To achieve maximum total return by investing in global non treasury fixed interest securities, and to seek to preserve capital through prudent investment management.

Expertise

• PIMCO is one of the largest fixed interest managers in the world with more than 650 investment professionals globally.

• Dedicated experienced investment professionals focused on the domestic fixed interest market who provide coverage of active investment opportunities. (All personnel figures as of 30 September 2016.)

• Dedicated credit experts offering insights into all major regions and sectors of the global credit market.

• Over 50 credit analysts and 80 credit and mortgage portfolio managers around the globe providing expertise and credit research into numerous credit securities worldwide. All personnel figures as of 30 September 2016.

Diversification and Active Management

• The Fund has the ability to broadly diversify across industries, issuers and regions of the credit sector.

• The Fund is actively managed, which allows PIMCO to focus on securities regarded by PIMCO to have the strongest risk versus return attributes and avoid securities that are regarded by PIMCO to have insufficient value or a likelihood of capital loss

Income and Capital Growth Potential

• The Fund seeks to provide a regular income stream by way of quarterly distributions (the RE may change the distribution frequency without notice).

Regular Reporting

• Monthly and quarterly reporting is provided to keep you up to date on your investments. Please note that the RE does not guarantee the repayment of capital or any rate of return or the Fund's investment performance.

The Fund is designed for investors who require a well-diversified exposure to predominantly global non-treasury bond markets, greater long-term performance but with a greater appetite for volatility and risk.

Supported by a deep global presence, the Fund capitalises on PIMCO's thought leadership and time-tested investment process, which guide portfolio construction via top-down macroeconomic outlook and rigorous bottom-up credit analysis.

Investment Strategy

In pursuing the Fund's investment objective, PIMCO applies a wide range of diverse strategies including Duration analysis, Credit analysis, Relative Value analysis, Sector Allocation and Rotation and individual security selection. PIMCO's investment strategy emphasises active decision making with a long-term focus and seeks to avoid extreme swings in Duration or maturity with a view to creating a steady stream of returns. A number of these terms are explained in the Glossary section of the Reference Guide.

How we invest your money

Investments Held

The Fund invests in a diversified portfolio of predominantly Investment Grade bonds including corporate, mortgage and asset- backed securities. The Fund may invest a portion of its assets in below Investment Grade and emerging market securities. The Fund may also hold cash and Derivatives.

Asset Classes and Allocation Ranges

Indicative asset allocation range (as a % of NAV)

• Fixed Income and cash 100%

In order to meet the Fund's investment objectives, asset classes and investment ranges may be changed from time to time. PIMCO has full discretion in relation to asset allocation ranges. We will give unitholders written notice of any material variation which we believe they would not have reasonably expected.

Investment Guidelines

PIMCO has adopted the following guidelines in managing the Fund:

• Duration - The average portfolio Duration of the Fund will vary based on PIMCO's forecast of interest rates and under normal conditions it is expected to range between plus or minus two years versus the Benchmark.
  
• Credit quality - The Fund will invest predominantly in Investment Grade securities but may in addition invest in below Investment Grade securities in certain circumstances.