored Services and Investment Restrictions We attempt to tailor your investment portfolio to your situation as you have described it to us. This is why it is so important that you let us know about changes to your financial situation, goals, or investment time horizon. You may impose restrictions on investing in certain securities or types of securities. You must clearly identify these restrictions in writing to us. Assets Under Management As of December 31, 2023, Pacific Portfolio advised on $4,797,658,000 of client assets – $1,869,619,000 on a discretionary basis and $2,928,039,000 on a non-discretionary basis.