Recent research from Allianz Global Investors suggests the global economy is poised for a new wave of prosperity and growth, driven by advances in biotechnology, environmental investments and health care. Please see the attached release for more information.

As we enter the new year, Nicholas-Applegate would like to extend best wishes to our corporate sponsorships. In 2009, we partnered with:

Habitat for Humanity
Monarch School
Senior Community Centers
San Diego Food Bank
Rady’s Children Hospital
La Jolla Playhouse
Big Brothers Big Sisters
Canine Companions for Independence

In 2009, Nicholas-Applegate celebrated twenty-five years delivering world-class investment solutions to clients. Our firm was founded in May 1984 on the philosophy that companies undergoing timely, sustainable, positive change have potential to generate excess investment returns. The world has changed over the years, but our approach to investing has held true. Today, our traditional, systematic and income and growth teams apply the precepts of sustainability, timeliness and positive change across more than twenty investment strategies. We look forward to sharing continued success with clients in the years to come.

The risk/reward profile of the convertible market is very favorable. Portfolio Manager insights on convertible bonds can be seen in the Spring 2009 edition of At the Margin. Nicholas-Applegate's US Convertibles strategy is open to both new and existing investors.

The fundamentals of the high yield market have changed significantly over the past decade. Please see the attached release for more information.