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PIMCO Capital Preservation

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PIMCO Capital Preservation PIMCO Capital Preservation (MAPS) Select UMA PIMCO (Model Portfolio Provider) Style: Short Term Fixed Income Year Founded: 1971 Sub-Style: Short Term Fixed Income Plus GIMA Status: Approved 650 Newport Center Drive Firm AUM: $1,664.6 billion Firm Ownership: Pacific Investment Mgmt. Co. LLC Newport Beach, California 92660 Firm Strategy AUM: $313.0 million Professional-Staff: 3054 PRODUCT OVERVIEW TARGET PORTFOLIO CHARACTERISTICS PORTFOLIO STATISTICS Morgan Stanley Smith Barney LLC ("Morgan Stanley") is the Number of bond holdings: 5 to 6 ---------------06/21------ 12/20 Manager of this strategy. The PIMCO Capital Preservation (MAPS) ---------- Average maturity: 2.2 to 2.4 years PIMCO Index*** PIMCO is a Separately Managed Account ("SMA") investment product where (a) PIMCO (the "Model Portfolio Provider") delivers a model Average duration: 1.4 to 2.2 years Number of bond holdings — — 7 portfolio (the "Third Party Model Portfolio") to Morgan Stanley; (b) Average coupon: 2.9 to 3.7% Yield 1.6 — 1.8 Morgan Stanley, as investment adviser to the client, serves as portfolio manager for the SMA investment product; and (c) the Average turnover rate: 0 to 40% Distribution Rate — — — SMA investment product is based on the Third Party Model Avg maturity 2.82 yrs. — 2.56 yrs. Portfolio. These SMA investment products are referred to as "MAPS Third Party Strategies". Although Morgan Stanley Avg duration 1.74 yrs. — 1.67 yrs. generally intends to follow the Third Party Model Portfolios as Avg coupon 2.2% — 2.3% portfolio manager of the MAPS Third Party Strategies, it has the discretion to deviate from the Third Party Model Portfolios. The Third Party Model Portfolios will include mutual funds and exchange traded products that are affiliated with the Model Portfolio Provider and which pay fees and other compensation to the Third Party Model Provider and its affiliates. The Third Party Model Portfolios may also include mutual funds and exchange traded products that are not affiliated with the Model Portfolio Provider. The Model Portfolio Providers for the MAPS Third Party Strategies are not acting as a "fiduciary" to the client as defined in Section 3(21)(A) of ERISA, with respect to the assets in a MAPS FIXED INCOME SECTOR DISTRIBUTION (%) ⁺ Third Party Strategy.The foundation of a client's portfolio, fixed 06/21 03/21 12/20 09/20 income provides several key benefits including income and total return potential, capital preservation and equity diversification. However, with Mortgage-Backed Securities 21.64 28.17 37.11 42.08 these benefits under pressure from low yields and rising interest rate Municipal, Preferred Stock, and 1.48 1.55 1.09 20.88 and credit risks, PIMCO's fixed income models follow our Convertibles forward-looking investment process to balance the tradeoffs offered by High Yield Corporates 20.46 18.12 17.41 20.23 today's market. Additionally, the actively managed PIMCO mutual 6.15 6.00 9.43 11.68 funds underlying the models capitalize on the structural advantages Financials ¹ that give active fixed income strategies an edge over passive.The Emerging Debt 13.22 13.27 6.83 4.22 PIMCO Taxable Fixed Income Capital Preservation Model seeks to Asset-Backed Securities 1.45 1.73 2.06 2.36 provide an attractive return above traditional cash investments, while minimizing draw-down potential from rising interest rates or falling Foreign Bonds 3.89 3.41 2.93 2.23 equity markets.PIMCO model portfolio allocations reflect the firm's Industrials ¹ 1.45 1.32 1.39 1.34 forward-looking investment process, which they have refined over 1.75 1.57 more than four decades. By combining PIMCO's top-down global Medium capitalization ¹ 1.70 1.33 outlook with extensive bottom-up security analysis and risk Municipal, Preferred Stock, and 0.00 0.00 0.00 0.91 management, the investment process has provided valuable insights Convertibles into economic and market developments, while enabling PIMCO to Yankees 0.24 0.35 0.46 0.49 anticipate major inflection points. U.S. Agencies 4.65 4.63 0.80 0.39 Cash/Cash Equivalents 25.49 24.74 25.24 0.00 ¹High Grade Corporates ⁺Total may not equal 100% due to rounding. ***Index : ML Tsy 1-3 Yr - G1O2 If this profile shows related performance, see the section titled "Related Performance" in the disclosures for important information about the performance shown prior to the inception of the Morgan Stanley Select UMA Program. The subsequent pages contain important disclosures and a glossary of terms. Information as of June 30, 2021, unless otherwise noted and is subject to change. Page 1 of 7 PIMCO Capital Preservation (MAPS) Select UMA MANAGER'S INVESTMENT PROCESS RISK