Review, discuss and consider appropriate actions - CFRS

Transcription

Agenda Item No. D-2
Joint Meeting of the Retirement Boards
Meeting Date: 2/25/2014
To:
City of Fresno Retirement System Joint Boards
From:
Don Stracke, CFA, CAIS, Anthony Ferrara
Date:
February 25, 2014
Subject:
PIMCO Follow-up/Recommendation
Recommendation:
Assuming the Joint Boards are comfortable with PIMCO following the presentation today,
NEPC recommends that CFRS move forward with the planned allocation to the PIMCO
unconstrained bond fund. While there have been a number of departures at PIMCO recently
which have caused us to have an elevated level of concern, we remain convinced that the
deep team at PIMCO will enable them to deliver a high quality product to the CFRS.
Background:
At the June 2013 meeting, the Joint Board approved the search for an absolute return fixed
income manager. At the July 2013 meeting, the Joint Board approved the semi-finalist list
of GAM, Loomis Sayles, PIMCO, Prudential, and Standish Mellon. Staff and NEPC narrowed
the list down to GAM, Standish Mellon and PIMCO who presented to the board. Following
those presentations, the board conducted onsite due diligence with GAM and PIMCO and
selected PIMCO for the mandate. The proposed allocation to Absolute Return Fixed Income
is 4% of the Total Plan.
Recent Due Dilligence Summary:
NEPC recently conducted an on-site due diligence visit in Newport Beach with PIMCOs’
senior management and investment staff, following the January announcement of co-CIO
and CEO, Mohamed El-Erian’s resignation , the departure of Managing Director and
Investment Committee Member, Marc Seidner, and the appointment of six Deputy CIOs.
The purpose of the meeting was to gain a greater understanding of the facts regarding both
Mr. El-Erian’s departure and the restructuring of PIMCO’s Investment Committee structure.
In addition, NEPC looked to assess any disruption to PIMCO’s unique “investment culture”
and discuss the Firm’s longer-term strategic initiatives and succession plans for CIO, William
Gross.
During the on-site, it was clear that there was a profound sense of disappointment and
surprise within PIMCO regarding Mr. El-Erian’s departure. Mr. Gross viewed Mr. El-Erian as
his successor and during the meeting he expressed a level of sadness and frustration
regarding the resignation. Following this decision, PIMCO looked to implement a plan to restructure the Investment Committee (“IC”) and elevate several individuals to the role of
Deputy CIO. This plan had actually been developed by Mr. El-Erian over 12 months ago as
part of an initiative to restructure the IC, and the implementation was simply accelerated
following his resignation.
255 State Street | Boston, MA 02109 | TEL: 617.374.1300 | www.nepc.com
BOSTON | ATLANTA | CHARLOTTE | CHICAGO | DETROIT | LAS VEGAS | SAN FRANCISCO
The six individuals elevated to the role of Deputy CIO, Andrew Balls, Dan Ivascyn, Mark
Kiesel, Scott Mather, Virginie Maisonneuve, and Mihir Worah all will lead their respective
divisions within PIMCO and generally should be viewed as potential CIO successors to Mr.
Gross. The CEO, Douglas Hodge and Mr. Gross both emphasized that these newly appointed
Deputy CIOs will be carefully evaluated over the coming years and the primary source of
measurement will be their investment performance as portfolio managers and the
performance of all strategies managed within their respective divisions. This extreme focus
on alpha and competition is embraced at PIMCO and in many ways differentiates the Firm
from its competitors. The investment culture at PIMCO can be characterized as an intense
and competitive environment that has been developed over many decades and we believe
will continue with the newly appointed Deputy CIOs. We believe PIMCO has properly reorganized their Investment Committee and senior investment personnel to provide clarity to
both PIMCO employees and investors regarding a long-term succession plan for Mr. Gross.
In addition to questions regarding CIO succession plans and investment culture, NEPC
addressed the restructuring of PIMCO’s IC and other portfolio manager changes. These
changes include the departure of Managing Director and Portfolio Manager, Marc Seidner,
who is leaving to head GMO’s fixed income team, the addition of Tony Crescenzi to the IC,
Richard Clarida assuming leadership of PIMCO’s annual Secular Forum, the sabbatical of
Managing Director Chris Dialynas, and the rehiring of former PIMCO employee Sudi
Mariappa, who will return as a Managing Director and Portfolio Manager. NEPC discussed
each of these changes with PIMCO and are comfortable with the actions to restructure the
IC and reassign Mr. Seidner’s responsibilities. With a large and seasoned investment staff,
PIMCO has significant depth within their fixed income team and we believe continue to
possess the ability to systematically generate alpha.
Recommendation:
Overall, NEPC believes the recent changes will not degrade PIMCO’s investment process and
capabilities. Due to the volume of personnel changes, we will continue the due diligence
status rating of WATCH at the firm level for all PIMCO strategies. NEPC’s assignment of a
WATCH status indicates that issues have surfaced for which close monitoring is appropriate,
but which are not considered serious in the near-term.
NEPC will continue a HOLD rating status on the Unconstrained Bond Fund and StocksPlus
Absolute Return strategy. Following the announced sabbatical of Chris Dialynas in
December, Bill Gross assumed direct responsibilities for portfolio management. Due to the
unconstrained nature of the strategies and the fact that they are a pure reflection of PIMCO
and the Investment Committee’s “best ideas”, we believe the announced additional changes
to the composition of the Investment Committee warrant caution. NEPC’s assignment of a
HOLD status indicates that serious issues have surfaced which require further investigation.
NEPC will continue to monitor the situation and provide updates as necessary.
Tuesday, February 18, 2014 4:34:47 PM
PIMCO Explains New Deputy-CIO
Structure—and Its Bond Optimism
Founder Bill Gross writes of a new and improved PIMCO and a positive
outlook for 2014’s bond market.
(February 18, 2014) — PIMCO's founder Bill Gross has aimed to reassure clients of the
firm’s stability and new leadership structure after CEO and co-CIO Mohamed El-Erian announced his
resignation last month..
In a letter to clients, Gross said he remained confident that the new governance
organization—inclusive of six deputy CIOs—would be “a significant improvement.”
The senior leaders—Dan Ivascyn, Andrew Balls, Mark Kiesel, Virginie Maisonneuve,
Scott Mather, and Mihir Worah—would each lead an “individual ‘channel’ of assets,”
managing investment performance, strategies, and risk management in their areas of
expertise. They were appointed to their roles after El-Erian’s resignation.
“The basic idea is that the deputy CIOs will apply the views of the investment committee
and tailor them to their respective areas,” Gross wrote. “We will take turns chairing our
daily meetings, which will allow for greater focus on certain sectors and regions.”
Gross said while the new structure was not fundamentally different from one that had
been in place before, it would help increase “nimbleness within [the deputy CIOs’]
channels” to bring better long-term returns to clients.
“These are experienced investors on the front lines of strategy and the pursuit of alpha,
and their contributions can only deepen our understanding of the economy and markets
and improve portfolio construction across PIMCO,” he added.
According to the firm’s reports, the Total Return Fund saw nine consecutive months of
outflows—a total of $41.1 billion—and recorded a negative return for the first time in 14
years last year. 2014 was similarly unkind to the bond giant, with another $3.5 billion
pulled out and a low gain of 1.35% in January.
Some investors are wary of the changes. The Orange County Employees Retirement
System has put PIMCO’s Unconstrained Bond Fund on “watch list for changes in key
personnel," according to its investment committee's meeting agenda, posted online this
month.
However, Gross remained positive and optimistic for new opportunities in the coming
months.
“The outlook for the bond market is much better than in 2013,” he wrote. “Interest rates
have adjusted upward and now reflect better value. We think 10-year Treasuries at
2.6% are attractive.”
Volatility will still be a concern, he added, due to high leverage in the financial system
and deceleration of credit growth. PIMCO would continue to be highly selective and
cautious across all asset classes, he said.
“Fortunately, PIMCO has a structure and process firmly in place to help clients navigate
and hopefully prosper from it,” he said. “We believe this new format, and the idea
sharing it will facilitate, will be more responsive to market developments. It will be
great!”
Related content: Mohamed El-Erian Resigns from PIMCO, Gross’ Game Plan for Tackling Vanguard
Contact the writer of this story:
Sage Um
Assistant Editor, aiCIO
646-308-2752
sum@assetinternational.com
Follow on Twitter at @ai_CIO
Copyright 1989-2012 Asset International, Inc. All Rights Reserved. No Reproduction
without Prior Authorization
PIMCO
December 31, 2013
Unconstrained Bond
Profile: Product Summary
Status Active
Asset & Account Breakdown by Vehicle (Million) Displayed In US Dollar (USD)
Separate/Segregated
Assets
Accounts
Total
$
7,026.0
41
Pooled/Commingled
Assets
Accounts
$
13,377.6
Mutual Fund: Institutional
Assets
Accounts
8
$
16,229.1
Mutual Fund: Retail
Assets
Accounts
5
$
7,651.1
0
Assets & Account Information By Client Type (Million) Displayed In US Dollar (USD)
Total
Assets
Institutional
Assets
Accounts
Accounts
Taxable
Assets
TaxExempt
Assets
Accounts
Accounts
Total
$
44,283.8
54
$
35,552.0
54
$
13,261.1
12
$
31,022.7
42
Corporate
$
1,446.8
7
$
1,446.8
7
$
0.0
0
$
1,446.8
7
Superannuation
$
0.0
0
$
0.0
0
$
0.0
0
$
0.0
0
Public Fund
(Government)
$
2,551.7
10
$
2,551.7
10
$
0.0
0
$
2,551.7
10
Union/MultiEmployer
$
0.0
0
$
0.0
0
$
0.0
0
$
0.0
0
Foundation & Endowment
(Charities)
$
1,025.1
11
$
1,025.1
11
$
104.4
1
$
920.7
10
Health Care
$
1,465.5
10
$
1,465.5
10
$
0.0
1
$
1,465.5
9
Insurance
$
428.0
1
$
428.0
1
$
428.0
1
$
0.0
0
High Net Worth
$
0.0
0
$
0.0
0
$
0.0
0
$
0.0
0
Wrap Accounts
(BrokerDealer)
$
0.0
0
$
0.0
0
$
0.0
0
$
0.0
0
SubAdvised
$
755.5
5
$
755.5
5
$
323.7
3
$
431.8
2
Supranationals
$
0.0
0
$
0.0
0
$
0.0
0
$
0.0
0
Sovereign Wealth Funds
$
0.0
0
$
0.0
0
$
0.0
0
$
0.0
0
Other*
$
36,611.3
10
$
27,879.5
10
$
12,405.1
6
$
24,206.2
4
Defined Contribution
$
881.7
2
$
881.7
2
$
0.0
0
$
881.7
2
*Explanation of Other Assets:
Other may include central banks, European UCITs, industry trade organizations, LLCs, nonprofits,
nuclear decommissioning trusts, partnerships, special corporations, various funds, and other assets.
Product Contacts
Primary Contacts
Marketing Contact:
Ryan Hart, Senior Vice President
840 Newport Center Drive
Newport Beach, California 92660
Phone: (949) 7206644 | Fax:
Email: Ryan.Hart@pimco.com
Description:
Database Contact:
Abby John, Specialist
840 Newport Center Drive, Suite 100
Phone: 949.720.7719 | Fax: 949.720.8680
Email: ConsultantDatabaseGroup@pimco.com
Description:
Assets By Account Size (Million) Displayed In US Dollar (USD)
Accounts By Size (Million) Displayed In US Dollar (USD)
< 1 USD Million:
1 10 USD Million:
10 100 USD Million:
100 500 USD Million:
> 500 USD Million:
Assets By Account Size
$
0.4
$
0.0
$
1,234.4
$
7,130.5
$
35,918.5
Accounts By Size
< 1 USD Million:
1 10 USD Million:
10 100 USD Million:
> 500 USD Million:
3
0
17
29
5
Largest Accounts By Size (Million) Displayed In US Dollar (USD)
Historical YearEnd Assets (Million) Displayed In US Dollar (USD)
Account Type
1) Other
2) Other
3) Other
4) Public Fund
5) Corporate
Account Size
$
10,980.1
$
720.8
$
538.7
$
527.6
$
489.1
Median Account Size:
$
Assets As Of
YearEnd 2010
YearEnd 2011
YearEnd 2012
YearEnd 2013
Total
Institutional Taxable TaxExempt
$15,703.7
$17,703.7
$8.7
$15,695.1
$22,536.9
$22,376.7
$378.5
$22,158.5
$30,711.3
$24,005.9
$10,275.6
$20,435.7
$44,283.8
$35,552.0
$13,261.1
$31,022.7
155.4
eVestment and its affiliated entities (collectively, “eVestment”) collect information directly from investment management firms and other sources believed to be reliable; however, eVestment does not guarantee or warrant
the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on eVestment’s systems
and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright 20122013 eVestment, LLC. All Rights
Reserved.
PIMCO
December 31, 2013
Assets & Accounts Gained/Lost Displayed In US Dollar (USD)
* Data prior to 2007 was collected on an annual rather than quarterly basis.
Assets
Gained
Lost
Net
Gained
Accounts
Lost
Net
2009
$
0.0
$
0.0
$
0.0
0
0
0
2010
$
310.8
$
0.0
$
310.8
2
0
2
2011
$
489.9
$
71.8
$
418.2
7
1
6
2012
$
1,794.7
$
0.4
$
1,794.3
6
1
5
First Quarter 2013
$
1,085.3
$
0.0
$
1,085.3
4
0
4
Second Quarter 2013
$
1,247.2
$
0.0
$
1,247.2
4
0
4
Third Quarter 2013
$
1,993.2
$
0.0
$
1,993.2
14
0
14
Fourth Quarter 2013
$
409.7
$
0.0
$
409.7
3
0
3
2013
$
4,735.4
$
0.0
$
4,735.4
25
0
25
Explanation of Asset or Account Turnover:
Account Turnover information does not represent inflow/outflow activity. Assets gained and lost only reflect the initial funding or ending market value of accounts. Separately, net accounts
gained and lost may not add up to reported total accounts due to account transfers, account mergers, and administrative adjustments.
Assets By Geographic Region (Million) Displayed In US Dollar (USD)
United States
Canada
United Kingdom
Europe exUK
Japan
Australia
Hong Kong
Singapore
Other Asia exJapan
Africa/Middle East
Latin America
Other
$
$
$
$
$
$
$
$
$
$
$
$
Assets by Domicile
42,390.0
0.0
0.0
950.3
334.2
0.0
181.3
0.0
0.0
0.0
0.0
428.0
Total
$
44,283.8
Accounts by Domicile
47
0
0
4
1
0
1
0
0
0
0
1
54
Total
$44,283.8 / 54
Canada
0.0 / 0
UK/Ireland
0.0 / 0
United States
42,390.0 / 47
Continental Europe
950.3 / 4
Africa/
Middle
East
0.0 / 0
Japan
334.2 / 1
Hong
Kong
181.3 /
1
Latin America
0.0 / 0
Other Asia ex
Japan
0.0 / 0
Singapore
0.0 / 0
Australia
0.0 / 0
Other
428.0 / 1
Redemption Terms Displayed In US Dollar (USD)
Product Offered As: SA,PF
Sliding
Account Availability:
Minimum Account Size ($ Million):
Minimum Annual Fee:
Fee Schedule Provided For:
Ticker Symbol (Mutual Fund Only):
Fund Name (Mutual Fund Only):
Fee Includes Custody:
Performancebased Fees Available:
"Most Favored Nation" Arrangements Avail:
Fees Negotiable:
Accepts ERISA Qualified Assets:
Accepts NonERISA Qualified Assets:
Liquidity on Purchases:
Liquidity on Sales:
Commingled Fund Type:
Redemption Fees Apply:
Up Front/Entry Fees:
Fund Subadvised/Distributed By Another Firm:
Subadvised or Distributed By:
Separate/Segregated Account
Open
$75

