Please read these Terms and Conditions of Use (“Terms and Conditions”) carefully. This is not an offer of securities to any person in any jurisdiction where it is unlawful or unauthorized. PIMCO provides services only to qualified institutions and investors. | Pacific Investment Management Company LLC, 650 Newport Center Drive, Newport Beach, CA 92660 is regulated by the United States Securities and Exchange Commission. | PIMCO Investments LLC (“PI”), 1633 Broadway, New York, NY 10019, is a U.S. broker-dealer registered with the U.S. Securities and Exchange Commission, serves as the principal underwriter for the U.S.-registered PIMCO Funds (“Funds”) and placement agent for PIMCO-sponsored private funds (the “Private Funds”). The above financial institutions collectively referred herein as “PIMCO” own and operate this website (“Site”). The information provided on this Site is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to law or regulation or which would subject PIMCO or any of PIMCO’s products or services to any authorization, registration, licensing or notification requirement within any jurisdiction outside of those jurisdictions in which the underlying financial institutions are licensed to operate. This Site has been created for existing clients and investment professionals for informational purposes only.
By registering for, logging into, visiting and/or otherwise using the Site in any way, you indicate that you understand and intend these Terms and Conditions to be the legal equivalent of a signed, written contract, and you accept the terms of use as set forth herein and agree to be legally bound by them. If you do not agree to these Terms and Conditions, please do not access this website or any pages thereof. By accessing or using this Site, Data or Content (each, as defined below), you agree to be bound by these Terms and Conditions. These Terms and Conditions govern your access to and use of the Site operated by PIMCO, and of any text, music and sound, graphics, images, photographs, audio and video, footage, animations, podcasts, analyses, studies, reports, and downloads or other materials appearing on the Site ("Content") or data pages and downloads ("Data").
Certain segments of this Site are intended only for authorized persons that have an existing investment in a PIMCO product or strategy (“Existing Client Content”). The Existing Client Content provided is confidential and intended for authorized users only. You may not share this information with any other persons. PIMCO is not responsible if you share confidential account information with any other persons. Any entity forwarding the material or information contained on this Site to other parties takes full responsibility for ensuring compliance with applicable rules and regulations in connection with its distribution. The inclusion of Existing Client Content does not constitute an offer to sell or a solicitation of an offer to buy any security that may be referenced on or through this Site in which such an offer, solicitation or distribution would be unlawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation. Nor does this Site constitute an offering or recommendation by PIMCO or any of its affiliates of any security, investment management service or advisory service. It is your responsibility to be aware of and to observe all applicable rules and regulations of your jurisdiction. Certain of the Existing Client Content may be managed or offered/provided by affiliates of PIMCO, certain of which may not be registered or otherwise licensed to conduct business in your jurisdiction. For information concerning your Existing Client Content, please contact your My PIMCO Team available on your Investment Account summary. This information is provided exclusively to you as an authorized person on behalf of an existing investment in a PIMCO product or strategy. The information provided is for informational purposes only. The inclusion of such information on the Site does not constitute an offering, solicitation or recommendation by PIMCO of any security, investment management service or advisory service.
40-Act Fund: The performance figures presented reflect the total return performance and reflect changes in share price and reinvestment of dividend and capital gain distributions. All periods longer than one year are annualized.
Separate Account: Gross returns do not reflect the deduction of investment advisory fees (for Pacific Investment Management Company LLC described in Part 2 of its Form ADV) in the case of both separate investment accounts and mutual funds; but they do reflect commissions, other expenses (except custody), and reinvestment of earnings. Such fees that a client may incur in the management of their investment advisory account may reduce the client’s return. The “net of fees" performance figures reflect reinvestment of earnings and dividends and the deduction of actual investment advisory fees and brokerage commissions but, typically, do not reflect the deduction of custodial fees. All periods longer than one year are annualized.
Yield to Maturity at Market is the annualized internal rate of return of the portfolio based on the current market price of the security. It is the yield promised to the bondholder on the assumptions that the security will be held to the stated maturity date, all coupon payments will be made and coupon payments will be reinvested at the same internal rate of return.
Yield to Average Life at Market is the annualized internal rate of return of the portfolio based on the current market price of the security. It is the yield promised to the bondholder on the assumptions that the security will be held to the average life date which is based upon the stated maturity date and any amortizing payments, all coupon payments will be made and coupon payments will be reinvested at the same internal rate of return.
Yield to Worst at Market is calculated in a similar manner to yield to maturity at market based on the current market price of the security. For securities with embedded options, the yield to each possible repayment date (including the stated maturity date) is calculated. The yield to worst is the lowest of these calculated yields.
