Past performance is not a guarantee or a reliable indicator of future results. All investments contain risk and may lose value. 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.
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. Inflation-linked bonds (ILBs) issued by a government are fixed-income securities whose principal
value is periodically adjusted according to the rate of inflation; ILBs decline in value when real interest rates rise. PIMCO strategies utilize
derivatives which 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. 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. Diversification does not ensure against loss.
JPMorgan GBI Global is an unmanaged market index representative of the total return performance of major world bond markets. The PIMCO Global Advantage
Bond Index (GLADI) is a diversified global index that covers a wide spectrum of global fixed income opportunities and sectors, from developed to emerging
markets, nominal to real assets, and cash to derivative instruments. Unlike traditional indices, which are frequently comprised of bonds weighted according
to their market capitalization, GLADI uses GDP-weighting which puts an emphasis on faster-growing areas of the world and thus makes the index
forward-looking in nature. 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 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.