Your Global Investment AuthorityYour Global Investment Authority
A presentation on PIMCO’s views on Dividend investing:
February 2013
CFA Institute
Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are contained in the fund’s prospectus and summary prospectus, if available, which may be obtained by contacting your PIMCO representative. Please read them carefully before you invest or send money.
PIMCO Investments LLC.
For investment professional use only – not to be shown or distributed to the public
pg 1 Your Global Investment Authority
PIMCO Dividend team
Austin Graff Vice President
Generalist
Equity analyst
Cliff Remily Executive Vice
President Co-portfolio
manager Generalist Equity analyst
Eve Tournier* Executive Vice
President Co-portfolio
manager Fixed income PM
Brad Kinkelaar Executive Vice
President Co-portfolio
manager Generalist equity analyst
Matt Burdett Senior Vice President Generalist
Equity analyst
PIMCO global investment resources EQUITY PORTFOLIO MANAGEMENT
EQUITY TRADING PIMCO’S INVESTMENT PLATFORM DIVIDEND TEAM PRODUCT MANAGEMENT
Pathfinder™ equity investment team
New York desk Secular and cyclical forums
Investment committee
Raji Manasseh, SVP Product manager Newport Beach
Emerging markets equity investment team
London desk Equity portfolio committee
Commodity research
Steve Jones, SVP Product manager Newport Beach
Long/short equity investment team
Singapore desk
Currency management
Fixed income research
Laura Schlockman Product manager Newport Beach
Jane Miles Product associate Newport Beach
As of 31 December 2012 * Eve is a fixed income portfolio manager on the Dividend and Income Builder strategy only.
dividend_orga_01a
Portfolio management/research analysts Adam Muller
Generalist Equity analyst
pg 2 Your Global Investment Authority
PIMCO Dividend strategies
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Emerging Franchise Companies with potential to be significantly larger over time.
Basic Value Traditional value companies such as cyclicals, turnarounds, and companies with low valuations.
Consistent Earner Blue-chip industry leaders that consistently create value year after year.
BY INVESTING IN 3 BUSINESS TYPES PURSUING 3 GOALS
Attractive yield today
Long-term capital
appreciation
Growing stream of
income over time
PIMCO Dividend strategies
Refer to Appendix for additional investment strategy information.
pg 3 Your Global Investment Authority
Overview of dividend investing
dividend_tab_03
pg 4 Your Global Investment Authority
In a secular, low-rate, deleveraging environment, attractive dividend paying equities may be a long-term income solution
As of 31 December 2012 SOURCE: Bloomberg, Robert Shiller * Large-cap stock dividend yield represented by S&P 90 from 1926 through 1956 and S&P 500 from 1957 through present Refer to Appendix for additional index and risk information.
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0
2
4
6
8
10
12
14
16
1926 1943 1960 1977 1995 2012
Yiel
d (%
)
Large cap stocks dividend yield* 10-year long-term government bond
pg 5 Your Global Investment Authority
Dividends have historically been important to total return
As of 31 December 2010 SOURCE: Bloomberg, Jack W. Wilson and Charles P. Jones Data through 1990 derived from report: An Analysis of the S&P 500 Index and Cowles’s Extensions: Price Indexes and Stock Returns, 1870-1999 Journal of Business 2002, vol. 75 no 3. Data
after 1990 is from Bloomberg. Refer to Appendix for additional index information.
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A significant portion of equity returns is explained by dividend income
Without the dividends, equities would have had four decades of negative returns, including 2001–2010
The lower standard deviation of dividend income reduces volatility
43%
53%
233%
49%
33% 33%
15%
135%
0%
20%
40%
60%
80%
100%
1931
–1940
1941
–1950
1951
–1960
1961
–1970
1971
–1980
1981
–1990
1991
–2000
2001
–2010
Div
iden
d %
of t
otal
retu
rn
240%
140%
Average total return: 42%
pg 6 Your Global Investment Authority
Chasing the highest dividend yield is not always an optimal strategy
As of 31 December 2012 SOURCE: Credit Suisse Deciles were rebalanced monthly, so as to include the point-in-time S&P 500 constituents and dividend yields.
