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.
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.
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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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Dated: April 2022