No
No

No

Pooled/Commingled Fund
Open

Mutual Funds
Open
$1

Institutional Class
PFIUX
PIMCO Unconstrained Bond Fund

No

Yes
PIMCO Investments LLC

Reserved.
PIMCO
December 31, 2013
Fee Disclosures
Commingled Vehicle:
The PIMCO Unconstrained Bond Strategy is also available as a Collective Investment Trust (CIT), which is only available to qualified investors. Please see the “PIMCO Unconstrained Bond
Collective Investment Trust” profile within PIMCO’s eVestment profile for full details.
Mutual Fund Fees and Expenses:
Management Fees: 0.90%
Distribution and/or Service (12b1) Fees: N/A
Other Expenses(1): 0.01%
Total Annual Fund Operating Expenses(2): 0.91%
(1).“Other Expenses” reflect interest expense. Interest expense results from the Fund’s use of certain investments such as reverse repurchase agreements. Such expense is required to be
treated as a Fund expense for accounting purposes and is not payable to PIMCO. Any interest expense amount will vary based on the Fund’s use of those investments as an investment
strategy best suited to seek the objective of the Fund.
(2). Total Annual Fund Operating Expenses excluding interest expense is 0.90%.
Product Fee Schedule
Sliding
First $200 million at:
0.60%
Next million at:

Next million at:

Balance Remaining at:
0.55%
All Assets@:

Pooled/Commingled Fund
First million at:
Next million at:
Next million at:
Next million at:
Next million at:
Next million at:
Next million at:
Balance Remaining at:
All Assets@:

Ticker:
Fund Name:
All Assets@:
Mutual Funds
PFIUX
90 bps
Annual Fees by Accounts Size
Separate/Segregated
Account
$10 Million
$25 Million
$50 Million
$75 Million
$100 Million
$60,000
$150,000
$300,000
$450,000
$600,000
Pooled/Commingled
Account
60 bps
60 bps
60 bps
60 bps
60 bps

Mutual Funds

$90,000
$225,000
$450,000
$675,000
$900,000
90 bps
90 bps
90 bps
90 bps
90 bps
Product Team Description
Total Number
Avg. Years of Experience
Avg. Years at Firm
Portfolio Managers:
Research Analysts:
Traders:
Economists:
Client Service:
Marketing:
Risk Portfolio/Monitoring:
Compliance/Administration:
5
158
0
0
192
84
0
0
25
11
0
0
13
16

20
4
0
0
6
6

Certificates/Designations/Degrees
CFA Charterholders:
MBAs:
PHDs:
147
229
48
Explanation of How Professionals are Categorized
All of PIMCO's investment professionals participate in the macroeconomic forecasting process that drives much of our portfolio strategy setting.
Analyst, Client Servicing, and Marketing figures quoted above are firmwide. Please note that trading is conducted by the portfolio managers who
have constant access to live trading information, be it electronic or live information flow, and also have direct telephone lines to all the major
dealers. All trades are executed on a best efforts basis and relationships are maintained with those dealers who are consistently able to make the
best markets for us.
Product Managers are not included in the team statistics above but actively contribute to this strategy.
Management Team Primary Location
City:
State/Province:
Country:
Reserved.
PIMCO
December 31, 2013
Professional Turnover
Portfolio Managers
Gained
Lost
Analysts
Gained
Traders
Gained
Lost
Lost
Marketing/Client Service
Gained
Lost
2009
0
0
11
7
0
0
8
16
2010
0
0
25
7
0
0
40
14
2011
0
0
43
8
0
0
48
13
2012
0
0
19
11
0
0
51
15
First Quarter 2013
0
0
2
2
0
0
2
6
Second Quarter 2013
0
0
5
6
0
0
3
3
Third Quarter 2013
0
0
11
2
0
0
16
3
Fourth Quarter 2013
0
0
1
0
0
0
3
3
2013
0
0
19
10
0
0
24
15
Professional
Ryan Korinke
Marc Seidner
Title
CFA, Executive Vice President
CFA, Managing Director
Primary Role
Other
Portfolio Manager
Equity Owner

Fund
Start Date
08/05/2005
08/17/2009
Departure Date
12/31/2011
01/29/2014
Reason For Departure
New Role With Firm
Other
Investment Professionals Managing This Strategy
Professional
Sabrina Callin
Chris Dialynas
William Gross*
Lisa Kim
Mohit Mittal
Saumil Parikh
Daniel Phillipson
Will Quinones
Title
CFA, CPA, Managing Director, Product Manager
Managing Director
CFA, Managing Director, CoCIO
Senior Vice President
Executive Vice President
Vice President
Primary Role
Other
Portfolio Manager
Portfolio Manager
Other
Portfolio Manager
Portfolio Manager
Other
Other
Start Year Industry
1991
1979
1969
1999
2007
1998
2001
2005
Start Year Firm
1998
1980
1971
2003
2007
2000
2002
2009
Equity Owner

Fund
Start Date
08/05/2005
08/05/2005
08/05/2005
05/27/2003
05/01/2013
08/05/2005
06/01/2008
01/01/2011
* Denotes the Primary Professional for this Strategy.
Reserved.
PIMCO
December 31, 2013
Unconstrained Bond
Profile: Product Narratives
Status Active
Investment Summary
The PIMCO Unconstrained Bond Strategy capitalizes on PIMCO’s secularly oriented economic forecasting process and full depth and breadth of global fixed income market expertise – unshackled
from traditional benchmark oriented constraints – with the goal of providing longterm investors:
• Positive absolute returns
• Attractive riskadjusted returns
• Proactive downside risk mitigation
• Capital preservation
• Portfolio level risk diversification
• Liquidity
• Transparency
Investment Philosophy
The PIMCO Unconstrained Bond Strategy is an absolute returnoriented, investment grade quality fixed income strategy that embodies PIMCO’s secular thinking, global themes, and integrated
investment process without the constraints of a benchmark or significant sector/instrument limitations. The strategy is designed to offer the traditional benefits of a core bond portfolio – seeks
maximum longterm return consistent with capital preservation and prudent management– but with higher absolute returns and the potential to mitigate downside risk to a greater degree than
what is reasonably possible from traditional active fixed income management approaches as the strategy allows for more manager discretion to adjust duration exposure, allocate across sectors
and otherwise express the firm’s active views. The strategy is governed by PIMCO’s investment philosophy and unique, disciplined secular investment process, which focuses on longterm
economic, social and political trends that may have lasting impacts on investment returns. Moreover, over shorter cyclical time frames, the unconstrained nature of the strategy allows PIMCO to
take on more risk when tactical opportunities are identified, and it allows for reduction and diversification of risk at times when the outlook may be more challenging for traditional fixed income
benchmarks.
Research & Screening Process
PIMCO draws primarily on inhouse resources to support our issue selection, including teams of highly seasoned credit analysts and financial engineers that supply both fundamental and
quantitative analysis. Proprietary models are used to compare the risks embedded in every security and also to determine a theoretical fair value for every security. Portfolio managers use these
models, while also relying on teams of sector specialists with deep sector specific expertise, to determine the optimal issue to include in the portfolio. Thus, buy decisions are executed in order to
optimize the risk/return and relative value characteristics of the portfolio. Sector shifts, or rotations, are made depending upon changes in relative valuations across the entire global fixed income
universe. Sophisticated proprietary analytics assist in the evaluation of sector opportunities and in the pricing of specific securities within sectors. Sector valuations are established by PIMCO's
portfolio management group based on consideration of: volatility/convexity analysis, assessment of current and historical spread relationships, and forecast for the future economic climate as it
impacts various sectors.
The maturity structure of the Unconstrained Bond Strategy is actively managed to take advantage of PIMCO's forecast for the changing shape of the yield curve. The determination of the likely
change in yield curve shape focuses PIMCO's search for bonds either in the intermediate range of maturities (bullet strategy) or for a combination of short and long maturity bonds (barbell
strategy). Once the yield curve strategy is set, bond sector analysis and relative valuations between all sectors is performed. Macroeconomic forecasts, structural segmentation effects, and
historical spread comparisons are key inputs to this process. Individual bonds within the stressed sectors are reviewed for inclusion in the portfolios based on their anticipated performance, given
PIMCO's interest rate and volatility forecast, and their credit worthiness, liquidity, and favorable execution. In setting duration targets and constructing the Unconstrained Bond Strategy portfolio, PIMCO focuses on longerterm trends because we believe such secular considerations as demographics,
political factors, and structural changes in the domestic and international economies exert powerful, sustained influences on interest rates. A secular outlook updated annually determines a
general maturity/duration range for the portfolio in relation to the market. Shorterterm, cyclical economic considerations determine shifts within this range.
Portfolio Construction & Risk Control Methodology
The first and most important step in PIMCO’s process is to get the long run right. The firm believes that analyzing secular economic and political influences is fundamental to sound portfolio
decisions. Holding a firm longterm view helps guard against becoming caught up in periodic bouts of euphoria and depression that often characterize financial markets. PIMCO considers secular
analysis so important that they devote threedays each year to their “Secular Forum,” at which their outlook for global bond markets over the next three to five years are formulated. Selected
members of the investment staff are assigned secular topics to monitor, including monetary and fiscal policy, inflation, demographics, technology, productivity trends, global trade, etc. Secular
researchers tackle their subjects on a global basis and approach them over a multiyear horizon. At the Secular Forum the secular researchers summarize their findings for all the firm’s investment
professionals. In addition, analysts and scholars from outside the firm are invited to share their expertise on financial and economic issues that are germane to the outlook. These external
presentations combined with internal research serve as background for further discussion and debate by the group.
The next step in their process is the analysis of cyclical or business cycle trends. PIMCO investment professionals meet quarterly in “Economic Forums” to evaluate growth and inflation over the
business cycle horizon of the next 69 months. The firm evaluates the research and economic data presented by four regional research teams staffed by PIMCO investment professionals. These
teams cover North America, Europe, Asia and the Emerging Markets. These presentations are followed by discussion and debate, the purpose of which is to decide whether GDP growth and
inflation in each of the four regions will exceed or fall short of the market’s consensus views. The conclusions help refine and update forecasts for shorterterm (twotofour quarter) economic
trends.
Following the Secular and Economic Forums and on an ongoing basis, the PIMCO Investment Committee, comprised of senior portfolio managers, and headed by PIMCO’s CoChief Investment
Officers, (Bill Gross is the formal Chairman), works on a consensus basis to develop and refine the firm’s views over time. Taken together, these sessions set the firm’s basic views on duration,
yieldcurve positioning, sector weighting and credit quality. Bottomup strategies, including credit analysis, quantitative research and individual issue selection are then taken into account in
conjunction with the topdown strategies in actively selecting an unconstrained bond portfolio’s positions, with careful consideration given to the dual objective of providing an attractive risk
adjusted return and mitigating the risk of capital losses over the longterm.
Buy/Sell Discipline
Buy and sell decisions are executed in order to optimize the risk/return and the relative value characteristics of the portfolio. For example, if a security upgrade led to price appreciation in line
with the firm’s expectations for the credit, the position might be replaced with one that offered better upside or credit improvement potential.
PIMCO does not have any systematic selling procedures. Securities are sold when the credit analysis indicates that a company or a particular issue will become fundamentally flawed. Current
holdings are constantly reevaluated for their relative attractiveness versus investments available in the marketplace. Securities are sold when they individually no longer represent good value,
when superior risk/return potential exists in substitute positions (factoring in transaction costs), or when they no longer fit with the macroeconomic or structural strategies in the portfolio.
Reserved.
PIMCO
December 31, 2013
Trading Strategy
Although PIMCO's style is one that tries to capture longterm value and, as such, will readily exploit opportunities to trade or substitute one position for another that has very similar risk
attributes, if that substitution can add value after transaction costs are considered.
Execution
Trading is conducted by the portfolio managers who have constant access to live trading information (through Telerate, Bloomberg, Quotron, etc.) and also have direct telephone lines to all the
major dealers. All trades are executed on a best efforts basis and relationships are maintained with those dealers who are consistently able to make the best markets for us. PIMCO seeks to
obtain best execution for its clients and to execute client transactions on the most advantageous terms reasonably available under the circumstances. In selecting brokerdealers for
transactions, PIMCO will choose from the brokersdealers approved by its Counterparty Risk Committee. PIMCO may take into account the most favorable price and overall execution, as well as
numerous other factors, with the goal of achieving the best qualitative execution of the transaction. As each transaction is unique, different factors may have different levels of relevance or
importance in any given situation. More than one brokerdealer may be selected for a transaction. Among the other factors that PIMCO may consider in making this determination are the nature
and size of the transaction; execution, clearing and settlement capabilities of the broker; desired timing of the transactions; reliability; financial condition; confidentiality of trades; and under
appropriate circumstances, the availability of research and researchrelated services. PIMCO may obtain competitive prices through various electronic trading systems that allow its portfolio
managers to determine the best available prices simultaneously from numerous brokers.
Soft Dollar Policy:
It is our policy to seek to obtain the best price and execution on all Client transactions. PIMCO does not have any soft dollar arrangements with brokerdealers and PIMCO does not direct Client
transactions to particular brokerdealers in return for soft dollars. Nevertheless, there may be circumstances, consistent with the safe harbor under Section 28(e) of the Securities Exchange Act of 1934, where PIMCO may determine that it is appropriate to use
a brokerdealer that has provided proprietary research on a topic of interest or other products or services and to pay commissions higher than those charged by other brokerdealers in return
for such benefits, subject to best execution. We may receive, among other things, research reports, economic and market data and credit analyses and analyst earnings estimates, which may
be created or developed by the broker dealer or a third party. To the extent that soft dollars or the equivalent are earned with respect to a transaction made on behalf of a Client, such
research or other products or services received may not always be used by or for the benefit of the Client that pays the brokerage commissions used to obtain the research, products or
services.
Additional Comments
* The average credit quality and quality breakdown portfolio statistics are being provided at your request for informational purposes and are not intended for public distribution or marketing
purposes.
The credit quality of a particular security or group of securities does not ensure the stability or safety of the overall portfolio. PIMCO uses the highest of the ratings of S&P or Moody’s assigned
to each issuer held by the portfolio. If an issue or issuer is unrated, it is assigned a rating by PIMCO.
Commingled Vehicle:
The PIMCO Unconstrained Bond strategy is also available as a Collective Investment Trust (CIT), which is only available to qualified investors. Please contact your PIMCO Representative for
information or view the profile on the eVestment database.
For more information regarding the availability of a commingled fund version (Global Investor Series GIS) of this product please contact your PIMCO representative. Note that this vehicle is not
available to US investors.
Reserved.
PIMCO
December 31, 2013
Unconstrained Bond
Profile: Characteristics
Status Active
Product Profile Fields
Portfolio Management Strategy
Asset Class
Investment Focus
Geographic Focus
Preferred Benchmark
Fixed Income Style Emphasis
Primary Duration Emphasis
Primary Investment Approach
Primary Screening Approach
Hedging Strategy
Product Inception Date
Fund Structure
Active
Fixed Income
Long Only
Global
Libor 3 Month
Other
Core/All Durations
Combined
Combined
Unhedged
08/04/2005
Direct Investment
Portfolio Quality
100
12
21.0%