Yield to Maturity at Cost is the annualized internal rate of return of the portfolio based on the acquisition date and price of the security at the time of purchase. It is the yield promised to the bondholder on the assumptions that the security will be held to the stated maturity date or pre-refunding date, all coupon payments will be made and coupon payments will be reinvested at the same internal rate of return. For bonds not purchased by PIMCO, we calculate cost basis using data that our client or their advisor has provided to us or that we have obtained from the data supplied by third party sources such as custodians. We may also display cost basis data that we have not calculated but that has been supplied by our client or their advisor, a prior custodian or another third party source. Because the accuracy of cost basis data depends upon these third party inputs, we are not able to guarantee the availability, accuracy or completeness of such cost basis data. Clients should consult their tax advisors for further information.
Yield to Worst at Cost is the annualized internal rate of return of the portfolio based on the acquisition date and price of the security at the time of purchase. At the time of purchase, the yield to each possible repayment date (including the stated maturity date) is calculated. The yield to worst is the lowest of these calculated yields. For bonds not purchased by PIMCO, we calculate cost basis using data that our client or their advisor has provided to us or that we have obtained from the data supplied by third party sources such as custodians. We may also display cost basis data that we have not calculated but that has been supplied by our client or their advisor, a prior custodian or another third party source. Because the accuracy of cost basis data depends upon these third party inputs, we are not able to guarantee the availability, accuracy or completeness of such cost basis data. Clients should consult their tax advisors for further information. In situations where the yield at worst is negative for reasons including, but not limited to, inaccurate or misleading pricing from our third party pricing source due to unaccounted for pre-refundings or calls, lack of pricing precision for bonds very close to maturity, and pricing based almost entirely on maturity date for bonds with imminent next call dates, we have replaced the negative yield with a zero percent yield in this report.
Modified Duration is a measure of the overall sensitivity of the portfolio to fluctuations in interest rates. This risk measure assumes that all securities will be outstanding through their stated maturity date.
Effective Duration is a measure of the overall sensitivity of the portfolio to fluctuations in interest rates. This risk measure takes into account the embedded options in securities that add uncertainty to the principal prepayment schedule of a security.
Effective Maturity is the expected time to receipt of principal payments based upon the effective duration of the security. For securities without embedded options, effective maturity coincides with average life, while for securities with embedded options the effective maturity will lie between the number of years until the next option exercise date and the average life.
Stated Maturity is the final principal payment date of the security detailed in the bond indenture.
Volatility/Standard Deviation is the standard deviation of annualized monthly gross returns.
Sharpe Ratio is a risk-adjusted measure calculated by dividing the portfolio’s average risk-adjusted monthly return by the standard deviation of the risk-adjusted monthly gross returns to determine reward per unit of risk. The higher the Sharpe ratio, the better the portfolio’s historical risk-adjusted performance. The risk-adjusted monthly return is the difference between the portfolio’s monthly gross return and the monthly 3-Month Treasury Bill return.
Accrued Income is the amount of coupon income the security holder is entitled to receive if the security is sold in between coupon payment dates.
Taxable Coupon Interest is typically income that is taxable at the federal and state level. However, some securities are exempt from state and local tax such as Federal Home Loan Bank and Federal Farm Credit Bank. It is important to read the bond indenture or consult with a CPA regarding the tax status of a security. Taxable coupon interest includes neither income accrued on discounted zero coupon bonds nor the net expense or net income from premium amortization and discount accretion on coupon-paying bonds.
Tax-Exempt Coupon Interest is typically income that is exempt from federal income taxes. It is important to read the bond indenture or consult with a CPA regarding the tax status of a security. Tax-exempt coupon interest includes neither income accrued on discounted zero coupon bonds nor the net expense or net income from premium amortization and discount accretion on coupon-paying bonds.
Unless and except as otherwise expressly permitted by these Terms and Conditions, you may not (a) access, copy, reproduce, modify, create derivative works of, alter, publicly distribute, republish, upload, post, transmit, publicly perform or display, license, transfer, sell, mirror, frame, “deep link,” “scrape,” data mine, or otherwise use any information or material obtained from or through this Site (b) attempt to gain unauthorized access to any portion or feature of the Site or any other systems or networks connected to the Site or to any PIMCO server or to any of the services offered on or through the Site, by hacking, password "mining," or any other illegitimate or prohibited means, (c) probe, scan, or test the vulnerability of the Site or any network connected to the Site, nor breach the security or authentication measures on the Site or any network connected to the Site, (d) reverse look-up, trace, or seek to trace any information on any other user of or visitor to the Site, (e) take any action that imposes an unreasonable or disproportionately large load on the infrastructure of the Site or PIMCO’s systems or networks or any systems or networks connected to the Site, (f) use any device, software, or routine to interfere with the proper working of the Site or any transaction conducted on the Site, or with any other person’s use of the Site, (g) forge headers, impersonate a person, or otherwise manipulate identifiers in order to disguise your identity or the origin of any message or transmittal you send to PIMCO on or through the Site, or (h) use the Site in an unlawful manner. Any unauthorized use of this Site or the content on the Site will terminate the permission granted herein and may violate applicable laws, including copyright law, trademark laws, and commercial regulations and statutes.
