• Invests in longer-term U.S. Government securities, which represent the worldwide standard of credit safety.
• Utilizes a total return approach to capture opportunities across all sectors of the long-term government bond marketplace while managing interest rate risk.
• Managed by Stephen Rodosky, a government securities expert.

Government Bonds Offer Potential With Minimal Risk
U.S. government securities offer a stream of income and capital appreciation potential with minimal credit risk. In fact, these securities represent the worldwide standard for credit safety. It is important to note, however, that while a government bond fund may invest as much as 100% of its assets in U.S. government securities, the Fund's shares are not guaranteed by the government and they will fluctuate in value as market conditions change.

Expert Management
As measured by assets under management, PIMCO is one of the largest investment advisors in the country. Among PIMCO's clients are more than half of the 100 largest U.S. corporations. PIMCO Long-Term U.S. Government Fund is managed by Stephen Rodowsky, who heads PIMCO's U.S. Long Duration team.

Total Return Philosophy
Many U.S. government funds focus solely on providing current income. But focusing on income alone can mean sacrificing capital appreciation potential. PIMCO Long-Term U.S. Government Fund seeks maximum total return - taking into consideration both income and appreciation potential.

Performance
While past performance is no guarantee of future results, PIMCO Long-Term U.S. Government Fund has a history of delivering solid results for its shareholders. For a complete display of the Fund's returns choose the Performance tab at the top of this page.

The top-down investment process begins with PIMCO's annual secular forum at which the firm develops a 3- to 5-year outlook for the global economy and interest rates. Quarterly meetings are then held to discuss how the outlook applies to upcoming 3- to 12-month periods and to forecast specific influencing factors, including interest rate volatility, yield curve movements and credit trends. Taken together, these sessions set the basic portfolio parameters, including duration, yield-curve positioning, sector weightings and credit quality. Bottom-up strategies, including credit analysis, quantitative research and individual issue selection, are then meshed with the top-down strategies to add value. The manager may at times use futures to replicate bond positions.** This strategy can offer the opportunity to outperform physical bond securities due to the relative pricing of the futures contracts and PIMCO’s active management of the collateral backing the futures.

**Futures may also be used to manage the Fund portfolio's overall duration and sector exposure.

Stephen Rodosky is Executive Vice President with PIMCO in portfolio management of treasuries, agencies and futures. He has many years of investment experience and was previously associated with Merrill Lynch as Vice President of Institutional Sales.

Newport Beach, California

Led by Founder and Co-Chief Investment Officer Bill Gross, PIMCO is widely recognized as one of the premier bond managers in the world. PIMCO applies this expertise to a range of core and specialized investment portfolios.