COMPOSITE RESULTS: All portfolio statistics represent a composite of fully discretionary portfolios of this strategy type currently managed by Allianz Global Investors Managed Accounts. Composite results may not include all accounts. Individual account holdings will vary depending on the size of an account, cash flows and account restrictions. These statistics are representative of how the portfolios in the composite are invested as of the indicated date. Portfolio holdings are subject to change daily. Under no circumstances does the information contained within represent a recommendation to buy or sell securities.
The PIMCO Total Return managed accounts have two distinct components. Allianz Global Investors Managed Accounts manages the portion of the portfolio that consists of individual securities, using a model portfolio developed by the sub-advisor, PIMCO, as a guide. While Allianz Global Investors Managed Accounts generally intends to follow PIMCO's model portfolio, as the investment manager it has the discretion to accept or reject any investment recommendation and to deviate from the model portfolio. The remainder of the portfolio is managed by PIMCO in the form of commingled vehicles, which are available only through Allianz Global Investors Managed Accounts utilizing the Total Return strategy.
Duration is a measure of price sensitivity expressed in years.
Investing in securities entails risk. PIMCO Total Return can invest without limit in derivative instruments such as options, futures, options on futures and swap agreements. The use of derivative instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a portfolio may not close out a position when it would be most advantageous to do so. Portfolios investing in derivatives could lose more than the principal amount invested in these instruments. The guarantee on Treasuries, TIPS and Government Bonds is to the timely repayment of principal and interest. Portfolios that invest in them are not guaranteed. The value of some mortgage-related or asset-backed securities may be particularly sensitive to interest rate changes, and there is no assurance that private insurers of the underlying mortgages or assets will meet their obligations. With Corporate bonds there is no assurance that issuers will meet their obligations. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Investing in non-U.S. securities entails additional risks, including political and economic risk and the risk of currency fluctuations; these risks may be enhanced in emerging markets. Investors in municipal securities will, at times, incur a tax liability, as income from these securities may be subject to state and local taxes and, where applicable, the alternative minimum tax.
The Barclays Capital Aggregate Bond Index is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, and Asset-Backed Securities Index. It is generally considered to be representative of the domestic, investment-grade, fixed-rate, taxable bond market.
The managed account strategies described in this material are offered by Allianz Global Investors Managed Accounts and are available exclusively through financial professionals. Managed accounts have a minimum asset level and may not be suitable for all investors. For more information about this product, contact your financial advisor. Financial professionals seeking more information should contact their managed accounts department or call their Allianz Global Investors representative. Allianz Global Investors Managed Accounts LLC, 1345 Avenue of the Americas, New York, NY 10105-4800. Investment Products: NOT FDIC INSURED / MAY LOSE VALUE / NOT BANK GUARANTEED