Refer to the Appendix for additional chart and index information.
As many studies have shown, high dividend stocks have tended to outperform over time
However, history suggests simply chasing the highest yields is not an optimal strategy
In this study, S&P 500 stocks were grouped monthly into deciles according to dividend yield. Performance was calculated monthly over 32 years.
During this period, the highest yielding stocks did not directly translate into the best performers
We believe that dividend growth is a key component that must also be considered when seeking the best total return opportunities
Dividend yield by decile Lowest yielding Highest yielding
dividend_review_08
6%
8%
10%
12%
14%
16%
18%
Decile 1
Decile 2
Decile 3
Decile 4
Decile 5
Decile 6
Decile 7
Decile 8
Decile 9
Decile 10
Equal-weighted decile annualized return from December 1979 to December 2012
Best performance
pg 7 Your Global Investment Authority
Companies with high dividend yields and high dividend growth have outperformed
As of 31 December 2012 SOURCE: BofA Merrill Lynch Global Quantitative Strategy High Div yield + High Div Growth, High Div yield, High Div yield + Low Div Growth data represents sub-sets of the MSCI AC World Index Refer to Appendix for additional index information.
While high yield stocks as a group have outperformed the market (yellow line), the level of dividend growth has been the key driver of returns:
Stocks with high yields AND high dividend growth have significantly outperformed… (blue line)
…while high yield stocks with low dividend growth have been market performers at best (green line)
Our forward-looking research focuses on identifying companies with the ability and willingness to grow dividends over time
dividend_review_03
-50%
0%
50%
100%
150%
200%
250%
1988 1991 1994 1996 1999 2001 2004 2007 2009 2012
Exce
ss c
umul
ativ
e pe
rfor
man
ce re
lativ
e to
MSC
I AC
Wor
ld In
dex
Excess returns relative to the MSCI AC World Index
High div yield + high div growthHigh div yieldHigh div yield + low div growth
pg 8 Your Global Investment Authority
Why do higher dividends outperform over time?
1 SOURCE: Robert D. Arnott and Clifford S. Asness, “Surprise! Higher Dividends=Higher Earnings Growth” Financial Analysts Journal, Jan/Feb 2003. The study covers periods ranging from 1871 – 2001 and for the purposes of this chart the focus is on equity data from 1946 –2001.
S&P 500 PAYOUT RATIOS AND SUBSEQUENT 10-YEAR REAL EARNINGS GROWTH QUARTILE COMPARISONS 1946-20011
Starting Payout Quartile Worst Average Best
First Quartile (Lowest Payout) (3.4%) (0.4%) 3.2%
Second Quartile (2.4%) 1.3% 5.7%
Third Quartile (1.1%) 2.7% 6.6%
Fourth Quartile (Highest Payout) 0.6% 4.2% 11.0%
dividend_review_09
pg 9 Your Global Investment Authority
Higher dividends have historically translated to higher earnings growth
Companies with higher dividend payout ratios have generated higher real earnings growth over subsequent ten-year periods
On average, the earnings of companies with lower payout ratios actually declined over the next ten years
The study was robust and consistent for all 46 rolling 10 year periods starting from 1946 to 1991
Similar studies have been conducted around the world with similar results: Australia, Canada, Germany, France, Japan, U.K., Netherlands, and Switzerland2
1 SOURCE: Robert D. Arnott and Clifford S. Asness, “Surprise! Higher Dividends=Higher Earnings Growth” Financial Analysts Journal, Jan/Feb 2003. The study covers periods ranging from 1871 – 2001 and for the purposes of this chart the focus is on equity data from 1946 –2001.
2 SOURCE: K.C. Parker “Do Higher Dividends Lead to Higher Earnings Growth?” Simon Fraser University 2005. Owain ap Gwilym, James Seaton, Karina Suddason, and Stephen Thomas, “International Evidence on the Pyout Ratio, Earnings, Dividend, and Returns” Financial Analysts Journal, Jan/Feb 2006.
Refer to Appendix for additional index and risk information.