45%
1.80%
2.63%

% Portfolio In
Average Quality Issue
Minimum Quality Issue
AA

% Portfolio In
Goverment Guaranteed
AAA/Aaa
AA/Aa
A
BBB/Baa
BB/Ba
B
CCC/Ca
CC/Ca
C
Distressed Debt
Not Rated
Other
Total
Maturity & Duration
Current
0.00%
40.00%
15.00%
17.00%
15.00%
3.00%
2.00%
8.00%
0.00%
0.00%
0.00%
0.00%
0.00%
100.0%
3 Year Avg.
0.00%
82.92%
9.17%
3.55%
0.82%
3.00%
4.75%
7.17%
0.00%
0.00%
0.00%

0.00%

3 Year High
0.00%
103.00%
21.00%
17.00%
15.00%
5.00%
2.00%
12.00%
0.00%
0.00%
0.00%
0.00%
0.00%

Current % Portfolio In
Average Maturity(years)
Modified Duration(years)
Effective Duration (years)
Convexity (%)
Duration Around Index(+/%)
2.69 years

4.10 years

Upper Bound

Lower Bound

Current % Portfolio In
< 1 Year
13 Years
35 Years
57 Years
710 Years
1020 Years
> 20 Years
Total
Currency Hedging Exposure
Maturity
24.00%
45.00%
28.00%
9.00%
0.00%
0.00%
6.00%
100.0%
Duration
45.00%
27.00%
48.00%
6.00%
5.00%
21.00%
10.00%
100.0%
Historical Ranges and Targets
Current Number of Bond Issues
# Of Countries in Portfolio
Current Cash Position
Use Of Cash
Annual Activity (LTM)
Annual Turnover (LTM)
Current Wgtd. Avg Coupon
Yield to Maturity
Yield to Worst
Current Term Structure
% Hedged Back to Local
Currency
Approach Towards Currency
Hedging
Strategy Snapshot
Max
Current Allowed

Historical
High
3 Year
Avg.

Portfolio Holdings
Cash
Target/Typical

3 Yr. High

Reserved.
3 Yr. Low

PIMCO
December 31, 2013
Current(%)Exclude Cash
Max Allowed(%)
Governments/Sovereigns
Agencies/Regionals
Invt. Grade Corporates
High Yield Corporates
NonAgency ABS
NonAgency MBS
Leveraged/Bank Loans
Municipals
Convertibles
Private Placements/144As
MortgagePassthrough (TBA)
USPay Int'l Bond Mkt
NonDollar
Yankees
Brady Bonds
Other
Canada Only:
Federals
Provincials
Canadian Corporates
NonUS Dev. Market
7.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
US
40.00%
0.00%
7.00%
2.00%
4.00%
9.00%
0.00%
2.00%
0.00%
0.00%
1.00%
0.00%
22.00%
Emerging Market
6.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Governments/Sovereigns
Agencies/Regionals
Invt. Grade Corporates
High Yield Corporates
NonAgency ABS
NonAgency MBS
Leveraged/Bank Loans
Municipals
Convertibles
Private Placements/144As
MortgagePassthrough (TBA)
USPay Int'l Bond Mkt
NonDollar
Yankees
Brady Bonds
Other
Canada Only:
Federals
Provincials
Canadian Corporates
US

NonUS Dev. Market

Emerging Market

Explanation of Other Securities: Net Cash Equivalents, Municipals, and Other.
Guidelines

Maximum

How Established

Country/ Region Selection
Duration Decision
Yield Curve Structure
Sector Selection
Security Selection
Trading/ Execution
Currency Management
Other Sources
Total
Max Cash Position
Max Issuer Exposure
Max Sector Exposure
Max Industry Exposure
Max Country Exposure
Max Regional Allocation
Estimated Value Added
Policy Limits

20.00%
20.00%
30.00%
15.00%

15.00%

100.0%
Reserved.
PIMCO
December 31, 2013
Unconstrained Bond
Profile: Allocations
Status Active
Country & Currency Allocations
North America
United States (Dollars)
Canada (Dollars)
United Kingdom
United Kingdom (Pounds)
Euroland(EU) Countries
Austria (Euro)
Belgium (Euro)
Finland (Euro)
France (Euro)
Germany (Euro)
Greece (Euro)
Ireland (Euro)
Italy (Euro)
Luxembourg (Euro)
Netherlands (Euro)
Portugal (Euro)
Spain (Euro)
Euro (Currency Only)
NonEuroland(EU) Countries
Denmark (Kroner)
Norway (Kroner)
Sweden (Krona)
Switzerland (Francs)
Far East & Australasia
Australia (Dollars)
Hong Kong (Dollars)
Japan (Yen)
New Zealand (Dollars)
Singapore (Dollars)
Other
Israel (New Shekel)
Developed Markets
Emerging Markets (Various Countries)
Total
Country
94.50%
99.10%
4.60%
6.00%
6.00%
2.10%
0.00%
0.00%
0.00%
5.70%
0.00%
0.00%
0.00%
2.00%
0.00%
0.00%
0.00%
1.60%
0.00%
0.00%
0.00%
0.00%
0.00%
2.20%
0.60%
0.00%
2.90%
0.10%
0.00%
3.80%
0.00%
0.20%
4.00%
100.0%
Currency
99.94%
0.05%
0.05%
0.00%
0.00%
0.00%
0.00%
0.00%
0.05%
0.00%
0.86%
0.00%
0.00%
0.00%
0.02%
0.95%
100.0%
Reserved.
PIMCO
December 31, 2013
Unconstrained Bond
Profile: Derivatives & Social Screens
Status Active
Use Of Derivatives
Derivatives Used in Managing This Product: Yes
Explanation of How Derivatives Are Utilized in Managing This Product:
Historically, PIMCO has actively used many types of financial derivative securities. However, we only use derivative instruments to gain exposures that are permitted by the portfolio's guidelines
and are consistent with our target risk profile. The Unconstrained strategy has the flexibility to use both cash bonds and derivatives to gain fixed income exposure and will allocate to both based on
relative pricing, liquidity, and the embedded risks in each type of instrument. The strategy will make use of instruments like interest rate swaps, credit default swaps, futures, and options when
these derivatives offer more targeted or efficient exposure than would be available among cash bonds. Additionally, derivatives can offer a costeffective method of hedging out particular types of
fixed income risks or for gaining exposure in markets where there are barriers to investment in the underlying cash securities. PIMCO recognizes that certain types of fixed income derivatives can
have relatively higher degrees of interest rate risk, embedded leverage, liquidity risk, and counterparty credit risk. As part of our investment process, PIMCO will rely on our inhouse risk
management systems and analytics to identify the extent of these risks, both in isolation and at the overall portfolio level, and will evaluate whether those risks are appropriate given the
investment objectives of the strategy. Our risk management process also involves extensive counterparty due diligence to ensure that we carefully manage credit exposure across our derivative
counterparties.
Environmental/Social/Governance Screening
Responsible Investing
Product can be managed under Environmental/Social/Governance Investing Guidelines: Yes
Product currently managed with a Environmental/Social/Governance Investment bias: No
Social Screens Applied:
Environment: None Selected
Social Issues: None Selected
Community Development: None Selected
Corporate Governance: None Selected
Religion: None Selected
Additional Comments
In separate account management, PIMCO can and will incorporate social restrictions as outlined by the client to the client's fixed income portfolio.
Reserved.
PIMCO
December 31, 2013
Unconstrained Bond
Profile: Portfolio Holdings
Status Active
Holdings Comparison
No holdings data available for this product and the selected date.
Reserved.
PIMCO
December 31, 2013
Unconstrained Bond
Profile: Documentation
Status Active
Fund/Product Documentation
Fund Prospectus:
Please View Document(s) In Analytics
Subscription Agreements:
Private Placement Memorandum:
Third Party Due Diligence Reports:
Document(s) not available in PDF Format
Third Party Relationships
Name of Auditors for Fund/Product:
Pricewaterhouse Coopers
Name of Prime Brokers for Fund/Product:

Name of Administrators for Fund/Product:

Name of Custodians for Fund/Product:
State Street
Name of Legal Advisors for Fund/Product:
Dechert LLP
Third Party Distribution Arrangements:

Security of assets & Securities lending practices
Assets held in the name of fund or client?
Can the custodian transfer assets to subcustodians?

