投资者在投资之前应谨慎考量投资目标

1、0,PIMCO Asia LimitedNine Queens Road Central24th FloorUnits 2403 this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Mortgage-bac

2、ked securities are subject to prepayment risk and may be sensitive to changes in prevailing interest rates. When interest rates rise, the value of fixed income securities generally declines. These Funds may use derivative instruments for hedging purposes or as part of its investment strategy. Use of

3、 these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. Portfolios investing in derivatives could lose more than t

4、he principal amount invested in those instruments. These Funds are non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund. Diversification does not ensure against loss. The credit quality of a particular security or group of securities

5、does not ensure the stability or safety of the overall portfolio. Fund Structure The portfolio structure presented is intended to illustrate sectors in which the portfolios may invest. The structure is subject to change and no guarantee is being made that similar results will be achieved. Tracking E

6、rror/Information Ratio Tracking error is defined as the standard deviation of the portfolios relative return vs. the benchmark. The information ratio is defined as the portfolios relative return per unit of risk, or tracking error. Outlook and Strategy Statements concerning financial market trends a

7、re based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions, and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Outlook and str

8、ategies are subject to change without notice. Efficient Frontiers The efficient frontier models illustrate performance of the Citigroup World Government Bond Index (WGBI) vs. the LBAG and the Citigroup U.S. Treasure Index from the dates illustrated on the graphs. Different time periods may produce d

9、ifferent results. This information does not illustrate the past or future performance of any PIMCO product. Certain assumptions were made in this analysis, which have resulted in the returns detailed herein. Transaction costs (such as commissions) are not included in the calculation of returns, and

10、changes to the assumptions may have an impact on any returns detailed.,Appendix,17,PIMCO Experience The years of experience of the portfolio management and credit team includes all credit analysis and work-related experience, respectively, including firms other than PIMCO. Index Descriptions The Leh

11、man Brothers Aggregate Bond Index is an unmanaged market index representative of the U.S. taxable fixed income universe. The Citigroup US Government Treasury Index is an unmanaged comprising of the universe of U.S. Government Treasury Securities. The Citigroup World Government Bond Index (WGBI) is a

12、 market capitalization weighted index consisting of the government bond markets of the following countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Italy, Japan, Netherlands, Spain, Sweden, Switzerland, United Kingdom, and United States. Country eligibility is determi

13、ned based upon market capitalization and investability criteria. The index includes all fixed-rate bonds with a remaining maturity of one year or longer and with amounts outstanding of at least the equivalent of US$25 million. Government securities typically exclude floating or variable rate bonds,

14、US/Canadian savings bonds and private placements. Prior to 4/7/03 the Citigroup Indices were known as the Salomon Indices The Lehman Brothers Global Aggregate Index covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized s

15、ecurities. The liquidity constraint for all securities in the index is $300 million. The JPMorgan GBI Global Ex-U.S. Index (US $ Hedged) is an unmanaged market index representative of the total return performance in U.S. dollars on a hedged basis of non-U.S. bond markets. The JPMorgan GBI Global Ex-

16、U.S. FX NY (US $ Unhedged) is an unmanaged market index representative of the total return performance in U.S. dollars on an unhedged basis of non-U.S. bond markets- changed to 4 p.m. NY close of exchange markets on 07/01/2004. The JPMorgan GBI Global Index (Hedged) is an unmanaged market index repr

17、esentative of the total return performance in U.S. dollars on a hedged basis of major world bond markets. The JPMorgan GBI Global FX NY (US $ Unhedged) is an unmanaged market index representative of the total return performance in U.S. dollars on a hedged basis of major world bond markets- changed t

18、o 4 p.m. NY close of exchange markets on 07/01/2004. It is not possible to invest directly in an unmanaged index. The Personal Consumption Expenditures (PCE) deflator is published by the Bureau of Economic Analysis as part of the GDP report. It measures inflation across the basket of goods purchased

19、 by households, and is computed by taking the difference between current dollar PCE and chained dollar PCE. The Consumer Price Index (“CPI”) is an unmanaged index representing the rate of inflation of the U.S. consumer prices as determined by the US Department of Labor Statistics. There can be no gu

20、arantee that the CPI or other indexes will reflect the exact level of inflation at any given time.,Appendix,18,In an environment where interest rates may trend upward, rising rates will negatively impact most bond funds, and fixed income securities held by a fund are likely to decrease in value. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than secu