We believe the capital allocation decision is one of the critical driving forces of company success and stock price performance
dividend_review_09
Capital allocation matters
Discipline enforced on management by shareholders
pg 10 Your Global Investment Authority
Chart is provided for illustrative purposes only. This illustration is not indicative of the past or future performance of any PIMCO product and does not reflect the impact of fees or expenses.
Refer to Appendix for additional chart, index and hypothetical example information.
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The power of growing dividends over time: Hypothetical yield on cost (YOC) from a bond vs. stocks with growing dividends
pg 11 Your Global Investment Authority
As of 31 December 2012 SOURCE: Bloomberg. Data is for S&P 500. Yield on cost is current income dividend by initial cost with no reinvestment of dividends This illustration is not indicative of the past or future performance of any PIMCO product and does not reflect the impact of fees or expenses. Refer to Appendix for additional chart, index and hypothetical example information.
A growing dividend stream may be a powerful hedge against inflation
One unit of the S&P 500 would have paid a $31.97 dividend in 2012. This is equal to 35% of $92.06, the S&P 500’s price at the end of 1969
S&P 500 dividends have had a compound annual growth rate of 6% while the average annual CPI was 4%
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The power of growing dividends over time: Historical dividends per share from one unit of the S&P 500
$3.13 $6.20 $12.12 $15.80 $23.60
0
5
10
15
20
25
30
35
0
5
10
15
20
25
30
35
1970 1980 1990 2000 2010
Yield on cost (%)
S&P
500
divi
dend
per
sha
re ($
) ...
S&P 500 dividend per share (lhs) Yield on cost (rhs)
+7% p.a +7% p.a +3% p.a +4% p.a
pg 12 Your Global Investment Authority
Dividend payout ratios have declined in the U.S.
As of 31 December 2011 SOURCE: Robert Shiller Dividend payout ratio is the percentage of earnings paid in dividends. Refer to Appendix for additional index and risk information.
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0%
20%
40%
60%
80%
100%
120%
140%
1926 1943 1960 1977 1994 2011
S&P 500 Payout Ratio
pg 13 Your Global Investment Authority
The timing of buybacks is typically disastrous
As of 31 December 2011 SOURCE: SG Cross Asset Research, FactSet, S&P Refer to Appendix for additional index and risk information.
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pg 14 Your Global Investment Authority
Select companies have considerable potential to increase dividend payments
As of 31 December 2012 SOURCE: Bloomberg Refer to Appendix for additional index and risk information.
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$106
$319
$16 $32
0
50
100
150
200
250
300
350
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
$ pe
r sh
are
S&P 500 Cash and short term investments Dividends
pg 15 Your Global Investment Authority
Today’s dividend landscape
dividend_tab_03
pg 16 Your Global Investment Authority
Sectors commonly targeted by investment managers for yield currently exceed their historical valuations
dividend_review_12_4121
As dividend investing has become more popular, some have begun to question whether dividend stocks are overvalued in general.
In fact, U.S. sectors typically targeted for dividend yield – REITs, telecomm, utilities, and MLPs – do currently exceed their historical valuations.
We believe a global,
unconstrained approach to dividend investing is the best way to find attractively priced stocks across sectors and geographies.
As of 31 December 2012 SOURCE: FactSet, PIMCO Sectors and industries above are defined according to MSCI GICS, except for U.S. MLPs which is proxied by the Alerian MLP Index. 1 Represents price to earnings ratio divided by that of the MSCI World. Price to earnings ratios were calculated using 1 year forward consensus earnings estimates. Data from 31 December
1995 – 31 December 2012. 2 The PIMCO Dividend and Income Builder Fund was incepted in 2011 and because of this, no average is illustrated. Refer to Appendix for additional hypothetical example, index, investment strategy and risk information.
PIMCO Dividend and Income Builder Fund2
U.S. Telecom
U.S. Utilities
U.S. REITs
U.S. MLPs
RELATIVE VALUATIONS DECEMBER 1995 TO DECEMBER 20121
Cheap Expensive
1.58 0.99
Cheap Expensive
1.07 0.93
Cheap Expensive
2.54 1.63
Cheap Expensive
1.48 1.12
Cheap Expensive
0.79
Current Average
CURRENT RELATIVE VALUATION DECEMBER 2012
pg 17 Your Global Investment Authority
Historically, high-yielding European telecoms have been target-rich for dividend investors, as favorable growth prospects combined with high payout ratios.
