Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and principal value will fluctuate so that Fund shares may be worth more or less than their original cost when redeemed. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 7 or 30 days of acquisition, depending on the Fund. Performance shown does not reflect any applicable redemption fees, the performance figures would be lower if the fee was applied. Performance data current to the most recent month-end is available at www.pimco-funds.com or by calling (800) 927-4648.

Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are contained in the fund’s prospectus, which may be obtained by contacting your PIMCO representative. Please read the prospectus carefully before you invest or send money.

Click Here to Access Annual Performance Returns for one, five, and ten year periods

The performance figures presented reflect total return performance including changes in share price and reinvestment of dividend and capital gain distributions. All periods longer than one year are annualized. Redemption fees are paid to and retained by the Fund and are not sales charges. Details regarding any Fund’s redemption fees can be found in the Fund’s prospectus.

Different share classes have different fees & expenses (which may affect performance), different investment minimums, and are entitled to different services. Performance returns prior to a share class inception date are calculated by reducing actual monthly dividend distributions (fixed income) or monthly total return (equity) from the Institutional share class (Administrative Class 0.25% and P Class 0.10%). Performance periods beginning after a share class inception reflect actual returns.

Investing in the bond market is subject to certain risks including market, interest-rate, issuer, credit, and inflation risk. 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. Mortgage and asset-backed securities may be sensitive to changes in interest rates, subject to early repayment risk, and their value may fluctuate in response to the market’s perception of issuer creditworthiness; while generally supported by some form of government or private guarantee there is no assurance that private guarantors will meet their obligations. High-yield, lower-rated, securities involve greater risk than higher-rated securities. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax: a strategy concentrating in a single or limited number of states is subject to greater risk of adverse economic conditions and regulatory changes. Commodities contain heightened risk including market, political, regulatory, and natural conditions, and may not be suitable for all investors.

Derivatives and commodity-linked derivatives 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.

The value of most bond funds and fixed income securities are impacted by changes in interest rates; bonds and bond funds with longer durations tend to be more sensitive and more volatile than securities with shorter durations.

This publication is distributed for informational purposes only. No part of this publication may be reproduced in any form, or referred to in any other publication, without express written permission. ©2008, PIMCO. PIMCO Funds are distributed by Allianz Global Investors Distributors LLC, 840 Newport Center Drive, Newport Beach, CA 92660.