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		PIMCO FUNDS PROFILE	All data as of 02.28.10, unless otherwise indicated.
		PIMCO Real Return Fund D (PRRDX)

About this Fund

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Fund Overview

Highlights

Invests primarily in Treasury Inflation-Protected Securities (TIPS), a unique asset class designed to protect investors purchasing power from inflation.
Offers investors true portfolio diversification, given the Fund's low correlation to most other asset classes.

	Why Invest in this Fund

	Protect Purchasing Power An investment's "real" rate of return is its stated return less the rate of inflation revealing how much an investor has actually earned in terms of what those earnings can buy. To protect purchasing power, a diversified investment portfolio should include inflation-protected investments that will keep pace with, or even exceed, the rate at which costs are increasing. An Innovative Solution U.S. Treasury Inflation Protection Securities ("TIPS") are securities offered by the government to help investors protect themselves against the effects of inflation. Specifically, these bonds pay a fixed interest rate, while the principal value fluctuates with changes in the Consumer Price Index (the "CPI" is a commonly accepted gauge of inflation). As a result, if inflation is positive, the bond's principal value and interest income increase at the same rate as the CPI. Of course, with negative inflation or deflation, the bond's principal value and interest income decrease. 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. Taking A Leading Role PIMCO Real Return Fund was one of the first mutual funds to invest primarily in inflation-protection bonds. And, while inflation may not be an issue today, the manager emphasizes that it is better to "set the alarm clock early."

Investment Process

The top-down investment process begins with our annual secular forum where we develop a 3-5 year outlook for the global economy and interest rates. This helps set the basic portfolio parameters, including duration, yield-curve positioning, sector weightings, credit quality breakdown and finally, individual issue selection. The Fund seeks to add value through various strategies and is structured similarly to its benchmark, but it differs in terms of both macro and micro characteristics. The manager focuses on duration management to manage yield curve exposure based on the firm's general investment outlook. Finally, sector rotation allows the Fund to invest in U.S corporate bonds and hedged, non-U.S. inflation-indexed bonds, although it is mainly invested in U.S. Treasury Inflation-Protected Securities. 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.

At A Glance


Symbol Lookup
	Symbol	CUSIP
D Shares	PRRDX	693391682

Objective
Seeks maximum real return, consistent with preservation of real capital and prudent investment management

Primary Portfolio
Inflation-indexed bonds

Total Fund Assets (in millions)
$17,546.3

Inception Date
Jan 29, 1997

Dividend Frequency
Monthly

Net Expense Ratio
1.090%

Gross Expense Ratio
-

> Share Class Pricing

Manager
Mihir Worah

Mr. Worah is a managing director, portfolio manager, and member of the government and derivatives desk. He joined PIMCO in 2001 as a member of the analytics team and worked on term structure modeling and options pricing. He has a Ph.D. in theoretical physics from the University of Chicago and is the author of numerous scientific papers.

Management Firm
Pacific Investment Management Company LLC (PIMCO)

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.

> Management Commentary


		Investors should consider the investment objectives, risks, charges and expenses of this Fund carefully before investing. This and other information is contained in the Fund´s prospectus and summary prospectus, if available, which may be obtained by contacting your financial advisor, or by calling 888-877-4626. Click here for the Fund´s prospectus or summary prospectus. Please read them carefully before you invest or send money.



		Past performance is no guarantee of future results. This is not an offer or solicitation for the purchase or sale of any financial instrument. It is presented only to provide information on investment strategies and opportunities. The material contains the current opinions of the author, which are subject to change without notice. Statements concerning financial market trends are based on current market conditions, which will fluctuate. References to specific securities and issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. For PIMCO's current AUM, please visit the Our Managers section. In an environment where interest rates may trend upward, rising rates will negatively impact most bond funds, and fixed income securities held by a fund are likely to decrease in value. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. The credit quality of the investment in the portfolio does not apply to the stability or safety of the fund. Duration is a measure of the fund's price sensitivity expressed in years. Treasury Inflation Protected Securities (TIPS) are guaranteed by the US government; shares of the Fund, however, are not. Treasury securities, if held to maturity, offer a fixed rate of return and fixed principal value. The Consumer Price Index (CPI) is an unmanaged index representing the rate of inflation in U.S. consumer prices as determined by the U.S. Department of Labor Statistics. There can be no guarantee that the CPI or other indexes will reflect the exact level of inflation at any given time. This Fund invests at least 65% of its total assets in inflation-indexed bonds of varying maturities. The Fund may also invest up to 20% in foreign securities, up to 10% in high-yield securities, and in mortgage related securities. Investing in foreign securities may entail risk due to foreign economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. This Fund may use derivative instruments for hedging purposes or as part of its investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. Portfolios investing in derivatives could lose more than the principal amount invested in those instruments. This Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund. PIMCO Funds and Allianz Funds are distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105-4800, www.allianzinvestors.com, 1-888-877-4626. Investment Products: NOT FDIC INSURED \| MAY LOSE VALUE \| NOT BANK GUARANTEED Click here to view the Fund's current sector weightings. All holdings are subject to change. Click here to view the Fund's current standardized performance.


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