Over the past three years dividend cuts among European telecoms have proliferated at a faster rate than global peers.
Going forward, against a backdrop of slow economic growth, further dividend cuts are possible and we believe forward-looking stock selection and a global perspective is required.
European telecoms, commonly targeted for their yield, may disappoint going forward – global options are required
Company 2010 2011 2012Belgacom BT Group Cable & Wireless WorldwideDeutsche Telekom Elisa OyjFrance TelecomHellenic TelecommunicationsKoninklijkeMillicomMobistarPortugal TelecomSwisscomTDCTele2Telecom ItaliaTelefonicaTelekom AustriaTelenetTelenorTeliaSoneraVivendiVodafone
% European telecom dividend cuts 18% 27% 55%% Global ex-Europe telecom divdiend cuts 29% 30% 37%
Maintained dividendCut or elimated dividend
Chart provided for illustrative purposes and is not indicative of the past or future performance of any PIMCO product.
dividend_review_15
pg 18 Your Global Investment Authority
The highest yielding quintile of stocks is still attractively valued outside the U.S.
As of 31 December 2012 SOURCE: FactSet Data for each region is represented by the respective MSCI Index Refer to Appendix for additional index information.
dividend_review_13
0
2
4
6
8
10
12
14
16
Europe Asia Pacific Latin America North America
12 m
onth
forw
ard
PE (x
)
Highest yielding quintile Index average
pg 19 Your Global Investment Authority
Investing outside the U.S. offers potentially higher income opportunities across more sectors, increasing portfolio diversification
As of 31 December 2012 SOURCE: FactSet Data for each region is represented by the respective MSCI index Refer to Appendix for additional index information.
dividend_review_04
MSCI USA (%)
MSCI Europe Ex-UK (%)
MSCI UK (%)
MSCI China (%)
MSCI EM LATAM (%)
MSCI Nordic Countries (%)
MSCI Australia (%)
Index average 2.3 3.7 3.8 2.9 3.2 3.6 4.6
Telecommunication services 4.7 8.3 5.8 3.3 2.7 6.2 6.4
Utilities 4.3 7.1 5.3 1.5 5.3 7.1 5.1
Consumer staples 2.9 2.6 3.4 1.5 1.8 2.5 4.4
Industrials 2.4 3.3 2.7 2.5 2.0 3.1 3.6
Materials 2.4 2.7 2.8 2.4 4.7 3.5 2.9
Health care 2.2 3.0 5.0 1.2 0.5 1.6 2.1
Energy 2.2 4.8 4.2 3.2 3.4 4.6 3.4
Financials 2.1 4.0 3.5 3.5 3.1 3.6 5.8
Information technology 1.7 2.2 1.2 0.7 3.6 4.3 3.1
Consumer discretionary 1.5 2.7 3.0 1.6 1.3 4.1 5.0
Dividend yield > 3%
pg 20 Your Global Investment Authority
PIMCO Dividend strategies
dividend_review_05
Emerging Franchise Companies with potential to be significantly larger over time.
Basic Value Traditional value companies such as cyclicals, turnarounds, and companies with low valuations.
Consistent Earner Blue-chip industry leaders that consistently create value year after year.
BY INVESTING IN 3 BUSINESS TYPES PURSUING 3 GOALS
Attractive yield today
Long-term capital
appreciation
Growing stream of
income over time
PIMCO Dividend strategies
Refer to Appendix for additional investment strategy information.
pg 21 Your Global Investment Authority
PIMCO’s Dividend team: Portfolio management
dividend_team_bio_01
Brad Kinkelaar
Mr. Kinkelaar is an executive vice president and global equity portfolio manager in the Newport Beach office. Prior to joining PIMCO in 2011, he was managing director and global equity portfolio manager at Thornburg Investment Management. As one of the first three investment professionals on Thornburg’s equity team, Mr. Kinkelaar helped build the business from its infancy during more than nine years with the company. He was a co-portfolio manager of the Thornburg Investment Income Builder Fund from its inception in December 2002 until January 2009, as well as associate portfolio
manager of the Thornburg International Value Fund and Thornburg Value Fund from 1999 until December 2002. Mr. Kinkelaar began his investment career in the equity investment management department for State Farm Insurance Companies. He has 16 years of investment experience and holds an MBA from the Kellogg School of Management at Northwestern University and a bachelor's degree from Eastern Illinois University.
