UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-05028

PIMCO Funds

(Exact name of registrant as specified in charter)

840 Newport Center Drive, Newport Beach, CA 92660

(Address of principal executive offices)

John P. Hardaway

Treasurer and Principal Financial Officer

PIMCO Funds

840 Newport Center Drive

Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

Brendan C. Fox

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Registrant’s telephone number, including area code: (866) 746-2606

Date of fiscal year end: March 31

Date of reporting period: April 1, 2007 to March 31, 2008

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

EXPLANATORY NOTE

The Registrant is filing this Certified Shareholder Report on Form N-CSR in two (2) separate submissions due to file size limitations on EDGAR submissions. The initial submission of the Certified Shareholder Report on Form N-CSR (accession #0001193125-08-129634) provides the information required by Item 1 with respect to certain reports transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1). This submission provides the information required by Item 1 with respect to the remaining reports transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1) that were not included in the Registrant’s initial submission. Apart from Item 1, this submission is identical in all material respects to the initial submission.

Item 1. Reports to Stockholders.

The following are copies of the reports transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

Filed under the previously filed companion submission on Form N-CSR.

· PIMCO Funds—Bond Funds—Institutional and Administrative Classes

· PIMCO Funds—International Bond Funds—Institutional and Administrative Classes

· PIMCO Funds—Bond Funds—A, B, and C Classes

· PIMCO Funds—Bond Funds—Class D

· PIMCO Funds—Total Return Funds—Institutional and Administrative Classes

· PIMCO Funds—PIMCO Total Return Fund—A, B, and C Classes

· PIMCO Funds—PIMCO Total Return Fund—Class D

· PIMCO Funds—PIMCO Real Return Fund—A, B and C Classes

· PIMCO Funds—Strategic Markets Bond Funds—Institutional and Administrative Classes

Filed under this submission on Form N-CSR:

· PIMCO Funds—Real Return Strategy, Equity-Related & Asset Allocation Funds—A, B, and C Classes

· PIMCO Funds—Real Return Strategy, Equity-Related & Asset Allocation Funds—Class D

· PIMCO Funds—Municipal Bond Funds—Institutional and Administrative Classes

· PIMCO Funds—Municipal Bond Funds—A, B, and C Classes

· PIMCO Funds—Municipal Bond Funds—Class D

· PIMCO Funds—Class R

· Private Account Portfolio Series

· RealRetirement^™ Funds

PIMCO Funds

Annual Report

MARCH 31, 2008

Real Return Strategy, Equity-Related & Asset Allocation Funds

Share Classes

REAL RETURN STRATEGY

PIMCO CommodityRealReturn Strategy Fund^®

PIMCO RealEstateRealReturn Strategy Fund

EQUITY-RELATED

PIMCO StocksPLUS^® Fund

PIMCO StocksPLUS^® Total Return Fund

PIMCO Fundamental IndexPLUS^™ TR Fund

PIMCO Small Cap StocksPLUS^® TR Fund

PIMCO International StocksPLUS^® TR Strategy Fund (U.S. Dollar-Hedged)

PIMCO International StocksPLUS^® TR Strategy Fund (Unhedged)

PIMCO StocksPLUS^® TR Short Strategy Fund

ASSET ALLOCATION

PIMCO All Asset Fund

PIMCO All Asset All Authority Fund

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectus. Investors should consider the investment objectives, risks, charges and expenses of each Fund carefully before investing. This and other information is contained in the Funds’ prospectus. Please read the prospectus carefully before you invest or send money.

Table of Contents

		Page
Chairman’s Letter		3
Important Information About the Funds		4
Benchmark Descriptions		17
Financial Highlights		84
Statements of Assets and Liabilities		92
Consolidated Statement of Assets and Liabilities		94
Statements of Operations		95
Consolidated Statement of Operations		97
Statements of Changes in Net Assets		98
Consolidated Statements of Changes in Net Assets		101
Statements of Cash Flows		102
Notes to Financial Statements		103
Glossary		119
Report of Independent Registered Public Accounting Firm		120
Federal Income Tax Information		121
Management of the Trust		122
Privacy Policy		124
FUND	Fund Summary	Schedule of Investments
All Asset Fund	6	19
All Asset All Authority Fund	7	20
Fundamental IndexPLUS™ TR Fund	8	21
International StocksPLUS® TR Strategy Fund (Unhedged)	9	28
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)	10	33
RealEstateRealReturn Strategy Fund	11	40
Small Cap StocksPLUS® TR Fund	12	46
StocksPLUS® Fund	13	51
StocksPLUS® Total Return Fund	14	58
StocksPLUS® TR Short Strategy Fund	15	65
CommodityRealReturn Strategy Fund®	16	72

Chairman’s Letter

Dear PIMCO Funds Shareholder:

It is our pleasure to present to you the annual report for the PIMCO Real Return Strategy, Equity-Related and Asset Allocation Funds covering the twelve-month period ended March 31, 2008. At the end of the period, net assets for the overall PIMCO Funds family stood at over $251 billion.

Highlights of the financial markets during the period include:

· Credit markets worldwide experienced an exceptionally severe loss of liquidity brought on by declining U.S. residential property values, the continuing subprime mortgage debacle, and a rare de-leveraging of financial markets. In response, global central banks injected substantial liquidity into the banking system and reversed monetary policy from earlier in the period to either a neutral or an easing bias.

· The Federal Reserve reduced the Federal Funds Rate six times from 5.25% to 2.25% and reduced the discount rate eight times from 6.25% to 2.50%. Additionally, the Federal Reserve expanded its securities lending program to include the exchange of U.S. Treasuries for mortgage-linked bonds, opened its lending window to investment banks and participated in the bailout of a major U.S. brokerage firm. The Bank of England reduced its key-lending rate twice from 5.75% to 5.25% after raising the rate two times earlier in the fiscal period. The European Central Bank raised the overnight rate in June to 4.00%, but then paused, while the Bank of Japan kept its policy rate unchanged at 0.50% for the period.

· Government bond yields declined worldwide as investors moved into higher-quality assets due to the credit and liquidity crisis, which has gripped financial markets since the second half of 2007 and intensified during the latter part of the period. The yield on the ten-year U.S. Treasury declined by 1.24% to end the period at 3.41%. Yields on Japanese, European, and U.K. government bonds declined at a more measured pace than in the U.S. The Lehman Brothers U.S. Aggregate Index, a widely used index comprised of U.S. Treasury, investment-grade corporate and mortgage-backed securities, returned 7.67% for the period.

· Commodities, as measured by the Dow Jones-AIG Commodity Total Return Index, returned 21.80% for the period, while Treasury Inflation-Protected Securities (“TIPS”), as represented by the Lehman Brothers U.S. TIPS Index, returned 14.54% for the period.

· Global equities generally declined during the period, with the S&P 500 Index declining 5.08%, the European Blue Chip 50 Index (USD Hedged) declining 10.44%, and the MCSI EAFE Net Dividend Index (USD Hedged) declining 14.05%.

On the following pages, please find specific details as to each Fund’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs. If you have any questions regarding your PIMCO Funds investment, please contact your financial advisor, or call Allianz Global Investors at 1-800-426-0107. We also invite you to visit www.allianzinvestors.com.

Sincerely,

Brent R. Harris

Chairman of the Board, PIMCO Funds

April 29, 2008

Annual Report March 31, 2008 3

Important Information About the Funds

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities held by a Fund are likely to decrease in value. The price volatility of fixed-income securities can also increase during periods of rising interest rates resulting in increased losses to a Fund.

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 or funds with shorter durations.

The Funds may be subject to various risks as described in each Fund’s prospectus. Some of those risks may include, but are not limited to, the following: interest rate risk, credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, equity risk, commodity risk, mortgage-related and other asset-backed risk, foreign (non-U.S.) investment risk, European concentration risk, Far-Eastern (excluding Japan) concentration risk, Japanese concentration risk, real estate risk, emerging markets risk, currency risk, issuer non-diversification risk, leveraging risk, smaller company risk, management risk, California state-specific risk, New York state-specific risk, municipal project specific risk, short sale risk, tax risk, subsidiary risk, allocation risk and underlying fund risks. A complete description of these and other risks is contained in the Funds’ prospectus. The Funds may use derivative instruments for hedging purposes or as part of an 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, leverage risk and the risk that a fund could not close out a position when it would be most advantageous to do so. Funds investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. 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. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified fund. The credit quality of a particular security or group of securities does not ensure the stability or safety of the overall portfolio.

The All Asset Fund and All Asset All Authority Fund invest in a portfolio of mutual funds. The cost of investing in these Funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. The CommodityRealReturn Strategy Fund^® is intended for long-term investors and an investment in this Fund should be no more than a small part of a typical diversified portfolio. The Fund’s share price is expected to be more volatile than that of other funds. The Fund may invest directly or indirectly (through investment in a wholly-owned subsidiary) in commodity-linked derivative instruments and/or notes, which may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments and/or notes may be affected by changes in overall market movements, changes in interest rates, and other factors such as weather, disease, embargoes, and international economic and political developments, as well as the trading activity of speculators and arbitrageurs in the underlying commodities. StocksPLUS^® TR Short Strategy Fund will generally realize gains only when the price of the S&P 500 Index is declining.

The inception date on each Fund’s performance page is the inception date of the Fund’s oldest share class or classes. Unless otherwise indicated, the actual share class (A, B or C) is the Fund’s oldest share class. The oldest share class for the following Funds is the Institutional share class, and class A, B and C shares were first offered in (month/year): StocksPLUS^® Fund (1/97), CommodityRealReturn Strategy Fund^® (11/02), All Asset Fund (4/03), StocksPLUS^® Total Return Fund (7/03), All Asset All Authority Fund (7/05), Small Cap StocksPLUS^® TR Fund (7/06) and StocksPLUS^® TR Short Strategy Fund (7/06). Returns measure performance from the inception of the oldest share class to the present, so some returns predate the inception of the actual share class. Those returns are calculated by adjusting the returns of the oldest share class to reflect the indicated share class’s different charges and expenses. Total return performance assumes that all dividend and capital gain distributions were reinvested on the payable date. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Class A Shares are subject to an initial sales charge. Class B Shares are subject to a contingent deferred sales charge (“CDSC”) which declines from either 3.5% in the first year to 0% at the end of the fifth year or 5% in the first year to 0% at the end of the sixth year, depending on the fund and when the shares were purchased. Class C Shares are subject to a 1% CDSC, which may apply in the first year, or 18 months in the case of the CommodityRealReturn Strategy, International StocksPLUS^® TR Strategy (U.S. Dollar-Hedged) and RealEstateRealReturn Strategy Funds. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first 18 months after purchase.

The Cumulative Returns charts assume the initial investment of $10,000 was made at the beginning of the first full month following the class’ inception. The charts and Average Annual Total Return tables reflect any sales load that would have applied at the time of purchase or any contingent deferred sales charge that would have applied if a full redemption occurred on the last business day of the most recent fiscal year. Results assume that all dividends and capital gain distributions were reinvested. Results assume fees and expenses and results do not take into account the effect of taxes. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

4 PIMCO Funds

In addition to its benchmark, each Fund measures its performance against a Lipper Average, which is calculated by Lipper, Inc. (“Lipper”), a Reuters Company, and represents the total return performance averages of funds that are tracked by Lipper that have the same Fund Classification. Lipper does not take into account fees, expenses or taxes.

An investment in a Fund is not a deposit of a bank and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Funds.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by PIMCO Funds as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606, on the Allianz Global Investors Distributors’ website at www.allianzinvestors.com, and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PIMCO Funds files a complete schedule of each Fund’s portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Funds’ Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Funds’ website at www.pimco-funds.com. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

The following disclosure provides important information regarding each Fund’s Expense Example, which appears on each Fund’s individual page in this Annual Report. Please refer to this information when reviewing the Expense Example for a Fund.

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption and exchange fees, and (2) ongoing costs, including advisory and administrative fees, distribution and/or service (12b-1) fees, and other Fund expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, from 10/1/07 to 3/31/08.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Accounts with a balance of $2,500 or less may be charged an additional fee at an annual rate of $16.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical Performance (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the information under the heading “Hypothetical Performance (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary from period to period because of various factors such as an increase in expenses that are not covered by the advisory and administrative fees, such as fees and expenses of the trustees and their counsel, extraordinary expenses and interest expense.

Annual Report March 31, 2008 5

PIMCO All Asset Fund	Class A:	PASAX
	Class B:	PASBX
	Class C:	PASCX

Portfolio Insights

Ÿ The Fund seeks maximum real return, consistent with preservation of real capital and prudent investment management, by investing under normal circumstances substantially all of its assets in Institutional Class shares of the Underlying Funds (i.e., any of the PIMCO Funds, except the PIMCO All Asset All Authority Fund, PIMCO RealRetirement 2010 Fund, PIMCO RealRetirement 2020 Fund, PIMCO RealRetirement 2030 Fund, PIMCO RealRetirement 2040 Fund, and PIMCO RealRetirement 2050 Fund).

Ÿ Significant exposure to U.S. Treasury Inflation-Protected Securities (“TIPS”), through inflation-related strategies such as the PIMCO Real Return Fund, benefited performance as U.S. TIPS posted strong gains over the period.

Ÿ Exposure to emerging market currencies and locally-issued emerging market bonds, through the PIMCO Developing Local Markets Fund and PIMCO Emerging Local Bond Fund, benefited performance as most emerging market currencies appreciated versus the U.S. dollar.

Ÿ Exposure to commodities, through the PIMCO CommodityRealReturn Strategy Fund^®, benefited performance as the PIMCO CommodityRealReturn Strategy Fund^® posted a net of fees return of 34.08% over the period.

Ÿ Exposure to equity strategies, primarily through the PIMCO Fundamental IndexPLUS^™ TR Fund and PIMCO International StocksPLUS^® TR Strategy Fund (U.S. Dollar-Hedged), detracted from performance as both U.S. and international equities declined.

Ÿ Significant exposure to short-term strategies, particularly through the PIMCO Floating Income Fund, detracted from performance as the PIMCO Floating Income Fund posted a negative return during the period.

Ÿ Exposure to Real Estate Investment Trusts, through the PIMCO RealEstateRealReturn Strategy Fund, detracted from returns, though the total exposure was negligible.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	Fund Inception (07/31/02)
	PIMCO All Asset Fund Class A	5.85%	8.38%	9.97%
	PIMCO All Asset Fund Class A (adjusted)	1.88%	7.56%	9.23%
	PIMCO All Asset Fund Class B	5.10%	7.58%	9.16%
	PIMCO All Asset Fund Class B (adjusted)	1.65%	7.51%	9.16%
	PIMCO All Asset Fund Class C (adjusted)	4.13%	7.58%	9.16%
	Lehman Brothers U.S. TIPS: 1-10 Year Index	14.71%	6.25%	7.10%
	Consumer Price Index + 500 Basis points	9.28%	8.26%	8.31%
	Lipper Flexible Portfolio Funds Average	1.94%	11.66%	10.09%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. The adjusted returns take into account the maximum sales charge of 3.75% on A shares, 3.50% CDSC on B shares and 1% CDSC on C shares. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 7 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. Please see page 4 for more information. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratios are 1.455% for Class A shares and 2.205% for Class B and Class C shares. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

PIMCO Funds Allocation^‡

Real Return Fund	12.4%
Real Return Asset Fund	12.2%
Developing Local Markets Fund	10.0%
Emerging Local Bond Fund	8.6%
Floating Income Fund	8.2%
Emerging Markets Bond Fund	7.0%
Total Return Fund	6.9%
Low Duration Fund	5.6%
Other	29.1%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance						Hypothetical Performance
							(5% return before expenses)
	Class A		Class B		Class C		Class A		Class B		Class C
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,014.89	$	1,011.83	$	1,012.02	$	1,020.95	$	1,017.20	$	1,017.20
Expenses Paid During Period†	$	4.09	$	7.85	$	7.85	$	4.10	$	7.87	$	7.87

^† For each class of the Fund, expenses are equal to the net annualized expense ratio for the class (0.811% for Class A, 1.561% for Class B, 1.561% for Class C), multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The expense ratio excludes the expenses of the Underlying Funds, which are based upon the allocation of the Fund’s assets among the Underlying Funds and are indirectly borne by the shareholders of the Fund. The Underlying Fund Expenses attributable to advisory and administrative fees are currently capped at 0.64% of the total assets invested in underlying Funds. The annualized expense ratios of 0.811% for Class A and 1.561% for Class B and C reflects net annualized expenses after application of an Advisory Fee waiver of 0.01%.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

6 PIMCO Funds

PIMCO All Asset All Authority Fund	Class A:	PAUAX
	Class C:	PAUCX

Portfolio Insights

Ÿ The Fund seeks maximum real return, consistent with preservation of real capital and prudent investment management, by investing under normal circumstances substantially all of its assets in Institutional Class shares of the Underlying Funds (i.e., any of the PIMCO Funds, except the PIMCO All Asset Fund, PIMCO RealRetirement 2010 Fund, PIMCO RealRetirement 2020 Fund, PIMCO RealRetirement 2030 Fund, PIMCO RealRetirement 2040 Fund, and PIMCO RealRetirement 2050 Fund).

Ÿ Significant exposure to U.S. Treasury Inflation-Protected Securities (“TIPS”), through inflation-related strategies such as the PIMCO Real Return Fund, benefited performance as U.S. TIPS posted strong gains over the period.

Ÿ An allocation to the PIMCO StocksPLUS^® TR Short Strategy Fund benefited performance due to the PIMCO StocksPLUS^® TR Short Strategy Fund’s short exposure to the S&P 500 Index, which declined over the period.

Ÿ Exposure to emerging market currencies and locally-issued emerging market bonds, through the PIMCO Developing Local Markets Fund and PIMCO Emerging Local Bond Fund, benefited performance as most emerging market currencies appreciated versus the U.S. dollar.

Ÿ Exposure to commodities, through the PIMCO CommodityRealReturn Strategy Fund^®, benefited performance as the PIMCO CommodityRealReturn Strategy Fund^® posted a net of fees return of 34.08% over the period.

Ÿ Exposure to equity strategies, primarily through the PIMCO Fundamental IndexPLUS^™ Fund and PIMCO Japanese StocksPLUS^® TR Strategy Fund, detracted from performance as both U.S. and international equities declined.

Ÿ Significant exposure to short-term strategies, particularly through the PIMCO Floating Income Fund, detracted from performance as the PIMCO Floating Income Fund posted a negative return during the period.

Ÿ Exposure to Real Estate Investment Trusts, through the PIMCO RealEstateRealReturn Strategy Fund, detracted from returns, though the total exposure was negligible.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	Fund Inception (10/31/03)
	PIMCO All Asset All Authority Fund Class A	10.31%	8.39%
	PIMCO All Asset All Authority Fund Class A (adjusted)	6.17%	7.46%
	PIMCO All Asset All Authority Fund Class C (adjusted)	8.44%	7.58%
	S&P 500 Index	-5.08%	7.32%
	Consumer Price Index + 650 Basis points	10.92%	10.20%
	Lipper Flexible Portfolio Funds Average	1.94%	8.71%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. The adjusted returns take into account the maximum sales charge of 3.75% on A shares and 1% CDSC on C shares. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 7 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. Please see page 4 for more information. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratios are 3.24% and 3.99% for Class A and Class C shares, respectively. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

PIMCO Funds Allocation^‡

StocksPLUS® TR Short Strategy Fund	17.6%
Real Return Asset Fund	13.7%
Real Return Fund	12.5%
Developing Local Markets Fund	9.5%
Emerging Markets Bond Fund	7.0%
Emerging Local Bond Fund	6.5%
Other	33.2%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance				Hypothetical Performance
					(5% return before expenses)
	Class A		Class C		Class A		Class C
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,056.82	$	1,053.18	$	1,014.55	$	1,010.60
Expenses Paid During Period†	$	10.75	$	14.78	$	10.53	$	14.48

^† For each class of the Fund, expenses are equal to the net annualized expense ratio for the class (2.09% for Class A, 2.88% for Class C), multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The expense ratio excludes the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund. The Underlying Fund Expenses attributable to advisor and administrative fees are currently capped at 0.69% of the total assets invested in underlying Funds.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example

Annual Report March 31, 2008 7

PIMCO Fundamental IndexPLUSTM TR Fund	Class A:	PIXAX
	Class C:	PIXCX

Portfolio Insights

Ÿ The Fund seeks total return, which exceeds that of the FTSE RAFI^™ 1000 Index, by investing under normal circumstances substantially all of its assets in derivatives based on Enhanced RAFI^™ 1000, an enhanced performance recalibrated version of the Index, backed by a portfolio of short and intermediate maturity fixed-income instruments.

Ÿ The Fund’s exposure to Enhanced RAFI^™ 1000 detracted from performance relative to the S&P 500 Index. The Enhanced RAFI^™ 1000 benefited from favorable positioning in the financials and materials sectors, despite being weighed down by modest exposures to value and small capitalization stocks.

Ÿ The recalibrated, proprietary Enhanced RAFI^™ 1000 portfolio outperformed the FTSE RAFI^™ 1000 Index (the Fund’s Benchmark Index) by 1.83%, reflecting positive added value provided by the Fund’s sub-advisor, Research Affiliates.

Ÿ U.S. duration exposure benefited performance as U.S. Treasury rates declined substantially amid the Federal Reserve’s reduction of the Federal Funds Rate, totaling 3.00% for the period.

Ÿ Exposure to U.K. short-maturity rates during the first quarter of 2008 benefited returns as the relevant rates declined.

Ÿ Positions in spread sectors, including mortgage-backed securities and corporates, were a significant detractor from performance as spreads widened.

Ÿ Exposure to a basket of emerging market currencies added to returns as emerging market currencies appreciated versus the U.S. dollar.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	Fund Inception (06/30/05)
	PIMCO Fundamental IndexPLUS™ TR Fund Class A	-4.01%	6.31%
	PIMCO Fundamental IndexPLUS™ TR Fund Class A (adjusted)	-7.61%	4.84%
	PIMCO Fundamental IndexPLUS™ TR Fund Class C (adjusted)	-5.73%	5.56%
	FTSE RAFI™ 1000 Index	-8.65%	5.80%
	S&P 500 Index	-5.08%	5.87%
	Lipper Specialty Diversified Equity Funds Average	8.92%	8.21%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. The adjusted returns take into account the maximum sales charge of 3.75% on A shares and 1% CDSC on C shares. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 7 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. Please see page 4 for more information. The Fund’s gross expense ratios are 1.19% and 1.94% for Class A and Class C shares, respectively. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

The FTSE Research Affiliates Fundamental Indexes (“RAFI”) are calculated by FTSE International Limited (“FTSE”) in conjunction with Research Affiliates LLC (“RA”). All rights and interests in the FTSE RAFI indexes vest in FTSE. All rights in and to the RA fundamental weighting methodology used in the calculation of the FTSE RAFI indexes vest in RA. “FTSE” is a trademark of the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under license. “Research Affiliates”, “Fundamental Index” and “RAFI” are trademarks of RA. Except to the extent disallowed by applicable law, neither FTSE nor RA shall be liable (including in negligence) for any loss arising out of use of the FTSE Research Affiliates Fundamental Indexes by any person.

The FTSE RAFI™ 1000 has a Patent Pending by Research Affiliates, LLC; Publ. No. US-2005-0171884-A1.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Government Agencies	54.7%
Corporate Bonds & Notes	16.6%
Short-Term Instruments	15.8%
Asset-Backed Securities	4.4%
Mortgage-Backed Securities	4.1%
Other	4.4%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance				Hypothetical Performance
					(5% return before expenses)
	Class A		Class C		Class A		Class C
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	902.83	$	899.49	$	1,014.50	$	1,010.80
Expenses Paid During Period†	$	9.99	$	13.49	$	10.58	$	14.28

^† For each class of the Fund, expenses are equal to the net annualized expense ratio for the class (2.10% for Class A, 2.84% for Class C), multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

8 PIMCO Funds

PIMCO International StocksPLUS® TR Strategy Fund (Unhedged)	Class A:	PPUAX
	Class C:	PPUCX

Portfolio Insights

Ÿ The Fund seeks total return, which exceeds that of its benchmark index consistent with prudent investment management, by investing under normal circumstances substantially all of its assets in non-U.S. equity derivatives, backed by a portfolio of fixed-income instruments.

Ÿ The MSCI EAFE Net Dividend Index (USD Unhedged) declined 2.70% for the twelve-month period ended March 31, 2008, which detracted from total return performance of the Fund through the Fund’s derivative exposure to the Index. The decline in the Index was concentrated in the second half of the twelve-month period.

Ÿ U.S. duration exposure benefited performance as U.S. Treasury rates declined substantially amid the Federal Reserve’s reduction of the Federal Funds Rate, totaling 3.00% for the period.

Ÿ Exposure to U.K. short-maturity rates during the first quarter of 2008 benefited returns as short-maturity rates declined.

Ÿ Positions in spread sectors, including mortgages and corporates, were a significant detractor from performance as spreads widened during the period.

Ÿ Exposure to a basket of emerging market currencies added to returns as emerging market currencies appreciated versus the U.S. dollar.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	Fund Inception (11/30/06)
	PIMCO International StocksPLUS® TR Strategy Fund (Unhedged) Class A	0.86%	5.33%
	PIMCO International StocksPLUS® TR Strategy Fund (Unhedged) Class A (adjusted)	-2.94%	2.35%
	PIMCO International StocksPLUS® TR Strategy Fund (Unhedged) Class C (adjusted)	-0.87%	4.48%
	MSCI EAFE Net Dividend Index (USD Unhedged)	-2.70%	3.32%
	Lipper International Multi-Cap Core Funds Average	-1.50%	3.90%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. The adjusted returns take into account the maximum sales charge of 3.75% on A shares and 1% CDSC on C shares. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 30 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption Fees are paid to and retained by the Fund and are not sales charges. Please see page 4 for more information. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratios are 1.04% and 1.79% for Class A and Class C shares, respectively. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Government Agencies	51.8%
Short-Term Instruments	18.2%
Corporate Bonds & Notes	17.5%
Asset-Backed Securities	7.1%
Mortgage-Backed Securities	3.6%
Other	1.8%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance				Hypothetical Performance
					(5% return before expenses)
	Class A		Class C		Class A		Class C
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	930.63	$	927.34	$	1,013.45	$	1,010.95
Expenses Paid During Period†	$	11.15	$	13.54	$	11.63	$	14.13

^† For each class of the Fund, expenses are equal to the net annualized expense ratio for the class (2.31% for Class A, 2.81% for Class C), multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.39 % per annum.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

Annual Report March 31, 2008 9

PIMCO International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)	Class A:	PIPAX
	Class B:	PIPBX
	Class C:	PIPCX

Portfolio Insights

Ÿ The Fund seeks total return, which exceeds that of its benchmark index consistent with prudent investment management, by investing under normal circumstances substantially all of its assets in non-U.S. equity derivatives, backed by a portfolio of fixed-income instruments.

Ÿ The MSCI EAFE Net Dividend Hedged USD Index declined 14.05% for the twelve-month period ended March 31, 2008, which detracted from total return performance of the Fund through the Fund’s derivative exposure to the Index. The decline in the Index was concentrated in the first quarter of 2008.

Ÿ U.S. duration exposure benefited performance as U.S. Treasury rates declined substantially amid the Federal Reserve’s reduction of the Federal Funds Rate, totaling 3.00% for the period.

Ÿ Exposure to U.K. short-maturity rates during the first quarter of 2008 benefited returns as short-maturity rates declined.

Ÿ Positions in spread sectors, including mortgages and corporates, were a significant detractor from performance as spreads widened during the period.

Ÿ Exposure to a basket of emerging market currencies added to returns as emerging market currencies appreciated versus the U.S. dollar.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	Fund Inception (10/30/03)*
	PIMCO International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged) Class A	-13.59%	11.02%
	PIMCO International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged) Class A (adjusted)	-18.34%	9.60%
	PIMCO International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged) Class B	-14.31%	10.17%
	PIMCO International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged) Class B (adjusted)	-18.50%	9.84%
	PIMCO International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged) Class C (adjusted)	-15.06%	10.22%
	MSCI EAFE Net Dividend Hedged USD Index	-14.05%	11.32%
	Lipper International Multi-Cap Core Funds Average	-1.50%	15.28%

All Fund returns are net of fees and expenses.

* The Fund began operations on 10/30/03. Index comparisons began on 10/31/03.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. The adjusted returns take into account the maximum sales charge of 5.50% on A shares, 5% CDSC on B shares and 1% CDSC on C shares. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 30 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. Please see page 4 for more information. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratios are 1.17% for Class A shares and 1.92% for Class B and Class C shares. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Government Agencies	51.0%
U.S. Treasury Obligations	23.4%
Corporate Bonds & Notes	11.2%
Short-Term Instruments	4.5%
Mortgage-Backed Securities	4.3%
Other	5.6%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance						Hypothetical Performance
							(5% return before expenses)
	Class A		Class B		Class C		Class A		Class B		Class C
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	834.44	$	830.67	$	831.61	$	1,010.05	$	1,006.30	$	1,006.30
Expenses Paid During Period†	$	13.71	$	17.12	$	17.13	$	15.03	$	18.76	$	18.76

^† For each class of the Fund, expenses are equal to the net annualized expense ratio for the class (2.99% for Class A, 3.74% for Class B, 3.74% for Class C), multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.45 % per annum.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

10 PIMCO Funds

PIMCO RealEstateRealReturn Strategy Fund	Class A:	PETAX
	Class B:	PETBX
	Class C:	PETCX

Portfolio Insights

Ÿ The Fund seeks maximum real return, consistent with prudent investment management, by investing under normal circumstances in real estate-linked derivative instruments backed by a portfolio of inflation-indexed securities and other fixed-income instruments.

Ÿ Returns for Real Estate Investment Trusts (“REITs”) declined over the period, which detracted from total return performance through the Fund’s derivative exposure to the Index.

Ÿ The portfolio’s construction, which uses U.S. Treasury Inflation-Protected Securities (“TIPS”) as collateral, benefited performance as U.S. TIPS outperformed the assumed one-month LIBOR financing cost of gaining REIT index exposure.

Ÿ Positioning for a steeper U.S. nominal yield curve benefited performance as the two-year U.S. Treasury yield fell more than the 30-year U.S. Treasury yield over the period.

Ÿ A U.K. nominal yield curve steepening bias benefited performance as the two-year U.K. Gilt yield fell more than the 30-year yield over the period.

Ÿ Exposure to emerging market currencies benefited performance as most emerging market currencies appreciated versus the U.S. dollar.

Ÿ Holdings of U.S. mortgage-backed securities detracted from performance as they underperformed like-duration U.S. Treasuries.

Ÿ An emphasis on nominal bonds in Europe versus inflation-linked bonds (“ILBs”) detracted from performance as ILBs outperformed their nominal counterparts in the region.

Ÿ Modest allocations to Japanese ILBs versus nominal bonds in August 2007 through March 2008 detracted from performance as ILBs underperformed their nominal counterparts in Japan.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	Fund Inception (10/30/03)*
	PIMCO RealEstateRealReturn Strategy Fund Class A	-10.18%	17.96%
	PIMCO RealEstateRealReturn Strategy Fund Class A (adjusted)	-15.12%	16.46%
	PIMCO RealEstateRealReturn Strategy Fund Class B	-10.81%	17.08%
	PIMCO RealEstateRealReturn Strategy Fund Class B (adjusted)	-14.76%	16.92%
	PIMCO RealEstateRealReturn Strategy Fund Class C (adjusted)	-11.58%	17.07%
	Dow Jones Wilshire Real Estate Investment Trust Index	-19.06%	15.18%
	Lipper Real Estate Funds Average	-18.48%	13.98%

All Fund returns are net of fees and expenses.

* The Fund began operations on 10/30/03. Index comparisons began on 10/31/03.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. The adjusted returns take into account the maximum sales charge of 5.50% on A shares, 5% CDSC on B shares and 1% CDSC on C shares. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 30 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. Please see page 4 for more information. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratios are 1.19% for Class A shares and 1.94% for Class B and Class C shares. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Treasury Obligations	54.5%
Short-Term Instruments	21.5%
U.S. Government Agencies	19.9%
Corporate Bonds & Notes	1.9%
Foreign Currency-Denominated Issues	1.3%
Other	0.9%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance						Hypothetical Performance
							(5% return before expenses)
	Class A		Class B		Class C		Class A		Class B		Class C
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	966.46	$	963.44	$	963.52	$	1,019.05	$	1,015.30	$	1,015.30
Expenses Paid During Period†	$	5.85	$	9.52	$	9.52	$	6.01	$	9.77	$	9.77

^† For each class of the Fund, expenses are equal to the net annualized expense ratio for the class (1.19% for Class A, 1.94% for Class B, 1.94% for Class C), multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

Annual Report March 31, 2008 11

PIMCO Small Cap StocksPLUS® TR Fund	Class A:	PCKAX
	Class C:	PCKCX

Portfolio Insights

Ÿ The Fund seeks total return, which exceeds that of the Russell 2000^® Index, by investing under normal circumstances substantially all of its assets in Russell 2000^® Index derivatives, backed by a diversified portfolio of actively managed fixed-income instruments.

Ÿ The Russell 2000 Index declined 13.00% over the twelve-month period ended March 31, 2008, namely due to declines in the consumer discretionary and financial service sectors, which detracted from the Fund’s performance through the Fund’s derivative exposure to the Index.

Ÿ U.S. duration exposure benefited performance as U.S. Treasury rates declined substantially, amid the Federal Reserve’s reduction of the Federal Funds Rate, totaling 3.00% for the period.

Ÿ Exposure to U.K. short-maturity rates during the first quarter of 2008 benefited returns as the relevant rates declined.

Ÿ Positions in spread sectors, including mortgage-backed securities and corporates, were a significant detractor from performance as spreads widened over the period.

Ÿ Exposure to a basket of emerging market currencies added to returns as emerging market currencies appreciated versus the U.S. dollar.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	Fund Inception (03/31/06)
	PIMCO Small Cap StocksPLUS® TR Fund Class A	-9.95%	-1.87%
	PIMCO Small Cap StocksPLUS® TR Fund Class A (adjusted)	-13.33%	-3.73%
	PIMCO Small Cap StocksPLUS® TR Fund Class C (adjusted)	-11.59%	-2.69%
	Russell 2000® Index	-13.00%	-4.01%
	Lipper Specialty Diversified Equity Funds Average	8.92%	8.30%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. The adjusted returns take into account the maximum sales charge of 3.75% on A shares and 1% CDSC on C shares. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 30 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption Fees are paid to and retained by the Fund and are not sales charges. Please see page 4 for more information. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratios are 1.09% and 1.84% for Class A and Class C shares, respectively. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Government Agencies	49.9%
Corporate Bonds & Notes	18.5%
Short-Term Instruments	17.4%
Asset-Backed Securities	8.8%
Mortgage-Backed Securities	2.2%
Other	3.2%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance				Hypothetical Performance
					(5% return before expenses)
	Class A		Class C		Class A		Class C
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	889.60	$	884.34	$	1,019.55	$	1,009.00
Expenses Paid During Period†	$	5.15	$	15.07	$	5.50	$	16.07

^† The actual expenses are equal to the net annualized expense ratio for the class (2.49% for Class A, 3.20% for Class C), multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.44 % per annum.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

12 PIMCO Funds

PIMCO StocksPLUS® Fund	Class A:	PSPAX
	Class B:	PSPBX
	Class C:	PSPCX

Portfolio Insights

Ÿ The Fund seeks total return, which exceeds that of the S&P 500 Index, by investing under normal circumstances substantially all of its assets in S&P 500 Index derivatives, backed by a short duration portfolio of fixed-income instruments.

Ÿ The S&P 500 Index posted a total return of -5.08% for the twelve-month period ended March 31, 2008, led by a significant decline in stocks within the financial sector. This detracted from total return performance of the Fund through the Fund’s derivative exposure to the Index.

Ÿ U.S. duration exposure benefited performance as U.S. Treasury rates declined substantially, amid the Federal Reserve’s reduction of the Federal Funds Rate, totaling 3.00% for the period.

Ÿ Curve steepening strategies added to returns as the two- to 30-year U.S. Treasury yield curve steepened during the period.

Ÿ Exposure to U.K. short-maturity rates during the first quarter of 2008 benefited returns as the relevant rates declined during this period.

Ÿ Positions in spread sectors, including mortgage-backed securities and corporates, were a significant detractor from performance as spreads widened.

Ÿ Exposure to a basket of emerging market currencies added to returns as emerging market currencies generally appreciated versus the U.S. dollar.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	10 Years	Fund Inception (05/13/93)*
	PIMCO StocksPLUS® Fund Class A	-5.33%	10.23%	3.19%	9.62%
	PIMCO StocksPLUS® Fund Class A (adjusted)	-8.17%	9.56%	2.87%	9.40%
	PIMCO StocksPLUS® Fund Class B	-6.00%	9.40%	2.65%	9.24%
	PIMCO StocksPLUS® Fund Class B (adjusted)	-10.48%	9.12%	2.65%	9.24%
	PIMCO StocksPLUS® Fund Class C (adjusted)	-6.59%	9.69%	2.68%	9.09%
	S&P 500 Index	-5.08%	11.32%	3.50%	9.69%
	Lipper Large-Cap Core Funds Average	-5.54%	10.13%	2.74%	8.50%

All Fund returns are net of fees and expenses.

* The Fund began operations on 05/13/93. Index comparisons began on 04/30/93.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. The adjusted returns take into account the maximum sales charge of 3% on A shares, 5% CDSC on B shares and 1% CDSC on C shares. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 7 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. Please see page 4 for more information. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratios are 0.90%, 1.65% and 1.40% for Class A, Class B and Class C shares, respectively. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

Corporate Bonds & Notes	34.1%
Short-Term Instruments	21.6%
U.S. Government Agencies	18.6%
Mortgage-Backed Securities	11.8%
Asset-Backed Securities	7.3%
Other	6.6%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance						Hypothetical Performance
							(5% return before expenses)
	Class A		Class B		Class C		Class A		Class B		Class C
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	871.40	$	868.97	$	869.63	$	1,019.35	$	1,016.75	$	1,016.90
Expenses Paid During Period†	$	5.29	$	7.71	$	7.57	$	5.70	$	8.32	$	8.17

^† For each class of the Fund, expenses are equal to the net annualized expense ratio for the class (1.13% for Class A, 1.86% for Class B, 1.62% for Class C), multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.25% per annum.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

Annual Report March 31, 2008 13

PIMCO StocksPLUS® Total Return Fund	Class A:	PTOAX
	Class B:	PTOBX
	Class C:	PSOCX

Portfolio Insights

Ÿ The Fund seeks total return, which exceeds that of the S&P 500 Index, by investing under normal circumstances substantially all of its assets in S&P 500 Index derivatives, backed by a portfolio of fixed-income instruments.

Ÿ The S&P 500 Index posted a total return of -5.08% for the twelve-month period ended March 31, 2008, led by a significant decline in the financial sector. This detracted from total return performance of the Fund through the Fund’s derivative exposure to the Index.

Ÿ U.S. duration exposure benefited performance as U.S. Treasury rates declined substantially, amid the Federal Reserve’s reduction of the Federal Funds Rate, totaling 3.00% for the period.

Ÿ Exposure to U.K. short-maturity rates during the first quarter of 2008 benefited returns as the relevant rates declined during this period.

Ÿ Positions in spread sectors, including mortgage-backed securities and corporates, were a significant detractor from performance as spreads widened.

Ÿ Exposure to a basket of emerging market currencies added to returns as emerging market currencies generally appreciated versus the U.S. dollar.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	Fund Inception (06/28/02)*
	PIMCO StocksPLUS® Total Return Fund Class A	-2.71%	11.91%	8.65%
	PIMCO StocksPLUS® Total Return Fund Class A (adjusted)	-6.36%	11.06%	7.93%
	PIMCO StocksPLUS® Total Return Fund Class B	-3.40%	11.02%	7.80%
	PIMCO StocksPLUS® Total Return Fund Class B (adjusted)	-6.34%	10.95%	7.80%
	PIMCO StocksPLUS® Total Return Fund Class C (adjusted)	-4.23%	11.04%	7.82%
	S&P 500 Index	-5.08%	11.32%	7.12%
	Lipper Large-Cap Core Funds Average	-5.54%	10.13%	5.84%

All Fund returns are net of fees and expenses.

* The Fund began operations on 06/28/02. Index comparisons began on 06/30/02.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. The adjusted returns take into account the maximum sales charge of 3.75% on A shares, 3.50% CDSC on B shares and 1% CDSC on C shares. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 7 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. Please see page 4 for more information. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratios are 1.04% for Class A shares and 1.79% for Class B and Class C shares. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Government Agencies	57.1%
Corporate Bonds & Notes	16.1%
Short-Term Instruments	10.3%
Asset-Backed Securities	7.1%
Mortgage-Backed Securities	5.9%
Other	3.5%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance						Hypothetical Performance
							(5% return before expenses)
	Class A		Class B		Class C		Class A		Class B		Class C
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	904.19	$	900.60	$	901.53	$	1,003.65	$	999.90	$	999.90
Expenses Paid During Period†	$	20.33	$	23.85	$	23.86	$	21.39	$	25.10	$	25.10

^† For each class of the Fund, expenses are equal to the net annualized expense ratio for the class (4.27% for Class A, 5.02% for Class B, 5.02% for Class C), multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.39 % per annum.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

14 PIMCO Funds

PIMCO StocksPLUS® TR Short Strategy Fund	Class A:	PSSAX
	Class C:	PSSCX

Portfolio Insights

Ÿ The Fund seeks total return by investing primarily in short positions with respect to the S&P 500 Index or specific S&P 500 Index securities, backed by a portfolio of fixed-income instruments, such that the Fund’s net asset value is generally expected to vary inversely to the value of the S&P 500 Index, subject to certain limitations.

Ÿ The inverse of the S&P 500 Index posted a total return of 4.01% for the twelve-month period ended March 31, 2008, led by a significant decline in stocks within the financial sector. The inverse of the S&P 500 Index increased amid an environment of generally downward movement in stock market indexes. This enhanced total return performance of the Fund through the Fund’s derivative exposure to the Index.

Ÿ U.S. duration exposure benefited performance as U.S. Treasury rates declined substantially, amid the Federal Reserve’s reduction of the Federal Funds Rate, totaling 3.00% for the period.

Ÿ Exposure to U.K. short maturity rates during the first quarter of 2008 benefited returns as the relevant rates declined.

Ÿ Positions in spread sectors, including mortgage-backed securities and corporates, were a significant detractor from performance as spreads widened during the period.

Ÿ Exposure to a basket of emerging market currencies added to returns as emerging market currencies appreciated versus the U.S. dollar.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	Fund Inception (07/23/03)*
	PIMCO StocksPLUS® TR Short Strategy Fund Class A	17.79%	2.54%
	PIMCO StocksPLUS® TR Short Strategy Fund Class A (adjusted)	13.37%	1.71%
	PIMCO StocksPLUS® TR Short Strategy Fund Class C (adjusted)	15.84%	1.74%
	Inverse of S&P 500 Index	4.01%	-8.45%
	Lipper Dedicated Short Bias Funds Average	7.12%	-8.19%

All Fund returns are net of fees and expenses.

* The Fund began operations on 07/23/03. Index comparisons began on 07/31/03.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. The adjusted returns take into account the maximum sales charge of 3.75% on A shares and 1% CDSC on C shares. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 7 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. Please see page 4 for more information. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratios are 1.09% and 1.84% for Class A and Class C shares, respectively. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

The out performance of this Fund relative to its benchmark since inception is influenced by the Fund’s use of investment strategies that attempt to profit from pricing inefficiencies in the various markets in which the Fund may invest. The strategies were employed shortly after the inception of the Fund and have not been employed in the last several years. Specifically, market conditions had temporarily allowed the Fund to simultaneously purchase and sell equivalent stock index futures contracts in two markets to benefit from a discrepancy in their prices. There can be no assurance nor is there any expectation that the Fund will be able to implement these or similar strategies in the future. Past performance is no guarantee of future results, and the Fund’s performance since inception should not be expected to continue in the future.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Government Agencies	41.1%
Short-Term Instruments	26.5%
Corporate Bonds & Notes	22.9%
Mortgage-Backed Securities	4.7%
Asset-Backed Securities	1.7%
Other	3.1%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance				Hypothetical Performance
					(5% return before expenses)
	Class A		Class C		Class A		Class C
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,221.02	$	1,217.19	$	1,017.05	$	1,012.50
Expenses Paid During Period †	$	8.83	$	13.86	$	8.02	$	12.58

^† The actual expenses are equal to the net annualized expense ratio for the class (1.59% for Class A, 2.50% for Class C), multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.44 % per annum.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

Annual Report March 31, 2008 15

PIMCO CommodityRealReturn Strategy Fund®	Class A:	PCRAX
	Class B:	PCRBX
	Class C:	PCRCX

Portfolio Insights

Ÿ The Fund seeks maximum real return, consistent with prudent investment management, by investing under normal circumstances in commodity index-linked derivative instruments backed by a portfolio of inflation-indexed securities and other fixed-income instruments.

Ÿ Commodities gained 21.80% as measured by the Fund’s benchmark index, the Dow Jones-AIG Commodity Total Return Index, which enhanced the Fund’s total return performance through the Fund’s derivative exposure to the Index. The energy, grains, and precious metals sectors benefited performance while the livestock sector detracted from performance.

Ÿ The portfolio’s construction, which uses U.S. Treasury Inflation-Protected Securities (“TIPS”) as collateral, benefited performance during the period as U.S. TIPS outperformed the assumed U.S. Treasury Bill collateral rate embedded in the Dow Jones-AIG Commodity Total Return Index.

Ÿ Positioning for a steeper U.S. nominal yield curve benefited performance as the two-year U.S. Treasury yield fell more than the 30-year U.S. Treasury yield over the period.

Ÿ A U.K. nominal yield curve steepening bias benefited performance as the two-year U.K. Gilt yield fell more than the 30-year yield over the period.

Ÿ Exposure to emerging market currencies benefited performance as most emerging market currencies appreciated versus the U.S. dollar.

Ÿ Holdings of U.S. mortgage-backed securities detracted from performance as they underperformed like-duration U.S. Treasuries.

Ÿ An emphasis on nominal bonds in Europe versus inflation-linked bonds (“ILBs”) detracted from performance as ILBs outperformed their nominal counterparts in the region.

Ÿ Exposure to U.S. corporate securities in March 2007 through December 2007 detracted from performance as this sector underperformed like-duration U.S. Treasuries over the period.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	Fund Inception (06/28/02)*
	PIMCO CommodityRealReturn Strategy Fund® Class A	33.35%	18.54%	21.16%
	PIMCO CommodityRealReturn Strategy Fund® Class A (adjusted)	26.01%	17.20%	19.97%
	PIMCO CommodityRealReturn Strategy Fund® Class B	32.48%	17.66%	20.28%
	PIMCO CommodityRealReturn Strategy Fund® Class B (adjusted)	27.48%	17.45%	20.21%
	PIMCO CommodityRealReturn Strategy Fund® Class C (adjusted)	31.45%	17.66%	20.27%
	Dow Jones-AIG Commodity Total Return Index	21.80%	15.71%	16.30%
	Lipper Specialty Diversified Equity Funds Average	8.92%	7.35%	5.35%

All Fund returns are net of fees and expenses.

* The Fund began operations on 06/28/02. Index comparisons began on 06/30/02.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. The adjusted returns take into account the maximum sales charge of 5.50% on A shares, 5% CDSC on B shares and 1% CDSC on C shares. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 30 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. Please see page 4 for more information. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratios are 1.24% for Class A shares and 1.99% for Class B and Class C shares. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Treasury Obligations	53.4%
U.S. Government Agencies	17.2%
Commodity Index-Linked Notes	11.2%
Short-Term Instruments	8.3%
Corporate Bonds & Notes	4.7%
Other	5.2%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance						Hypothetical Performance
							(5% return before expenses)
	Class A		Class B		Class C		Class A		Class B		Class C
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,246.84	$	1,242.38	$	1,242.13	$	1,018.75	$	1,015.00	$	1,015.00
Expenses Paid During Period†	$	7.02	$	11.21	$	11.21	$	6.31	$	10.08	$	10.08

^† For each class of the Fund, expenses are equal to the net annualized expense ratio for the class (1.25% for Class A, 2.00% for Class B and Class C), multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The annualized expense ratio of 1.25% for Class A, 2.00% for Class B and Class C reflects net annualized expenses after application of an expense waiver of 0.045%.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

16 PIMCO Funds

Benchmark Descriptions

Index	Description
Consumer Price Index + 500 Basis Points	CPI + 500 Basis Points benchmark is created by adding 5% to the annual percentage change in the Consumer Price Index (“CPI”). This index reflects non-seasonally adjusted returns. The Consumer Price Index is an unmanaged index representing the rate of inflation of the 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. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Consumer Price Index + 650 Basis Points	CPI + 650 Basis Points benchmark is created by adding 6.5% to the annual percentage change in the Consumer Price Index (“CPI”). This index reflects non-seasonally adjusted returns. The Consumer Price Index is an unmanaged index representing the rate of inflation of the 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. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Dow Jones-AIG Commodity Total Return Index	Dow Jones-AIG Commodity Total Return Index is an unmanaged index composed of futures contracts on 19 physical commodities. The index is designed to be a highly liquid and diversified benchmark for commodities as an asset class. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Dow Jones Wilshire Real Estate Investment Trust Index	Dow Jones Wilshire Real Estate Investment Trust Index, a subset of the Wilshire Real Estate Securities Index (WRESI), is an unmanaged index comprised of U.S. publicly traded Real Estate Investment Trusts. Effective July 1, 2007, the PIMCO RealEstateRealReturn Strategy Fund began tracking its performance against a float-adjusted version of the Index as the full-market cap version of the Index ceased to be disseminated on June 30, 2007. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
FTSE RAFI™ 1000 Index	FTSE RAFI™ 1000 Index is part of the FTSE RAFI™ Index Series, launched in association with Research Affiliates. As part of FTSE Group’s range of nonmarket cap weighted indices, the FTSE RAFI™ Index Series weights index constituents using four fundamental factors, rather than market capitalization. These factors include dividends, cash flow, sales and book value. The FTSE RAFI™ 1000 Index comprises the largest 1000 publicly traded U.S. companies by fundamental value, selected from the constituents of the FTSE US All Cap Index, part of the FTSE Global Equity Index Series (GEIS). The total return index calculations add the income a stock’s dividend provides to the performance of the index. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Inverse of S&P 500 Index	Inverse of S&P 500 Index is the negative equivalent of the return of the S&P 500 Index. S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The S&P 500 Index focuses on the large-cap segment of the U.S. equities market. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers U.S. TIPS: 1-10 Year Index	Lehman Brothers U.S. TIPS: 1-10 Year is an unmanaged index market comprised of U.S. Treasury Inflation Protected securities having a maturity of at least 1 year and less than 10 years. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
MSCI EAFE Net Dividend Hedged USD Index	MSCI EAFE Net Dividend Hedged USD Index is an unmanaged index of issuers in countries of Europe, Australia, and the Far East represented in U.S. Dollars on a hedged basis. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.

Annual Report March 31, 2008 17

Benchmark Descriptions (Cont.)

Index	Description
MSCI EAFE Net Dividend Index (USD Unhedged)	MSCI EAFE Net Dividend Index (USD Unhedged) is an unmanaged index of issuers in countries of Europe, Australia, and the Far East represented in U.S. Dollars on a unhedged basis. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Russell 2000® Index	Russell 2000® Index is composed of 2,000 of the smallest companies in the Russell 3000® Index and is considered to be representative of the small cap market in general. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
S&P 500 Index	S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The Index focuses on the large-cap segment of the U.S. equities market. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.

18 PIMCO Funds

Schedule of Investments   All Asset Fund     
March 31, 2008

	SHARES		VALUE (000S)
PIMCO FUNDS (a)(b) 99.9%
CommodityRealReturn Strategy Fund®	25,287,579	$	463,269
Convertible Fund	20,381,801		266,390
Developing Local Markets Fund	138,163,026		1,493,542
Diversified Income Fund	43,384,168		464,645
Emerging Local Bond Fund	129,842,384		1,281,544
Emerging Markets Bond Fund	97,503,971		1,041,342
Floating Income Fund	135,431,353		1,225,654
Foreign Bond Fund (Unhedged)	4,727,129		54,551
Fundamental Advantage Total Return Strategy Fund	31,727,003		317,270
Fundamental IndexPLUS™ Fund	24,389,495		232,188
Fundamental IndexPLUS™ TR Fund	37,330,049		351,649
Global Bond Fund (Unhedged)	2,581,618		28,372
GNMA Fund	10,933,722		124,316
High Yield Fund	36,789,403		338,463
Income Fund	20,109,208		199,483
International StocksPLUS® TR Strategy Fund (Unhedged)	5,437,138		51,925
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)	18,396,867		189,672
Long Duration Total Return Fund	9,631,209		101,224
Long-Term U.S. Government Fund	43,771,739		494,621
Low Duration Fund	82,746,290		839,047
Mortgage-Backed Securities Fund	19,203,489		208,934
Real Return Asset Fund	150,781,186		1,816,913
Real Return Fund	160,638,777		1,839,314
RealEstateRealReturn Strategy Fund	56,538,088		342,055
Short-Term Fund	2,413,583		23,677
Small Cap StocksPLUS® TR Strategy Fund	1,332,281		12,084
StocksPLUS® Fund	1,291,881		12,854
StocksPLUS® Total Return Fund	5,385,322		53,961
Total Return Fund	93,987,532		1,025,404
Total PIMCO Funds (Cost $14,775,605)			14,894,363
Total Investments 99.9% (Cost $14,775,605)		$	14,894,363
Other Assets and Liabilities (Net) 0.1%			9,822
Net Assets 100.0%		$	14,904,185

Notes to Schedule of Investments:

(a) The All Asset Fund is investing in shares of affiliated Funds.

(b) Institutional Class Shares of each PIMCO Fund.

See Accompanying Notes Annual Report March 31, 2008 19

Schedule of Investments   All Asset All Authority Fund

		SHARES		VALUE (000S)
PIMCO FUNDS (a)(b) 112.6%
CommodityRealReturn Strategy Fund®		1,682,926	$	30,831
Convertible Fund		630,511		8,241
Developing Local Markets Fund		9,546,157		103,194
Diversified Income Fund		2,625,491		28,119
Emerging Local Bond Fund		7,173,895		70,806
Emerging Markets Bond Fund		7,104,051		75,871
European StocksPLUS® TR Strategy Fund		242,430		2,163
Far East (ex-Japan) StocksPLUS® TR Strategy Fund		1,162,204		13,342
Floating Income Fund		500,049		4,525
Foreign Bond Fund (Unhedged)		2,212,060		25,527
Fundamental Advantage Total Return Strategy Fund		1,132,983		11,330
Fundamental IndexPLUS™ Fund		1,992,061		18,964
Fundamental IndexPLUS™ TR Fund		1,873,146		17,645
Global Bond Fund (Unhedged)		25,617		282
GNMA Fund		58		1
High Yield Fund		2,058,689		18,940
Income Fund		4,448,774		44,132
Japanese StocksPLUS® TR Strategy Fund		1,628,084		15,597
Long Duration Total Return Fund		653,635		6,870
Long-Term U.S. Government Fund		2,722,761		30,767
Low Duration Fund		268,281		2,720
Mortage-Backed Securities Fund		17,902		195
Real Return Asset Fund		12,403,223		149,459
Real Return Fund		11,897,772		136,230
RealEstateRealReturn Strategy Fund		3,225,667		19,515
Short-Term Fund		64		1
Small Cap StocksPLUS® TR Strategy Fund		217,487		1,973
StocksPLUS® Fund		137,582		1,369
StocksPLUS® Total Return Fund		219,012		2,194
StocksPLUS® TR Short Strategy Fund		20,313,620		191,557
Total Return Fund		4,776,011		52,106
Total PIMCO Funds (Cost $1,057,599)				1,084,466
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.4%
REPURCHASE AGREEMENTS 0.4%
State Street Bank and Trust Co.
1.900% due 04/01/2008	$	3,935		3,935
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 3.875% due 08/22/2008 valued at $4,015. Repurchase proceeds are $3,935.)
Total Short-Term Instruments (Cost $3,935)				3,935
Total Investments 113.0% (Cost $1,061,534)			$	1,088,401
Other Assets and Liabilities (Net) (13.0%)				(125,455	)
Net Assets 100.0%			$	962,946

Notes to Schedule of Investments:

(a) The All Asset All Authority Fund is investing in shares of affiliated Funds.

(b) Institutional Class Shares of each PIMCO Fund.