Do the terms of the fund allow for securities lending?
Yes
Actively participating in securities lending in this product?
No
Who is responsible for monitoring the lending activities?
Individual/Department Name:
Lending program monitored internally or externally?
Average % of stock being lent:

Types of assets lent:
Details of the policy for monitoring counterparty exposure
with respect to the firm's lending activity:
Refer to the Fund's prospectus for additional information.
Details of the collateral terms, including collateral levels(margins/haircuts),
assets types and general guidelines:
Details of any changes made to these terms and guidelines
over the last 12 months:
Is cash collateral accepted?

Is lending activity indemnified by the Investment Manager/Agent/Other
ThirdParty/Insurance Policy or is the activity conducted on an unindemnified basis?

Details on how the revenue generated from the firm's securities lending
activities is distributed between the firm, lending agent and the pooled fund:
Additional Documentation
Side Letters in place with clients?

Key Man clauses in place for key executive/investment professionals?

Has firm complied with the terms of its fund mandates over the last 12 months?

Reserved.
PIMCO
December 31, 2013
Unconstrained Bond
Profile: Performance Tables
Status Active
Performance Analysis Displayed In US Dollar (USD)
Trailing Periods
Product
Benchmark
Excess Returns
Calendar Years
MRQ
YTD
1 Yr
3 Yr
5 Yr
7 Yr
10 Yr
SI
0.77
0.06
0.83
2.21
0.29
2.49
2.21
0.29
2.49
2.24
0.36
1.87
5.10
0.48
4.62

1.67

2.12

3.75
1.22
2.53
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2.21
0.29
2.49
8.71
0.53
8.17
0.52
0.27
0.25
5.59
0.34
5.25
13.68
0.99
12.68
3.17
3.82
6.99

5.61

5.14

3.13

1.30

Risk & Risk Free Index: LIBOR 3 Month, Citigroup 3Month TBill; Data Frequency: Monthly; Vehicle Type: USA SA CompositeNet of Fees
Risk & Regression Analysis Displayed In US Dollar (USD)
Trailing Periods
Calendar Years
1 Yr
3 Yr
5 Yr
7 Yr
10 Yr
SI
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
Standard Deviation
Correlation Coefficient
(r)
RSquared (R2 )
2.50
2.26
2.90

3.45
2.50
1.56
1.46
2.63
3.75
5.42

0.44
0.61
0.57

0.06
0.44
0.14
0.72
0.42
0.47
0.40

0.20
0.37
0.32

0.00
0.20
0.02
0.53
0.18
0.22
0.16

Annualized Alpha
Jensen Alpha
Beta
Max Drawdown
32.18
27.68
126.08
3.45
9.41
7.45
33.24
3.45
1.82
0.54
14.23
3.45

3.33
3.00
0.39
7.31
32.18
27.68
126.08
3.45
4.68
5.14
7.15
0.00
10.89
7.90
44.11
1.42
0.77
2.50
14.07
1.37
3.26
4.76
9.85
0.70
13.96
10.55
3.15
7.31

Efficiency Measures Displayed In US Dollar (USD)
Trailing Periods
Sharpe Ratio
Treynor Ratio
Sortino Ratio
Calmar Ratio
Tracking Error
Information Ratio
Upside Market
Capture
Upside Market Return
Batting Average
Downside Market
Capture
Downside Market
Return
2.21
0.42
2.24
0.67
5.32
0.72

Calendar Years
1 Yr
3 Yr
5 Yr
7 Yr
10 Yr
SI
0.90
0.02
1.00
0.64
2.50
1.00
0.96
0.07
1.52
0.65
2.24
0.84
1.73
0.35
3.96
1.48
2.84
1.63

0.94
8.36
1.51
0.51
3.45
0.73

360.45

4.54
0.64
2.21
0.42
8.71
1.00
0.52
0.58
6.82
0.75
13.68
0.83
4960.77

6206.40

4960.77
7.08

21.38

7.08
771.48 614.69 1077.06
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
0.90
0.02
1.00
0.64
2.50
1.00
5.53
1.21

1.56
5.25
0.31
0.01
0.45
0.37
1.44
0.17
2.07
0.39
4.65
4.09
2.60
2.02
3.61
1.37
18.71
19.54
3.67
3.46
0.92
1.57
1.10
0.43
5.18
1.35

4.58

0.19
0.33

6133.52

33.48

771.48 1631.39 191.35 1800.20 1377.69
Additional Performance Statistics
First Return Observation:
10/2007
Total # of Months Above Index:
49
Last Return Observation:
1/2014
Total # of Months Below Index:
27
Average Return:
0.32
Longest # of Consecutive Months Above Index:
15
Average Positive Return:
0.78
Longest # of Consecutive Months Below Index:
4
Average Negative Return:
0.76
Correlation Coefficient 3 Years Displayed In US Dollar (USD)
1 S&P 500
2 Russell 2000
3 Barclays US Aggregate
4 MSCI EAFEND
5 Citigroup WGBI Unhedged
6 Wilshire 5000 (Full Cap)
7 MSCI ACWIND
8 MSCI EMND
9 Unconstrained Bond
Data Frequency: Monthly, Vehicle Type: USA SA CompositeNet
1
1.000
0.944
0.220
0.870
0.106
0.997
0.950
0.770
0.247
2
0.944
1.000
0.308
0.821
0.073
0.961
0.910
0.787
0.226
.999 to 0.800
3
0.220
0.308
1.000
0.068
0.700
0.236
0.112
0.041
0.479
4
0.870
0.821
0.068
1.000
0.307
0.878
0.971
0.849
0.304
5
0.106
0.073
0.700
0.307
1.000
0.109
0.262
0.371
0.337
6
0.997
0.961
0.236
0.878
0.109
1.000
0.957
0.788
0.244
7
0.950
0.910
0.112
0.971
0.262
0.957
1.000
0.892
0.315
8
0.770
0.787
0.041
0.849
0.371
0.788
0.892
1.000
0.413
9
0.247
0.226
0.479
0.304
0.337
0.244
0.315
0.413
1.000
0.799 to 0.600 0.599 to 0.400 0.399 to 0.200 0.199 to 0.000 0.001 to 0.199 0.200 to 0.399 0.400 to 0.599 0.600 to 0.799 0.800 to 1.000 eVestment and its affiliated entities (collectively, “eVestment”) collect information directly from investment management firms and other sources believed to be reliable; however, eVestment does not guarantee or warrant
Reserved.
PIMCO
December 31, 2013
Unconstrained Bond
Profile: Vehicles & Disclosures
Status Active
Vehicle Availability
Country of Registration
Vehicle/Contract Category
Vehicle Structure
Vehicle Name
Vehicle
Identifier
United States
Composite
Unconstrained Bond Full Authority
null
United States
Fund (Pooled/Mutual)
SECRegistered 1940 Act Mutual
Fund (U.S. Only)
PFIUX
Country of Registration:
United States
Contract Type:

Vehicle/Contract Category:
Capital Structure:

Legal Vehicle Structure:
Composite
Fund Tenure:

Base Currency:
US Dollar (USD)
Vehicle Org Structure:

Legal Vehicle Name:
Vehicle Hedged?

Identifier Type:

Default Vehicle for this product?
Yes
Vehicle Identifier:
null
ERISA Acceptance:
Share Class Category:

Is Fund UCITs Compliant?

At what level?

Share Class:
Vehicle Status:
Active
Inactive/Closed Date:
Inception Date:
9/30/2007
Country of Registration:
United States
Contract Type:
Trust
Vehicle/Contract Category:
Fund (Pooled/Mutual)
Capital Structure:
Open End
Legal Vehicle Structure:
SECRegistered 1940 Act Mutual
Fund (U.S. Only)
Fund Tenure:
Infinite
Base Currency:
US Dollar (USD)
Vehicle Org Structure:

Legal Vehicle Name:
Vehicle Hedged?

Identifier Type:
Other
Default Vehicle for this product?
No
Vehicle Identifier:
PFIUX
ERISA Acceptance:
Share Class Category:
Institutional
Is Fund UCITs Compliant?

Share Class:
Other
At what level?

Vehicle Status:
Active
Inactive/Closed Date:
Inception Date:
6/30/2008
Vehicle Description: null
Vehicle Description: null
Performance Disclosure Displayed In US Dollar (USD)
Performance For: USA SA Composite Net of Fees Composite Includes Terminated Accounts
Composite Includes Performance from Prior Firm
Composite Includes Simulated Results
# of Months Managed Before Eligible for Inclusion
Portfolio Weighting Method
Rate of Return Weighting Method
Valuation Frequency
Equity Accounting Method
Fixed Income Accounting Method
Composite Includes
Yes
No
No
1
AssetWeighted
TimeWeighted
Daily
Accrual
Accrual
AssetPlusCashReturns
Composite Summary:
Assets in Composite
# of Accounts in Composite
Composite Represents
Composite has undergone a Performance Examination / Audit
Product includes revenue from securities lending activity
Product excludes revenue from securities lending activity
$47,066
41
of actively managed assets in this investment approach
No

Composite Dispersion: Net of Fees
Highest Return
Median Return
Lowest Return
2013