Cliff Remily, CFA
Mr. Remily is an executive vice president and global equity portfolio manager in the Newport Beach office. Prior to joining PIMCO in 2011, he was at Thornburg Investment Management for five years, most recently as a managing director. Mr. Remily was portfolio manager and co-portfolio manager for the firm's global equity income strategy and also served as co-portfolio manager for the Thornburg Investment Income Builder Fund and the Eagle Growth and Income Trust. He was previously an equity analyst with Brandes Investment Partners and Zacks Investment Research. He has 12 years of investment
and financial services experience and holds an MBA from the Marshall School of Business at the University of Southern California. He earned a bachelor's degree in business administration from the University of Washington, Seattle.
Eve Tournier
Ms. Tournier is an executive vice president in the Newport Beach office and a portfolio manager focusing on corporate bonds and loans. Prior to joining PIMCO in 2008, she was a managing director and European head of high yield credit trading with Deutsche Bank in London. Previously, she worked in credit derivatives trading at Deutsche Bank and at JPMorgan in New York. She has 14 years of investment experience and holds a master’s degree in operations research and financial engineering from Cornell University and an undergraduate degree from Ecole Centrale de Lyon.
Matt Burdett
Mr. Burdett is a senior vice president and equity analyst in the Newport Beach office. Prior to joining PIMCO in 2011, he was with Thornburg Investment Management as a global equity analyst dedicated to dividend income strategies. Previously, Mr. Burdett was director of healthcare investment banking at Oppenheimer. Earlier in his career, he conducted pharmaceutical research at Sunesis Pharmaceuticals. He has seven years of investment experience and holds an MBA from the Marshall School of Business at the University of Southern California and a bachelor's degree in chemistry from the University of California, Berkeley.
Austin Graff, CFA
Mr. Graff is a vice president and equity analyst in the Newport Beach office. Prior to joining PIMCO in 2012, he was a vice president in investment banking at Goldman Sachs. He has five years of investment and financial services experience and holds an MBA and undergraduate degree from Purdue University.
Adam Muller
Mr. Muller is an equity analyst in the Newport Beach office. Prior to joining PIMCO in 2012, he ran a value-oriented long/short investment fund. Previously, Mr. Muller was a vice president in investment banking at Goldman Sachs where he covered healthcare and industrial clients for seven years. He has nine years of investment and financial services experience and holds an MBA from the MIT Sloan School of Management, a master’s degree in economics from Tufts University, and a bachelor’s degree from Colby College.
pg 22 Your Global Investment Authority
PIMCO’s Dividend team: Product/business management
dividend_team_bio_01
Raji O. Manasseh, CFA
Mr. Manasseh is a senior vice president and dividend strategies product manager in the Newport Beach office. Prior to joining PIMCO in 2012, he was a vice president and client portfolio manager on the growth equity team at Goldman Sachs Asset Management. He has 12 years of investment experience and holds an undergraduate degree from Wheaton College in Illinois. He is a member of the New York Society of Security Analysts.
Laura A. Schlockman
Ms. Schlockman is a vice president and product manager in the Newport Beach office, focusing on PIMCO’s active equity strategies. Previously, she was a fundamental equity product manager at Goldman Sachs Asset Management. She has six years of investment experience and holds an MBA from the Stern School of Business at New York University. She received an undergraduate degree from the American University.
.
