(PUB) Morningstar FundInvestor
December 2013
Morningstar FundInvestor
7
Data through November 30, 2013 PIMCO Total Return Instl
Ticker Status Yield SEC Yield Total Assets Mstar Category PTTRX Open 3.5% 2.02% $244,095 mil Intermediate-Term Bond
Morningstar Analyst Rating 11-26-13
Investment Style Fixed Income Income Rtn %Rank Cat
Historical Profile Return Risk Rating High Above Avg Highest
66
27
16
26
16
65
22
7
43
Œ
Manager Change Partial Manager Change
10.0 12.0 14.0 16.4 18.8 20.8
Morningstar Pillars Process Performance
Positive Positive Positive Positive Positive
Growth of $10,000
NAV Total Return % +/-BC Agg Bnd +/-BC Agg Bnd Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $ Investment Values of Fund Investment Values of BC Agg Bnd Performance Quartile (within Category) History
People Parent Price
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 11-13
Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨
10.67 10.20 -0.06 -0.06
10.71
10.67
10.50 2.89 0.46 0.46 3.73 -0.84
10.38 3.99 -0.34 -0.34 4.76 -0.77
10.69
10.14 4.82 -0.42 -0.42 5.25 -0.43
10.80 13.83
10.85
10.87 4.16 -3.68 -3.68 4.00 0.16
11.24 10.36
10.88 -0.97 0.50 0.50 2.26 -3.23
5.56 1.46 1.46 3.48 2.08 0.37 0.18 0.43 4.17 234 29
5.14 0.80 0.80 2.43 2.71 0.26 0.33 0.43 2.73 12
9.07 2.10 2.10 5.26 3.81 0.53 0.07 0.43 4.82 257 1
8.83 2.29 2.29 3.33 5.50 0.35 0.54 0.46 4.07 402 26
7.90 7.90 6.01 7.82 0.59 0.11 0.45 5.37 300 46
6.15 6.15 4.47 5.89 0.47 0.27 0.46 3.11 584 12
4.68 5.52 0.48 0.35 0.43 5.16 445 11
5
47
11
87
41
Pillar Spectrum Positive
0.39 0.08 0.43 2.41 470
0.49 0.04 0.43 4.09 325
0.55 0.49 0.43 5.15 226
0.43 0.00 0.46 2.92 430
0.25 0.00 0.46 2.54 380
§ Negative
¶ Neutral
Performance 11-30-13 1st Qtr 2nd Qtr
3rd Qtr
4th Qtr
Total
.
2009 2010 2011 2012 2013
1.49 4.73 2.97 2.75 1.11 1.86 2.88 2.79 0.60 -3.60
6.04 0.99 13.83
154,660 175,137 144,429 138,794 115,919 80,240 69,945 60,280 54,598 45,790 42,077 39,854
3.82 -0.92 -1.06 2.22
8.83 4.16
Portfolio Analysis 06-30-13
Rating and Risk Time Load-Adj
3.15 1.17 10.36
1.17
Date of Maturity
Amount
Value % Net $000 Assets
Morningstar
Morningstar Risk vs Cat
Morningstar Risk-Adj Rating
. .
Period Return % Rtn vs Cat
Total Fixed-Income:19273
$000
1 Yr 3 Yr 5 Yr
-0.73 4.23 7.93 6.26 8.01
Trailing
Total
+/- BC
+/- BC %Rank Growth of
Fin Fut Euro$ Cme 06/15/ Irs Usd 3mls/1.50000s 03 Fin Fut Euro$ Cme 12/14/ Fin Fut Us 10yr Cbt 09/1 Fin Fut Euro$ Cme 09/14/ Fin Fut Euro$ Cme 03/14/ Pimco Fds Fin Fut Euro$ Cme 03/16/ Brazil(Fed Rep Of) 10% US Treasury Note 0.75% Ois Usd Fedl01/1.0 10/15 US Treasury Note 1.75% US Treasury Note 0.75% US Treasury Note 1% US Treasury Note 1.625% US Treasury Bond 2.5% FNMA FNMA US Treasury Note 2% US Treasury Note
06-16-15 03-18-16 12-15-15 09-20-13 09-15-15 03-15-16
15.35 13.39
. . . . . .
Return% Agg Bnd Agg Bnd
Cat
$10,000
+Avg +Avg High
High +Avg
3 Mo 6 Mo 1 Yr
2.72 1.34 -0.57 -0.01 -0.73 0.88 4.23 1.14 7.93 2.60 6.26 1.55 6.57 1.27
1.34 -0.01 0.88 1.14 2.60 1.55 1.27
5 10,272 42 9,943 35 9,927 24 11,323 31 14,646 4 18,353 4 25,973
9.80 5.99
10 Yr Incept
Avg
02-14-14 1,607,377
.