2012

2011

2010

2009

Dispersion Comments: eVestment and its affiliated entities (collectively, “eVestment”) collect information directly from investment management firms and other sources believed to be reliable; however, eVestment does not guarantee or warrant
Reserved.
PIMCO
December 31, 2013
Profile: Firm Summary
General Firm Information
Firm Legal Name:
PIMCO
Secondary Office Locations:
Firm Headquarters:
City,State Purpose
1) New York, New York Full Service Office
United States
2) London, England Full Service Office
Main Phone | Main
Fax:
949.720.6000 | 949.720.1376
Firm Website
Address:
www.pimco.com
3) Tokyo, Japan Full Service Office
4) Singapore, Singapore Full Service Office
5) Sydney, Australia Full Service Office
Geographic Areas of
Interest:
United States, Canada, United Kingdom, Eurozone,
Australia, Japan, Other
Year Firm Founded:
1971
Registered Invt
Advisor:
Yes
Marketing Contact:
Database Contact:
Ryan Hart , Senior Vice President
Abby John , Specialist
840 Newport Center Drive, Suite 100
Phone: (949) 7206644 | Fax:
Phone: 949.720.7719 | Fax: 949.720.8680
Email: Ryan.Hart@pimco.com
Email: ConsultantDatabaseGroup@pimco.com
Asset & Account Breakdown by Vehicle (Million) Displayed In US Dollar (USD)
Separate/Segregated
Assets
Accounts
Pooled/Commingled
Assets
Accounts
Mutual Fund: Institutional
Assets
Accounts
Mutual Fund: Retail
Assets
Accounts
Total
$
795,593.1
1,588
$
454,896.6
532
$
496,269.1
248
$
172,830.0
0
Equities:Active
$
5,980.5
25
$
5,473.5
22
$
6,521.9
24
$
6,948.8
0
Equities:Passive
$
0.0
0
$
0.0
0
$
0.0
0
$
0.0
0
Bonds/Fixed Interest:Active
$
776,930.3
1,515
$
439,062.5
475
$
438,082.6
195
$
142,174.9
0
Bonds/Fixed Interest:Passive
$
0.0
0
$
0.0
0
$
0.0
0
$
0.0
0
Alternatives:Real Estate/Property
$
0.0
0
$
0.0
0
$
0.0
0
$
0.0
0
Alternatives:Hedge Fund of Funds
$
0.0
0
$
0.0
0
$
0.0
0
$
0.0
0
Alternatives:Overlay(TAA/Currency)
$
50.7
0
$
0.0
0
$
12.1
1
$
0.0
0
Alternatives:Private Equity
$
0.0
0
$
0.0
0
$
0.0
0
$
0.0
0
Alternatives:Other
$
3,648.5
31
$
3,127.0
27
$
2,179.6
8
$
3,404.5
0
MultiAsset/Balanced
$
8,983.2
17
$
7,233.7
8
$
49,472.9
20
$
20,301.8
0
Other
$
0.0
0
$
0.0
0
$
0.0
0
$
0.0
0
Assets & Account Information By Client Type (Million) Displayed In US Dollar (USD)
Total
Assets
Institutional
Assets
Accounts
Accounts
Total
$
1,919,588.8
2,368
$
1,724,413.4
Corporate
$
198,527.7
609
$
198,527.7
Superannuation
$
0.0
0
$
0.0
Public Fund
(Government)
$
110,668.5
221
$
Union/MultiEmployer
Foundation & Endowment
(Charities)
$
13,149.9
73
$
14,573.0
80
Health Care
$
Insurance
$
8,569.0
68
$
55,795.0
191
$
High Net Worth
$
3,253.8
43
$
Wrap Accounts
(BrokerDealer)
$
0.0
0
SubAdvised
$
239,422.0
Supranationals
$
0.0
Sovereign Wealth Funds
$
0.0
Other*
$
Defined Contribution
$
Taxable
Assets
TaxExempt
Assets
Accounts
Accounts
2,368
$
1,407,753.6
1,020
$
511,835.2
1,348
609
$
49,472.2
77
$
149,055.6
532
0
$
0.0
0
$
0.0
110,668.5
221
$
1,465.7
14
$
109,202.8
207
$
13,149.9
73
$
0.0
0
$
13,149.9
73
$
14,573.0
80
$
361.6
3
$
14,211.4
77
8,569.0
68
$
284.6
7
$
8,284.5
61
55,795.0
191
$
44,895.3
145
$
10,899.7
46
3,253.8
43
$
3,078.5
41
$
175.3
2
$
0.0
0
$
0.0
0
$
0.0
0
417
$
226,583.8
417
$
188,630.4
279
$
50,791.6
0
$
0.0
0
$
0.0
0
$
0.0
0
$
0.0
0
$
0.0
0
$
0.0
1,275,629.9
666
$
1,093,292.6
666
$
1,119,565.5
454
$
156,064.4
212
48,071.4
151
$
48,071.4
151
$
0.0
0
$
48,071.4
151
0
138
0
0
*Explanation of Other Assets:
Other may include central banks, European UCITs, industry trade organizations, LLCs, nonprofits,
nuclear decommissioning trusts, partnerships, special corporations, various funds, and other assets.
Reserved.
PIMCO
December 31, 2013
Assets By Account Size (Million) Displayed In US Dollar (USD)
Accounts By Size (Million) Displayed In US Dollar (USD)
Assets By Account Size
$
19.1
$
524.4
$
37,631.8
$ 277,168.9
$ 1,604,244.6
< 1 USD Million:
1 10 USD Million:
10 100 USD Million:
> 500 USD Million:
Accounts By Size
< 1 USD Million:
1 10 USD Million:
10 100 USD Million:
> 500 USD Million:
155
86
562
1,084
481
Assets By Geographic Region (Million) Displayed In US Dollar (USD)
Assets by Domicile
1,260,732.7
15,272.7
49,325.0
403,708.8
49,102.4
27,802.1
4,992.5
3,280.3
44,342.4
47,872.3
3,954.4
9,203.3
United States
Canada
United Kingdom
Europe exUK
Japan
Australia
Hong Kong
Singapore
Other Asia exJapan
Africa/Middle East
Latin America
Other
$
$
$
$
$
$
$
$
$
$
$
$
Total
$ 1,919,588.8
Accounts by Domicile
1,564
41
119
322
95
65
17
12
49
37
10
37
Total
$1,919,588.8 / 2,368
Canada
15,272.7 / 41
UK/Ireland
49,325.0 / 119
Continental
Europe
403,708.8 /
322
United States
1,260,732.7 /
1,564
Africa/
Middle East
47,872.3 /
37
Japan
49,102.4 /
95
Hong
Kong
4,992.5 /
17
Latin America
3,954.4 / 10
2,368
Other Asia ex
Japan
44,342.4 / 49
Singapore
3,280.3 / 12
Australia
27,802.1 / 65
Other
9,203.3 / 37
Largest Accounts By Size (Million) Displayed In US Dollar (USD)
Historical YearEnd Assets (Million) Displayed In US Dollar (USD)
Account Type
1) Other
2) Other
3) Other
4) Other
5) Other
Account Size
$
53,471.9
$
48,725.8
$
32,948.5
$
17,463.2
$
16,407.7
Assets As Of
YearEnd
2010
YearEnd
2011
YearEnd
2012
YearEnd
2013
Total
Institutional
Taxable
Tax
Exempt
$1,242,120.8 $1,112,857.0 $834,793.0
$407,327.9
$1,357,230.8 $1,226,753.5 $894,226.8
$463,004.1
$2,003,817.8 $1,790,482.0 $1,495,136.4 $508,681.4
$1,919,588.8 $1,724,413.4 $1,407,753.6 $511,835.2
Assets by Geographic Region & Asset Class (Million) Displayed In US Dollar (USD)
United States
Canada
United Kingdom
Europe exUK
Australia
Japan
Hong Kong
Singapore
Other Asia exJapan
China
Latin America
Africa/Middle East
EAFE
Global
Emerging Markets
Other
Equity
$17,171.3
$0.0
$0.0
$57.3
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$2,549.8
$5,146.4
$0.0
$0.0
Fixed Income
$1,120,932.5
$10,812.8
$23,604.5
$299,796.4
$11,462.3
$10,890.0
$0.0
$0.0
$1,630.9
$0.0
$0.0
$0.0
$61,120.4
$256,000.4
$0.0
$0.0
Balanced
$65,851.6
$0.0
$0.0
$9,868.9
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$10,271.1
$0.0
$0.0
Alternatives
$11,227.1
$0.0
$0.0
$402.7
$65.1
$128.4
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$296.2
$302.8
$0.0
$0.0
Other
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
Reserved.
PIMCO
December 31, 2013
Assets & Accounts Gained/Lost Displayed In US Dollar (USD)
Assets
Gained
Lost
Net
Gained
Accounts
Lost
Net
2009
$
65,223.6
$
16,493.4
$
48,730.2
460
180
280
2010
$
74,224.3
$
20,650.3
$
53,574.0
320
140
180
2011
$
60,708.7
$
20,794.2
$
39,914.6
332
203
129
2012
$
49,024.6
$
18,484.1
$
30,540.5
252
114
138
First Quarter 2013
$
11,219.6
$
3,792.4
$
7,427.2
65
29
36
Second Quarter 2013
$
12,713.5
$
2,690.5
$
10,023.0
59
33
26
Third Quarter 2013
$
8,139.5
$
2,319.1
$
5,820.4
50
17
33
Fourth Quarter 2013
$
9,912.7
$
22,104.5
$
(12,191.7)
61
65
(4)
2013
$
41,985.3
$
30,906.4
$
11,078.9
235
144
91
Explanation of Asset or Account Turnover:
Account Turnover information does not represent inflow/outflow activity. Assets gained and lost only reflect the initial funding or ending market value of accounts. Separately, net accounts
gained and lost may not add up to reported total accounts due to account transfers, account mergers, and administrative adjustments.
GIPS Compliance
CFA Institute GIPS Compliance
Firm GIPS Compliant:
Date Compliance Began:
Performance Verified:
Effective Verification Date:
Attestation Firm:
Yes
1/1/1987
Yes
1/1/1987
PricewaterhouseCoopers, LLP
General Compliance Information
Firm in compliance w/CFAI's Manager Code of Compliance:
Firm in compliance w/CFAI's Soft Dollar Standards:
Firm uses Soft Dollars:
Firm agree with SarbanesOxley Act of 2002:
Explanation if Firm is Not GIPS Compliant:

Insurance Coverage
Errors & Omissions Insurance:
Fiduciary Liability Insurance:
Firm Bonded:
Yes
Yes
Yes
$100.00 Million
$75.00 Million
$25.00 Million
No
No
No
Yes
Firm Ownership
General Ownership Structure
% Employee Owned
% Parent Owned
% Publicly Held
% JointVenture Owned
% Government Owned
% Family Owned
% Private Equity Owned
% Other Ownership
Number of Employee Owners
Parent Company Name
Contribution % to Parent Company Revenue
Contribution % to Parent Company Profit
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0
Allianz Asset Management of America
L.P.

Ownership by Nationality/Gender
% African American Ownership
% Asian Owned
% Hispanic Owned
% Female Owned
% Other Minority Owned
Total Ownership

Description of Other Owners:
Pacific Investment Management Company LLC (“PIMCO”)* was founded in Newport Beach, California in 1971. PIMCO is a limited liability company that is a majority
owned subsidiary of Allianz Asset Management (“AAM”), which is a subsidiary of Allianz SE (“Allianz”). The allocations to the 'Equity Ownership' section have been populated as placeholders, as we do not report this information.
* Includes PIMCO’s global affiliates, as appropriate. PIMCO directly owns and controls PIMCO Investments LLC and may directly or indirectly own and control certain
other global PIMCO entities.
Reserved.
PIMCO
December 31, 2013
Team Description
Total Number
Avg. Years of Experience
205
13
158
6
0
192
84
1829

11
13
0
12
16
0

Portfolio Mngrs/Dual Role
PM:
Research Analysts:
Traders:
Economists:
Client Service:
Marketing:
Other Staff:
Risk Portfolio/Monitoring:
Compliance/Administration:
Certificates/Designations/Degrees
CFA Charterholders:
MBAs:
PHDs:
233
370
70
Explanation of How Professionals are Categorized
Notes: Portfolio Managers conduct trading at PIMCO.
Other Staff is made up of Product and Business Managers.
Professionals gained and lost do not include internal promotions.
Compensation Structure
Analysts:
Portfolio Manager:
Team:

Description of Various Components of Compensation

Professional Turnover
Portfolio Managers
Gained
Lost
Analysts
Gained
Lost
Traders
Gained
Lost
Gained
Lost
2009
28
12
11
7
0
0
8
16
2010
22
12
25
7
0
0
40
14
2011
42
13
43
8
1
0
49
13
2012
27
15
19
11
0
0
51
15
First Quarter 2013
1
4
2
2
0
0
2
6
Second Quarter 2013
8
8
5
6
0
0
3
3
Third Quarter 2013
16
2
11
2
0
0
16
3
Fourth Quarter 2013
5
2
1
0
0
0
3
3
2013
30
16
19
10
0
0
24
15
Professional
Tamerlan Abdikeev
Mark Afrasiabi
Laura Ahto
Oskar Akerberg
Toni Alfonso
Cory Amatuzzo
David Andrews
Tammie Arnold
Bhanu Arora
Michael Asay
Susan Asay
Rebecca Babin
Daniel Baburek
Shannon Bass
Jamil Baz
Lee Beck
Daniel Bellehsen
Peter Bentley
Nicolette Beyer
Adam Borneleit
Andrew Bosomworth
Sinjin Bowron
Robert Boyd
Jesse Brettingen
Jelle Brons
Christopher Brune
John Brynjolffson
John Brynjolfsson
R. Burns
Robert Burns
Sean Cameron
Janet Campbell
Title
Vice President
Senior Vice President & Credit Analyst
Vice President
Account Manager
Vice President
Other, Vice President
Senior Vice Presindent
Equity Research Associate
Other, Senior Vice President
CFA, VP
CFA, Senior Vice President
Vice President
Credit Analyst
Vice President
Portfolio Manager
CFA, Vice President
CFA, Vice President
Vice President
Vice President
CFA, Vice President
Portfolio Manager
Start Year Industry

2004
1986
2003
Start Year Firm
2005
2006
2002
2004
1997
1983
1990
2007
1978
1996
2001
1997
1990
1988
1985
2008
1993
1993
1994
1993
1999
1997
2005
2001
1998
1986
1986
1987
1986
2007
1990
2000
2003
1993
2007
1998
2004
2010
2006
2001
2007
2008
2012
2004
2001
2000
2001
2001
1998
2009
2005
1999
1989
1989
1989
2005
2011
2001
Departure Date
06/30/2009
06/11/2010
04/09/2009
09/01/2010
12/31/2007
05/28/2002
06/30/2003
01/17/2013
05/01/2012
12/31/2009
06/30/2009
03/30/2012
04/30/2009
11/22/2002
07/31/2008
04/04/2011
04/30/2013
11/07/2007
03/01/2006
03/31/2008
06/22/2004
08/31/2003
04/20/2012
01/27/2011
06/30/2011
01/25/2013
06/30/2009
06/30/2009
12/31/2008
12/31/2008
12/31/2013
04/25/2003
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Other
Resigned
Resigned
Resigned
New Role w/in Firm
Resigned
Resigned
Resigned
Resigned
Resigned
Retired
Resigned
Resigned
Retired
Other
Resigned
Reserved.
PIMCO
Professional
Yi Chian Chang
Michael Chang
Warren Chou
Malcolm Chua
Isaac Chua
Marcia Clark
Cyrille Conseil
Paul Craven
William Cullinan
John Cummings
Doug Cummings
Kumaran Damodaran
Robert Daviduk
Michael DischerRemmlinger
Travis Dugan
Jeri Easterday
Mohamed ElErian
Antoinette Eltz
Bret Estep
Anne FairchildJones
Derek Fan
Robert Fields
Hock Foong
Richard Ford
Kristine Foss
Hiroaki Furusho
Darius Gagne
Sharad Ghosh
Robert Gingrich
G. Gleason
Stephen Goldman
Gregory Gore
Andrew Griffiths
Andrew Grijns
Shailesh Gupta
Shailesh Gupta
John Hague
Gordon Hally
Pasi Hamalainen
David Hammer
Tongli Han
Claire Harding
Paul Harrison
Kazunori Harumi
Elaine Havens
Ray Hayes
Gregory Hazlett
David Hinman
Dwight Holloway
Lori Hsu
Gang Hu
Mark Hudoff
Mark Hughes
Margaret Isberg
Koji Ishida
Brian Jacobs
Juergen Jann
Nagendra Jayanty
Xihau Jiang
Elissa Johnson
Jim Johnstone
Vicken Kalaydjian
Hojung Kang
Joshua Katz
Constance Kavafyan
Thomas Kelleher
James Keller
Erik Keller
Raymond Kennedy
Brian Kim
Steven Kirkbaumer
Dirk Klee
Chisato Kohari
Tetsuro Kondo
Mukund Kumar
Thomas Lange
Aurore Leclercq
Bruno Lettich
Li Li
Chia Liang Lian
L. Lindgren
WenWen Lindroth
Renato Loes
John Loftus
Hui Long
John Longhurst
David Love
Aaron Low
Jeff Ludwig
Richard Mak
December 31, 2013
Title
Vice President
CFA, Credit Analyst
Financial Engineer
Portfolio Analyst
Vice President
Vice President, Account Manager
Sr. Vice President
CFA, Vice President
Vice President
Managing Director
Vice President
Vice President
President and Director
CFA, CPA, Vice President, Account Manager
Vice President
Vice President
Vice President
Vice President
Vice President
Managing Director
Managing Director
Sr. Vice President
CFA, Portfolio Manager
Account Manager
Vice President
Managing Director, President of PIMCO Canada
Vice President
CFA, Vice President
Credit Analyst
Vice President
Vice President
CFA, Vice President
Managing Director
Credit Analyst
VIce President
Vice President
Vice President
Account Manager
Vice President
Portfolio Manager
Vice President
Vice President
Vice President
Start Year Industry
2008
2000
2004
1993
2002
1984
1992
1986
1993
1988
1986
2001
1984
1992
1997
1995
1983
2003
1990