20 PIMCO Funds See Accompanying Notes

Schedule of Investments   Fundamental IndexPLUS^™ TR Fund     
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.8%
HCA, Inc.
4.946% due 11/16/2013	$	2,475	$	2,280
Idearc, Inc.
4.700% due 11/17/2014		2,494		2,006
Yell Group PLC
7.071% due 08/09/2011		72		59
Total Bank Loan Obligations (Cost $5,041)				4,345
CORPORATE BONDS & NOTES 28.8%
BANKING & FINANCE 23.0%
Allstate Life Global Funding Trusts
2.639% due 03/23/2009		600		599
American Express Co.
7.000% due 03/19/2018		2,000		2,105
American General Finance Corp.
6.900% due 12/15/2017		1,600		1,567
American International Group, Inc.
5.050% due 10/01/2015		100		98
5.850% due 01/16/2018		4,000		3,935
Bank of America Corp.
2.964% due 09/18/2009		200		199
5.375% due 09/11/2012		1,900		1,979
5.750% due 12/01/2017		1,100		1,141
8.000% due 12/29/2049		13,200		13,243
Bank of America N.A.
6.000% due 10/15/2036		300		288
Bank of Ireland
2.814% due 12/18/2009 (f)		3,100		3,092
Barclays Bank PLC
6.050% due 12/04/2017 (f)		1,000		978
C10 Capital SPV Ltd.
6.722% due 12/31/2049		800		742
Calabash Re Ltd.
11.200% due 01/08/2010		1,200		1,218
CIT Group, Inc.
2.729% due 12/19/2008		500		451
3.190% due 08/17/2009		300		252
3.215% due 08/15/2008		1,000		923
3.401% due 01/30/2009		600		522
Citigroup Capital XXI
8.300% due 12/21/2057		1,700		1,680
Citigroup, Inc.
2.701% due 12/28/2009 (f)		500		490
6.000% due 08/15/2017		6,700		6,623
DnB NOR Bank ASA
4.447% due 10/13/2009		1,000		1,001
Export-Import Bank of China
4.875% due 07/21/2015		100		100
Ford Motor Credit Co. LLC
6.625% due 06/16/2008		22,400		22,148
Foundation Re II Ltd.
9.820% due 11/26/2010		1,400		1,430
GMAC LLC
6.000% due 12/15/2011		200		150
Goldman Sachs Group, Inc.
3.406% due 07/29/2008		700		698
6.750% due 10/01/2037 (f)		10,900		10,172
HBOS PLC
5.920% due 09/29/2049		100		74
HSBC Holdings PLC
6.500% due 05/02/2036		1,900		1,844

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
ICICI Bank Ltd.
4.917% due 01/12/2010	$	1,800	$	1,723
JPMorgan Chase & Co.
6.000% due 01/15/2018		900		941
JPMorgan Chase Bank N.A.
6.000% due 10/01/2017		1,700		1,776
JPMorgan Chase Capital XX
6.550% due 09/29/2036		100		88
Lehman Brothers Holdings, Inc.
2.649% due 12/23/2008		200		194
2.809% due 12/23/2010		900		768
3.232% due 05/25/2010		100		90
6.200% due 09/26/2014		400		395
Merrill Lynch & Co., Inc.
6.050% due 08/15/2012		2,400		2,441
MetLife, Inc.
6.400% due 12/15/2036		400		319
Mystic Re Ltd.
9.390% due 12/05/2008		1,500		1,487
National Australia Bank Ltd.
2.979% due 09/11/2009		800		800
Petroleum Export Ltd.
5.265% due 06/15/2011		72		72
RBS Capital Trust III
5.512% due 09/29/2049		1,200		987
Resona Bank Ltd.
5.850% due 09/29/2049		200		166
Santander Perpetual S.A. Unipersonal
6.671% due 10/29/2049		900		813
SMFG Preferred Capital USD 1 Ltd.
6.078% due 01/29/2049		1,000		789
State Street Capital Trust IV
3.800% due 06/15/2037		200		150
TNK-BP Finance S.A.
6.125% due 03/20/2012		200		189
U.S. Bancorp
3.512% due 02/04/2010		5,700		5,662
UBS AG
5.875% due 12/20/2017		700		717
USB Capital IX
6.189% due 04/15/2049		200		149
VTB Capital S.A.
3.839% due 08/01/2008		900		891
Wachovia Corp.
5.750% due 02/01/2018		2,000		1,964
7.980% due 02/28/2049		23,900		23,554
Westpac Banking Corp.
3.040% due 06/06/2008 (f)		800		800
ZFS Finance USA Trust I
5.875% due 05/09/2032		500		475
				128,142
INDUSTRIALS 4.5%
AstraZeneca PLC
5.900% due 09/15/2017		400		424
6.450% due 09/15/2037		300		323
C8 Capital SPV Ltd.
6.640% due 12/29/2049		5,100		4,721
Citigroup Global Markets Deutschland AG for OAO Gazprom
10.500% due 10/21/2009		400		435
CODELCO, Inc.
6.150% due 10/24/2036		100		101

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Comcast Corp.
5.875% due 02/15/2018	$	300	$	293
6.450% due 03/15/2037		300		284
Daimler Finance North America LLC
3.298% due 03/13/2009		200		197
Gaz Capital S.A.
6.212% due 11/22/2016		200		186
HJ Heinz Co.
6.428% due 12/01/2020		100		102
International Business Machines Corp.
5.700% due 09/14/2017 (f)		7,800		8,192
Kinder Morgan Energy Partners LP
5.950% due 02/15/2018		2,900		2,879
Kraft Foods, Inc.
6.125% due 02/01/2018		800		802
Peabody Energy Corp.
7.875% due 11/01/2026		300		299
Rohm & Haas Co.
6.000% due 09/15/2017		500		509
Time Warner, Inc.
5.875% due 11/15/2016		2,100		2,001
Union Pacific Corp.
5.700% due 08/15/2018		1,800		1,794
UnitedHealth Group, Inc.
4.875% due 02/15/2013		700		692
Williams Cos., Inc.
6.375% due 10/01/2010		700		721
				24,955
UTILITIES 1.3%
Dominion Resources, Inc.
3.248% due 11/14/2008 (f)		2,800		2,786
Enel Finance International S.A.
6.800% due 09/15/2037		2,900		2,935
MidAmerican Energy Holdings Co.
6.125% due 04/01/2036		600		582
NGPL Pipe Co. LLC
6.514% due 12/15/2012		800		832
Ras Laffan Liquefied Natural Gas Co. Ltd. III
5.838% due 09/30/2027		250		228
				7,363
Total Corporate Bonds & Notes (Cost $162,805)				160,460
MUNICIPAL BONDS & NOTES 2.1%
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.750% due 06/01/2047		5,800		5,129
Iowa State Tobacco Settlement Authority Revenue Bonds, Series 2005
6.500% due 06/01/2023		285		279
Los Angeles, California Community College District General Obligation Bonds, (FSA Insured), Series 2006
5.000% due 08/01/2031		1,600		1,609
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2041		2,700		2,176
Ohio State Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2007
5.875% due 06/01/2047		3,000		2,643
Total Municipal Bonds & Notes (Cost $12,225)				11,836

See Accompanying Notes Annual Report March 31, 2008 21

Schedule of Investments  Fundamental IndexPLUS^™ TR Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMODITY INDEX-LINKED NOTES 0.3%
Morgan Stanley (GSCI)
2.546% due 07/07/2008	$	2,000	$	1,987
Total Commodity Index-Linked Notes (Cost $2,000)				1,987
U.S. GOVERNMENT AGENCIES 94.6%
Fannie Mae
2.666% due 12/25/2036		602		579
2.949% due 09/25/2042		979		971
4.434% due 01/01/2035		1,179		1,194
4.441% due 07/01/2034		979		989
4.500% due 08/01/2035		1,704		1,734
4.512% due 09/01/2035		725		733
4.567% due 07/01/2035		1,168		1,176
4.579% due 07/01/2035		882		888
4.634% due 09/01/2035		1,537		1,540
4.637% due 10/01/2035		640		642
4.667% due 12/01/2033		646		657
4.668% due 05/25/2035		200		201
4.695% due 12/01/2033		384		385
4.835% due 06/01/2035		1,834		1,861
4.989% due 06/01/2035		1,785		1,824
5.000% due 06/25/2027 - 05/01/2038		33,331		32,944
5.000% due 10/01/2035 - 03/01/2036 (f)		27,146		26,911
5.039% due 03/01/2035		217		223
5.500% due 02/01/2014 - 04/01/2038		71,315		72,046
5.500% due 07/01/2035 - 09/01/2037 (f)		79,188		80,046
5.722% due 06/01/2043 - 07/01/2044		931		926
6.000% due 05/01/2035 - 11/01/2037 (f)		154,164		158,125
6.000% due 09/01/2035 - 04/01/2038		72,401		74,247
6.329% due 10/01/2034		198		200
6.442% due 11/01/2035		298		307
6.500% due 08/01/2029 - 09/01/2037		960		995
Freddie Mac
2.859% due 08/25/2031		225		221
2.968% due 07/15/2019 - 08/15/2019		6,782		6,569
3.048% due 02/15/2019 (f)		7,472		7,425
3.218% due 06/15/2018		161		159
4.361% due 09/01/2035		674		677
4.500% due 10/15/2022		602		604
4.701% due 06/01/2035		1,877		1,908
4.704% due 08/01/2035		1,584		1,596
4.820% due 10/01/2035		1,108		1,112
4.876% due 11/01/2034		1,048		1,084
5.000% due 04/15/2012 - 01/15/2024		710		713
5.500% due 08/01/2037 (f)		3,867		3,910
5.500% due 10/01/2037 - 04/01/2038		17,089		17,259
5.722% due 02/25/2045		97		94
6.000% due 06/01/2037 - 10/01/2037		14,622		15,010
Ginnie Mae
6.000% due 05/15/2037 - 07/15/2037		994		1,027
Small Business Administration
5.290% due 12/01/2027		700		711
5.490% due 03/01/2028		5,000		5,120
Total U.S. Government Agencies (Cost $519,122)				527,543

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. TREASURY OBLIGATIONS 0.1%
Treasury Inflation Protected Securities (c)
3.000% due 07/15/2012	$	353	$	396
Total U.S. Treasury Obligations (Cost $392)				396
MORTGAGE-BACKED SECURITIES 7.1%
American Home Mortgage Investment Trust
4.390% due 02/25/2045		282		258
Banc of America Commercial Mortgage, Inc.
5.740% due 05/10/2045		900		911
Bear Stearns Adjustable Rate Mortgage Trust
4.617% due 01/25/2034		2,099		1,961
4.750% due 10/25/2035		1,449		1,399
Bear Stearns Alt-A Trust
2.759% due 02/25/2034		922		727
5.706% due 09/25/2035		222		182
Bear Stearns Structured Products, Inc.
5.681% due 01/26/2036		821		695
Citigroup Mortgage Loan Trust, Inc.
4.700% due 12/25/2035		312		304
4.900% due 12/25/2035		598		570
Countrywide Alternative Loan Trust
2.779% due 05/25/2047		761		578
2.879% due 02/25/2037		3,321		2,613
4.500% due 06/25/2035		1,558		1,544
Countrywide Home Loan Mortgage Pass-Through Trust
5.250% due 02/20/2036		218		180
CS First Boston Mortgage Securities Corp.
4.938% due 12/15/2040		496		494
Deutsche ALT-A Securities, Inc. Alternate Loan Trust
2.679% due 02/25/2037		3,450		3,233
Greenpoint Mortgage Funding Trust
2.679% due 10/25/2046		903		813
2.679% due 01/25/2047		1,089		1,034
GSR Mortgage Loan Trust
4.539% due 09/25/2035		1,928		1,817
5.250% due 11/25/2035		1,375		1,229
Impac Secured Assets CMN Owner Trust
2.679% due 01/25/2037		505		476
Indymac Index Mortgage Loan Trust
2.689% due 11/25/2046		488		455
2.699% due 01/25/2037		356		341
5.189% due 01/25/2036		869		653
JPMorgan Chase Commercial Mortgage Securities Corp.
5.420% due 01/15/2049		2,800		2,715
LB-UBS Commercial Mortgage Trust
4.990% due 11/15/2030		615		614
Mellon Residential Funding Corp.
3.561% due 12/15/2030		2,447		2,357
Merrill Lynch Floating Trust
2.888% due 06/15/2022		4,123		3,862
Structured Adjustable Rate Mortgage Loan Trust
5.317% due 08/25/2034		1,122		1,041
5.726% due 01/25/2035		565		536
Structured Asset Mortgage Investments, Inc.
2.879% due 02/25/2036		345		270
TBW Mortgage-Backed Pass-Through Certificates
2.709% due 01/25/2037		128		121
Thornburg Mortgage Securities Trust
2.709% due 11/25/2046		946		897
2.719% due 09/25/2046		1,445		1,351
Wachovia Bank Commercial Mortgage Trust
2.908% due 09/15/2021		1,990		1,870

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
WaMu Mortgage Pass-Through Certificates
2.889% due 10/25/2045	$	110	$	88
5.526% due 11/25/2042		115		110
5.718% due 05/25/2041		124		116
Wells Fargo Mortgage-Backed Securities Trust
4.950% due 03/25/2036		1,252		1,194
Total Mortgage-Backed Securities (Cost $42,736)				39,609
ASSET-BACKED SECURITIES 7.5%
ACE Securities Corp.
2.649% due 12/25/2036		360		346
2.679% due 10/25/2036		361		351
Asset-Backed Funding Certificates
2.659% due 11/25/2036		727		671
Asset-Backed Securities Corp. Home Equity
2.649% due 11/25/2036		446		433
2.874% due 09/25/2034		151		134
Bear Stearns Asset-Backed Securities Trust
2.649% due 11/25/2036		992		927
2.799% due 09/25/2034		6		6
Chase Issuance Trust
3.609% due 05/16/2011 (a)		5,600		5,600
Citigroup Mortgage Loan Trust, Inc.
2.649% due 11/25/2036		167		163
Countrywide Asset-Backed Certificates
2.649% due 05/25/2037		4,967		4,793
2.649% due 03/25/2047		352		346
2.659% due 03/25/2037		562		550
2.669% due 06/25/2037		844		820
2.679% due 06/25/2037		742		692
2.709% due 10/25/2046		408		395
Credit-Based Asset Servicing & Securitization LLC
2.659% due 03/25/2036		1		1
2.659% due 11/25/2036		787		753
Daimler Chrysler Auto Trust
5.250% due 05/08/2009		10		10
First Franklin Mortgage Loan Asset-Backed Certificates
2.649% due 11/25/2036		1,309		1,185
2.649% due 12/25/2036		714		677
Fremont Home Loan Trust
2.649% due 10/25/2036		2,507		2,473
2.659% due 01/25/2037		670		609
GSR Mortgage Loan Trust
2.699% due 11/25/2030		45		45
HFC Home Equity Loan Asset-Backed Certificates
2.606% due 03/20/2036		537		518
HSI Asset Securitization Corp. Trust
2.649% due 12/25/2036		535		497
Indymac Residential Asset-Backed Trust
2.659% due 04/25/2037		535		514
JPMorgan Mortgage Acquisition Corp.
2.649% due 08/25/2036		213		206
2.649% due 10/25/2036		3,707		3,455
Lehman XS Trust
2.669% due 05/25/2046		228		216
Long Beach Mortgage Loan Trust
2.629% due 06/25/2036		464		461
2.689% due 01/25/2046		23		23
2.779% due 08/25/2035		200		192
2.879% due 10/25/2034		17		15
MBNA Credit Card Master Note Trust
2.918% due 12/15/2011		2,900		2,871
Merrill Lynch Mortgage Investors, Inc.
2.629% due 06/25/2037		437		429

22 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
2.669% due 08/25/2036	$	1,812	$	1,730
Morgan Stanley ABS Capital I
2.629% due 06/25/2036		402		397
2.639% due 10/25/2036		306		298
2.649% due 10/25/2036		367		356
Option One Mortgage Loan Trust
2.639% due 02/25/2037		1,063		1,015
2.649% due 07/25/2036		260		256
Park Place Securities, Inc.
2.911% due 10/25/2034		728		610
Residential Asset Mortgage Products, Inc.
2.679% due 10/25/2036		616		587
Residential Asset Securities Corp.
2.659% due 10/25/2036		953		926
2.669% due 11/25/2036		570		543
SBI HELOC Trust
2.769% due 08/25/2036		354		339
Soundview Home Equity Loan Trust
2.649% due 10/25/2036		279		270
2.679% due 01/25/2037		2,849		2,720
Structured Asset Securities Corp.
2.649% due 10/25/2036		711		690
Total Asset-Backed Securities (Cost $43,799)				42,114
SOVEREIGN ISSUES 0.0%
China Development Bank
5.000% due 10/15/2015		100		99
Total Sovereign Issues (Cost $99)				99

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN CURRENCY-DENOMINATED ISSUES 2.6%
Brazilian Government International Bond
10.250% due 01/10/2028	BRL	600	$	320
General Electric Capital Corp.
5.500% due 09/15/2067	EUR	9,300		13,910
Total Foreign Currency-Denominated Issues (Cost $12,933)				14,230
		SHARES
PREFERRED STOCKS 0.5%
DG Funding Trust
4.946% due 12/31/2049		243		2,533
Total Preferred Stocks (Cost $2,585)				2,533
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 27.2%
COMMERCIAL PAPER 11.8%
ANZ National International Ltd.
3.050% due 05/19/2008	$	3,300		3,287
Barclays U.S. Funding Corp.
3.025% due 05/20/2008		15,900		15,835
Federal Home Loan Bank
1.500% due 04/01/2008		15,200		15,200
UBS Finance Delaware LLC
3.040% due 06/02/2008		15,900		15,824

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Unicredito Italiano SpA
3.015% due 05/21/2008	$	15,900	$	15,833
				65,979
REPURCHASE AGREEMENTS 0.3%
Credit Suisse Securities (USA) LLC
1.200% due 04/01/2008		1,600		1,600
(Dated 03/31/2008. Collateralized by U.S. Treasury Notes 4.875% due 06/30/2009 valued at $1,640. Repurchase proceeds are $1,600.)
U.S. TREASURY BILLS 15.1%
1.082% due 04/17/2008 - 07/24/2008 (b)(d)		84,600		84,243
Total Short-Term Instruments (Cost $151,992)				151,822
PURCHASED OPTIONS (i) 1.2%
(Cost $2,056)				6,704
Total Investments 172.8% (Cost $957,785)			$	963,678
Written Options (j) (1.1%) (Premiums $2,783)				(6,067	)
Other Assets and Liabilities (Net) (71.7%)				(400,035	)
Net Assets (e) 100.0%			$	557,576

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) When-issued security.

(b) Coupon represents a weighted average rate.

(c) Principal amount of security is adjusted for inflation.

(d) Securities with an aggregate market value of $38,815 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(e) As of March 31, 2008, portfolio securities with an aggregate value of $7,587 and derivative instruments with an aggregate depreciation of ($345) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(f) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $133,200 at a weighted average interest rate of 3.950%. On March 31, 2008, securities valued at $299,451 were pledged as collateral for reverse repurchase agreements.

(g) Cash of $6,611 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2008	800	$	5,293
90-Day Eurodollar December Futures	Long	12/2009	19		(1	)
90-Day Eurodollar June Futures	Long	06/2009	19		1
90-Day Eurodollar March Futures	Long	03/2009	76		345
90-Day Eurodollar September Futures	Long	09/2009	64		177
E-mini S&P 500 Index June Futures	Long	06/2008	5		(14	)
Euro-Bobl June Futures	Long	06/2008	11		(33	)
Euro-Schatz June Futures	Short	06/2008	36		26
S&P 500 Index June Futures	Long	06/2008	4		(19	)
U.S. Treasury 2-Year Note June Futures	Short	06/2008	200		(8	)
U.S. Treasury 5-Year Note June Futures	Short	06/2008	1,130		(1,353	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	381		1,192
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	17		(41	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	110		173
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2009	15		7
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	394		194
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2009	50		132
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	100		329
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	220		299
				$	6,699

See Accompanying Notes Annual Report March 31, 2008 23

Schedule of Investments  Fundamental IndexPLUS^™ TR Fund  (Cont.)

(h) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
American Express Co. 4.875% due 07/15/2013	Sell	1.750%	03/20/2013	DUB	$	1,300	$	2
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.120%	11/20/2011	LEH		4,100		(25	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.950%	04/20/2016	MLP		300		0
Freddie Mac 5.080% due 02/07/2019	Sell	0.720%	03/20/2013	BCLY		1,100		11
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.620%	03/20/2011	BCLY		1,500		(26	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.640%	12/20/2012	BCLY		1,500		(41	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.550%	12/20/2012	JPM		300		(58	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.800%	12/20/2012	BNP		100		(18	)
General Motors Corp. 7.125% due 07/15/2013	Sell	8.900%	03/20/2013	GSC		800		(56	)
General Motors Corp. 7.125% due 07/15/2013	Sell	9.050%	03/20/2013	GSC		900		(59	)
GMAC LLC 6.875% due 08/28/2012	Sell	1.680%	09/20/2008	LEH		3,100		(166	)
GMAC LLC 6.875% due 08/28/2012	Sell	1.850%	09/20/2009	MLP		1,600		(264	)
GMAC LLC 6.875% due 08/28/2012	Sell	4.850%	09/20/2012	JPM		500		(102	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400%	12/20/2008	LEH		400		(2	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.370%	03/20/2009	BCLY		5,600		(38	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.300%	09/20/2008	RBS		600		(10	)
Multiple Reference Entities of Gazprom	Sell	1.600%	12/20/2012	BCLY		1,800		(90	)
Multiple Reference Entities of Gazprom	Sell	2.170%	02/20/2013	JPM		1,000		(31	)
Multiple Reference Entities of Gazprom	Sell	2.180%	02/20/2013	MSC		400		(12	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%	02/20/2009	CSFB		5,780		(27	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.270%	03/20/2009	CSFB		600		(3	)
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.310%	03/20/2009	MSC		3,000		(6	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.550%	03/20/2009	BOA		800		(38	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.300%	03/20/2013	JPM		1,900		(261	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.610%	02/20/2009	MSC		3,800		(30	)
Wachovia Corp. 3.625% due 02/17/2009	Sell	1.240%	03/20/2013	UBS		1,400		(32	)
							$	(1,382	)

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
CMBX N.A. AAA 3 Index	Sell	0.080%	12/13/2049	GSC	$	1,000	$	55
CMBX N.A. AAA 3 Index	Sell	0.080%	12/13/2049	MSC		3,400		196
Dow Jones CDX N.A. HY8 Index	Sell	0.360%	06/20/2012	CITI		4,968		(200	)
Dow Jones CDX N.A. HY8 Index	Sell	0.401%	06/20/2012	CITI		994		(39	)
Dow Jones CDX N.A. HY8 Index	Sell	1.833%	06/20/2012	MLP		1,000		(99	)
Dow Jones CDX N.A. HY8 Index	Sell	2.080%	06/20/2012	MSC		1,000		(89	)
Dow Jones CDX N.A. HY8 Index	Sell	2.144%	06/20/2012	CITI		500		(43	)
Dow Jones CDX N.A. IG9 Index	Sell	0.600%	12/20/2012	BCLY		700		(4	)
Dow Jones CDX N.A. IG9 Index	Sell	0.708%	12/20/2012	DUB		3,100		28
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MLP		200		(1	)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MSC		500		(1	)
							$	(197	)

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	UBS	AUD	18,400	$	(70	)
Pay	3-Month Australian Bank Bill	7.500%	03/15/2010	UBS		1,000		6
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	BCLY	$	2,300		23
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	DUB		17,400		382
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		30,300		115
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	BCLY		5,500		(73	)
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	RBS		8,200		(68	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	BOA		3,200		(248	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	DUB		300		4
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	MLP		1,800		(18	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	MSC		900		4
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		2,100		3
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.090%	10/15/2010	BNP	EUR	2,400		12
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	JPM		800		(18	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.955%	03/28/2012	RBS		400		(9	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.950%	03/30/2012	RBS		500		(11	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	03/30/2012	GSC		400		(9	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	04/05/2012	BCLY		200		(5	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958%	04/10/2012	JPM		1,700		(41	)

24 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Interest Rate Swaps (Cont.)
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	6-Month Australian Bank Bill	7.500%	03/15/2011	UBS	AUD	5,900	$	10
Pay	6-Month Australian Bank Bill	7.000%	03/20/2013	DUB		1,900		(35	)
Receive	6-Month Australian Bank Bill	6.500%	03/20/2018	DUB		2,600		36
Pay	6-Month EUR-LIBOR	4.000%	03/20/2009	GSC	EUR	1,800		(9	)
Pay	6-Month EUR-LIBOR	5.000%	12/19/2009	DUB		4,700		64
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	JPM		2,400		21
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	MSC		1,300		12
Pay	6-Month EUR-LIBOR	4.000%	06/18/2010	MSC		3,400		(23	)
Pay	6-Month EUR-LIBOR	4.000%	09/17/2013	MSC		1,000		(15	)
Pay	6-Month EUR-LIBOR	4.000%	06/15/2018	BCLY		2,000		22
Pay	6-Month GBP-LIBOR	6.000%	12/20/2008	BCLY	GBP	4,600		10
Pay	6-Month GBP-LIBOR	6.000%	12/20/2008	DUB		2,700		5
Pay	6-Month GBP-LIBOR	6.000%	03/20/2009	RBS		2,300		2
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	BCLY		2,700		39
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	CSFB		500		4
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	GSC		5,400		43
Pay	6-Month GBP-LIBOR	6.000%	06/19/2009	GSC		13,600		273
Pay	6-Month GBP-LIBOR	6.000%	06/19/2009	RBS		3,800		74
Pay	6-Month GBP-LIBOR	6.000%	12/19/2009	GSC		1,600		62
Pay	6-Month GBP-LIBOR	4.750%	09/17/2013	BCLY		600		(6	)
Pay	6-Month GBP-LIBOR	4.750%	09/17/2013	RBS		700		(7	)
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	GSC		900		0
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	HSBC		1,200		(1	)
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	MLP		500		39
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	BCLY		300		27
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	DUB		1,400		(87	)
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	HSBC		1,000		66
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	RBS		1,900		140
Receive	6-Month GBP-LIBOR	5.500%	12/15/2036	GSC		900		(107	)
Receive	6-Month GBP-LIBOR	5.500%	12/15/2036	RBS		300		(38	)
Receive	6-Month GBP-LIBOR	5.000%	12/19/2037	GSC		200		(31	)
Pay	6-Month JPY-LIBOR	2.000%	12/19/2017	BCLY	JPY	80,000		39
Pay	6-Month JPY-LIBOR	2.000%	12/19/2017	DUB		140,000		69
Pay	28-Day Mexico Interbank TIIE Banxico	7.780%	04/03/2012	GSC	MXN	8,200		7
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	CITI		2,200		5
Receive	30-Day USD-CMM Rate	5.000%	02/20/2009	MLP	$	1,500		(81	)
Receive	30-Day USD-CMM Rate	5.500%	05/21/2009	MLP		1,800		(64	)
Pay	BRL-CDI-Compounded	11.360%	01/04/2010	BCLY	BRL	3,000		(44	)
Pay	BRL-CDI-Compounded	11.430%	01/04/2010	MLP		1,900		(26	)
Pay	BRL-CDI-Compounded	11.465%	01/04/2010	GSC		800		(11	)
Pay	BRL-CDI-Compounded	12.780%	01/04/2010	MSC		2,700		1
Pay	BRL-CDI-Compounded	12.948%	01/04/2010	MLP		1,100		3
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		4,100		(73	)
Pay	BRL-CDI-Compounded	11.980%	01/02/2012	MLP		2,900		(42	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	MLP		3,200		(3	)
Pay	USSP Semi 2-Year Index	0.710%	02/05/2009	BNP	$	2,100		(4	)
Pay	USSP Semi 5-Year Index	0.763%	02/05/2009	BNP		4,200		(10	)
							$	335

Total Return Swaps
Pay/Receive Total Return on Reference Entity	Reference Entity	Rate	Expiration Date	Counterparty	# of Shares	Unrealized Appreciation/ (Depreciation)
Receive	FTSE Research Affiliates 1000 Index	1-Month USD-LIBOR plus 0.300%	10/15/2008	BEAR	1,019,623	$	(3,842	)
Pay	FTSE Research Affiliates 1000 Index	1-Month USD-LIBOR plus 0.300%	10/15/2008	BEAR	269,951		1,013
Receive	FTSE Research Affiliates 1000 Index	1-Month USD-LIBOR plus 0.250%	10/15/2008	CSFB	1,124,687		3,990
Receive	FTSE Research Affiliates 1000 Index	1-Month USD-LIBOR plus 0.200%	03/13/2009	CSFB	269,951		680
Receive	FTSE Research Affiliates 1000 Index	1-Month USD-LIBOR plus 0.250%	05/15/2008	MLP	594,295		(11,466	)
Receive	FTSE Research Affiliates 1000 Index	1-Month USD-LIBOR plus 0.250%	07/15/2008	MLP	658,273		(16,032	)
Receive	FTSE Research Affiliates 1000 Index	1-Month USD-LIBOR plus 0.250%	08/18/2008	MLP	471,425		(11,905	)
Receive	FTSE Research Affiliates 1000 Index	1-Month USD-LIBOR plus 0.200%	10/15/2008	MLP	1,023,428		3,630
						$	(33,932	)

See Accompanying Notes Annual Report March 31, 2008 25

Schedule of Investments  Fundamental IndexPLUS^™ TR Fund  (Cont.)

(i) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 5-Year Note June Futures	$	130.000	05/23/2008	670	$	7	$	5

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500%	02/02/2009	$	43,200	$	476	$	722
Call - OTC 2-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		39,000		187		1,612
Call - OTC 2-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		57,100		202		2,359
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		11,000		44		455
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	12/15/2008		72,400		645		938
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	02/02/2009		37,500		405		464
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.600%	07/02/2009		9,200		88		139
								$	2,047	$	6,689

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Fannie Mae 5.500% due 06/01/2038	$	86.375	06/05/2008	$	13,000	$	2	$	10

(j) Written options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note June Futures	$	118.000	05/23/2008	266	$	305	$	565
Call - CBOT U.S. Treasury 10-Year Note June Futures		120.000	05/23/2008	62		76		74
Put - CBOT U.S. Treasury 10-Year Note June Futures		114.000	05/23/2008	266		392		58
Put - CBOT U.S. Treasury 10-Year Note June Futures		116.000	05/23/2008	31		25		17
					$	798	$	714

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.300%	02/02/2009	$	11,500	$	291	$	444
Call - OTC 7-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.600%	02/02/2009		5,700		183		285
Call - OTC 5-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		16,500		184		1,104
Call - OTC 5-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		25,100		207		1,679
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		4,500		40		301
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.300%	12/15/2008		24,200		614		949
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.250%	02/02/2009		12,500		377		461
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.200%	07/02/2009		4,000		89		130
								$	1,985	$	5,353

(k) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
Fannie Mae	5.000%	04/01/2038	$	800	$	798	$	798
Fannie Mae	6.000%	04/01/2038		4,000		4,019		4,098
Freddie Mac	6.000%	04/01/2038		6,100		6,127		6,255
Ginnie Mae	6.000%	04/01/2038		900		926		929
U.S. Treasury Notes	2.000%	02/28/2010		1,900		1,911		1,922
U.S. Treasury Notes	2.125%	01/31/2010		1,900		1,912		1,930
U.S. Treasury Notes	2.875%	01/31/2013		11,400		11,541		11,727
U.S. Treasury Notes	3.125%	11/30/2009		3,500		3,583		3,636
U.S. Treasury Notes	3.250%	12/31/2009		2,300		2,354		2,386
U.S. Treasury Notes	4.250%	08/15/2013		1,600		1,728		1,759
U.S. Treasury Notes	4.500%	05/15/2017		9,100		9,749		10,072
					$	44,648	$	45,512

⁽²⁾ Market value includes $371 of interest payable on short sales.

26 PIMCO Funds See Accompanying Notes

    
March 31, 2008

(l) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AED	417	05/2008	$	0	$	(1	)	$	(1	)
Buy	AUD	405	04/2008		2		0			2
Sell	BRL	10,706	07/2008		122		0			122
Buy		41,973	12/2008		417		0			417
Sell		9,341	12/2008		117		0			117
Sell	EUR	9,716	04/2008		0		(187	)		(187	)
Sell	GBP	6,005	04/2008		14		(26	)		(12	)
Buy	IDR	4,321,800	05/2008		0		(23	)		(23	)
Buy	INR	210,347	05/2008		218		0			218
Sell	JPY	14,798	04/2008		1		0			1
Buy		151,116	05/2008		22		(13	)		9
Sell		275,262	05/2008		18		0			18
Buy	KRW	646,106	05/2008		0		(44	)		(44	)
Buy		2,047,902	08/2008		0		(124	)		(124	)
Buy	KWD	32	05/2008		4		0			4
Buy	MXN	30,555	07/2008		93		0			93
Sell		30,555	07/2008		0		(34	)		(34	)
Buy	MYR	6,066	05/2008		86		0			86
Buy	PHP	71,974	05/2008		146		0			146
Buy	PLN	5,553	07/2008		453		0			453
Sell		5,553	07/2008		0		(253	)		(253	)
Buy	RUB	61,652	07/2008		153		0			153
Sell		59,750	07/2008		0		(119	)		(119	)
Buy		34,322	11/2008		46		0			46
Sell		4,840	11/2008		0		(10	)		(10	)
Buy	SAR	427	05/2008		0		(1	)		(1	)
Buy	SEK	1,702	06/2008		10		0			10
Buy	SGD	5,233	05/2008		306		0			306
Buy		1,970	11/2008		38		0			38
Buy	ZAR	565	07/2008		0		(15	)		(15	)
				$	2,266	$	(850	)	$	1,416

See Accompanying Notes Annual Report March 31, 2008 27

Schedule of Investments   International StocksPLUS^® TR Strategy Fund (Unhedged)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 29.6%
BANKING & FINANCE 25.2%
Allstate Life Global Funding Trusts
2.639% due 03/23/2009	$	100	$	100
American Express Centurion Bank
2.955% due 06/12/2009		600		598
American Express Co.
7.000% due 03/19/2018		100		105
American General Finance Corp.
6.900% due 12/15/2017		200		196
American Honda Finance Corp.
3.085% due 08/05/2008		130		130
American International Group, Inc.
5.850% due 01/16/2018		300		295
Bank of America Corp.
5.375% due 09/11/2012		200		208
5.750% due 12/01/2017		200		207
8.000% due 12/29/2049		1,400		1,405
Bank of Ireland
2.814% due 12/18/2009 (c)		300		299
Barclays Bank PLC
5.450% due 09/12/2012		900		923
6.050% due 12/04/2017 (c)		100		98
Bear Stearns Cos., Inc.
3.190% due 05/18/2010		500		465
4.325% due 07/16/2009		100		97
C10 Capital SPV Ltd.
6.722% due 12/31/2049		100		93
Caterpillar Financial Services Corp.
3.130% due 05/18/2009		200		199
CIT Group, Inc.
2.729% due 12/19/2008		500		451
Citigroup Capital XXI
8.300% due 12/21/2057		100		99
Citigroup Funding, Inc.
2.606% due 06/26/2009 (c)		100		99
2.980% due 12/08/2008		200		198
Citigroup, Inc.
3.220% due 05/18/2010		730		714
6.000% due 08/15/2017		200		198
Credit Agricole S.A.
3.090% due 05/28/2009		100		100
3.140% due 05/28/2010		100		100
Credit Suisse USA, Inc.
3.265% due 08/15/2010		600		584
Ford Motor Credit Co. LLC
6.625% due 06/16/2008		2,100		2,076
7.250% due 10/25/2011		500		411
General Electric Capital Corp.
3.964% due 01/20/2010 (c)		600		596
Goldman Sachs Group, Inc.
2.746% due 03/30/2009		100		99
3.150% due 11/16/2009		290		286
6.750% due 10/01/2037 (c)		1,200		1,120
HSBC Holdings PLC
6.500% due 05/02/2036		200		194
ICICI Bank Ltd.
4.917% due 01/12/2010		100		96
International Lease Finance Corp.
2.756% due 06/26/2009		370		360
JPMorgan Chase & Co.
2.656% due 06/26/2009		290		288
6.000% due 01/15/2018		100		105

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Lehman Brothers Holdings, Inc.
3.232% due 05/25/2010	$	100	$	90
5.625% due 01/24/2013		500		487
Merrill Lynch & Co., Inc.
3.178% due 05/08/2009		200		197
Metropolitan Life Global Funding I
3.110% due 05/17/2010		200		196
Morgan Stanley
3.206% due 02/09/2009		340		336
3.212% due 05/07/2009		300		295
Residential Capital LLC
6.178% due 05/22/2009		100		57
Royal Bank of Scotland Group PLC
6.990% due 10/29/2049		200		170
SLM Corp.
3.471% due 07/27/2009 (c)		30		25
3.541% due 07/25/2008		500		491
SMFG Preferred Capital USD 1 Ltd.
6.078% due 01/29/2049		100		79
UBS AG
5.875% due 12/20/2017		100		102
Wachovia Corp.
3.126% due 12/01/2009		200		195
7.980% due 02/28/2049		2,500		2,464
World Savings Bank FSB
2.592% due 06/20/2008		300		300
				19,076
INDUSTRIALS 3.2%
Amgen, Inc.
3.170% due 11/28/2008		200		200
AstraZeneca PLC
5.900% due 09/15/2017		100		106
Citigroup Global Markets Deutschland AG for OAO Gazprom
10.500% due 10/21/2009		100		109
Daimler Finance North America LLC
3.218% due 03/13/2009		50		49
General Mills, Inc.
4.024% due 01/22/2010		100		98
Home Depot, Inc.
2.925% due 12/16/2009		100		96
International Business Machines Corp.
5.700% due 09/14/2017 (c)		900		945
Kinder Morgan Energy Partners LP
5.950% due 02/15/2018		300		298
Kraft Foods, Inc.
6.125% due 02/01/2018		100		100
Rohm & Haas Co.
6.000% due 09/15/2017		100		102
Union Pacific Corp.
5.700% due 08/15/2018		200		199
UnitedHealth Group, Inc.
4.875% due 02/15/2013		100		99
				2,401
UTILITIES 1.2%
AT&T, Inc.
6.300% due 01/15/2038		200		194
BellSouth Corp.
4.240% due 04/26/2021		300		300
Enel Finance International S.A.
6.800% due 09/15/2037		300		304

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
NGPL Pipe Co. LLC
6.514% due 12/15/2012	$	100	$	104
				902
Total Corporate Bonds & Notes (Cost $22,805)				22,379
MUNICIPAL BONDS & NOTES 1.3%
Los Angeles, California Community College District General Obligation Bonds, (FSA Insured), Series 2006
5.000% due 08/01/2031		200		201
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2006
4.750% due 06/15/2037		800		759
Total Municipal Bonds & Notes (Cost $994)				960
U.S. GOVERNMENT AGENCIES 87.7%
Fannie Mae
5.000% due 02/25/2017 - 05/01/2038		9,813		9,695
5.500% due 02/01/2018 - 04/01/2038		4,460		4,516
5.500% due 04/01/2037 - 01/01/2038 (c)		6,726		6,798
5.722% due 06/01/2043		59		58
6.000% due 12/01/2035 - 04/01/2038		1,792		1,837
6.000% due 02/01/2036 - 01/01/2038 (c)		28,182		28,903
6.500% due 10/01/2035 - 04/01/2038		2,014		2,087
Freddie Mac
2.968% due 07/15/2019 - 10/15/2020		1,811		1,753
3.048% due 02/15/2019		712		707
4.250% due 09/15/2024		276		277
5.000% due 07/15/2020		118		119
5.500% due 07/01/2037 - 01/01/2038 (c)		2,952		2,984
6.000% due 09/01/2037 - 11/01/2037 (c)		4,543		4,664
Ginnie Mae
6.000% due 08/15/2037		994		1,027
Small Business Administration
5.290% due 12/01/2027		100		101
5.490% due 03/01/2028		700		717
Total U.S. Government Agencies (Cost $65,498)				66,243
MORTGAGE-BACKED SECURITIES 6.1%
Arran Residential Mortgages Funding PLC
2.955% due 04/12/2036		11		11
Bear Stearns Alt-A Trust
2.759% due 02/25/2034		307		242
Bear Stearns Mortgage Funding Trust
2.669% due 02/25/2037		169		148
Countrywide Alternative Loan Trust
2.759% due 02/25/2047		227		173
5.236% due 02/25/2036		145		108
Countrywide Home Loan Mortgage Pass-Through Trust
4.723% due 02/20/2035		202		196
4.800% due 11/25/2034		118		111
Deutsche ALT-A Securities, Inc. Alternate Loan Trust
2.669% due 01/25/2047		122		114
2.679% due 03/25/2037		58		55

28 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Greenpoint Mortgage Funding Trust
2.679% due 01/25/2047	$	84	$	79
GS Mortgage Securities Corp. II
3.170% due 03/06/2020		127		117
GSR Mortgage Loan Trust
5.250% due 11/25/2035		86		77
JPMorgan Chase Commercial Mortgage Securities Corp.
5.336% due 05/15/2047		600		583
5.420% due 01/15/2049		300		291
JPMorgan Mortgage Trust
5.023% due 02/25/2035		67		61
Lehman Brothers Floating Rate Commercial Mortgage Trust
2.898% due 09/15/2021		93		88
Merrill Lynch Mortgage Investors, Inc.
2.809% due 02/25/2036		33		27
MLCC Mortgage Investors, Inc.
2.849% due 11/25/2035		60		52
Morgan Stanley Capital I
2.878% due 10/15/2020		36		34
5.809% due 12/12/2049		500		497
Residential Accredit Loans, Inc.
5.686% due 09/25/2045		242		206
Structured Asset Mortgage Investments, Inc.
2.729% due 03/25/2037		138		108
2.809% due 07/19/2035		59		48
TBW Mortgage-Backed Pass-Through Certificates
2.709% due 01/25/2037		245		234
Wachovia Bank Commercial Mortgage Trust
2.898% due 06/15/2020		178		164
5.681% due 04/15/2034		30		30
WaMu Mortgage Pass-Through Certificates
3.239% due 12/25/2027		260		246
5.056% due 01/25/2047		78		64
5.326% due 02/25/2046		474		369
Wells Fargo Mortgage-Backed Securities Trust
4.947% due 01/25/2035		128		121
Total Mortgage-Backed Securities (Cost $5,051)				4,654
ASSET-BACKED SECURITIES 12.0%
Accredited Mortgage Loan Trust
2.719% due 04/25/2036		286		281
American Express Credit Account Master Trust
2.818% due 01/18/2011		400		400
3.318% due 02/15/2012		50		48
Asset-Backed Funding Certificates
2.659% due 01/25/2037		52		49
Bear Stearns Asset-Backed Securities Trust
2.689% due 06/25/2047		73		70
BNC Mortgage Loan Trust
2.699% due 05/25/2037		165		153
Carrington Mortgage Loan Trust
2.649% due 01/25/2037		280		263
Chase Issuance Trust
2.828% due 02/15/2011		300		298

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Citigroup Mortgage Loan Trust, Inc.
2.639% due 12/25/2036	$	151	$	142
2.659% due 01/25/2037		135		133
2.709% due 08/25/2036		500		464
Countrywide Asset-Backed Certificates
2.649% due 05/25/2037		315		305
2.649% due 07/25/2037		363		347
2.669% due 06/25/2037		65		63
2.679% due 06/25/2037		337		315
2.679% due 10/25/2037		223		209
2.779% due 09/25/2036		495		463
Credit-Based Asset Servicing & Securitization LLC
2.659% due 11/25/2036		328		314
2.689% due 12/25/2037		239		233
First Franklin Mortgage Loan Asset-Backed Certificates
2.639% due 01/25/2038		136		128
First USA Credit Card Master Trust
2.935% due 04/18/2011		300		300
Fremont Home Loan Trust
2.699% due 05/25/2036		70		67
GSAMP Trust
2.669% due 12/25/2036		209		201
HFC Home Equity Loan Asset-Backed Certificates
2.606% due 03/20/2036		179		173
HSBC Asset Loan Obligation
2.659% due 12/25/2036		344		329
HSI Asset Securitization Corp. Trust
2.649% due 12/25/2036		271		244
MASTR Asset-Backed Securities Trust
2.649% due 01/25/2037		81		78
2.659% due 11/25/2036		228		215
MBNA Credit Card Master Note Trust
4.200% due 09/15/2010		600		600
Merrill Lynch Mortgage Investors, Inc.
2.669% due 08/25/2036		144		137
Morgan Stanley ABS Capital I
2.639% due 01/25/2037		70		67
2.649% due 11/25/2036		182		172
Residential Asset Securities Corp.
2.669% due 02/25/2037		209		196
Securitized Asset-Backed Receivables LLC Trust
2.639% due 01/25/2037		421		398
SLM Student Loan Trust
3.800% due 12/15/2038		500		489
Soundview Home Equity Loan Trust
2.659% due 12/25/2036		88		84
2.679% due 06/25/2037		156		148
Specialty Underwriting & Residential Finance
2.659% due 01/25/2038		163		156
Structured Asset Securities Corp.
2.699% due 01/25/2037		346		331
Total Asset-Backed Securities (Cost $9,441)				9,063

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SOVEREIGN ISSUES 0.6%
Korea Development Bank
4.842% due 04/03/2010	$	500	$	499
Total Sovereign Issues (Cost $500)				499
FOREIGN CURRENCY-DENOMINATED ISSUES 0.6%
General Electric Capital Corp.
5.500% due 09/15/2067	EUR	300		448
Total Foreign Currency-Denominated Issues (Cost $406)				448
SHORT-TERM INSTRUMENTS 30.9%
COMMERCIAL PAPER 13.2%
Danske Corp.
3.075% due 04/01/2008	$	1,700		1,700
Federal Home Loan Bank
1.500% due 04/01/2008		900		900
Fortis Funding LLC
3.040% due 04/03/2008		1,600		1,600
Nordea N.A., Inc.
2.950% due 04/09/2008		2,000		1,999
Royal Bank of Scotland Group PLC
3.160% due 05/02/2008		100		100
UBS Finance Delaware LLC
2.940% due 06/05/2008		500		497
3.040% due 06/02/2008		1,600		1,592
Unicredito Italiano SpA
3.015% due 05/21/2008		1,600		1,593
				9,981
REPURCHASE AGREEMENTS 0.7%
State Street Bank and Trust Co.
1.900% due 04/01/2008		520		520
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 3.875% due 08/22/2008 valued at $535. Repurchase proceeds are $520.)
U.S. TREASURY BILLS 17.0%
0.701% due 04/17/2008 - 07/24/2008 (a)		12,850		12,806
Total Short-Term Instruments (Cost $23,333)				23,307
PURCHASED OPTIONS (f) 0.5%
(Cost $125)				362
Total Investments 169.3% (Cost $128,153)			$	127,915
Written Options (g) (0.5%) (Premiums $216)				(378	)
Other Assets and Liabilities (Net) (68.8%)				(51,989	)
Net Assets (b) 100.0%			$	75,548

See Accompanying Notes Annual Report March 31, 2008 29

Schedule of Investments  International StocksPLUS^® TR Strategy Fund (Unhedged)  (Cont.)

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

(b) As of March 31, 2008, derivative instruments with an aggregate depreciation of ($20) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(c) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $20,124 at a weighted average interest rate of 3.750%. On March 31, 2008, securities valued at $45,498 were pledged as collateral for reverse repurchase agreements.

(d) Cash of $984 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
Euro-Bobl June Futures	Long	06/2008	1	$	(3	)
Euro-Schatz June Futures	Short	06/2008	5		4
U.S. Treasury 2-Year Note June Futures	Short	06/2008	19		0
U.S. Treasury 5-Year Note June Futures	Short	06/2008	108		(143	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	96		365
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	1		(4	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	8		6
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2009	1		0
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	43		23
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2009	4		7
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	9		25
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	33		40
				$	320

(e) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized (Depreciation)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.620%	03/20/2011	BCLY	$	600	$	(10	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.640%	12/20/2012	BCLY		500		(14	)
General Motors Corp. 7.125% due 07/15/2013	Sell	8.900%	03/20/2013	GSC		100		(7	)
General Motors Corp. 7.125% due 07/15/2013	Sell	9.050%	03/20/2013	GSC		100		(7	)
GMAC LLC 6.875% due 08/28/2012	Sell	1.000%	09/20/2008	BOA		1,000		(57	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.370%	03/20/2009	BCLY		500		(3	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.085%	03/20/2012	RBS		100		(4	)
Multiple Reference Entities of Gazprom	Sell	0.970%	11/20/2008	HSBC		100		0
Multiple Reference Entities of Gazprom	Sell	1.250%	12/20/2008	HSBC		300		0
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%	02/20/2009	CSFB		500		(2	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.270%	03/20/2009	CSFB		100		(1	)
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.310%	03/20/2009	MSC		300		(1	)
Reynolds American, Inc. 7.625% due 06/01/2016	Sell	0.300%	06/20/2008	DUB		300		0
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.310%	03/20/2009	LEH		100		0
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.610%	02/20/2009	MSC		500		(4	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.630%	03/20/2009	BCLY		100		(1	)
							$	(111	)

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Dow Jones CDX N.A. HY8 Index	Sell	2.144%	06/20/2012	CITI	$	500	$	(44	)
Dow Jones CDX N.A. IG9 Index	Sell	0.600%	12/20/2012	JPM		1,000		7
Dow Jones CDX N.A. IG9 Index	Sell	0.708%	12/20/2012	DUB		400		4
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MLP		200		(1	)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MSC		600		(1	)
							$	(35	)

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	UBS	AUD	1,900	$	(7	)
Pay	3-Month Australian Bank Bill	7.500%	03/15/2010	UBS		100		1
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	MLP	$	800		19
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		2,300		10
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	CITI		1,800		40

30 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Interest Rate Swaps (Cont.)
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	MSC	$	200	$	2
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	BOA		400		(31	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	MLP		200		(1	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	MSC		100		1
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		300		0
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	JPM	EUR	100		(2	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.995%	03/15/2012	GSC		600		(13	)
Pay	6-Month Australian Bank Bill	7.500%	03/15/2011	UBS	AUD	800		1
Pay	6-Month EUR-LIBOR	4.000%	03/20/2009	GSC	EUR	200		(1	)
Pay	6-Month EUR-LIBOR	5.000%	12/19/2009	DUB		400		5
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	JPM		300		3
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	MSC		100		1
Pay	6-Month EUR-LIBOR	4.000%	06/18/2010	MSC		500		(4	)
Pay	6-Month EUR-LIBOR	4.000%	09/17/2013	MSC		100		(2	)
Pay	6-Month EUR-LIBOR	4.000%	06/15/2018	BCLY		200		2
Pay	6-Month GBP-LIBOR	6.000%	12/20/2008	BCLY	GBP	400		1
Pay	6-Month GBP-LIBOR	6.000%	12/20/2008	DUB		200		0
Pay	6-Month GBP-LIBOR	6.000%	03/20/2009	RBS		200		0
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	BCLY		300		5
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	GSC		500		4
Pay	6-Month GBP-LIBOR	6.000%	06/19/2009	GSC		1,200		24
Pay	6-Month GBP-LIBOR	4.750%	09/17/2013	BCLY		100		(1	)
Pay	6-Month GBP-LIBOR	4.750%	09/17/2013	RBS		100		(1	)
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	GSC		100		0
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	HSBC		200		0
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	DUB		400		(24	)
Receive	6-Month GBP-LIBOR	5.500%	12/15/2036	GSC		100		(12	)
Pay	6-Month JPY-LIBOR	2.000%	12/19/2017	BCLY	JPY	10,000		5
Pay	6-Month JPY-LIBOR	2.000%	12/19/2017	DUB		10,000		5
Pay	28-Day Mexico Interbank TIIE Banxico	7.780%	04/03/2012	GSC	MXN	800		1
Pay	BRL-CDI-Compounded	11.360%	01/04/2010	BCLY	BRL	300		(4	)
Pay	BRL-CDI-Compounded	11.430%	01/04/2010	MLP		200		(3	)
Pay	BRL-CDI-Compounded	11.465%	01/04/2010	GSC		100		(1	)
Pay	BRL-CDI-Compounded	12.948%	01/04/2010	MLP		100		(1	)
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		400		(7	)
Pay	BRL-CDI-Compounded	11.980%	01/02/2012	MLP		300		(4	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	MLP		400		0
							$	11

Total Return Swaps
Pay/Receive Total Return on Reference Entity	Reference Entity	Rate	Expiration Date	Counterparty	# of Shares	Unrealized Appreciation
Receive	iShares MSCI EAFE Index	1-Month USD-LIBOR less 0.250%	11/15/2008	GSC	1,021,697	$	3,022
Receive	iShares MSCI EAFE Index	1-Month USD-LIBOR less 0.250%	11/15/2008	GSC	13,600		40
						$	3,062

(f) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 5-Year Note June Futures	$	136.000	05/23/2008	16	$	0	$	0
Put - CBOT U.S. Treasury 10-Year Note June Futures		90.000	05/23/2008	102		1		2
					$	1	$	2

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500%	02/02/2009	$	3,700	$	41	$	62
Call - OTC 2-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		5,000		17		207
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	12/15/2008		5,500		50		71
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	02/02/2009		1,500		16		18
								$	124	$	358

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Fannie Mae 6.000% due 05/01/2038	$	92.000	05/06/2008	$	3,000	$	0	$	2

See Accompanying Notes Annual Report March 31, 2008 31

Schedule of Investments  International StocksPLUS^® TR Strategy Fund (Unhedged)  (Cont.)

(g) Written options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note June Futures	$	118.000	05/23/2008	30	$	35	$	64
Call - CBOT U.S. Treasury 10-Year Note June Futures		120.000	05/23/2008	8		10		9
Put - CBOT U.S. Treasury 10-Year Note June Futures		114.000	05/23/2008	30		43		7
Put - CBOT U.S. Treasury 10-Year Note June Futures		116.000	05/23/2008	4		3		2
					$	91	$	82

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.300%	02/02/2009	$	1,400	$	35	$	54
Call - OTC 7-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.600%	02/02/2009		300		10		15
Call - OTC 5-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		2,000		16		134
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.300%	12/15/2008		1,900		49		74
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.250%	02/02/2009		500		15		19
								$	125	$	296

(h) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
Ginnie Mae	6.000%	04/01/2038	$	900	$	926	$	929
U.S. Treasury Notes	2.000%	02/28/2010		200		201		202
U.S. Treasury Notes	2.125%	01/31/2010		100		101		102
U.S. Treasury Notes	2.875%	01/31/2013		3,800		3,847		3,909
U.S. Treasury Notes	3.125%	11/30/2009		500		512		519
U.S. Treasury Notes	3.250%	12/31/2009		300		308		311
U.S. Treasury Notes	4.250%	08/15/2013		200		216		220
U.S. Treasury Notes	4.500%	05/15/2017		500		529		553
					$	6,640	$	6,745

⁽²⁾ Market value includes $53 of interest payable on short sales.

(i) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AED	56	05/2008	$	0	$	0		$	0
Buy	AUD	48	04/2008		0		0			0
Buy	BRL	11,858	07/2008		379		0			379
Sell		9,070	07/2008		170		0			170
Buy		902	12/2008		0		(1	)		(1	)
Sell		909	12/2008		11		0			11
Sell	EUR	313	04/2008		0		(6	)		(6	)
Sell	GBP	1,475	04/2008		1		(7	)		(6	)
Buy	IDR	441,000	05/2008		0		(3	)		(3	)
Buy	INR	4,798	05/2008		5		0			5
Sell	JPY	1,092	04/2008		0		0			0
Buy		49,831	05/2008		0		(13	)		(13	)
Sell		65,511	05/2008		2		(8	)		(6	)
Buy	KRW	18,498	05/2008		0		(1	)		(1	)
Buy		186,298	08/2008		0		(12	)		(12	)
Buy	KWD	4	05/2008		1		0			1
Buy	MXN	2,645	07/2008		8		0			8
Sell		1,327	07/2008		0		(2	)		(2	)
Buy	MYR	610	05/2008		9		0			9
Sell	NZD	29	04/2008		0		0			0
Buy	PHP	5,964	05/2008		12		0			12
Buy	PLN	659	07/2008		54		0			54
Sell		659	07/2008		0		(30	)		(30	)
Buy	RUB	3,508	07/2008		9		0			9
Sell		3,400	07/2008		0		(7	)		(7	)
Buy		5,696	11/2008		8		0			8
Sell		2,607	11/2008		0		(5	)		(5	)
Buy	SAR	56	05/2008		0		0			0
Buy	SEK	382	06/2008		2		0			2
Buy	SGD	287	05/2008		16		0			16
Buy		105	11/2008		2		0			2
				$	689	$	(95	)	$	594

32 PIMCO Funds See Accompanying Notes

Schedule of Investments   International StocksPLUS^® TR Strategy Fund (U.S. Dollar-Hedged)     
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 3.0%
Daimler Finance North America LLC
6.800% due 08/03/2012	$	1,990	$	1,655
Georgia-Pacific Corp.
4.446% due 12/20/2012		419		389
4.740% due 12/20/2012		3,233		3,003
4.835% due 12/20/2012		286		266
HCA, Inc.
4.946% due 11/16/2013		2,574		2,371
Total Bank Loan Obligations (Cost $8,374)				7,684
CORPORATE BONDS & NOTES 38.1%
BANKING & FINANCE 22.8%
American Express Bank FSB
6.000% due 09/13/2017		5,200		5,082
American Express Centurion Bank
6.000% due 09/13/2017		5,100		4,960
American Express Co.
6.150% due 08/28/2017		1,600		1,597
American International Group, Inc.
5.850% due 01/16/2018		3,000		2,952
Barclays Bank PLC
5.450% due 09/12/2012		4,500		4,616
6.050% due 12/04/2017 (f)		1,600		1,565
7.434% due 09/29/2049		1,000		906
Capital One Financial Corp.
6.750% due 09/15/2017		1,600		1,521
Citigroup Capital XXI
8.300% due 12/21/2057		1,500		1,482
Citigroup, Inc.
6.125% due 11/21/2017		5,000		5,005
Deutsche Bank AG
6.000% due 09/01/2017		3,900		4,071
Ford Motor Credit Co. LLC
7.000% due 10/01/2013		300		234
7.250% due 10/25/2011		1,950		1,604
9.750% due 09/15/2010		400		357
General Electric Capital Corp.
2.931% due 03/12/2010 (f)		2,800		2,786
6.375% due 11/15/2067		200		196
GMAC LLC
6.625% due 05/15/2012		600		454
6.875% due 08/28/2012		2,200		1,674
7.000% due 02/01/2012		1,100		838
JPMorgan Chase Bank N.A.
6.000% due 10/01/2017		4,600		4,806
Lehman Brothers Holdings, Inc.
6.750% due 12/28/2017		1,800		1,735
Merrill Lynch & Co., Inc.
6.050% due 08/15/2012		400		407
Royal Bank of Scotland Group PLC
7.640% due 03/31/2049		1,900		1,639
Santander Perpetual S.A. Unipersonal
6.671% due 10/29/2049		1,100		993
UBS AG
5.875% due 12/20/2017		2,600		2,664
Wells Fargo Bank N.A.
4.750% due 02/09/2015		5,000		4,885
				59,029

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
INDUSTRIALS 11.1%
Erac USA Finance Co.
6.375% due 10/15/2017	$	7,500	$	6,717
Goodrich Corp.
6.290% due 07/01/2016		2,100		2,267
International Business Machines Corp.
5.700% due 09/14/2017 (f)		2,900		3,046
Kohl’s Corp.
6.250% due 12/15/2017		10,000		9,546
Kraft Foods, Inc.
6.125% due 02/01/2018		2,600		2,605
6.875% due 02/01/2038		300		296
Loews Corp.
5.250% due 03/15/2016		2,800		2,806
Nortel Networks Ltd.
10.125% due 07/15/2013		100		92
Williams Cos., Inc.
6.375% due 10/01/2010		200		206
Xerox Corp.
9.750% due 01/15/2009		1,100		1,143
				28,724
UTILITIES 4.2%
AT&T, Inc.
4.125% due 09/15/2009		500		503
5.500% due 02/01/2018		1,100		1,080
6.300% due 01/15/2038		500		485
BellSouth Corp.
5.200% due 09/15/2014		1,200		1,200
Embarq Corp.
6.738% due 06/01/2013		2,000		1,937
Enel Finance International S.A.
6.250% due 09/15/2017		5,400		5,614
				10,819
Total Corporate Bonds & Notes (Cost $100,377)				98,572
MUNICIPAL BONDS & NOTES 1.3%
Houston, Texas Utility System Revenue Bonds, (FSA Insured), Series 2007
5.000% due 11/15/2036		400		391
New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2006
9.248% due 12/15/2013		2,265		1,910
Ohio State Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2007
5.875% due 06/01/2047		700		617
Palomar, California Community College District General Obligation Bonds, (FSA Insured), Series 2007
4.750% due 05/01/2032		100		96
Texas State General Obligation Bonds, Series 2005
4.750% due 04/01/2035		300		286
Total Municipal Bonds & Notes (Cost $3,791)				3,300
COMMODITY INDEX-LINKED NOTES 0.8%
Morgan Stanley (GSCI)
2.546% due 07/07/2008		2,000		1,987
Total Commodity Index-Linked Notes (Cost $2,000)				1,987

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES 174.1%
Fannie Mae
2.719% due 03/25/2034 (f)	$	25	$	24
2.729% due 03/25/2036 (f)		2,475		2,449
2.849% due 06/25/2044		67		66
2.949% due 09/25/2042		779		772
3.785% due 08/01/2010 (f)		366		368
4.125% due 04/25/2024 (f)		201		208
4.196% due 11/01/2034 (f)		1,006		1,016
4.375% due 11/25/2023 (f)		249		248
4.500% due 06/01/2010		300		306
4.500% due 09/25/2020 (f)		4,705		4,752
4.512% due 08/01/2035 (f)		742		745
4.633% due 10/01/2035 (f)		888		891
4.642% due 07/01/2035 (f)		1,637		1,658
4.700% due 10/01/2035 (f)		730		746
4.722% due 10/01/2035 (f)		729		732
4.850% due 02/01/2034 (f)		756		763
4.899% due 09/01/2035 (f)		1,334		1,359
5.000% due 12/01/2018 - 12/01/2036 (f)		56,706		56,833
5.000% due 05/01/2038		24,000		23,704
5.159% due 03/01/2036 (f)		2,516		2,525
5.251% due 02/01/2036 (f)		5,734		5,738
5.261% due 08/01/2036 (f)		1,360		1,368
5.392% due 07/01/2032 (f)		51		52
5.500% due 01/01/2021 - 09/01/2037 (f)		75,203		76,217
5.500% due 04/01/2038		4,000		4,038
5.722% due 09/01/2044 - 10/01/2044 (f)		4,507		4,494
6.000% due 05/01/2034 - 12/01/2037 (f)		23,539		24,141
6.000% due 04/01/2038		35,000		35,859
6.228% due 02/01/2035 (f)		522		526
6.500% due 04/01/2038		4,200		4,350
6.847% due 09/01/2031		2		2
7.500% due 12/01/2014 (f)		235		245
Freddie Mac
3.018% due 10/15/2020 (f)		777		763
3.168% due 06/15/2031 (f)		1,532		1,481
3.218% due 11/15/2016 - 03/15/2017 (f)		7,186		7,185
3.500% due 01/15/2022 - 01/15/2023 (f)		1,430		1,430
4.000% due 11/01/2013 - 05/15/2016 (f)		5,009		5,041
4.361% due 09/01/2035 (f)		1,865		1,876
4.500% due 02/15/2017 - 09/15/2020 (f)		12,378		12,571
5.000% due 12/15/2015 - 09/01/2035 (f)		47,146		48,250
5.312% due 09/01/2035 (f)		2,259		2,295
5.500% due 03/15/2017 - 08/01/2037 (f)		17,355		17,555
5.500% due 08/15/2030 - 04/01/2038		93,005		93,921
5.722% due 10/25/2044		194		192
Ginnie Mae
3.218% due 03/16/2032 (f)		40		39
5.125% due 11/20/2024 (f)		103		103
Total U.S. Government Agencies (Cost $441,900)				449,897
U.S. TREASURY OBLIGATIONS 80.0%
Treasury Inflation Protected Securities (b)
2.375% due 04/15/2011		4,253		4,570
2.375% due 01/15/2027		1,256		1,370
U.S. Treasury Bonds
5.000% due 05/15/2037		12,800		14,326

See Accompanying Notes Annual Report March 31, 2008 33

Schedule of Investments  International StocksPLUS^® TR Strategy Fund (U.S. Dollar-Hedged)  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. Treasury Notes
3.625% due 10/31/2009	$	180,600	$	186,441
Total U.S. Treasury Obligations (Cost $206,289)				206,707
MORTGAGE-BACKED SECURITIES 14.5%
Banc of America Funding Corp.
6.142% due 01/20/2047		174		151
Banc of America Mortgage Securities, Inc.
3.049% due 01/25/2034		207		198
5.000% due 05/25/2034		210		193
Bear Stearns Adjustable Rate Mortgage Trust
4.125% due 03/25/2035		2,620		2,509
4.550% due 08/25/2035		617		588
4.625% due 10/25/2035		3,374		3,197
4.750% due 10/25/2035		376		363
Bear Stearns Alt-A Trust
5.371% due 05/25/2035		468		405
5.706% due 09/25/2035		554		456
Bear Stearns Structured Products, Inc.
5.681% due 01/26/2036		547		463
Citigroup Mortgage Loan Trust, Inc.
4.248% due 08/25/2035		682		647
4.700% due 12/25/2035		1,484		1,443
Countrywide Alternative Loan Trust
2.746% due 11/20/2035		86		81
2.746% due 03/20/2046		1,592		1,210
4.500% due 06/25/2035		431		427
5.484% due 06/25/2037		2,893		2,536
Countrywide Home Loan Mortgage Pass-Through Trust
2.889% due 04/25/2035		332		263
2.919% due 03/25/2035		266		206
CS First Boston Mortgage Securities Corp.
4.962% due 06/25/2033		365		365
Deutsche ALT-A Securities, Inc. Alternate Loan Trust
2.679% due 02/25/2037		1,583		1,484
Downey Savings & Loan Association Mortgage Loan Trust
2.819% due 08/19/2045		1,423		1,103
6.713% due 07/19/2044		128		115
First Horizon Alternative Mortgage Securities
6.216% due 03/25/2035		281		197
First Horizon Asset Securities, Inc.
5.370% due 08/25/2035		125		118
First Republic Mortgage Loan Trust
3.168% due 11/15/2031		113		105
GMAC Mortgage Corp. Loan Trust
5.500% due 09/25/2034		195		192
GSR Mortgage Loan Trust
4.539% due 09/25/2035		500		471
5.500% due 11/25/2035		404		406
GSRPM Mortgage Loan Trust
3.299% due 01/25/2032		19		18
Harborview Mortgage Loan Trust
2.799% due 03/19/2037		1,348		1,017
Indymac Index Mortgage Loan Trust
2.699% due 01/25/2037		1,112		1,065
5.051% due 12/25/2034		70		64
JPMorgan Mortgage Trust
5.023% due 02/25/2035		469		427

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Lehman XS Trust
2.679% due 07/25/2046	$	865	$	840
Merrill Lynch Mortgage Investors, Inc.
2.809% due 02/25/2036		266		214
MLCC Mortgage Investors, Inc.
2.849% due 11/25/2035		70		64
3.599% due 10/25/2035		92		79
Morgan Stanley Capital I
2.878% due 10/15/2020		1,049		976
Residential Accredit Loans, Inc.
2.809% due 04/25/2046		2,102		1,599
2.999% due 03/25/2033		159		138
Residential Asset Securitization Trust
2.999% due 05/25/2033		274		237
Structured Adjustable Rate Mortgage Loan Trust
5.726% due 01/25/2035		319		302
Structured Asset Mortgage Investments, Inc.
2.809% due 07/19/2035		376		311
2.879% due 02/25/2036		827		648
Thornburg Mortgage Securities Trust
2.709% due 11/25/2046		2,037		1,932
WaMu Mortgage Pass-Through Certificates
2.909% due 01/25/2045		240		192
2.919% due 01/25/2045		231		185
Wells Fargo Mortgage-Backed Securities Trust
3.988% due 12/25/2034		702		659
4.329% due 07/25/2035		2,700		2,566
4.399% due 05/25/2035		382		363
4.500% due 11/25/2018		1,330		1,301
5.241% due 04/25/2036		2,531		2,503
Total Mortgage-Backed Securities (Cost $41,209)				37,592
ASSET-BACKED SECURITIES 2.9%
Aurum CLO 2002-1 Ltd.
4.688% due 04/15/2014		1,703		1,663
Bear Stearns Asset-Backed Securities Trust
2.799% due 09/25/2034		25		25
5.571% due 10/25/2036		1,955		1,926
Carrington Mortgage Loan Trust
2.664% due 07/25/2036		180		179
Countrywide Asset-Backed Certificates
2.649% due 12/25/2046		630		613
2.669% due 06/25/2036		49		49
2.669% due 08/25/2036		19		19
3.265% due 07/25/2036		20		20
GE-WMC Mortgage Securities LLC
2.639% due 08/25/2036		365		353
GSAMP Trust
2.669% due 01/25/2036		127		121
2.689% due 11/25/2035		157		145
2.889% due 03/25/2034		90		88
Lehman XS Trust
2.679% due 04/25/2046		463		457
2.679% due 08/25/2046		949		927
Long Beach Mortgage Loan Trust
2.879% due 10/25/2034		186		168
New Century Home Equity Loan Trust
2.669% due 08/25/2036		133		131

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Structured Asset Securities Corp.
4.900% due 04/25/2035	$	762	$	704
Total Asset-Backed Securities (Cost $7,767)				7,588
FOREIGN CURRENCY-DENOMINATED ISSUES 3.7%
Brazilian Government International Bond
10.250% due 01/10/2028	BRL	1,400		747
General Electric Capital Corp.
6.500% due 09/15/2067	GBP	1,800		3,430
Republic of Germany
4.750% due 07/04/2034	EUR	3,100		5,033
5.500% due 01/04/2031		200		357
Total Foreign Currency-Denominated Issues (Cost $9,580)				9,567
		SHARES
PREFERRED STOCKS 0.1%
Fannie Mae
8.250% due 12/31/2049		13,000		316
Total Preferred Stocks (Cost $325)				316
EXCHANGE-TRADED FUNDS 4.8%
iShares MSCI EAFE Index Fund		172,236		12,384
Total Exchange-Traded Funds (Cost $10,076)				12,384
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 15.3%
COMMERCIAL PAPER 7.3%
Federal Home Loan Bank
1.500% due 04/01/2008	$	18,700		18,700
REPURCHASE AGREEMENTS 0.6%
State Street Bank and Trust Co.
1.900% due 04/01/2008		1,661		1,661
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 3.875% due 08/22/2008 valued at $1,697. Repurchase proceeds are $1,661.)
U.S. TREASURY BILLS 7.4%
1.139% due 05/29/2008 - 06/12/2008 (a)(c)(d)(g)		19,190		19,093
Total Short-Term Instruments (Cost $39,510)				39,454
PURCHASED OPTIONS (i) 2.6%
(Cost $4,471)				6,650
Total Investments 341.2% (Cost $875,669)			$	881,698
Written Options (j) (1.6%) (Premiums $3,238)				(4,175	)
Other Assets and Liabilities (Net) (239.6%)				(619,116	)
Net Assets (e) 100.0%			$	258,407

34 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

(b) Principal amount of security is adjusted for inflation.

