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Past performance is not a reliable indicator of future results. Interests in any PIMCO fund mentioned above are issued by PIMCO Australia Management Limited (ABN 37 611 709 507, AFSL 487 505) of which PIMCO Australia Pty Ltd ABN 54 084 280 508, AFSL 246862 is the investment manager (together PIMCO Australia). This publication has been prepared without taking into account the objectives, financial situation or needs of investors. Investors should obtain a copy of the Product Disclosure Statement (PDS) and consider the PDS before making any decision about whether to acquire an interest in any PIMCO fund mentioned above. The current PDS is available on this website. This website may contain economic and market commentaries based on proprietary research which are for general information only. PIMCO Australia believes the information contained in this publication to be reliable, however its accuracy, reliability or completeness is not guaranteed. Any opinions or forecasts reflect the judgment and assumptions of PIMCO Australia on the basis of information at the date of publication and may later change without notice. These should not be taken as a recommendation of any particular security, strategy or investment product. All investments carry risk and may lose value. To the maximum extent permitted by law, PIMCO Australia and each of their directors, employees, agents, representatives and advisers disclaim all liability to any person for any loss arising, directly or indirectly, from the information in this publication. No part of this publication may be reproduced in any form, or referred to in any other publication, without express written permission of PIMCO Australia. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. © PIMCO, 2017.