Allianz Global Investors Managed Accounts manages the Wells Fargo MDP U.S. Balanced Core accounts using model portfolios developed by the sub-advisors, PIMCO, NFJ, RCM and OpCap, as a guide. While Allianz Global Investors Managed Accounts generally intends to follow the sub-advisors' recommendations, as the investment manager it has the discretion to accept or reject any investment recommendation and to deviate from the model portfolios. A portion of the fixed-income portfolio is managed by PIMCO directly in the form of commingled securities, which are available only through Allianz Global Investors Managed Accounts utilizing the Total Return strategy.

This material 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. Statements concerning financial market trends are based on assessments of 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.

Individual results may vary as a result of market conditions, trading costs, and other factors which may be unique to each account. Past performance is no guarantee of future results. Individual account holdings will vary depending on the size of an account, cash flows and account restrictions. Portfolio holdings are subject to change daily without notice.  At any time an individual account managed in this strategy may or may not include securities held by another portfolio. Consequently, any particular account may have portfolio characteristics and performance that differ from another individual account in this strategy.

The allocation of the underlying strategies in the portfolio is dynamic. No representation is being made that rebalancing will be timely or have a positive impact on the Portfolio. Hypothetical testing used to help construct the target allocation did not take into consideration market conditions, trading costs associated with rebalancing and certain other factors. Diversification does not ensure against loss. Smart Administration should not be a substitute for financial advice with respect to changes in an investor’s personal financial situation. A position of less than $250,000 in the Total Return portion of the portfolio may result in greater performance dispersion than would a larger position in the strategy.

The PIMCO Total Return Strategy is offered as a component of this managed account by Allianz Global Investors Managed Accounts. Portfolio construction consists of individual securities and a select combination of proprietary, commingled vehicles managed by Allianz Global Investors Managed Account's affiliated investment manager Pacific Investment Management Company (PIMCO). The investment approach is designed to efficiently model PIMCO's total return strategy that it offers to institutional investors. The commingled vehicles are available by prospectus only, through managed accounts utilizing the PIMCO Total Return strategy. No fees are charged to clients at the commingled vehicle level.  For more information about this product contact your financial advisor.

Investing in securities entails risk.  When investing in value securities, the market may not necessarily have the same value assessment as the manager, and therefore, the performance of the securities may decline. Investments in smaller companies may be more volatile than investments in larger companies. This strategy may use derivative instruments as part of its investment strategy. 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. Mortgage-backed securities are subject to prepayment risk.  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.

The managed account strategies described here are offered by Allianz Global Investors Managed Accounts and are available exclusively through financial professionals. Participation is restricted to accounts with a minimum asset level and may not be suitable for all investors. 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