1984
1984
1987
1995
2002
1997
2002

1984
1988
1991

1997
1996
1988
1980
1965
1993
2003

1995
1996
1992

1971
1987
1991
1988
1998
2000
1987
2001
1987
1996
2006
1989
2004

1995
1991
2006
2000
1998
1990
1974
1987

1987
2003
1980

2000
1990
2002
1994

1993
1995
1993
1991
1998
2002
1983
2006
1985
2000
1992
1996
2000
Start Year Firm
2011
2000
2007
2011
2003
1983
1998
2003
1995
2002
1998
2008
2010
2002
1997
1999
1999
2007
1998

2007
2001
2005
2008
2000
2004
2001
2006
2004
2000
1999
2002

2000
2000
2000
1987
1982
1994
2012
2008
1996
2000
2000

1994
2010
1995
1993
2002
2008
1996
2006
1983
2001
2007
1991
2009

2002
2001
2011
2001
2001
2005
1996
1996

1996
2003
1997

2006
2001
2006
2009

2008
2005
2005
1999
2005
2011
1986
2008
2011
2008
2002
2000
2001
Departure Date
05/31/2013
12/01/2005
04/02/2012
02/28/2013
04/01/2008
03/31/2008
12/01/2010
08/08/2007
02/28/2004
07/21/2011
02/28/2005
10/25/2012
02/21/2012
07/11/2007
08/19/2011
03/31/2004
02/08/2005
10/31/2011
10/01/2010
09/30/2008
05/18/2010
04/15/2011
03/31/2009
09/30/2008
03/31/2005
08/31/2012
07/01/2005
03/31/2009
07/09/2010
03/29/2013
07/12/2006
12/31/2008
07/11/2007
05/01/2005
04/11/2007
04/30/2010
12/01/2004
03/01/2011
06/30/2008
01/15/2014
11/01/2010
06/28/2002
07/11/2007
01/01/2011
07/12/2006
12/31/2009
02/28/2012
06/30/2006
11/01/2012
01/07/2007
06/30/2011
03/31/2009
09/30/2009
12/31/2008
05/31/2008
12/31/2011
12/31/2009
05/15/2012
04/12/2006
11/01/2004
08/04/2004
04/13/2012
09/15/2011
08/04/2004
09/03/2011
08/01/2008
01/08/2008
06/06/2007
08/08/2007
08/01/2005
11/01/2010
01/10/2007
03/31/2009
06/14/2006
03/30/2012
03/30/2012
06/01/2007
06/30/2010
12/31/2009
08/16/2011
07/11/2007
12/31/2011
08/22/2011
02/01/2009
02/01/2011
06/01/2013
04/30/2011
08/04/2004
05/01/2004
05/31/2013
Other
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Deceased
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Retired
Retired
Resigned
Other
Resigned
Resigned
Resigned
Resigned
Resigned
Retired
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Retired
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Retired
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Other
Resigned
Resigned
Resigned
Resigned
Reserved.
PIMCO
Professional
Andre Mallegol
Dhruv Mallick
Sudi Mariappa
Ewan MarksonBrown
Nick Maroutsos
Akinori Matsui
Mark McCray
Paul McCulley
Paul McCulley
James Meehan
Dean Meiling
Karine MercadoDivoff
Greg Miller
Gail Mitchell
Jonathan Moll
Carol Molloy
Kristen Monson
Masabumi Moriguchi
Matt Mulcahy
James Muzzy
Jafer Naqvi
Joseph Narens
Monika Nemeth
Terry Nercessian
Steven Nicholls
John Norris
Shigeki Okamura
Guillermo Osses
Koyo Ozeki
Kumar Palghat
Richard Palmer
Shamil Pankhania
PeterPaul Pardi
Mark Parry
Michael Pascutti
Bradley Paulson
Bruce Pflug
Mohan Phansalkar
David Pittman
Jeff Plein
William Podlich
Alfonso Portillo
Brigitte Posch
William Powers
Krishna Prasad
Susan Raessler
Sofia Ramos
James Ramsay
Cliff Remily
Stephen Reynolds
Donna Riley
Andrew Robertson
Scott Roney
Stephen Ronnie
Chris Ropko
Bret Rosen
Jason Rosiak
Roland Ruebesam
Seth Ruthen
Bob Sahota
Yoshimitsu Saito
Jeff Sargent
Marion Scherzinger
Ernest Schmider
Leland Scholey
Ivor Schucking
Patricia Schuetz
Marcus Schulmerich
Adrian Schultes
Stephen Schwab
Iwona Scibisz
Marc Seidner
Toru Sejima
Denise Seliga
Verena Senne
Timothy Shaler
Anindita Sharma
William Sharp
James Shen
Kane Shieh
Scott Simon
Joseph Simonian
Ashish Sinha
Aylin SomersanCoqui
Joel Strauch
George Stubbins
Jamie Stuttard
Hao Sun
Tina Suo
Joachim Suter
December 31, 2013
Title
Senior Vice President, Account Manager
Credit Analyst
Managing Director
Executive Vice President, Account Manager
Managing Director
Managing Director
Account Manager
CFA, Trader
Vice President
Vice President
CPA, Senior Vice President
CFA, Vice President
CFA, Vice President
Vice President, Credit Analyst
CFA, Vice President
Senior Vice President, Account Manager
CFA, Vice President, Account Manager
CFA, Vice President
Junior CDO Structure Analyst
Managing Director
Vice President/Associate Director
Founder, Managing Director
Vice President
Managing Director
Other, Account Manager
CFA, Credit Analyst
VP, Account Manager
Vice President
Credit Analyst
Vice President
Portfolio Management Associate
Vice President
Vice President
Credit Analyst
Other, Account Manager
Vice President
Managing Director
CFA, Senior Vice President, Account Manager
Vice President
CFA, Vice President
Vice President
Chief Compliance Officer, EVP of Compliance
Vice President, Software Engineer
Vice President
Managing Director
Vice President
Analyst
Vice President
Portfolio Manager
Vice President
Vice President
Start Year Industry
1992
2000
1986
2001
1999
1985
1988
1983
1983
1989
1970
2004
1997
1983
1992
2002
1982
1977
1998
1967
2004
2006
1999
1986
1983
1985
1994
1997
1985
1988
1994
2006
1995
1991

1991
1985
1988
1970
2002
1967
1998
1994
1983
1997
1996
2000
1983
2000
1991
2000
2004
1991
1988
2007
1996
1993
2000
1992
1993
1995
1989
1995
1982
1976
1992
1986

1993
1990
1988
1988
1996
1988

1995

2000
1998
2004
1983
2002
2005
2002
1983

1999
1989
2005

Start Year Firm
1997
2003
2000
2011
2000
2001
2000
1999
1997
2001
1976
2007
1998
1983
1998
2007
1986
2001
2002
1971
2009
2009
2003
1998
2004
2000
2000
2006
2005
1997
1997
2006
2002
2002

1998
2002
1999
1997
2002
1971
2001
2008
1991
2008
2004
2003
2003
2011
2004
2002
2006
1993
1999
2011
2006
1996
2009
1995
2003
2003
1989
1999
1994
1983
2000
2005

2005
2008
1996
2009
2000
1990

1999

2000
2002
2009
2000
2008
2009
2005
2000

2002
2006
2007

Departure Date
05/10/2006
05/01/2005
06/30/2008
07/31/2012
06/30/2006
09/05/2007
03/30/2012
12/01/2010
11/14/2007
04/01/2008
05/01/2005
06/30/2009
03/01/2005
02/01/2013
08/01/2005
10/01/2010
03/31/2012
09/01/2005
07/29/2011
06/30/2009
02/24/2012
01/11/2013
03/01/2006
03/01/2006
12/01/2010
03/31/2010
06/30/2011
01/01/2011
06/07/2011
10/11/2006
03/01/2006
03/21/2011
07/12/2006
01/31/2003
03/31/2010
12/31/2011
07/01/2005
12/01/2006
12/31/2009
01/01/2008
06/30/2008
05/09/2007
09/20/2013
02/28/2010
05/31/2009
06/01/2009
06/13/2007
12/05/2007
10/04/2013
07/11/2007
06/06/2006
07/31/2009
02/28/2010
03/31/2010
01/16/2013
04/30/2008
09/30/2005
09/14/2011
02/08/2013
02/01/2005
07/06/2006
12/01/2008
03/31/2010
04/30/2009
02/28/2005
12/31/2008
03/31/2008
01/01/2008
05/20/2011
01/11/2013
01/16/2014
01/29/2014
11/15/2010
02/29/2008
12/01/2008
09/30/2008
01/01/2008
10/01/2004
03/01/2005
03/16/2012
05/31/2013
04/14/2011
08/01/2011
03/31/2010
01/16/2014
04/11/2007
09/30/2003
08/01/2010
09/10/2010
01/08/2008
Resigned
Resigned
Retired
Resigned
Resigned
Resigned
Retired
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Retired
Resigned
Resigned
Retired
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Retired
Resigned
Retired
Retired
Resigned
Retired
Resigned
Other
Resigned
Resigned
Resigned
Resigned
Resigned
Other
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
New Role w/in Firm
Resigned
Retired
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Other
Other
Resigned
Retired
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Retired
Resigned
Resigned
Resigned
Other
Resigned
Resigned
Resigned
Resigned
Resigned
Reserved.
PIMCO
Professional
Mark Taborsky
Yoichi Takechi
Yoichi Takechi
Christine Telish
Lee Thomas
William Thompson
Powell Thurston
Natelie Trevithick
Benjamin Trosky
William Tsotsos
Richard Tyson
Peter van de Zilver
Marc van Heel
Hiromi Wada
Duncan Webster
Magdalene Wei Min
Lori Whiting
Lori Whiting
Jason Williams
Mitchell Wilner
Barry Wilson
John Wilson
Dylan Windham
Tami Witham
George Wood
Charles Wyman
Rosa Yi
Jonathan Yip
Don Yocham
David Young
Lori Zarutsky
Mary Zerner
David Zhang
Joseph Zhang
Vicky Zhao
Yingying Zheng
Changhong Zhu
Karola Zygan
December 31, 2013
Start Year Industry
1992
2000
1991
1988
1980
1972
1994
2002
1980

1984
1991
1985
1990
1987

1998
1999
1987
1988
1989
2002
1993
1972
1986
1999
1997
1996
1988
Title
Vice President
CFA, Vice President, Account Manager
Managing Director
Managing Director, CoChief Executive Officer
Executive Vice President, Head of Operations
CFA, Vice President
CFA, Head of PIMCO Canada
CFA, Sr. Vice President
Vice President
Vice President
Vice President
CFA, Executive Vice President, Sr Account Manager
CFA, Vice President
CFA, Vice President
CFA, Vice President, Product Manager
CFA, Product Manager
Vice President
Account Manager
CFA, Vice President
Vice President
Managing Director
1994
2001
1999
2006
1999
1994

Start Year Firm
2008
2003
2003
1994
1995
1993
1999
2006
1990

1996
1992
2001
2005
2007

2003
2003
2000
2005
2003
1997
2002
2001
1994
2001
2002
1997
2001
1994
2003
2007
2002
2004
2011
2004
1999