CONSIDERATIONS PORTFOLIO'S MATURITY STRUCTURE (%) ⁺ • The following Investment Process is that of the Model Portfolio Investing in securities entails risks, including: Fixed Income 06/21 03/21 12/20 09/20 Provider (rather than of the Money Manager (Morgan Stanley)). securities may be sensitive to changes in prevailing interest 0 to 2 Years 66.30 61.50 62.95 63.36 • PIMCO model portfolios are managed by a team comprised of rates. When rates rise the value generally declines. There is members from PIMCO's Asset Allocation Portfolio Management and no assurance that the private guarantors or insurers will meet 2 to 4 Years 15.60 9.78 22.92 17.91 Client Solutions and Analytics teams. The model team oversees their obligations. U.S. Treasuries are guaranteed by the U.S. 4 to 6 Years 6.60 15.05 4.31 11.90 portfolio construction, including strategy selection, the specification of government and, if held to maturity, offer a fixed rate of return 6 to 8 Years 5.04 5.91 6.12 6.60 model guard rails and the development of forward-looking return and and fixed principal value. Growth investing does not guarantee risk assumptions. a profit or eliminate risk. The stocks of these companies can 8 to 12 Years 3.11 4.57 0.94 0.00 have relatively high valuations. Because of these high • Opportunity set: The model team identifies the universe of proprietary 12 to 17 Years 0.45 0.49 0.57 0.58 mutual funds that most closely align with the investment themes of the valuations, an investment in a growth stock can be more risky model portfolios. When reviewing mutual funds for inclusion, the model than an investment in a company with more modest growth Over 17 Years 2.90 2.70 2.19 1.85 expectations. Value investing does not guarantee a profit or portfolio team reviews multiple criteria, including performance, AuM, 0.00 0.00 0.00 0.00 eliminate risk. Not all companies whose stocks are considered Cash/Cash Equivalents model fit and fees. to be value stocks are able to turn their business around or • Model guardrails: The team establishes risk budgets and defines successfully employ corrective strategies which would result in concentration limits to the underlying mutual funds in line with each stock prices that do not rise as initially expected. Bonds rated PORTFOLIO'S CREDIT QUALITY STRUCTURE (%) ⁺ model’s objectives below investment grade may have speculative characteristics * • Model inputs: PIMCO’s methodology for estimating returns across the and present significant risks beyond those of other securities, Investment Grade underlying funds is driven by our Capital Market Assumption (CMA including greater credit risk and price volatility in the secondary process) which combines the benefits of two long-horizon return market. Investors should be careful to consider these risks 06/21 03/21 12/20 09/20 forecasting approaches: 1) Quantitative empirical and analytical alongside their individual circumstances, objectives and risk AAA 45.44 0.00 47.43 46.81 modeling, and 2) Judgment and insight from market experts. At the tolerance before investing in high-yield bonds. If a strategy AA 12.69 0.00 8.01 6.28 core of our process are forecasts from senior PIMCO portfolio expects to hold a concentrated portfolio of a limited number of managers for key market variables that drive asset class returns such securities, it should be noted that a decline in the value of A 9.23 0.00 12.26 15.30 as real and nominal yields, credit spreads and default rates. For these investments would cause the portfolio’s overall value to BBB 18.08 0.00 20.97 21.88 volatility and correlation inputs, we rely on our proprietary risk systems. decline to a greater degree than that of a less concentrated • Allocation process: Once return and risk inputs are estimated for each portfolio. fund, we seek to maximize risk-adjusted returns within the model guard rails. Allocations across funds are consistently monitored and reviewed formally by the model portfolio team at least on a quarterly basis, while the positions in the underlying funds are adjusted daily based on PIMCO’s macro views and bottom-up research. The portfolio holdings information on this page (e.g. credit ratings & maturity structure) apply to the underlying holdings of the funds and not the funds themselves. Below Investment Grade BB 0.00 0.00 0.00 0.00 B 0.00 0.00 0.00 0.00 Below B 0.00 0.00 0.00 0.00 Not Rated 3.06 0.00 3.84 3.43 Cash/Cash Equivalents 0.00 0.00 0.00 0.00 ¹High Grade Corporates ⁺Total may not equal 100% due to rounding. ***Index : ML Tsy 1-3 Yr - G1O2 If this profile shows related performance, see the section titled "Related Performance" in the disclosures for important information about the performance shown prior to the inception of the Morgan Stanley Select UMA Program.
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