Pacific Investment Management Company LLC (PIMCO) Established in 1971; led by William Gross, noted bond manager More than $667.8 billion in assets under management as of 12/31/06 PIMCO manages portfolios and funds to produce maximum total return (income plus capital appreciation). The process includes meeting with leading outside experts to develop a three- to five-year outlook for the economy and interest rates. Quarterly economic forums help to determine how the outlook applies to upcoming months and to forecast specific influencing factors. Investment decisions are made based on this information. PIMCO uses innovative proprietary programs to identify investment opportunities and measure risk. Value Added Strategies PIMCO adds value through a variety of techniques to maximize return and minimize volatility: cost effective trading; proprietary quantitative analysis; credit analysis; issue selection; and sector rotation. Bios John B. Brynjolfsson, CFA Managing Director Mr. Brynjolfsson joined PIMCO in 1989. He is co-author of Inflation-Protection Bonds and co-editor of The Handbook of Inflation-Indexed Bonds. He has a bachelor's degree from Columbia College and an MBA from the MIT Sloan School of Management. William H. Gross, CFA Managing Director and Chief Investment Officer Mr. Gross was a founding partner of PIMCO in 1971. Mr. Gross is the author of Bill Gross on Investing. He has an MBA from UCLA Graduate School of Business. PL Inflation Managed Objectives and Investments Maximize total return consistent with prudent investment management through investment in fixed income securities of varying maturities with a focus on inflation-indexed bonds and forward contracts and derivatives relating to such securities. Benchmark    Lehman Brothers Global Real: U.S. TIPS Index The Lehman Brothers Global Real: U.S. TIPS Index is an index of all outstanding treasury inflation protected securities issued by the U.S. government and is the fund's primary index. Results include reinvested dividends. Investment Style    Inflation-Protected Bond Based on information from Morningstar, Inc., 2007. PL Managed Bond Objectives and Investments Maximize total return consistent with prudent investment management through investment in medium and high-quality fixed income securities with varying terms to maturity and derivatives relating to such securities or related indices. Benchmark    Lehman Brothers Aggregate Bond Index The Lehman Brothers Aggregate Bond Index is an index made up of the Lehman Brothers Government/Corporate Bond Index, Mortgage-Backed Securities Index, and Asset-Backed Securities Index, including securities that are of investment-grade quality or better, have at least one year to maturity, and have an outstanding par value of at least $100 million. Results include reinvested dividends. Investment Style    Intermediate-Term Bond Based on information from Morningstar, Inc., 2007.

PIMCO Funds PL Inflation Managed† PL Managed Bond† PIMCO Managers Bios Company Profile Select a Manager AlgerAllianceBernsteinClearBridgeGoldman SachsHighlandJanusLazardLoomis SaylesMFSNeuberger BermanNFJOppenheimerFundsPAMPIMCOVan Kampen † These funds are available only through the Portfolio Optimization Funds.