Past performance is not a guarantee or a reliable indicator of future results. 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. Investing in the bond market is
subject to certain risks including market, interest-rate, issuer, credit, and inflation risk; investments may be worth more or less than the original cost
when redeemed. Equities may decline in value due to both real and perceived general market, economic and industry conditions. 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. Investing in distressed companies (both debt and equity) is speculative and may be subject to greater levels of credit, issuer
and liquidity risks, and the repayment of default obligations contains significant uncertainties; such companies may be engaged in restructurings or
bankruptcy proceedings. Entering into short sales includes the potential for loss of more money than the actual cost of the investment, and the risk that
the third party to the short sale may fail to honor its contract terms, causing a loss to the portfolio. 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. Diversification does not ensure against loss. The value of most bond strategies and fixed income
securities are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and more volatile than
securities with shorter durations; bond prices generally fall as interest rates rise.
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. Portfolio structure is subject to change without notice
and may not be representative of current or future allocations.
JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) is a comprehensive global local emerging markets index, and consists of
regularly traded, liquid fixed-rate, domestic currency government bonds to which international investors can gain exposure. The JPMorgan Emerging Markets
Bond Index Global is an unmanaged index which tracks the total return of U.S.-dollar-denominated debt instruments issued by emerging market sovereign and
quasi-sovereign entities: Brady Bonds, loans, Eurobonds, and local market instruments. JPMorgan Corporate Emerging Markets Bond Index (CEMBI) Diversified
is a uniquely-weighted version of the CEMBI index. It limits weights of those index countries with larger corporate debt stocks by only including a
specified portion of these countries’ eligible current face amounts of debt outstanding. The CEMBI Diversified results in well-distributed, more balanced
weightings for countries included in the index. The countries covered in the CEMBI Diversified are identical to those in the CEMBI, which is a global,
liquid corporate emerging markets benchmark that tracks U.S.-denominated corporate bonds issued by emerging markets entities. The MSCI Emerging Markets
Total Return Net Index is a free float-weighted equity index covering more than 2,700 securities in over 20 emerging market countries. The index is
comprised of large, medium, and small cap companies across multiple sectors. It is not possible to invest directly in an unmanaged index.
This material contains the current opinions of the manager and such opinions are subject to change without notice. This material is 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. PIMCO and 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.