(c) Securities with an aggregate market value of $9,706 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(d) Securities with an aggregate market value of $1,760 have been pledged as collateral for delayed-delivery securities on March 31, 2008.

(e) As of March 31, 2008, portfolio securities with an aggregate value of $3,650 and derivative instruments with an aggregate depreciation of ($1,204) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(f) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $174,578 at a weighted average interest rate of 4.085%. On March 31, 2008, securities valued at $293,333 were pledged as collateral for reverse repurchase agreements.

(g) Securities with an aggregate market value of $169 and cash of $10,105 have been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar March Futures	Long	03/2009	39	$	215
90-Day Eurodollar March Futures	Short	03/2009	88		(441	)
90-Day Eurodollar September Futures	Short	09/2008	44		(35	)
Euro-Bobl June Futures	Short	06/2008	144		275
Euro-Bobl June Futures Call Options Strike @ EUR 122.000	Long	06/2008	185		0
Euro-Bund 10-Year Bond June Futures	Long	06/2008	55		(69	)
Euro-Schatz June Futures	Short	06/2008	467		514
Euro-Schatz June Futures Put Options Strike @ EUR 109.000	Long	06/2008	467		0
Japan Government 10-Year Bond June Futures	Long	06/2008	1		21
U.S. Treasury 2-Year Note June Futures	Short	06/2008	907		(130	)
U.S. Treasury 5-Year Note June Futures	Short	06/2008	981		(1,206	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	232		695
U.S. Treasury 30-Year Bond June Futures	Long	06/2008	125		(59	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	256		398
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	671		368
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2009	211		821
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	103		230
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	153		85
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2009	139		356
United Kingdom Government 10-Year Bond June Futures	Short	06/2008	41		(168	)
				$	1,870

(h) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
AutoZone, Inc. 5.875% due 10/15/2012	Buy	(0.665%	)	06/20/2017	RBS	$	1,900	$	70
BellSouth Corp. 5.200% due 09/15/2014	Buy	(0.325%	)	09/20/2014	LEH		1,200		20
Clorox Co. 6.125% due 02/01/2011	Buy	(0.330%	)	12/20/2012	BOA		2,700		56
Erac USA Finance Co, 6.375% due 10/15/2017	Buy	(0.800%	)	12/20/2017	GSC		7,500		1,263
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.920%		09/20/2012	CITI		700		(14	)
Goodrich Corp. 6.290% due 07/01/2016	Buy	(0.510%	)	09/20/2016	DUB		2,200		5
Hungary Government International Bond 4.750% due 02/03/2015	Buy	(1.660%	)	03/20/2013	MSC		2,600		10
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.420%		12/20/2008	DUB		2,600		(12	)
Kohl’s Corp. 6.250% due 12/15/2007	Buy	(0.680%	)	12/20/2017	RBS		10,000		825
Loews Corp. 5.250% due 03/15/2016	Buy	(0.280%	)	03/20/2016	BEAR		2,800		76
Limited Brands, Inc. 6.125% due 12/01/2012	Buy	(1.030%	)	06/20/2017	GSC		5,000		773
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Sell	0.950%		09/20/2012	CITI		700		(49	)
Morgan Stanley 6.600% due 04/01/2012	Sell	0.190%		09/20/2008	BOA		2,400		(22	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.260%		12/20/2008	BCLY		500		(2	)
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.290%		12/20/2008	BCLY		2,800		0
Reynolds American, Inc. 7.625% due 06/01/2016	Sell	1.280%		06/20/2017	DUB		1,000		(63	)
Turkey Government International Bond 11.875% due 01/15/2030	Buy	(2.200%	)	10/20/2010	MSC		100		0
Turkey Government International Bond 11.875% due 01/15/2030	Buy	(2.110%	)	10/20/2010	LEH		100		(1	)
Turkey Government International Bond 11.875% due 01/15/2030	Buy	(2.630%	)	03/20/2013	MSC		2,600		41
Wells Fargo Bank N.A. 4.750% due 02/09/2015	Buy	(0.140%	)	03/20/2015	GSC		5,000		253
Weyerhaeuser Co. 6.750% due 03/15/2012	Buy	(0.960%	)	06/20/2017	UBS		800		46
								$	3,275

See Accompanying Notes Annual Report March 31, 2008 35

Schedule of Investments  International StocksPLUS^® TR Strategy Fund (U.S. Dollar-Hedged)  (Cont.)

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
CMBX N.A. AAA 3 Index	Sell	0.080%		12/13/2049	MSC	$	5,200	$	280
Dow Jones CDX N.A. EM8 Index	Buy	(1.750%	)	12/20/2012	BCLY		3,900		(22	)
Dow Jones CDX N.A. HV9 Index	Sell	1.400%		12/20/2012	CSFB		3,500		(227	)
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	LEH		1,485		114
Dow Jones CDX N.A. HY8 Index	Sell	0.483%		06/20/2012	BCLY		3,800		(161	)
Dow Jones CDX N.A. IG5 Index	Buy	(0.143%	)	12/20/2012	MSC		7,800		821
Dow Jones CDX N.A. IG5 Index	Sell	0.463%		12/20/2015	MSC		5,600		(837	)
Dow Jones CDX N.A. IG9 Index	Sell	0.600%		12/20/2012	GSC		3,000		(28	)
Dow Jones CDX N.A. IG9 Index	Sell	0.600%		12/20/2012	JPM		1,000		(33	)
Home Equity Index A Rating 2006-1	Buy	(0.540%	)	07/25/2045	BEAR		2,200		1,328
Home Equity Index A Rating 2006-1	Sell	0.540%		07/25/2045	DUB		750		(402	)
Home Equity Index A Rating 2006-1	Sell	0.540%		07/25/2045	MLP		700		(373	)
Home Equity Index A Rating 2006-1	Sell	0.540%		07/25/2045	UBS		750		(401	)
Home Equity Index AAA Rating 2006-2	Sell	0.110%		05/25/2046	GSC		1,000		78
								$	137

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	CITI	AUD	7,400	$	(5	)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	LEH		9,800		(5	)
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	BCLY	$	126,600		2,179
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	DUB		20,500		505
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	MLP		46,700		1,093
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		49,200		386
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	JPM		12,400		559
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	MSC		28,900		1,402
Receive	3-Month USD-LIBOR	5.000%	03/18/2014	CITI		8,200		(460	)
Receive	3-Month USD-LIBOR	5.000%	03/18/2014	JPM		11,300		(622	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2015	RBS		39,800		(2,335	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	RBS		44,800		(2,293	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2023	BCLY		4,800		(196	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2023	MLP		1,600		(54	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2023	RBS		30,400		(1,250	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2028	CITI		4,100		(282	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2028	DUB		7,700		(251	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2028	MLP		1,200		(84	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2028	RBS		1,300		(93	)
Pay	3-Month USD-LIBOR	5.000%	12/15/2035	DUB		9,600		(24	)
Pay	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		5,200		439
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.955%	03/28/2012	RBS	EUR	500		(11	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958%	04/10/2012	JPM		200		(5	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.980%	04/30/2012	BCLY		600		(14	)
Pay	6-Month Australian Bank Bill	7.000%	06/15/2010	DUB	AUD	30,600		(244	)
Pay	6-Month Australian Bank Bill	7.000%	06/15/2010	MSC		15,800		(106	)
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	JPM	EUR	9,210		82
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	LEH		42,300		251
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	MSC		5,890		52
Pay	6-Month EUR-LIBOR	4.000%	06/18/2010	MSC		12,600		(155	)
Receive	6-Month EUR-LIBOR	4.000%	12/15/2014	BCLY		1,900		0
Receive	6-Month EUR-LIBOR	4.000%	12/15/2014	DUB		1,000		2
Receive	6-Month EUR-LIBOR	5.000%	07/11/2037	CITI		2,000		(201	)
Receive	6-Month EUR-LIBOR	4.750%	09/19/2038	GSC		3,100		66
Pay	6-Month GBP-LIBOR	6.000%	03/20/2009	DUB	GBP	12,800		166
Receive	6-Month GBP-LIBOR	6.000%	06/19/2009	BCLY		18,000		(371	)
Receive	6-Month GBP-LIBOR	6.000%	06/19/2009	GSC		50,000		(1,034	)
Pay	6-Month GBP-LIBOR	5.000%	09/15/2010	BCLY		4,600		178
Pay	6-Month GBP-LIBOR	5.000%	09/15/2010	RBS		1,500		60
Pay	6-Month GBP-LIBOR	5.500%	03/20/2013	LEH		2,800		119
Receive	6-Month GBP-LIBOR	5.000%	09/20/2017	DUB		1,100		(79	)
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	MSC		3,500		14
Receive	6-Month JPY-LIBOR	1.500%	06/20/2015	MSC	JPY	110,000		(22	)
Pay	28-Day Mexico Interbank TIIE Banxico	8.860%	09/12/2016	CITI	MXN	6,700		42
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	MLP		5,500		8
Receive	30-Day USD-CMM Rate	5.500%	05/21/2009	MLP	$	4,000		(143	)
Pay	BRL-CDI-Compounded	12.670%	01/04/2010	MLP	BRL	10,600		(28	)
Pay	BRL-CDI-Compounded	10.150%	01/02/2012	GSC		13,300		(588	)
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		19,500		(444	)
							$	(3,796	)

36 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Total Return Swaps
Pay/Receive Total Return on Reference Entity	Reference Entity	Rate	Expiration Date	Counterparty	# of Shares	Unrealized Appreciation/ (Depreciation)
Receive	iShares MSCI EAFE Index	1-Month USD-LIBOR less 0.200%	04/14/2008	BCLY	883,868	$	1,311
Pay	iShares MSCI EAFE Index	1-Month USD-LIBOR less 0.200%	04/14/2008	BCLY	629,264		(764	)
Receive	iShares MSCI EAFE Index	1-Month USD-LIBOR less 0.250%	11/15/2008	GSC	2,428		3
Receive	iShares MSCI EAFE Index	1-Month USD-LIBOR less 0.250%	04/14/2008	MLP	3,087,175		4,594
						$	5,144

(i) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 2-Year Note June Futures	$	112.000	05/23/2008	807	$	15	$	13
Call - CBOT U.S. Treasury 2-Year Note June Futures		113.000	05/23/2008	100		2		2
Call - CBOT U.S. Treasury 5-Year Note June Futures		125.000	05/23/2008	1,182		22		9
Call - CBOT U.S. Treasury 5-Year Note June Futures		134.000	05/23/2008	46		0		0
Call - CBOT U.S. Treasury 10-Year Note June Futures		132.000	05/23/2008	653		12		10
Call - CBOT U.S. Treasury 10-Year Note June Futures		145.000	05/23/2008	97		1		2
Call - CBOT U.S. Treasury 30-Year Bond June Futures		140.000	04/25/2008	438		8		7
Put - CBOT U.S. Treasury 10-Year Note June Futures		81.000	05/23/2008	26		0		0
Put - CBOT U.S. Treasury 10-Year Note June Futures		90.000	05/23/2008	142		1		2
Put - CBOT U.S. Treasury 10-Year Note June Futures		96.000	05/23/2008	247		4		4
Put - CBOT U.S. Treasury 30-Year Bond June Futures		86.000	05/23/2008	417		4		6
Put - CBOT U.S. Treasury 30-Year Bond June Futures		90.000	05/23/2008	128		2		2
					$	71	$	57

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay Floating Rate	Exercise Rate	Expiration Date	Notional Amount	Cost		Value
Call - OTC 2-Year Interest Rate Swap	DUB	6-Month EUR-LIBOR	Pay	4.070%	09/14/2009	EUR    50,100	$	260	$	514
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500%	02/02/2009	$      5,800		56		97
Call - OTC 5-Year Interest Rate Swap	MLP	3-Month USD-LIBOR	Pay	4.000%	12/19/2008	13,300		277		410
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	12/15/2008	169,300		1,495		2,194
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.600%	07/02/2009	8,500		82		129
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.500%	08/03/2009	77,300		801		1,051
							$	2,971	$	4,395

Foreign Currency Options
Description	Exercise Price	Expiration Date	Notional Amount	Cost		Value
Put - OTC Euro versus U.S. dollar	$        1.355	05/21/2008	EUR    3,100	$	94	$	2
Put - OTC Euro versus U.S. dollar	1.362	05/21/2008	2,000		61		1
Call - OTC Euro versus U.S. dollar	1.375	05/21/2010	2,800		136		502
Put - OTC Euro versus U.S. dollar	1.375	05/21/2010	2,800		136		94
Call - OTC Euro versus U.S. dollar	1.375	06/03/2010	1,400		67		251
Put - OTC Euro versus U.S. dollar	1.375	06/03/2010	1,400		67		47
Call - OTC Euro versus Japanese yen	JPY    148.400	06/03/2010	1,000		56		100
Put - OTC Euro versus Japanese yen	148.400	06/03/2010	1,000		56		115
Call - OTC U.S. dollar versus Japanese yen	104.000	03/17/2010	$    3,100		139		62
Put - OTC U.S. dollar versus Japanese yen	104.000	03/17/2010	3,100		126		289
Call - OTC U.S. dollar versus Japanese yen	105.200	03/31/2010	1,200		51		20
Put - OTC U.S. dollar versus Japanese yen	105.200	03/31/2010	1,200		50		122
Call - OTC U.S. dollar versus Japanese yen	105.400	03/31/2010	4,000		168		63
Put - OTC U.S. dollar versus Japanese yen	105.400	03/31/2010	4,000		168		413
				$	1,375	$	2,081

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC Treasury Inflation Protected Securities 2.000% due 02/15/2010	$	103.250	06/20/2008	$	21,000	$	3	$	0
Call - OTC Treasury Inflation Protected Securities 3.625% due 10/15/2009		103.875	04/07/2008		100,000		16		2
Call - OTC Treasury Inflation Protected Securities 3.625% due 10/15/2009		104.125	04/08/2008		41,000		6		0
Call - OTC Treasury Inflation Protected Securities 3.625% due 10/15/2009		104.750	04/08/2008		51,000		4		0
Call - OTC Treasury Inflation Protected Securities 3.625% due 10/15/2009		104.750	06/20/2008		27,000		3		0
Put - OTC Fannie Mae 5.000% due 04/01/2038		80.000	04/07/2008		40,000		5		0
Put - OTC Fannie Mae 5.500% due 04/01/2023		87.500	04/10/2008		15,000		2		0
Put - OTC Fannie Mae 6.000% due 06/01/2038		92.188	06/05/2008		35,000		4		83
Put - OTC Fannie Mae 6.500% due 04/01/2038		95.000	04/07/2008		4,200		0		0
Put - OTC Freddie Mac 5.500% due 05/01/2038		86.000	05/06/2008		82,000		10		17
Put - OTC Freddie Mac 5.500% due 06/01/2038		90.000	06/05/2008		11,000		1		15
						$	54	$	117

See Accompanying Notes Annual Report March 31, 2008 37

Schedule of Investments  International StocksPLUS^® TR Strategy Fund (U.S. Dollar-Hedged)  (Cont.)

(j) Written options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Put - CBOT U.S. Treasury 10-Year Note June Futures	$	114.000	05/23/2008	84	$	69	$	18

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium	Value
Call - OTC 7-Year Interest Rate Swap	DUB	6-Month EUR-LIBOR	Receive	4.250%	09/14/2009	EUR	16,200	$       239	$       408
Call - OTC 5-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.300%	02/02/2009	$	2,500	55	97
Put - OTC 5-Year Interest Rate Swap	CITI	3-Month USD-LIBOR	Pay	5.400%	03/16/2009		22,200	267	77
Put - OTC 5-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Pay	5.400%	03/16/2009		22,200	279	77
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.300%	12/15/2008		56,400	1,415	2,211
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.200%	07/02/2009		3,700	82	120
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.300%	08/03/2009		33,600	806	1,156
								$    3,143	$    4,146

Credit Default Swaptions
Description	Counterparty	Reference Entity	Buy/Sell Protection (2)	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC Dow Jones CDX N.A. IG10 Index	CSFB	Dow Jones CDX N.A. IG10 Index	Buy	1.500%	09/20/2008	$	700	$	13	$	11
Put - OTC Dow Jones CDX N.A. IG10 Index	CSFB	Dow Jones CDX N.A. IG10 Index	Sell	1.830%	09/20/2008		700		13		0
								$	26	$	11

⁽²⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

(k) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (3)
Fannie Mae	5.500%	04/01/2038	$	36,700	$	36,262	$	37,050
U.S. Treasury Notes	2.000%	02/28/2010		24,600		24,826		24,849
U.S. Treasury Notes	3.625%	10/31/2009		197,000		203,011		206,844
U.S. Treasury Notes	4.125%	08/31/2012		4,600		4,842		4,959
U.S. Treasury Notes	4.250%	11/15/2017		9,700		10,341		10,538
U.S. Treasury Notes	4.500%	05/15/2017		23,300		25,034		25,794
U.S. Treasury Notes	4.750%	05/15/2014		300		334		344
U.S. Treasury Notes	4.750%	08/15/2017		32,300		35,027		35,984
					$	339,677	$	346,362

⁽³⁾ Market value includes $4,424 of interest payable on short sales.

(l) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Sell	AUD	17,927	04/2008	$	0	$	(101	)	$	(101	)
Buy	BRL	1,638	07/2008		46		0			46
Sell		13,932	07/2008		135		(124	)		11
Buy		42,843	12/2008		426		0			426
Sell		29,014	12/2008		246		(53	)		192
Sell	CAD	83	04/2008		3		0			3
Buy	CHF	3,951	06/2008		66		(7	)		60
Sell		22,090	06/2008		0		(996	)		(996	)
Buy	CLP	8,500	12/2008		2		0			2
Buy	CNY	39,344	07/2008		352		0			352
Sell		39,344	07/2008		0		(223	)		(223	)
Buy		35,304	10/2008		207		0			207
Sell		35,304	10/2008		0		(254	)		(254	)
Sell	DKK	12,414	06/2008		0		(96	)		(96	)
Buy	EUR	56	04/2008		0		0			0
Sell		64,372	04/2008		0		(1,212	)		(1,212	)
Buy	GBP	4,604	04/2008		9		(81	)		(72	)
Sell		37,922	04/2008		0		(198	)		(198	)
Buy	HKD	10,162	05/2008		0		0			0
Sell		54,054	05/2008		0		(1	)		(1	)

38 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	JPY	406,000	05/2008	$	1	$	(24	)	$	(23	)
Sell		5,951,908	05/2008		10		(1,240	)		(1,230	)
Buy	KRW	4,688,113	08/2008		0		(267	)		(267	)
Sell		2,980,640	08/2008		117		0			117
Buy	MXN	56,073	07/2008		178		0			178
Sell		36,129	07/2008		0		(48	)		(48	)
Buy	MYR	5,401	05/2008		52		0			52
Sell		405	05/2008		0		0			0
Buy		1,682	08/2008		29		0			29
Sell		3,876	08/2008		0		(9	)		(9	)
Buy	NOK	1,400	06/2008		0		0			0
Sell		15,623	06/2008		0		(58	)		(58	)
Buy	NZD	290	04/2008		0		0			0
Sell		1,055	04/2008		15		0			15
Buy	PLN	5,262	07/2008		428		0			428
Sell		2,741	07/2008		0		(120	)		(120	)
Buy	RUB	108,382	07/2008		275		0			275
Sell		90,195	07/2008		0		(182	)		(182	)
Buy		69,176	11/2008		92		0			92
Sell		20,104	11/2008		0		(37	)		(37	)
Buy	SEK	6,500	06/2008		9		0			9
Sell		44,815	06/2008		0		(260	)		(260	)
Buy	SGD	1,109	05/2008		8		0			8
Sell		5,224	05/2008		0		(107	)		(107	)
				$	2,706	$	(5,698	)	$	(2,992	)

See Accompanying Notes Annual Report March 31, 2008 39

Schedule of Investments   RealEstateRealReturn Strategy Fund

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 3.7%
American Express Bank FSB
6.000% due 09/13/2017	$	300	$	293
American Express Centurion Bank
6.000% due 09/13/2017		300		292
American Express Co.
7.000% due 03/19/2018		670		705
8.150% due 03/19/2038		190		211
American International Group, Inc.
5.850% due 01/16/2018		200		197
Atlantic & Western Re Ltd.
10.979% due 01/09/2009		700		705
Barclays Bank PLC
5.450% due 09/12/2012		800		821
6.050% due 12/04/2017		300		293
7.434% due 09/29/2049		100		91
Bear Stearns Cos., Inc.
6.950% due 08/10/2012		300		301
BellSouth Corp.
4.240% due 04/26/2021		800		800
C10 Capital SPV Ltd.
6.722% due 12/31/2049		100		93
Canadian Natural Resources Ltd.
6.000% due 08/15/2016		100		104
Capital One Financial Corp.
6.750% due 09/15/2017		300		285
Citigroup Funding, Inc.
2.599% due 04/23/2009		900		889
Citigroup, Inc.
2.701% due 12/28/2009		800		784
3.291% due 01/30/2009		500		496
Computer Sciences Corp.
6.500% due 03/15/2018		2,500		2,546
EchoStar DBS Corp.
7.000% due 10/01/2013		600		568
Embarq Corp.
7.082% due 06/01/2016		100		95
GATX Financial Corp.
5.800% due 03/01/2016		1,000		995
General Electric Capital Corp.
2.941% due 12/12/2008		500		501
Goldman Sachs Group, Inc.
6.750% due 10/01/2037		1,000		933
Lehman Brothers Holdings, Inc.
6.200% due 09/26/2014		100		99
Merna Reinsurance Ltd.
3.346% due 07/07/2010 (j)		300		273
NGPL Pipe Co. LLC
6.514% due 12/15/2012		500		520
Rabobank Nederland
4.278% due 01/15/2009		400		400
Residential Reinsurance 2007 Ltd.
10.326% due 06/07/2010		400		407
Rockies Express Pipeline LLC
4.250% due 08/20/2009		600		600
Santander Perpetual S.A. Unipersonal
6.671% due 10/29/2049		300		271
Unicredit Luxembourg Finance S.A.
3.768% due 10/24/2008		400		400
UnitedHealth Group, Inc.
6.875% due 02/15/2038		500		479
Vita Capital III Ltd.
5.822% due 01/01/2012		300		290

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Wachovia Bank N.A.
3.146% due 12/02/2010	$	800	$	764
Wells Fargo & Co.
4.375% due 01/31/2013		200		199
Total Corporate Bonds & Notes (Cost $17,771)				17,700
MUNICIPAL BONDS & NOTES 0.3%
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2006
4.750% due 06/15/2038		200		190
Ohio State Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2007
5.875% due 06/01/2047		100		88
Rhode Island State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2002
6.000% due 06/01/2023		500		490
6.125% due 06/01/2032		400		382
West Virginia State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
7.467% due 06/01/2047		100		95
Total Municipal Bonds & Notes (Cost $1,186)				1,245
U.S. GOVERNMENT AGENCIES 37.7%
Fannie Mae
5.000% due 08/01/2035 - 02/01/2037		2,516		2,493
5.500% due 03/01/2034 - 04/01/2038		58,999		59,599
5.722% due 09/01/2044 - 10/01/2044		163		163
6.000% due 08/01/2036 - 04/01/2038		53,801		55,141
Freddie Mac
4.500% due 05/15/2017		58		59
5.000% due 09/01/2035		174		172
5.500% due 12/01/2036 - 02/01/2038		46,070		46,573
6.000% due 01/01/2037 - 12/01/2037		12,125		12,447
6.681% due 10/01/2036		1,407		1,436
6.701% due 09/01/2036		1,252		1,284
6.745% due 07/01/2036		1,098		1,126
Total U.S. Government Agencies (Cost $177,920)				180,493
U.S. TREASURY OBLIGATIONS 103.1%
Treasury Inflation Protected Securities (b)
1.625% due 01/15/2015		2,561		2,714
1.750% due 01/15/2028		8,883		8,800
1.875% due 07/15/2013		11,577		12,485
1.875% due 07/15/2015		12,462		13,439
2.000% due 01/15/2014		34,837		37,705
2.000% due 01/15/2026		27,760		28,591
2.375% due 04/15/2011		42,212		45,355
2.375% due 01/15/2017		2,003		2,233
2.375% due 01/15/2025		37,200		40,449
2.375% due 01/15/2027		18,616		20,305
2.500% due 07/15/2016		20,664		23,248
2.625% due 07/15/2017		62,959		71,675
3.000% due 07/15/2012		41,906		46,961
3.375% due 04/15/2032		9,274		12,178
3.625% due 04/15/2028		84,159		109,038
3.875% due 04/15/2029		9,572		12,932
4.250% due 01/15/2010		5,058		5,488
Total U.S. Treasury Obligations (Cost $493,054)				493,596

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
MORTGAGE-BACKED SECURITIES 1.3%
American Home Mortgage Assets Trust
5.246% due 11/25/2046	$	1,441	$	1,148
BCAP LLC Trust
2.769% due 01/25/2037		657		464
Bear Stearns Adjustable Rate Mortgage Trust
4.125% due 03/25/2035		414		396
4.550% due 08/25/2035		237		227
4.862% due 01/25/2035		911		883
Citigroup Mortgage Loan Trust, Inc.
4.248% due 08/25/2035		151		144
4.748% due 08/25/2035		104		104
4.900% due 12/25/2035		60		57
Countrywide Home Loan Mortgage Pass-Through Trust
2.939% due 06/25/2035		497		438
GSR Mortgage Loan Trust
4.539% due 09/25/2035		1,214		1,144
Lehman XS Trust
2.679% due 07/25/2046		68		66
MLCC Mortgage Investors, Inc.
4.250% due 10/25/2035		520		489
Residential Accredit Loans, Inc.
2.779% due 06/25/2046		707		578
Total Mortgage-Backed Securities (Cost $6,159)				6,138
FOREIGN CURRENCY-DENOMINATED ISSUES 2.4%
Canadian Government Bond
3.000% due 12/01/2036 (b)	CAD	217		279
France Government Bond
3.000% due 07/25/2012 (b)	EUR	1,876		3,167
General Electric Capital Corp.
6.500% due 09/15/2067	GBP	300		572
Italy Buoni Poliennali Del Tesoro
2.150% due 09/15/2014 (b)	EUR	554		901
Japanese Government CPI Linked Bond
0.800% due 12/10/2015	JPY	151,050		1,489
1.100% due 12/10/2016		110,220		1,104
1.200% due 06/10/2017		272,700		2,737
Royal Bank of Scotland Group PLC
7.092% due 10/29/2049	EUR	100		141
United Kingdom Gilt Inflation Linked Bond
2.500% due 05/20/2009	GBP	200		1,071
Total Foreign Currency-Denominated Issues (Cost $9,981)				11,461
SHORT-TERM INSTRUMENTS 40.7%
CERTIFICATES OF DEPOSIT 0.4%
Abbey National Treasury Services PLC
3.069% due 07/02/2008	$	1,700		1,695
COMMERCIAL PAPER 21.7%
Bank of America Corp.
2.950% due 04/07/2008		10,200		10,195
Calyon Financial, Inc.
3.000% due 04/04/2008		9,600		9,598
Federal Home Loan Bank
1.500% due 04/01/2008		10,200		10,200
ING Funding LLC
2.980% due 04/04/2008		9,900		9,898
Intesa Funding LLC
2.760% due 06/16/2008		10,900		10,836

40 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Lloyds TSB Bank PLC
2.950% due 04/08/2008	$	10,200	$	10,194
Nordea N.A., Inc.
2.950% due 04/09/2008		1,400		1,399
2.980% due 04/08/2008		9,900		9,894
Rabobank USA Financial Corp.
3.000% due 04/08/2008		9,900		9,894
Societe General N.A.
2.770% due 06/16/2008		10,900		10,836
UBS Finance Delaware LLC
2.940% due 06/06/2008		1,500		1,492
3.020% due 04/04/2008		9,600		9,598
				104,034

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS 0.6%
Credit Suisse Securities (USA) LLC
1.200% due 04/01/2008	$	3,000	$	3,000
(Dated 03/31/2008. Collateralized by U.S. Treasury Notes 4.875% due 06/30/2009 valued at $3,075. Repurchase proceeds are $3,000.)
State Street Bank and Trust Co.
1.900% due 04/01/2008		121		121
(Dated 03/31/2008. Collateralized by Fannie Mae 4.250% due 05/15/2009 valued at $125. Repurchase proceeds are $121.)
				3,121

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. TREASURY BILLS 18.0%
0.886% due 04/17/2008 - 07/24/2008 (a)(c)(d)	$	86,410	$	86,032
Total Short-Term Instruments (Cost $195,098)				194,882
PURCHASED OPTIONS (h) 0.2%
(Cost $312)				755
Total Investments 189.4% (Cost $901,481)			$	906,270
Written Options (i) (0.4%) (Premiums $1,343)				(1,799	)
Other Assets and Liabilities (Net) (89.0%)				(425,949	)
Net Assets (e) 100.0%			$	478,522

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

(b) Principal amount of security is adjusted for inflation.

(c) Securities with an aggregate market value of $746 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(d) Securities with an aggregate market value of $7,021 have been pledged as collateral for delayed-delivery securities on March 31, 2008.

(e) As of March 31, 2008, derivative instruments with an aggregate depreciation of ($325) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(f) Cash of $5,700 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Euribor December Futures	Long	12/2009	30	$	6
90-Day Euribor June Futures	Long	06/2008	112		(77	)
90-Day Euribor June Futures	Long	06/2009	30		2
90-Day Euribor March Futures	Long	03/2009	30		4
90-Day Euribor September Futures	Short	09/2008	12		(1	)
90-Day Euribor September Futures	Long	09/2009	30		6
90-Day Eurodollar December Futures	Short	12/2008	42		(280	)
90-Day Eurodollar December Futures	Long	12/2009	145		375
90-Day Eurodollar June Futures	Long	06/2009	142		544
90-Day Eurodollar September Futures	Long	09/2009	133		424
Euro-Bund 10-Year Bond June Futures	Short	06/2008	40		36
Japan Government 10-Year Bond June Futures	Short	06/2008	1		(16	)
U.S. Treasury 2-Year Note June Futures	Short	06/2008	167		75
U.S. Treasury 5-Year Note June Futures	Long	06/2008	421		(19	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	520		279
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	343		(64	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	84		11
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	59		35
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2009	8		11
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	6		7
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	17		14
				$	1,372

(g) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	0.720%		09/20/2012	CITI	$	100	$	(5	)
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	0.720%		09/20/2012	JPM		100		(5	)
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Buy	(1.780%	)	12/20/2012	GSC		100		0
Capital One Financial Corp. 6.250% due 11/15/2013	Buy	(1.150%	)	09/20/2012	JPM		300		26
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	0.970%		06/20/2012	CSFB		100		(5	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.010%		06/20/2012	CSFB		300		(15	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.380%		09/20/2012	LEH		200		(8	)
Computer Sciences Corp. 6.500% due 03/15/2018	Buy	(1.248%	)	03/20/2018	MSC		2,500		(13	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.800%		09/20/2012	MSC		100		(17	)

See Accompanying Notes Annual Report March 31, 2008 41

Schedule of Investments  RealEstateRealReturn Strategy Fund  (Cont.)

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.850%		09/20/2012	JPM	$	100	$	(16	)
GATX Financial Corp. 5.800% due 03/01/2016	Buy	(1.070%	)	03/20/2016	CITI		1,000		14
GMAC LLC 6.875% due 08/28/2012	Buy	(5.000%	)	09/20/2012	CITI		100		20
GMAC LLC 6.875% due 08/28/2012	Sell	3.050%		09/20/2012	GSC		200		(49	)
GMAC LLC 6.875% due 08/28/2012	Sell	6.300%		09/20/2012	BOA		700		(118	)
GMAC LLC 6.875% due 08/28/2012	Sell	7.000%		09/20/2012	BOA		100		(15	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.740%		09/20/2012	CSFB		100		(3	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.800%		09/20/2012	BEAR		100		(3	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Buy	(0.390%	)	12/20/2012	BNP		100		4
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.660%		09/20/2012	RBS		100		(9	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.700%		09/20/2012	JPM		100		(9	)
RH Donnelley Corp. 8.875% due 01/15/2016	Sell	3.400%		09/20/2012	CITI		200		(78	)
								$	(304	)

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
CMBX N.A. AAA 3 Index	Sell	0.080%		12/13/2049	MSC	$	1,630	$	91
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	BEAR		1,485		102
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	BOA		495		39
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	DUB		396		23
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	LEH		495		30
Dow Jones CDX N.A. HY9 Index	Buy	(3.750%	)	12/20/2012	BEAR		198		16
Dow Jones CDX N.A. HY9 Index	Sell	3.330%		12/20/2012	LEH		800		(84	)
Dow Jones CDX N.A. HY9 Index	Sell	6.450%		12/20/2012	JPM		300		8
Dow Jones CDX N.A. HY9 Index	Sell	6.510%		12/20/2012	MLP		100		2
Dow Jones CDX N.A. HY9 Index	Sell	6.570%		12/20/2012	MSC		400		8
Dow Jones CDX N.A. HY9 Index	Sell	6.690%		12/20/2012	MLP		200		5
Dow Jones CDX N.A. IG9 Index	Buy	(0.600%	)	12/20/2012	LEH		1,200		31
Dow Jones CDX N.A. IG9 Index	Buy	(0.600%	)	12/20/2012	MLP		1,900		80
Dow Jones CDX N.A. IG9 Index	Buy	(0.600%	)	12/20/2012	MSC		600		25
Dow Jones CDX N.A. IG9 Index	Sell	0.600%		12/20/2012	DUB		1,200		5
Dow Jones CDX N.A. IG9 Index	Sell	0.600%		12/20/2012	GSC		3,500		24
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	BCLY		900		32
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	BOA		600		23
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	MSC		5,900		137
								$	597

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month Australian Bank Bill	7.500%	03/15/2010	UBS	AUD	35,100	$	126
Receive	3-Month Canadian Bank Bill	5.000%	06/20/2012	BOA	CAD	700		(12	)
Pay	3-Month Canadian Bank Bill	5.500%	06/20/2017	BOA		500		4
Pay	3-Month USD-LIBOR	5.000%	06/21/2008	CITI	$	300		4
Pay	3-Month USD-LIBOR	5.000%	06/21/2008	GSC		1,000		5
Pay	3-Month USD-LIBOR	5.000%	06/21/2008	UBS		10,700		57
Pay	3-Month USD-LIBOR	4.000%	06/18/2009	DUB		3,400		38
Pay	3-Month USD-LIBOR	5.000%	06/18/2009	UBS		7,600		227
Receive	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		75,900		(483	)
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	BCLY		10,000		436
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	JPM		1,800		66
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	MSC		1,200		53
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	RBS		10,300		492
Receive	3-Month USD-LIBOR	5.000%	06/21/2013	BCLY		4,300		(352	)
Receive	3-Month USD-LIBOR	5.000%	06/21/2013	MSC		9,500		(722	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	MSC		5,900		(392	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		14,500		(343	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.090%	10/15/2010	BNP	EUR	5,600		36
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.103%	10/15/2010	BCLY		1,400		18
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.146%	10/15/2010	UBS		1,500		13
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	BCLY		100		(2	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	JPM		300		(7	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.995%	03/15/2012	GSC		500		(9	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.955%	03/28/2012	RBS		400		(9	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958%	04/10/2012	JPM		800		(19	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.138%	01/19/2016	BCLY		2,000		(11	)

42 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Interest Rate Swaps (Cont.)
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.350%	10/15/2016	UBS	EUR	500	$	1
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.353%	10/15/2016	JPM		500		2
Pay	6-Month Australian Bank Bill	7.000%	12/15/2009	BCLY	AUD	1,600		(4	)
Pay	6-Month Australian Bank Bill	7.000%	12/15/2009	MSC		2,400		(7	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	CITI		900		(13	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	RBC		1,900		(26	)
Pay	6-Month Australian Bank Bill	7.000%	06/15/2010	DUB		8,300		(48	)
Receive	6-Month Australian Bank Bill	6.750%	12/15/2017	BCLY		200		4
Receive	6-Month Australian Bank Bill	6.750%	12/15/2017	MSC		300		7
Receive	6-Month Australian Bank Bill	7.000%	03/15/2019	UBS		1,900		(7	)
Receive	6-Month EUR-LIBOR	4.000%	06/15/2017	MSC	EUR	4,100		223
Pay	6-Month EUR-LIBOR	4.500%	06/18/2034	MSC		1,000		(1	)
Pay	6-Month EUR-LIBOR	5.000%	06/18/2034	JPM		161		3
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	BCLY	GBP	4,000		(12	)
Pay	6-Month GBP-LIBOR	5.000%	12/19/2009	BCLY		11,400		92
Pay	6-Month GBP-LIBOR	5.000%	09/15/2010	RBS		1,600		48
Pay	6-Month GBP-LIBOR	5.000%	03/20/2013	DUB		700		(6	)
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	GSC		3,800		(8	)
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	RBS		7,200		(31	)
Receive	6-Month GBP-LIBOR	5.000%	03/20/2018	BCLY		300		(25	)
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	GSC		900		71
Receive	6-Month GBP-LIBOR	4.250%	06/12/2036	HSBC		1,100		125
Pay	6-Month JPY-LIBOR	1.000%	03/18/2009	MSC	JPY	500,000		13
Receive	6-Month JPY-LIBOR	2.000%	06/20/2017	BCLY		110,000		(31	)
Receive	6-Month JPY-LIBOR	2.000%	06/20/2017	DUB		30,000		(8	)
Receive	6-Month JPY-LIBOR	2.000%	06/20/2017	GSC		30,000		(8	)
Receive	6-Month JPY-LIBOR	2.000%	06/20/2017	RBS		70,000		(23	)
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	CITI	MXN	7,300		13
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	GSC		2,300		5
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	MLP		1,200		3
Pay	28-Day Mexico Interbank TIIE Banxico	8.330%	02/14/2017	BCLY		2,000		6
Pay	BRL-CDI-Compounded	12.410%	01/04/2010	UBS	BRL	2,000		(12	)
Pay	BRL-CDI-Compounded	10.115%	01/02/2012	MSC		1,700		(51	)
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		3,200		(114	)
Pay	BRL-CDI-Compounded	10.680%	01/02/2012	BCLY		1,900		(48	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	LEH		2,300		(19	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	MLP		5,100		(16	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	MSC		1,500		(7	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA Index	2.275%	10/15/2016	UBS	EUR	500		1
Pay	U.S. CPI Urban Consumers NSA Index	2.970%	03/05/2018	GSC	$	1,000		16
Pay	United Kingdom RPI Index	3.250%	12/14/2017	BCLY	GBP	800		(13	)
Pay	United Kingdom RPI Index	3.183%	12/19/2017	RBS		1,000		(18	)
Pay	United Kingdom RPI Index	3.110%	01/03/2018	GSC		500		(16	)
Pay	United Kingdom RPI Index	3.440%	09/10/2027	RBS		100		(5	)
							$	(730	)

Total Return Swaps
Pay/Receive Total Return on Reference Entity	Reference Entity	Rate	Expiration Date	Counterparty	# of Shares	Unrealized Appreciation/ (Depreciation)
Receive	Dow Jones - Wilshire REIT Total Return	1-Month USD-LIBOR less 0.200%	11/30/2008	BCLY	12,107	$	2,965
Receive	Dow Jones - Wilshire REIT Total Return	1-Month USD-LIBOR less 0.350%	11/30/2008	BCLY	10,144		3,080
Receive	Dow Jones - Wilshire REIT Total Return	1-Month USD-LIBOR plus 0.300%	02/27/2009	BEAR	14,434		4,353
Pay	Dow Jones - Wilshire REIT Total Return	1-Month USD-LIBOR plus 0.300%	02/27/2009	BEAR	5,000		(1,505	)
Receive	Dow Jones - Wilshire REIT Total Return	1-Month USD-LIBOR	01/31/2009	CSFB	40,938		11,881
Receive	Dow Jones - Wilshire REIT Total Return	1-Month USD-LIBOR less 0.400%	02/27/2009	MLP	21,537		6,539
						$	27,313

(h) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 2-Year Note June Futures	$	110.500	05/23/2008	167	$	11	$	2
Put - CBOT U.S. Treasury 5-Year Note June Futures		96.000	05/23/2008	29		0		0
Put - CBOT U.S. Treasury 5-Year Note June Futures		97.000	05/23/2008	384		4		3
Put - CBOT U.S. Treasury 10-Year Note June Futures		92.000	05/23/2008	376		7		6
Put - CBOT U.S. Treasury 10-Year Note June Futures		100.000	05/23/2008	357		6		6
Call - CBOT U.S. Treasury 30-Year Bond June Futures		143.000	05/23/2008	80		1		1
Call - CBOT U.S. Treasury 30-Year Bond June Futures		146.000	05/23/2008	307		6		5
					$	35	$	23

See Accompanying Notes Annual Report March 31, 2008 43

Schedule of Investments  RealEstateRealReturn Strategy Fund  (Cont.)

Foreign Currency Options
Description	Exercise Price	Expiration Date	Notional Amount	Cost	Value
Call - OTC Euro versus U.S. dollar	$        1.392	07/08/2010	EUR       700	$      37	$    116
Put - OTC Euro versus U.S. dollar	1.392	07/08/2010	700	37	27
Call - OTC U.S. dollar versus Japanese yen	JPY    118.150	06/23/2008	$    2,900	77	5
Put - OTC U.S. dollar versus Japanese yen	118.150	06/23/2008	2,900	76	556
Call - OTC U.S. dollar versus Japanese yen	111.000	12/01/2008	1,000	18	2
				$    245	$    706

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Fannie Mae 5.500% due 06/01/2038	$	84.500	06/05/2008	$	3,400	$	0	$	2
Put - OTC Fannie Mae 5.500% due 06/01/2038		86.375	06/05/2008		32,300		4		23
Put -OTC Treasury Inflation Protected Securities 2.000% due 04/15/2012		102.000	04/07/2008		20,000		1		0
Put -OTC Treasury Inflation Protected Securities 2.000% due 01/15/2026		90.000	04/07/2008		25,000		2		0
Put - OTC Treasury Inflation Protected Securities 2.375% due 04/15/2011		95.500	04/17/2008		20,000		5		0
Put - OTC Treasury Inflation Protected Securities 2.375% due 01/15/2027		82.000	06/26/2008		6,000		1		0
Put - OTC Treasury Inflation Protected Securities 2.625% due 07/15/2017		103.000	04/07/2008		50,000		4		0
Put - OTC Treasury Inflation Protected Securities 2.625% due 07/15/2017		91.500	04/10/2008		30,000		7		0
Put - OTC Treasury Inflation Protected Securities 3.625% due 04/15/2028		113.000	04/07/2008		60,000		5		0
Put - OTC Treasury Inflation Protected Securities 3.625% due 04/15/2028		98.000	06/26/2008		12,000		3		1
						$	32	$	26

(i) Written options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call -CBOT U.S. Treasury 10-Year Note June Futures	$	117.000	05/23/2008	101	$	126	$	279
Call - CBOT U.S. Treasury 10-Year Note June Futures		118.000	05/23/2008	256		323		544
Call - CBOT U.S. Treasury 10-Year Note June Futures		119.000	05/23/2008	20		24		32
Call - CBOT U.S. Treasury 10-Year Note June Futures		121.000	05/23/2008	35		40		30
Call - CBOT U.S. Treasury 30-Year Bond June Futures		122.000	05/23/2008	26		41		30
Put - CBOT U.S. Treasury 10-Year Note June Futures		112.000	05/23/2008	31		33		3
Put - CBOT U.S. Treasury 10-Year Note June Futures		113.000	05/23/2008	101		115		14
Put - CBOT U.S. Treasury 10-Year Note June Futures		114.000	05/23/2008	225		217		49
					$	919	$	981

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 10-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	5.250%	09/15/2008	$	1,000	$	27	$	90
Put - OTC 10-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	5.250%	09/15/2008		1,000		27		6
Call - OTC 30-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Receive	5.670%	08/07/2008		300		14		49
Put - OTC 30-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Pay	5.670%	08/07/2008		300		11		2
Call - OTC 30-Year Interest Rate Swap	CITI	3-Month USD-LIBOR	Receive	5.670%	08/07/2008		400		17		65
Put - OTC 30-Year Interest Rate Swap	CITI	3-Month USD-LIBOR	Pay	5.670%	08/07/2008		400		17		2
Call - OTC 7-Year Interest Rate Swap	GSC	3-Month USD-LIBOR	Receive	5.365%	09/20/2010		1,000		32		64
Put - OTC 7-Year Interest Rate Swap	GSC	3-Month USD-LIBOR	Pay	5.365%	09/20/2010		1,000		32		24
Call - OTC 30-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Receive	5.670%	08/07/2008		600		21		98
Put - OTC 30-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Pay	5.670%	08/07/2008		600		30		4
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	5.365%	09/20/2010		1,000		27		64
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	5.365%	09/20/2010		1,000		31		64
Put - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	5.365%	09/20/2010		2,000		69		48
								$	355	$	580

Foreign Currency Options
Description	Exercise Price	Expiration Date	Notional Amount		Premium		Value
Call - OTC U.S. dollar versus Japanese yen	JPY    118.150	06/23/2008	$	900	$	11	$	2
Put - OTC U.S. dollar versus Japanese yen	118.150	06/23/2008		900		41		172
Put - OTC U.S. dollar versus Japanese yen	100.000	12/01/2008		1,000		17		64
					$	69	$	238

44 PIMCO Funds See Accompanying Notes

    
March 31, 2008

(j) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Merna Reinsurance Ltd.	3.346%	07/07/2010	09/21/2007	$	298	$	273	0.06%

(k) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
Fannie Mae	5.000%	04/01/2038	$	1,700	$	1,626	$	1,683
Fannie Mae	6.000%	04/01/2038		14,200		14,322		14,548
Freddie Mac	5.000%	04/01/2038		400		384		396
Freddie Mac	5.500%	04/01/2038		42,000		42,315		42,413
Treasury Inflation Protected Securities	2.000%	04/15/2012		38,368		40,747		41,324
U.S. Treasury Bonds	4.750%	02/15/2037		600		628		651
U.S. Treasury Notes	3.500%	02/15/2018		10,960		10,855		11,083
U.S. Treasury Notes	4.125%	08/31/2012		800		842		862
U.S. Treasury Notes	4.250%	11/15/2013		8,200		8,677		9,093
U.S. Treasury Notes	4.250%	08/15/2014		100		106		110
U.S. Treasury Notes	4.750%	08/15/2017		1,200		1,298		1,337
U.S. Treasury Notes	5.125%	05/15/2016		5,100		5,758		5,930
					$	127,558	$	129,430

⁽²⁾ Market value includes $346 of interest payable on short sales.

(l) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	10,302	07/2008	$	311	$	0		$	311
Sell		250	07/2008		2		0			2
Buy		134	12/2008		0		0			0
Sell		403	12/2008		3		0			3
Sell	CAD	197	04/2008		6		0			6
Sell	CHF	181	06/2008		0		(9	)		(9	)
Sell	EUR	2,734	04/2008		0		(53	)		(53	)
Sell	GBP	2,768	04/2008		1		(14	)		(13	)
Sell	JPY	648,233	05/2008		0		(140	)		(140	)
Buy	KRW	1,687,855	05/2008		0		(88	)		(88	)
Buy		121,851	08/2008		0		(5	)		(5	)
Buy	MXN	32,673	07/2008		107		0			107
Sell		27,569	07/2008		0		(45	)		(45	)
Buy	MYR	1,605	05/2008		10		(2	)		8
Buy		358	08/2008		1		0			1
Buy	PHP	16,477	08/2008		0		(15	)		(15	)
Buy	PLN	2,270	07/2008		185		0			185
Buy	RUB	27,910	11/2008		35		0			35
Sell		6,605	11/2008		0		(12	)		(12	)
Buy	SGD	4,647	05/2008		85		0			85
Buy		36	11/2008		1		0			1
				$	747	$	(383	)	$	364

See Accompanying Notes Annual Report March 31, 2008 45

Schedule of Investments   Small Cap StocksPLUS^® TR Fund

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 29.9%
BANKING & FINANCE 23.9%
Allstate Corp.
6.125% due 05/15/2037	$	200	$	185
American Express Credit Corp.
3.179% due 03/02/2009		30		30
American General Finance Corp.
6.900% due 12/15/2017		100		98
American International Group, Inc.
5.850% due 01/16/2018		100		98
ANZ National International Ltd.
3.168% due 08/07/2009		20		20
Bank of America Corp.
8.000% due 12/29/2049		500		502
Barclays Bank PLC
5.450% due 09/12/2012		400		410
6.050% due 12/04/2017 (d)		100		98
Bear Stearns Cos., Inc.
3.190% due 05/18/2010		200		186
BNP Paribas
5.186% due 06/29/2049		130		109
Caterpillar Financial Services Corp.
4.850% due 12/07/2012		100		102
Citigroup Capital XXI
8.300% due 12/21/2057		100		99
Citigroup Global Markets Holdings, Inc.
3.359% due 08/03/2009		20		20
Citigroup, Inc.
5.850% due 07/02/2013		100		102
Commonwealth Bank of Australia
6.024% due 03/29/2049		100		86
Credit Agricole S.A.
3.090% due 05/28/2009		100		100
Credit Suisse USA, Inc.
3.265% due 08/15/2010		100		97
Ford Motor Credit Co. LLC
6.625% due 06/16/2008		900		890
7.250% due 10/25/2011		100		82
General Electric Capital Corp.
6.375% due 11/15/2067		200		196
Goldman Sachs Group, Inc.
5.625% due 01/15/2017		10		10
5.950% due 01/18/2018		100		99
6.150% due 04/01/2018 (a)		100		100
6.250% due 09/01/2017		100		101
International Lease Finance Corp.
3.312% due 05/24/2010		20		19
John Deere Capital Corp.
4.308% due 07/15/2008		30		30
JPMorgan Chase & Co.
2.656% due 06/26/2009		80		79
6.000% due 01/15/2018		30		31
Keycorp
2.706% due 05/26/2009		400		399
Lehman Brothers Holdings, Inc.
2.728% due 11/24/2008		10		10
2.788% due 04/03/2009		30		29
5.625% due 01/24/2013		200		195
Merrill Lynch & Co., Inc.
2.928% due 06/16/2008		10		10
Morgan Stanley
3.361% due 04/25/2008		30		30
6.250% due 08/28/2017		100		100

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Rabobank Capital Funding Trust
5.254% due 12/29/2049	$	100	$	83
RBS Capital Trust III
5.512% due 09/29/2049		300		247
Residential Capital LLC
6.178% due 05/22/2009		100		57
Royal Bank of Scotland Group PLC
6.990% due 10/29/2049		100		85
Santander Perpetual S.A. Unipersonal
6.671% due 10/29/2049		100		90
UBS Preferred Funding Trust V
6.243% due 05/29/2049		100		84
Wachovia Corp.
7.980% due 02/28/2049		1,100		1,084
Wells Fargo & Co.
5.625% due 12/11/2017		100		103
				6,585
INDUSTRIALS 5.3%
Amgen, Inc.
3.170% due 11/28/2008		100		100
C8 Capital SPV Ltd.
6.640% due 12/29/2049		100		92
Citigroup Global Markets Deutschland
AG for OAO Gazprom
10.500% due 10/21/2009		100		109
Daimler Finance North America LLC
3.218% due 03/13/2009		10		10
3.298% due 03/13/2009		100		99
3.769% due 10/31/2008		100		100
Diageo Capital PLC
3.196% due 11/10/2008		20		20
EchoStar DBS Corp.
5.750% due 10/01/2008		100		100
International Business Machines Corp.
5.700% due 09/14/2017 (d)		400		420
Kimberly-Clark Corp.
3.344% due 07/30/2010		100		99
Kinder Morgan Energy Partners LP
5.950% due 02/15/2018		100		99
Kraft Foods, Inc.
6.125% due 02/01/2018		100		100
Union Pacific Corp.
5.700% due 08/15/2018		100		100
				1,448
UTILITIES 0.7%
Dominion Resources, Inc.
3.248% due 11/14/2008 (d)		40		40
Ohio Power Co.
4.826% due 04/05/2010		100		97
Verizon Communications, Inc.
2.748% due 04/03/2009		50		50
				187
Total Corporate Bonds & Notes (Cost $8,472)				8,220
MUNICIPAL BONDS & NOTES 1.3%
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.750% due 06/01/2047		300		265

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Los Angeles, California Unified School District General Obligation Bonds, (FSA Insured), Series 2007
4.500% due 07/01/2022	$	100	$	101
Total Municipal Bonds & Notes (Cost $367)				366
U.S. GOVERNMENT AGENCIES 80.5%
Fannie Mae
5.000% due 02/25/2017 (d)		26		26
5.500% due 03/01/2037 - 10/01/2037 (d)		1,904		1,924
5.500% due 04/01/2037		25		26
6.000% due 08/01/2027 - 01/01/2038 (d)		10,984		11,266
6.000% due 04/01/2038		900		922
6.500% due 09/01/2037 (d)		902		935
Freddie Mac
2.639% due 12/25/2036		72		71
2.968% due 07/15/2019 - 10/15/2020 (d)		520		503
3.048% due 02/15/2019 (d)		267		265
4.250% due 09/15/2024 (d)		46		46
5.500% due 05/01/2037 - 07/01/2037 (d)		3,885		3,927
6.000% due 09/01/2037 - 11/01/2037 (d)		961		987
Ginnie Mae
6.000% due 06/15/2037 - 07/15/2037 (d)		994		1,028
Small Business Administration
5.290% due 12/01/2027		200		203
Total U.S. Government Agencies (Cost $21,838)				22,129
U.S. TREASURY OBLIGATIONS 0.4%
U.S. Treasury Notes
2.750% due 02/28/2013		100		102
Total U.S. Treasury Obligations (Cost $102)				102
MORTGAGE-BACKED SECURITIES 3.6%
American Home Mortgage Investment Trust
2.749% due 09/25/2035		3		2
Citigroup Commercial Mortgage Trust
2.888% due 08/15/2021		1		1
Countrywide Alternative Loan Trust
2.759% due 02/25/2047		76		58
2.799% due 06/25/2037		260		198
5.236% due 02/25/2036		29		21
Countrywide Home Loan Mortgage Pass-Through Trust
4.723% due 02/20/2035		50		49
4.800% due 11/25/2034		39		37
GS Mortgage Securities Corp. II
3.170% due 03/06/2020		63		59
GSR Mortgage Loan Trust
5.250% due 11/25/2035		86		77
Impac Secured Assets CMN Owner Trust
2.679% due 01/25/2037		20		19
Indymac Index Mortgage Loan Trust
2.689% due 11/25/2046		16		15
JPMorgan Chase Commercial Mortgage Securities Corp.
5.420% due 01/15/2049		100		97

46 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
JPMorgan Mortgage Trust
5.023% due 02/25/2035	$	67	$	61
LB-UBS Commercial Mortgage Trust
4.904% due 06/15/2026		7		7
Lehman Brothers Floating Rate Commercial Mortgage Trust
2.898% due 09/15/2021		18		17
Structured Asset Securities Corp.
2.649% due 05/25/2036		16		15
5.463% due 10/25/2035		17		17
TBW Mortgage-Backed Pass-Through Certificates
2.699% due 09/25/2036		7		7
Thornburg Mortgage Securities Trust
2.709% due 03/25/2046		82		81
WaMu Mortgage Pass-Through Certificates
3.239% due 12/25/2027		52		49
5.056% due 01/25/2047		79		65
5.572% due 10/25/2046		19		16
5.826% due 09/25/2046		7		6
Total Mortgage-Backed Securities (Cost $1,103)				974
ASSET-BACKED SECURITIES 14.3%
Accredited Mortgage Loan Trust
2.719% due 04/25/2036		57		56
ACE Securities Corp.
2.659% due 10/25/2036		16		15
2.679% due 10/25/2036		10		10
American Express Credit Account Master Trust
2.818% due 01/18/2011		100		100
3.318% due 02/15/2012		12		12
Asset-Backed Funding Certificates
2.659% due 10/25/2036		4		4
Asset-Backed Securities Corp. Home Equity
2.649% due 11/25/2036		14		13
2.874% due 09/25/2034		1		1
Bank One Issuance Trust
2.928% due 12/15/2010		80		80
Bear Stearns Asset-Backed Securities Trust
2.679% due 10/25/2036		25		24
2.689% due 06/25/2047		73		70
BNC Mortgage Loan Trust
2.699% due 05/25/2037		82		77
Chase Credit Card Master Trust
2.928% due 02/15/2011		10		10
Chase Issuance Trust
2.828% due 02/15/2011		100		99
Citigroup Mortgage Loan Trust, Inc.
2.639% due 08/25/2036		4		4
2.649% due 11/25/2036		8		8
2.659% due 05/25/2037		164		155
2.669% due 01/25/2037		72		67
2.709% due 08/25/2036		100		93
Countrywide Asset-Backed Certificates
2.649% due 01/25/2037		4		4
2.649% due 05/25/2037		73		70
2.649% due 03/25/2047		7		7
2.659% due 03/25/2037		9		8
2.679% due 10/25/2037		149		139
2.709% due 10/25/2046		4		4
2.779% due 09/25/2036		260		243
Credit-Based Asset Servicing & Securitization LLC
2.719% due 07/25/2037		85		80

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
First Franklin Mortgage Loan Asset-Backed Certificates
2.649% due 10/25/2036	$	59	$	57
2.649% due 11/25/2036		20		18
2.659% due 06/25/2036		13		13
First USA Credit Card Master Trust
2.935% due 04/18/2011		100		100
Ford Credit Auto Owner Trust
3.418% due 07/15/2010		100		100
Fremont Home Loan Trust
2.669% due 02/25/2037		9		8
GE-WMC Mortgage Securities LLC
2.639% due 08/25/2036		10		10
GSAMP Trust
2.669% due 09/25/2036		10		10
2.669% due 12/25/2036		70		67
HFC Home Equity Loan Asset-Backed Certificates
2.606% due 03/20/2036		36		34
2.806% due 01/20/2035		35		29
Indymac Residential Asset-Backed Trust
2.679% due 07/25/2037		72		68
2.729% due 04/25/2037		198		191
JPMorgan Mortgage Acquisition Corp.
2.649% due 10/25/2036		122		113
2.659% due 04/01/2037		80		74
2.679% due 03/25/2037		210		202
Lehman XS Trust
2.669% due 05/25/2046		10		10
2.679% due 11/25/2046		16		15
2.719% due 11/25/2036		4		4
Long Beach Mortgage Loan Trust
2.659% due 10/25/2036		16		15
MASTR Asset-Backed Securities Trust
2.679% due 05/25/2037		69		64
MBNA Credit Card Master Note Trust
2.918% due 12/15/2011		35		35
4.200% due 09/15/2010		100		100
Morgan Stanley ABS Capital I
2.639% due 10/25/2036		15		15
2.649% due 07/25/2036		52		48
2.649% due 09/25/2036		15		14
2.649% due 11/25/2036		61		57
2.659% due 05/25/2037		157		151
Morgan Stanley IXIS Real Estate Capital Trust
2.649% due 11/25/2036		20		19
Nationstar Home Equity Loan Trust
2.659% due 03/25/2037		59		56
Option One Mortgage Loan Trust
2.639% due 02/25/2037		18		17
2.659% due 07/25/2037		157		148
Park Place Securities, Inc.
2.911% due 10/25/2034		7		6
Residential Asset Mortgage Products, Inc.
2.679% due 10/25/2036		13		12
Residential Asset Securities Corp.
2.639% due 08/25/2036		5		5
2.669% due 11/25/2036		14		14
2.669% due 02/25/2037		70		65
Residential Funding Mortgage Securities II, Inc.
2.719% due 05/25/2037		65		60
Saxon Asset Securities Trust
2.659% due 10/25/2046		8		8
SBI HELOC Trust
2.769% due 08/25/2036		10		10

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SLM Student Loan Trust
3.311% due 04/25/2014	$	85	$	85
3.331% due 10/25/2016		70		69
3.341% due 10/26/2015		21		21
Soundview Home Equity Loan Trust
2.659% due 11/25/2036		54		52
2.659% due 12/25/2036		29		28
2.679% due 06/25/2037		78		74
Specialty Underwriting & Residential Finance
2.644% due 11/25/2037		19		18
Structured Asset Securities Corp.
2.649% due 10/25/2036		16		16
Wells Fargo Home Equity Trust
2.699% due 03/25/2037		70		68
Total Asset-Backed Securities (Cost $4,103)				3,926
SOVEREIGN ISSUES 0.7%
Export-Import Bank of Korea
3.166% due 06/01/2009		100		100
Korea Development Bank
4.842% due 04/03/2010		100		100
Total Sovereign Issues (Cost $200)				200
FOREIGN CURRENCY-DENOMINATED ISSUES 2.3%
Brazilian Government International Bond
12.500% due 01/05/2022	BRL	300		186
General Electric Capital Corp.
5.500% due 09/15/2067	EUR	300		449
Total Foreign Currency-Denominated Issues (Cost $598)				635
		SHARES
PREFERRED STOCKS 0.1%
DG Funding Trust
4.946% due 12/31/2049		2		21
Total Preferred Stocks (Cost $21)				21
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 28.1%
CERTIFICATES OF DEPOSIT 1.4%
Calyon Financial, Inc.
2.731% due 06/29/2010	$	10		10
Dexia Credit Local S.A.
2.654% due 09/29/2008		100		100
Fortis Bank NY
2.646% due 09/30/2008		100		100
2.649% due 06/30/2008		40		40
Skandinaviska Enskilda Banken AB
3.060% due 02/13/2009		30		30
Societe Generale NY
2.652% due 06/30/2008		100		100
				380
COMMERCIAL PAPER 4.3%
Federal Home Loan Bank
1.500% due 04/01/2008		1,200		1,200

See Accompanying Notes Annual Report March 31, 2008 47

Schedule of Investments  Small Cap StocksPLUS^® TR Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS 8.2%
Credit Suisse Securities (USA) LLC
1.200% due 04/01/2008	$	1,000	$	1,000
(Dated 03/31/2008. Collateralized by U.S. Treasury Notes 4.875% due 06/30/2009 valued at $1,026. Repurchase proceeds are $1,000.)
State Street Bank and Trust Co.
1.900% due 04/01/2008		1,253		1,253
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 3.875% due 08/22/2008 valued at $1,283. Repurchase proceeds are $1,253.)
				2,253

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. TREASURY BILLS 14.2%
0.446% due 04/15/2008 - 04/17/2008 (b)	$	3,900	$	3,899
Total Short-Term Instruments (Cost $7,732)				7,732

		VALUE (000S)
PURCHASED OPTIONS (g) 0.3%
(Cost $17)	$	85
Total Investments 161.5% (Cost $44,553)	$	44,390
Written Options (h) (0.3%) (Premiums $37)		(93	)
Other Assets and Liabilities (Net) (61.2%)		(16,810	)
Net Assets (c) 100.0%	$	27,487

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) When-issued security.

