A word About Risk
: All investments are subject to risk and may lose value
Past performance is not a guarantee or a reliable indicator of future results.
All references to performance are based on index data as of 30 September 2015. Investing in the bond market is subject to risks, including
market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest
rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall
as interest rates rise, and the current low interest rate environment increases this risk. Current reductions in bond counterparty capacity may contribute
to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. 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. Investors will, at times, incur a tax liability. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. Equities may decline in
value due to both real and perceived general market, economic, and industry conditions. PIMCO does not provide legal or tax advice. Please consult your tax
and/or legal counsel for specific tax or legal questions and concerns.
Statements concerning financial market trends or portfolio strategies are based on current market conditions, which will fluctuate. 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 for the long term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice.
Forecasts, estimates and certain information contained herein are based upon proprietary research and should not be interpreted as investment advice, as an
offer or solicitation, nor as the purchase or sale of any financial instrument. Forecasts and estimates have certain inherent limitations, and unlike an
actual performance record, do not reflect actual trading, liquidity constraints, fees, and/or other costs. In addition, references to future results should
not be construed as an estimate or promise of results that a client portfolio may achieve.
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. THE NEW NEUTRAL and YOUR
GLOBAL INVESTMENT AUTHORITY are trademarks or registered trademarks of Pacific Investment Management Company LLC in the United States and throughout the
world. ©2015 PIMCO