Kimberley Stafford, CFA
Ms. Stafford is an executive vice president in the Newport Beach office and a member of PIMCO's executive office, contributing to firm-wide strategic, financial and operational initiatives. She joined PIMCO in 2000 and previously served as an account manager in the consultant relations group and analyst in PIMCO’s trade compliance group. She has 12 years of investment experience and holds an MBA from the Marshall School of Business at the University of Southern California. She earned her undergraduate degree at the University of Redlands.
pg 23 Your Global Investment Authority
Appendix
PERFORMANCE AND FEE Past performance is not a guarantee or a reliable indicator of future results. The performance figures presented reflect the total return performance for Institutional Class shares (after fees) and reflect changes in share price and reinvestment of dividend and capital gain distributions. All periods longer than one year are annualized CHART Performance results for certain charts and graphs may be limited by date ranges specified on those charts and graphs; different time periods may produce different results. HOLDINGS Holdings are subject to change. The Fund's Top Ten Holdings solely reflect long positions. Securities sold short, derivatives, cash and cash equivalents are not taken into consideration. Long positions for debt (excluding cash equivalents, which generally mean investment grade debt instruments with durations of one year or less) and equity are calculated separately, and in each case, total equity holdings or total debt holdings of an issuer may be aggregated into separate line items. Other than the Fund's initial Top Ten Holdings report, newly initiated holdings will be withheld for the first 60 days unless the issuer has been previously disclosed in an annual-, semi-annual report or reported to the SEC on Form N-Q. Top Ten Holdings generally are shown as of the last day of each month (with a 10 business day delay) but may be delayed provided it is in the best interest of the Fund. HYPOTHETICAL EXAMPLE Hypothetical and simulated examples have many inherent limitations and are generally prepared with the benefit of hindsight. There are frequently sharp differences between simulated results and the actual results. There are numerous factors related to the markets in general or the implementation of any specific investment strategy, which cannot be fully accounted for in the preparation of simulated results and all of which can adversely affect actual results. No guarantee is being made that the stated results will be achieved. INVESTMENT STRATEGY There is no guarantee that these investment strategies will work under all market conditions or are suitable for all investors and each investor should evaluate their ability to invest long-term, especially during periods of downturn in the market. No representation is being made that any account, product, or strategy will or is likely to achieve profits, losses, or results similar to those shown. OUTLOOK Statements concerning financial market trends are 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 strategies are subject to change without notice. PORTFOLIO STRUCTURE Portfolio structure is subject to change without notice and may not be representative of current or future allocations. RISK Equities may decline in value due to both real and perceived general market, economic, and industry conditions. Dividends are not guaranteed and may be subject to change and/or elimination. Investing in securities of smaller companies tends to be more volatile and less liquid than securities of larger companies. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. This material contains the current opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registered trademarks of Allianz Asset Management of America L.P. and Pacific Investment Management Company LLC, respectively, in the United States and throughout the world. ©2013, PIMCO. PIMCO Investments LLC, distributor, 1633 Broadway, New York, NY, 10019 is a company of PIMCO.
dividend_app_01
pg 24 Your Global Investment Authority
Appendix
INDEX DESCRIPTIONS The Morgan Stanley Capital International All Country World ex-U.S. Index (“MSCI ACWI ex-US”) is a market capitalization weighted index composed of approximately 2000 companies, and is representative of the market structure of 21 developed countries in North America, Europe, and the Pacific Rim, excluding securities of United States’ issuers. The index is calculated separately; without dividends, with gross dividends reinvested and estimated tax withheld, and with gross dividends reinvested, in both U.S. Dollars and local currency. The Morgan Stanley Capital International All Country World Index (“MSCI ACWI”) is a market capitalization weighted index composed of over 2000 companies, and is representative of the market structure of 22 developed countries in North America, Europe, and the Pacific Rim. The index is calculated separately; without dividends, with gross dividends reinvested and estimated tax withheld, and with gross dividends reinvested, in both U.S. Dollars and local currency. The Morgan Stanley Capital International (“MSCI”) U.S. Index is a market capitalization weighted index composed of approximately 325 issues, and is generally representative of the market structure of the United States. The index is calculated separately; without dividends, with gross dividends reinvested and estimated tax withheld, and with gross dividends reinvested, in both U.S. Dollars and local currency. The S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The index focuses on the Large-Cap segment of the U.S. equities market. It is not possible to invest directly in an unmanaged index.
dividend_app_01