(b) Coupon represents a weighted average rate.

(c) As of March 31, 2008, portfolio securities with an aggregate value of $22 and derivative instruments with an aggregate depreciation of ($5) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(d) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $10,481 at a weighted average interest rate of 3.985%. On March 31, 2008, securities valued at $21,458 were pledged as collateral for reverse repurchase agreements.

(e) Cash of $2,121 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2008	15	$	97
90-Day Eurodollar December Futures	Long	12/2009	2		0
90-Day Eurodollar June Futures	Long	06/2008	27		174
90-Day Eurodollar June Futures	Long	06/2009	2		0
90-Day Eurodollar March Futures	Long	03/2009	4		12
90-Day Eurodollar September Futures	Long	09/2008	2		14
90-Day Eurodollar September Futures	Long	09/2009	4		7
E-mini Russell 2000 Index June Futures	Long	06/2008	343		681
Euro-Schatz June Futures	Short	06/2008	2		1
Russell 2000 Index June Futures	Long	06/2008	8		82
S&P 500 Index June Futures	Short	06/2008	2		(16	)
U.S. Treasury 2-Year Note June Futures	Short	06/2008	9		(3	)
U.S. Treasury 5-Year Note June Futures	Short	06/2008	53		(111	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	43		158
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	2		3
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	12		8
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	4		13
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	9		15
				$	1,135

(f) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized (Depreciation)
Chrysler Financial 9.360% due 08/03/2012	Sell	5.050%	09/20/2012	DUB	$	300	$	(39	)
CIT Group, Inc. 7.750% due 04/02/2012	Sell	5.650%	03/20/2013	MSC		100		(9	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.620%	03/20/2011	BCLY		100		(2	)
General Motors Corp. 7.125% due 07/15/2013	Sell	7.700%	03/20/2013	DUB		100		(10	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.370%	03/20/2009	BCLY		100		(1	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%	02/20/2009	CSFB		100		0
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.310%	03/20/2009	MSC		100		0
Reynolds American, Inc. 7.625% due 06/01/2016	Sell	0.300%	06/20/2008	DUB		100		0
SLM Corp. 5.125% due 08/27/2012	Sell	4.550%	03/20/2009	BOA		100		(5	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.610%	02/20/2009	MSC		100		(1	)
							$	(67	)

48 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Dow Jones CDX N.A. IG9 Index	Sell	0.708%	12/20/2012	DUB	$	100	$	1
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MSC		100		(1	)
							$	0

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	UBS	AUD	700	$	(3	)
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	BCLY	$	300		2
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	BOA		600		13
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	MLP		500		13
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		100		0
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	BCLY		300		(4	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	BOA		200		(16	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		100		0
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.955%	03/28/2012	RBS	EUR	100		(2	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958%	04/10/2012	JPM		20		(1	)
Pay	6-Month Australian Bank Bill	7.500%	03/15/2011	UBS	AUD	300		0
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	JPM	EUR	100		1
Pay	6-Month EUR-LIBOR	4.000%	06/18/2010	MSC		200		(1	)
Pay	6-Month EUR-LIBOR	4.000%	06/15/2018	BCLY		100		1
Pay	6-Month GBP-LIBOR	6.000%	12/20/2008	BCLY	GBP	100		0
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	BCLY		100		2
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	GSC		100		1
Pay	6-Month GBP-LIBOR	6.000%	06/19/2009	GSC		500		10
Pay	6-Month GBP-LIBOR	4.750%	09/17/2013	RBS		100		(1	)
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	HSBC		100		0
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	DUB		100		(7	)
Pay	28-Day Mexico Interbank TIIE Banxico	7.780%	04/03/2012	GSC	MXN	200		0
Pay	BRL-CDI-Compounded	11.360%	01/04/2010	BCLY	BRL	100		(1	)
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		100		(2	)
Pay	BRL-CDI-Compounded	11.980%	01/02/2012	MLP		100		(1	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	MLP		100		0
							$	4

(g) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 2-Year Note June Futures	$	110.500	04/25/2008	7	$	0	$	0
Call - CBOT U.S. Treasury 2-Year Note June Futures		110.000	05/23/2008	1		0		0
Call - CBOT U.S. Treasury 2-Year Note June Futures		111.500	05/23/2008	1		0		0
Call - CBOT U.S. Treasury 5-Year Note June Futures		125.000	05/23/2008	57		1		0
Put - CBOT U.S. Treasury 10-Year Note June Futures		96.000	05/23/2008	53		1		1
Put - CME Russell Mini June Futures		430.000	04/18/2008	45		1		1
Put - CME Russell Mini June Futures		440.000	04/18/2008	185		5		0
Put - CME Russell Mini June Futures		450.000	04/18/2008	25		1		0
					$	9	$	2

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Pay	4.750%	09/26/2008	$	2,000	$	7	$	83

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Fannie Mae 5.000% due 05/01/2038	$	84.000	05/06/2008	$	2,100	$	1	$	0
Put - OTC Fannie Mae 5.500% due 05/01/2038		86.000	05/06/2008		1,200		0		0
						$	1	$	0

See Accompanying Notes Annual Report March 31, 2008 49

Schedule of Investments  Small Cap StocksPLUS^® TR Fund  (Cont.)

(h) Written options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note June Futures	$	118.000	05/23/2008	10	$	11	$	21
Call - CBOT U.S. Treasury 10-Year Note June Futures		120.000	05/23/2008	2		3		2
Put - CBOT U.S. Treasury 10-Year Note June Futures		114.000	05/23/2008	9		14		2
Put - CBOT U.S. Treasury 10-Year Note June Futures		116.000	05/23/2008	1		1		1
					$	29	$	26

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Receive	4.950%	09/26/2008	$	1,000	$	8	$	67

(i) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
Fannie Mae	5.500%	04/01/2038	$	1,900	$	1,914	$	1,918
Ginnie Mae	6.000%	04/01/2038		900		926		929
U.S. Treasury Notes	2.000%	02/28/2010		100		101		101
U.S. Treasury Notes	2.125%	01/31/2010		100		101		102
U.S. Treasury Notes	2.750%	02/28/2013		100		101		102
U.S. Treasury Notes	2.875%	01/31/2013		600		607		617
U.S. Treasury Notes	3.125%	11/30/2009		200		205		208
U.S. Treasury Notes	3.250%	12/31/2009		100		103		104
U.S. Treasury Notes	4.250%	08/15/2013		100		108		110
					$	4,166	$	4,191

⁽²⁾ Market value includes $11 of interest payable on short sales.

(j) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AED	22	05/2008	$	0	$	0		$	0
Buy	BRL	1,250	07/2008		79		0			79
Sell		1,203	07/2008		16		0			16
Buy		193	12/2008		0		0			0
Sell		216	12/2008		4		0			4
Sell	EUR	307	04/2008		0		(6	)		(6	)
Sell	GBP	216	04/2008		0		(1	)		(1	)
Buy	IDR	176,400	05/2008		0		(1	)		(1	)
Buy	INR	6,596	05/2008		7		0			7
Buy		3,562	08/2008		0		(2	)		(2	)
Buy	JPY	795	04/2008		0		0			0
Sell		795	04/2008		0		0			0
Buy		7,579	05/2008		1		(1	)		0
Sell		12,289	05/2008		1		0			1
Buy	KRW	22,718	05/2008		0		(1	)		(1	)
Buy		86,292	08/2008		0		(5	)		(5	)
Buy	KWD	2	05/2008		0		0			0
Buy	MXN	997	07/2008		3		0			3
Sell		411	07/2008		0		0			0
Buy	MYR	238	05/2008		3		0			3
Buy	PHP	2,798	05/2008		6		0			6
Buy	PLN	187	07/2008		15		0			15
Sell		187	07/2008		0		(9	)		(9	)
Buy	RUB	423	07/2008		1		0			1
Sell		423	07/2008		0		(1	)		(1	)
Buy		1,811	11/2008		2		0			2
Sell		460	11/2008		0		(1	)		(1	)
Buy	SAR	22	05/2008		0		0			0
Buy	SEK	94	06/2008		0		0			0
Buy	SGD	115	05/2008		7		0			7
Buy		90	11/2008		2		0			2
Buy	ZAR	2,009	07/2008		0		(26	)		(26	)
				$	147	$	(54	)	$	93

50 PIMCO Funds See Accompanying Notes

Schedule of Investments   StocksPLUS^® Fund     
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.8%
Allied Waste North America, Inc.
4.060% due 03/28/2014	$	25	$	24
4.080% due 03/28/2014		29		27
4.570% due 03/28/2014		53		50
4.590% due 03/28/2014		4		4
Fresenius Medical Care Capital Trust
3.954% due 03/22/2013		198		190
4.071% due 03/22/2013		610		584
4.460% due 03/22/2013		57		54
5.818% due 03/22/2013		28		27
Goodyear Tire & Rubber Co.
6.430% due 04/20/2014		2,000		1,810
Metro-Goldwyn-Mayer, Inc.
5.946% due 04/08/2012		1,290		1,027
Sensata Technologies, Inc.
5.056% due 04/27/2013		2,475		2,153
5.058% due 04/27/2013		6		6
Total Bank Loan Obligations (Cost $6,793)				5,956
CORPORATE BONDS & NOTES 39.5%
BANKING & FINANCE 28.7%
American Express Bank FSB
2.596% due 10/20/2009		2,100		2,086
2.659% due 06/22/2009		2,500		2,441
American Express Centurion Bank
2.955% due 06/12/2009		1,900		1,894
3.075% due 05/07/2008 (f)		1,900		1,900
American Express Credit Corp.
3.118% due 11/09/2009		2,100		2,056
American International Group, Inc.
2.599% due 06/23/2008 (f)		8,600		8,562
Bank of America Corp.
3.155% due 11/06/2009 (f)		500		496
8.000% due 12/29/2049		6,000		6,019
Bank of America N.A.
2.764% due 12/18/2008		800		798
2.901% due 06/12/2009		2,000		1,990
3.080% due 06/15/2016		2,300		1,992
Bank of Ireland
2.814% due 12/18/2009 (f)		5,900		5,885
Bear Stearns Cos., Inc.
3.160% due 08/21/2009		3,000		2,839
3.190% due 05/18/2010		4,800		4,467
3.250% due 03/25/2009		1,600		1,518
3.551% due 01/30/2009		2,300		2,130
Capital One Financial Corp.
3.270% due 09/10/2009 (f)		1,800		1,631
Caterpillar Financial Services Corp.
3.314% due 10/28/2008		400		400
CIT Group, Inc.
2.729% due 12/19/2008		1,500		1,352
5.000% due 11/24/2008		1,700		1,563
Citigroup Funding, Inc.
2.606% due 06/26/2009 (f)		11,200		11,043
Citigroup Global Markets Holdings, Inc.
2.900% due 03/17/2009		2,000		1,976
Credit Agricole S.A.
3.090% due 05/28/2009		1,700		1,702
3.140% due 05/28/2010		2,000		2,002
DnB NOR Bank ASA
4.447% due 10/13/2009		1,800		1,802
East Lane Re Ltd.
9.239% due 05/06/2011		9,500		9,579

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Enron Credit Linked Notes Trust
8.000% due 08/15/2005 (a)	$	1,100	$	935
Ford Motor Credit Co. LLC
5.625% due 10/01/2008		1,600		1,573
5.800% due 01/12/2009		300		286
6.625% due 06/16/2008		10,500		10,382
7.375% due 10/28/2009		600		547
Foundation Re II Ltd.
9.820% due 11/26/2010		2,500		2,553
General Electric Capital Corp.
3.135% due 08/15/2011		6,300		6,160
4.686% due 01/05/2009		100		100
4.706% due 10/06/2010		2,400		2,362
GMAC LLC
3.749% due 09/23/2008		7,400		6,982
Goldman Sachs Group, Inc.
2.639% due 12/23/2008		500		497
2.746% due 03/30/2009		1,300		1,287
4.178% due 07/23/2009		2,500		2,479
International Lease Finance Corp.
4.950% due 02/01/2011 (f)		6,000		5,926
JPMorgan Chase & Co.
2.656% due 06/26/2009		1,500		1,490
3.202% due 05/07/2010		2,800		2,762
Lehman Brothers Holdings, Inc.
2.649% due 12/23/2008		200		194
2.809% due 12/23/2010		2,500		2,134
3.170% due 08/21/2009		1,700		1,629
3.346% due 11/10/2009		1,300		1,178
Merrill Lynch & Co., Inc.
3.138% due 12/04/2009		2,300		2,242
Metropolitan Life Global Funding I
3.110% due 05/17/2010		3,700		3,625
Morgan Stanley
3.206% due 02/09/2009		2,800		2,769
3.212% due 05/07/2009		1,400		1,377
4.201% due 01/18/2011		3,300		3,084
4.348% due 01/15/2010		1,400		1,339
Osiris Capital PLC
7.108% due 01/15/2010		5,000		4,971
Phoenix Quake Ltd.
5.148% due 07/03/2008		500		500
Phoenix Quake Wind I Ltd.
7.152% due 07/03/2008		600		600
Prudential Financial, Inc.
3.018% due 06/13/2008		4,400		4,395
Residential Capital LLC
6.178% due 05/22/2009		2,300		1,322
Rockies Express Pipeline LLC
4.250% due 08/20/2009		2,800		2,802
Royal Bank of Scotland Group PLC
3.944% due 07/21/2008		1,600		1,597
Santander U.S. Debt S.A. Unipersonal
2.659% due 09/19/2008 (f)		6,500		6,483
SB Treasury Co. LLC
9.400% due 12/29/2049 (f)		2,200		2,229
SLM Corp.
2.940% due 12/15/2008		1,700		1,639
3.471% due 07/27/2009 (f)		1,700		1,431
3.531% due 01/26/2009		300		269
3.541% due 07/25/2008		700		688
4.131% due 01/26/2009		2,100		2,013
Spinnaker Capital Ltd.
14.300% due 06/15/2008		2,500		2,539

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Tokai Preferred Capital Co. LLC
9.980% due 12/29/2049	$	9,400	$	9,444
Unicredit Luxembourg Finance S.A.
3.768% due 10/24/2008		9,900		9,891
VTB Capital S.A.
3.839% due 08/01/2008		1,900		1,881
4.812% due 11/02/2009		3,100		3,102
Wachovia Corp.
4.388% due 10/15/2011		5,700		5,281
Westpac Banking Corp.
3.040% due 06/06/2008 (f)		1,200		1,200
				210,292
INDUSTRIALS 5.8%
America Movil SAB de C.V.
2.755% due 06/27/2008		2,700		2,680
Anadarko Petroleum Corp.
3.200% due 09/15/2009		2,000		1,963
BP AMI Leasing, Inc.
2.616% due 06/26/2009		3,900		3,903
Citigroup Global Markets Deutschland AG for OAO Gazprom
10.500% due 10/21/2009		600		652
Daimler Finance North America LLC
3.298% due 03/13/2009		3,500		3,455
Home Depot, Inc.
2.925% due 12/16/2009		1,300		1,240
Hospira, Inc.
3.176% due 03/30/2010		2,400		2,335
JC Penney Corp., Inc.
7.375% due 08/15/2008		700		706
Pemex Project Funding Master Trust
3.676% due 12/03/2012		3,600		3,509
Reynolds American, Inc.
3.500% due 06/15/2011		1,400		1,316
Time Warner, Inc.
3.300% due 11/13/2009		3,900		3,736
Transcontinental Gas Pipe Line Corp.
5.538% due 04/15/2008		5,400		5,366
Transocean, Inc.
3.214% due 09/05/2008		2,400		2,388
UnitedHealth Group, Inc.
4.462% due 02/07/2011 (f)		5,200		5,208
Wal-Mart Stores, Inc.
2.700% due 06/16/2008		4,400		4,401
				42,858
UTILITIES 5.0%
AT&T, Inc.
3.278% due 11/14/2008		2,000		2,001
Dominion Resources, Inc.
3.248% due 11/14/2008 (f)		4,460		4,438
Entergy Gulf States, Inc.
3.740% due 12/08/2008		3,000		3,008
Florida Power Corp.
3.468% due 11/14/2008		1,900		1,899
NiSource Finance Corp.
3.662% due 11/23/2009		600		583
Progress Energy, Inc.
4.708% due 01/15/2010		1,500		1,495
Qwest Capital Funding, Inc.
6.375% due 07/15/2008		2,900		2,907

See Accompanying Notes Annual Report March 31, 2008 51

Schedule of Investments  StocksPLUS^® Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Qwest Corp.
5.625% due 11/15/2008	$	2,700	$	2,700
6.050% due 06/15/2013		3,400		3,077
Sierra Pacific Power Co.
8.000% due 06/01/2008		8,593		8,691
Southern California Edison Co.
3.212% due 02/02/2009		2,000		1,932
Telecom Italia Capital S.A.
3.719% due 02/01/2011		1,300		1,197
Telefonica Emisones SAU
2.842% due 06/19/2009		2,600		2,533
				36,461
Total Corporate Bonds & Notes (Cost $296,047)				289,611
COMMODITY INDEX-LINKED NOTES 0.4%
Morgan Stanley (GSCI)
2.546% due 07/07/2008		3,000		2,980
Total Commodity Index-Linked Notes (Cost $3,000)				2,980
U.S. GOVERNMENT AGENCIES 21.6%
Fannie Mae
2.719% due 03/25/2034 (f)		1,207		1,166
2.999% due 05/25/2031 - 11/25/2032 (f)		5,365		5,218
4.634% due 09/01/2035 (f)		6,486		6,497
4.695% due 12/01/2033 (f)		1,608		1,614
4.765% due 04/01/2035 (f)		6,249		6,320
5.000% due 02/25/2017 - 04/25/2033 (f)		28,523		28,840
5.000% due 04/01/2023 - 05/01/2038		11,000		10,910
5.322% due 04/01/2018 (f)		51		51
5.422% due 12/01/2023 - 02/01/2027		10		10
5.422% due 11/01/2027 - 11/01/2028 (f)		260		260
5.500% due 09/01/2033 - 06/01/2036 (f)		20,648		20,896
5.500% due 04/01/2038		1,000		1,010
5.689% due 08/01/2029 (f)		31		31
5.722% due 07/01/2044 (f)		370		369
5.973% due 09/01/2034 (f)		1,707		1,726
6.000% due 01/01/2017 - 05/01/2037 (f)		4,019		4,130
6.000% due 10/01/2033		7		7
6.089% due 12/01/2036 (f)		1,726		1,747
6.442% due 11/01/2035 (f)		854		879
6.500% due 09/25/2008 (b)		1		0
7.000% due 02/01/2015 - 03/01/2015 (f)		1,077		1,133
7.043% due 05/01/2022		8		8
7.500% due 09/01/2015 - 05/01/2016 (f)		820		858
8.000% due 03/01/2030 - 07/01/2031 (f)		133		145
8.000% due 04/01/2030 - 05/01/2031		23		25
Freddie Mac
2.968% due 07/15/2019 - 10/15/2020 (f)		20,613		19,934
3.048% due 02/15/2019 (f)		12,008		11,934
3.168% due 12/15/2030 (f)		1,220		1,193
3.218% due 06/15/2018 (f)		457		451
4.701% due 06/01/2035 (f)		4,990		5,075
5.000% due 07/15/2024 (f)		3,699		3,754
5.500% due 08/15/2030 - 11/01/2037 (f)		4,890		4,944
5.722% due 02/25/2045		1,889		1,831

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
6.000% due 03/01/2016 - 09/01/2037 (f)	$	8,266	$	8,511
6.000% due 09/01/2028		4		4
6.087% due 07/01/2019 (f)		584		601
6.500% due 10/25/2043		2,267		2,372
6.704% due 12/01/2022 (f)		41		42
6.963% due 06/01/2022 (f)		21		21
8.500% due 04/01/2025		7		8
8.500% due 06/01/2025 (f)		17		19
Ginnie Mae
2.936% due 09/20/2030		4		4
5.125% due 12/20/2022 - 12/20/2027 (f)		389		389
5.625% due 07/20/2018 - 07/20/2027 (f)		1,960		1,977
6.375% due 02/20/2026 - 02/20/2028 (f)		904		925
8.000% due 04/20/2030 (f)		189		207
Total U.S. Government Agencies (Cost $156,869)				158,046
MORTGAGE-BACKED SECURITIES 13.6%
Banc of America Funding Corp.
4.113% due 05/25/2035		2,018		1,918
Banc of America Mortgage Securities, Inc.
6.500% due 10/25/2031		787		767
Bank Mart
4.567% due 03/01/2019 (k)		576		541
Bear Stearns Adjustable Rate Mortgage Trust
4.617% due 01/25/2034		2,175		2,032
4.750% due 10/25/2035		6,226		6,011
4.777% due 11/25/2034		939		911
5.031% due 04/25/2033		653		636
5.072% due 11/25/2034		2,846		2,764
6.764% due 02/25/2033		114		107
6.851% due 01/25/2034		145		139
Bear Stearns Alt-A Trust
2.759% due 02/25/2034		1,538		1,212
5.706% due 09/25/2035		610		502
Bear Stearns Structured Products, Inc.
2.806% due 01/26/2037		4,537		4,310
5.681% due 01/26/2036		2,006		1,698
5.783% due 12/26/2046		1,113		922
Citigroup Commercial Mortgage Trust
2.888% due 08/15/2021		163		152
Citigroup Mortgage Loan Trust, Inc.
4.900% due 12/25/2035		1,675		1,597
Countrywide Alternative Loan Trust
2.779% due 05/25/2047		1,606		1,220
6.000% due 10/25/2033		1,209		1,180
Countrywide Home Loan Mortgage Pass-Through Trust
4.723% due 02/20/2035		3,176		3,079
4.800% due 11/25/2034		1,775		1,667
CS First Boston Mortgage Securities Corp.
5.215% due 03/25/2032		453		409
6.466% due 06/25/2032		37		37
6.556% due 06/25/2032		10		10
Fund America Investors Corp. II
6.459% due 06/25/2023		14		13
Greenpoint Mortgage Funding Trust
2.679% due 10/25/2046		1,666		1,502
2.869% due 11/25/2045		736		608
GS Mortgage Securities Corp. II
3.170% due 03/06/2020		2,158		1,995
GSR Mortgage Loan Trust
2.949% due 01/25/2034		325		275
Harborview Mortgage Loan Trust
2.749% due 01/19/2038		3,968		3,022

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.137% due 07/19/2035	$	1,451	$	1,387
Impac CMB Trust
3.359% due 10/25/2033		91		75
4.135% due 07/25/2033		1,619		1,520
Impac Secured Assets CMN Owner Trust
2.679% due 01/25/2037		1,010		951
Indymac Index Mortgage Loan Trust
2.689% due 11/25/2046		1,084		1,010
JPMorgan Mortgage Trust
5.023% due 02/25/2035		1,339		1,219
Lehman Brothers Floating Rate Commercial Mortgage Trust
2.898% due 09/15/2021		299		282
MASTR Adjustable Rate Mortgages Trust
3.786% due 11/21/2034		1,606		1,586
MASTR Asset Securitization Trust
5.500% due 09/25/2033		2,105		2,023
Mellon Residential Funding Corp.
3.601% due 06/15/2030		3,951		3,760
Merrill Lynch Floating Trust
2.888% due 06/15/2022		6,312		5,911
Merrill Lynch Mortgage Investors, Inc.
2.809% due 02/25/2036		798		641
4.910% due 12/25/2032		692		660
MLCC Mortgage Investors, Inc.
2.849% due 11/25/2035		258		233
3.599% due 10/25/2035		427		370
6.944% due 01/25/2029		1,180		1,151
Morgan Stanley Capital I
2.878% due 10/15/2020		543		505
Prime Mortgage Trust
2.999% due 02/25/2019		147		139
2.999% due 02/25/2034		710		642
Resecuritization Mortgage Trust
2.856% due 04/26/2021		1		1
Residential Funding Mortgage Securities I
6.500% due 03/25/2032		565		540
Salomon Brothers Mortgage Securities VII, Inc.
7.167% due 12/25/2030		624		604
Structured Adjustable Rate Mortgage Loan Trust
4.940% due 03/25/2034		1,343		1,238
Structured Asset Mortgage Investments, Inc.
2.809% due 07/19/2035		1,697		1,409
2.879% due 02/25/2036		896		702
9.515% due 06/25/2029		764		831
TBW Mortgage-Backed Pass-Through Certificates
2.709% due 01/25/2037		5,006		4,767
Thornburg Mortgage Securities Trust
2.709% due 11/25/2046		1,528		1,449
3.265% due 06/25/2037		2,485		2,337
Wachovia Bank Commercial Mortgage Trust
2.898% due 06/15/2020		2,844		2,621
2.908% due 09/15/2021		5,283		4,966
WaMu Mortgage Pass-Through Certificates
2.869% due 12/25/2045		930		741
2.889% due 10/25/2045		515		411
5.220% due 02/27/2034		1,945		1,850
5.326% due 02/25/2046		4,832		3,761
5.526% due 11/25/2042		236		224
5.726% due 06/25/2042		1,028		935
Wells Fargo Mortgage-Backed Securities Trust
4.947% due 01/25/2035		2,311		2,172
4.950% due 03/25/2036		3,208		3,058
Total Mortgage-Backed Securities (Cost $108,501)				99,918

52 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES 8.4%
AFC Home Equity Loan Trust
3.149% due 06/25/2028	$	393	$	252
Asset-Backed Funding Certificates
2.659% due 01/25/2037		1,100		1,031
Asset-Backed Securities Corp. Home Equity
2.759% due 05/25/2035		183		163
Bear Stearns Asset-Backed Securities Trust
2.689% due 06/25/2047		1,022		976
Chase Funding Mortgage Loan Asset-Backed Certificates
3.339% due 10/25/2032		277		235
Citibank Credit Card Issuance Trust
2.900% due 05/17/2010		2,700		2,700
Citigroup Mortgage Loan Trust, Inc.
2.649% due 11/25/2036		389		380
2.659% due 05/25/2037		16,617		15,797
Countrywide Asset-Backed Certificates
2.669% due 06/25/2037		3,766		3,656
CS First Boston Mortgage Securities Corp.
3.219% due 01/25/2032		337		304
First NLC Trust
2.669% due 08/25/2037		4,524		4,335
First USA Credit Card Master Trust
2.935% due 04/18/2011		4,800		4,794
Fremont Home Loan Trust
2.649% due 10/25/2036		3,059		3,017
GSAMP Trust
2.719% due 12/25/2035		529		525
GSR Mortgage Loan Trust
2.699% due 11/25/2030		132		131
HFC Home Equity Loan Asset-Backed Certificates
2.806% due 01/20/2035		1,831		1,524
HSI Asset Securitization Corp. Trust
2.649% due 12/25/2036		870		808
JPMorgan Mortgage Acquisition Corp.
2.659% due 04/01/2037		1,915		1,767
2.669% due 11/25/2036		404		386
Lehman XS Trust
2.669% due 05/25/2046		406		385
Long Beach Mortgage Loan Trust
2.689% due 01/25/2046		59		59
2.879% due 10/25/2034		50		45
Merrill Lynch Mortgage Investors, Inc.
2.669% due 08/25/2036		2,933		2,800

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Morgan Stanley ABS Capital I
2.639% due 10/25/2036	$	664	$	645
Residential Asset Securities Corp.
2.669% due 11/25/2036		1,329		1,266
Saxon Asset Securities Trust
2.659% due 10/25/2046		584		563
Sears Credit Account Master Trust
3.038% due 04/16/2013		9,200		9,023
SLM Student Loan Trust
3.331% due 10/25/2016		1,816		1,801
Specialty Underwriting & Residential Finance
2.629% due 06/25/2037		1,526		1,494
Wells Fargo Home Equity Trust
2.649% due 01/25/2037		813		785
Total Asset-Backed Securities (Cost $64,081)				61,647
SOVEREIGN ISSUES 1.6%
Export-Import Bank of Korea
3.166% due 06/01/2009		2,400		2,405
3.310% due 11/16/2010		5,900		5,924
Hydro Quebec
2.677% due 09/29/2049		1,200		1,046
Korea Development Bank
3.358% due 11/22/2012		2,200		2,134
Total Sovereign Issues (Cost $11,529)				11,509
FOREIGN CURRENCY-DENOMINATED ISSUES 1.5%
New Zealand Government CPI Linked Bond
4.500% due 02/15/2016	NZD	9,750		10,233
Sumitomo Mitsui Banking Corp.
1.151% due 06/02/2049	JPY	100,000		989
Total Foreign Currency-Denominated Issues (Cost $7,527)				11,222
		SHARES
CONVERTIBLE PREFERRED STOCKS 1.6%
Bank of America Corp.
7.250% due 12/31/2049		11,000		11,363
Total Convertible Preferred Stocks (Cost $11,000)				11,363

		SHARES		VALUE (000S)
PREFERRED STOCKS 1.3%
DG Funding Trust
4.946% due 12/31/2049		913	$	9,518
Total Preferred Stocks (Cost $9,564)				9,518
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 24.9%
COMMERCIAL PAPER 3.8%
Federal Home Loan Bank
1.500% due 04/01/2008	$	3,000		3,000
Royal Bank of Scotland Group PLC
3.070% due 04/24/2008		3,800		3,792
Westpac Banking Corp.
3.070% due 05/06/2008		21,500		21,436
				28,228
REPURCHASE AGREEMENTS 0.8%
Fixed Income Clearing Corp.
1.900% due 04/01/2008		5,675		5,675
(Dated 03/31/2008. Collateralized by Freddie Mac 3.000% due 05/13/2008 valued at $5,791. Repurchase proceeds are $5,675.)
U.S. TREASURY BILLS 20.3%
0.819% due 04/17/2008 - 07/17/2008 (c)(d)		149,550		148,939
Total Short-Term Instruments (Cost $183,198)				182,842
PURCHASED OPTIONS (i) 0.5%
(Cost $2,299)				3,328
Total Investments 115.7% (Cost $860,408)			$	847,940
Written Options (j) (0.4%) (Premiums $2,119)				(3,234	)
Other Assets and Liabilities (Net) (15.3%)				(111,722	)
Net Assets (e) 100.0%			$	732,984

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security is in default.

(b) Interest only security.

(c) Coupon represents a weighted average rate.

(d) Securities with an aggregate market value of $6,471 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(e) As of March 31, 2008, portfolio securities with an aggregate value of $8,162 and derivative instruments with an aggregate depreciation of ($189) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(f) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $119,451 at a weighted average interest rate of 3.317%. On March 31, 2008, securities valued at $198,289 were pledged as collateral for reverse repurchase agreements.

See Accompanying Notes Annual Report March 31, 2008 53

Schedule of Investments  StocksPLUS^® Fund  (Cont.)

(g) Cash of $57,720 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2008	625	$	4,150
90-Day Eurodollar December Futures	Long	12/2009	11		(1	)
90-Day Eurodollar June Futures	Long	06/2008	153		949
90-Day Eurodollar June Futures	Long	06/2009	11		0
90-Day Eurodollar March Futures	Long	03/2009	190		1,049
90-Day Eurodollar September Futures	Long	09/2009	21		16
E-mini S&P 500 Index June Futures	Long	06/2008	10,195		(5,508	)
S&P 500 Index June Futures	Long	06/2008	31		188
U.S. Treasury 2-Year Note June Futures	Short	06/2008	167		15
U.S. Treasury 5-Year Note June Futures	Short	06/2008	246		(267	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	36		48
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	365		(335	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	99		263
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2009	14		7
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	456		315
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2009	61		174
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	117		401
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	337		594
				$	2,058

(h) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	Receive Fixed Rate	Expiration Date	Counterparty		Notional Amount	Unrealized Appreciation/ (Depreciation)
American Express Co. 4.875% due 07/15/2013	Sell	1.950%	03/20/2013	CITI	$	1,600	$	16
American Express Co. 4.875% due 07/15/2013	Sell	2.060%	03/20/2013	DUB		800		12
American International Group, Inc. 4.250% due 05/15/2013	Sell	0.780%	12/20/2012	RBS		600		(27	)
American International Group, Inc. 4.250% due 05/15/2013	Sell	0.910%	12/20/2012	BOA		600		(24	)
American International Group, Inc. 4.250% due 05/15/2013	Sell	0.930%	12/20/2012	BOA		1,000		(39	)
American International Group, Inc. 5.600% due 10/18/2016	Sell	0.065%	06/20/2008	GSC		6,200		(28	)
Berkshire Hathaway Finance Corp. 4.625% due 10/15/2013	Sell	0.850%	03/20/2013	CSFB		1,500		1
Berkshire Hathaway Finance Corp. 4.625% due 10/15/2013	Sell	0.870%	03/20/2013	RBS		1,500		3
Berkshire Hathaway Finance Corp. 4.625% due 10/15/2013	Sell	0.930%	03/20/2013	DUB		1,800		9
Berkshire Hathaway Finance Corp. 4.625% due 10/15/2013	Sell	1.000%	03/20/2013	BCLY		600		5
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	0.980%	01/20/2012	DUB		1,300		(19	)
California State General Obligation Bonds 5.250% due 02/01/2018	Sell	0.470%	12/20/2017	LEH		600		(9	)
CIT Group, Inc. 7.750% due 04/02/2012	Sell	5.750%	03/20/2013	JPM		1,500		(128	)
Citigroup, Inc. 6.500% due 01/18/2011	Sell	0.530%	09/20/2012	JPM		3,000		(140	)
Fannie Mae 5.250% due 08/01/2012	Sell	0.670%	12/20/2012	LEH		900		(24	)
Fannie Mae 5.250% due 08/01/2012	Sell	0.675%	12/20/2012	LEH		400		(11	)
Fannie Mae 5.250% due 08/01/2012	Sell	0.700%	12/20/2012	RBS		900		(23	)
Fannie Mae 5.250% due 08/01/2012	Sell	0.785%	12/20/2012	RBS		1,600		(35	)
Fannie Mae 5.250% due 08/01/2012	Sell	0.840%	12/20/2012	RBS		3,200		(63	)
Fannie Mae 5.250% due 08/01/2012	Sell	0.950%	12/20/2012	RBS		900		(14	)
Fannie Mae 5.500% due 06/09/2033	Sell	0.440%	12/20/2012	LEH		600		(2	)
Fannie Mae 5.500% due 06/09/2033	Sell	0.445%	12/20/2012	LEH		800		(2	)
Fannie Mae 5.500% due 06/09/2033	Sell	0.510%	12/20/2012	RBS		1,600		1
Fannie Mae 5.500% due 06/09/2033	Sell	0.520%	03/20/2013	RBS		2,800		1
Fannie Mae 5.500% due 06/09/2033	Sell	0.615%	03/20/2013	LEH		2,400		11
Ford Motor Credit Co. LLC 7.250% due 10/25/2011	Sell	4.000%	12/20/2008	LEH		200		(7	)
Ford Motor Credit Co. LLC 7.250% due 10/25/2011	Sell	4.300%	12/20/2008	LEH		200		(7	)
Freddie Mac 5.080% due 02/07/2019	Sell	0.615%	03/20/2013	LEH		3,000		15
Freddie Mac 5.080% due 02/07/2019	Sell	0.730%	03/20/2013	RBS		1,500		16
Freddie Mac 5.080% due 02/07/2019	Sell	0.860%	03/20/2013	BCLY		1,500		25
Freddie Mac 5.875% due 03/21/2011	Sell	0.850%	12/20/2012	CSFB		600		(10	)
Gannett Co., Inc. 6.375% due 04/01/2012	Sell	1.800%	03/20/2013	UBS		600		(14	)
Gannett Co., Inc. 6.375% due 04/01/2012	Sell	1.968%	03/20/2013	BCLY		1,500		(24	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.750%	03/20/2013	MSC		2,300		(55	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.770%	03/20/2013	BNP		1,400		(32	)
General Motors Corp. 7.125% due 07/15/2013	Sell	1.810%	09/20/2008	BEAR		5,100		(133	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.500%	09/20/2008	RBS		3,100		(39	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.000%	09/20/2009	DUB		3,800		(201	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.850%	12/20/2012	BCLY		1,800		(330	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.880%	12/20/2012	MLP		1,400		(256	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.900%	12/20/2012	UBS		1,000		(170	)
GMAC LLC 6.875% due 08/28/2012	Sell	1.350%	06/20/2008	LEH		3,000		(51	)
GMAC LLC 6.875% due 08/28/2012	Sell	5.000%	03/20/2009	DUB		1,600		(106	)
GMAC LLC 6.875% due 08/28/2012	Sell	1.850%	09/20/2009	MLP		1,000		(165	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.130%	06/20/2008	DUB		5,000		(13	)
HSBC Finance Corp. 7.000% due 05/15/2012	Sell	1.800%	03/20/2010	RBS		1,400		(14	)

54 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.000%	03/20/2009	CITI	$	6,000	$	0
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.300%	09/20/2008	RBS		700		(12	)
MBIA, Inc.	Sell	2.800%	12/20/2012	BOA		600		(83	)
MBIA, Inc.	Sell	3.400%	12/20/2012	DUB		600		(75	)
MBIA, Inc. 6.625% due 10/01/2028	Sell	4.000%	12/20/2012	BOA		600		(98	)
MBIA, Inc. 6.625% due 10/01/2028	Sell	5.050%	12/20/2012	WAC		600		(79	)
Merrill Lynch & Co., Inc. 6.000% due 02/17/2009	Sell	0.120%	06/20/2008	DUB		1,500		(11	)
MetLife, Inc. 5.000% due 06/15/2015	Sell	1.700%	03/20/2013	JPM		1,000		13
MetLife, Inc. 5.000% due 06/15/2015	Sell	1.720%	03/20/2013	LEH		2,200		31
MetLife, Inc. 5.000% due 06/15/2015	Sell	2.260%	03/20/2013	LEH		1,800		70
Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.270%	03/20/2009	BCLY		3,000		0
Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.390%	01/20/2012	BCLY		5,000		(123	)
Michigan State General Obligation Bonds, Series 2003 5.250% due 05/01/2020	Sell	0.400%	12/20/2017	LEH		600		(6	)
Multiple Reference Entities of Gazprom	Sell	1.430%	12/20/2008	JPM		3,500		6
Multiple Reference Entities of Gazprom	Sell	0.360%	05/20/2009	HSBC		1,000		(17	)
Multiple Reference Entities of Gazprom	Sell	1.000%	10/20/2011	DUB		3,200		(166	)
Multiple Reference Entities of Gazprom	Sell	0.740%	01/20/2012	BCLY		1,800		(123	)
New York City, New York General Obligation Bonds, Series 2007 5.000% due 01/01/2026	Sell	0.420%	12/20/2017	LEH		600		(6	)
New York City, New York General Obligation Notes, Series 2007 5.000% due 01/01/2017	Sell	0.450%	03/20/2018	GSC		1,400		(10	)
Ohio State General Obligation Bonds, Series 2007 5.000% due 09/01/2020	Sell	0.300%	12/20/2017	LEH		600		(7	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.600%	03/20/2009	LEH		6,400		(14	)
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.290%	12/20/2008	LEH		1,200		0
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.320%	03/20/2009	LEH		2,200		(2	)
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	1.800%	03/20/2013	BCLY		1,500		10
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	1.870%	03/20/2013	CSFB		900		9
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	1.900%	03/20/2013	RBS		600		6
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	1.960%	03/20/2013	CSFB		2,500		30
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	2.350%	03/20/2013	JPM		1,600		50
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	2.350%	03/20/2013	RBS		600		19
Residential Capital LLC 6.500% due 04/17/2013	Sell	1.150%	06/20/2009	LEH		6,000		(2,140	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.310%	12/20/2008	LEH		1,200		(2	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.670%	03/20/2009	GSC		2,800		1
SLM Corp. 5.125% due 08/27/2012	Sell	3.000%	12/20/2008	BCLY		1,300		(61	)
SLM Corp. 5.125% due 08/27/2012	Sell	3.000%	12/20/2008	BOA		1,400		(66	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.500%	03/20/2009	BNP		1,400		(67	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.550%	03/20/2010	JPM		600		(50	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.600%	03/20/2010	MLP		800		(66	)
SLM Corp. 5.125% due 08/27/2012	Sell	2.860%	12/20/2012	BOA		1,400		(256	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.930%	03/20/2013	JPM		1,500		(169	)
SLM Corp. 5.125% due 08/27/2012	Sell	5.025%	03/20/2013	BOA		1,300		(141	)
State of California General Obligation Notes, Series 2005 5.000% due 03/01/2018	Sell	0.530%	03/20/2018	GSC		1,400		(14	)
State of Michigan General Obligation Notes, Series 2003 5.250% due 05/01/2017	Sell	0.440%	03/20/2018	GSC		1,400		(10	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.370%	05/20/2008	MSC		6,000		1
Wachovia Corp. 3.625% due 02/17/2009	Sell	1.630%	03/20/2013	UBS		600		(3	)
Wachovia Corp. 3.625% due 02/17/2009	Sell	1.700%	03/20/2013	BNP		5,700		(10	)
Wachovia Corp. 3.625% due 02/17/2009	Sell	1.700%	03/20/2013	RBS		3,000		(5	)
							$	(5,746	)

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Dow Jones CDX N.A. EM8 Index	Sell	1.750%	06/20/2013	DUB	$	200	$	(7	)
Dow Jones CDX N.A. EM9 Index	Sell	2.650%	06/20/2013	BCLY		1,700		(7	)
Dow Jones CDX N.A. EM9 Index	Sell	2.650%	06/20/2013	MSC		300		(2	)
Dow Jones CDX N.A. HY8 Index	Sell	0.360%	06/20/2012	CITI		4,968		(200	)
Dow Jones CDX N.A. HY8 Index	Sell	0.401%	06/20/2012	CITI		1,192		(47	)
Dow Jones CDX N.A. HY8 Index	Sell	1.833%	06/20/2012	MLP		1,100		(109	)
Dow Jones CDX N.A. HY8 Index	Sell	2.080%	06/20/2012	MSC		1,100		(98	)
Dow Jones CDX N.A. HY8 Index	Sell	2.144%	06/20/2012	CITI		600		(52	)
Dow Jones CDX N.A. HY8 Index	Sell	2.170%	06/20/2012	MSC		500		(43	)
Dow Jones CDX N.A. IG9 Index	Sell	0.708%	12/20/2012	DUB		4,000		37
							$	(528	)

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

See Accompanying Notes Annual Report March 31, 2008 55

Schedule of Investments  StocksPLUS^® Fund  (Cont.)

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	BCLY	$	12,600	$	129
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	DUB		6,900		19
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		16,900		92
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	BCLY		4,700		(98	)
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	DUB		2,500		(13	)
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	RBS		5,900		(87	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.090%	10/15/2010	BNP	EUR	2,300		11
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.146%	10/15/2010	UBS		1,000		9
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	JPM		1,200		(27	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.995%	03/15/2012	GSC		32,700		(609	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	03/30/2012	GSC		700		(16	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	04/05/2012	BCLY		300		(7	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958%	04/10/2012	JPM		300		(7	)
Pay	6-Month GBP-LIBOR	6.000%	03/20/2009	RBS	GBP	3,500		3
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	CSFB		19,700		109
Pay	6-Month GBP-LIBOR	4.500%	09/20/2009	LEH		800		(30	)
Pay	6-Month GBP-LIBOR	6.000%	12/19/2009	GSC		1,600		72
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	CSFB		2,400		81
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	DUB		4,000		(240	)
Receive	6-Month GBP-LIBOR	5.000%	12/19/2037	GSC		200		(31	)
Receive	30-Day USD-CMM Rate	5.000%	02/20/2009	MLP	$	5,900		(38	)
Pay	BRL-CDI-Compounded	11.360%	01/04/2010	BCLY	BRL	4,400		(64	)
Pay	BRL-CDI-Compounded	11.430%	01/04/2010	MLP		2,900		(40	)
Pay	BRL-CDI-Compounded	11.465%	01/04/2010	GSC		1,100		(15	)
Pay	BRL-CDI-Compounded	12.780%	01/04/2010	MSC		2,000		0
Pay	BRL-CDI-Compounded	12.948%	01/04/2010	MLP		1,800		5
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		2,100		(37	)
Pay	USSP Semi 2-Year Index	0.710%	02/05/2009	BNP	$	2,700		(4	)
							$	(833	)

Total Return Swaps
Pay/Receive Total Return on Reference Entity	Reference Entity	Rate	Expiration Date	Counterparty	# of Shares	Unrealized Appreciation
Receive	S&P 500 Index	1-Month USD-LIBOR less 0.030%	05/15/2008	MLP	18,260	$	827

(i) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 2-Year Note June Futures	$	110.500	04/25/2008	179	$	3	$	3
Call - CBOT U.S. Treasury 5-Year Note June Futures		125.000	05/23/2008	391		7		3
Call - CBOT U.S. Treasury 10-Year Note June Futures		132.000	05/23/2008	30		0		0
Call - CBOT U.S. Treasury 30-Year Bond June Futures		147.000	05/23/2008	265		5		4
Call - CBOT U.S. Treasury 30-Year Bond June Futures		149.000	05/23/2008	100		1		2
Put - CME S&P 500 Index June Futures		600.000	06/19/2008	100		3		0
Put - CME S&P 500 Index June Futures		625.000	06/19/2008	95		3		0
Put - CME S&P 500 Index June Futures		675.000	06/19/2008	650		19		0
Put - CME S&P 500 Index June Futures		700.000	06/19/2008	1,150		33		14
					$	74	$	26

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500%	02/02/2009	$	36,900	$	411	$	617
Call - OTC 2-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		3,500		18		144
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		3,600		13		149
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	12/15/2008		101,300		890		1,313
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	02/02/2009		70,200		758		869
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.600%	07/02/2009		13,800		133		209
								$	2,223	$	3,301

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC Treasury Inflation Protected Securities 3.125% due 11/15/2009	$	104.250	06/20/2008	$	4,900	$	1	$	0
Call - OTC Treasury Inflation Protected Securities 3.250% due 12/15/2009		104.750	06/20/2008		2,100		0		0
Put - OTC Fannie Mae 5.000% due 05/01/2023		84.000	05/12/2008		2,000		0		1
Put - OTC Fannie Mae 5.000% due 05/01/2038		78.000	05/06/2008		9,000		1		0
						$	2	$	1

56 PIMCO Funds See Accompanying Notes

    
March 31, 2008

(j) Written options outstanding on March 31, 2008:

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.300%	02/02/2009	$	1,900	$	42	$	74
Call - OTC 7-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.600%	02/02/2009		11,400		366		570
Call - OTC 5-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		1,500		18		100
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		1,600		13		107
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.300%	12/15/2008		33,800		842		1,325
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.250%	02/02/2009		23,400		705		863
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.200%	07/02/2009		6,000		133		195
								$	2,119	$	3,234

(k) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Bank Mart	4.567%	03/01/2019	07/07/1995 - 06/12/1997	$	577	$	541	0.07%

(l) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
Freddie Mac	5.500%	04/01/2038	$	5,200	$	5,097	$	5,251
U.S. Treasury Notes	3.125%	11/30/2009		4,900		5,016		5,091
U.S. Treasury Notes	3.250%	12/31/2009		3,100		3,173		3,216
					$	13,286	$	13,558

⁽²⁾ Market value includes $93 of interest payable on short sales.

(m) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AED	699	05/2008	$	0	$	(2	)	$	(2	)
Buy	AUD	331	04/2008		2		0			2
Buy	BRL	59,384	07/2008		3,375		0			3,375
Sell		39,958	07/2008		658		0			658
Buy		17,677	12/2008		17		0			17
Sell		10,366	12/2008		123		0			123
Sell	GBP	6,743	04/2008		0		(35	)		(35	)
Buy	IDR	7,056,000	05/2008		0		(38	)		(38	)
Buy	INR	76,489	05/2008		88		0			88
Buy		22,858	08/2008		0		(11	)		(11	)
Sell	JPY	18,770	04/2008		1		0			1
Buy		59,039	05/2008		0		(16	)		(16	)
Sell		255,761	05/2008		22		0			22
Buy	KRW	1,461,334	05/2008		0		(109	)		(109	)
Buy		4,952,780	08/2008		0		(345	)		(345	)
Buy	KWD	53	05/2008		6		0			6
Buy	MXN	50,265	07/2008		145		0			145
Sell		33,827	07/2008		0		(45	)		(45	)
Buy	MYR	9,670	05/2008		136		0			136
Sell	NZD	12,853	04/2008		188		0			188
Buy	PHP	104,141	05/2008		212		0			212
Buy	PLN	17,125	07/2008		1,383		0			1,383
Sell		17,125	07/2008		0		(780	)		(780	)
Buy	RUB	114,786	07/2008		280		0			280
Sell		113,646	07/2008		0		(226	)		(226	)
Buy		65,045	11/2008		86		0			86
Sell		26,637	11/2008		0		(53	)		(53	)
Buy	SAR	717	05/2008		0		(2	)		(2	)
Buy	SGD	8,259	05/2008		485		0			485
Buy		1,643	11/2008		32		0			32
Buy	ZAR	965	07/2008		0		(26	)		(26	)
				$	7,239	$	(1,688	)	$	5,551

See Accompanying Notes Annual Report March 31, 2008 57

Schedule of Investments   StocksPLUS^® Total Return Fund

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.8%
Daimler Finance North America LLC
6.800% due 08/03/2012	$	1,990	$	1,655
Fresenius Medical Care Capital Trust
3.954% due 03/22/2013		81		78
4.071% due 03/22/2013		250		240
4.460% due 03/22/2013		23		22
5.818% due 03/22/2013		12		11
Total Bank Loan Obligations (Cost $2,266)				2,006
CORPORATE BONDS & NOTES 33.8%
BANKING & FINANCE 27.1%
American Express Bank FSB
6.000% due 09/13/2017		1,000		977
American Express Centurion Bank
6.000% due 09/13/2017		1,000		973
American General Finance Corp.
6.900% due 12/15/2017		900		882
American International Group, Inc.
5.050% due 10/01/2015		100		98
5.850% due 01/16/2018		2,300		2,263
Bank of America Corp.
3.155% due 11/06/2009 (g)		400		397
5.375% due 09/11/2012		900		938
8.000% due 12/29/2049		6,600		6,621
Barclays Bank PLC
5.450% due 09/12/2012		6,000		6,154
6.050% due 12/04/2017 (g)		600		587
Bear Stearns Cos., Inc.
3.551% due 01/30/2009		700		648
BNP Paribas
5.186% due 06/29/2049		1,200		1,008
Calabash Re Ltd.
11.200% due 01/08/2010		700		710
13.700% due 01/08/2010		800		825
Citigroup Capital XXI
8.300% due 12/21/2057		400		395
Citigroup, Inc.
6.000% due 08/15/2017		1,900		1,878
6.125% due 08/25/2036		1,200		1,057
DnB NOR Bank ASA
4.447% due 10/13/2009		600		601
Export-Import Bank of China
4.875% due 07/21/2015		100		101
Ford Motor Credit Co. LLC
6.625% due 06/16/2008		12,800		12,656
GMAC LLC
6.000% due 12/15/2011		100		75
Goldman Sachs Group, Inc.
6.250% due 09/01/2017		1,200		1,211
6.750% due 10/01/2037 (g)		3,300		3,080
HBOS PLC
5.920% due 09/29/2049		100		74
HSBC Finance Corp.
2.981% due 03/12/2010		1,000		961
JPMorgan Chase & Co.
2.656% due 06/26/2009		500		497
6.000% due 01/15/2018		400		418
JPMorgan Chase Bank N.A.
6.000% due 10/01/2017		1,300		1,358
JPMorgan Chase Capital XX
6.550% due 09/29/2036		100		88

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Lehman Brothers Holdings, Inc.
6.200% due 09/26/2014	$	1,800	$	1,778
Merrill Lynch & Co., Inc.
6.050% due 08/15/2012		1,200		1,220
MetLife, Inc.
6.400% due 12/15/2036		300		239
Morgan Stanley
2.639% due 11/21/2008		500		497
Mystic Re Ltd.
9.390% due 12/05/2008		800		793
Petroleum Export Ltd.
5.265% due 06/15/2011		72		72
Resona Bank Ltd.
5.850% due 09/29/2049		200		167
SLM Corp.
3.471% due 07/27/2009 (g)		400		337
State Street Capital Trust IV
3.800% due 06/15/2037		100		75
Sumitomo Mitsui Banking Corp.
5.625% due 07/29/2049		1,100		932
TNK-BP Finance S.A.
6.125% due 03/20/2012		100		94
UBS AG
5.875% due 12/20/2017		400		410
U.S. Bancorp
3.512% due 02/04/2010		2,600		2,583
USB Capital IX
6.189% due 04/15/2049		100		74
Wachovia Corp.
7.980% due 02/28/2049		11,000		10,841
				67,643
INDUSTRIALS 5.0%
Anadarko Petroleum Corp.
3.200% due 09/15/2009		800		785
AstraZeneca PLC
5.900% due 09/15/2017		300		318
6.450% due 09/15/2037		200		215
CODELCO, Inc.
6.150% due 10/24/2036		100		101
Daimler Finance North America LLC
3.218% due 03/13/2009		300		296
HJ Heinz Co.
6.428% due 12/01/2020		100		102
International Business Machines Corp.
5.700% due 09/14/2017 (g)		5,800		6,091
Kinder Morgan Energy Partners LP
5.950% due 02/15/2018		1,300		1,291
Kraft Foods, Inc.
6.125% due 02/01/2018		500		501
Peabody Energy Corp.
7.875% due 11/01/2026		100		100
Rohm & Haas Co.
6.000% due 09/15/2017		400		407
Time Warner, Inc.
3.300% due 11/13/2009		600		575
Transocean, Inc.
3.214% due 09/05/2008		500		497
Union Pacific Corp.
5.700% due 08/15/2018		800		797
UnitedHealth Group, Inc.
4.875% due 02/15/2013		300		297
				12,373

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
UTILITIES 1.7%
Enel Finance International S.A.
6.800% due 09/15/2037	$	2,200	$	2,226
Ipalco Enterprises, Inc.
8.625% due 11/14/2011		600		635
Qwest Corp.
7.625% due 06/15/2015		500		490
Ras Laffan Liquefied Natural Gas Co. Ltd. III
5.838% due 09/30/2027		300		274
Telefonica Emisones SAU
2.842% due 06/19/2009		700		682
				4,307
Total Corporate Bonds & Notes (Cost $85,197)				84,323
MUNICIPAL BONDS & NOTES 1.9%
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.750% due 06/01/2047		3,100		2,741
Los Angeles, California Community College District General Obligation Bonds, (FSA Insured), Series 2006
5.000% due 08/01/2031		700		703
San Diego, California Tobacco Settlement Revenue Funding Corporations Revenue Bonds, Series 2006
7.125% due 06/01/2032		300		290
Texas State General Obligation Bonds, Series 2005
4.750% due 04/01/2035		400		382
West Virginia State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
7.467% due 06/01/2047		600		573
Total Municipal Bonds & Notes (Cost $4,777)				4,689
COMMODITY INDEX-LINKED NOTES 0.4%
Morgan Stanley (GSCI)
2.546% due 07/07/2008		1,000		994
Total Commodity Index-Linked Notes (Cost $1,000)				994
U.S. GOVERNMENT AGENCIES 119.7%
Fannie Mae
2.666% due 12/25/2036		301		289
2.719% due 03/25/2034 (g)		199		192
2.949% due 03/25/2044		745		737
2.999% due 11/25/2032 (g)		73		72
3.875% due 08/01/2033 (g)		108		109
4.356% due 09/01/2033 (g)		861		883
4.668% due 05/25/2035 (g)		100		101
4.880% due 06/01/2033 (g)		294		300
5.000% due 11/01/2017 - 06/01/2037 (g)		21,265		21,386
5.000% due 05/01/2038		4,000		3,951
5.276% due 01/01/2036 (g)		340		346
5.407% due 05/01/2036 (g)		14		14
5.500% due 01/01/2021 - 06/01/2037 (g)		94,367		95,537
5.500% due 03/01/2038 - 04/01/2038		8,000		8,044
5.722% due 07/01/2044 (g)		116		116
5.973% due 09/01/2034 (g)		68		69
6.000% due 04/01/2036 - 01/01/2038 (g)		98,193		100,698
6.000% due 04/01/2038		8,400		8,606
6.089% due 12/01/2036 (g)		60		61
6.500% due 10/01/2035 - 10/01/2037 (g)		9,024		9,356

58 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
6.500% due 04/01/2038	$	300	$	311
7.000% due 09/01/2013		7		8
Freddie Mac
2.968% due 07/15/2019 - 10/15/2020 (g)		11,127		10,766
3.048% due 02/15/2019 (g)		4,003		3,978
4.210% due 03/01/2034 (g)		435		447
5.500% due 08/15/2030 - 04/01/2038		2,003		2,023
5.500% due 03/01/2037 - 01/01/2038 (g)		12,355		12,490
5.722% due 02/25/2045		65		63
6.000% due 09/01/2037 (g)		6,621		6,796
6.669% due 02/01/2024 (g)		20		20
8.000% due 01/01/2017 (g)		21		23
Ginnie Mae
6.000% due 05/15/2033 - 04/15/2034		47		48
6.000% due 12/15/2036 - 09/15/2037 (g)		8,402		8,686
6.375% due 03/20/2027		3		3
8.000% due 02/15/2030		2		2
Small Business Administration
4.750% due 07/01/2025		1,113		1,093
5.520% due 06/01/2024		1,206		1,249
Total U.S. Government Agencies (Cost $295,177)				298,873
U.S. TREASURY OBLIGATIONS 0.4%
Treasury Inflation Protected Securities (c)
3.000% due 07/15/2012		118		132
U.S. Treasury Notes
2.750% due 02/28/2013		900		922
Total U.S. Treasury Obligations (Cost $1,047)				1,054
MORTGAGE-BACKED SECURITIES 12.4%
American Home Mortgage Investment Trust
4.390% due 02/25/2045		286		262
Banc of America Commercial Mortgage, Inc.
5.740% due 05/10/2045		400		405
Banc of America Funding Corp.
4.113% due 05/25/2035		487		463
6.142% due 01/20/2047		521		452
Banc of America Mortgage Securities, Inc.
6.500% due 10/25/2031		131		128
6.500% due 09/25/2033		45		44
Bear Stearns Adjustable Rate Mortgage Trust
4.617% due 01/25/2034		152		142
5.031% due 04/25/2033		6		6
5.072% due 11/25/2034		9		9
6.851% due 01/25/2034		9		9
Bear Stearns Alt-A Trust
2.759% due 02/25/2034		554		436
5.371% due 05/25/2035		1,030		892
5.706% due 09/25/2035		222		182
Citigroup Mortgage Loan Trust, Inc.
4.700% due 12/25/2035		156		152
Countrywide Alternative Loan Trust
2.779% due 05/25/2047		507		385
6.000% due 10/25/2033		110		107
Countrywide Home Loan Mortgage Pass-Through Trust
4.723% due 02/20/2035		1,210		1,173
4.800% due 11/25/2034		671		630
5.250% due 02/20/2036		145		120
CS First Boston Mortgage Securities Corp.
5.638% due 05/25/2032		2		2

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Deutsche ALT-A Securities, Inc. Alternate Loan Trust
2.679% due 02/25/2037	$	1,810	$	1,696
First Horizon Asset Securities, Inc.
5.370% due 08/25/2035		376		355
Greenpoint Mortgage Funding Trust
2.679% due 10/25/2046		555		501
2.679% due 01/25/2047		670		637
GSR Mortgage Loan Trust
5.250% due 11/25/2035		687		614
5.312% due 06/25/2034		391		368
6.000% due 03/25/2032		1		1
Harborview Mortgage Loan Trust
3.938% due 06/19/2034		9,900		8,836
Impac CMB Trust
4.135% due 07/25/2033		74		70
Indymac Index Mortgage Loan Trust
5.051% due 12/25/2034		210		191
JPMorgan Chase Commercial Mortgage Securities Corp.
5.420% due 01/15/2049		1,300		1,261
JPMorgan Mortgage Trust
5.023% due 02/25/2035		402		366
MASTR Asset Securitization Trust
5.500% due 09/25/2033		37		36
Merrill Lynch Mortgage Investors, Inc.
2.809% due 02/25/2036		232		187
4.910% due 12/25/2032		18		17
MLCC Mortgage Investors, Inc.
2.849% due 11/25/2035		179		155
3.599% due 10/25/2035		122		106
6.944% due 01/25/2029		122		119
Morgan Stanley Dean Witter Capital I
5.500% due 04/25/2017		1		1
Prime Mortgage Trust
2.999% due 02/25/2019		16		15
2.999% due 02/25/2034		99		89
Salomon Brothers Mortgage Securities VII, Inc.
4.000% due 12/25/2018		435		414
Structured Adjustable Rate Mortgage Loan Trust
5.540% due 08/25/2035		232		195
Structured Asset Mortgage Investments, Inc.
2.809% due 07/19/2035		527		437
Structured Asset Securities Corp.
5.463% due 10/25/2035		523		500
Thornburg Mortgage Securities Trust
2.709% due 11/25/2046		509		483
WaMu Mortgage Pass-Through Certificates
2.889% due 10/25/2045		110		88
3.239% due 12/25/2027		1,194		1,131
5.220% due 02/27/2034		64		61
5.326% due 02/25/2046		379		295
5.526% due 11/25/2042		77		73
5.726% due 08/25/2042		51		47
Washington Mutual MSC Mortgage Pass-Through Certificates
7.020% due 02/25/2033		1		1
Wells Fargo Mortgage-Backed Securities Trust
4.947% due 01/25/2035		835		784
4.950% due 03/25/2036		626		597
4.992% due 10/25/2035		4,333		4,218
Total Mortgage-Backed Securities (Cost $33,268)				30,944

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES 14.8%
ACE Securities Corp.
2.649% due 12/25/2036	$	180	$	173
Amortizing Residential Collateral Trust
2.889% due 07/25/2032		18		16
Asset-Backed Securities Corp. Home Equity
2.649% due 11/25/2036		274		267
2.759% due 05/25/2035		49		43
Bank One Issuance Trust
2.928% due 12/15/2010		4,400		4,400
Bear Stearns Asset-Backed Securities Trust
2.649% due 11/25/2036		606		566
2.679% due 10/25/2036		251		239
Carrington Mortgage Loan Trust
2.649% due 01/25/2037		2,186		2,047
Chase Credit Card Master Trust
2.928% due 02/15/2011		1,000		996
Chase Issuance Trust
3.609% due 05/16/2011 (a)		2,500		2,500
Countrywide Asset-Backed Certificates
2.649% due 05/25/2037		5,120		4,950
2.679% due 06/25/2037		472		441
3.079% due 12/25/2031		87		78
CS First Boston Mortgage Securities Corp.
3.219% due 01/25/2032		17		15
First Franklin Mortgage Loan Asset-Backed Certificates
2.649% due 11/25/2036		851		770
2.649% due 12/25/2036		429		406
2.669% due 12/25/2037		2,387		2,253
First USA Credit Card Master Trust
2.935% due 04/18/2011		1,600		1,598
Fremont Home Loan Trust
2.649% due 10/25/2036		1,655		1,632
2.659% due 01/25/2037		402		366
HFC Home Equity Loan Asset-Backed Certificates
2.606% due 03/20/2036		322		311
JPMorgan Mortgage Acquisition Corp.
2.649% due 07/25/2036		636		600
2.649% due 10/25/2036		2,006		1,869
Lehman XS Trust
2.669% due 05/25/2046		127		120
Long Beach Mortgage Loan Trust
2.629% due 06/25/2036		306		304
2.639% due 11/25/2036		1,753		1,667
2.879% due 10/25/2034		12		11
MASTR Asset-Backed Securities Trust
2.659% due 11/25/2036		512		484
Merrill Lynch Mortgage Investors, Inc.
2.629% due 06/25/2037		281		276
2.669% due 08/25/2036		1,122		1,071
Morgan Stanley ABS Capital I
2.649% due 10/25/2036		210		204
Nationstar Home Equity Loan Trust
2.719% due 04/25/2037		2,003		1,947
Option One Mortgage Loan Trust
2.649% due 07/25/2036		173		171
Residential Asset Mortgage Products, Inc.
2.669% due 11/25/2036		639		617
2.699% due 08/25/2046		2,008		1,914
Soundview Home Equity Loan Trust
2.679% due 01/25/2037		1,764		1,684
Truman Capital Mortgage Loan Trust
2.939% due 01/25/2034		68		66
Total Asset-Backed Securities (Cost $38,418)				37,072

See Accompanying Notes Annual Report March 31, 2008 59

Schedule of Investments  StocksPLUS^® Total Return Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SOVEREIGN ISSUES 0.0%
China Development Bank
5.000% due 10/15/2015	$	100	$	100
Total Sovereign Issues (Cost $99)				100
FOREIGN CURRENCY-DENOMINATED ISSUES 1.2%
Brazilian Government International Bond
10.250% due 01/10/2028	BRL	300		160
General Electric Capital Corp.
5.500% due 09/15/2067	EUR	2,000		2,991
Total Foreign Currency-Denominated Issues (Cost $2,885)				3,151

		SHARES		VALUE (000S)
PREFERRED STOCKS 0.9%
DG Funding Trust
4.946% due 12/31/2049		217	$	2,262
Total Preferred Stocks (Cost $2,294)				2,262
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 21.6%
COMMERCIAL PAPER 4.2%
Federal Home Loan Bank
1.500% due 04/01/2008	$	10,400		10,400
REPURCHASE AGREEMENTS 0.4%
Credit Suisse Securities (USA) LLC
1.200% due 04/01/2008		1,000		1,000
(Dated 03/31/2008. Collateralized by U.S. Treasury Notes 4.875% due 06/30/2009 valued at $1,026. Repurchase proceeds are $1,000.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. TREASURY BILLS 17.0%
0.928% due 04/17/2008 -07/24/2008 (b)(d)(e)(h)	$	42,685	$	42,445
Total Short-Term Instruments (Cost $53,984)				53,845
PURCHASED OPTIONS (j) 1.7%
(Cost $1,326)				4,206
Total Investments 209.6% (Cost $521,738)			$	523,519
Written Options (k) (1.4%) (Premiums $1,521)				(3,604	)
Other Assets and Liabilities (Net) (108.2%)				(270,195	)
Net Assets (f) 100.0%			$	249,720

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) When-issued security.