8,218,715 3.07 . 7,487,850 2.79 . 7,127,194 2.66
3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg
Other Measures
Standard Index
Best Fit Index BC US Credit
BC Agg Bnd
Alpha
1.2
0.5
07-15-43 6,746,300 7,030,118 2.62 02-15-23 6,010,001 5,784,626 2.16 07-15-21 4,903,834 5,067,613 1.89 01-01-17 9,977 4,641,550 1.73 02-28-18 4,731,001 4,615,497 1.72 08-12-43 4,417,101 4,593,266 1.71 10-15-17 4,473,201 4,404,102 1.64 05-15-23 4,502,601 4,217,319 1.57 03-31-18 4,163,500 4,052,742 1.51 11-30-19 4,241,380 4,041,572 1.51 11-15-22 4,328,251 4,040,997 1.51 01-15-29 3,026,844 3,739,571 1.40 7 Agency MBS Pass-Through 18 Agency MBS ARM 0 Agency MBS CMO 0 Non-Agency Residential MBS 2 Commercial MBS 1 Asset-Backed 1 Municipal 2 Cash & Equivalents 38 Other 0 Composition - Net Cash -52.2 Bonds 149.7 Stocks 0.0 Other 2.5 Special Securities Restricted/Illiquid Secs Exotic Mortgage-Backed Emerging-Markets Secs 3 Options/Futures/Warrants Yes 7 0 Sector Breakdown % of assets US Treasury 14 Non US Government Government Related 8 4 Corporate 03-17-15 4,776,764 1.78
Beta
0.97
0.77
R-Squared
50
75
Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 2.20 39 1.95 94 5.65 42 2.11 95 4.19 5 1.95 96 Potential Capital Gain Exposure: 2% of assets Morningstar’s Take by Eric Jacobson 11-26-13 It’s important for investors to know what PIMCO Total Return will and will not be. In institutional lingo, this is a "core-plus" offering. It keeps its rate sensitivity in a range around its benchmark, the Barclays U.S. Aggregate, invests in the same sectors as the index, and can add some out-of-benchmark bonds. That gives the fund a broad palette. Manager Bill Gross has historically made large bets using the fund’s benchmark sectors (in particular with agency mortgages), has peppered in nonbenchmark holdings such as emerging-markets and For all of its freedom, though, the fund keeps its duration at plus or minus two years around the Barclays Aggregate’s. It’s also limited to 10% in high yield and 15% in emerging markets. The duration issue is especially notable as many investors have been recoiling from interest-rate risk of late. The fund made its own headlines thanks to more than $30 billion in outflows during the second and third quarters of 2013, nonagency mortgage debt, and has long used interest-rate bets to try and improve returns.
Standard Deviation
3.85 4.23 1.08
Mean
Sharpe Ratio
and the trend has left the broader intermediate-term bond category with more than $70 billion in estimated net outflows; about the same amount flowed into the more interest-rate resistant bank-loan and nontraditional bond groups. The fund’s interest-rate limitations have been less of a problem lately than the direction and magnitude of its bets--the fund was caught short in late 2011 and long during the summer of 2013--but as flows suggest, and Gross believes, many investors want to give more flexibility to their managers to slash their durations. Neither he nor PIMCO see changing this portfolio’s rules as the right solution, though. Gross believes he has enough tools here to remain competitive, and is especially concerned about keeping the fund intact for shareholders who still prefer a corelike offering. For investors of that mind, Gross’ long-term record and massive PIMCO resources remain compelling. But for those who want to give their managers much more freedom--along with more freedom to fail--this isn’t the place to be.
Current Investment Style
Duration Ltd Mod Ext
Quality High Med Low
figure provided by fund
1
1 Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Avg Wtd Price Coupon Range
5.8 Yrs 6.5 Yrs
.
3.27%
60.20% of par
% of Bonds Rel Cat
0% PIK 0% to 6% 6% to 8% 8% to 10%
18.0 6.4 76.2 0.9 3.3 0.3 2.0 0.6 0.6 0.9
More than 10%
Address:
PIMCO Investments LLC distributor New York, NY 10019 888-877-4626 www.pimco.com/investments
Minimum Purchase: Min Auto Inv Plan:
$1000000
Add: $0 IRA: $0
1.00=Category Average
$0
Add: .
Credit Analysis
% bonds 06-30-13
Sales Fees:
No-load
BB
AAA
. . . .
. . . .
Web Address: Inception: Advisor: Subadvisor: NTF Plans:
Management Fee:
0.25%, 0.21%A
B
AA
05-11-87
Actual Fees:
Mgt:0.46% Dist: .
Pacific Investment Management Co LLC
Expense Projections: Income Distribution:
3Yr:$148 Monthly
5Yr:$258 10Yr:$579
Below B NR/NA
A
None
BBB
N/A
Mutual Funds ß ®
© 2013Morningstar, Inc.All rights reserved.The informationherein is not represented orwarranted to be accurate, correct, complete or timely. Pastperformance is no guarantee of future results.Accessupdated reportsat To order reprints, call 312-696-6100. mfb.morningstar.com.
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