PIMCO Total Return Admin

Ticker: PTRAX


Investment Objective
The fund seeks maximum total return, consistent with preservation of capital and prudent investment management.

Investment Strategy
The fund invests under normal circumstances at least 65% of its total assets in a diversified portfolio of fixed income instruments of varying maturities. The fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets. The fund may invest all of its assets in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities.

 Morningstar Category
 Intermediate-Term Bond

 Morningstar Style Box

CUSIP: 693390726
General Information
Expense Ratio: 0.68%
Inception Date: 09/08/1994
Fund Manager: William H. Gross
Managed Fund Since: 1987
Fund Phone Number: 800-927-4648
Fund Website: www.pimco-funds.com
Top 5 Holdings (as of 03/31/2008)
US Treasury (Fut) 9.00%
US Treasury (Fut) 6.41%
US Treasury (Fut) 5.16%
FNMA 5.5% 3.35%
BRAZIL NTN-F 1.72%

Be aware that there are significant differences in risk among investment asset classes. Refer to the investment pyramid for a complete listing of disclosures. Shares of a mutual fund will fluctuate so that, when redeemed, they may be worth more or less than their original cost. Refer to the fund’s prospectus for complete information on the risks and expenses involved with a particular investment. Please note that some fund companies may waive a portion of these expenses.

Bond funds are less volatile than stock funds, but experience higher volatility and increased credit risk when compared to other fixed income investments.

Mutual funds offered through Lincoln Financial Advisors Corp., a broker/dealer, 1300 S. Clinton St., Fort Wayne, IN, 46802.

This information must be preceded or accompanied by prospectuses for the funds listed. The most current information on a specific mutual fund, including risk, fees and expenses can be viewed online at www.LincolnAlliance.com. Paper copies of prospectuses can be requested by calling 800-234-3500. Read the prospectus carefully before investing.

The Morningstar® category is assigned based on the underlying securities in each portfolio as measured by the portfolio statistics and compositions over the past three years.

The Morningstar Style BoxTM provides a graphical representation of the investment style of stocks and mutual funds. For stocks and stock funds, it classifies securities according to market capitalization (the vertical axis) and growth and value factors (the horizontal axis). Fixed income funds are classified according to credit quality (the vertical axis) and sensitivity to changes in interest rates (the horizontal axis).

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The mutual fund information is compiled by NewRiver, Inc., from documents filed with the Securities & Exchange Commission’s EDGAR database. The information is provided on an ‘as is’ basis and without warranties.

CRN0306-3628