(b) Coupon represents a weighted average rate.

(c) Principal amount of security is adjusted for inflation.

(d) Securities with an aggregate market value of $498 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(e) Securities with an aggregate market value of $199 have been pledged as collateral for delayed-delivery mortgage-backed securities on March 31, 2008.

(f) As of March 31, 2008, portfolio securities with an aggregate value of $3,493 and derivative instruments with an aggregate depreciation of ($163) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(g) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $217,574 at a weighted average interest rate of 4.357%. On March 31, 2008, securities valued at $282,937 were pledged as collateral for reverse repurchase agreements.

(h) Securities with an aggregate market value of $582 and cash of $16,545 have been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
E-mini S&P 500 Index June Futures	Long	06/2008	449	$	(401	)
Euro-Bobl June Futures	Long	06/2008	5		(15	)
Euro-Bobl June Futures Put Options Strike @ EUR 104.000	Long	06/2008	5		0
Euro-Schatz June Futures	Short	06/2008	17		12
Euro-Schatz June Futures Put Options Strike @ EUR 109.000	Long	06/2008	17		0
S&P 500 Index June Futures	Long	06/2008	668		(1,133	)
U.S. Treasury 2-Year Note June Futures	Short	06/2008	71		1
U.S. Treasury 5-Year Note June Futures	Short	06/2008	431		(402	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	112		225
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	63		118
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2009	5		2
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	148		47
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2009	28		83
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	67		218
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	57		50
				$	(1,195	)

(i) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.120%	11/20/2011	LEH	$	2,700	$	(16	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.980%	03/20/2016	LEH		1,500		(10	)
CIT Group, Inc. 7.750% due 04/02/2012	Sell	5.170%	03/20/2013	RBS		400		(43	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.620%	03/20/2011	BCLY		700		(12	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.640%	12/20/2012	BCLY		700		(19	)

60 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/ Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	1.670%	03/20/2013	BCLY	$	1,400	$	25
General Motors Corp. 7.125% due 07/15/2013	Sell	4.550%	12/20/2012	JPM		200		(38	)
General Motors Corp. 7.125% due 07/15/2013	Sell	8.900%	03/20/2013	GSC		400		(28	)
General Motors Corp. 7.125% due 07/15/2013	Sell	9.050%	03/20/2013	GSC		400		(26	)
GMAC LLC 6.875% due 08/28/2012	Sell	1.680%	09/20/2008	LEH		1,500		(80	)
GMAC LLC 6.875% due 08/28/2012	Sell	4.850%	09/20/2012	JPM		500		(102	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400%	12/20/2008	LEH		300		(1	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.370%	03/20/2009	BCLY		3,600		(25	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.300%	09/20/2008	RBS		200		(3	)
Multiple Reference Entities of Gazprom	Sell	1.250%	12/20/2008	HSBC		800		(1	)
Multiple Reference Entities of Gazprom	Sell	1.600%	12/20/2012	BCLY		1,200		(60	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%	02/20/2009	CSFB		4,000		(19	)
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.310%	03/20/2009	MSC		1,900		(4	)
Reynolds American, Inc. 7.625% due 06/01/2016	Sell	0.300%	06/20/2008	DUB		2,000		(3	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.245%	06/20/2008	MSC		100		0
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.310%	03/20/2009	LEH		400		(2	)
SLM Corp. 5.125% due 08/27/2012	Sell	5.100%	03/20/2009	JPM		500		(21	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.610%	02/20/2009	MSC		2,400		(19	)
Wachovia Corp. 3.625% due 02/17/2009	Sell	1.305%	03/20/2013	JPM		1,300		(26	)
							$	(533	)

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/ Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
CMBX N.A. AAA 3 Index	Sell	0.080%	12/13/2049	MSC	$	1,000	$	51
Dow Jones CDX N.A. HY8 Index	Sell	0.401%	06/20/2012	CITI		994		(39	)
Dow Jones CDX N.A. HY8 Index	Sell	1.833%	06/20/2012	MLP		1,000		(99	)
Dow Jones CDX N.A. HY8 Index	Sell	2.080%	06/20/2012	MSC		1,000		(89	)
Dow Jones CDX N.A. HY8 Index	Sell	2.144%	06/20/2012	CITI		500		(43	)
Dow Jones CDX N.A. IG9 Index	Sell	0.600%	12/20/2012	BCLY		300		(2	)
Dow Jones CDX N.A. IG9 Index	Sell	0.708%	12/20/2012	DUB		1,400		12
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MLP		200		0
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MSC		200		0
							$	(209	)

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	UBS	AUD	13,900	$	(53	)
Pay	3-Month Australian Bank Bill	7.500%	03/15/2010	UBS		500		3
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	BCLY	$	10,800		71
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		13,100		53
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	RBS		400		(3	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	BOA		1,800		(141	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	DUB		100		1
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	MLP		800		(7	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	MSC		400		2
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		1,000		2
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.090%	10/15/2010	BNP	EUR	1,100		5
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	JPM		500		(11	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.955%	03/28/2012	RBS		300		(7	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.950%	03/30/2012	RBS		400		(9	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	03/30/2012	GSC		300		(7	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	04/05/2012	BCLY		100		(2	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958%	04/10/2012	JPM		900		(22	)
Pay	6-Month Australian Bank Bill	7.500%	03/15/2011	UBS	AUD	2,600		5
Pay	6-Month Australian Bank Bill	7.000%	03/20/2013	DUB		1,400		(26	)
Receive	6-Month Australian Bank Bill	6.500%	03/20/2018	DUB		1,900		27
Pay	6-Month EUR-LIBOR	4.000%	03/20/2009	GSC	EUR	1,100		(5	)
Pay	6-Month EUR-LIBOR	5.000%	12/19/2009	DUB		2,500		35
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	JPM		1,400		12
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	MSC		700		6
Pay	6-Month EUR-LIBOR	4.000%	06/18/2010	MSC		1,600		(11	)
Pay	6-Month EUR-LIBOR	4.000%	09/17/2013	MSC		400		(6	)
Pay	6-Month EUR-LIBOR	4.000%	06/15/2018	BCLY		900		10
Pay	6-Month GBP-LIBOR	6.000%	12/20/2008	BCLY	GBP	2,900		6
Pay	6-Month GBP-LIBOR	6.000%	12/20/2008	DUB		1,700		3
Pay	6-Month GBP-LIBOR	6.000%	03/20/2009	BCLY		1,500		2

See Accompanying Notes Annual Report March 31, 2008 61

Schedule of Investments  StocksPLUS^® Total Return Fund  (Cont.)

Interest Rate Swaps (Cont.)
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	6-Month GBP-LIBOR	6.000%	03/20/2009	RBS	GBP	1,400	$	1
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	BCLY		1,700		27
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	CSFB		300		3
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	GSC		3,400		27
Pay	6-Month GBP-LIBOR	6.000%	06/19/2009	GSC		7,400		148
Pay	6-Month GBP-LIBOR	6.000%	06/19/2009	RBS		2,100		41
Pay	6-Month GBP-LIBOR	4.500%	09/20/2009	LEH		5,900		(224	)
Pay	6-Month GBP-LIBOR	6.000%	12/19/2009	GSC		800		31
Pay	6-Month GBP-LIBOR	4.750%	09/17/2013	BCLY		300		(3	)
Pay	6-Month GBP-LIBOR	4.750%	09/17/2013	RBS		300		(3	)
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	GSC		400		0
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	HSBC		500		(1	)
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	MLP		200		16
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	BCLY		200		16
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	HSBC		600		31
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	RBS		1,200		78
Receive	6-Month GBP-LIBOR	5.500%	12/15/2036	GSC		500		(61	)
Receive	6-Month GBP-LIBOR	5.500%	12/15/2036	RBS		100		(13	)
Receive	6-Month GBP-LIBOR	5.000%	12/19/2037	GSC		100		(16	)
Pay	6-Month JPY-LIBOR	2.000%	12/19/2017	BCLY	JPY	40,000		20
Pay	6-Month JPY-LIBOR	2.000%	12/19/2017	DUB		90,000		44
Pay	28-Day Mexico Interbank TIIE Banxico	7.780%	04/03/2012	GSC	MXN	4,700		4
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	CITI		1,200		3
Receive	30-Day USD-CMM Rate	5.000%	02/20/2009	MLP	$	700		(38	)
Pay	BRL-CDI-Compounded	11.360%	01/04/2010	BCLY	BRL	1,700		(25	)
Pay	BRL-CDI-Compounded	11.430%	01/04/2010	MLP		1,100		(15	)
Pay	BRL-CDI-Compounded	11.465%	01/04/2010	GSC		400		(5	)
Pay	BRL-CDI-Compounded	12.780%	01/04/2010	MSC		1,700		1
Pay	BRL-CDI-Compounded	12.948%	01/04/2010	MLP		700		2
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		2,900		(52	)
Pay	BRL-CDI-Compounded	11.980%	01/02/2012	MLP		2,000		(29	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	MLP		1,500		(2	)
Pay	USSP Semi 2-Year Index	0.710%	02/05/2009	BNP	$	1,000		(2	)
							$	(63	)

(j) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 2-Year Note June Futures	$	110.500	04/25/2008	62	$	1	$	1
Call - CBOT U.S. Treasury 2-Year Note June Futures		110.000	05/23/2008	7		1		0
Call - CBOT U.S. Treasury 2-Year Note June Futures		110.500	05/23/2008	22		1		1
Call - CBOT U.S. Treasury 5-Year Note June Futures		125.000	05/23/2008	652		14		5
Call - CBOT U.S. Treasury 10-Year Note June Futures		137.000	05/23/2008	74		1		1
Put - CBOT U.S. Treasury 10-Year Note June Futures		83.000	05/23/2008	132		1		2
Put - CME S&P 500 Index June Futures		650.000	06/19/2008	736		21		0
					$	40	$	10

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500%	02/02/2009	$	28,400	$	313	$	475
Call - OTC 2-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		24,500		118		1,012
Call - OTC 2-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		35,200		125		1,454
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		7,500		30		310
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	12/15/2008		43,800		389		568
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	02/02/2009		24,000		259		297
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.600%	07/02/2009		4,600		44		70
								$	1,278	$	4,186

62 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC Freddie Mac 6.000% due 05/01/2038	$	106.000	05/06/2008	$	12,600	$	2	$	0
Put - OTC Fannie Mae 5.000% due 05/01/2038		78.000	05/06/2008		4,000		0		0
Put - OTC Fannie Mae 5.500% due 05/01/2038		86.000	05/06/2008		47,700		6		9
Put - OTC Fannie Mae 6.000% due 04/01/2038		91.000	04/07/2008		4,000		0		0
Put - OTC Freddie Mac 5.500% due 06/01/2038		84.000	06/05/2008		2,000		0		1
						$	8	$	10

(k) Written options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note June Futures	$	118.000	05/23/2008	85	$	98	$	181
Call - CBOT U.S. Treasury 10-Year Note June Futures		120.000	05/23/2008	28		34		33
Put - CBOT U.S. Treasury 10-Year Note June Futures		114.000	05/23/2008	100		143		22
Put - CBOT U.S. Treasury 10-Year Note June Futures		116.000	05/23/2008	14		11		7
					$	286	$	243

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.300%	02/02/2009	$	7,200	$	182	$	278
Call - OTC 7-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.600%	02/02/2009		3,800		122		190
Call - OTC 5-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		10,500		118		703
Call - OTC 5-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		15,300		127		1,024
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		3,500		32		234
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.300%	12/15/2008		14,600		369		572
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.250%	02/02/2009		8,000		241		295
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.200%	07/02/2009		2,000		44		65
								$	1,235	$	3,361

(l) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
Fannie Mae	5.500%	03/01/2038	$	4,000	$	3,917	$	4,006
Freddie Mac	6.000%	04/01/2038		12,600		12,655		12,921
Ginnie Mae	6.000%	04/01/2038		8,400		8,647		8,669
U.S. Treasury Notes	2.000%	02/28/2010		900		905		910
U.S. Treasury Notes	2.125%	01/31/2010		900		906		914
U.S. Treasury Notes	2.750%	02/28/2013		900		913		926
U.S. Treasury Notes	2.875%	01/31/2013		14,400		14,579		14,813
U.S. Treasury Notes	3.125%	11/30/2009		2,100		2,150		2,182
U.S. Treasury Notes	3.250%	12/31/2009		1,200		1,228		1,245
U.S. Treasury Notes	4.250%	08/15/2013		800		864		879
U.S. Treasury Notes	4.500%	05/15/2017		7,400		7,882		8,187
					$	54,646	$	55,652

⁽²⁾ Market value includes $317 of interest payable on short sales.

(m) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AED	248	05/2008	$	0	$	(1	)	$	(1	)
Buy	AUD	249	04/2008		1		0			1
Buy	BRL	14,552	07/2008		876		0			876
Sell		11,314	07/2008		183		0			183
Buy		10,473	12/2008		10		0			10
Sell		11,255	12/2008		121		0			121
Buy	CLP	64,260	12/2008		12		0			12
Sell	EUR	2,144	04/2008		0		(41	)		(41	)
Sell	GBP	2,799	04/2008		6		(13	)		(7	)
Buy	IDR	2,469,600	05/2008		0		(13	)		(13	)
Buy	INR	30,404	05/2008		34		0			34
Buy		19,694	08/2008		0		(11	)		(11	)
Sell	JPY	8,144	04/2008		0		0			0
Buy		54,762	05/2008		8		(4	)		4
Sell		115,655	05/2008		7		0			7

See Accompanying Notes Annual Report March 31, 2008 63

Schedule of Investments  StocksPLUS^® Total Return Fund  (Cont.)

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	KRW	368,752	05/2008	$	0	$	(25	)	$	(25	)
Buy		1,205,984	08/2008		0		(66	)		(66	)
Buy	KWD	19	05/2008		2		0			2
Buy	MXN	19,690	07/2008		62		0			62
Sell		19,690	07/2008		0		(23	)		(23	)
Buy	MYR	3,221	05/2008		45		0			45
Buy	PHP	37,343	05/2008		76		0			76
Buy	PLN	3,945	07/2008		319		0			319
Sell		3,945	07/2008		0		(180	)		(180	)
Buy	RUB	31,764	07/2008		79		0			79
Sell		31,305	07/2008		0		(62	)		(62	)
Buy		20,383	11/2008		27		0			27
Sell		6,732	11/2008		0		(13	)		(13	)
Buy	SAR	254	05/2008		0		(1	)		(1	)
Buy	SEK	534	06/2008		3		0			3
Buy	SGD	3,729	05/2008		217		0			217
Buy		728	11/2008		14		0			14
Buy	ZAR	379	07/2008		0		(10	)		(10	)
				$	2,102	$	(463	)	$	1,639

64 PIMCO Funds See Accompanying Notes

Schedule of Investments   StocksPLUS^® TR Short Strategy Fund     
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 27.1%
BANKING & FINANCE 21.4%
American Express Centurion Bank
2.835% due 04/17/2009	$	1,200	$	1,197
American Express Co.
7.000% due 03/19/2018		600		631
American General Finance Corp.
6.900% due 12/15/2017		400		392
American Honda Finance Corp.
3.050% due 03/09/2009		500		500
American International Group, Inc.
5.850% due 01/16/2018		400		394
ANZ National International Ltd.
3.168% due 08/07/2009		1,100		1,098
Bank of America Corp.
6.000% due 09/01/2017		300		316
8.000% due 12/29/2049		600		602
Bank of Scotland PLC
4.037% due 07/17/2009		600		600
Barclays Bank PLC
6.050% due 12/04/2017 (f)		200		196
Bear Stearns Cos., Inc.
2.786% due 03/30/2009		400		380
3.160% due 08/21/2009		200		189
3.456% due 04/29/2008		900		896
BNP Paribas
5.186% due 06/29/2049		200		168
C10 Capital SPV Ltd.
6.722% due 12/31/2049		200		185
Calabash Re Ltd.
11.200% due 01/08/2010		400		406
CIT Group, Inc.
2.729% due 12/19/2008		100		90
3.302% due 05/23/2008		100		98
3.401% due 01/30/2009		1,100		958
Citigroup Capital XXI
8.300% due 12/21/2057		4,000		3,953
Citigroup Funding, Inc.
2.599% due 04/23/2009		100		99
2.606% due 06/26/2009 (f)		200		197
2.980% due 12/08/2008		100		99
Citigroup, Inc.
2.701% due 12/28/2009 (f)		300		294
5.300% due 10/17/2012		200		201
5.500% due 08/27/2012		500		504
5.850% due 07/02/2013		200		203
6.000% due 08/15/2017		300		297
6.125% due 08/25/2036		100		88
Ford Motor Credit Co. LLC
6.625% due 06/16/2008		5,300		5,240
Foundation Re II Ltd.
9.820% due 11/26/2010		400		408
General Electric Capital Corp.
2.931% due 03/12/2010 (f)		100		100
3.964% due 01/20/2010 (f)		700		695
6.375% due 11/15/2067		100		98
Goldman Sachs Group, Inc.
2.689% due 12/22/2008		200		199
2.746% due 03/30/2009		200		198
3.186% due 11/10/2008		300		298
3.406% due 07/29/2008		400		399
4.178% due 07/23/2009		20		20
5.950% due 01/18/2018		100		99
6.150% due 04/01/2018 (a)		500		501
6.250% due 09/01/2017		600		605
6.750% due 10/01/2037 (f)		1,500		1,400

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
HSBC Bank USA N.A.
3.130% due 06/10/2009	$	300	$	299
HSBC Finance Corp.
2.930% due 09/15/2008		1,000		991
3.954% due 10/21/2009		200		193
HSBC Holdings PLC
6.500% due 05/02/2036		400		388
6.500% due 09/15/2037		100		95
International Lease Finance Corp.
3.312% due 05/24/2010		900		852
JPMorgan Chase & Co.
4.919% due 10/02/2009		500		495
6.000% due 01/15/2018		200		209
JPMorgan Chase Bank N.A.
6.000% due 10/01/2017		300		313
Keycorp
2.706% due 05/26/2009		2,700		2,695
Lehman Brothers Holdings, Inc.
2.788% due 04/03/2009		300		286
2.809% due 12/23/2010		200		171
3.346% due 11/10/2009		200		181
3.984% due 10/22/2008		500		487
4.171% due 07/18/2011		300		267
5.625% due 01/24/2013		300		292
MBNA Corp.
3.525% due 05/05/2008		1,100		1,101
MetLife, Inc.
6.400% due 12/15/2036		100		80
Morgan Stanley
3.206% due 02/09/2009		900		890
4.134% due 01/22/2009		100		98
5.950% due 12/28/2017		200		194
6.250% due 08/28/2017		200		199
Mystic Re Ltd.
9.390% due 12/05/2008		300		297
National Australia Bank Ltd.
2.979% due 09/11/2009		400		400
Royal Bank of Scotland Group PLC
3.944% due 07/21/2008		300		300
6.990% due 10/29/2049		3,000		2,552
Santander Perpetual S.A. Unipersonal
6.671% due 10/29/2049		100		90
Santander U.S. Debt S.A. Unipersonal
2.659% due 09/19/2008 (f)		700		698
3.954% due 10/21/2008		600		599
SLM Corp.
3.491% due 07/26/2010		100		79
3.541% due 07/25/2008		1,300		1,278
SMFG Preferred Capital USD 1 Ltd.
6.078% due 01/29/2049		200		158
Sumitomo Mitsui Banking Corp.
5.625% due 07/29/2049		100		85
TNK-BP Finance S.A.
6.125% due 03/20/2012		100		94
UBS AG
5.875% due 12/20/2017		200		205
Unicredit Luxembourg Finance S.A.
3.768% due 10/24/2008		200		200
Wachovia Bank N.A.
2.639% due 03/23/2009		800		793
Wachovia Corp.
3.301% due 10/28/2008		600		597
4.388% due 10/15/2011		200		185
5.750% due 02/01/2018		600		589
7.980% due 02/28/2049		7,200		7,096

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Wells Fargo & Co.
2.659% due 03/23/2010	$	800	$	787
				53,349
INDUSTRIALS 4.3%
Anadarko Petroleum Corp.
3.200% due 09/15/2009		500		491
AstraZeneca PLC
5.900% due 09/15/2017		100		106
6.450% due 09/15/2037		100		108
Citigroup Global Markets Deutschland AG for OAO Gazprom
10.500% due 10/21/2009		300		326
Comcast Corp.
4.677% due 07/14/2009		400		389
CSC Holdings, Inc.
7.250% due 07/15/2008		1,000		1,002
Daimler Finance North America LLC
3.218% due 03/13/2009		200		198
3.298% due 03/13/2009		300		296
3.562% due 08/03/2009		300		295
Diageo Capital PLC
3.196% due 11/10/2008		600		598
Gaz Capital S.A.
6.212% due 11/22/2016		100		93
General Electric Co.
3.030% due 12/09/2008		400		400
International Business Machines Corp.
5.700% due 09/14/2017 (f)		2,000		2,100
Kraft Foods, Inc.
6.125% due 02/01/2018		200		200
Rohm & Haas Co.
6.000% due 09/15/2017		100		102
Safeway, Inc.
3.005% due 03/27/2009		1,300		1,282
Siemens Financieringsmaatschappij NV
3.118% due 08/14/2009		500		501
5.500% due 02/16/2012		700		744
Transocean, Inc.
3.214% due 09/05/2008		300		299
Union Pacific Corp.
5.700% due 08/15/2018		600		598
Wal-Mart Stores, Inc.
2.700% due 06/16/2008		600		600
Williams Cos., Inc.
6.375% due 10/01/2010		100		103
				10,831
UTILITIES 1.4%
AT&T, Inc.
3.155% due 05/15/2008		200		200
BellSouth Corp.
3.165% due 08/15/2008 (f)		400		400
Enel Finance International S.A.
6.800% due 09/15/2037		700		708
Florida Power Corp.
3.468% due 11/14/2008		700		700
MidAmerican Energy Holdings Co.
6.125% due 04/01/2036		100		97
NGPL Pipe Co. LLC
6.514% due 12/15/2012		200		208
Southern California Edison Co.
3.212% due 02/02/2009		200		193

See Accompanying Notes Annual Report March 31, 2008 65

Schedule of Investments  StocksPLUS^® TR Short Strategy Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Telefonica Emisones SAU
2.842% due 06/19/2009	$	1,000	$	974
				3,480
Total Corporate Bonds & Notes (Cost $68,857)				67,660
MUNICIPAL BONDS & NOTES 1.1%
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.750% due 06/01/2047		1,100		973
Iowa State Tobacco Settlement Authority Revenue Bonds, Series 2005
6.500% due 06/01/2023		95		93
Los Angeles, California Community College District General Obligation Bonds, (FSA Insured), Series 2006
5.000% due 08/01/2031		500		503
Louisiana State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2001
5.875% due 05/15/2039		25		23
Ohio State Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2007
5.875% due 06/01/2047		1,000		881
San Diego, California Tobacco Settlement Revenue Funding Corporations Revenue Bonds, Series 2006
7.125% due 06/01/2032		100		97
West Virginia State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
7.467% due 06/01/2047		300		286
Total Municipal Bonds & Notes (Cost $2,928)				2,856
U.S. GOVERNMENT AGENCIES 48.6%
Fannie Mae
2.949% due 09/25/2042		200		199
4.176% due 06/01/2034		549		552
4.442% due 09/01/2035		216		219
4.567% due 07/01/2035		173		174
4.634% due 09/01/2035		228		228
4.667% due 12/01/2033		96		97
4.695% due 12/01/2033		59		59
4.835% due 06/01/2035		282		286
4.989% due 06/01/2035		265		270
5.000% due 10/01/2035 - 05/01/2038		2,974		2,939
5.000% due 03/01/2036 (f)		7,902		7,834
5.039% due 03/01/2035		36		37
5.500% due 11/01/2021 - 05/01/2038		49,611		50,113
5.500% due 05/01/2035 - 03/01/2037 (f)		4,772		4,823
6.000% due 10/01/2026 - 10/01/2036 (f)		11,892		12,206
6.000% due 02/01/2027 - 04/01/2038		20,878		21,416
6.329% due 10/01/2034		22		22
6.442% due 11/01/2035		37		38
6.500% due 08/01/2037 - 09/01/2037		2,299		2,384
Freddie Mac
2.968% due 07/15/2019 - 10/15/2020		4,743		4,590
3.048% due 02/15/2019		1,601		1,591
3.218% due 06/15/2018		27		27
4.701% due 06/01/2035		437		444
4.876% due 11/01/2034		168		174
5.000% due 12/15/2020 - 01/15/2024		115		116

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.500% due 03/01/2037 (f)	$	5,022	$	5,077
6.000% due 08/01/2027 - 09/01/2037		3,424		3,517
Ginnie Mae
6.000% due 02/15/2036 - 09/15/2037		1,838		1,900
Small Business Administration
5.520% due 06/01/2024		19		20
Total U.S. Government Agencies (Cost $119,203)				121,352
U.S. TREASURY OBLIGATIONS 0.4%
Treasury Inflation Protected Securities (c)
3.000% due 07/15/2012		118		132
U.S. Treasury Notes
2.750% due 02/28/2013		800		814
Total U.S. Treasury Obligations (Cost $944)				946
MORTGAGE-BACKED SECURITIES 5.6%
American Home Mortgage Investment Trust
4.390% due 02/25/2045		41		37
Banc of America Commercial Mortgage, Inc.
5.740% due 05/10/2045		300		304
Banc of America Funding Corp.
4.113% due 05/25/2035		70		66
Banc of America Mortgage Securities, Inc.
4.362% due 05/25/2033		330		323
Bear Stearns Adjustable Rate Mortgage Trust
4.750% due 10/25/2035		161		155
4.777% due 11/25/2034		141		137
5.072% due 11/25/2034		454		441
Bear Stearns Alt-A Trust
5.371% due 05/25/2035		12		10
5.706% due 09/25/2035		55		46
Citigroup Mortgage Loan Trust, Inc.
4.700% due 12/25/2035		78		76
4.900% due 12/25/2035		120		114
Countrywide Alternative Loan Trust
2.879% due 02/25/2037		722		568
4.500% due 06/25/2035		332		329
Countrywide Home Loan Mortgage Pass-Through Trust
2.839% due 04/25/2035		1		1
4.723% due 02/20/2035		504		489
4.800% due 11/25/2034		276		259
5.250% due 02/20/2036		73		60
CS First Boston Mortgage Securities Corp.
4.938% due 12/15/2040		62		62
GSR Mortgage Loan Trust
4.539% due 09/25/2035		214		202
5.250% due 11/25/2035		344		307
Harborview Mortgage Loan Trust
2.649% due 01/19/2038		880		829
2.779% due 05/19/2035		58		46
JPMorgan Chase Commercial Mortgage Securities Corp.
5.336% due 05/15/2047		1,700		1,653
JPMorgan Mortgage Trust
5.023% due 02/25/2035		134		122
LB-UBS Commercial Mortgage Trust
4.990% due 11/15/2030		123		123
Lehman Brothers Floating Rate Commercial Mortgage Trust
2.898% due 09/15/2021		67		63

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Mellon Residential Funding Corp.
3.561% due 12/15/2030	$	509	$	490
3.601% due 06/15/2030		7		7
Merrill Lynch Countrywide Commercial Mortgage Trust
5.378% due 08/12/2048		1,590		1,542
Merrill Lynch Mortgage Investors, Inc.
2.809% due 02/25/2036		66		53
6.033% due 05/25/2033		271		251
MLCC Mortgage Investors, Inc.
2.849% due 11/25/2035		179		155
Morgan Stanley Capital I
5.809% due 12/12/2049		1,700		1,689
Structured Adjustable Rate Mortgage Loan Trust
4.580% due 02/25/2034		177		169
5.317% due 08/25/2034		245		228
5.726% due 01/25/2035		124		118
Structured Asset Mortgage Investments, Inc.
2.879% due 02/25/2036		69		54
Thornburg Mortgage Securities Trust
2.709% due 11/25/2046		218		207
Wachovia Bank Commercial Mortgage Trust
2.908% due 09/15/2021		892		838
WaMu Mortgage Pass-Through Certificates
5.526% due 11/25/2042		33		31
5.572% due 10/25/2046		694		571
Wells Fargo Mortgage-Backed Securities Trust
4.947% due 01/25/2035		385		362
4.950% due 03/25/2036		313		298
Total Mortgage-Backed Securities (Cost $14,128)				13,885
ASSET-BACKED SECURITIES 2.0%
ACE Securities Corp.
2.659% due 10/25/2036		282		268
American Express Credit Account Master Trust
3.318% due 02/15/2012		149		145
Argent Securities, Inc.
2.649% due 09/25/2036		78		76
Asset-Backed Securities Corp. Home Equity
2.759% due 05/25/2035		3		3
2.874% due 09/25/2034		72		64
Citigroup Mortgage Loan Trust, Inc.
2.659% due 05/25/2037		675		643
Countrywide Asset-Backed Certificates
2.649% due 03/25/2047		176		173
2.669% due 06/25/2037		195		189
3.079% due 12/25/2031		1		1
Ford Credit Auto Owner Trust
3.418% due 07/15/2010		500		498
GSR Mortgage Loan Trust
2.699% due 11/25/2030		9		9
HSI Asset Securitization Corp. Trust
2.649% due 12/25/2036		134		124
JPMorgan Mortgage Acquisition Corp.
2.649% due 08/25/2036		85		82
Long Beach Mortgage Loan Trust
2.659% due 10/25/2036		839		810
2.689% due 01/25/2046		6		6
2.879% due 10/25/2034		9		8
Newcastle Mortgage Securities Trust
2.669% due 03/25/2036		26		26
Park Place Securities, Inc.
2.911% due 10/25/2034		325		272

66 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Residential Asset Mortgage Products, Inc.
2.679% due 10/25/2036	$	256	$	245
Residential Asset Securities Corp.
2.669% due 11/25/2036		190		181
SLM Student Loan Trust
3.321% due 10/27/2014		756		752
3.331% due 01/25/2016		55		55
3.331% due 01/25/2018		63		63
Soundview Home Equity Loan Trust
2.659% due 06/25/2036		7		7
Structured Asset Securities Corp.
2.649% due 10/25/2036		274		265
Total Asset-Backed Securities (Cost $5,164)				4,965
SOVEREIGN ISSUES 0.0%
Russia Government International Bond
8.250% due 03/31/2010		11		12
Total Sovereign Issues (Cost $12)				12
FOREIGN CURRENCY-DENOMINATED ISSUES 1.1%
General Electric Capital Corp.
5.500% due 09/15/2067	EUR	1,900		2,842
Total Foreign Currency-Denominated Issues (Cost $2,568)				2,842

		SHARES		VALUE (000S)
PREFERRED STOCKS 0.4%
DG Funding Trust
4.946% due 12/31/2049		85	$	886
Total Preferred Stocks (Cost $904)				886
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 31.4%
COMMERCIAL PAPER 16.4%
Bank of America Corp.
2.950% due 04/07/2008	$	4,600		4,598
Barclays U.S. Funding Corp.
3.025% due 05/20/2008		5,200		5,179
Federal Home Loan Bank
1.500% due 04/01/2008		9,700		9,700
Nordea N.A., Inc.
2.950% due 04/09/2008		6,100		6,096
Societe General N.A.
2.770% due 06/16/2008		6,700		6,661
UBS Finance Delaware LLC
3.020% due 04/04/2008		1,600		1,600
3.035% due 06/02/2008		5,200		5,175
Westpac Trust Securities NZ Ltd.
4.320% due 04/07/2008		2,000		1,998
				41,007

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS 3.5%
State Street Bank and Trust Co.
1.900% due 04/01/2008	$	8,651	$	8,651
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 3.875% due 08/22/2008 valued at $8,828. Repurchase proceeds are $8,651.)
U.S. TREASURY BILLS 11.5%
0.655% due 04/17/2008 - 07/17/2008 (b)(d)		28,800		28,742
Total Short-Term Instruments (Cost $78,429)				78,400
PURCHASED OPTIONS (i) 0.6%
(Cost $422)				1,555
Total Investments 118.3% (Cost $293,559)			$	295,359
Written Options (j) (0.6%) (Premiums $653)				(1,421	)
Other Assets and Liabilities (Net) (17.7%)				(44,297	)
Net Assets (e) 100.0%			$	249,641

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) When-issued security.

(b) Coupon represents a weighted average rate.

(c) Principal amount of security is adjusted for inflation.

(d) Securities with an aggregate market value of $497 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(e) As of March 31, 2008, portfolio securities with an aggregate value of $571 and derivative instruments with an aggregate depreciation of ($78) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(f) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $32,262 at a weighted average interest rate of 4.526%. On March 31, 2008, securities valued at $35,539 were pledged as collateral for reverse repurchase agreements.

(g) Cash of $16,491 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2008	313	$	2,175
90-Day Eurodollar December Futures	Long	12/2009	12		0
90-Day Eurodollar June Futures	Long	06/2008	159		984
90-Day Eurodollar June Futures	Long	06/2009	12		1
90-Day Eurodollar March Futures	Long	03/2009	117		578
90-Day Eurodollar September Futures	Long	09/2008	16		111
90-Day Eurodollar September Futures	Long	09/2009	22		16
E-mini S&P 500 Index June Futures	Short	06/2008	1,250		(635	)
Euro-Bobl June Futures	Long	06/2008	5		(15	)
Euro-Schatz June Futures	Short	06/2008	16		11
S&P 500 Index June Futures	Short	06/2008	506		(1,578	)
U.S. Treasury 2-Year Note June Futures	Short	06/2008	55		0
U.S. Treasury 5-Year Note June Futures	Long	06/2008	71		(9	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	267		720
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	39		62
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2009	2		1
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	97		46
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2009	15		45
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	30		103
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	53		67
				$	2,683

See Accompanying Notes Annual Report March 31, 2008 67

Schedule of Investments  StocksPLUS^® TR Short Strategy Fund  (Cont.)

(h) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Berkshire Hathaway Finance Corp. 4.625% due 10/15/2013	Sell	0.880%	03/20/2013	RBS	$	8,200	$	20
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.120%	11/20/2011	LEH		1,200		(7	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.950%	08/20/2016	MSC		500		(5	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	1.670%	03/20/2013	BCLY		800		15
General Motors Corp. 7.125% due 07/15/2013	Sell	8.900%	03/20/2013	GSC		300		(21	)
General Motors Corp. 7.125% due 07/15/2013	Sell	9.050%	03/20/2013	GSC		300		(20	)
GMAC LLC 6.875% due 08/28/2012	Sell	1.000%	09/20/2008	BOA		1,000		(57	)
GMAC LLC 6.875% due 08/28/2012	Sell	1.680%	09/20/2008	LEH		700		(37	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400%	12/20/2008	LEH		100		0
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.370%	03/20/2009	BCLY		1,300		(9	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.450%	03/20/2009	MSC		200		(1	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.300%	09/20/2008	RBS		100		(2	)
Multiple Reference Entities of Gazprom	Sell	0.970%	11/20/2008	HSBC		100		0
Multiple Reference Entities of Gazprom	Sell	1.250%	12/20/2008	HSBC		300		0
Multiple Reference Entities of Gazprom	Sell	2.180%	02/20/2013	MSC		100		(3	)
Multiple Reference Entities of Gazprom	Sell	2.480%	02/20/2013	MSC		1,000		(18	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%	02/20/2009	CSFB		1,400		(7	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.270%	03/20/2009	CSFB		200		(1	)
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.310%	03/20/2009	MSC		800		(1	)
Petroleos Mexicanos 9.500% due 09/15/2027	Sell	0.620%	08/20/2011	BCLY		500		(8	)
Reynolds American, Inc. 7.625% due 06/01/2016	Sell	0.300%	06/20/2008	DUB		800		(1	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.310%	03/20/2009	LEH		200		(1	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.495%	08/20/2011	BCLY		500		(13	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.610%	02/20/2009	MSC		700		(6	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.630%	03/20/2009	BCLY		300		(3	)
							$	(186	)

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
CMBX N.A. AAA 3 Index	Sell	0.080%	12/13/2049	MSC	$	800	$	41
Dow Jones CDX N.A. HY8 Index	Sell	2.144%	06/20/2012	CITI		500		(44	)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MLP		1,500		(6	)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MSC		2,000		(6	)
Dow Jones CDX N.A. IG9 Index	Sell	0.600%	12/20/2012	JPM		7,700		52
Dow Jones CDX N.A. IG9 Index	Sell	0.708%	12/20/2012	DUB		1,300		12
							$	49

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	UBS	AUD	4,200	$	(16	)
Pay	3-Month Australian Bank Bill	7.500%	03/15/2010	UBS		300		2
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	DUB	$	4,500		97
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		12,800		51
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	BCLY		2,200		(29	)
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	RBS		3,200		(26	)
Receive	3-Month USD-LIBOR	5.000%	06/20/2017	GSC		700		(74	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	BOA		300		(26	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	MLP		600		(4	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	MSC		400		2
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		700		0
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.090%	10/15/2010	BNP	EUR	200		1
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	JPM		200		(4	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.955%	03/28/2012	RBS		200		(4	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.950%	03/30/2012	RBS		200		(4	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	03/30/2012	GSC		100		(2	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	04/05/2012	BCLY		100		(2	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958%	04/10/2012	JPM		700		(17	)
Pay	6-Month Australian Bank Bill	7.500%	03/15/2011	UBS	AUD	2,800		5
Pay	6-Month EUR-LIBOR	4.000%	03/20/2009	GSC	EUR	400		(2	)
Pay	6-Month EUR-LIBOR	5.000%	12/19/2009	DUB		1,300		18
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	JPM		600		5
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	MSC		300		3
Pay	6-Month EUR-LIBOR	4.000%	06/18/2010	MSC		1,500		(10	)

68 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Interest Rate Swaps (Cont.)
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	6-Month EUR-LIBOR	4.000%	09/17/2013	MSC	EUR	400	$	(6	)
Pay	6-Month EUR-LIBOR	4.000%	06/15/2018	BCLY		600		6
Pay	6-Month GBP-LIBOR	6.000%	12/20/2008	BCLY	GBP	1,000		2
Pay	6-Month GBP-LIBOR	6.000%	12/20/2008	DUB		600		1
Pay	6-Month GBP-LIBOR	6.000%	03/20/2009	BCLY		600		1
Pay	6-Month GBP-LIBOR	6.000%	03/20/2009	RBS		600		0
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	BCLY		600		9
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	CSFB		100		1
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	GSC		1,200		10
Pay	6-Month GBP-LIBOR	6.000%	06/19/2009	GSC		3,000		60
Pay	6-Month GBP-LIBOR	6.000%	06/19/2009	RBS		900		17
Pay	6-Month GBP-LIBOR	4.750%	09/17/2013	BCLY		300		(3	)
Pay	6-Month GBP-LIBOR	4.750%	09/17/2013	RBS		300		(3	)
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	GSC		400		0
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	HSBC		500		(1	)
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	MLP		200		16
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	BCLY		100		9
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	HSBC		300		19
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	RBS		600		48
Receive	6-Month GBP-LIBOR	5.500%	12/15/2036	GSC		200		(24	)
Receive	6-Month GBP-LIBOR	5.500%	12/15/2036	RBS		100		(13	)
Pay	6-Month JPY-LIBOR	2.000%	12/19/2017	BCLY	JPY	20,000		10
Pay	6-Month JPY-LIBOR	2.000%	12/19/2017	DUB		30,000		15
Pay	28-Day Mexico Interbank TIIE Banxico	7.780%	04/03/2012	GSC	MXN	2,000		2
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	CITI		500		1
Receive	30-Day USD-CMM Rate	5.000%	02/20/2009	MLP		500		(27	)
Pay	BRL-CDI-Compounded	11.360%	01/04/2010	BCLY	BRL	700		(10	)
Pay	BRL-CDI-Compounded	11.430%	01/04/2010	MLP		500		(7	)
Pay	BRL-CDI-Compounded	11.465%	01/04/2010	GSC		200		(3	)
Pay	BRL-CDI-Compounded	12.780%	01/04/2010	MSC		600		0
Pay	BRL-CDI-Compounded	12.948%	01/04/2010	MLP		300		1
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		1,100		(20	)
Pay	BRL-CDI-Compounded	11.980%	01/02/2012	MLP		800		(12	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	MLP		1,000		(1	)
Pay	USSP Semi 5-Year Index	0.763%	02/05/2009	BNP	$	2,000		(5	)
							$	57

(i) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 2-Year Note June Futures	$	110.500	04/25/2008	50	$	1	$	1
Call - CBOT U.S. Treasury 5-Year Note June Futures		132.000	05/23/2008	10		0		0
Call - CME S&P 500 Index June Futures		1,775.000	06/19/2008	125		4		0
Call - CME S&P 500 Index June Futures		1,800.000	06/20/2008	450		13		0
Put - CBOT U.S. Treasury 10-Year Note June Futures		96.000	05/23/2008	159		3		2
					$	21	$	3

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500%	02/02/2009	$	11,500	$	126	$	192
Call - OTC 2-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		13,000		63		537
Call - OTC 2-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		11,000		39		455
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		4,000		14		165
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	12/15/2008		3,000		28		39
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	02/02/2009		9,600		104		119
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.600%	07/02/2009		2,300		22		35
								$	396	$	1,542

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Fannie Mae 5.500% due 05/01/2038	$	86.000	05/06/2008	$	14,000	$	4	$	3
Put - OTC Fannie Mae 5.500% due 06/01/2038		86.375	06/05/2008		10,000		1		7
						$	5	$	10

See Accompanying Notes Annual Report March 31, 2008 69

Schedule of Investments  StocksPLUS^® TR Short Strategy Fund  (Cont.)

(j) Written options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note June Futures	$	118.000	05/23/2008	89	$	105	$	189
Call - CBOT U.S. Treasury 10-Year Note June Futures		120.000	05/23/2008	26		32		31
Put - CBOT U.S. Treasury 10-Year Note June Futures		114.000	05/23/2008	90		127		19
Put - CBOT U.S. Treasury 10-Year Note June Futures		116.000	05/23/2008	13		10		7
					$	274	$	246

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.300%	02/02/2009	$	2,900	$	73	$	112
Call - OTC 7-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.600%	02/02/2009		1,400		45		70
Call - OTC 5-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		5,500		62		368
Call - OTC 5-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		5,000		41		335
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		1,500		12		100
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.300%	12/15/2008		1,000		27		39
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.250%	02/02/2009		3,200		97		118
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.200%	07/02/2009		1,000		22		33
								$	379	$	1,175

(k) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
Fannie Mae	6.500%	04/01/2038	$	400	$	409	$	414
Ginnie Mae	6.000%	04/01/2038		1,800		1,853		1,858
U.S. Treasury Notes	2.000%	02/28/2010		700		704		708
U.S. Treasury Notes	2.125%	01/31/2010		700		704		711
U.S. Treasury Notes	2.750%	02/28/2013		800		811		820
U.S. Treasury Notes	2.875%	01/31/2013		2,800		2,835		2,880
U.S. Treasury Notes	3.125%	11/30/2009		1,000		1,024		1,039
U.S. Treasury Notes	3.250%	12/31/2009		600		614		622
U.S. Treasury Notes	4.250%	08/15/2013		700		756		770
U.S. Treasury Notes	4.500%	05/15/2017		1,900		2,036		2,103
					$	11,746	$	11,925

⁽²⁾ Market value includes $95 of interest payable on short sales.

(l) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AED	114	05/2008	$	0	$	0		$	0
Buy	BRL	8,332	07/2008		515		0			515
Sell		732	07/2008		11		0			11
Buy		2,461	12/2008		4		0			4
Sell		179	12/2008		2		0			2
Sell	EUR	1,994	04/2008		0		(38	)		(38	)
Buy	GBP	290	04/2008		0		(1	)		(1	)
Sell		2,361	04/2008		5		(8	)		(3	)
Buy	IDR	970,200	05/2008		0		(5	)		(5	)
Buy	INR	12,168	05/2008		14		0			14
Buy		7,782	08/2008		0		(4	)		(4	)
Sell	JPY	5,164	04/2008		0		0			0
Buy		70,625	05/2008		6		(12	)		(6	)
Sell		119,947	05/2008		10		0			10
Buy	KRW	150,529	05/2008		0		(11	)		(11	)
Buy		620,019	08/2008		0		(35	)		(35	)
Buy	KWD	9	05/2008		1		0			1
Buy	MXN	8,681	07/2008		27		0			27
Sell		4,494	07/2008		0		(6	)		(6	)
Buy	MYR	1,061	05/2008		14		0			14
Buy	PHP	14,314	05/2008		29		0			29
Buy	PLN	1,624	07/2008		132		0			132
Sell		1,624	07/2008		0		(74	)		(74	)
Buy	RUB	20,009	07/2008		50		0			50
Sell		18,433	07/2008		0		(37	)		(37	)

70 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	RUB	8,555	11/2008	$	11	$	0		$	11
Buy	SAR	116	05/2008		0		0			0
Buy	SEK	987	06/2008		6		0			6
Buy	SGD	611	05/2008		35		0			35
Buy		673	11/2008		13		0			13
Buy	ZAR	150	07/2008		0		(4	)		(4	)
				$	885	$	(235	)	$	650

See Accompanying Notes Annual Report March 31, 2008 71

Consolidated Schedule of Investments   CommodityRealReturn Strategy Fund^®

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.7%
Daimler Finance North America LLC
6.800% due 08/03/2012	$	59,501	$	49,493
Georgia-Pacific Corp.
4.446% due 12/20/2012		800		744
4.740% due 12/20/2012		8,905		8,273
4.835% due 12/20/2012		1,048		973
HCA, Inc.
4.946% due 11/16/2013		19,651		18,102
Shackleton Re Ltd.
10.750% due 08/01/2008		5,000		4,825
11.250% due 08/01/2008		3,000		2,895
Tribune Co.
7.396% due 05/30/2009		7,000		6,296
Total Bank Loan Obligations (Cost $102,051)				91,601
CORPORATE BONDS & NOTES 8.4%
BANKING & FINANCE 6.1%
Allstate Life Global Funding Trusts CPI Linked Bond
5.130% due 03/01/2010		7,000		6,942
American Express Bank FSB
6.000% due 09/13/2017		23,900		23,357
American Express Centurion Bank
3.075% due 05/07/2008		7,000		6,999
6.000% due 09/13/2017		24,800		24,117
American Express Co.
7.000% due 03/19/2018		25,740		27,090
8.150% due 03/19/2038		7,390		8,214
American International Group, Inc.
5.850% due 01/16/2018		22,500		22,137
Atlantic & Western Re Ltd.
10.979% due 01/09/2009		15,000		15,114
Bank of America Corp.
3.155% due 11/06/2009		9,600		9,533
8.000% due 12/29/2049		14,700		14,747
Bank of Scotland PLC
4.037% due 07/17/2009		4,600		4,599
Barclays Bank PLC
6.050% due 12/04/2017		41,300		40,385
7.434% due 09/29/2049		8,500		7,700
Bear Stearns Cos., Inc.
6.950% due 08/10/2012		26,500		26,547
7.250% due 02/01/2018		15,000		15,539
C10 Capital SPV Ltd.
6.722% due 12/31/2049		1,000		927
C5 Capital SPV Ltd.
6.196% due 12/01/2049		5,000		4,939
Calabash Re Ltd.
11.200% due 01/08/2010		4,100		4,160
13.700% due 01/08/2010		2,400		2,476
Caterpillar Financial Services Corp.
3.130% due 05/18/2009		2,400		2,391
CIT Group, Inc.
5.000% due 11/24/2008		24,000		22,064
Citigroup Capital XXI
8.300% due 12/21/2057		15,100		14,923
Citigroup Funding, Inc.
2.599% due 04/23/2009		5,000		4,940
Citigroup, Inc.
2.701% due 12/28/2009		49,400		48,384
3.291% due 01/30/2009		4,600		4,560

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Danske Bank A/S
5.914% due 12/29/2049	$	3,000	$	2,774
Ford Motor Credit Co. LLC
7.250% due 10/25/2011		15,825		13,019
7.800% due 06/01/2012		1,000		826
7.875% due 06/15/2010		5,400		4,713
8.000% due 12/15/2016		200		157
Foundation Re Ltd.
7.170% due 11/24/2008		4,500		4,400
Foundation Re II Ltd.
9.820% due 11/26/2010		10,500		10,723
General Electric Capital Corp.
2.941% due 12/12/2008		10,200		10,222
3.244% due 10/24/2008		8,800		8,794
3.274% due 10/26/2009		10,700		10,596
3.994% due 10/21/2010		4,500		4,462
5.875% due 01/14/2038		20,000		19,343
Goldman Sachs Group, Inc.
5.950% due 01/18/2018		7,500		7,446
6.750% due 10/01/2037		63,000		58,790
HSBC Finance Corp.
3.070% due 05/21/2008		400		400
3.954% due 10/21/2009		600		579
Kamp Re 2005 Ltd.
2.961% due 12/14/2010 (a)		4,217		2
Lehman Brothers Holdings, Inc.
2.649% due 12/23/2008		5,500		5,348
5.625% due 01/24/2013		14,000		13,633
Longpoint Re Ltd.
8.050% due 05/08/2010		11,900		12,064
Marsh & McLennan Cos., Inc.
5.750% due 09/15/2015		2,500		2,453
Merna Reinsurance Ltd.
3.346% due 07/07/2010 (m)		27,000		24,535
Merrill Lynch & Co., Inc.
3.888% due 10/23/2008		26,300		26,212
5.450% due 02/05/2013		8,000		7,882
6.400% due 08/28/2017		24,100		23,840
Morgan Stanley
2.639% due 11/21/2008		3,100		3,082
4.134% due 01/22/2009		3,000		2,946
Mystic Re Ltd.
9.390% due 12/05/2008		6,600		6,545
12.090% due 12/05/2008		1,000		990
Osiris Capital PLC
9.258% due 01/15/2010		1,700		1,719
Phoenix Quake Wind I Ltd.
7.152% due 07/03/2008		2,000		2,000
Phoenix Quake Wind II Ltd.
6.198% due 07/03/2008		240		237
Prudential Financial, Inc.
6.100% due 06/15/2017		2,000		2,051
Rabobank Nederland
4.278% due 01/15/2009		9,200		9,196
Residential Reinsurance 2007 Ltd.
10.326% due 06/07/2010		14,100		14,363
13.326% due 06/07/2010		8,800		9,004
Rockies Express Pipeline LLC
4.250% due 08/20/2009		11,600		11,607
Royal Bank of Scotland Group PLC
3.944% due 07/21/2008		4,000		3,994
Santander Perpetual S.A. Unipersonal
6.671% due 10/29/2049		7,300		6,592
Santander U.S. Debt S.A. Unipersonal
2.659% due 09/19/2008		4,900		4,887

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Spinnaker Capital Ltd.
7.042% due 06/20/2008	$	1,250	$	1,253
14.300% due 06/15/2008		390		396
UBS AG
5.875% due 12/20/2017		13,700		14,039
Unicredit Luxembourg Finance S.A.
3.768% due 10/24/2008		20,000		19,982
Vita Capital Ltd.
5.602% due 01/01/2010		3,500		3,422
6.102% due 01/01/2010		5,500		5,413
Vita Capital III Ltd.
5.822% due 01/01/2012		8,000		7,722
5.829% due 01/01/2011		300		294
VTB Capital S.A.
3.839% due 08/01/2008		19,000		18,810
Wachovia Bank N.A.
3.146% due 12/02/2010		27,200		25,979
Wachovia Corp.
7.980% due 02/28/2049		17,900		17,641
Wells Fargo & Co.
4.375% due 01/31/2013		16,800		16,739
World Savings Bank FSB
3.201% due 03/02/2009		2,700		2,707
				849,607
INDUSTRIALS 1.2%
Burlington Northern Santa Fe Corp.
5.650% due 05/01/2017		2,500		2,510
C8 Capital SPV Ltd.
6.640% due 12/29/2049		6,500		6,017
Computer Sciences Corp.
6.500% due 03/15/2018		2,500		2,546
Con-way, Inc.
7.250% due 01/15/2018		10,000		10,501
CSC Holdings, Inc.
7.250% due 07/15/2008		1,400		1,404
CSX Corp.
6.250% due 03/15/2018		5,000		4,947
EchoStar DBS Corp.
5.750% due 10/01/2008		7,800		7,780
6.375% due 10/01/2011		8,000		7,700
El Paso Corp.
6.375% due 02/01/2009		5,600		5,667
Enterprise Products Operating LLC
6.500% due 01/31/2019 (b)		14,700		14,680
HCA, Inc.
9.250% due 11/15/2016		5,000		5,200
Home Depot, Inc.
5.400% due 03/01/2016		2,500		2,355
Hospira, Inc.
5.900% due 06/15/2014		2,500		2,542
Kraft Foods, Inc.
6.000% due 02/11/2013		11,350		11,752
6.125% due 02/01/2018		19,000		19,037
Kroger Co.
6.400% due 08/15/2017		5,000		5,290
Limited Brands, Inc.
6.900% due 07/15/2017		2,000		1,786
Macys Retail Holdings, Inc.
7.450% due 07/15/2017		2,000		1,955
Mandalay Resort Group
6.500% due 07/31/2009		2,000		2,002
9.500% due 08/01/2008		1,100		1,106

72 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Motorola, Inc.
6.000% due 11/15/2017	$	4,000	$	3,434
Nucor Corp.
5.750% due 12/01/2017		4,000		4,151
Target Corp.
6.000% due 01/15/2018		4,000		4,105
UnitedHealth Group, Inc.
4.875% due 02/15/2013		2,300		2,275
6.875% due 02/15/2038		3,750		3,594
Valero Energy Corp.
6.625% due 06/15/2037		10,000		9,589
Viacom, Inc.
6.125% due 10/05/2017		4,000		3,909
6.250% due 04/30/2016		2,500		2,438
Williams Cos., Inc.
6.375% due 10/01/2010		20,000		20,600
				170,872
UTILITIES 1.1%
BellSouth Corp.
4.240% due 04/26/2021		59,500		59,536
Cleveland Electric Illuminating Co.
6.860% due 10/01/2008		100		101
Consolidated Natural Gas Co.
5.000% due 03/01/2014		5,000		4,900
Dominion Resources, Inc.
3.248% due 11/14/2008		1,800		1,791
Embarq Corp.
7.082% due 06/01/2016		4,200		3,984
Enel Finance International S.A.
5.700% due 01/15/2013		57,000		59,083
Midwest Generation LLC
8.300% due 07/02/2009		7,733		7,888
Qwest Capital Funding, Inc.
6.375% due 07/15/2008		1,500		1,504
7.000% due 08/03/2009		10,000		10,000
Qwest Corp.
5.625% due 11/15/2008		1,000		1,000
Verizon Communications, Inc.
5.500% due 04/01/2017		5,000		4,937
				154,724
Total Corporate Bonds & Notes (Cost $1,190,961)				1,175,203
MUNICIPAL BONDS & NOTES 0.7%
Badger, Wisconsin Tobacco Asset Securitization Corporations Revenue Bonds, Series 2002
6.375% due 06/01/2032		1,200		1,205
California State General Obligation Bonds, (AMBAC Insured), Series 2007
4.500% due 08/01/2028		1,500		1,379
California State General Obligation Bonds, Series 2007
5.000% due 06/01/2037		2,500		2,436
California State Metropolitan Water District Revenue Bonds, Series 2006
5.000% due 07/01/2029		5,565		5,621
5.000% due 07/01/2031		4,550		4,574
California State Tobacco Securitization Agency Revenue Bonds, Series 2002
5.625% due 06/01/2023		1,275		1,274
California State University Revenue Bonds, (AMBAC Insured), Series 2005
5.000% due 11/01/2030		200		200

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Chicago, Illinois General Obligation Notes, (FSA Insured), Series 2006
9.248% due 01/01/2014	$	1,270	$	1,009
9.249% due 01/01/2014		730		537
Florida State Board of Education General Obligation Bonds, (MBIA Insured), Series 2007
4.750% due 06/01/2037		4,500		4,161
Florida State Board of Education General Obligation Bonds, Series 2007
5.000% due 06/01/2028		2,500		2,528
Florida State Board of Education General Obligation Bonds, Series 2008
4.750% due 06/01/2037		4,400		4,046
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.125% due 06/01/2047		700		556
5.750% due 06/01/2047		1,900		1,680
Los Angeles, California Community College District General Obligation Bonds, (FGIC Insured), Series 2007
5.000% due 08/01/2027		5,000		5,089
Los Angeles, California Unified School District General Obligation Bonds, (FSA Insured), Series 2007
4.500% due 07/01/2023		1,600		1,604
Louisiana State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2001
5.875% due 05/15/2039		1,140		1,061
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2029		3,600		3,041
5.000% due 06/01/2041		1,200		967
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2007
5.000% due 06/15/2038		8,000		7,950
New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2006
9.248% due 12/15/2013		1,270		1,071
New York State Environmental Facilities Corporations Revenue Bonds, Series 2006
5.000% due 10/15/2024		4,585		4,742
Ohio State Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2007
5.875% due 06/01/2030		2,100		1,942
5.875% due 06/01/2047		16,000		14,098
6.000% due 06/01/2042		300		276
Puerto Rico Sales Tax Financing Corp. Revenue Bonds, (AMBAC Insured), Series 2007
0.000% due 08/01/2054		42,500		2,615
Rhode Island State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2002
6.125% due 06/01/2032		1,200		1,145
Santa Rosa, California Revenue Bonds, (AMBAC Insured), Series 2002
0.000% due 09/01/2024		11,225		4,586
South Carolina State Tobacco Settlement Revenue Management Authority Revenue Bonds, Series 2001
6.375% due 05/15/2028		1,000		991
Texas State Turnpike Authority Revenue Bonds, (AMBAC Insured), Series 2002
0.000% due 08/15/2021		4,500		2,210
Texas State Water Development Board Revenue Bonds, Series 2007
4.500% due 07/15/2024		1,255		1,217

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Washington State General Obligation Bonds, (FSA Insured), Series 2006
5.000% due 07/01/2024	$	600	$	617
Washington State Tobacco Settlement Authority Revenue Bonds, Series 2002
6.500% due 06/01/2026		3,095		3,189
West Virginia State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
7.467% due 06/01/2047		11,000		10,501
Total Municipal Bonds & Notes (Cost $100,756)				100,118
COMMODITY INDEX-LINKED NOTES 20.2%
ABN AMRO Bank NV (DJAIGTR)
4.187% due 04/14/2008		106,800		177,748
Barclays Bank PLC (DJAIGTR)
4.930% due 09/24/2008		235,000		395,807
Calyon Financial, Inc. (DJAIGTR)
5.024% due 08/16/2008		97,000		147,566
Commonwealth Bank of Australia (DJAIGTR)
4.981% due 09/30/2008		122,000		211,803
Credit Suisse USA, Inc. (DJAIGTR)
0.000% due 02/17/2009 (m)		95,000		115,395
Goldman Sachs Group, Inc. (GSCI)
5.061% due 12/01/2008		50,000		71,359
Landesbank Baden-Wurttemberg (DJAIGTR)
2.982% due 11/25/2008		231,500		312,729
Morgan Stanley (GSCI)
3.181% due 03/06/2009		187,000		217,876
Natixis Financial Products, Inc. (DJAIGTR)
2.885% due 05/30/2008 (m)		75,000		111,625
4.696% due 05/09/2008		86,000		132,226
Rabobank Nederland (DJAIGTR)
4.851% due 07/22/2008 (m)		200,000		312,741
Svensk ExportKredit AB (DJAIGCI)
4.884% due 11/25/2008 (m)		150,000		202,631
Svensk ExportKredit AB (DJAIGTR)
4.979% due 05/19/2008		88,000		130,392
Swiss Re Treasury US Corp. (DJAIGCI)
0.000% due 01/07/2009		29,000		39,599
TD NY LLC (DJAIGTR)
0.000% due 02/17/2009		200,000		234,855
Total Commodity Index-Linked Notes (Cost $1,952,300)				2,814,352
U.S. GOVERNMENT AGENCIES 31.0%
Fannie Mae
2.729% due 03/25/2036		2,718		2,689
4.665% due 05/01/2035		1,079		1,092
4.723% due 04/01/2035		535		539
5.000% due 07/01/2035 - 02/01/2037		31,207		30,935
5.244% due 04/01/2033		1,278		1,301
5.500% due 07/01/2033 - 04/01/2038		2,523,897		2,550,616
5.722% due 07/01/2044 - 10/01/2044		5,133		5,117
5.950% due 02/25/2044		8,665		8,850
6.000% due 06/01/2031 - 04/01/2038		973,188		997,900
Freddie Mac
3.048% due 02/15/2019		102,558		101,921
3.088% due 01/15/2037		448		433
3.168% due 12/15/2030		42		41
3.218% due 11/15/2016 - 03/15/2017		2,862		2,861