Departure Date
08/26/2011
06/30/2008
01/01/2006
07/20/2012
09/04/2004
01/31/2009
06/25/2010
06/15/2012
12/31/2002
05/10/2006
12/01/2008
09/10/2010
05/13/2010
07/31/2009
05/31/2008
01/01/2008
07/08/2008
07/08/2008
03/31/2012
06/30/2010
04/30/2004
06/10/2006
10/01/2004
04/01/2006
02/01/2011
04/01/2006
06/13/2006
08/01/2011
03/01/2006
12/31/2008
06/01/2008
02/29/2012
01/01/2008
03/07/2007
09/30/2013
12/31/2008
02/28/2010
01/01/2008
Resigned
Resigned
Resigned
Resigned
Resigned
Retired
Resigned
Resigned
Retired
Resigned
New Role w/in Firm
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Retired
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
Resigned
New Role With Firm
Resigned
Resigned
Resigned
Investment Professionals
Professional
Berdibek Ahmedov
Michael Althof
Michael Amey
Mangala Ananthanarayanan
Joshua Anderson
Kwame Anochie
Robert Arnott
Brian Baker
Francesc Balcells
Andrew Balls
Jeremie Banet
Sharad Bansal
Novruz Bashirov
Stephen Beaumont
David Behenna
Kofi Bentsi
William Benz
Scott Berman
Andreas Berndt
Vineer Bhansali
Gregory Bishop
David Blair
Volker Blau
Felix Blomenkamp
Ryan Blute
Philippe Bodereau
Timo Boehm
Andrew Bosomworth
Myles Bradshaw
Michael Brandl
Jennifer Bridwell
Christopher Brightman
JC Briones
Bruce Brittain
Tim Bruenjes
Giang Bui
Matthew Burdett
Michael Burns
Julie Callahan
Sabrina Callin
Christopher Caltagirone
Libby Cantrill
Vlad Cara
Title
Managing Director
CFA, CPA, Managing Director
Subadvisor
Managing Director
Managing Director, Deputy CIO
Vice President
Consultant
CFA, CPA, Managing Director
Managing Director
CFA, CPA, Senior Vice President
CFA, CPA, Executive Vice President
Managing Director
Managing Director
Vice President
Managing Director
CFA, MD, Research Affiliates
CFA, Vice President
CFA, CPA, Managing Director, Product Manager
CFA, CPA, Senior Vice President
Primary Role
Other
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Other
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Fixed Income Analyst
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Other
Other
Other
Trader
Equity Analyst
Portfolio Manager
Other
Portfolio Manager
Other
Equity Analyst
Start Year Industry
2002
2004
1994
2003
1995
2003
1977
1987
1995
1999
2000
1999
2005
1987
1993
1995
1985
1999
1995
1990
1983
1996
1990
1994
1990
1996
1993
1994
1999
2007
1988
2010
2000
1981
1998
1999
2005
1999
1995
1991
2005
2004
1996
Start Year Firm
2010
2004
2003
2006
2003
2003
2002
1997
2012
2006
2011
2005
2010
1999
2000
2012
1986
2009
2000
2000
2000
2006
2000
2000
2000
2004
2000
2001
2007
2007
2005
2010
2010
2002
2011
2000
2011
2002
2011
1998
2007
2007
2011
Reserved.
Equity Owner

PIMCO
Professional
John Cavalieri
Frank Cesario
Devin Chen
Nathan Chiaverini
Tracy Chin
Amit Chopra
Steven Chuang
Jeffrey Cino
Richard Clarida
Matthew Clark
Richard Colasuonno
Mark Cooper
Anthony Crescenzi
Jonathan Cressy
Michael Cudzil
William Cumby
Wendy Cupps
Suhail Dada
Juergen Dahlhoff
Birgitte Danielson
James Darling
Aniruddha Das
William Davies
Josh Davis
Craig Dawson
William De Leon
Stefan De Wachter
Joseph Deane
Patrice Denis
John Devir
Edward Devlin
Andrew Dewitt
Chris Dialynas
Anton Dombrovsky
David Dorff
Peter Dorrian
Matt Dorsten
Jason Duko
Vernon Edler
Ben Edwards
Benjamin Ehlert
Mohamed ElErian
Edward Ellis
Jason England
Shannon Erdmann
Stephanie Evans
Martin Feeny
Marcellus Fisher
David Fisher
Richard Flax
Christopher Flick
Andrew Forsyth
Joseph Fournier
Julian Foxall
Teri Frisch
Richard Fulford
Lee Galloway
Alessandro Gandolfi
Ronie Ganguly
Russell Gannaway
Yuri Garbuzov
Chris Getter
James Gilbert
Raymond Goh
Michael Gomez
Ana Gonzalez
Masha Gordon
Gregory Grabar
Austin Graff
Stuart Graham
Robert Greer
William Gross
Jared Gross
Marco Grzesik
Haidi Gu
Anne Gudefin
Sachin Gupta
Tim Haaf
John Hardaway
Brent Harris
Daniel He
Ilan Heimann
Jeffrey Helsing
Hans Herlan
Niall Hession
Douglas Hodge
Andrew Hoffman
Brent Holden
Jonathan Horne
Jason Hsu
December 31, 2013
Title
Executive Vice President, Product Manager
Vice President
CFA, Vice President
CFA, Vice President
Vice President
Vice President
Vice President
Managing Director
Vice President
Vice President
Managing Director
CFA, Consultant
CEO, CoCIO
CFA, Vice President
Vice President
Vice President
Vice President
Sr. Vice President
Vice President
CoHead of Emerging Markets, Managing Director
Vice President
CPA, Executive Vice President
CFA, Managing Director, CoCIO
CFA, Vice President
CFA, Vice President
Vice President
Other, Senior Vice President
Vice President
CFA, Managing Director, Chief Operating Officer
CIO, Research Affiliates
Primary Role
Other
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Equity Analyst
Strategist
Equity Analyst
Portfolio Manager
Portfolio Manager
Portfolio Manager
Other
Other
Other
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Other
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Trader
Other
Equity Analyst
Other
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Other
Portfolio Manager
Trader
Portfolio Manager
Portfolio Manager
Portfolio Manager
Equity Analyst
Other
Portfolio Manager
Other
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Other
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Trader
Other
Portfolio Manager
Portfolio Manager
Other
Start Year Industry
1997
2001
1999
2002
2000
1998
2006
2000
1999
2002
2004
1993
1984
1995
1997
2003
1989
1991
2000
1994
1979
2007
2001
2007
1995
1991
2007
1969
1997
1993
1995
2006
1979
2002
1985
1990
2005
2001
1997
2004
1960
1983
1988
1994
2007
1993
2001
1990
1993
2001
2006
1984
1998
1994
1981
1999
1995
1998
2000
2004
1997
1995
2002
2008
1994
2000
1998
1990
2006
1989
1984
1969
1994
1999
2004
1990
1997
1993
1990
1983
2007
1997
1998
1995
2005
1984
1989
1983
2004
1997
Start Year Firm
2003
2011
2010
2012
2005
2008
2010
2013
2006
2002
2007
2010
2009
2002
2012
2008
1994
2001
2000
1996
2008
2007
2009
2008
1999
2007
2007
2011
2010
2011
2006
2006
1980
2007
1993
2006
2006
2011
2001
2006
1984
1999
2000
1994
2008
1993
2004
2000
2008
2011
2011
2005
1999
2001
1992
2000
2010
2006
2013
2009
1997
2008
2012
2011
2003
2008
2010
1999
2012
2008
2002
1971
2008
1999
2007
2010
2003
2000
1990
1985
2011
2007
1999
2000
2011
1989
2010
1989
2006
2002
Reserved.
Equity Owner

PIMCO
Professional
Daniel Hyman
Terrence Ing
Daniel Ivascyn
Jay Jacobs
Andrew Jessop
Nicholas Johnson
Geoffrey Johnson
Kelly Johnson
Steven Jones
Tadaski Kakuchi
Natalie Karpov
Benjamin Kelly
Julia Kelting
Christopher Kemp
Alec Kersman
Jason Kezelman
Mark Kiesel
Lisa Kim
Michael Kim
Stephanie King
Rafer Kingston
Brad Kinkelaar
Ryan Korinke
Sunil Kothari
Thomas Kressin
Kevin Kuhner
Charles Lahr
Patrick Lawler
John Lawrence
John Lee
Damien Lee
Feifei Li
Ji Li
David Linton
Chris Lofdahl
Matthieu Loriferne
Matthieu Louanges
Erika Lowe
David Lown
Laurent Luccioni
Elizabeth MacLean
Jason Mandinach
Chantal Manseau
Rene Martel
Scott Martin
William Martinez
Tomoya Masanao
Scott Mather
Collin McBirney
Murphy McCann
Sean McCarthy
Joseph McDevitt
David McMahon
Robert Mead
Lalantika Medema
Julie Meggers
Amit Mehta
Isaac Meng
Curtis Mewbourne
Matt Michalovsky
Kris Mierau
Roland Mieth
Kendall Miller
John Miller
Scott Millimet
Saori Mitsuta
Mohit Mittal
Eric Mogelof
James Moore
Martin Moorman
Robert Morena
Kevin Morgenroth
Ryota Morioka
Jeff Muehlethaler
Markus Mueller
Raja Mukherji
Adam Muller
Alfred Murata
John Murray
Vijendra Nambiar
Rama Nambimadom
Roger Nieves
Cristina Nunziata
Sachiko Okuma
Loren Ollenburger
Doug Ongaro
Chris Oosterhuis
Ismael Orenstein
Thomas Otterbein
Lorenzo Pagani
December 31, 2013
Title
CFA, CPA, Vice President
CPA, Senior Vice President
Vice President
CFA, Vice President
Sr. Vice President
Portfolio Manager
Director, Research Affiliates
CFA, Vice President
Chief Administrative Officer/ Managing Director
Vice President
Managing Director
Vice President
CFA, Vice President
Sr. Vice President
Managing Director
Vice President
CFA, CPA, Executive Vice President, Account Manager
Managing Director
Associate
Managing Director
Sr. Vice President
Vice President
Account Manager
Vice President
Managing Director
Vice President
Vice President
Vice President
CFA, Portfolio Manager
Managing Director
Primary Role
Portfolio Manager
Portfolio Manager
Other
Portfolio Manager
Portfolio Manager
Portfolio Manager
Other
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Other
Portfolio Manager
Portfolio Manager
Other
Portfolio Manager
Portfolio Manager
Equity Analyst
Portfolio Manager
Portfolio Manager
Portfolio Manager
Other
Portfolio Manager
Portfolio Manager
Portfolio Manager
Other
Portfolio Manager
Portfolio Manager
Other
Other
Portfolio Manager
Portfolio Manager
Portfolio Manager
Equity Analyst
Other
Portfolio Manager
Other
Equity Analyst
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Other
Equity Analyst
Portfolio Manager
Portfolio Manager
Equity Analyst
Portfolio Manager
Portfolio Manager
Other
Portfolio Manager
Portfolio Manager
Portfolio Manager
Start Year Industry
2006
1999
1991
1994
1988
2004
2002
1991
1998
2003
2000
1997
2001
2004
2001
1999
1994
1999
2006
1996
2002
1996
2000
2004
1991
1999
1993
1995
1994
2002
2010
2005
2000
2006
2003
2004
1994
1997
1989
1998
1987
2006
1999
2001
1988
2001
1990
1994
2011
2000
1998
1981
1985
1988
2005
1999
1994
1996
1993
2006
2010
2004
1993
1998
1982
2005
2007
1998
1994
1993
1982
2006
2001
2001
2006
1995
2003
1999
2004
2008
1998
1997
2000
2000
2000
1985
2007
2006
1989
1999
Start Year Firm
2008
2007
1998
1998
2009
2004
2012
2001
2000
2003
2004
2000
2008
2008
2005
1999
1996
2003
2007
2003
2005
2011
2005
2005
1991
2001
2009
2010
2010
2013
2013
2005
2009
2006
2001
2005
2000
2006
1995
2013
2011
2010
2002
2006
1998
2013
2001
1998
2012
1997
2009
1998
2011
2003
2006
2003
2011
2011
1999
2012
1998
2008
1996
1999
1999
2005
2007
2003
2003
2013
2007
2012
2005
2006
2006
2006
2012
2001
2009
2009
2002
2001
2007
2003
2002
1995
2013
2012
1994
2004
Reserved.
Equity Owner

