All information presented is for the model portfolio. Changes to the portfolio holdings may have been made since the prior quarter and actual account holdings and percentages will vary depending on the size of an account, cash flows, account restrictions, and changes in securities characteristics including price movements and timing of transactions. At any time an individual account managed in this strategy may or may not include securities held by the model portfolio. Any particular account may have portfolio characteristics and performance that differ from the model portfolio. This material is not an offer or solicitation for the purchase or sale of any financial instrument and does not represent a recommendation. It is presented only to provide information on investment strategies of the portfolio manager. Securities listed are presented to illustrate companies in which the portfolio may or has invested. Holdings are subject to change daily without notice.
The model account is a hypothetical portfolio and does not represent actual trading or investment decisions made under real market conditions. As a result, this information cannot completely account for the impact that real market conditions or economic factors would have had on an actual portfolio or on an investment manager's decisions. The securities in the model account represent recommendations as of a specific date and may or may not be included in an actual account. No representation is being made that any account will or is likely to achieve similar composition or performance of the model account.
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.
Duration is a measure of price sensitivity expressed in years.
Investing in securities entails risk. 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. 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 could 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. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. 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.
The Lehman Brothers Aggregate Bond Index is composed of securities from the Lehman Brothers 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