See Accompanying Notes Annual Report March 31, 2008 73

Consolidated Schedule of Investments  CommodityRealReturn Strategy Fund^®  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
4.000% due 10/15/2023	$	42	$	42
4.540% due 01/01/2034		37		37
5.000% due 01/15/2018 - 08/15/2020		15,021		15,496
5.250% due 08/15/2011		3,118		3,170
5.464% due 03/01/2034		2,846		2,858
5.500% due 05/15/2016 - 04/01/2038		106,394		107,584
6.000% due 07/01/2032 - 11/01/2037		416,656		427,739
6.625% due 01/01/2034		1,284		1,297
7.100% due 06/01/2033		1,035		1,045
7.254% due 01/01/2034		1,543		1,576
Ginnie Mae
4.750% due 12/20/2035		2,409		2,407
5.500% due 11/15/2035 - 05/01/2038		36,658		37,335
5.625% due 07/20/2035		138		140
6.000% due 06/20/2034		181		184
Small Business Administration
5.902% due 02/10/2018		6,100		6,261
Total U.S. Government Agencies (Cost $4,224,454)				4,311,466
U.S. TREASURY OBLIGATIONS 96.4%
Treasury Inflation Protected Securities (d)
0.875% due 04/15/2010		1,859,682		1,903,704
1.625% due 01/15/2015		160,291		169,858
1.625% due 01/15/2018		214,815		225,305
1.750% due 01/15/2028		356,404		353,091
1.875% due 07/15/2013		719,017		775,415
1.875% due 07/15/2015		715,155		771,194
2.000% due 04/15/2012		73,864		79,513
2.000% due 01/15/2014		642,421		695,321
2.000% due 07/15/2014		827,453		898,046
2.000% due 01/15/2016		399,935		433,148
2.000% due 01/15/2026		460,117		473,885
2.375% due 01/15/2017		60,056		66,939
2.375% due 01/15/2025		1,205,116		1,310,376
2.375% due 01/15/2027		381,633		416,248
2.500% due 07/15/2016		360,804		405,933
2.625% due 07/15/2017		379,577		432,125
3.000% due 07/15/2012		644,585		722,339
3.375% due 01/15/2012		25,778		29,012
3.375% due 04/15/2032		58,853		77,282
3.500% due 01/15/2011		342,950		379,388
3.625% due 04/15/2028		981,872		1,272,138
3.875% due 04/15/2029		781,669		1,056,108
4.250% due 01/15/2010		421,178		456,912
U.S. Treasury Bonds
5.500% due 08/15/2028		11,400		13,210
Total U.S. Treasury Obligations (Cost $13,446,068)				13,416,490
MORTGAGE-BACKED SECURITIES 2.0%
American Home Mortgage Investment Trust
2.749% due 09/25/2035		447		445
Banc of America Funding Corp.
6.142% due 01/20/2047		435		377
Banc of America Large Loan, Inc.
3.328% due 08/15/2029		493		474
BCAP LLC Trust
2.769% due 01/25/2037		16,145		11,392
Bear Stearns Adjustable Rate Mortgage Trust
4.125% due 03/25/2035		36,188		34,616
4.475% due 05/25/2033		325		310
4.550% due 08/25/2035		19,690		18,930
4.862% due 01/25/2035		8,823		8,552

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Bear Stearns Alt-A Trust
5.706% due 09/25/2035	$	1,386	$	1,140
Bear Stearns Structured Products, Inc.
2.806% due 01/26/2037		454		431
Citigroup Commercial Mortgage Trust
2.888% due 08/15/2021		633		592
Citigroup Mortgage Loan Trust, Inc.
4.098% due 08/25/2035		1,521		1,517
4.248% due 08/25/2035		9,239		8,778
4.748% due 08/25/2035		9,486		9,427
4.900% due 12/25/2035		1,975		1,882
Commercial Mortgage Pass-Through Certificates
6.455% due 05/15/2032		4,226		4,227
Countrywide Alternative Loan Trust
2.616% due 09/20/2046		3,480		3,401
2.716% due 02/20/2047		13,545		10,189
2.731% due 12/20/2046		1,116		851
2.779% due 05/25/2047		6,002		4,557
2.879% due 12/25/2035		929		762
Countrywide Home Loan Mortgage Pass-Through Trust
2.939% due 06/25/2035		6,907		6,088
Deutsche ALT-A Securities, Inc. Alternate Loan Trust
2.679% due 02/25/2037		1,131		1,060
3.235% due 10/25/2036		6,811		6,476
Greenpoint Mortgage Funding Trust
2.679% due 10/25/2046		5,833		5,256
GSR Mortgage Loan Trust
4.539% due 09/25/2035		22,418		21,134
Harborview Mortgage Loan Trust
2.649% due 01/19/2038		2,861		2,695
2.779% due 05/19/2035		2,502		1,972
Impac Secured Assets CMN Owner Trust
2.679% due 01/25/2037		2,676		2,520
Indymac Index Mortgage Loan Trust
2.689% due 11/25/2046		7,374		6,869
Lehman XS Trust
2.679% due 07/25/2046		3,440		3,339
Residential Accredit Loans, Inc.
2.899% due 08/25/2035		3,573		2,776
Securitized Asset Sales, Inc.
7.282% due 11/26/2023		100		98
Structured Asset Mortgage Investments, Inc.
2.669% due 08/25/2036		4,348		4,254
Structured Asset Securities Corp.
2.649% due 05/25/2036		521		497
5.463% due 10/25/2035		5,584		5,336
TBW Mortgage-Backed Pass-Through Certificates
2.699% due 09/25/2036		766		751
Thornburg Mortgage Securities Trust
2.709% due 03/25/2046		1,069		1,050
2.709% due 11/25/2046		1,455		1,380
2.719% due 09/25/2046		21,070		19,692
Wachovia Bank Commercial Mortgage Trust
2.908% due 09/15/2021		38,974		36,629
WaMu Mortgage Pass-Through Certificates
5.136% due 12/25/2046		3,564		2,772
5.526% due 11/25/2042		796		756
5.572% due 07/25/2046		15,934		10,769
5.826% due 11/25/2046		2,787		2,310
Wells Fargo Mortgage-Backed Securities Trust
3.541% due 09/25/2034		5,286		5,026
4.110% due 06/25/2035		1,873		1,863
Total Mortgage-Backed Securities (Cost $298,835)				276,218

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES 1.1%
Aames Mortgage Investment Trust
2.749% due 08/25/2035	$	291	$	285
ACE Securities Corp.
2.649% due 07/25/2036		3,010		2,958
2.659% due 10/25/2036		507		482
Argent Securities, Inc.
2.649% due 10/25/2036		6,731		6,581
Asset-Backed Funding Certificates
2.659% due 11/25/2036		1,341		1,239
2.949% due 06/25/2034		8,608		7,620
Asset-Backed Securities Corp. Home Equity
2.649% due 11/25/2036		858		833
Bank One Issuance Trust
2.928% due 12/15/2010		1,700		1,700
Bear Stearns Asset-Backed Securities Trust
2.649% due 11/25/2036		937		875
2.679% due 10/25/2036		1,255		1,194
2.799% due 09/25/2034		4		4
2.929% due 01/25/2036		920		895
3.049% due 03/25/2043		142		138
Bravo Mortgage Asset Trust
2.729% due 07/25/2036		432		425
Chase Issuance Trust
2.828% due 12/15/2010		3,960		3,960
Citigroup Mortgage Loan Trust, Inc.
2.649% due 11/25/2036		1,667		1,628
2.679% due 01/25/2037		718		686
Countrywide Asset-Backed Certificates
2.629% due 01/25/2046		6,550		6,417
2.649% due 01/25/2037		3,181		3,145
2.649% due 03/25/2037		4,736		4,547
2.659% due 09/25/2046		2,426		2,376
2.669% due 07/25/2036		3		3
2.709% due 10/25/2046		6,262		6,059
3.265% due 07/25/2036		1		1
First Franklin Mortgage Loan Asset-Backed Certificates
2.649% due 11/25/2036		16,753		15,166
2.849% due 04/25/2035		5		5
First USA Credit Card Master Trust
2.935% due 04/18/2011		800		799
Fremont Home Loan Trust
2.649% due 10/25/2036		1,254		1,236
2.659% due 01/25/2037		1,272		1,158
2.769% due 01/25/2036		392		391
GSAMP Trust
2.639% due 10/25/2046		2,240		2,138
2.669% due 10/25/2036		452		413
GSR Mortgage Loan Trust
2.699% due 11/25/2030		91		90
HSI Asset Securitization Corp. Trust
2.649% due 10/25/2036		1,673		1,540
Indymac Residential Asset-Backed Trust
2.649% due 11/25/2036		1,993		1,959
JPMorgan Mortgage Acquisition Corp.
2.639% due 08/25/2036		1,190		1,160
2.649% due 07/25/2036		2,426		2,290
2.649% due 08/25/2036		6,820		6,590
2.669% due 11/25/2036		1,708		1,628
Lehman XS Trust
2.679% due 11/25/2046		8,075		7,649
Long Beach Mortgage Loan Trust
2.629% due 06/25/2036		148		148
2.639% due 11/25/2036		1,151		1,094

74 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
MASTR Asset-Backed Securities Trust
2.659% due 10/25/2036	$	122	$	121
MBNA Credit Card Master Note Trust
2.918% due 12/15/2011		1,300		1,287
MBNA Master Credit Card Trust
4.402% due 09/15/2010		2,000		2,001
Merrill Lynch Mortgage Investors, Inc.
2.649% due 05/25/2037		4,304		4,233
2.659% due 04/25/2037		397		392
2.669% due 07/25/2037		4,570		4,381
Morgan Stanley ABS Capital I
2.629% due 06/25/2036		238		235
2.639% due 06/25/2036		410		405
2.639% due 10/25/2036		4,749		4,615
2.649% due 09/25/2036		4,066		3,870
Morgan Stanley IXIS Real Estate Capital Trust
2.649% due 11/25/2036		1,062		1,006
Option One Mortgage Loan Trust
2.639% due 02/25/2037		576		550
2.649% due 07/25/2036		346		342
Park Place Securities, Inc.
2.859% due 09/25/2035		401		387
Residential Asset Mortgage Products, Inc.
2.669% due 11/25/2036		1,406		1,358
Residential Asset Securities Corp.
2.669% due 11/25/2036		12,581		11,991
Securitized Asset-Backed Receivables LLC Trust
2.649% due 09/25/2036		1,669		1,589
Soundview Home Equity Loan Trust
2.649% due 10/25/2036		4,431		4,288
2.659% due 11/25/2036		3,491		3,368
2.699% due 10/25/2036		1,232		1,202
Specialty Underwriting & Residential Finance
2.629% due 06/25/2037		509		498
2.644% due 11/25/2037		712		675
Structured Asset Investment Loan Trust
2.649% due 07/25/2036		737		702
Structured Asset Securities Corp.
2.649% due 10/25/2036		7,989		7,745
WFS Financial Owner Trust
3.590% due 10/19/2009		345		345
Total Asset-Backed Securities (Cost $164,273)				157,091
SOVEREIGN ISSUES 0.1%
Export-Import Bank of Korea
4.901% due 10/04/2011		15,200		15,226
Total Sovereign Issues (Cost $15,185)				15,226
FOREIGN CURRENCY-DENOMINATED ISSUES 4.4%
Brazil Notas do Tesouro Nacional Series F
10.000% due 01/01/2012	BRL	43,740		22,594
Brazilian Government International CPI Linked Bond
6.000% due 08/15/2010		5,511		5,145
Canadian Government Bond
3.000% due 12/01/2036 (d)	CAD	21,929		28,209

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Credit Logement S.A.
4.954% due 06/23/2015	EUR	1,400	$	2,147
France Government Bond
3.000% due 07/25/2012 (d)		11,366		19,192
3.150% due 07/25/2032 (d)		1,115		2,079
General Electric Capital Corp.
5.500% due 09/15/2067		34,400		51,451
6.500% due 09/15/2067	GBP	9,400		17,912
Green Valley Ltd.
8.376% due 01/10/2011	EUR	5,400		8,592
Italy Buoni Poliennali Del Tesoro
2.150% due 09/15/2014 (d)		4,404		7,160
2.350% due 09/15/2035 (d)		10,785		16,705
4.250% due 10/15/2012		3,000		4,791
Japanese Government CPI Linked Bond
0.800% due 12/10/2015	JPY	5,528,430		54,484
1.100% due 12/10/2016		10,691,340		107,140
1.200% due 06/10/2017		14,155,000		142,080
1.200% due 12/10/2017		1,745,220		17,492
Pylon Ltd.
6.117% due 12/29/2008	EUR	3,700		5,820
8.517% due 12/29/2008		4,300		6,822
Republic of Germany
5.625% due 01/04/2028		8,400		15,135
Royal Bank of Scotland Group PLC
7.092% due 10/29/2049		5,200		7,344
Svenska Handelsbanken AB
4.786% due 03/16/2015		2,900		4,499
Sweden Government CPI Linked Bond
3.500% due 12/01/2015	SEK	12,000		2,667
United Kingdom Gilt Inflation Linked Bond
2.500% due 05/20/2009	GBP	12,000		64,274
Total Foreign Currency-Denominated Issues (Cost $546,785)				613,734
SHORT-TERM INSTRUMENTS 14.9%
CERTIFICATES OF DEPOSIT 1.1%
Abbey National Treasury Services PLC
2.653% due 07/02/2008	$	91,300		91,039
Calyon Financial, Inc.
4.035% due 01/16/2009		11,300		11,293
Citibank New York N.A.
3.100% due 05/07/2008		25,000		25,000
Fortis Bank NY
2.622% due 04/28/2008		7,200		7,199
2.649% due 06/30/2008		900		900
Nordea Bank Finland PLC
2.671% due 12/01/2008		5,500		5,496
Unicredito Italiano NY
3.135% due 05/06/2008		13,200		13,203
				154,130
COMMERCIAL PAPER 1.6%
Bank of America Corp.
2.920% due 08/26/2008		1,600		1,582
Barclays U.S. Funding Corp.
2.790% due 06/11/2008		7,100		7,061
3.025% due 05/20/2008		17,200		17,129

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
DnB NOR Bank ASA
3.110% due 05/02/2008	$	2,300	$	2,294
Federal Home Loan Bank
1.500% due 04/01/2008		18,800		18,800
Royal Bank of Scotland Group PLC
3.030% due 05/21/2008		11,300		11,253
3.040% due 05/21/2008		11,600		11,551
3.090% due 05/06/2008		21,500		21,436
3.160% due 05/02/2008		22,400		22,339
UBS Finance Delaware LLC
2.985% due 05/01/2008		22,100		22,045
3.035% due 06/02/2008		7,900		7,862
4.140% due 05/12/2008		8,200		8,161
Unicredito Italiano SpA
2.830% due 06/16/2008		8,300		8,251
3.015% due 05/21/2008		11,300		11,253
3.170% due 05/15/2008		1,400		1,395
3.850% due 05/02/2008		7,400		7,375
Westpac Banking Corp.
3.070% due 05/06/2008		26,500		26,421
Westpac Trust Securities NZ Ltd.
3.040% due 05/09/2008		17,700		17,643
				223,851
REPURCHASE AGREEMENTS 0.6%
Credit Suisse Securities (USA) LLC
1.200% due 04/01/2008		11,200		11,200
(Dated 03/31/2008. Collateralized by U.S. Treasury Notes 3.625% due 10/31/2009 valued at $11,478. Repurchase proceeds are $11,200.)
1.200% due 04/01/2008		2,000		2,000
(Dated 03/31/2008. Collateralized by U.S. Treasury Notes 4.875% due 06/30/2009 valued at $2,050. Repurchase proceeds are $2,000.)
Goldman Sachs & Co.
1.200% due 04/01/2008		65,200		65,200
(Dated 03/31/2008. Collateralized by U.S. Treasury Bonds 8.750% due 08/15/2020 valued at $66,514. Repurchase proceeds are $65,202.)
				78,400
U.S. TREASURY BILLS 11.6%
0.827% due 04/17/2008 - 09/11/2008 (c)(e)(f)		1,620,390		1,614,694
Total Short-Term Instruments (Cost $2,074,682)				2,071,075
PURCHASED OPTIONS (k) 0.5%
(Cost $30,977)				67,960
Total Investments 180.4% (Cost $24,147,327)			$	25,110,534
Written Options (l) (1.0%) (Premiums $94,710)				(137,805	)
Other Assets and Liabilities (Net) (79.4%)				(11,053,514	)
Net Assets (g) 100.0%			$	13,919,215

See Accompanying Notes Annual Report March 31, 2008 75

Consolidated Schedule of Investments  CommodityRealReturn Strategy Fund^®  (Cont.)

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security is in default.

(b) When-issued security.

(c) Coupon represents a weighted average rate.

(d) Principal amount of security is adjusted for inflation.

(e) Securities with an aggregate market value of $223,357 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(f) Securities with an aggregate market value of $244,856 have been pledged as collateral for delayed-delivery securities on March 31, 2008.

(g) As of March 31, 2008, portfolio securities with an aggregate value of $2,822,923 and derivative instruments with an aggregate depreciation of ($16,713) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(h) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $115,737 at a weighted average interest rate of 5.186%. On March 31, 2008, there were no open reverse repurchase agreements.

(i) Cash of $111,824 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Euribor December Futures	Long	12/2008	456	$	752
90-Day Euribor December Futures	Long	12/2009	791		1,203
90-Day Euribor June Futures	Long	06/2008	1,355		(910	)
90-Day Euribor June Futures	Long	06/2009	1,462		2,716
90-Day Euribor March Futures	Long	03/2009	1,528		2,655
90-Day Euribor September Futures	Long	09/2008	728		(481	)
90-Day Euribor September Futures	Long	09/2009	1,030		1,285
90-Day Eurodollar December Futures	Short	12/2008	588		(187	)
90-Day Eurodollar December Futures	Long	12/2009	1,149		2,466
90-Day Eurodollar June Futures	Long	06/2009	5,877		29,677
90-Day Eurodollar March Futures	Long	03/2009	4,152		23,396
90-Day Eurodollar September Futures	Long	09/2009	3,938		18,297
Euro-Bund 10-Year Bond June Futures	Short	06/2008	3,712		3,703
Euro-Bund June Futures Call Options Strike @ EUR 129.000	Long	06/2008	2,400		0
Japan Government 10-Year Bond June Futures	Long	06/2008	42		782
Japan Government 10-Year Bond June Futures	Short	06/2008	43		169
U.S. Treasury 2-Year Note June Futures	Short	06/2008	852		(96	)
U.S. Treasury 5-Year Note June Futures	Short	06/2008	726		(148	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	7,933		548
U.S. Treasury 10-Year Note June Futures	Short	06/2008	400		(816	)
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	9,363		(17,243	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	3,589		2,188
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2009	45		8
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	5,148		2,610
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2009	989		1,638
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	861		1,323
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	3,302		3,365
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2009	45		14
United Kingdom Government 10-Year Bond June Futures	Long	06/2008	80		455
				$	79,369

(j) Swap agreements outstanding on March 31, 2008:

Commodity Swaps
Counterparty	Type	Commodity Exchange	Pay/Receive Commodity Exchange	Fixed Price Per Unit		Expiration Date	Units	Unrealized Appreciation/ (Depreciation)
JPM	Long	NYMEX Natural Gas November Futures	Pay	$	8.390	10/28/2009	7,230	$	(7,943	)
JPM	Long	NYMEX Natural Gas November Futures	Pay		8.550	10/28/2009	4,610		(4,356	)
JPM	Long	NYMEX Natural Gas December Futures	Receive		8.718	11/24/2009	7,230		8,050
JPM	Long	NYMEX Natural Gas December Futures	Receive		8.855	11/24/2009	4,610		4,525
MSC	Long	NYMEX Gasoline May Futures	Pay		273.500	04/29/2008	4,200		452
MSC	Long	NYMEX Gasoline October Futures	Receive		253.000	09/29/2008	4,200		(329	)
MSC	Long	NYMEX Gasoline January Futures	Receive		252.000	12/31/2008	20,979		(876	)
MSC	Long	NYMEX WTI Crude January Futures	Pay		103.740	12/31/2008	500		1,192
								$	715

76 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/ Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount	Unrealized Appreciation/ (Depreciation)
Anheuser-Busch Cos., Inc. 5.625% due 10/01/2010	Buy	(0.250%	)	12/20/2012	CITI	$      7,400	$	106
AutoZone, Inc. 5.875% due 10/15/2012	Buy	(0.529%	)	12/20/2012	GSC	4,100		101
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	0.720%		09/20/2012	CITI	5,800		(284	)
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	0.720%		09/20/2012	JPM	8,500		(416	)
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Buy	(1.780%	)	12/20/2012	GSC	8,200		33
Bear Stearns Cos., Inc. 7.250% due 02/01/2018	Buy	(2.275%	)	03/20/2018	JPM	8,000		(457	)
Bear Stearns Cos., Inc. 7.250% due 02/01/2018	Buy	(2.180%	)	03/20/2018	BNP	7,000		(350	)
Burlington Northern Santa Fe Corp. 5.650% due 05/01/2017	Buy	(0.720%	)	06/20/2017	BCLY	2,500		(9	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	0.970%		06/20/2012	CSFB	3,100		(156	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.010%		06/20/2012	CSFB	4,200		(205	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.040%		06/20/2012	CSFB	3,700		(176	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.370%		09/20/2012	CITI	5,000		(201	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.380%		09/20/2012	GSC	2,000		(80	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.380%		09/20/2012	LEH	500		(20	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.550%		09/20/2012	CSFB	2,300		(76	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	2.100%		03/20/2013	CITI	1,200		(22	)
Clorox Co. 6.125% due 02/01/2011	Buy	(0.470%	)	12/20/2012	CITI	6,300		92
Computer Sciences Corp. 6.500% due 03/15/2018	Buy	(1.360%	)	03/20/2018	LEH	2,500		(34	)
ConAgra Foods, Inc. 7.000% due 10/01/2028	Buy	(0.299%	)	12/20/2012	GSC	4,400		78
Consolidated Natural Gas Co. 5.000% due 03/01/2014	Buy	(0.590%	)	03/20/2014	UBS	1,000		4
Con-way, Inc. 7.250% due 01/15/2018	Buy	(1.834%	)	03/20/2018	BOA	10,000		(6	)
CSX Corp. 6.250% due 03/15/2018	Buy	(1.050%	)	03/20/2018	CSFB	5,000		75
Fannie Mae 5.250% due 08/01/2012	Sell	1.401%		03/20/2013	BNP	4,000		18
Fannie Mae 5.250% due 08/01/2012	Sell	1.410%		03/20/2013	RBS	15,000		75
Fannie Mae 5.250% due 08/01/2012	Sell	1.580%		03/20/2013	BNP	2,500		32
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	1.400%		09/20/2008	GSC	22,600		(798	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.800%		09/20/2012	BCLY	3,000		(499	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.800%		09/20/2012	MSC	8,500		(1,415	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.850%		09/20/2012	JPM	3,300		(545	)
Freddie Mac 5.875% due 03/21/2011	Sell	1.580%		03/20/2013	BNP	10,000		127
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	1.010%		03/20/2013	BCLY	22,200		(273	)
GMAC LLC 6.875% due 08/28/2012	Buy	(5.200%	)	09/20/2008	GSC	6,000		217
GMAC LLC 6.875% due 08/28/2012	Buy	(4.250%	)	09/20/2008	DUB	2,800		114
GMAC LLC 6.875% due 08/28/2012	Sell	1.400%		09/20/2008	BCLY	9,100		(499	)
GMAC LLC 6.875% due 08/28/2012	Sell	1.425%		09/20/2008	LEH	13,500		(739	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.100%		06/20/2011	BOA	3,500		(797	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.620%		06/20/2011	UBS	1,000		(208	)
GMAC LLC 6.875% due 08/28/2012	Sell	6.850%		06/20/2012	MSC	5,200		(797	)
GMAC LLC 6.875% due 08/28/2012	Buy	(5.000%	)	09/20/2012	CITI	200		40
GMAC LLC 6.875% due 08/28/2012	Buy	(4.800%	)	09/20/2012	MLP	9,400		1,927
GMAC LLC 6.875% due 08/28/2012	Sell	3.050%		09/20/2012	BCLY	3,200		(793	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.050%		09/20/2012	GSC	11,300		(2,802	)
GMAC LLC 6.875% due 08/28/2012	Sell	5.400%		09/20/2012	JPM	3,000		(571	)
GMAC LLC 6.875% due 08/28/2012	Sell	5.450%		09/20/2012	JPM	3,000		(567	)
GMAC LLC 6.875% due 08/28/2012	Sell	7.000%		09/20/2012	BOA	6,300		(952	)
GMAC LLC 6.875% due 08/28/2012	Sell	7.500%		09/20/2012	LEH	10,000		(1,388	)
GMAC LLC 6.875% due 08/28/2012	Sell	7.500%		09/20/2012	MSC	10,000		(1,388	)
GMAC LLC 6.875% due 08/28/2012	Sell	7.550%		09/20/2012	JPM	10,000		(1,375	)
Goldman Sachs Group, Inc. 5.950% due 01/18/2018	Buy	(0.970%	)	03/20/2018	BNP	7,500		327
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.720%		09/20/2012	LEH	7,000		(201	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.740%		09/20/2012	CSFB	6,100		(171	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.750%		09/20/2012	BEAR	7,100		(196	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.750%		09/20/2012	MLP	4,000		(110	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.780%		09/20/2012	RBS	2,000		(53	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.800%		09/20/2012	MSC	6,800		(173	)
Home Depot, Inc. 5.400% due 03/01/2016	Buy	(1.750%	)	03/20/2016	LEH	2,500		10
Hospira, Inc. 5.900% due 06/15/2014	Buy	(1.030%	)	06/20/2014	MSC	2,500		(27	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400%		12/20/2008	RBS	5,000		(23	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.510%		12/20/2008	DUB	36,000		(138	)
Kraft Foods, Inc. 6.125% due 02/01/2018	Buy	(1.130%	)	03/20/2018	RBS	2,000		27
Kraft Foods, Inc. 6.125% due 02/01/2018	Buy	(0.860%	)	03/20/2018	GSC	4,000		139
Kroger Co. 5.500% due 02/01/2013	Buy	(0.360%	)	12/20/2012	BNP	7,800		120
Kroger Co. 6.400% due 08/15/2017	Buy	(0.900%	)	09/20/2017	BOA	5,000		(25	)
Lehman Brothers Holdings, Inc. 5.625% due 01/24/2013	Buy	(1.420%	)	03/20/2013	RBS	12,000		753
Lehman Brothers Holdings, Inc. 5.625% due 01/24/2013	Buy	(1.390%	)	03/20/2013	MLP	2,000		128
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.660%		09/20/2012	RBS	6,400		(579	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.700%		09/20/2012	JPM	8,600		(764	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.900%		09/20/2012	BNP	3,600		(292	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.950%		09/20/2012	JPM	3,700		(293	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	1.120%		09/20/2012	BNP	2,700		(196	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	1.200%		09/20/2012	BNP	2,900		(202	)
Limited Brands, Inc. 6.900% due 07/15/2017	Buy	(3.113%	)	09/20/2017	MSC	2,000		43
Macys Retail Holdings, Inc. 7.450% due 07/15/2017	Buy	(2.110%	)	09/20/2017	DUB	2,000		69
Marriott International, Inc. 4.625% due 06/15/2012	Buy	(0.640%	)	12/20/2012	CSFB	8,500		564
Marriott International, Inc. 4.625% due 06/15/2012	Buy	(0.640%	)	12/20/2012	GSC	14,400		955

See Accompanying Notes Annual Report March 31, 2008 77

Consolidated Schedule of Investments  CommodityRealReturn Strategy Fund^®  (Cont.)

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/ Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Marriott International, Inc. 4.625% due 06/15/2012	Buy	(0.630%	)	12/20/2012	MSC	$	13,600	$	908
Marsh & McLennan Cos., Inc. 5.750% due 09/15/2015	Buy	(1.180%	)	09/20/2015	BOA		2,500		(23	)
Masco Corp. 5.875% due 07/15/2012	Buy	(0.870%	)	12/20/2012	BCLY		3,800		310
Masco Corp. 5.875% due 07/15/2012	Buy	(0.870%	)	12/20/2012	BOA		6,700		546
Masco Corp. 5.875% due 07/15/2012	Buy	(0.860%	)	12/20/2012	MSC		15,000		1,229
Masco Corp. 5.875% due 07/15/2012	Buy	(0.840%	)	12/20/2012	DUB		14,400		1,191
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Buy	(0.930%	)	12/20/2012	BCLY		200		15
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Buy	(0.930%	)	12/20/2012	JPM		3,500		255
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Buy	(0.920%	)	12/20/2012	JPM		9,500		697
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Buy	(0.900%	)	12/20/2012	LEH		5,000		371
Merrill Lynch & Co., Inc. 5.450% due 02/05/2013	Buy	(1.380%	)	03/20/2013	BNP		8,000		448
Morgan Stanley 6.600% due 04/01/2012	Sell	0.140%		06/20/2008	DUB		50,000		(221	)
Motorola, Inc. 6.000% due 11/15/2017	Buy	(1.020%	)	12/20/2017	LEH		4,000		581
Multiple Reference Entities of Gazprom	Sell	1.000%		11/20/2008	CSFB		12,000		(15	)
Newell Rubbermaid, Inc. 6.350% until 07/15/2008 and variable thereafter, due 07/15/2028	Buy	(0.319%	)	12/20/2012	GSC		4,200		92
Nordstrom, Inc. 6.950% due 03/15/2028	Buy	(0.270%	)	09/20/2012	GSC		17,900		608
Nordstrom, Inc. 6.950% due 03/15/2028	Buy	(0.260%	)	09/20/2012	GSC		11,100		382
Nordstrom, Inc. 6.950% due 03/15/2028	Buy	(0.610%	)	12/20/2012	MSC		6,600		148
Nucor Corp. 5.750% due 12/01/2017	Buy	(0.486%	)	12/20/2017	CSFB		4,000		103
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%		12/20/2008	BCLY		26,000		(77	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%		12/20/2008	MSC		8,800		(26	)
Pearson Dollar Finance PLC 5.700% due 06/01/2014	Buy	(0.830%	)	06/20/2014	JPM		3,000		16
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.320%		12/20/2008	LEH		2,000		0
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.350%		12/20/2008	BCLY		17,700		1
Peru Government International Bond 9.125% due 02/21/2012	Sell	0.370%		12/20/2008	LEH		17,100		5
Prudential Financial, Inc. 6.100% due 06/15/2017	Buy	(0.870%	)	06/20/2017	BCLY		2,000		104
RH Donnelley Corp. 8.875% due 01/15/2016	Sell	3.400%		09/20/2012	CITI		100		(39	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.325%		12/20/2008	DUB		18,800		(29	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.330%		12/20/2008	BCLY		17,700		(26	)
Safeway, Inc. 5.800% due 08/15/2012	Buy	(0.340%	)	12/20/2012	BNP		8,100		108
Sherwin-Williams Co. 7.375% due 02/01/2027	Buy	(0.430%	)	12/20/2012	BOA		7,100		162
SLM Corp. 5.125% due 08/27/2012	Sell	3.700%		03/20/2009	GSC		12,000		(664	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.750%		03/20/2009	UBS		25,000		(970	)
Staples, Inc. 7.375% due 10/01/2012	Buy	(0.700%	)	12/20/2012	MSC		6,400		226
Target Corp. 6.000% due 01/15/2018	Buy	(1.180%	)	03/20/2018	GSC		4,000		19
TJX Cos., Inc. 7.450% due 12/15/2009	Buy	(0.460%	)	12/20/2012	MSC		6,900		73
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.710%		12/20/2008	BCLY		3,000		(12	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.720%		12/20/2008	DUB		7,000		(26	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.780%		12/20/2008	BCLY		17,700		(56	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.790%		12/20/2008	DUB		18,800		(57	)
Verizon Communications, Inc. 5.500% due 04/01/2017	Buy	(0.550%	)	06/20/2017	LEH		5,000		254
VF Corp. 8.500% due 10/01/2010	Buy	(0.449%	)	12/20/2012	LEH		3,100		44
Viacom, Inc. 6.125% due 10/05/2017	Buy	(1.110%	)	12/20/2017	BOA		4,000		220
Viacom, Inc. 6.250% due 04/30/2016	Buy	(1.250%	)	06/20/2016	LEH		2,500		94
Vnesheconom 0.000% due 07/12/2009	Sell	0.650%		11/20/2008	BCLY		9,600		(70	)
Whirlpool Corp. 7.750% due 07/15/2016	Buy	(0.680%	)	12/20/2012	BNP		7,100		107
								$	(9,161	)

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/ Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
CMBX N.A. AAA 3 Index	Sell	0.080%		12/13/2049	GSC	$	17,710	$	982
CMBX N.A. AAA 3 Index	Sell	0.080%		12/13/2049	MSC		63,060		3,717
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	BCLY		12,870		730
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	BOA		54,846		3,943
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	LEH		19,800		1,098
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	MLP		55,836		3,154
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	MSC		6,336		379
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	UBS		135,531		4,705
Dow Jones CDX N.A. HY9 Index	Sell	3.330%		12/20/2012	LEH		47,300		(4,480	)
Dow Jones CDX N.A. HY9 Index	Sell	6.385%		12/20/2012	GSC		4,200		56
Dow Jones CDX N.A. HY9 Index	Sell	6.510%		12/20/2012	MLP		3,100		54
Dow Jones CDX N.A. HY9 Index	Sell	6.570%		12/20/2012	MSC		16,900		341
Dow Jones CDX N.A. HY9 Index	Sell	6.690%		12/20/2012	MLP		8,700		215
Dow Jones CDX N.A. IG8 Index	Buy	(0.350%	)	06/20/2012	BOA		37,200		1,313
Dow Jones CDX N.A. IG9 Index	Buy	(0.600%	)	12/20/2012	LEH		14,700		384
Dow Jones CDX N.A. IG9 Index	Buy	(0.600%	)	12/20/2012	MLP		134,300		5,670
Dow Jones CDX N.A. IG9 Index	Sell	0.600%		12/20/2012	DUB		40,300		162
Dow Jones CDX N.A. IG9 Index	Sell	0.600%		12/20/2012	GSC		184,800		1,237
Dow Jones CDX N.A. IG9 Index	Sell	0.600%		12/20/2012	JPM		37,000		(1,218	)
Dow Jones CDX N.A. IG9 Index	Sell	0.710%		12/20/2012	CITI		24,200		295

78 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Credit Default Swaps on Credit Indices (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/ Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Dow Jones CDX N.A. IG9 Index	Sell	0.760%		12/20/2012	DUB	$	2,000	$	22
Dow Jones CDX N.A. IG9 Index	Sell	1.130%		12/20/2012	MSC		3,400		32
Dow Jones CDX N.A. IG9 Index	Buy	(6.550%	)	12/20/2017	BCLY		16,900		853
Dow Jones CDX N.A. IG9 Index	Buy	(6.550%	)	12/20/2017	GSC		6,300		318
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	BCLY		232,100		8,028
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	BOA		38,100		1,478
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	GSC		50,400		1,947
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	JPM		17,600		679
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	LEH		34,000		1,300
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	MSC		123,500		3,788
Dow Jones CDX N.A. XO8 Index	Buy	(1.400%	)	06/20/2012	BOA		6,300		377
Home Equity Index A Rating 2007-1	Sell	0.640%		08/25/2037	LEH		4,000		(894	)
								$	40,665

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	28-Day Mexico Interbank TIIE Banxico	8.720%	09/05/2016	BCLY	MXN	167,000	$	932
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	GSC		758,500		1,757
Pay	28-Day Mexico Interbank TIIE Banxico	8.330%	02/14/2017	BCLY		124,500		397
Pay	3-Month Australian Bank Bill	7.000%	06/15/2009	CITI	AUD	143,700		(758	)
Pay	3-Month Australian Bank Bill	7.500%	03/15/2010	UBS		476,700		1,686
Pay	3-Month Canadian Bank Bill	4.500%	06/15/2025	MLP	CAD	9,000		128
Pay	3-Month USD-LIBOR	4.000%	06/18/2009	DUB	$	246,500		2,771
Pay	3-Month USD-LIBOR	5.000%	06/18/2009	UBS		546,500		16,306
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	BCLY		512,800		11,937
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	DUB		335,900		2,992
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		318,600		1,177
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	BCLY		196,200		8,665
Receive	3-Month USD-LIBOR	5.000%	06/18/2015	DUB		75,800		(3,227	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2015	MSC		27,700		(1,379	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2015	RBS		152,000		(8,469	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	BCLY		126,400		(6,445	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	MLP		277,400		(15,976	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	MSC		233,161		(15,270	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	RBS		72,700		(4,513	)
Receive	3-Month USD-LIBOR	5.000%	12/20/2021	DUB		72,500		(9,855	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2023	RBS		50,000		(1,382	)
Receive	3-Month USD-LIBOR	5.000%	12/20/2026	DUB		76,800		(11,616	)
Pay	3-Month USD-LIBOR	5.000%	06/20/2027	BOA		18,000		1,572
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	CITI		5,600		(97	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	DUB		88,600		(1,530	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		119,600		(2,153	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.103%	09/14/2010	BNP	EUR	30,000		157
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.090%	10/15/2010	BNP		32,700		229
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.103%	10/15/2010	BCLY		4,900		49
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.146%	10/15/2010	UBS		23,700		149
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.040%	02/21/2011	BNP		21,200		(63	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.028%	10/15/2011	JPM		25,900		(93	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.095%	10/15/2011	UBS		39,400		(15	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.973%	12/15/2011	JPM		46,200		(923	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.976%	12/15/2011	GSC		66,900		(1,047	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.988%	12/15/2011	BNP		71,500		(1,131	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	BCLY		6,000		(134	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	JPM		8,500		(189	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.983%	03/15/2012	BNP		5,500		(122	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.995%	03/15/2012	GSC		42,900		(800	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.955%	03/28/2012	RBS		5,700		(124	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.950%	03/30/2012	RBS		13,600		(305	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	03/30/2012	GSC		6,600		(147	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	04/05/2012	BCLY		3,500		(79	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958%	04/10/2012	JPM		42,400		(1,033	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.980%	04/30/2012	BCLY		9,200		(213	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.238%	06/20/2012	BCLY		40,000		(164	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.138%	01/19/2016	BCLY		32,700		(188	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.150%	01/19/2016	BNP		45,000		(160	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.350%	10/15/2016	UBS		26,000		42
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.353%	10/15/2016	JPM		25,000		103

See Accompanying Notes Annual Report March 31, 2008 79

Consolidated Schedule of Investments  CommodityRealReturn Strategy Fund^®  (Cont.)

Interest Rate Swaps (Cont.)
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	6-Month Australian Bank Bill	7.000%	12/15/2009	BCLY	AUD	156,400	$	(419	)
Pay	6-Month Australian Bank Bill	7.000%	12/15/2009	MSC		163,800		(445	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	CITI		6,600		(30	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	DUB		197,500		(853	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	JPM		33,400		(153	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	RBC		105,900		(432	)
Pay	6-Month Australian Bank Bill	7.000%	06/15/2010	DUB		606,900		(3,528	)
Receive	6-Month Australian Bank Bill	6.500%	06/15/2017	CITI		20,600		567
Receive	6-Month Australian Bank Bill	6.500%	06/15/2017	DUB		14,300		368
Receive	6-Month Australian Bank Bill	6.750%	12/15/2017	BCLY		19,300		416
Receive	6-Month Australian Bank Bill	6.750%	12/15/2017	MSC		20,400		447
Receive	6-Month Australian Bank Bill	7.000%	03/15/2019	UBS		28,100		(97	)
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	DUB	EUR	181,200		1,573
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	MSC		181,100		1,572
Receive	6-Month EUR-LIBOR	4.000%	06/15/2017	LEH		32,400		1,701
Receive	6-Month EUR-LIBOR	5.000%	03/19/2018	BCLY		34,400		(1,211	)
Pay	6-Month EUR-LIBOR	4.500%	06/18/2034	MSC		53,300		(56	)
Pay	6-Month EUR-LIBOR	5.000%	06/18/2034	JPM		15,500		254
Pay	6-Month GBP-LIBOR	5.000%	06/15/2008	BCLY	GBP	7,000		(18	)
Pay	6-Month GBP-LIBOR	5.000%	06/15/2008	UBS		8,800		(21	)
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	BCLY		193,200		(662	)
Pay	6-Month GBP-LIBOR	5.000%	12/19/2009	BCLY		234,600		1,898
Pay	6-Month GBP-LIBOR	5.000%	12/19/2009	MSC		45,300		367
Pay	6-Month GBP-LIBOR	6.000%	03/20/2010	DUB		62,000		1,043
Pay	6-Month GBP-LIBOR	5.000%	09/15/2010	BCLY		41,300		(566	)
Pay	6-Month GBP-LIBOR	5.000%	09/15/2010	RBS		22,000		677
Pay	6-Month GBP-LIBOR	5.000%	03/20/2013	DUB		2,400		(22	)
Pay	6-Month GBP-LIBOR	5.000%	03/20/2013	GSC		40,000		(296	)
Pay	6-Month GBP-LIBOR	5.000%	03/20/2013	JPM		40,000		123
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	MSC		52,200		(81	)
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	RBS		8,700		(38	)
Receive	6-Month GBP-LIBOR	5.000%	09/15/2015	GSC		45,500		(1,864	)
Receive	6-Month GBP-LIBOR	5.000%	03/20/2018	BCLY		9,400		(775	)
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	BCLY		56,700		3,713
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	GSC		4,600		358
Receive	6-Month GBP-LIBOR	4.250%	06/12/2036	HSBC		29,500		3,136
Pay	6-Month JPY-LIBOR	1.000%	03/18/2009	MSC	JPY	34,100,000		865
Receive	6-Month JPY-LIBOR	2.000%	06/20/2017	BCLY		10,440,000		(2,915	)
Receive	6-Month JPY-LIBOR	2.000%	06/20/2017	DUB		2,730,000		(754	)
Receive	6-Month JPY-LIBOR	2.000%	06/20/2017	GSC		2,260,000		(628	)
Receive	6-Month JPY-LIBOR	2.000%	06/20/2017	RBS		6,150,000		(1,986	)
Pay	BRL-CDI-Compounded	12.410%	01/04/2010	UBS	BRL	61,000		(351	)
Pay	BRL-CDI-Compounded	10.115%	01/02/2012	MSC		46,000		(1,698	)
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		274,400		(9,773	)
Pay	BRL-CDI-Compounded	10.680%	01/02/2012	BCLY		157,500		(3,226	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	BCLY		5,000		(14	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	LEH		3,600		(29	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	MLP		329,900		(1,390	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	MSC		46,800		(228	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA Index	2.275%	10/15/2016	UBS	EUR	26,000		42
Pay	U.S. CPI Urban Consumers NSA Index	2.980%	03/06/2018	MSC	$	7,200		95
Pay	U.S. CPI Urban Consumers NSA Index	2.538%	01/16/2013	BCLY		45,000		(381	)
Pay	U.S. CPI Urban Consumers NSA Index	2.710%	01/08/2018	BNP		40,000		(97	)
Pay	United Kingdom RPI Index	3.103%	11/14/2016	UBS	GBP	35,000		(1,874	)
Pay	United Kingdom RPI Index	3.250%	12/14/2017	BCLY		7,500		(119	)
Pay	United Kingdom RPI Index	3.183%	12/19/2017	RBS		24,200		(457	)
Pay	United Kingdom RPI Index	3.110%	01/03/2018	GSC		39,100		(1,261	)
Pay	United Kingdom RPI Index	3.381%	06/14/2027	RBS		8,000		(539	)
Pay	United Kingdom RPI Index	3.440%	09/10/2027	RBS		11,800		(604	)
Pay	United Kingdom RPI Index	3.425%	10/17/2027	BCLY		4,250		(262	)
Pay	United Kingdom RPI Index	3.488%	12/06/2027	RBS		4,500		(146	)
							$	(59,635	)

Total Return Swaps
Pay/Receive Total Return on Reference Entity	Reference Entity	Rate	Expiration Date	Counterparty	# of Shares	Unrealized Appreciation/ (Depreciation)
Receive	Dow Jones - AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	06/26/2008	AIG	7,644,465	$	(121,762	)
Pay	Dow Jones - AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	06/26/2008	AIG	3,990,692		53,742
Receive	Dow Jones - AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	06/26/2008	BCLY	1,807,877		(24,242	)
Receive	Dow Jones - AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	04/28/2008	CSFB	132,306		(1,774	)
Receive	Dow Jones - AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	04/28/2008	GSC	2,496,777		(22,397	)
Receive	Dow Jones - AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	04/28/2008	JPM	972,249		(13,039	)
Receive	Dow Jones - AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	04/28/2008	LEH	2,446,695		(32,808	)

80 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Total Return Swaps (Cont.)
Pay/Receive Total Return on Reference Entity	Reference Entity	Rate	Expiration Date	Counterparty	# of Shares	Unrealized Appreciation/ (Depreciation)
Receive	Dow Jones - AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	04/28/2008	MLP	1,821,670	$	(24,422	)
Receive	Dow Jones - AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	04/28/2008	MSC	14,537,280		(201,727	)
Pay	Dow Jones - AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	04/28/2008	MSC	11,655,912		156,263
Receive	Dow Jones - AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	04/28/2008	UBS	781,398		(27,813	)
						$	(259,979	)

Variance Swaps
Counterparty	Underlying Asset	Pay/Receive Variance (2)	Strike Price	Expiration Date	Notional Amount		Unrealized (Depreciation)
GSC	NYMEX WTI Crude May Futures	Pay	$    0.148	04/17/2008	$	10,800	$	(402	)

⁽²⁾ At the expiration date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price variance of the underlying asset and the strike price multiplied by the notional amount. As a receiver of the realized price variance, the Fund would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the variance is less than the strike price. As a payer of the realized price variance, the Fund would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike price.

(k) Purchased options outstanding on March 31, 2008:

Options on Commodity Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - OTC ICEX Gas Oil December Futures	$	890.000	12/31/2009	1,348	$	7,737	$	12,159
Call - OTC LMEX Copper September Futures		8,700.000	09/03/2008	2,100		605		1,980
Call - OTC NYMEX WTI Crude December Futures		102.000	12/31/2009	502		4,427		4,852
Put - OTC LMEX Copper September Futures		6,000.000	09/03/2008	2,100		569		748
					$	13,338	$	19,739

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 2-Year Note June Futures	$	113.500	05/23/2008	1,755	$	32	$	27
Call - CBOT U.S. Treasury 5-Year Note June Futures		125.000	05/23/2008	2,802		51		22
Call - CBOT U.S. Treasury 10-Year Note June Futures		133.000	05/23/2008	3,714		67		58
Call - CBOT U.S. Treasury 10-Year Note June Futures		149.000	05/23/2008	1,482		14		23
Call - CBOT U.S. Treasury 30-Year Bond June Futures		139.000	04/25/2008	5,000		91		78
Call - CBOT U.S. Treasury 30-Year Bond June Futures		146.000	05/23/2008	6,884		125		108
Call - CBOT U.S. Treasury 30-Year Bond June Futures		147.000	05/23/2008	400		4		6
Put - CBOT U.S. Treasury 10-Year Note June Futures		83.000	05/23/2008	7,981		76		125
Put - CBOT U.S. Treasury 10-Year Note June Futures		85.000	05/23/2008	1,400		13		22
Put - CBOT U.S. Treasury 10-Year Note June Futures		100.000	05/23/2008	583		10		9
					$	483	$	478

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500%	02/02/2009	$	174,100	$	1,915	$	2,910
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		95,600		483		3,950
								$	2,398	$	6,860

Foreign Currency Options
Description	Exercise Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC Euro versus U.S. dollar	$	1.392	07/08/2010	EUR	56,200	$	2,961	$	9,324
Put - OTC Euro versus U.S. dollar		1.392	07/08/2010		56,200		2,961		2,147
Call - OTC U.S. dollar versus Japanese yen	JPY	118.150	06/23/2008	$	148,400		3,907		282
Put - OTC U.S. dollar versus Japanese yen		118.150	06/23/2008		148,400		3,906		28,427
Call - OTC U.S. dollar versus Japanese yen		111.000	12/01/2008		31,000		561		72
						$	14,296	$	40,252

See Accompanying Notes Annual Report March 31, 2008 81

Consolidated Schedule of Investments  CommodityRealReturn Strategy Fund^®  (Cont.)

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Fannie Mae 5.500% due 06/01/2038	$	86.375	06/05/2008	$	329,000	$	39	$	236
Put - OTC Treasury Inflation Protected Securities 1.875% due 07/15/2013		101.000	04/07/2008		700,000		55		1
Put - OTC Treasury Inflation Protected Securities 1.875% due 07/15/2015		99.000	04/24/2008		490,000		38		0
Put - OTC Treasury Inflation Protected Securities 2.000% due 01/15/2014		92.500	04/14/2008		100,000		23		0
Put - OTC Treasury Inflation Protected Securities 2.000% due 01/15/2014		97.000	06/10/2008		100,000		23		6
Put - OTC Treasury Inflation Protected Securities 2.000% due 01/15/2016		99.000	04/25/2008		100,000		8		0
Put - OTC Treasury Inflation Protected Securities 2.375% due 01/15/2025		94.000	04/25/2008		1,100,000		86		1
Put - OTC Treasury Inflation Protected Securities 3.000% due 07/15/2012		107.000	04/25/2008		500,000		39		385
Put - OTC Treasury Inflation Protected Securities 3.500% due 01/15/2011		106.000	04/07/2008		200,000		16		0
Put - OTC Treasury Inflation Protected Securities 3.625% due 04/15/2028		112.000	04/07/2008		975,000		76		1
Put - OTC Treasury Inflation Protected Securities 3.875% due 04/15/2029		116.000	04/07/2008		750,000		59		1
						$	462	$	631

(l) Written options outstanding on March 31, 2008:

Options on Commodity Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - OTC LMEX Copper September Futures	$	7,700.000	09/03/2008	2,100	$	1,132	$	3,505
Call - OTC NYMEX Heating Oil December Futures		288.950	12/31/2009	502		3,831		6,092
Call - OTC NYMEX Heating Oil December Futures		289.690	12/31/2009	502		3,906		6,034
Call - OTC NYMEX Heating Oil December Futures		300.000	12/31/2009	502		4,428		5,288
					$	13,297	$	20,919

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note June Futures	$	118.000	05/23/2008	4,434	$	5,223	$	9,422
Call - CBOT U.S. Treasury 10-Year Note June Futures		118.500	05/23/2008	1,000		1,076		1,844
Call - CBOT U.S. Treasury 10-Year Note June Futures		119.000	05/23/2008	3,552		4,384		5,717
Call - CBOT U.S. Treasury 10-Year Note June Futures		121.000	05/23/2008	1,369		1,554		1,155
Call - CBOT U.S. Treasury 30-Year Bond June Futures		122.000	05/23/2008	1,538		2,475		1,778
Call - OTC Dow Jones - AIG Commodity Index Total Return Futures		230.000	02/12/2009	50,000,000		1,263		2,391
Call - OTC Dow Jones - AIG Commodity Index Total Return Futures		230.000	10/19/2010	68,000,000		3,401		6,710
Call - OTC Dow Jones - AIG Commodity Index Total Return Futures		245.000	01/04/2011	37,500,000		1,492		510
Call - OTC Dow Jones - AIG Commodity Index Total Return Futures		250.000	01/11/2011	19,800,000		756		663
Put - CBOT U.S. Treasury 10-Year Note June Futures		112.000	05/23/2008	1,500		1,612		117
Put - CBOT U.S. Treasury 10-Year Note June Futures		114.000	05/23/2008	2,934		3,178		642
Put - CBOT U.S. Treasury 10-Year Note June Futures		115.000	05/23/2008	1,000		1,451		344
Put - OTC Dow Jones - AIG Commodity Index Total Return Futures		150.000	10/19/2010	68,000,000		5,656		1,946
Put - OTC Dow Jones - AIG Commodity Index Total Return Futures		160.000	01/04/2011	37,500,000		2,034		300
Put - OTC Dow Jones - AIG Commodity Index Total Return Futures		160.000	01/11/2011	19,800,000		1,071		418
Put - OTC Goldman Sachs - Commodity Index Total Return Futures		82.000	12/19/2008	89,000,000		178		63
					$	36,804	$	34,020

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.300%	02/02/2009	$	75,700	$	1,995	$	2,926
Call - OTC 10-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	5.250%	09/15/2008		71,000		1,890		6,402
Put - OTC 10-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	5.250%	09/15/2008		71,000		1,890		410
Call - OTC 30-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Receive	5.670%	08/07/2008		27,000		1,303		4,434
Put - OTC 30-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Pay	5.670%	08/07/2008		27,000		986		176
Call - OTC 30-Year Interest Rate Swap	CITI	3-Month USD-LIBOR	Receive	5.670%	08/07/2008		33,300		1,392		5,469
Put - OTC 30-Year Interest Rate Swap	CITI	3-Month USD-LIBOR	Pay	5.670%	08/07/2008		33,300		1,405		217
Call - OTC 7-Year Interest Rate Swap	GSC	3-Month USD-LIBOR	Receive	5.365%	09/20/2010		64,000		2,058		4,082
Put - OTC 7-Year Interest Rate Swap	GSC	3-Month USD-LIBOR	Pay	5.365%	09/20/2010		64,000		2,058		1,521
Call - OTC 10-Year Interest Rate Swap	GSC	3-Month USD-LIBOR	Receive	5.250%	09/15/2008		52,000		1,305		4,689
Put - OTC 10-Year Interest Rate Swap	GSC	3-Month USD-LIBOR	Pay	5.250%	09/15/2008		52,000		1,258		300
Call - OTC 10-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Receive	5.250%	09/15/2008		94,900		2,809		8,557
Put - OTC 10-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Pay	5.250%	09/15/2008		94,900		1,907		548
Call - OTC 30-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Receive	5.670%	08/07/2008		55,800		1,958		9,165
Put - OTC 30-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Pay	5.670%	08/07/2008		55,800		2,740		363
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		42,000		475		2,810
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	5.365%	09/20/2010		126,000		3,433		8,037
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	5.365%	09/20/2010		65,000		2,044		4,146
Put - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	5.365%	09/20/2010		191,000		6,782		4,539
Call - OTC 10-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	5.250%	09/15/2008		37,200		934		3,354
Put - OTC 10-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	5.250%	09/15/2008		37,200		900		215
								$	41,522	$	72,360

82 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Foreign Currency Options
Description	Exercise Price		Expiration Date	Notional Amount		Premium		Value
Call - OTC U.S. dollar versus Japanese yen	JPY	118.150	06/23/2008	$	44,100	$	552	$	84
Put - OTC U.S. dollar versus Japanese yen		118.150	06/23/2008		44,100		2,022		8,448
Put - OTC U.S. dollar versus Japanese yen		100.000	12/01/2008		31,000		513		1,974
						$	3,087	$	10,506

(m) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Credit Suisse USA, Inc.	0.000%	02/17/2009	01/07/2008	$	95,000	$	115,395	0.83%
Merna Reinsurance Ltd.	3.346%	07/07/2010	09/21/2007		26,730		24,535	0.18%
Natixis Financial Products, Inc.	2.885%	05/30/2008	04/23/2007		75,000		111,625	0.80%
Rabobank Nederland	4.851%	07/22/2008	06/08/2007		200,000		312,741	2.25%
Svensk ExportKredit AB	4.884%	11/25/2008	10/19/2007		150,000		202,631	1.45%
				$	546,730	$	766,927	5.51%

(n) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (3)
Fannie Mae	5.000%	04/01/2038	$	5,000	$	4,770	$	4,949
Fannie Mae	5.500%	04/01/2038		238,910		241,980		241,187
Freddie Mac	6.000%	04/01/2038		448,900		450,804		460,333
Treasury Inflation Protected Securities	2.375%	04/15/2011		96,387		102,207		103,645
Treasury Inflation Protected Securities	2.375%	01/15/2017		3,777		4,148		4,235
Treasury Inflation Protected Securities	2.625%	07/15/2017		4,083		4,577		4,678
U.S. Treasury Bonds	4.750%	02/15/2037		55,200		57,804		59,896
U.S. Treasury Bonds	5.500%	08/15/2028		11,400		13,191		13,298
U.S. Treasury Notes	3.250%	12/31/2009		183,500		188,634		190,486
U.S. Treasury Notes	3.500%	02/15/2018		1,800		1,809		1,823
U.S. Treasury Notes	3.625%	12/31/2012		28,950		30,334		30,916
U.S. Treasury Notes	4.125%	08/31/2012		49,100		51,682		52,930
U.S. Treasury Notes	4.250%	11/15/2017		101,950		107,808		110,707
U.S. Treasury Notes	4.750%	05/15/2014		61,700		68,778		70,701
U.S. Treasury Notes	4.750%	08/15/2017		80,800		87,382		89,998
U.S. Treasury Notes	5.125%	05/15/2016		168,300		190,012		195,706
					$	1,605,920	$	1,635,488

⁽³⁾ Market value includes $10,807 of interest payable on short sales.

(o) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	328,638	07/2008	$	6,055	$	0		$	6,055
Sell		179,059	07/2008		2,390		0			2,390
Buy		258,625	12/2008		2,095		0			2,095
Sell		148,488	12/2008		1,981		0			1,981
Sell	CAD	24,358	04/2008		733		0			733
Sell	CHF	11,295	06/2008		0		(532	)		(532	)
Buy	CNY	46,765	03/2009		731		0			731
Sell		46,765	03/2009		0		(667	)		(667	)
Sell	EUR	113,976	04/2008		0		(2,193	)		(2,193	)
Sell	GBP	143,116	04/2008		6		(745	)		(739	)
Sell	JPY	100,000	04/2008		0		(51	)		(51	)
Buy		1,076,110	05/2008		225		0			225
Sell		39,429,033	05/2008		4		(11,121	)		(11,117	)
Buy	KRW	49,074,286	05/2008		0		(2,960	)		(2,960	)
Buy		2,100,602	08/2008		0		(90	)		(90	)
Buy	MXN	1,843,059	07/2008		6,019		0			6,019
Sell		1,642,160	07/2008		0		(2,548	)		(2,548	)
Buy	MYR	87,299	05/2008		791		(96	)		695
Buy	PHP	729,573	08/2008		0		(668	)		(668	)
Buy	PLN	149,026	07/2008		11,810		0			11,810
Buy	RUB	14,028	07/2008		37		0			37
Buy		2,151,495	11/2008		2,433		0			2,433
Sell		830,201	11/2008		0		(1,530	)		(1,530	)
Sell	SEK	14,781	06/2008		0		(90	)		(90	)
Buy	SGD	81,265	05/2008		3,917		0			3,917
Buy		2,949	11/2008		57		0			57
				$	39,284	$	(23,291	)	$	15,993

See Accompanying Notes Annual Report March 31, 2008 83

Financial Highlights

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income (a)		Net Realized/ Unrealized Gain (Loss) on Investments			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
All Asset Fund
Class A
03/31/2008	$	12.74	$	0.89	$	(0.16	)	$	0.73		$	(0.93	)	$	0.00
03/31/2007		12.56		0.70		0.20			0.90			(0.68	)		(0.04	)
03/31/2006		12.60		0.81		(0.08	)		0.73			(0.71	)		(0.06	)
03/31/2005		12.78		0.81		(0.22	)		0.59			(0.70	)		(0.07	)
04/30/2003 - 03/31/2004		11.39		0.72		1.21			1.93			(0.45	)		(0.09	)
Class B
03/31/2008		12.67		0.78		(0.14	)		0.64			(0.84	)		0.00
03/31/2007		12.49		0.60		0.21			0.81			(0.59	)		(0.04	)
03/31/2006		12.54		0.70		(0.07	)		0.63			(0.62	)		(0.06	)
03/31/2005		12.73		0.70		(0.20	)		0.50			(0.62	)		(0.07	)
04/30/2003 - 03/31/2004		11.39		0.67		1.16			1.83			(0.40	)		(0.09	)
Class C
03/31/2008		12.65		0.78		(0.14	)		0.64			(0.84	)		0.00
03/31/2007		12.48		0.60		0.20			0.80			(0.59	)		(0.04	)
03/31/2006		12.54		0.71		(0.08	)		0.63			(0.63	)		(0.06	)
03/31/2005		12.73		0.71		(0.21	)		0.50			(0.62	)		(0.07	)
04/30/2003 - 03/31/2004		11.39		0.63		1.20			1.83			(0.40	)		(0.09	)
All Asset All Authority Fund
Class A
03/31/2008	$	10.67	$	0.72	$	0.34		$	1.06		$	(0.77	)	$	0.00
03/31/2007		10.61		0.58		0.05			0.63			(0.55	)		(0.02	)
07/29/2005 - 03/31/2006		10.96		0.57		(0.39	)		0.18			(0.51	)		(0.02	)
Class C
03/31/2008		10.64		0.63		0.34			0.97			(0.69	)		0.00
03/31/2007		10.58		0.50		0.06			0.56			(0.48	)		(0.02	)
07/29/2005 - 03/31/2006		10.96		0.47		(0.35	)		0.12			(0.48	)		(0.02	)
Fundamental IndexPLUSTM TR Fund
Class A
03/31/2008	$	10.42	$	0.47	$	(0.83	)	$	(0.36	)	$	(0.15	)	$	0.00
03/31/2007		10.27		0.40		1.09			1.49			(1.34	)		0.00
06/30/2005 - 03/31/2006		10.00		0.26		0.45			0.71			(0.44	)		0.00
Class C
03/31/2008		10.39		0.39		(0.84	)		(0.45	)		(0.10	)		0.00
03/31/2007		10.26		0.33		1.09			1.42			(1.29	)		0.00
06/30/2005 - 03/31/2006		10.00		0.20		0.47			0.67			(0.41	)		0.00
International StocksPLUS® TR Strategy Fund (Unhedged)
Class A
03/31/2008	$	10.20	$	0.45	$	(0.32	)	$	0.13		$	(0.38	)	$	0.00
11/30/2006 - 03/31/2007		10.00		0.14		0.47			0.61			(0.41	)		0.00
Class C
03/31/2008		10.19		0.37		(0.32	)		0.05			(0.34	)		0.00
11/30/2006 - 03/31/2007		10.00		0.12		0.46			0.58			(0.39	)		0.00

* Annualized

^(a) Per share amounts based on average number of shares outstanding during the year or period.

^(b) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 0.90%.

^(c) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.65%.

^(d) Effective October 1, 2005, the Fund’s administrative fee was reduced by 0.05%, to 0.40%.

^(e) Effective October 1, 2006, the Fund’s advisory fee was reduced by 0.025% to 0.175%.

^(f) Effective October 1, 2006, the Fund’s advisory fee was reduced by 0.05% to 0.20%.

84 PIMCO Funds See Accompanying Notes

Tax Basis Return of Capital			Total Distributions			Net Asset Value End of Year or Period		Total Return		Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Expenses to Average Net Assets Excluding Interest Expense		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	0.00		$	(0.93	)	$	12.54	5.85	%	$	1,584,884	0.805	%(j)	0.805	%(j)	6.93	%	96	%
	0.00			(0.72	)		12.74	7.36			1,501,507	0.835	(e)	0.835	(e)	5.56		86
	0.00			(0.77	)		12.56	5.83			1,716,654	0.87	(d)	0.87	(d)	6.25		56
	0.00			(0.77	)		12.60	4.66			907,980	0.86	(b)	0.86	(b)	6.42		92
	0.00			(0.54	)		12.78	17.22			333,578	0.87	*(b)	0.87	*(b)	6.41	*	99
	0.00			(0.84	)		12.47	5.10			237,231	1.555	(k)	1.555	(k)	6.15		96
	0.00			(0.63	)		12.67	6.61			269,784	1.585	(e)	1.585	(e)	4.82		86
	0.00			(0.68	)		12.49	5.05			312,732	1.62	(d)	1.62	(d)	5.45		56
	0.00			(0.69	)		12.54	3.90			194,889	1.61	(c)	1.61	(c)	5.56		92
	0.00			(0.49	)		12.73	16.32			86,963	1.62	*(c)	1.62	*(c)	5.95	*	99
	0.00			(0.84	)		12.45	5.12			1,236,340	1.555	(k)	1.555	(k)	6.14		96
	0.00			(0.63	)		12.65	6.53			1,304,837	1.585	(e)	1.585	(e)	4.81		86
	0.00			(0.69	)		12.48	5.00			1,549,370	1.62	(d)	1.62	(d)	5.58		56
	0.00			(0.69	)		12.54	3.94			777,105	1.61	(c)	1.61	(c)	5.66		92
	0.00			(0.49	)		12.73	16.37			290,297	1.62	*(c)	1.62	*(c)	5.64	*	99
$	0.00		$	(0.77	)	$	10.96	10.31	%	$	363,665	2.47	%(i)	0.85	%	6.66	%	116	%
	0.00			(0.57	)		10.67	6.16			236,772	2.41	(f)(i)	0.87	(f)	5.45		128
	0.00			(0.53	)		10.61	1.57			227,564	2.06	*(d)(i)	0.90	*(d)	8.00	*	62
	0.00			(0.69	)		10.92	9.44			168,527	3.26	(i)	1.60		5.86		116
	0.00			(0.50	)		10.64	5.43			140,296	3.16	(f)(i)	1.62	(f)	4.72		128
	0.00			(0.50	)		10.58	1.03			125,977	2.80	*(d)(i)	1.65	*(d)	6.62	*	62
$	(0.53	)	$	(0.68	)	$	9.38	(4.01	)%	$	27,595	1.70	%	1.19	%	4.49	%	279	%
	0.00			(1.34	)		10.42	15.00			27,519	1.14		1.14		3.85		464
	0.00			(0.44	)		10.27	7.19			24,117	1.15	*	1.15	*	3.40	*	426
	(0.52	)		(0.62	)		9.32	(4.83	)		11,296	2.43		1.94		3.72		279
	0.00			(1.29	)		10.39	14.23			13,045	1.89		1.89		3.20		464
	0.00			(0.41	)		10.26	6.75			5,726	1.90	*	1.90	*	2.64	*	426
$	(0.44	)	$	(0.82	)	$	9.51	0.86	%	$	1,881	2.11	%(l)	1.06	%(l)	4.47	%	384	%
	0.00			(0.41	)		10.20	6.25			68	1.09	*(g)	1.09	*(g)	4.33	*	197
	(0.45	)		(0.79	)		9.45	0.06			398	2.60	(l)	1.81	(l)	3.65		384
	0.00			(0.39	)		10.19	5.95			83	1.84	*(h)	1.84	*(h)	3.54	*	197

^(g) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.76%.

^(h) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 2.42%.

⁽ⁱ⁾ Ratio of expenses to average net assets included line of credit expenses.

^(j) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 0.825%.

^(k) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.575%.

^(l) Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.39%.

Annual Report March 31, 2008 85

Financial Highlights  (Cont.)

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income (Loss) (a)			Net Realized/ Unrealized Gain (Loss) on Investments			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)
Class A
03/31/2008	$	12.17	$	0.53		$	(2.13	)	$	(1.60	)	$	(0.28	)	$	(0.06	)
03/31/2007		12.33		0.47			1.17			1.64			(1.80	)		0.00
03/31/2006		10.39		0.37			2.97			3.34			(1.40	)		0.00
03/31/2005		10.76		0.10			1.06			1.16			(1.04	)		(0.34	)
10/30/2003 - 03/31/2004		10.00		0.01			1.01			1.02			(0.26	)		0.00
Class B
03/31/2008		12.03		0.43			(2.11	)		(1.68	)		(0.21	)		(0.06	)
03/31/2007		12.21		0.37			1.16			1.53			(1.71	)		0.00
03/31/2006		10.33		0.27			2.95			3.22			(1.34	)		0.00
03/31/2005		10.76		0.03			1.04			1.07			(1.01	)		(0.34	)
10/30/2003 - 03/31/2004		10.00		(0.03	)		1.02			0.99			(0.23	)		0.00
Class C
03/31/2008		12.04		0.43			(2.10	)		(1.67	)		(0.21	)		(0.06	)
03/31/2007		12.22		0.37			1.16			1.53			(1.71	)		0.00
03/31/2006		10.33		0.27			2.96			3.23			(1.34	)		0.00
03/31/2005		10.74		0.00			1.08			1.08			(1.00	)		(0.34	)
10/30/2003 - 03/31/2004		10.00		(0.03	)		1.02			0.99			(0.25	)		0.00

* Annualized

^(a) Per share amounts based on average number of shares outstanding during the year or period.

^(b) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.98%.

^(c) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 2.50%.

^(d) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 2.68%.

^(e) Effective October 1, 2005, the Fund’s administrative fee was reduced by 0.05% to 0.45%.

^(f) Effective October 1, 2006, the Fund’s advisory fee was reduced by 0.05% to 0.50%.

^(g) Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.45%.

86 PIMCO Funds See Accompanying Notes

Tax Basis Return of Capital			Total Distributions			Net Asset Value End of Year or Period		Total Return		Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Expenses to Average Net Assets Excluding Interest Expense		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	0.00		$	(0.34	)	$	10.23	(13.59	)%	$	11,923	2.03	%(g)	1.18	%(g)	4.39	%	908	%
	0.00			(1.80	)		12.17	14.16			18,187	1.23	(f)	1.22	(f)	3.86		696
	0.00			(1.40	)		12.33	32.93			19,522	1.28	(e)	1.28	(e)	3.11		682
	(0.15	)		(1.53	)		10.39	9.70			2,643	1.35		1.35		0.91		666
	0.00			(0.26	)		10.76	10.31			229	1.35	*(b)	1.35	*(b)	5.91	*	41
	0.00			(0.27	)		10.08	(14.31	)		9,274	2.80	(g)	1.93	(g)	3.66		908
	0.00			(1.71	)		12.03	13.32			14,625	1.98	(f)	1.97	(f)	3.12		696
	0.00			(1.34	)		12.21	31.97			14,053	2.03	(e)	2.03	(e)	2.34		682
	(0.15	)		(1.50	)		10.33	8.83			1,952	2.10		2.10		0.29		666
	0.00			(0.23	)		10.76	10.00			79	2.10	*(c)	2.10	*(c)	7.07	*	41
	0.00			(0.27	)		10.10	(14.22	)		8,140	2.78	(g)	1.93	(g)	3.65		908
	0.00			(1.71	)		12.04	13.30			12,356	1.98	(f)	1.97	(f)	3.12		696
	0.00			(1.34	)		12.22	32.02			12,639	2.03	(e)	2.03	(e)	2.33		682
	(0.15	)		(1.49	)		10.33	8.92			2,397	2.10		2.10		0.04		666
	0.00			(0.25	)		10.74	9.99			832	2.10	*(d)	2.10	*(d)	8.06	*	41

Annual Report March 31, 2008 87

Financial Highlights  (Cont.)

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income (a)		Net Realized/ Unrealized Gain (Loss) on Investments			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
RealEstateRealReturn Strategy Fund
Class A
03/31/2008	$	7.51	$	0.32	$	(1.12	)	$	(0.80	)	$	(0.76	)	$	0.00
03/31/2007		9.12		0.24		1.30			1.54			(3.15	)		0.00
03/31/2006		9.26		0.40		2.58			2.98			(3.02	)		(0.10	)
03/31/2005		11.95		0.26		1.29			1.55			(3.95	)		(0.22	)
10/30/2003 - 03/31/2004		10.00		0.14		2.65			2.79			(0.84	)		0.00
Class B
03/31/2008		7.39		0.28		(1.11	)		(0.83	)		(0.72	)		0.00
03/31/2007		9.02		0.16		1.30			1.46			(3.09	)		0.00
03/31/2006		9.20		0.33		2.54			2.87			(2.95	)		(0.10	)
03/31/2005		11.94		0.16		1.29			1.45			(3.90	)		(0.22	)
10/30/2003 - 03/31/2004		10.00		0.13		2.63			2.76			(0.82	)		0.00
Class C
03/31/2008		7.39		0.28		(1.11	)		(0.83	)		(0.72	)		0.00
03/31/2007		9.02		0.16		1.30			1.46			(3.09	)		0.00
03/31/2006		9.20		0.32		2.55			2.87			(2.95	)		(0.10	)
03/31/2005		11.93		0.17		1.29			1.46			(3.90	)		(0.22	)
10/30/2003 - 03/31/2004		10.00		0.10		2.66			2.76			(0.83	)		0.00
Small Cap StocksPLUS TR® Fund
Class A
03/31/2008	$	10.58	$	0.43	$	(1.44	)	$	(1.01	)	$	(0.39	)	$	(0.12	)
07/31/2006 - 03/31/2007		9.13		0.29		1.29			1.58			(0.13	)		0.00
Class C
03/31/2008		10.52		0.35		(1.44	)		(1.09	)		(0.34	)		(0.12	)
07/31/2006 - 03/31/2007		9.13		0.24		1.28			1.52			(0.13	)		0.00
StocksPLUS® Fund
Class A
03/31/2008	$	10.80	$	0.48	$	(1.01	)	$	(0.53	)	$	(0.58	)	$	0.00
03/31/2007		10.14		0.42		0.66			1.08			(0.42	)		0.00
03/31/2006		9.48		0.29		0.60			0.89			(0.23	)		0.00
03/31/2005		9.47		0.10		0.40			0.50			(0.49	)		0.00
03/31/2004		7.58		0.06		2.53			2.59			(0.70	)		0.00
Class B
03/31/2008		10.54		0.39		(0.99	)		(0.60	)		(0.49	)		0.00
03/31/2007		9.90		0.33		0.65			0.98			(0.34	)		0.00
03/31/2006		9.27		0.20		0.61			0.81			(0.18	)		0.00
03/31/2005		9.28		0.02		0.39			0.41			(0.42	)		0.00
03/31/2004		7.44		0.00		2.47			2.47			(0.63	)		0.00
Class C
03/31/2008		10.62		0.42		(0.99	)		(0.57	)		(0.52	)		0.00
03/31/2007		9.98		0.37		0.64			1.01			(0.37	)		0.00
03/31/2006		9.35		0.23		0.60			0.83			(0.20	)		0.00
03/31/2005		9.35		0.05		0.39			0.44			(0.44	)		0.00
03/31/2004		7.49		0.01		2.50			2.51			(0.65	)		0.00

* Annualized

^(a) Per share amounts based on average number of shares outstanding during the year or period.

^(b) Effective October 1, 2005, the Fund’s advisory fee was reduced by 0.05%, to 0.35%.

^(c) Effective October 1, 2005, the Fund’s administrative fee was reduced by 0.05%, to 0.45%.

^(d) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 2.09%.

^(e) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.32%.

^(f) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 2.08%.

88 PIMCO Funds See Accompanying Notes

Tax Basis Return of Capital			Total Distributions			Net Asset Value End of Year or Period		Total Return		Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Expenses to Average Net Assets Excluding Interest Expense		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	0.00		$	(0.76	)	$	5.95	(10.18	)%	$	23,420	1.20	%	1.19	%	5.03	%	900	%
	0.00			(3.15	)		7.51	19.57			39,649	1.19		1.19		2.71		538
	0.00			(3.12	)		9.12	35.66			39,523	1.21	(c)	1.21	(c)	3.95		337
	(0.07	)		(4.24	)		9.26	10.22			21,648	1.24		1.24		2.40		510
	0.00			(0.84	)		11.95	29.25			9,791	1.24	*(e)	1.24	*(e)	35.36	*	158
	0.00			(0.72	)		5.84	(10.81	)		6,843	1.95		1.94		4.42		900
	0.00			(3.09	)		7.39	18.73			15,348	1.94		1.94		1.90		538
	0.00			(3.05	)		9.02	34.49			12,290	1.97	(c)	1.97	(c)	3.23		337
	(0.07	)		(4.19	)		9.20	9.29			7,407	1.99		1.99		1.50		510
	0.00			(0.82	)		11.94	28.97			3,280	1.99	*(d)	1.99	*(d)	37.52	*	158
	0.00			(0.72	)		5.84	(10.79	)		13,271	1.95		1.94		4.35		900
	0.00			(3.09	)		7.39	18.72			27,610	1.94		1.94		1.89		538
	0.00			(3.05	)		9.02	34.50			23,781	1.96	(c)	1.96	(c)	3.19		337
	(0.07	)		(4.19	)		9.20	9.33			14,311	1.99		1.99		1.61		510
	0.00			(0.83	)		11.93	28.90			6,193	1.99	*(f)	1.99	*(f)	33.81	*	158
$	0.00		$	(0.51	)	$	9.06	(9.95	)%	$	161	1.97	%(j)	1.11	%(j)	4.25	%	403	%
	0.00			(0.13	)		10.58	17.29			97	1.14	*(g)	1.14	*(g)	4.21	*	671
	0.00			(0.46	)		8.97	(10.74	)		444	2.71	(j)	1.86	(j)	3.52		403
	0.00			(0.13	)		10.52	16.64			196	1.89	*(h)	1.89	*(h)	3.46	*	671
$	0.00		$	(0.58	)	$	9.69	(5.33	)%	$	101,021	1.03	%(k)	0.93	%(k)	4.35	%	67	%
	0.00			(0.42	)		10.80	10.80			132,721	0.97	(i)	0.97	(i)	4.07		76
	0.00			(0.23	)		10.14	9.50			139,925	1.03	(b)	1.03	(b)	2.93		239
	0.00			(0.49	)		9.48	5.39			144,810	1.05		1.05		1.05		371
	0.00			(0.70	)		9.47	34.40			125,955	1.05		1.05		0.67		287
	0.00			(0.49	)		9.45	(6.00	)		21,826	1.78	(k)	1.68	(k)	3.61		67
	0.00			(0.34	)		10.54	10.00			35,864	1.72	(i)	1.72	(i)	3.28		76
	0.00			(0.18	)		9.90	8.75			59,698	1.78	(b)	1.78	(b)	2.11		239
	0.00			(0.42	)		9.27	4.46			101,416	1.80		1.80		0.23		371
	0.00			(0.63	)		9.28	33.43			142,897	1.80		1.80		(0.08	)	287
	0.00			(0.52	)		9.53	(5.69	)		72,282	1.53	(k)	1.43	(k)	3.85		67
	0.00			(0.37	)		10.62	10.24			96,352	1.47	(i)	1.47	(i)	3.57		76
	0.00			(0.20	)		9.98	8.90			109,035	1.53	(b)	1.53	(b)	2.41		239
	0.00			(0.44	)		9.35	4.82			133,950	1.55		1.55		0.51		371
	0.00			(0.65	)		9.35	33.78			152,375	1.55		1.55		0.18		287

^(g) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 2.54%.

^(h) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 4.16%.

⁽ⁱ⁾ Effective October 1, 2006, the Fund’s advisory fee was reduced by 0.05%, to 0.30%.

^(j) Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05%, to 0.44%.

^(k) Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05%, to 0.25%.

Annual Report March 31, 2008 89

Financial Highlights  (Cont.)

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income (Loss) (a)			Net Realized/ Unrealized Gain (Loss) on Investments			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
StocksPLUS® Total Return Fund
Class A
03/31/2008	$	11.89	$	0.55		$	(0.71	)	$	(0.16	)	$	(0.61	)	$	(1.08	)
03/31/2007		11.74		0.48			0.88			1.36			(0.46	)		(0.75	)
03/31/2006		12.40		0.41			0.77			1.18			(0.63	)		(1.21	)
03/31/2005		12.16		0.11			0.66			0.77			(0.11	)		(0.42	)
07/31/2003 - 03/31/2004		10.75		0.02			1.81			1.83			(0.03	)		(0.39	)
Class B
03/31/2008		11.71		0.45			(0.69	)		(0.24	)		(0.54	)		(1.08	)
03/31/2007		11.59		0.39			0.86			1.25			(0.38	)		(0.75	)
03/31/2006		12.26		0.31			0.78			1.09			(0.55	)		(1.21	)
03/31/2005		12.07		0.02			0.65			0.67			(0.06	)		(0.42	)
07/31/2003 - 03/31/2004		10.75		(0.04	)		1.76			1.72			(0.01	)		(0.39	)
Class C
03/31/2008		11.73		0.45			(0.69	)		(0.24	)		(0.54	)		(1.08	)
03/31/2007		11.60		0.39			0.86			1.25			(0.37	)		(0.75	)
03/31/2006		12.27		0.31			0.77			1.08			(0.54	)		(1.21	)
03/31/2005		12.08		0.02			0.65			0.67			(0.06	)		(0.42	)
07/31/2003 - 03/31/2004		10.75		(0.04	)		1.77			1.73			(0.01	)		(0.39	)
StocksPLUS® TR Short Strategy Fund
Class A
03/31/2008	$	8.37	$	0.34		$	1.08		$	1.42		$	(0.40	)	$	0.00
07/31/2006 - 03/31/2007		9.15		0.24			(0.66	)		(0.42	)		(0.36	)		0.00
Class C
03/31/2008		8.36		0.29			1.06			1.35			(0.35	)		0.00
07/31/2006 - 03/31/2007		9.15		0.20			(0.67	)		(0.47	)		(0.32	)		0.00
CommodityRealReturn Strategy Fund®
Class A
03/31/2008	$	14.50	$	0.63		$	4.03		$	4.66		$	(0.99	)	$	0.00
03/31/2007		13.93		0.36			0.72			1.08			(0.51	)		0.00
03/31/2006		16.22		0.59			(0.17	)		0.42			(1.82	)		(0.07	)
03/31/2005		15.65		0.38			1.14			1.52			(0.77	)		(0.18	)
03/31/2004		12.02		0.21			4.95			5.16			(1.39	)		(0.14	)
Class B
03/31/2008		14.37		0.51			4.00			4.51			(0.87	)		0.00
03/31/2007		13.81		0.24			0.72			0.96			(0.40	)		0.00
03/31/2006		16.14		0.47			(0.18	)		0.29			(1.73	)		(0.07	)
03/31/2005		15.59		0.27			1.12			1.39			(0.66	)		(0.18	)
03/31/2004		12.00		0.11			4.94			5.05			(1.32	)		(0.14	)
Class C
03/31/2008		14.35		0.51			3.99			4.50			(0.87	)		0.00
03/31/2007		13.79		0.24			0.72			0.96			(0.40	)		0.00
03/31/2006		16.12		0.46			(0.17	)		0.29			(1.72	)		(0.07	)
03/31/2005		15.57		0.27			1.12			1.39			(0.66	)		(0.18	)
03/31/2004		12.00		0.10			4.94			5.04			(1.33	)		(0.14	)

* Annualized

^(a) Per share amounts based on average number of shares outstanding during the year or period.

^(b) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.96%.

^(c) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.20%.

^(d) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.95%.

^(e) Effective October 1, 2005, the Fund’s administrative fee was reduced by 0.05%, to 0.40%.

^(f) Effective October 1, 2006, the Fund’s advisory fee was reduced by 0.05%, to 0.44%.

^(g) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.25%.

^(h) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 2.00%.

90 PIMCO Funds See Accompanying Notes

Tax Basis Return of Capital			Total Distributions			Net Asset Value End of Year or Period		Total Return		Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Expenses to Average Net Assets Excluding Interest Expense		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	0.00		$	(1.69	)	$	10.04	(2.71	)%	$	25,661	2.68	%(m)	1.07	%(m)	4.64	%	411	%
	0.00			(1.21	)		11.89	11.77			39,296	1.11	(f)	1.11	(f)	4.07		284
	0.00			(1.84	)		11.74	9.74			41,234	1.17	(e)	1.17	(e)	3.28		322
	0.00			(0.53	)		12.40	6.24			40,704	1.19	(c)	1.19	(c)	0.89		414
	0.00			(0.42	)		12.16	17.28			29,621	1.19	*(c)	1.19	*(c)	0.20	*	282
	0.00			(1.62	)		9.85	(3.40	)		16,220	3.47	(m)	1.82	(m)	3.90		411
	0.00			(1.13	)		11.71	10.87			20,416	1.86	(f)	1.86	(f)	3.34		284
	0.00			(1.76	)		11.59	9.05			19,425	1.92	(e)	1.92	(e)	2.54		322
	0.00			(0.48	)		12.26	5.42			15,881	1.94	(d)	1.94	(d)	0.16		414
	0.00			(0.40	)		12.07	16.28			10,505	1.92	*(b)	1.92	*(b)	(0.54	)*	282
	0.00			(1.62	)		9.87	(3.39	)		17,702	3.43	(m)	1.82	(m)	3.89		411
	0.00			(1.12	)		11.73	10.93			24,131	1.86	(f)	1.86	(f)	3.33		284
	0.00			(1.75	)		11.60	8.98			26,952	1.92	(e)	1.92	(e)	2.49		322
	0.00			(0.48	)		12.27	5.41			29,975	1.94	(d)	1.94	(d)	0.16		414
	0.00			(0.40	)		12.08	16.40			23,048	1.92	*(b)	1.92	*(b)	(0.54	)*	282
$	0.00		$	(0.40	)	$	9.39	17.79	%	$	39,964	1.61	%(n)	1.11	%(n)	3.75	%	220	%
	0.00			(0.36	)		8.37	(4.51	)		647	1.14	*	1.14	*	4.31	*	413
	0.00			(0.35	)		9.36	16.84			2,888	2.49	(n)	1.86	(n)	3.30		220
	0.00			(0.32	)		8.36	(5.09	)		97	1.89	*	1.89	*	3.60	*	413
$	0.00		$	(0.99	)	$	18.17	33.35	%	$	2,493,012	1.25	%(i)	1.24	%(j)	4.04	%	697	%
	0.00			(0.51	)		14.50	7.95			1,987,771	1.24	(g)	1.24	(g)	2.49		603
	(0.82	)		(2.71	)		13.93	1.74			2,430,814	1.24		1.24		3.73		292
	0.00			(0.95	)		16.22	10.37			1,864,428	1.24		1.24		2.47		264
	0.00			(1.53	)		15.65	44.77			912,154	1.24		1.24		1.50		290
	0.00			(0.87	)		18.01	32.48			245,252	2.00	(k)	1.99	(l)	3.32		697
	0.00			(0.40	)		14.37	7.11			228,623	1.99	(h)	1.99	(h)	1.70		603
	(0.82	)		(2.62	)		13.81	0.93			302,114	1.99		1.99		3.02		292
	0.00			(0.84	)		16.14	9.53			287,035	1.99		1.99		1.75		264
	0.00			(1.46	)		15.59	43.77			145,122	1.99		1.99		0.80		290
	0.00			(0.87	)		17.98	32.45			1,143,836	2.00	(k)	1.99	(l)	3.33		697
	0.00			(0.40	)		14.35	7.11			1,053,975	1.99	(h)	1.99	(h)	1.69		603
	(0.83	)		(2.62	)		13.79	0.94			1,452,885	1.99		1.99		2.97		292
	0.00			(0.84	)		16.12	9.53			1,253,299	1.99		1.99		1.77		264
	0.00			(1.47	)		15.57	43.76			685,963	1.99		1.99		0.70		290

⁽ⁱ⁾ If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.29%.

^(j) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.28%.

^(k) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 2.04%.

^(l) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 2.03%.

^(m) Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.39%.

⁽ⁿ⁾ Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.44%.

Annual Report March 31, 2008 91

Statements of Assets and Liabilities

(Amounts in thousands, except per share amounts)	All Asset Fund			All Asset All Authority Fund			Fundamental IndexPLUSTM TR Fund
Assets:
Investments, at value	$	0		$	0		$	962,078
Investments in Affiliates, at value		14,894,363			1,084,466			0
Repurchase agreements, at value		0			3,935			1,600
Cash		0			0			6,416
Deposits with counterparty		0			0			6,611
Foreign currency, at value		0			0			2,410
Receivable for investments sold		0			0			102,323
Receivable for investments in Affiliates sold		9,791			3,120			0
Receivable for investments sold on a delayed-delivery basis		0			0			13,318
Receivable for Fund shares sold		383,794			10,233			184
Interest and dividends receivable		0			0			5,621
Interest and dividends receivable from Affiliates		46,972			2.605			0
Variation margin receivable		0			0			623
Swap premiums paid		0			0			2,196
Unrealized appreciation on foreign currency contracts		0			0			2,266
Unrealized appreciation on swap agreements		0			0			11,227
Other assets		3			0			0
		15,334,923			1,104,359			1,116,873
Liabilities:
Payable for the reverse repurchase agreements	$	0		$	0		$	282,909
Payable for investments purchased		0			0			172,144
Payable for investments in Affiliates purchased		387,402			8,750			0
Payable for investments purchased on a delayed-delivery basis		0			0			2,235
Payable for short sales		0			0			45,512
Payable for Fund shares redeemed		30,036			6,680			622
Payable for line of credit		0			125,427			0
Dividends payable		0			0			0
Overdraft due to custodian		8,133			0			0
Written options outstanding		0			0			6,067
Accrued investment advisory fee		2,012			146			237
Accrued administrative fee		1,509			188			115
Accrued distribution fee		906			96			7
Accrued servicing fee		667			108			10
Variation margin payable		0			0			268
Recoupment payable to Manager		73			18			0
Swap premium received		0			0			1,915
Unrealized depreciation on foreign currency contracts		0			0			850
Unrealized depreciation on swap agreements		0			0			46,403
Other liabilities		0			0			3
		430,738			141,413			559,297
Net Assets	$	14,904,185		$	962,946		$	557,576
Net Assets Consist of:
Paid in capital	$	15,057,718		$	957,486		$	556,406
Undistributed (overdistributed) net investment income		25,770			551			31,836
Accumulated undistributed net realized gain (loss)		(298,061	)		(21,958	)		(5,737	)
Net unrealized appreciation (depreciation)		118,758			26,867			(24,929	)
	$	14,904,185		$	962,946		$	557,576
Net Assets:
Class A	$	1,584,884		$	363,665		$	27,595
Class B		237,231			0			0
Class C		1,236,340			168,527			11,296
Other Classes		11,845,730			430,754			518,685
Shares Issued and Outstanding:
Class A		126,326			33,187			2,942
Class B		19,025			0			0
Class C		99,294			15,438			1,212
Net Asset Value and Redemption Price* Per Share (Net Asset Per Share Outstanding)
Class A	$	12.54		$	10.96		$	9.38
Class B		12.47			NA			NA
Class C		12.45			10.92			9.32
Cost of Investments Owned	$	0		$	0		$	956,185
Cost of Investments in Affiliates Owned	$	14,775,605		$	1,057,599		$	0
Cost of Repurchase Agreements Owned	$	0		$	3,935		$	1,600
Cost of Foreign Currency Held	$	0		$	0		$	2,424
Proceeds Received on Short Sales	$	0		$	0		$	44,648
Premiums Received on Written Options	$	0		$	0		$	2,783

* With respect to the A, B and C Classes, the redemption price varies by the length of time the shares are held.

92 PIMCO Funds See Accompanying Notes

    
March 31, 2008

International StocksPLUS® TR Strategy Fund (Unhedged)			International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)			RealEstate RealReturn Strategy Fund			Small Cap StocksPLUS® TR Fund			StocksPLUS® Fund			StocksPLUS® Total Return Fund			StocksPLUS® TR Short Strategy Fund
$	127,395		$	880,037		$	903,149		$	42,137		$	842,265		$	522,519		$	286,708
	0			0			0			0			0			0			0
	520			1,661			3,121			2,253			5,675			1,000			8,651
	49			181			23			249			1,584			4,145			1,145
	984			10,105			5,700			2,121			57,720			16,545			16,491
	277			5,772			831			54			1,959			1,265			492
	17,375			379,125			160,450			6,976			21,402			55,066			14,531
	0			0			0			0			0			0			0
	4,032			47,472			29,391			604			0			0			0
	11			2,916			8,904			1,609			23,947			80			1,048
	548			6,915			3,936			257			3,802			2,737			1,417
	0			0			0			0			0			0			0
	59			538			320			249			9,314			1,196			250
	223			4,372			529			54			2,553			1,084			658
	689			2,706			747			147			7,239			2,102			885
	3,203			19,570			31,771			44			1,755			824			552
	0			511			0			0			0			40			0
	155,365			1,361,881			1,148,872			56,754			979,215			608,603			332,828
$	43,050		$	279,093		$	0		$	20,328		$	189,734		$	268,474		$	32,787
	28,868			194,625			104,093			4,340			19,663			25,094			32,297
	0			0			0			0			0			0			0
	204			252,305			424,309			102			0			1,052			949
	6,745			346,362			129,430			4,191			13,558			55,652			11,925
	0			293			160			0			3,092			1,902			1,000
	0			0			0			0			0			0			0
	0			0			1			0			0			0			0
	0			0			0			0			0			0			0
	378			4,175			1,799			93			3,234			3,604			1,421
	23			91			162			9			142			78			85
	15			65			90			5			166			58			54
	0			11			12			0			46			20			1
	0			8			9			0			40			14			10
	25			301			8			12			6,193			154			979
	0			0			0			0			0			0			0
	138			5,637			3,555			26			640			689			812
	95			5,698			383			54			1,688			463			235
	276			14,810			4,895			107			8,035			1,629			632
	0			0			1,444			0			0			0			0
	79,817			1,103,474			670,350			29,267			246,231			358,883			83,187
$	75,548		$	258,407		$	478,522		$	27,487		$	732,984		$	249,720		$	249,641
$	76,036		$	255,126		$	489,188		$	31,752		$	899,865		$	287,519		$	243,145
	(3,621	)		(2,404	)		(28,801	)		128			27,113			2,316			1,063
	(255	)		(1,138	)		(11,778	)		(5,325	)		(181,555	)		(38,801	)		1,229
	3,388			6,823			29,913			932			(12,439	)		(1,314	)		4,204
$	75,548		$	258,407		$	478,522		$	27,487		$	732,984		$	249,720		$	249,641
$	1,881		$	11,923		$	23,420		$	161		$	101,021		$	25,661		$	39,964
	0			9,274			6,843			0			21,826			16,220			0
	398			8,141			13,271			444			72,282			17,702			2,888
	73,269			229,069			434,988			26,882			537,855			190,137			206,789
	198			1,166			3,933			18			10,426			2,556			4,255
	0			920			1,171			0			2,311			1,647			0
	42			806			2,271			49			7,588			1,794			309
$	9.51		$	10.23		$	5.95		$	9.06		$	9.69		$	10.04		$	9.39
	NA			10.08			5.84			NA			9.45			9.85			NA
	9.45			10.10			5.84			8.97			9.53			9.87			9.36
$	127,633		$	874,008		$	898,360		$	42,300		$	854,733		$	520,738		$	284,908
$	0		$	0		$	0		$	0		$	0		$	0		$	0
$	520		$	1,661		$	3,121		$	2,253		$	5,675		$	1,000		$	8,651
$	279		$	5,800		$	833		$	54		$	1,964		$	1,272		$	498
$	6,640		$	339,677		$	127,558		$	4,166		$	13,286		$	54,646		$	11,746
$	216		$	3,238		$	1,343		$	37		$	2,119		$	1,521		$	653

Annual Report March 31, 2008 93

Consolidated Statement of Assets and Liabilities     
March 31, 2008

(Amounts in thousands, except per share amounts)	Commodity RealReturn Strategy Fund®
Assets:
Investments, at value	$	25,032,134
Repurchase agreement, at value		78,400
Cash		29,018
Deposits with counterparty		111,824
Foreign currency, at value		44,481
Receivable for investments sold		2,338,400
Receivable for investments sold on a delayed-delivery basis		486,420
Receivable for Fund shares sold		50,347
Interest and dividends receivable		121,386
Variation margin receivable		8,359
Swap premiums paid		60,643
Unrealized appreciation on foreign currency contracts		39,284
Unrealized appreciation on swap agreements		357,236
Other assets		721
		28,758,653
Liabilities:
Payable for investments purchased	$	934,440
Payable for investments purchased on a delayed-delivery basis		11,281,663
Payable for short sales		1,635,488
Payable for Fund shares redeemed		66,780
Written options outstanding		137,805
Accrued investment advisory fee		6,211
Accrued administrative fee		4,216
Accrued distribution fee		1,104
Accrued servicing fee		1,100
Variation margin payable		664
Swap premium received		74,797
Unrealized depreciation on foreign currency contracts		23,291
Unrealized depreciation on swap agreements		645,033
Other liabilities		26,846
		14,839,438
Net Assets	$	13,919,215
Net Assets Consist of:
Paid in capital	$	11,166,941
Undistributed net investment income		923,378
Accumulated undistributed net realized gain		1,149,152
Net unrealized appreciation		679,744
	$	13,919,215
Net Assets:
Class A	$	2,493,012
Class B		245,252
Class C		1,143,836
Other Classes		10,037,115
Shares Issued and Outstanding:
Class A		137,168
Class B		13,621
Class C		63,599
Net Asset Value and Redemption Price* Per Share (Net Asset Per Share Outstanding)
Class A	$	18.17
Class B		18.01
Class C		17.98
Cost of Investments Owned	$	24,068,927
Cost of Repurchase Agreements Owned	$	78,400
Cost of Foreign Currency Held	$	44,726
Proceeds Received on Short Sales	$	1,605,920
Premiums Received on Written Options	$	94,710

* With respect to the A, B and C Classes, the redemption price varies by the length of time the shares are held.

94 PIMCO Funds See Accompanying Notes

Statements of Operations

Year Ended March 31, 2008
(Amounts in thousands)	All Asset Fund			All Asset All Authority Fund			Fundamental IndexPLUSTM TR Fund			International StocksPLUS® TR Strategy Fund (Unhedged)			International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)
Investment Income:
Interest, net of foreign taxes*	$	387		$	85		$	36,763		$	3,993		$	33,853
Dividends		0			0			182			0			353
Dividends from Affiliate investments		1,040,317			65,460			0			0			0
Miscellaneous income		0			0			29			2			57
Total Income		1,040,704			65,545			36,974			3,995			34,263
Expenses:
Investment advisory fees		23,229			1,429			3,236			271			2,614
Administrative fees		18,140			1,763			1,582			167			1,728
Distribution fees - Class B		1,889			0			0			0			103
Distribution fees - Class C		9,170			1,007			100			3			92
Servicing fees - Class A		3,737			629			81			2			43
Servicing fees - Class B		630			0			0			0			34
Servicing fees - Class C		3,057			336			33			1			31
Distribution and/or servicing fees - Other Classes		1,195			39			26			1			39
Trustees’ fees		0			0			2			0			2
Interest expense		33			11,824			2,937			424			3,997
Miscellaneous expense		0			0			2			3			0
Total Expenses		61,080			17,027			7,999			872			8,683
Reimbursement by Manager		(2,772	)		0			0			0			0
Net Expenses		58,308			17,027			7,999			872			8,683
Net Investment Income		982,396			48,518			28,975			3,123			25,580
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		0			0			10,049			978			152
Net realized (loss) on Affiliate investments		(79,686	)		(3,616	)		0			0			0
Net capital gain distributions received from Underlying Funds		21,213			992			0			0			0
Net realized (loss) on futures contracts, written options and swaps		0			0			(24,039	)		(6,388	)		(18,107	)
Net realized gain (loss) on foreign currency transactions		0			0			3,228			360			(54,234	)
Net change in unrealized appreciation (depreciation) on investments		0			0			4,822			(282	)		133
Net change in unrealized appreciation (depreciation) on Affiliate investments		(141,480	)		22,157			0			0			0
Net change in unrealized appreciation (depreciation) on futures contracts, written options and swaps		0			0			(45,705	)		903			(6,097	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		0			0			1,065			601			3,550
Net Gain (Loss)		(199,953	)		19,533			(50,580	)		(3,828	)		(74,603	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	782,443		$	68,051		$	(21,605	)	$	(705	)	$	(49,023	)
* Foreign tax withholdings	$	0		$	0		$	3		$	1		$	0

Annual Report March 31, 2008 95

Statements of Operations  (Cont.)

Year ended March 31, 2008
(Amounts in thousands)	RealEstate RealReturn Strategy Fund			Small Cap StocksPLUS® TR Fund			StocksPLUS® Fund			StocksPLUS® Total Return Fund			StocksPLUS® TR Short Strategy Fund
Investment Income:
Interest	$	10,569		$	1,560		$	49,936		$	24,488		$	9,430
Dividends		0			1			885			162			63
Miscellaneous income		5			0			28			9			5
Total Income		10,574			1,561			50,849			24,659			9,498
Expenses:
Investment advisory fees		911			117			2,613			1,415			756
Administrative fees		585			64			2,734			970			421
Distribution fees - Class B		72			0			225			149			0
Distribution fees - Class C		131			3			454			167			6
Servicing fees - Class A		68			0			303			87			15
Servicing fees - Class B		24			0			75			50			0
Servicing fees - Class C		44			1			227			56			2
Distribution and/or servicing fees - Other Classes		15			1			77			12			4
Trustees’ fees		0			0			3			1			0
Interest expense		16			200			903			5,394			815
Miscellaneous expense		0			1			1			0			0
Total Expenses		1,866			387			7,615			8,301			2,019
Net Investment Income		8,708			1,174			43,234			16,358			7,479
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		17,122			222			5,392			5,569			2,246
Net realized gain (loss) on futures contracts, written options and swaps		(60,825	)		(5,117	)		(61,733	)		(13,602	)		14,287
Net realized gain (loss) on foreign currency transactions		(1,227	)		20			4,090			1,887			346
Net change in unrealized appreciation (depreciation) on investments		1,995			(169	)		(16,447	)		2,538			1,543
Net change in unrealized appreciation (depreciation) on futures contracts, written options and swaps		33,243			660			(8,724	)		(9,502	)		3,634
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		274			94			5,755			1,403			594
Net Gain (Loss)		(9,418	)		(4,290	)		(71,667	)		(11,707	)		22,650
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(710	)	$	(3,116	)	$	(28,433	)	$	4,651		$	30,129

96 PIMCO Funds See Accompanying Notes

Consolidated Statement of Operations

Year ended March 31, 2008
(Amounts in thousands)	Commodity RealReturn Strategy Fund®
Investment Income:
Interest	$	639,384
Dividends		213
Miscellaneous income		363
Total Income		639,960
Expenses:
Investment advisory fees		62,640
Administrative fees		42,452
Distribution fees - Class B		1,656
Distribution fees - Class C		7,521
Servicing fees - Class A		5,231
Servicing fees - Class B		552
Servicing fees - Class C		2,507
Distribution and/or servicing fees - Other Classes		5,140
Trustees’ fees		37
Interest expense		1,000
Miscellaneous expense		15
Total Expenses		128,751
Reimbursement by Manager		(5,409	)
Net Expenses		123,342
Net Investment Income		516,618
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		2,270,614
Net realized gain on futures contracts, written options and swaps		572,195
Net realized (loss) on foreign currency transactions		(46,251	)
Net change in unrealized appreciation on investments		499,546
Net change in unrealized (depreciation) on futures contracts, written options and swaps		(333,016	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		11,133
Net Gain		2,974,221
Net Increase in Net Assets Resulting from Operations	$	3,490,839

Annual Report March 31, 2008 97

Statements of Changes in Net Assets

	All Asset Fund						All Asset All Authority Fund						Fundamental IndexPLUSTM TR Fund
(Amounts in thousands)	Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	982,396		$	712,644		$	48,518		$	40,104		$	28,975		$	21,204
Net realized gain (loss)		0			0			0			0			(10,762	)		24,253
Net realized (loss) on Affiliate investments		(79,686	)		(247,441	)		(3,616	)		(20,088	)		0			0
Net capital gain distributions received from Underlying Funds		21,213			38,870			992			2,543			0			0
Net change in unrealized appreciation (depreciation)		0			0			0			0			(39,818	)		14,341
Net change in unrealized appreciation (depreciation) on Affiliate investments		(141,480	)		394,458			22,157			21,985			0			0
Net increase (decrease) resulting from operations		782,443			898,531			68,051			44,544			(21,605	)		59,798
Distributions to Shareholders:
From net investment income
Class A		(107,607	)		(83,403	)		(17,594	)		(13,234	)		(482	)		(3,420	)
Class B		(16,110	)		(13,328	)		0			0			0			0
Class C		(78,471	)		(66,083	)		(8,268	)		(6,575	)		(132	)		(1,096	)
Other Classes		(813,044	)		(518,323	)		(24,330	)		(18,636	)		(7,470	)		(65,967	)
From net realized capital gains
Class A		0			(4,454	)		0			(464	)		0			0
Class B		0			(825	)		0			0			0			0
Class C		0			(4,081	)		0			(264	)		0			0
Other Classes		0			(25,995	)		0			(577	)		0			0
Tax basis return of capital
Class A		0			0			0			0			(1,621	)		0
Class B		0			0			0			0			0			0
Class C		0			0			0			0			(668	)		0
Other Classes		0			0			0			0			(27,714	)		0
Total Distributions		(1,015,232	)		(716,492	)		(50,192	)		(39,750	)		(38,087	)		(70,483	)
Fund Share Transactions:
Receipts for shares sold
Class A		492,694			411,264			197,127			131,989			14,669			13,146
Class B		23,625			33,048			0			0			0			0
Class C		212,807			213,458			61,629			59,374			5,044			7,984
Other Classes		3,731,710			2,872,644			206,093			104,637			147,774			280,369
Issued as reinvestment of distributions
Class A		79,049			63,741			10,700			7,437			879			1,314
Class B		12,537			10,987			0			0			0			0
Class C		55,884			48,585			5,256			4,005			557			740
Other Classes		758,288			499,526			20,805			16,687			33,037			64,243
Cost of shares redeemed
Class A		(464,066	)		(712,997	)		(87,211	)		(131,861	)		(11,820	)		(11,445	)
Class B		(65,175	)		(91,000	)		0			0			0			0
Class C		(318,220	)		(525,884	)		(42,030	)		(49,943	)		(5,928	)		(1,484	)
Other Classes		(1,920,723	)		(1,864,675	)		(117,442	)		(194,853	)		(183,356	)		(251,589	)
Net increase (decrease) resulting from Fund share transactions		2,598,410			958,697			254,927			(52,528	)		856			103,278
Fund Redemption Fee		55			214			6			25			8			16
Total Increase (Decrease) in Net Assets		2,365,676			1,140,950			272,792			(47,709	)		(58,828	)		92,609
Net Assets:
Beginning of year or period		12,538,509			11,397,559			690,154			737,863			616,404			523,795
End of year or period*	$	14,904,185		$	12,538,509		$	962,946		$	690,154		$	557,576		$	616,404
* Including undistributed (overdistributed) net investment income of:	$	25,770		$	58,606		$	551		$	2,226		$	31,836		$	(10,306	)

98 PIMCO Funds See Accompanying Notes

International StocksPLUS® TR Strategy Fund (Unhedged)						International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)						RealEstateRealReturn Strategy Fund						Small Cap StocksPLUS® TR Fund						StocksPLUS® Fund
Year Ended March 31, 2008			Period from November 30, 2006 to March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Period from July 31, 2006 to March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007
$	3,123		$	825		$	25,580		$	26,108		$	8,708		$	7,139		$	1,174		$	254		$	43,234		$	42,312
	(5,050	)		360			(72,189	)		56,406			(44,930	)		32,524			(4,875	)		(59	)		(52,251	)		59,696
	0			0			0			0			0			0			0			0			0			0
	0			0			0			0			0			0			0			0			0			0
	1,222			2,166			(2,414	)		(7,892	)		35,512			(12,210	)		585			347			(19,416	)		1,058
	0			0			0			0			0			0			0			0			0			0
	(705	)		3,351			(49,023	)		74,622			(710	)		27,453			(3,116	)		542			(28,433	)		103,066
	(44	)		(1	)		(418	)		(2,545	)		(3,056	)		(13,309	)		(5	)		(1	)		(6,249	)		(5,312	)
	0			0			(251	)		(1,885	)		(1,007	)		(4,538	)		0			0			(1,297	)		(1,351	)
	(33	)		(1	)		(230	)		(1,756	)		(1,855	)		(8,860	)		(14	)		(2	)		(4,274	)		(3,488	)
	(2,620	)		(2,160	)		(14,571	)		(75,753	)		(14,787	)		(44,214	)		(1,179	)		(133	)		(36,491	)		(29,504	)
	0			0			(77	)		0			0			(16	)		(2	)		0			0			0
	0			0			(65	)		0			0			(6	)		0			0			0			0
	0			0			(58	)		0			0			(11	)		(5	)		0			0			0
	0			0			(2,670	)		0			0			(61	)		(350	)		0			0			0
	(39	)		0			0			0			0			0			0			0			0			0
	0			0			0			0			0			0			0			0			0			0
	(15	)		0			0			0			0			0			0			0			0			0
	(2,824	)		0			0			0			0			0			0			0			0			0
	(5,575	)		(2,162	)		(18,340	)		(81,939	)		(20,705	)		(71,015	)		(1,555	)		(136	)		(48,311	)		(39,655	)
	2,088			66			7,018			7,171			7,972			16,050			109			90			19,013			29,565
	0			0			2,713			6,220			1,267			6,413			0			0			926			1,904
	813			81			3,923			6,217			2,901			11,291			306			191			4,571			5,318
	38,200			54,373			42,937			271,373			358,400			17,272			23,969			10,924			257,260			142,132
	76			1			367			1,924			2,532			11,136			7			1			4,686			3,921
	0			0			235			1,293			861			3,850			0			0			1,052			1,086
	42			1			225			1,403			1,575			7,579			15			1			3,699			3,007
	5,437			2,160			17,171			75,730			14,350			42,062			1,530			133			33,907			26,987
	(145	)		0			(11,044	)		(10,120	)		(19,356	)		(20,371	)		(30	)		0			(45,468	)		(49,203	)
	0			0			(6,213	)		(6,608	)		(7,941	)		(4,737	)		0			0			(13,769	)		(29,438	)
	(460	)		0			(6,489	)		(7,597	)		(14,042	)		(10,442	)		(3	)		0			(24,049	)		(27,134	)
	(22,084	)		(17	)		(319,669	)		(350,063	)		(37,362	)		(312,793	)		(5,451	)		(40	)		(347,204	)		(308,485	)
	23,967			56,665			(268,826	)		(3,057	)		311,157			(232,690	)		20,452			11,300			(105,376	)		(200,340	)
	7			0			51			15			17			19			0			0			4			14
	17,694			57,854			(336,138	)		(10,359	)		289,759			(276,233	)		15,781			11,706			(182,116	)		(136,915	)
	57,854			0			594,545			604,904			188,763			464,996			11,706			0			915,100			1,052,015
$	75,548		$	57,854		$	258,407		$	594,545		$	478,522		$	188,763		$	27,487		$	11,706		$	732,984		$	915,100
$	(3,621	)	$	(635	)	$	(2,404	)	$	7,577		$	(28,801	)	$	26,696		$	128		$	122		$	27,113		$	30,052

Annual Report March 31, 2008 99

Statements of Changes in Net Assets  (Cont.)

	StocksPLUS® Total Return Fund						StocksPLUS® TR Short Strategy Fund
(Amounts in thousands)	Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	16,358		$	12,818		$	7,479		$	6,836
Net realized gain (loss)		(6,146	)		12,047			16,879			(9,618	)
Net change in unrealized appreciation (depreciation)		(5,561	)		7,560			5,771			824
Net increase (decrease) resulting from operations		4,651			32,425			30,129			(1,958	)
Distributions to Shareholders:
From net investment income
Class A		(1,762	)		(1,566	)		(181	)		(18	)
Class B		(926	)		(624	)		0			0
Class C		(1,012	)		(780	)		(28	)		(1	)
Other Classes		(15,612	)		(10,733	)		(7,725	)		(6,789	)
From net realized capital gains
Class A		(2,902	)		(2,445	)		0			0
Class B		(1,733	)		(1,187	)		0			0
Class C		(1,885	)		(1,476	)		0			0
Other Classes		(23,714	)		(17,313	)		0			0
Tax basis return of capital
Class A		0			0			0			0
Class B		0			0			0			0
Class C		0			0			0			0
Other Classes		0			0			0			0
Total Distributions		(49,546	)		(36,124	)		(7,934	)		(6,808	)
Fund Share Transactions:
Receipts for shares sold
Class A		5,217			10,217			46,494			674
Class B		2,162			5,548			0			0
Class C		1,969			3,973			3,136			98
Other Classes		162,718			171,603			100,140			62,775
Issued as reinvestment of distributions
Class A		3,838			3,389			156			13
Class B		2,250			1,520			0			0
Class C		2,344			1,785			27			1
Other Classes		39,140			27,830			7,715			6,787
Cost of shares redeemed
Class A		(17,568	)		(16,020	)		(8,565	)		(21	)
Class B		(5,463	)		(6,112	)		0			0
Class C		(7,452	)		(8,720	)		(457	)		0
Other Classes		(248,398	)		(77,630	)		(78,659	)		(34,914	)
Net increase (decrease) resulting from Fund share transactions		(59,243	)		117,383			69,987			35,413
Fund Redemption Fee		1			5			7			0
Total Increase (Decrease) in Net Assets		(104,137	)		113,689			92,189			26,647
Net Assets:
Beginning of year		353,857			240,168			157,452			130,805
End of year*	$	249,720		$	353,857		$	249,641		$	157,452
*Including undistributed net investment income of:	$	2,316		$	3,161		$	1,063		$	1,046

100 PIMCO Funds See Accompanying Notes

Consolidated Statements of Changes in Net Assets

	CommodityRealReturn Strategy Fund®
(Amounts in thousands)	Year Ended March 31, 2008			Year Ended March 31, 2007
Increase in Net Assets from:
Operations:
Net investment income	$	516,618		$	317,402
Net realized gain (loss)		2,796,558			(23,224	)
Net change in unrealized appreciation		177,663			650,549
Net increase resulting from operations		3,490,839			944,727
Distributions to Shareholders:
From net investment income
Class A		(132,032	)		(72,579	)
Class B		(12,188	)		(6,965	)
Class C		(55,384	)		(32,510	)
Other Classes		(572,679	)		(341,856	)
Total Distributions		(772,283	)		(453,910	)
Fund Share Transactions:
Receipts for shares sold
Class A		741,297			660,065
Class B		22,485			21,142
Class C		192,807			185,272
Other Classes		3,283,515			4,511,034
Issued as reinvestment of distributions
Class A		102,081			54,649
Class B		9,094			5,139
Class C		38,944			22,071
Other Classes		454,547			277,983
Cost of shares redeemed
Class A		(826,060	)		(1,255,407	)
Class B		(64,962	)		(110,602	)
Class C		(364,868	)		(657,822	)
Other Classes		(4,252,030	)		(4,163,236	)
Net (decrease) resulting from Fund share transactions		(663,150	)		(449,712	)
Fund Redemption Fee		755			485
Total Increase in Net Assets		2,056,161			41,590
Net Assets:
Beginning of year		11,863,054			11,821,464
End of year*	$	13,919,215		$	11,863,054
*Including undistributed net investment income of:	$	923,378		$	421,334

Annual Report March 31, 2008 101

Statements of Cash Flows     
March 31, 2008

(Amounts in thousands)
	All Asset All Authority Fund			Small Cap StocksPLUS®TR Fund			StocksPLUS® Total Return Fund
Increase (Decrease) in Cash and Foreign Currency from:
Cash flows provided by operating activities:
Net increase (decrease) in net assets resulting from operations	$	68,051		$	(3,116	)	$	4,651
Adjustments to reconcile net increase in net assets from operations to net cash used for operating activities:
Purchases of long-term securities		(1,248,780	)		(157,331	)		(2,134,694	)
Proceeds from sales of long-term securities		1,073,676			133,602			2,032,190
Sale of short-term portfolio investments, net		(3,424	)		(2,109	)		70,882
Deposits with brokers for futures contracts		0			(2,121	)		(16,545	)
Increase in interest receivable		(80	)		(223	)		(1,490	)
Increase (Decrease) in receivable for investments sold		(3,120	)		(7,552	)		4,844
(Decrease) in manager reimbursement receivable		0			70			0
Increase (Decrease) in payable for investments purchased		5,936			(2,573	)		(124,241	)
Increase in swap premium paid		0			153			1,656
Proceeds from futures transactions		0			(4,653	)		(20,973	)
Proceeds from currency transactions		0			21			1,882
Increase (Decrease) in investment advisory fee		25			4			(72	)
Increase (Decrease) in administrative fee		38			2			(39	)
Increase (Decrease) in distribution fee		3			0			(9	)
Increase (Decrease) in servicing fee		22			0			(5	)
(Decrease) in recoupment payable to manager		(18	)		0			0
Proceeds from short sale transactions		0			4,177			49,679
Unrealized appreciation (depreciation) on investments		(22,157	)		(585	)		5,561
Net realized loss on investments		3,616			4,875			6,146
Net amortization on investments		0			21			(17	)
Net cash used for operating activities		(126,212	)		(37,338	)		(120,594	)
Cash flows received from financing activities:
Net borrowing from reverse repurchase agreements		0			20,328			268,474
Proceeds from shares sold		456,699			22,775			172,051
Payment on shares redeemed		(242,165	)		(5,484	)		(316,894	)
Cash dividend paid*		(13,431	)		(3	)		(1,974	)
Net (repayment) of line of credit		(75,611	)		0			0
Net cash received from financing activities		125,492			37,616			121,657
Net Increase (Decrease) in Cash and Foreign Currency		(720	)		278			1,063
Cash and Foreign Currency:
Beginning of year		720			25			4,347
End of year	$	0		$	303		$	5,410
* Reinvestment of dividends	$	36,761		$	1,552		$	47,572

102 PIMCO Funds See Accompanying Notes

Notes to Financial Statements March 31, 2008

1.  ORGANIZATION

PIMCO Funds (the “Trust”) was established as a Massachusetts business trust on February 19, 1987. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the A, B and C Classes (the “Retail Classes”) of 11 funds (the “Funds”) offered by the Trust. Certain detailed financial information for the Institutional, Administrative, D and R Classes (the “Other Classes”) is provided separately and is available upon request.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures on the financial statements. Actual results could differ from those estimates.

(a) Determination of Net Asset Value  The Net Asset Value (“NAV”) of a Fund’s shares is valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (the “NYSE Close”) on each day that the New York Stock Exchange (“NYSE”) is open. Information that becomes known to a Fund or its agents after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day.

(b) Security Valuation  For purposes of calculating the NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services.

Domestic and foreign fixed income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. With respect to any portion of a Fund’s assets that are invested in one or more open-end management investment companies, a Fund’s NAV will be calculated based upon the NAVs of such investments. A Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the NAV may change on days when an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. For instance, certain securities or investments for which daily market quotes are not readily available may be valued, pursuant to guidelines established by the Board of Trustees, with reference to other securities or indices. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading for the entire day and no other market prices are available. The Board of Trustees has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events.

When a Fund uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. Fair value pricing may require subjective determinations about the value of a security. While the Trust’s policy is intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Board of Trustees or persons acting at their direction would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold.

(c) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statements of Operations.

(d) Delayed-Delivery Transactions  Certain Funds may purchase or sell securities on a delayed-delivery basis. These transactions involve a commitment by a Fund to purchase or sell securities for a predetermined

Annual Report March 31, 2008 103

Notes to Financial Statements  (Cont.)

price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, a Fund will designate liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a capital gain or loss. When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains and losses with respect to the security.

(e) When-Issued Transactions  Certain Funds may purchase or sell securities on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. A commitment by a Fund is made regarding these transactions to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

(f) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared and distributed to shareholders quarterly. Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may change the fiscal year when income and capital items are recognized for tax and U.S. GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported on each Fund’s annual financial statements presented under U.S. GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

(g) Multiclass Operations  Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). For daily dividend Funds, income and non-class specific expenses are allocated daily to each class on the basis of the relative value of settled shares. For non-daily dividend Funds, income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains and losses of each class are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

(h) Cash and Foreign Currency  The functional and reporting currency for the Funds is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. Dollars based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains or losses. Realized gains or losses and unrealized appreciation or depreciation on investment securities and income and expenses are translated on the respective dates of such transactions. The effects of changes in foreign currency exchange rates on investments in securities are not segregated on the Statements of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

(i) Foreign Currency Contracts  Certain Funds may enter into foreign currency contracts in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund’s securities or as a part of an investment strategy. A foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign currency contracts are marked to market daily and the change in value is recorded by a Fund as an unrealized gain or loss. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(j) Futures Contracts  Certain Funds may enter into futures contracts. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities.

(k) Inflation-Indexed Bonds  Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity.

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(l) Options Contracts  Certain Funds may write call and put options on futures, swaps (“swaptions”), securities or currencies it owns or in which it may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, swap, security or currency transaction to determine the realized gain or loss. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Certain Funds may also purchase put and call options. Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. A Fund pays a premium which is included on the Fund’s Statements of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss.

(m) Repurchase Agreements  Each Fund may engage in repurchase transactions. Under the terms of a typical repurchase agreement, a Fund takes possession of an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. The underlying securities for all repurchase agreements are held in safekeeping at the Fund’s custodian or designated subcustodians under tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on the Statements of Assets and Liabilities. Generally, in the event of counterparty default, a Fund has the right to use the collateral to offset losses incurred. If the counterparty should default, a Fund will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

(n) Reverse Repurchase Agreements  Certain Funds may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund sells to a financial institution a security that it holds with an agreement to repurchase the same security at an agreed-upon price and date. Securities sold under reverse repurchase agreements are reflected as a liability on the Statements of Assets and Liabilities. A reverse repurchase agreement involves the risk that the market value of the

security sold by a Fund may decline below the repurchase price of the security. A Fund will segregate assets determined to be liquid by the investment adviser or otherwise cover its obligations under reverse repurchase agreements.

(o) Restricted Securities  Certain Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve.

(p) Short Sales  Certain Funds may enter into short sales transactions. A short sale is a transaction in which a Fund sells securities it does not own in anticipation of a decline in the market price of the securities. Securities sold in short sale transactions and the interest payable on such securities, if any, are reflected as a liability on the Statements of Assets and Liabilities. A Fund is obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

(q) Swap Agreements  Certain Funds may invest in swap transactions, including, but not limited to, swap agreements on interest rates, security or commodity indexes, specific securities and commodities, and credit and event-linked swaps. To the extent a Fund may invest in foreign currency denominated securities, it also may invest in currency exchange rate swap agreements. Swap transactions are privately negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. A Fund may enter into interest rate, total return, cross-currency, credit default and other forms of swap agreements to manage its exposure to interest rates, currency and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the expiration date, or (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.

Annual Report March 31, 2008 105

Notes to Financial Statements  (Cont.)

Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, only for exchanging interest cash flows.

Credit default swap agreements on corporate issues or sovereign issues of an emerging country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default. A Fund may use credit default swaps on corporate issues or sovereign issues of an emerging country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the reference obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. As a seller of protection, a Fund will generally receive from the buyer of protection an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of the reference entity or underlying securities comprising the reference entity index. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, a Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the reference entities comprising the credit index. A credit index is a list of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but is not limited to, credit default swaps on investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index.

The treatment of credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. If the U.S. Internal Revenue Service were to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by a Fund from such investments might be subject to U.S. excise or income taxes.

Variance swap agreements involve two parties agreeing to exchange cash flows based on the measured variance (or square of volatility) of a specified underlying asset. One party agrees to exchange a “fixed rate” or strike price payment for the “floating rate” or realized price variance on the underlying asset with respect to the notional amount. At inception, the strike price is generally chosen such that the fair value of the swap is zero. At the expiration date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price variance of the underlying asset and the strike price multiplied by the notional amount. As a receiver of the realized price variance, the Fund would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the variance is less than the strike. As a payer of the realized price variance, the Fund would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike. This type of agreement is essentially a forward contract on the future realized price variance of the underlying asset.

Swaps are marked to market daily based upon values from third party vendors or quotations from market makers to the extent available and the change in value, if any, is recorded as unrealized gain or loss on the Statements of Operations. In the event that market quotations are not readily available or deemed reliable, certain swap agreements may be valued, pursuant to guidelines established by the Board of Trustees, with reference to other securities or indices. In the event that market quotes are not readily available, and the swap cannot be valued pursuant to one of the valuation methods, the value of the swap will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO. Payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by the Funds are included as part of realized gain or loss on the Statements of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(r) Loan Participations and Assignments  Certain Funds may invest in direct debt instruments which are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When a Fund purchases assignments from lenders it

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acquires direct rights against the borrower of the loan. At the period ended March 31, 2008, there were no open unfunded loan commitments.

(s) Commodities Index-Linked/Structured Notes   The Funds may invest in structured notes whose value is based on the price movements of a commodity index. The structured notes are often leveraged, increasing the volatility of each note’s value relative to the change in the underlying linked financial index. The value of these notes will rise and fall in response to changes in the underlying commodity index. Structured notes may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the underlying commodity index. Structured notes may also be more volatile, less liquid, and more difficult to accurately price than less complex securities or more traditional debt securities. Fluctuations in value of the structured notes are recorded as unrealized gains and losses on the accompanying financial statements. Net payments are recorded as net realized gains and losses. These notes are subject to prepayment, credit and interest risks. The Funds have the option to request prepayment from the issuer. At maturity, or when a note is sold, the Fund records a realized gain or loss.