We reserve the right, at our discretion, to change, modify, add, or remove portions of these Terms and Conditions at any time. Your continued use of the Site following such modifications will be conclusively deemed acceptance of any changes to these Terms and Conditions. You agree that notice of changes to these Terms and Conditions posted on the Site constitutes reasonable and sufficient notice. At all times, you are bound by the then-current version of the Terms and Conditions and of all applicable laws.
The Content of this Site is available for informational purposes only. The posting of Content and access to this Site does not constitute, either explicitly or implicitly, any provision of services or products by PIMCO or any of its respective affiliates. PIMCO updates the Content and Data from time to time at its sole discretion. You agree to check this Site regularly for updates. You agree to use all Content unmodified and as provided by PIMCO and with all logos and copyright, trade name, and other proprietary rights notices provided by PIMCO (the “Marks”) intact and to not modify the Content, including but not limited to by removing, altering, or adding any text, graphics, warranty statements, logos, or Marks. You will not re-brand or co-brand the Content or Data. You agree to use any Data as-is and not to alter or distribute Data. You will not take any action in derogation of PIMCO’s rights in the Marks, including but not limited to applying to register any trademark, trade name, service mark, or other designation that is confusingly similar to any Mark. You will not use the Marks for any purpose. You will use only Content designated for you and will not distribute Content to any third-parties.
PIMCO is an independent contractor and not an agent of you in the performance of these Terms and Conditions. These Terms and Conditions are not to be interpreted as evidence of an association, joint venture, partnership, or franchise between the parties. Nothing in these Terms and Conditions will be deemed to confer any third-party rights or benefits.
This Site (including the software and files), the computers hosting this Site, Content and Data provided on this Site are the exclusive property of PIMCO and/or its licensors, and are protected by applicable laws, including United States copyright, database, trade secret, and trademark law, as well as other state, national, and international laws and regulations. PIMCO is a trademark or registered trademark of Allianz Asset Management of America L.P. and Pacific Investment Management Company LLC, respectively, in the United States and throughout the world. PIMCO reserves all rights with respect to its proprietary information or material on this Site and will enforce such rights to the full extent of applicable copyright and trademark law. Except as expressly provided in these Terms and Conditions, PIMCO does not grant any express or implied rights to you. All rights in the pages and Site Content are owned by PIMCO and its licensors. You agree not to sell, distribute, publish, broadcast, circulate or commercially exploit Site Content in any manner without the express written consent of PIMCO. Any downloading or otherwise copying from this Site will not transfer title to any software or material to you. Unless otherwise noted PIMCO and other brands featured on the Site constitute our trade/service marks. You agree not to directly or indirectly: attempt to register, challenge or contest the validity of PIMCO’s ownership of, such copyrights, trademarks or any other intellectual property of PIMCO, or assist any third party in doing so.
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Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words “may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue” and similar expressions identify forward-looking statements.
The matters discussed herein may also involve risks and uncertainties described from time to time in PIMCO filings with the U.S. Securities and Exchange Commission. PIMCO assumes no obligation to update any forward-looking information contained herein.
Past performance is no guarantee of future results. All investments contain risk and may lose value. Investing in the bond market is subject to certain risks including market, interest-rate, issuer, credit, and inflation risk; investments may be worth more or less than the original cost when redeemed. Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and the current low interest rate environment increases this risk. Current reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Inflation-linked bonds (ILBs) issued by a government are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation; ILBs decline in value when real interest rates rise. Treasury Inflation-Protected Securities (TIPS) are ILBs issued by the U.S. Government. Commodities contain heightened risk including market, political, regulatory, and natural conditions, and may not be suitable for all investors. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. REITs are subject to risk, such as poor performance by the manager, adverse changes to tax laws or failure to qualify for tax-free pass-through of income. Derivatives and commodity-linked derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Commodity-linked derivative instruments may involve additional costs and risks such as changes in commodity index volatility or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Investing in derivatives could lose more than the amount invested.
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If you have any questions regarding these Terms and Conditions and/or the Site, please contact PIMCO - 650 Newport Center Drive, Newport Beach, CA 92660, 800-387-4626.
Dated: April 2022