No part of these publications or media appearances may be reproduced in any form, or referred to in any other publication, without express written permission. 

This commentary is not an offer or solicitation for the purchase or sale of any financial instrument. It is presented only to provide information on investment strategies and opportunities. The material contains the current opinions of the author, which are subject to change without notice. Statements concerning financial market trends are based on current market conditions, which will fluctuate. References to specific securities and issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. There is no guarantee that these investment strategies will work under all market conditions, and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market.

Cadence Capital Management (CCM), which manages certain Allianz mutual funds, is an independently-owned investment firm.

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Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105-4800. Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED