A word about risk: Commodities
are volatile investments and should only form a small part of a diversified portfolio. Commodities may not be suitable for all investors. Consult your
financial advisor to help you determine whether a commodity investment is right for you. Investments in commodities may be affected by overall market
movements, changes in interest rates, and other factors, such as weather, disease, embargoes, and international economic and political developments.
Past performance is no guarantee of future results. The index performance is presented for illustrative purposes only and does not reflect the performance
of any PIMCO product.
The Bloomberg Commodity Total Return Index is an unmanaged index composed of futures contracts on 22 physical commodities. The index is designed to be a
highly liquid and diversified benchmark for commodities as an asset class. The Credit Suisse Commodity Benchmark Index is an unmanaged commodity index
composed of futures contracts on 30 physical commodities. The objective of the benchmark is to gain exposure to the broad commodity universe while
maintaining sufficient liquidity. Commodity were chosen based on world production levels, sufficient open interest and volume of trading. The index is
designed to be a highly liquid and diversified benchmark of commodities as an asset class. S&P Goldman Sachs Commodity Index Total Return (S&P
GSCITR) is an unmanaged index composed of futures contracts on 25 physical commodities, designed to be a highly liquid and diversified benchmark for
commodities as an asset class. The Total Return Index includes an implied T-Bill rate on the notional value of the futures contracts.
"Collateralization" generally involves backing an investment in a futures contract (or other derivative instrument) with securities that are approximately
equal in value to the notional value of the futures exposure. These pledged assets are typically invested in high quality, fixed income securities.
This material has been distributed for informational purposes only and should not be considered as investment advise 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 is a trademark of
Allianz Asset Management of America L.P. in the United States and throughout the world.
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