PIMCO
Professional
Saumil Parikh
Sheila Pejavar
Carrie Peterson
Ivan Phang
Elizabeth Philipp
Daniel Phillipson
Rudy Pimentel
Ketish Pothalingam
Axel Potthof
Vladyslav Putyatin
Yi Qiao
Ying Qiu
Wendong Qu
Ying Qui
Will Quinones
Lupin Rahman
Emanuele Ravano
Paul Reisz
Yiannis Repoulis
Steve Rodosky
Melody Rollins
Mark Romano
Javier Romo
Cathy Rowe
Gillian Rutherford
Yoshiyuki Sakane
Stacy Schaus
Jerome Schneider
Jonathan Schube
Stephen Schulist
Myck Schwetz
Rahul Seksaria
Sapna Shah
Greg Sharenow
Jonathan Short
Brendon Shvetz
Vinicius Silva
Eden Simmer
Alka Singal
Anil Singh
Ivan Skobtsov
Nikolas Skouloudis
Kimble Skov
Jonathan Slavin
Kenton Smith
Michael Sonner
Ignacio Sosa
Luke Spajic
Scott Spalding
Andrew Spottiswoode
Jeffrey Springer
Candice Stack
Christian Staub
Christina Stauffer
Jason Steiner
Christian Stracke
Richard Stravato
Peter Strelow
Benjamin Strom
Alex Struc
Don Suskind
Makoto Takano
Kyle Theodore
Josh Thimons
Michael Thompson
Klaus Thuerbach
Ashish Tiwari
Ramin Toloui
Eve Tournier
Rusty Tredwell
Gregory Tsagogeorgas
Bryan Tsu
Shiro Tsubota
Mellisa Tuttle
Rieko Uehara
Yuko Umino
Nishant Upadhyay
Marco van Akkeren
Jereon van Bezooijen
John van Houden
Henk van Zoelen
Nate Velarde
Ronit Walny
Kasten Walther
Jun Wang
Qi Wang
Hansford Warner
Michael Watchorn
Charles Watford
Jonathan Webb
December 31, 2013
Title
Vice President
Vice President
Managing Director
CFA, CPA, Executive Vice President
Managing Director
CFP, Executive Vice President
Managing Director
CFA, Vice President
CFA, Senior Vice President / Financial Engineer
Managing Director
Vice President
Vice President
Vice President
Vice President
CFA, Vice President
Managing Director
Managing Director
CFA, Vice President
CFA, Executive Vice President, Product Manager
Managing Director
CFA, Senior Vice President, Account Manager
Managing Director
CFA, Other, Vice President
CoHead of Emerging Markets, Executive Vice President
Vice President
Account Associate
Account Manager
Vice President
Vice President
Managing Director
CFA, Vice President
Primary Role
Portfolio Manager
Other
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Other
Portfolio Manager
Portfolio Manager
Other
Portfolio Manager
Portfolio Manager
Trader
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Portfolio Manager
Trader
Portfolio Manager
Portfolio Manager
Trader
Portfolio Manager
Portfolio Manager
Other
Portfolio Manager
Other
Other
Equity Analyst
Portfolio Manager
Other
Other
Portfolio Manager
Other
Other
Portfolio Manager
Portfolio Manager
Trader
Portfolio Manager
Portfolio Manager
Other
Other
Equity Analyst
Other
Portfolio Manager
Portfolio Manager
Start Year Industry
1998
2002
2005
2003
1994
2001
2000
1987
1994
1999
2006
1998
2000
1998
2005
1998
1986
1984
1994
1995
1995
1982
2002
1980
2004
1997
1981
1995
1998
1995
2003
2001
2004
1999
1986
2009
1995
2006
2007
2007
1995
2005
1997
1996
1987
1990
1982
1996
2000
2006
1996
2003
1999
1988
2001
1999
1993
2000
2001
2002
1999
1988
1995
1997
1994
2006
2004
2000
1998
1994
1996
2005
1994
1992
2005
1999
2001
1999
1996
1990
1997
1996
1998
1999
2010
1993
1999
1991
2003
2002
Start Year Firm
2000
2007
2009
2012
1996
2002
2003
2009
1998
2007
2007
2008
2001
2011
2009
2008
2001
2000
1998
2001
2001
1997
2011
1980
2013
2007
2006
2008
2011
1996
2003
2002
2007
2011
2005
2009
2013
2010
2007
2007
2001
2012
1995
2012
2008
2002
2011
2007
2000
2011
2007
2006
2005
2002
2009
2008
2005
2002
2013
2003
2004
2001
1998
2010
2006
2012
2008
2006
2008
2007
2010
2008
2005
2010
2005
2006
2004
2008
2008
2004
2005
2011
2010
2006
2013
2010
2001
2007
2007
2008
Reserved.
Equity Owner

PIMCO
Professional
Michele Weinberger
John West
Timothy White
Bransby Whitton
Christian Wild
Susan Wilson
Frank Witt
Andrew Wittkop
Mihir Worah
Minwei Wu
Shinichi Yamamoto
Jing Yang
Vadim Yasnov
Taizo Yoshida
ChengYuan Yu
Hao Zou
December 31, 2013
Title
CFA, MD, Research Affiliates
CFA, Execitive Vice President
Managing Director
Managing Director
Vice President
Executive Vice President, Account Manager
Vice President
Primary Role
Other
Other
Portfolio Manager
Portfolio Manager
Portfolio Manager
Start Year Industry
1989
2006
1995
2002
1999
1987
1995
2000
2000
2010
1997
2006
2005
2002
1984
2009
Start Year Firm
2006
2006
2004
2002
2001
1999
2002
2005
2001
2010
2002
2006
2005
2006
1994
2011
Reserved.
Equity Owner

PIMCO
December 31, 2013
Profile: Firm Narratives
Firm Background
Pacific Investment Management Company LLC ("PIMCO")* was founded in Newport Beach, California in 1971. PIMCO is one of the world's largest fixed income managers, with a presence in
every major bond market. PIMCO started as a subsidiary of Pacific Life Insurance Company to manage separate accounts for institutional clients. Today, PIMCO has offices in Newport
Beach, New York, Amsterdam, Singapore, Tokyo, London, Sydney, Munich, Zurich, Toronto, Hong Kong, Milan and Rio de Janeiro.
In 2000, PIMCO was acquired by Allianz SE ("Allianz"), a large global financial services company based in Germany. PIMCO operates as a separate and autonomous subsidiary of Allianz. PIMCO has enjoyed a stable organization throughout its 42year history, and has retained key professionals in part due to strong financial incentives. Many of the professionals who were
instrumental in PIMCO's founding and subsequent growth are still active in its management.
* Includes PIMCO's global affiliates, as appropriate. PIMCO directly owns and controls PIMCO Investments LLC and may directly or indirectly own and control certain other global PIMCO
entities.
Joint Ventures
PIMCO is the sole member of PIMCO Investments LLC, a SEC and FINRA registered brokerdealer. Additionally, PIMCO is affiliated through common ownership with Allianz Global Investors
Distributors LLC, an SEC and FINRA registered brokerdealer.
PIMCO does not generally trade securities with either of its affiliated brokerdealers.
Prior or Pending Ownership Changes
Prior or Pending Litigation
No
Additional Comments
In the current market environment, many clients find themselves constrained in executing plans to move from their existing fixed income manager to a new manager. To help clients better
understand their options, PIMCO has put in place teams of experienced investment professionals dedicated to assessing the level of liquidity in client portfolios, as well as executing a smooth
and cost effective transfer of securities. For more information concerning account liquidation and inkind transfer processes at PIMCO, please contact your PIMCO Marketing Representative.
We believe that PIMCO has several unique strengths as an organization:
First, we have a sound, commonsense philosophy that combines a longterm perspective, moderate risktaking across multiple concurrent strategies and a commitment to sophisticated
research. That philosophy has been in place at PIMCO for over 42 years, and has been tested in all types of market conditions.
Second, PIMCO enjoys many advantages of size. As one of the largest fixed income managers, PIMCO can invest more in topnotch financial talent, broader market coverage, inhouse
research and risk management than smaller bond managers. Moreover, size helps us gain greater access to information from trading desks, government and corporate issuers and
policymakers around the world. We believe these advantages improve our ability to make sound decisions and, perhaps more importantly, reduce the chances of making unsound ones.
Third, PIMCO has a long history of innovation within the fixed income management field. That innovation is evidenced by our development and use of new research techniques and new
sectors. Innovation will continue at PIMCO because our corporate culture cultivates, encourages and rewards it.
Fourth, PIMCO's financial success and strong incentives have produced considerable stability and continuity among our investment professionals. Many of the professionals instrumental in
PIMCO's founding and subsequent growth are still active in its management. Over 600 highly qualified professionals participate in the global investment process at one level or another. Fifth, PIMCO has a rigorous macroeconomic research process. Macroeconomic judgments are critical to all fixed income managers, regardless of style. We have avoided the more typical
approach of charging a small group of economists with responsibility for generating forecasts. Rather, we believe that a process that involves active participation by a broad and diverse
group will lead to more rigorous debate and hence, more robust conclusions. Sixth, PIMCO places a strong emphasis on risk management. Risk management features prominently in our investment philosophy and process, as noted above, and is critically important in
managing strategies where a disciplined approach is key to longterm performance. The entire firm is involved in monitoring risk: portfolio management; product management; account
management; and business management, including legal and compliance. Furthermore, PIMCO has a portfolio risk oversight team responsible for implementing and enhancing portfolio risk
reporting and oversight processes for PIMCO's offices around the world.
PIMCO's commitment to risk management is also reflected in our development of new analytical tools necessary to evaluate risk amid changing market environments. This commitment is
evidenced by the millions dedicated annually to developing proprietary analytical tools.
Finally, our specialized structure permits investment professionals to focus on their roles and, on achieving better results. As portfolio managers at PIMCO have no direct client service or
marketing responsibilities, they are rarely distracted from their focus on managing portfolios. Similarly, client service professionals, who are highly trained investment professionals, are
focused on meeting client needs, monitoring portfolios and communicating with clients to deliver superior service.
Reserved.
PIMCO
December 31, 2013
Profile: Operations
Firm Financial Information
Asset Management Companies
Income Statement Information
Gross Revenue
% of Revenue Derived from Performance Fees
EBITDA or Distributable Profit (US LLPs)
Interest Income
Interest Expense
Net Income
Firm is a Subsidiary of Parent/Holding Company:
$
$
$
$
$
$
No

(Millions)
%
(Millions)
(Millions)
(Millions)
(Millions)
Balance Sheet Information
Cash & Cash Equivalents
Investments
Debt
Present Value of Lease Obligations
Equity
$
$
$
$
$
$

(Millions)
(Millions)
(Millions)
(Millions)
(Millions)
(Millions)
Corporate Governance
Firm Policy on Corporate Governance Expectations of Companies:
No
Policy Applies to All Regions in which Firm Invests:

Firm Exercises Ownership Rights through Voting Proxies:
Yes
Votes Exercised in All Regions in which Firm Invests:
No
Firm Disclose Voting Records:
No
Document not available in PDF
Firm Encourages Good Corporate Governance Standards:
Yes
Firm's Corporate Governance Incorporates Environmental & Social Considerations:
Yes
Number of Full Time Staff Dedicated to Corporate Governance:

Regulatory Environment
Firm is Regulated By Following Organizations/Governmental Agencies:
Agency Name
U.S. SEC
U.S. CFTC
Registration #
80148187
0002988
Registration Date
11/14/1994
06/30/1982
Date of Last Visit

Scope of Last Visit
Firm had any reported breaches within last 12 months:
No
Action taken against firm by any regulatory body:
PIMCO has not been the subject of any regulatory action.
Action taken against individuals within firm by any regulatory body:
No PIMCO employee has been the subject of any regulatory action with respect to their
activities at PIMCO while under PIMCO's employ.
Complied with all Minimum Capital Requirements during the last 12 months:
Yes
Internal Control & Systems
Auditor's reports on internal controls (ie. SAS70, AA 01/06, etc):
Yes
Report Name: SOC 1 Report
Begin Date: 10/1/2012
Report Coverage: Annual
End Date: 9/30/2013
Name of Order Management System:
SSAE 16 Report
Version of Order Management System:
Details of any changes to OMS within last 12 months:
No Details Provided
Details of any planned changes to OMS within last 12 months:
No Details Provided
Disaster Recovery
Disaster Recovery Plan in Place:
Date of Last Test:
Yes
07/18/2013
Summary of Key Points Covered by Disaster Recovery Plan:
PIMCO has a detailed disaster recovery plan, approved by senior management, which exists to respond to multiple levels of contingencies, ranging from a local building fire to an area
wide disaster. The plan originated from a comprehensively documented business impact review, which identified the most critical parts of the business. To support business continuity,
primary facility diversity is provided by the operations site being physically separate from the investment management site. Copies of application software and hardware are
maintained at both locations, and databases are replicated at both sites. To protect against the risk of data corruption, all databases are copied to backup files nightly and stored off
site on a weekly basis. PIMCO requires the facilities that store its documents to meet or exceed the minimum fire, flood, and earthquake safety standards recommended by state and
local authorities as well as the industry regulators. All records stored offsite can be obtained within twentyfour hours from the time of the initial request. Our Disaster recovery site
located in Escondido, CA is a dedicated facility available only to PIMCO (24x7). This facility is a "hot site" from both a facility & hardware perspective. We have all of the necessary
equipment available at the site to carry out our business day (desktops, phone lines, printers, Internet access, Bloomberg, Reuters, etc.). In the event of a Level 3 Disaster
declaration, we would be operational at this facility within 2 hours. Because we keep our data backed up at an offsite facility on a realtime basis, all of our data and critical
applications can be fully operational within two hours from the time PIMCO declares a disaster. In addition, in the event of some type of corruption negatively impacting our production
environment, PIMCO takes a nightly data snapshot of our data that we save to disk. This information is shipped to and stored at a separate remote facility from our "hot” disaster site.
Additional Information & Documentation
Name of Firm's Auditing Organization:
PricewaterhouseCoopers LLP
Latest set of Audited Annual Financial Statements:
Document(s) Not Available in PDF Format
Firm's Valuation Procedures:
Firm's Conflict of Interest Policy:
Example of Life Cycle of Trade:
Please View Document(s) in Analytics
Reserved.