(t) Mortgage-Related and Other Asset-Backed Securities  Certain Funds may invest in mortgage-related and other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage-related and asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Fund to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBSs has one class receiving all or a portion of the interest from the mortgage assets (the interest-only, or “IO” and/or the high coupon rate with relatively low principal amount, or “IOette” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs and IOettes are included in interest income on the Statements of Operations. Because little to no principal will be received at the maturity of an IO or IOettes, adjustments are made to the book value of the security on a daily basis until maturity. These adjustments are included in interest income on the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

(u) U.S. Government Agencies or Government-Sponsored Enterprises  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA” or “Ginnie Mae”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie

Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

(v) New Accounting Pronouncements  In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Funds and will provide additional information in relation to the Statement in the Funds’ semiannual financial statements for the period ending September 30, 2008.

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“SFAS 161”). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 may require enhanced disclosures about Funds’ derivative and hedging activities. Management is currently evaluating the impact the adoption of SFAS 161 will have on the Funds’ financial statement disclosures.

3.  MARKET AND CREDIT RISK

In the normal course of business the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (credit risk). Similar to credit risk, the Funds may be exposed to counterparty risk, or the risk that an institution or other entity with which the Funds have unsettled or open transactions will default. The potential loss could exceed the value of the financial assets recorded in the financial statements. Financial assets, which potentially expose the Funds to credit risk, consist principally of cash due from counterparties and investments. The extent of the Funds’ exposure to credit and counterparty risks in respect to these financial assets approximates their carrying value as recorded in the Funds’ Statements of Assets and Liabilities.

4.  BASIS FOR CONSOLIDATION FOR THE PIMCO COMMODITYREALRETURN STRATEGY FUND^®

The PIMCO Cayman Commodity Fund I Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on July 21, 2006 as a wholly owned subsidiary acting as an investment vehicle for the CommodityRealReturn Strategy Fund^®(the “CRRS Fund”) in order to effect certain investments for the CRRS Fund consistent with the CRRS Fund’s investment objectives and policies specified in its prospectus and statement of additional information. A subscription agreement was entered into between the CRRS Fund and the Subsidiary on August 1, 2006, comprising the entire issued share capital of the Subsidiary with the intent that the CRRS Fund will remain the sole shareholder and retain all rights. Under the Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and shall confer

Annual Report March 31, 2008 107

Notes to Financial Statements  (Cont.)

upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. As of March 31, 2008, net assets of the CRRS Fund were approximately $14 billion, of which approximately $1.047 billion, or approximately 8%, represented the CRRS Fund’s ownership of all issued shares and voting rights of the Subsidiary.

5.  FEES AND EXPENSES

(a) Investment Advisory Fee  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate as noted in the following table.

Research Affiliates, LLC (“Research Affiliates”) serves as the asset allocation sub-adviser to the All Asset and All Asset All Authority Funds, and as the sub-adviser to the Fundamental IndexPLUS^TM TR Fund. PIMCO pays a fee to Research Affiliates at an annual rate of 0.175%, 0.20% and 0.12%, respectively, based on average daily net assets.

(b) Administrative Fee  PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on each share class’s average daily net assets. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory and Administrative Fees for all classes are charged at an annual rate as noted in the following table:

	Investment Advisory Fee		Administrative Fee
Fund Name	All Classes		Institutional Class	Administrative Class	A, B and C Classes	Class D	Class R
All Asset Fund	0.175%	(1)	0.05%	0.05%	0.40%	0.40%	0.45%
All Asset All Authority Fund	0.20%	(2)	0.05%	N/A	0.40%	0.40%	N/A
Fundamental IndexPLUSTM TR Fund	0.54%		0.25%	0.25%	0.40%	0.40%	N/A
International StocksPLUS® TR Strategy Fund (Unhedged)	0.39%	(5)	0.25%	0.25%	0.40%	0.40%	N/A
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)	0.45%	(3)	0.30%	N/A	0.45%	0.45%	N/A
RealEstateRealReturn Strategy Fund	0.49%		0.25%	N/A	0.45%	0.45%	N/A
Small Cap StocksPLUS® TR Fund	0.44%	(6)	0.25%	N/A	0.40%	0.40%	N/A
StocksPLUS® Fund	0.25%	(4)	0.25%	0.25%	0.40%	0.40%	0.40%
StocksPLUS® Total Return Fund	0.39%	(5)	0.25%	N/A	0.40%	0.40%	N/A
StocksPLUS® TR Short Strategy Fund	0.44%	(6)	0.25%	N/A	0.40%	0.40%	N/A
CommodityRealReturn Strategy Fund®	0.49%		0.25%	0.25%	0.50%	0.50%	N/A

⁽¹⁾ PIMCO has contractually agreed, for the All Asset Fund’s current fiscal year, to reduce its Advisory Fee to the extent that the Underlying Fund Expenses attributable to Advisory and Administrative Fees exceed 0.64% of the total assets invested in Underlying Funds. PIMCO may recoup these waivers in future periods, not exceeding three years, provided total expenses, including such Recoupment, do not exceed the annual expense limit.

⁽²⁾ PIMCO has contractually agreed, for the All Asset All Authority Fund’s current fiscal year, to reduce its Advisory Fee to the extent that the Underlying Fund Expenses attributable to Advisory and Administrate Fees exceed 0.69% of the total assets invested in Underlying Funds. PIMCO may recoup these waivers in future periods, not exceeding three years, provided total expenses, including such Recoupment, do not exceed the annual expense limit.

⁽³⁾ Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.45% per annum.

⁽⁴⁾ Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.25% per annum.

⁽⁵⁾ Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.39% per annum.

⁽⁶⁾ Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.44% per annum.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (the “Distributor”) of the Trust’s shares. The Trust is permitted to reimburse AGID on a quarterly basis, out of the Administrative Class assets of each Fund offering Administrative Class Shares in an amount up to 0.25% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Fund shares as their funding medium. Unreimbursed costs may be carried forward for reimbursement for up to twelve months beyond the date in which it is incurred, subject always to the limit that not more than 0.25% of the average daily net assets attributable to an Administrative Class may be expensed. The effective rate paid to AGID was 0.25% during the current fiscal year with no unreimbursed costs to be carried forward as of March 31, 2008.

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Pursuant to the Distribution and Servicing Plans adopted by the A, B, C, D and R Classes of the Trust, the Trust compensates AGID or an affiliate for services provided and expenses incurred in connection with assistance rendered in the sale of shares and services rendered to shareholders and for maintenance of shareholder accounts of the A, B, C, D and R Classes. The Trust paid AGID distribution and servicing fees at effective rates as set forth in the following table (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Allowable Rate
	Distribution Fee	Servicing Fee
Class A	—	0.25%
Class B	0.75%	0.25%
Class C	0.75%	0.25%
Class D	—	0.25%
Class R	0.25%	0.25%

AGID also receives the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the Money Market Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of A, B and C Class shares. For the period ended March 31, 2008, AGID received $4,143,110 representing commissions (sales charges) and contingent deferred sales charges.

(d) Redemption Fees  Shareholders of each Fund in the Trust, except for Money Market Fund, were subject to a Redemption Fee on redemptions and exchanges of 2.00% of the NAV of the Fund shares redeemed or exchanged. From October 1, 2006 to July 30, 2007, Redemption Fees were charged on shares redeemed or exchanged within 7 days, 30 days, or 60 days (depending on the length of the applicable Fund’s holding period) after their acquisition, including shares acquired through exchanges. Effective July 31, 2007, the holding periods for certain Funds were reduced to 7 days or 30 days, or were no longer subject to a Redemption Fee. Actual redemption fees charged are reported on the Statement of Changes in Net Assets.

(e) Fund Expenses  The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) the costs of borrowing money, including interest expenses and bank overdraft charges; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organization expenses and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust’s Multiple Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of the Fundamental IndexPLUS^TM TR, International StocksPLUS^® TR Strategy (Unhedged), and Small Cap StocksPLUS^® TR Funds’ administrative fees in the Funds’ first year of operations, to the extent that the payment of each Fund’s pro rata share of organizational expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.0049% as set forth below (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

Fund Name	Inst’l Class	Admin Class	Class A	Class B	Class C	Class D
Fundamental IndexPLUSTM TR Fund	0.79%	1.04%	1.19%	—	1.94%	1.19%
International StocksPLUS® TR Strategy Fund (Unhedged)	0.64%	0.89%	1.04%	—	1.79%	1.04%
Small Cap StocksPLUS® TR Fund	0.69%	—	1.09%	—	1.84%	1.09%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months after the waiver. Expenses that have been waived may still be reimbursed by the Administrator, to the extent the Funds’ annualized total portfolio operating expenses plus the amount so reimbursed does not exceed the operating expense limitation. The recoverable amounts to the Administrator at March 31, 2008, were as follows (amounts in thousands):

Fund Name	Recoverable Amounts
Fundamental IndexPLUSTM TR Fund	$	23
International StocksPLUS® TR Strategy Fund (Unhedged)		59
Small Cap StocksPLUS® TR Fund		64

Each unaffiliated Trustee receives an annual retainer of $100,000, plus $9,500 for each Board of Trustees meeting attended in person, $750 ($1,000 in the case of the audit committee chair) for each committee meeting attended and $1,500 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $15,000 and each other committee chair receives an additional annual retainer of $1,500.

These expenses are allocated on a pro-rata basis to each Fund of the Trust (excluding the All Asset, All Asset All Authority, RealRetirement^TM 2010, RealRetirement^TM 2020, RealRetirement^TM 2030, RealRetirement^TM 2040, and RealRetirement^TM 2050 Funds, which do not bear such expenses) according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

Annual Report March 31, 2008 109

Notes to Financial Statements  (Cont.)

6.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by SFAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 5.

Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds or portfolios under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment advisor (or affiliated investment advisors), common Trustees and/or common officers complies with Rule 17a-7 of the Act. Further, as defined under the procedures, each transaction is effected at the current market price. During the period ended March 31, 2008, the Funds below engaged in purchases and sales of securities pursuant to the Rule 17a-7 of the Act (amounts in thousands):

Fund Name	Purchases		Sales
StocksPLUS® Total Return Fund	$	675	$	0
CommodityRealReturn Strategy Fund®		24,377		0

The All Asset and All Asset All Authority Funds invest substantially all of their assets in Institutional Class shares of other investment companies of the Trust (the “Underlying Funds”). The Underlying Funds are considered to be affiliated with the All Asset and All Asset All Authority Funds. The table below shows the transactions in and earnings from investments in these affiliated Funds for the year ended March 31, 2008 (amounts in thousands):

All Asset Fund

Underlying Funds	Market Value 03/31/2007		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 03/31/2008		Dividend Income		Net Capital and Realized Gain(Loss)
Convertible Fund	$	49,701	$	381,244	$	135,136	$	(13,155	)	$	266,390	$	4,391	$	(9,970	)
Developing Local Markets Fund		1,221,284		1,086,964		855,076		54,581			1,493,542		168,542		37,319
Diversified Income Fund		580,299		223,466		314,233		(15,175	)		464,645		37,955		(11,097	)
Emerging Local Bond Fund		529,094		1,735,106		988,077		(7,813	)		1,281,544		159,279		21,703
Emerging Markets Bond Fund		461,058		893,319		289,586		(127	)		1,041,342		36,874		15,182
Floating Income Fund		3,443,175		1,470,280		3,331,613		(164,524	)		1,225,654		214,800		(153,876	)
Foreign Bond Fund (Unhedged)		38,736		195,075		189,471		5,687			54,551		7,701		5,466
Fundamenal Advantage Total Return Fund		0		316,582		0		688			317,270		0		0
Fundamental IndexPLUSTM Fund		313,027		176,812		209,969		(32,318	)		232,188		20,137		(15,240	)
Fundamental IndexPLUSTM TR Fund		447,319		76,326		135,377		(29,110	)		351,649		24,692		(5,060	)
Global Bond Fund (Unhedged)		0		178,921		152,801		2,082			28,372		3,715		170
GNMA Fund		87,196		34,203		0		3,892			124,316		6,070		0
High Yield Fund		351,417		514,616		510,498		(5,631	)		338,463		29,564		3,704
Income Fund		20,000		181,006		0		(1,523	)		199,483		4,668		0
International StocksPLUS® TR Strategy Fund (Unhedged)		53,301		18,430		14,799		(2,451	)		51,925		4,836		(1,440	)
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)		498,838		15,156		272,881		(16,876	)		189,672		15,128		(12,505	)
Long Duration Total Return Fund		0		100,060		0		1,164			101,224		298		0
Long-Term U.S. Government Fund		175,088		1,124,201		838,279		23,696			494,621		15,523		12,814
Low Duration Fund		410,057		1,229,531		801,661		3,634			839,047		24,143		(1,357	)
Mortgage-Backed Securities Fund		160,921		44,874		0		3,338			208,934		10,429		0
Real Return Asset Fund		742,488		1,941,240		1,414,550		138,453			1,816,913		97,907		24,030
Real Return Fund		1,150,996		1,483,748		426,772		42,396			1,839,314		61,794		(6,556	)
RealEstateRealReturn Strategy Fund		38,271		300,125		0		1,771			342,055		8,573		0
Short-Term Fund		29,788		485,397		483,599		(281	)		23,677		6,265		(7,621	)
Small Cap StocksPLUS® TR Fund		6,026		7,941		0		(1,726	)		12,084		550		0
StocksPLUS® Fund		20,064		22,036		29,141		(39	)		12,854		1,251		1,400
StocksPLUS® Total Return Fund		88,244		129,480		155,596		(3,716	)		53,961		9,729		227
Total Return Fund		306,159		1,002,005		289,761		15,472			1,025,404		22,067		(12,970	)
CommodityRealReturn Strategy Fund®		1,354,710		43,717		1,034,713		116,370			463,269		43,436		35,991
Totals	$	12,577,257	$	15,411,861	$	12,873,589	$	118,759		$	14,894,363	$	1,040,317	$	(79,686	)

110 PIMCO Funds

March 31, 2008

All Asset All Authority Fund

Underlying Funds	Market Value 03/31/2007		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 03/31/2008		Dividend Income		Net Capital and Realized Gain(Loss)
Convertible Fund	$	514	$	30,180	$	20,635	$	(397	)	$	8,241	$	322	$	(1,344	)
Developing Local Markets Fund		69,192		97,382		67,649		1,813			103,194		7,806		5,289
Diversified Income Fund		49,278		18,999		38,261		(881	)		28,119		2,959		(1,103	)
Emerging Local Bond Fund		45,166		109,535		86,277		2			70,806		8,282		3,077
Emerging Markets Bond Fund		31,775		57,560		11,865		(330	)		75,871		2,799		177
European StocksPLUS® TR Strategy Fund		4,670		5,910		8,000		(470	)		2,162		365		(255	)
Far East (ex-Japan) StocksPLUS® TR Strategy Fund		13,610		29,704		28,000		(529	)		13,342		4,207		(629	)
Floating Income Fund		227,166		170,300		382,732		(168	)		4,525		9,206		(7,503	)
Foreign Bond Fund (Unhedged)		0		26,448		2,602		1,750			25,527		1,005		(69	)
Fundamental Advantage Total Return Fund		0		11,273		0		57			11,330		0		0
Fundamental IndexPLUSTM Fund		27,165		8,600		13,805		(2,827	)		18,964		1,431		(491	)
Fundamental IndexPLUSTM TR Fund		32,117		2,735		15,885		(1,277	)		17,645		1,317		(36	)
Global Bond Fund (Unhedged)		238		14		0		27			282		14		0
GNMA Fund		0		1		0		0			1		0		0
High Yield Fund		14,756		39,290		34,285		(231	)		18,940		1,669		(27	)
Income Fund		0		44,747		0		(615	)		44,132		782		0
Japanese StocksPLUS® TR Strategy Fund		47,210		14,550		39,114		(3,053	)		15,597		699		(813	)
Long Duration Total Return Fund		0		6,780		0		90			6,870		21		0
Long-Term U.S. Government Fund		9,919		73,239		55,320		2,348			30,767		1,338		888
Low Duration Fund		9,340		18,896		25,503		49			2,720		384		(25	)
Mortgage-Backed Securities Fund		181		11		0		4			195		10		0
Real Return Asset Fund		43,420		194,206		96,051		7,910			149,459		5,313		988
Real Return Fund		36,998		113,135		16,946		3,632			136,230		4,086		(292	)
RealEstateRealReturn Strategy Fund		1,184		18,011		0		228			19,515		435		0
Short-Term Fund		0		1		0		0			1		0		0
Small Cap StocksPLUS® TR Fund		0		2,365		0		(393	)		1,973		96		0
StocksPLUS® Fund		5,857		204		4,597		(126	)		1,369		203		121
StocksPLUS® Total Return Fund		1		6,181		3,698		(179	)		2,195		176		(111	)
StocksPLUS® TR Short Strategy Fund		152,132		87,281		68,332		13,624			191,557		7,465		(5,258	)
Total Return Fund		2,386		50,419		648		(48	)		52,106		561		(13	)
CommodityRealReturn Strategy Fund®		66,546		10,823		53,471		6,857			30,831		2,509		3,813
Totals	$	890,821	$	1,248,780	$	1,073,676	$	26,867		$	1,084,466	$	65,460	$	(3,616	)

7.  GUARANTEES AND INDEMNIFICATIONS

Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust’s investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and believes the risk of loss to be remote.

8.  PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Annual Report March 31, 2008 111

Notes to Financial Statements  (Cont.)

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2008, were as follows (amounts in thousands):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
All Asset Fund	$	0	$	0	$	15,411,861	$	12,873,589
All Asset All Authority Fund		0		0		1,248,780		1,073,676
Fundamental IndexPLUSTM TR Fund		2,097,183		1,757,149		185,059		183,488
International StocksPLUS® TR Strategy Fund (Unhedged)		360,945		316,199		29,713		18,992
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)		7,443,249		7,139,822		265,446		254,891
RealEstateRealReturn Strategy Fund		3,409,332		2,990,009		28,878		10,784
Small Cap StocksPLUS® TR Fund		140,423		123,656		16,904		6,042
StocksPLUS® Fund		336,427		290,070		288,921		246,404
StocksPLUS® Total Return Fund		1,971,097		1,855,307		163,545		125,560
StocksPLUS® TR Short Strategy Fund		420,903		347,909		52,653		29,278
CommodityRealReturn Strategy Fund®		145,598,111		142,660,354		5,834,493		6,719,147

9.  LINE OF CREDIT

On November 21, 2005, the All Asset All Authority Fund (the “AAAA Fund”) entered into a revolving credit agreement with Citicorp North America, Inc., (the “CNAI”). Under this agreement, there is a maximum available commitment amount equal to $325 million. CNAI finances lending to the AAAA Fund through the sale of commercial paper or medium term notes (collectively “promissory notes”). Borrowings under this agreement bear interest at a rate equal to the cost of funding (i.e., the weighted average promissory note rate plus dealer commissions). Borrowings outstanding as of March 31, 2008 are disclosed as demand loan payable to bank on the Statement of Assets and Liabilities. As of March 31, 2008, the AAAA Fund was paying interest at 3.56% Interest and commitment fees paid by the Fund in relation to the borrowings are disclosed as part of interest expense on the Statement of Operations. The AAAA Fund’s borrowing activity under the agreement for the period ended March 31, 2008 was as follows (in thousands):

Average Outstanding Principal		Average Available Commitment		Interest		Program Limit Interest Fees		Oustanding Principal as of 03/31/2008
$	205,388	$	242,760	$	11,822	$	427	$	125,000

10.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except for number of contracts):

	Fundamental IndexPLUSTM TR Fund														International StocksPLUS® TR Strategy Fund (Unhedged)
	# of Contracts		Notional Amount in $			Notional Amount in GBP			Notional Amount in EUR			Premium			# of Contracts		Notional Amount in $			Premium
Balance at 03/31/2007	323		$	129,300		GBP	700		EUR	11,000		$	1,649		28		$	5,000		$	61
Sales	2,644			157,300			0			0			4,330		275			9,100			333
Closing Buys	(886	)		(150,600	)		0			(8,000	)		(2,357	)	(117	)		(8,000	)		(132	)
Expirations	(1,456	)		(29,000	)		(700	)		(3,000	)		(827	)	(26	)		0			(7	)
Exercised	0			(3,000	)		0			0			(12	)	(88	)		0			(39	)
Balance at 03/31/2008	625		$	104,000		GBP	0		EUR	0		$	2,783		72		$	6,100		$	216

	International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)														RealEstateRealReturn Strategy Fund
	# of Contracts		Notional Amount in $			Notional Amount in GBP			Notional Amount in EUR			Premium			# of Contracts		Notional Amount in $		Premium
Balance at 03/31/2007	205		$	250,700		GBP	6,400		EUR	35,000		$	3,145		0		$	0	$	0
Sales	2,630			324,300			0			36,600			6,366		1,323			13,400		1,550
Closing Buys	(1,320	)		(310,900	)		0			0			(4,507	)	(248	)		0		(129	)
Expirations	(1,431	)		(122,100	)		(6,400	)		(55,400	)		(1,766	)	(280	)		0		(78	)
Exercised	0			0			0			0			0		0			0		0
Balance at 03/31/2008	84		$	142,000		GBP	0		EUR	16,200		$	3,238		795		$	13,400	$	1,343

112 PIMCO Funds

March 31, 2008

	Small Cap StocksPLUS® TR Fund								StocksPLUS® Fund
	# of Contracts		Notional Amount in $			Premium			# of Contracts		Notional Amount in $			Notional Amount in GBP			Notional Amount in EUR			Premium
Balance at 03/31/2007	1		$	1,000		$	13		292		$	101,800		GBP	1,800		EUR	3,000		$	1,940
Sales	101			1,000			68		2,653			127,200			0			0			4,477
Closing Buys	(64	)		(1,000	)		(40	)	(1,183	)		(126,800	)		0			0			(2,186	)
Expirations	(2	)		0			0		(883	)		(22,600	)		(1,800	)		(3,000	)		(1,664	)
Exercised	(14	)		0			(4	)	(879	)		0			0			0			(448	)
Balance at 03/31/2008	22		$	1,000		$	37		0		$	79,600		GBP	0		EUR	0		$	2,119

	StocksPLUS® Total Return Fund														StocksPLUS® TR Short Strategy Fund
	# of Contracts		Notional Amount in $			Notional Amount in GBP			Notional Amount in EUR			Premium			# of Contracts		Notional Amount in $			Notional Amount in GBP			Notional Amount in EUR			Premium
Balance at 03/31/2007	255		$	76,600		GBP	500		EUR	8,000		$	1,225		78		$	34,800		GBP	300		EUR	1,000		$	416
Sales	1,397			96,200			0			0			2,750		692			32,500			0			0			962
Closing Buys	(418	)		(103,000	)		0			0			(1,429	)	(483	)		(44,800	)		0			(1,000	)		(687	)
Expirations	(567	)		(2,900	)		(500	)		(8,000	)		(741	)	(5	)		0			(300	)		0			(6	)
Exercised	(440	)		(2,000	)		0			0			(284	)	(64	)		(1,000	)		0			0			(32	)
Balance at 03/31/2008	227		$	64,900		GBP	0		EUR	0		$	1,521		218		$	21,500		GBP	0		EUR	0		$	653

	CommodityRealReturn Strategy Fund®
	# of Contracts		Notional Amount in $			Premium
Balance at 03/31/2007	359,008,458		$	257,000		$	18,764
Sales	164,640,374			2,060,120			103,326
Closing Buys	(13,559	)		(673,820	)		(17,667	)
Expirations	(134,011,972	)		(117,000	)		(8,796	)
Exercised	(2,368	)		(37,000	)		(917	)
Balance at 03/31/2008	389,620,933		$	1,489,300		$	94,710

Annual Report March 31, 2008 113

Notes to Financial Statements  (Cont.)

11.  SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	All Asset Fund										All Asset All Authority Fund										Fundamental IndexPLUSTM TR Fund
	Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Class A	38,484		$	492,694		32,623		$	411,264		18,088		$	197,127		12,471		$	131,989		1,377		$	14,669		1,270		$	13,146
Class B	1,859			23,625		2,637			33,048		0			0		0			0		0			0		0			0
Class C	16,788			212,807		17,032			213,458		5,679			61,629		5,627			59,374		474			5,044		764			7,984
Other Classes	289,864			3,731,710		226,506			2,872,644		18,886			206,093		9,886			104,637		14,004			147,774		25,964			280,369
Issued as reinvestment of distributions
Class A	6,262			79,049		5,088			63,741		1,008			10,700		712			7,437		86			879		128			1,314
Class B	999			12,537		882			10,987		0			0		0			0		0			0		0			0
Class C	4,459			55,884		3,904			48,585		497			5,256		384			4,005		55			557		72			740
Other Classes	59,764			758,288		39,666			499,526		1,954			20,805		1,594			16,687		3,205			33,037		6,227			64,243
Cost of shares redeemed
Class A	(36,214	)		(464,066	)	(56,561	)		(712,997	)	(8,087	)		(87,211	)	(12,456	)		(131,861	)	(1,161	)		(11,820	)	(1,106	)		(11,445	)
Class B	(5,118	)		(65,175	)	(7,258	)		(91,000	)	0			0		0			0		0			0		0			0
Class C	(25,025	)		(318,220	)	(41,986	)		(525,884	)	(3,923	)		(42,030	)	(4,735	)		(49,943	)	(573	)		(5,928	)	(138	)		(1,484	)
Other Classes	(149,287	)		(1,920,723	)	(147,032	)		(1,864,675	)	(10,894	)		(117,442	)	(18,380	)		(194,853	)	(17,233	)		(183,356	)	(25,104	)		(251,589	)
Net increase (decrease) resulting from Fund share transactions	202,835		$	2,598,410		75,501		$	958,697		23,208		$	254,927		(4,897	)	$	(52,528	)	234		$	856		8,077		$	103,278

	StocksPLUS® Fund										StocksPLUS® Total Return Fund										StocksPLUS® TR Short Strategy Fund
	Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Class A	1,768		$	19,013		2,856		$	29,565		446		$	5,217		866		$	10,217		5,096		$	46,494		78		$	674
Class B	85			926		186			1,904		183			2,162		468			5,548		0			0		0			0
Class C	425			4,571		517			5,318		170			1,969		333			3,973		349			3,136		12			98
Other Classes	22,783			257,260		13,260			142,132		13,516			162,718		13,838			171,603		11,625			100,140		7,111			62,775
Issued as reinvestment of distributions
Class A	439			4,686		374			3,921		334			3,838		283			3,389		19			156		2			13
Class B	101			1,052		107			1,086		200			2,250		128			1,520		0			0		0			0
Class C	352			3,699		291			3,007		208			2,344		151			1,785		3			27		0			1
Other Classes	3,069			33,907		2,513			26,987		3,402			39,140		2,318			27,830		947			7,715		816			6,787
Cost of shares redeemed
Class A	(4,076	)		(45,468	)	(4,740	)		(49,203	)	(1,530	)		(17,568	)	(1,355	)		(16,020	)	(937	)		(8,565	)	(3	)		(21	)
Class B	(1,279	)		(13,769	)	(2,920	)		(29,438	)	(479	)		(5,463	)	(529	)		(6,112	)	0			0		0			0
Class C	(2,259	)		(24,049	)	(2,660	)		(27,134	)	(642	)		(7,452	)	(749	)		(8,720	)	(55	)		(457	)	0			0
Other Classes	(30,605	)		(347,204	)	(28,667	)		(308,485	)	(20,701	)		(248,398	)	(6,416	)		(77,630	)	(9,346	)		(78,659	)	(3,960	)		(34,914	)
Net increase (decrease) resulting from Fund share transactions	(9,197	)	$	(105,376	)	(18,883	)	$	(200,340	)	(4,893	)	$	(59,243	)	9,336		$	117,383		7,701		$	69,987		4,056		$	35,413

114 PIMCO Funds

March 31, 2008

International StocksPLUS® TR Strategy Fund (Unhedged)										International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)										RealEstateReturnReturn Strategy Fund										Small Cap StocksPLUS® TR Fund
Year Ended 03/31/2008					Period from 11/30/2006 to 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007
Shares		Amount					Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
198		$	2,088		7		$	66		573		$	7,018		590		$	7,171		1,256		$	7,972		1,861		$	16,050		11		$	109		9		$	90
0			0		0			0		222			2,713		517			6,220		190			1,267		753			6,413		0			0		0			0
78			813		8			81		317			3,923		513			6,217		462			2,901		1,326			11,291		29			306		19			191
3,716			38,200		5,434			54,373		3,477			42,937		22,044			271,373		61,285			358,400		2,015			17,272		2,283			23,969		768			10,924
7			76		0			1		30			367		163			1,924		425			2,532		1,485			11,136		1			7		0			1
0			0		0			0		19			235		111			1,293		146			861		522			3,850		0			0		0			0
4			42		0			1		18			225		120			1,403		268			1,575		1,028			7,579		1			15		0			1
532			5,437		218			2,160		1,398			17,171		6,384			75,730		2,455			14,350		5,503			42,062		152			1,530		12			133
(14	)		(145	)	0			0		(931	)		(11,044	)	(842	)		(10,120	)	(3,027	)		(19,356	)	(2,402	)		(20,371	)	(3	)		(30	)	0			0
0			0		0			0		(537	)		(6,213	)	(563	)		(6,608	)	(1,242	)		(7,941	)	(560	)		(4,737	)	0			0		0			0
(48	)		(460	)	0			0		(555	)		(6,490	)	(641	)		(7,597	)	(2,194	)		(14,042	)	(1,255	)		(10,442	)	0			(3	)	0			0
(2,225	)		(22,084	)	(1	)		(17	)	(27,476	)		(319,668	)	(28,641	)		(350,063	)	(5,808	)		(37,362	)	(35,927	)		(312,793	)	(548	)		(5,451	)	(4	)		(40	)
2,248		$	23,967		5,666		$	56,665		(23,445	)	$	(268,826	)	(245	)	$	(3,057	)	54,216		$	311,157		(25,651	)	$	(232,690	)	1,926		$	20,452		804		$	11,300

CommodityRealReturn Strategy Fund®
Year Ended 03/31/2008					Year Ended 3/31/2007
Shares		Amount			Shares		Amount
45,441		$	741,297		46,035		$	660,065
1,345			22,485		1,469			21,142
11,590			192,807		12,975			185,272
200,393			3,283,515		314,607			4,511,034
6,468			102,081		3,920			54,649
583			9,094		372			5,139
2,497			38,944		1,598			22,071
28,740			454,547		19,839			277,983
(51,842	)		(826,060	)	(87,362	)		(1,255,407	)
(4,211	)		(64,962	)	(7,811	)		(110,602	)
(23,898	)		(364,868	)	(46,493	)		(657,822	)
(269,621	)		(4,252,030	)	(290,392	)		(4,163,236	)
(52,515	)	$	(663,150	)	(31,243	)	$	(449,712	)

Annual Report March 31, 2008 115

Notes to Financial Statements  (Cont.)

12.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.) (PIMCO’s parent company), and certain of their affiliates, including PIMCO Funds (a complex of mutual funds managed by PIMCO) and Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series) (a complex of mutual funds managed by affiliates of PIMCO), certain trustees of PIMCO Funds, and certain employees of PIMCO have been named as defendants in eleven lawsuits filed in various jurisdictions. These lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of PIMCO Funds and Allianz Funds during specified periods, or as derivative actions on behalf of PIMCO Funds and Allianz Funds. These lawsuits seek, among other things, unspecified compensatory damages plus interest and in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

These actions generally allege that certain hedge funds were allowed to engage in “market timing” in certain funds of PIMCO Funds and Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, certain trustees of PIMCO Funds, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; however, the plaintiffs continue to assert claims on behalf of the shareholders of PIMCO Funds or on behalf of PIMCO Funds itself against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where PIMCO Funds were named, in the complaint, as a nominal defendant. Thus, at present PIMCO Funds is not a party to any “market timing” lawsuit.

Two nearly identical class action civil complaints were filed in August 2005, in the Northern District of Illinois Eastern Division, alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO and PIMCO Funds strongly believe the complaint is without merit and intend to vigorously defend themselves.

In April 2006, certain registered investment companies and other funds managed by PIMCO were served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. In July 2004, PIMCO was named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain registered investment companies and other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain registered investment companies and other funds managed by PIMCO—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis. To date, no briefs have been filed. This matter is not expected to have a material adverse effect on either the relevant registered investment companies and other funds or PIMCO.

In October 2007 the PIMCO High Yield Fund, a series of PIMCO Funds, was named in an amended complaint filed in connection with an adversary proceeding brought by the Adelphia Recovery Trust relating to the bankruptcy of Adelphia Communications Corporation (“Adelphia”) in the Southern District of New York. The plaintiff alleges that investment banks and agent banks were instrumental in developing a form of financing for Adelphia and its affiliates, known as co-borrowing facilities. According to the amended complaint, the co-borrowing facilities facilitated Adelphia’s fraud and concealed its corporate looting, and the banks who structured or made the loans knew that Adelphia was misappropriating and misusing a significant portion of the proceeds. The amended complaint asserts that such bank loans were tainted and that the purchasers of bank debt, such as the PIMCO High Yield Fund, who received payments from Adelphia on account of the bank debt, received voidable payments subject to the infirmities caused by the conduct of their transferors. The amended complaint seeks to recover the payments made by Adelphia or its affiliates to the defendants, including the PIMCO High Yield Fund, by reason of the co-borrowing facilities and the disgorgement of the consideration paid to the bank debt under the Adelphia plan of reorganization. No wrongdoing is alleged against the PIMCO High Yield Fund.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Funds. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Funds or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Funds.

13.  FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under sub-chapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The FASB issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109” (“FIN 48”), in June 2006. FIN 48 permits the recognition of tax benefits of an uncertain tax position only when the position is “more likely than not” to be sustained assuming

116 PIMCO Funds

March 31, 2008

examination by taxing authorities. The Funds adopted the provisions of FIN 48 on April 1, 2007. Management has reviewed the Fund’s tax positions for all open tax years, and concluded that adoption had no effect on the Fund’s financial position or results of operations. As of March 31, 2008, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The CRRS Fund may gain exposure to the commodities markets primarily through index-linked notes, and may invest in other commodity-linked derivative instruments, including commodity swap agreements, options, futures contracts, options on futures contracts and foreign funds investing in similar commodity-linked derivatives.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that the Fund derive at least 90% of its gross income from certain qualifying sources of income. The IRS has issued a revenue ruling which holds that income derived from commodity index-linked swaps is not qualifying income under Subchapter M of the Code. Subsequently, the IRS issued a private letter ruling to the CRRS Fund in which the IRS specifically concluded that income from certain commodity index-linked notes is qualifying income. In addition, the IRS issued another private letter ruling to the CRRS Fund in which the IRS specifically concluded that income derived from the CRRS Fund’s investment in the Subsidiary, which invests primarily in commodity index-linked swaps, will also constitute qualifying income to the CRRS Fund. Based on such rulings, the CRRS Fund will continue to seek to gain exposure to the commodity markets primarily through investments in commodity-linked notes and through investments in its subsidiary.

To the extent the All Asset and All Asset All Authority Funds invest in the CRRS Fund, an Underlying Fund, the All Asset and All Asset All Authority Funds may be subject to additional tax risk.

The Funds file U. S. tax returns. While the statute of limitations remains open to examine the Fund’s U. S. tax returns filed for the fiscal years from 2004-2007, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Certain Funds are subject to local taxes in Brazil and Peru. The Brazilian tax, Contribuicao Provisoria sobre Movimentacao Financiera (“CPMF”), is 0.38% and is applicable for all fixed income settlements and all foreign exchange transactions relating to fixed income trade settlements. The Peruvian tax, Financial Transaction Tax (“FTT”), is 0.08% and is applicable for all cash movements. The CPMF and FTT are recorded as components of net realized gain (loss) on investments on the Statement of Operations. During the period ended March 31, 2008, the CommodityRealReturn Strategy Fund^® incurred $105,171 in CPMF and FTT costs.

As of March 31, 2008, the components of distributable taxable earnings are as follows (amounts in thousands):

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Net Tax Basis Unrealized Appreciation/ (Depreciation) (1)			Other Book-to-Tax Accounting Differences (2)			Accumulated Capital Losses (3)			Post-October Deferral (4)
All Asset Fund	$	25,770	$	0	$	61,257		$	0		$	(158,627	)	$	(81,933	)
All Asset All Authority Fund		551		0		19,074			0			(14,165	)		0
Fundamental IndexPLUS™ TR Fund		0		0		2,515			(1,345	)		0			0
International StocksPLUS® TR Strategy Fund (Unhedged)		0		0		(425	)		(63	)		0			0
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)		0		0		5,157			(397	)		0			(1,479	)
RealEstateRealReturn Strategy Fund		0		0		395			(2,314	)		(8,747	)		0
Small Cap StocksPLUS® TR Fund		243		0		(231	)		(43	)		0			(4,234	)
StocksPLUS® Fund		36,607		0		(18,638	)		(3,697	)		(58,541	)		(122,612	)
StocksPLUS® Total Return Fund		3,797		0		(899	)		(291	)		0			(40,406	)
StocksPLUS® TR Short Strategy Fund		1,932		3,621		1,218			(275	)		0			0
CommodityRealReturn Strategy Fund®		1,850,291		194,551		814,432			(107,000	)		0			0

⁽¹⁾ Adjusted for open wash sale loss deferrals and accelerated recognition of unrealized gain on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain/loss on swap contracts.

⁽²⁾ Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for straddle loss deferrals and distributions payable at fiscal year-end.

⁽³⁾ Capital losses available to offset future net capital gains expire in varying amounts in the years shown below.

⁽⁴⁾ Capital losses realized during the period November 1, 2007 through March 31, 2008 which the Fund elected to defer to the following taxable year pursuant to federal income tax regulations.

Annual Report March 31, 2008 117

Notes to Financial Statements  (Cont.)

As of March 31, 2008, the Funds had accumulated capital losses expiring in the following years (amounts in thousands). The Funds will resume capital gain distributions in the future to the extent gains are realized in excess of accumulated capital losses.

	Expiration of Accumulated Capital Losses (amounts in thousands)
	2011		2013		2014		2015
All Asset Fund	$	0	$	0	$	0	$	158,627
All Asset All Authority Fund		0		0		0		14,165
RealEstateRealReturn Strategy Fund		0		0		0		8,747
StocksPLUS® Fund		58,541		0		0		0

As of March 31, 2008, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation) (5)
All Asset Fund	$	14,833,105	$	355,722	$	(294,464	)	$	61,258
All Asset All Authority Fund		1,069,327		38,391		(19,317	)		19,074
Fundamental IndexPLUS™ TR Fund		957,841		16,022		(10,185	)		5,837
International StocksPLUS® TR Strategy Fund (Unhedged)		128,153		1,368		(1,606	)		(238	)
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)		876,015		14,855		(9,172	)		5,683
RealEstateRealReturn Strategy Fund		902,112		6,187		(2,029	)		4,158
Small Cap StocksPLUS® TR Fund		44,553		488		(651	)		(163	)
StocksPLUS® Fund		860,583		7,571		(20,214	)		(12,643	)
StocksPLUS® Total Return Fund		521,825		8,102		(6,408	)		1,694
StocksPLUS® TR Short Strategy Fund		293,574		4,497		(2,712	)		1,785
CommodityRealReturn Strategy Fund®		24,203,274		1,056,864		(149,604	)		907,260

⁽⁵⁾ Primary differences between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals, contingent payment debt instruments, interest only basis adjustments, passive foreign investment companies, and unamortized premium on convertible bonds for federal income tax purposes.

For the fiscal years ended March 31, 2008 and March 31, 2007, respectively, the Funds made the following tax basis distributions (amounts in thousands):

	March 31, 2008						March 31, 2007
	Ordinary Income Distributions (6)		Long-Term Capital Gain Distributions		Return of Capital (7)		Ordinary Income Distributions (6)		Long-Term Capital Gain Distributions		Return of Capital
All Asset Fund	$	1,015,232	$	0	$	0	$	681,865	$	34,627	$	0
All Asset All Authority Fund		50,192		0		0		38,486		1,264		0
Fundamental IndexPLUS™ TR Fund		6,094		1,990		30,003		70,483		0		0
International StocksPLUS® TR Strategy Fund (Unhedged)		1,559		1,138		2,878		2,162		0		0
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)		17,473		867		0		81,939		0		0
RealEstateRealReturn Strategy Fund		20,705		0		0		70,922		93		0
Small Cap StocksPLUS® TR Fund		1,310		245		0		136		0		0
StocksPLUS® Fund		48,311		0		0		39,655		0		0
StocksPLUS® Total Return Fund		30,747		18,799		0		20,806		15,318		0
StocksPLUS® TR Short Strategy Fund		7,934		0		0		6,808		0		0
CommodityRealReturn Strategy Fund®		772,283		0		0		453,910		0		0

⁽⁶⁾ Includes short-term capital gains, if any, distributed.

⁽⁷⁾ A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

118 PIMCO Funds

GLOSSARY: (abbreviations that may be used in the preceding statements)

Counterparty Abbreviations:
ABN	ABN AMRO Bank, N.V.	CSFB	Credit Suisse First Boston	NAB	National Australia Bank Limited
AIG	AIG International, Inc.	DUB	Deutsche Bank AG	RBC	Royal Bank of Canada
BOA	Bank of America	GSC	Goldman Sachs & Co.	RBS	Royal Bank of Scotland Group PLC
BCLY	Barclays Bank PLC	HSBC	HSBC Bank USA	SOG	Societe Generale
BEAR	Bear Stearns & Co., Inc.	JPM	JPMorgan Chase & Co.	UBS	UBS Warburg LLC
BNP	BNP Paribas Bank	LEH	Lehman Brothers, Inc.	WAC	Wachovia Bank N.A.
CITI	Citibank N.A.	MLP	Merrill Lynch & Co., Inc.
CBA	Commonwealth Bank of Australia	MSC	Morgan Stanley
Currency Abbreviations:
AED	UAE Dirham	HUF	Hungarian Forint	PHP	Philippines Peso
AUD	Australian Dollar	IDR	Indonesian Rupiah	PLN	Polish Zloty
BRL	Brazilian Real	ILS	Israeli Shekel	RON	Romanian Leu
CAD	Canadian Dollar	INR	Indian Rupee	RUB	Russian Ruble
CLP	Chilean Peso	JPY	Japanese Yen	SAR	Saudi Riyal
CNY	Chinese Yuan Renminbi	KRW	South Korean Won	SEK	Swedish Krona
COP	Colombia Peso	KZT	Kazakhstan Tenge	SGD	Singapore Dollar
CZK	Czech Koruna	KWD	Kuwaiti Dinar	SKK	Slovakian Koruna
DKK	Danish Krone	MXN	Mexican Peso	TRY	Turkish Lira
EGP	Egyptian Pound	MYR	Mexican Peso	TWD	Taiwan Dollar
EUR	Euro	NOK	Norwegian Krone	USD	United States Dollar
GBP	British Pound Sterling	NZD	New Zealand Dollar	UYU	Uruguay Peso
HKD	Hong Kong Dollar	PEN	Peruvian Nuevo Sol	ZAR	South African Rand
Exchange Abbreviations:
AMEX	American Stock Exchange	LMEX	London Metal Exchange
CBOT	Chicago Board of Trade	NYBEX	New York Board of Trade
CME	Chicago Mercantile Exchange	NYMEX	New York Mercantile Exchange
FTSE	Financial Times Stock Exchange	OTC	Over-the-Counter
ICEX	Iceland Stock Exchange
Index Abbreviations:
CDI	Credit Default Swap Index	GSCI	Goldman Sachs Commodity Index Total Return
CDX	Credit Derivatives Index	HICP	Harmonized Index of Consumer Prices
CMBX	Commercial Mortgage-Backed Index	LCDX	Liquid Credit Derivative Index
CPI	Consumer Price Index	RPI	Retail Price Index
DJAIGCI	Dow Jones-AIG Commodity Index	UKRPI	United Kingdom Retail Price Index
DJAIGTR	Dow Jones-AIG Commodity Index Total Return	USSP	USD Swap Spread
EAFE	Europe, Australasia, and Far East Index
Municipal Bond or Agency Abbreviations:
ACA	American Capital Access Holding Ltd.	HUD	U.S. Department of Housing and Urban Development
AGC	Assured Guaranty Corp.	IBC	Insured Bond Certificate
AMBAC	American Municipal Bond Assurance Corp.	MAIA	Michigan Association of Insurance Agents
CA	California Mortgage	MBIA	Municipal Bond Investors Assurance
FGIC	Financial Guaranty Insurance Co.	PSF	Public School Fund
FHA	Federal Housing Administration	Q-SBLF	Qualified School Bond Loan Fund
FHLMC	Federal Home Loan Mortgage Corporation	Radian	Radian Guaranty, Inc.
FNMA	Federal National Mortgage Association	ST	State
FSA	Financial Security Assurance, Inc.	VA	Department of Veterans Affairs
GNMA	Government National Mortgage Association	XLCA	XL Capital Assurance
GTD	Guaranteed
Other Abbreviations:
ABS	Asset-Backed Security	IG	Investment Grade
CMBS	Collateralized Mortgage-Backed Security	LIBOR	London Interbank Offered Rate
CMM	Constant Maturity Mortgage Rate	MBS	Mortgage-Backed Security
CMO	Collateralized Mortgage Obligation	MSCI	Morgan Stanley Capital International
EM	Emerging Markets	REIT	Real Estate Investment Trust
EURIBOR	Euro Interbank Offered Rate	SPDR	Standard & Poor’s Depository Receipts
HVOL	High Volatility	TIIE	Tasa de Interés Interbancaria de Equilibrio
HY	High Yield	WTI	West Texas Intermediate

Annual Report March 31, 2008 119

Report of Independent Registered Public Accounting Firm

To the Trustees and Class A, Class B, and Class C Shareholders of the PIMCO Funds

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations, of changes in net assets and of cash flows and the financial highlights for the Class A, Class B and Class C shares present fairly, in all material respects, the financial position of the All Asset Fund, All Asset All Authority Fund, CommodityRealReturn Strategy^® Fund, Fundamental IndexPLUS^TM TR Fund, International StocksPLUS^® TR Strategy Fund (U.S. Dollar-Hedged), International StocksPLUS^® TR Strategy Fund (Unhedged), RealEstateRealReturn Strategy Fund, Small Cap StocksPLUS^® TR Fund, StocksPLUS^® Fund, StocksPLUS^® Total Return Fund, and StocksPLUS^® TR Short Strategy Fund, eleven of the seventy Funds constituting the PIMCO Funds, (hereafter referred to as the “Funds”) at March 31, 2008, the results of each of their operations for the year or period then ended, the changes in each of their net assets for each of the periods indicated, the cash flows for the Small Cap StocksPLUS^® TR Fund, StocksPLUS^® Total Return Fund and All Asset All Authority Fund for the year then ended, and the financial highlights of the Funds for the Class A, Class B, and Class C shares for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements (consolidated financial statements for the CommodityRealReturn Strategy^® Fund) and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2008 by correspondence with the custodian and counterparties, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Kansas City, Missouri

May 28, 2008

120 PIMCO Funds

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code (“Code”) and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Trust’s fiscal year end (March 31, 2008) regarding the status of dividend received deduction, qualified dividend income, qualified interest income, and qualified short-term capital gain.

Dividend Received Deduction.  Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Fund’s dividend distribution that qualifies under tax law. The percentage of each Fund’s fiscal 2008 ordinary income dividends that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income.  Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), the following percentages of ordinary dividends paid during the fiscal year ended March 31, 2008 are designated as “qualified dividend income”, as defined in the Act, subject to reduced tax rates.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only).  Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2008 are considered to be derived from “qualified interest income,” as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2008 are considered to be derived from “qualified short-term capital gain,” as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

	Dividend Received Deduction %	Qualified Dividend Income %	Qualified Interest Income (000s)		Qualified Short-Term Capital Gain (000s)
All Asset Fund	0.25%	0.32%	$	463,347	$	727
All Asset All Authority Fund	0.40%	0.54%		26,358		41
Fundamental IndexPLUS™ TR Fund	0.36%	0.47%		19,890		0
International StocksPLUS® TR Strategy Fund (Unhedged)	0.00%	0.00%		868		0
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)	1.88%	1.93%		27,485		0
RealEstateRealReturn Strategy Fund	0.00%	0.00%		7,736		0
Small Cap StocksPLUS® TR Fund	0.09%	0.11%		238		0
StocksPLUS® Fund	1.08%	1.82%		35,482		0
StocksPLUS® Total Return Fund	0.40%	0.53%		11,707		7,103
StocksPLUS® TR Short Strategy Fund	0.61%	0.80%		5,827		0
CommodityRealReturn Strategy Fund®	0.02%	0.03%		315,911		0

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2009, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2008.

Annual Report March 31, 2008 121

Management of the Trust (Unaudited)

The chart below identifies the Trustees and Officers of the Trust. Each “interested” Trustee as defined by the 1940 Act, is indicated by an asterisk (*). Unless otherwise indicated, the address of all persons below is 840 Newport Center Drive, Newport Beach, CA 92660.

The Funds’ Statement of Additional Information includes more information about the Trustees. To request a free copy, call PIMCO at 1-800-927-4648.

Trustees of the Trust

Name, Age and Position Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Interested Trustees
Brent R. Harris* (48) Chairman of the Board and Trustee	02/1992 to Present	Managing Director and member of Executive Committee, PIMCO. Formerly, Director, PCM Fund, Inc.	101	Chairman and Trustee, PIMCO Variable Insurance Trust; Director and Vice President, StocksPLUS® Management Inc.; and member of Board of Governors and Executive Committee, Investment Company Institute.
R. Wesley Burns* (48) Trustee	11/1997 to Present	Consulting Managing Director, PIMCO. Formerly, Managing Director, PIMCO. Formerly, Director, PCM Fund, Inc.	102	Trustee, PIMCO Variable Insurance Trust; Chairman and Director, PIMCO Strategic Global Government Fund, Inc.; and Director PS Business Parks, Inc. (a Real Estate Investment Trust).
Independent Trustees
E. Philip Cannon (67) Trustee	05/2000 to Present	Proprietor, Cannon & Company (an investment firm). Formerly, President, Houston Zoo (until 2005). Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust. Formerly, Trustee, Allianz Funds (formerly, PIMCO Funds: Multi-Manager Series).
Vern O. Curtis (73) Trustee	02/1995 to Present	Private Investor. Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust.
J. Michael Hagan (68) Trustee	05/2000 to Present	Private Investor and Business Adviser (primarily for manufacturing companies). Formerly, Director, Remedy Temp (staffing). Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust; Director, Ameron International (manufacturing); and Director, Fleetwood Enterprises (manufacturer of housing and recreational vehicles).
William J. Popejoy (70) Trustee	07/1993 to 02/1995 and 08/1995 to Present	Private Investor. Formerly, Director, New Century Financial Corporation (mortgage banking). Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust.

* Each of Mr. Harris and Mr. Burns is an “interested person” of the Trust (as the term is defined in the 1940 Act) because of his affiliations with PIMCO.

** Trustees serve until their successors are duly elected and qualified.

122 PIMCO Funds

Executive Officers

Name, Age and Position Held with Trust	Term of Office*** and Length of Time Served	Principal Occupation(s) During Past 5 Years
Ernest L. Schmider (50) President	05/2005 to Present	Managing Director, PIMCO.
David C. Flattum (43) Chief Legal Officer	11/2006 to Present	Executive Vice President and General Counsel, PIMCO. Formerly, Managing Director, Chief Operating Officer and General Counsel, Allianz Global Investors of America L.P. and Partner at Latham and Watkins LLP.
Jennifer E. Durham (37) Chief Compliance Officer	07/2004 to Present	Senior Vice President, PIMCO. Formerly, Vice President and Legal/Compliance Manager, PIMCO.
William H. Gross (63) Senior Vice President	04/1987 to Present	Managing Director and Chief Investment Officer, PIMCO.
Jeffrey M. Sargent (45) Senior Vice President	02/1993 to Present (since 02/1999 as Senior Vice President)	Executive Vice President, PIMCO. Formerly, Senior Vice President, PIMCO.
William S. Thompson, Jr. (62) Senior Vice President	11/1993 to Present (since 02/2003 as Senior Vice President)	Chief Executive Officer and Managing Director, PIMCO.
J. Stephen King, Jr. (45) Vice President - Senior Counsel and Secretary	05/2005 to Present	Senior Vice President and Attorney, PIMCO. Formerly, Vice President, PIMCO; and Associate, Dechert LLP.
Joshua D. Ratner (31) Assistant Secretary	10/2007 to Present	Vice President and Attorney, PIMCO. Formerly, Associate, Skadden, Arps, Slate, Meagher & Flom LLP.
Henrik P. Larsen (38) Vice President	02/1999 to Present	Senior Vice President, PIMCO. Formerly, Vice President, PIMCO.
John P. Hardaway (50) Treasurer	08/1990 to Present	Executive Vice President, PIMCO. Formerly, Senior Vice President, PIMCO.
Erik C. Brown (40) Assistant Treasurer	02/2001 to Present	Senior Vice President, PIMCO. Formerly, Vice President, PIMCO.
Trent W. Walker (33) Assistant Treasurer	05/2007 to Present	Senior Vice President, PIMCO. Formerly, Vice President, PIMCO; Senior Manager, PricewaterhouseCoopers LLP.
Stacie D. Anctil (38) Assistant Treasurer	11/2003 to Present	Vice President, PIMCO. Formerly, Specialist, PIMCO.

*** The Officers of the Trust are re-appointed annually by the Board of Trustees.

Annual Report March 31, 2008 123

Privacy Policy (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet websites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Funds’ Distributor may also retain non-affiliated companies to market the Funds’ shares or products which use the Funds’ shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

124 PIMCO Funds

PIMCO Funds

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, CA 92660

Investment Sub-Adviser

Research Affiliates, LLC

155 North Lake Ave., Suite 900

Pasadena, CA 91101

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, NY 10105-4800

Custodian

State Street Bank and Trust Company

801 Pennsylvania

Kansas City, MO 64105

Shareholder Servicing Agent and Transfer Agent

PFPC, Inc.

P.O. Box 9688

Providence, RI 02940

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, MO 64105

For Account Information

For PIMCO Funds account information contact your financial advisor, or if you receive account statements Information directly from Allianz Global Investors, you can also call 1-800-426-0107. Telephone representatives are available Monday-Friday 8:30 am to 8:00 pm Eastern Time. Or visit our website, www.allianzinvestors.com.

Allianz Global Investors is one of the world’s largest asset management companies, with over $1 trillion under management. Our investment solutions—including the PIMCO Funds and Allianz Funds, separately managed accounts and closed-end funds—offer access to a premier group of institutional investment firms, carefully assembled by Allianz to represent a broad spectrum of asset classes and investment styles.

n   PIMCO	n   Cadence Capital Management	n   Nicholas-Applegate
n   NFJ Investment Group	n   RCM	n   Oppenheimer Capital

www.allianzinvestors.com

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

Assets under management as of 3/31/08. Allianz Global Investors Fund Management LLC serves as the investment manager for the Allianz Funds and for the closed-end funds. PIMCO is the investment manager for the PIMCO Funds. Managed accounts are available through Allianz Global Investors Managed Accounts LLC. The PIMCO Funds and Allianz Funds are distributed by Allianz Global Investors Distributors LLC. ^© 2008. For information about any product, contact your financial advisor.                                   AZ692AR_21170

PIMCO Funds

Annual Report

MARCH 31, 2008

Real Return Strategy, Equity-Related Funds & Asset Allocation

Share Class

REAL RETURN STRATEGY

PIMCO Real Return Fund

PIMCO CommodityRealReturn Strategy Fund^®

PIMCO RealEstateRealReturn Strategy Fund

ASSET ALLOCATION

PIMCO All Asset Fund

PIMCO All Asset All Authority Fund

EQUITY-RELATED

PIMCO StocksPLUS^® Fund

PIMCO StocksPLUS^® Total Return Fund

PIMCO Fundamental IndexPLUS^™ Fund

PIMCO Fundamental IndexPLUS^™ TR Fund

PIMCO Small Cap StocksPLUS^® TR Fund

PIMCO International StocksPLUS^® TR Strategy Fund (U.S. Dollar-Hedged)

PIMCO International StocksPLUS^® TR Strategy Fund (Unhedged)

PIMCO StocksPLUS^® TR Short Strategy Fund

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectus. Investors should consider the investment objectives, risks, charges and expenses of each Fund carefully before investing. This and other information is contained in the Funds’ prospectus. Please read the prospectus carefully before you invest or send money.

Table of Contents

		Page
Chairman’s Letter		3
Important Information About the Funds		4
Benchmark Descriptions		19
Financial Highlights		104
Statements of Assets and Liabilities		108
Consolidated Statement of Assets and Liabilities		110
Statements of Operations		111
Consolidated Statement of Operations		113
Statements of Changes in Net Assets		114
Consolidated Statements of Changes in Net Assets		117
Statement of Cash Flows		118
Notes to Financial Statements		119
Glossary		135
Report of Independent Registered Public Accounting Firm		136
Federal Income Tax Information		137
Management of the Trust		138
Privacy Policy		140
FUND	Fund Summary	Schedule of Investments
All Asset Fund	6	21
All Asset All Authority Fund	7	22
Fundamental IndexPLUS™ Fund	8	23
Fundamental IndexPLUS™ TR Fund	9	30
International StocksPLUS® TR Strategy Fund (Unhedged)	10	37
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)	11	42
Real Return Fund	12	49
RealEstateRealReturn Strategy Fund	13	60
Small Cap StocksPLUS® TR Fund	14	66
StocksPLUS® Fund	15	71
StocksPLUS® Total Return Fund	16	78
StocksPLUS® TR Short Strategy Fund	17	85
CommodityRealReturn Strategy Fund®	18	92

Chairman’s Letter

Dear PIMCO Funds Shareholder:

It is our pleasure to present to you the annual report for the PIMCO Real Return Strategy, Equity-Related and Asset Allocation Funds covering the twelve-month period ended March 31, 2008. At the end of the period, net assets for the overall PIMCO Funds family stood at over $251 billion.

Highlights of the financial markets during the period include:

· Credit markets worldwide experienced an exceptionally severe loss of liquidity brought on by declining U.S. residential property values, the continuing subprime mortgage debacle, and a rare de-leveraging of financial markets. In response, global central banks injected substantial liquidity into the banking system and reversed monetary policy from earlier in the period to either a neutral or an easing bias.

· The Federal Reserve reduced the Federal Funds Rate six times from 5.25% to 2.25% and reduced the discount rate eight times from 6.25% to 2.50%. Additionally, the Federal Reserve expanded its securities lending program to include the exchange of U.S. Treasuries for mortgage-linked bonds, opened its lending window to investment banks and participated in the bailout of a major U.S. brokerage firm. The Bank of England reduced its key-lending rate twice from 5.75% to 5.25% after raising the rate two times earlier in the fiscal period. The European Central Bank raised the overnight rate in June to 4.00%, but then paused, while the Bank of Japan kept its policy rate unchanged at 0.50% for the period.

· Government bond yields declined worldwide as investors moved into higher-quality assets due to the credit and liquidity crisis, which has gripped financial markets since the second half of 2007 and intensified during the latter part of the period. The yield on the ten-year U.S. Treasury declined by 1.24% to end the period at 3.41%. Yields on Japanese, European, and U.K. government bonds declined at a more measured pace than in the U.S. The Lehman Brothers U.S. Aggregate Index, a widely used index comprised of U.S. Treasury, investment-grade corporate and mortgage-backed securities, returned 7.67% for the period.

· Commodities, as measured by the Dow Jones-AIG Commodity Total Return Index, returned 21.80% for the period, while Treasury Inflation-Protected Securities (“TIPS”), as represented by the Lehman Brothers U.S. TIPS Index, returned 14.54% for the period.

· Global equities generally declined during the period, with the S&P 500 Index declining 5.08%, the European Blue Chip 50 Index (USD Hedged) declining 10.44%, and the MCSI EAFE Net Dividend Index (USD Hedged) declining 14.05%.

On the following pages, please find specific details as to each Fund’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs. If you have any questions regarding your PIMCO Funds investment, please contact your financial advisor, or call Allianz Global Investors at 1-800-426-0107. We also invite you to visit www.allianzinvestors.com.

Sincerely,

Brent R. Harris

Chairman of the Board, PIMCO Funds

April 29, 2008

Annual Report March 31, 2008 3

Important Information About the Funds

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities held by a Fund are likely to decrease in value. The price volatility of fixed-income securities can also increase during periods of rising interest rates resulting in increased losses to a Fund.

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 or funds with shorter durations.

The Funds may be subject to various risks as described in each Fund’s prospectus. Some of those risks may include, but are not limited to, the following: interest rate risk, credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, commodity risk, equity risk, mortgage-related and other asset-backed risk, foreign (non-U.S.) investment risk, European concentration risk, Far Eastern (excluding Japan) concentration risk, Japanese concentration risk, real estate risk, emerging markets risk, currency risk, issuer nondiversification risk, leveraging risk, smaller company risk, management risk, California state-specific risk, New York state specific risk, municipal project-specific risk, short sale risk, tax risk, subsidiary risk, allocation risk and underlying fund risks. A complete description of these and other risks is contained in each Fund’s prospectus. The Funds may use derivative instruments for hedging purposes or as part of an 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.

Funds investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. 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. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified fund. The credit quality of a particular security or group of securities does not ensure the stability or safety of the overall portfolio.

The All Asset Fund and All Asset All Authority Fund invest in a portfolio of mutual funds. The cost of investing in these Funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. The CommodityRealReturn Strategy Fund^® is intended for long-term investors and an investment in this Fund should be no more than a small part of a typical diversified portfolio. The Fund’s share price is expected to be more volatile than that of other funds. The Fund may invest directly or indirectly (through investment in a wholly-owned subsidiary) in commodity-linked derivative instruments and/or notes which may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments and/or notes may be affected by changes in overall market movements, changes in interest rates, and other factors such as weather, disease, embargoes, and international economic and political developments, as well as the trading activity of speculators and arbitrageurs in the underlying commodities. StocksPLUS^® TR Short Strategy Fund will generally realize gains only when the price of the S&P 500 Index is declining.

The inception date on each Fund’s performance page is the inception date of the Fund’s oldest share class or classes. Unless otherwise indicated, the actual share class (D) is the Fund’s oldest share class. The oldest share class for the following Funds is the Institutional share class, and class D shares were first offered in (month/year) StocksPLUS^® Fund (4/98), CommodityRealReturn Strategy Fund^® (11/02), All Asset Fund (4/03), StocksPLUS^® Total Return Fund (7/03), Real Return Fund (4/98), All Asset All Authority Fund (7/05), Small Cap StocksPLUS^® TR Fund (7/06), StocksPLUS^® TR Short Strategy Fund (7/06), and Fundamental IndexPLUS^™ Fund (12/06). Returns measure performance from the inception of the oldest share class to the present, so some returns predate the inception of the actual share class. Those returns are calculated by adjusting the returns of the oldest share class to reflect the indicated share class’s different charges and expenses. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Cumulative Returns charts assume the initial investment of $10,000 was made at the beginning of the first full month following the class’ inception. The charts and Average Annual Total Return tables reflect any sales load that would have applied at the time of purchase or any contingent deferred sales charge that would have applied if a full redemption occurred on the last business day of the most recent fiscal year. Results assume that all dividends and capital gain distributions were reinvested. Results assume fees and expenses and results do not take into account the effect of taxes. A Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

In addition to its benchmark, each Fund measures its performance against a Lipper Average, which is calculated by Lipper, Inc. (“Lipper”), a Reuters Company, and represents the total return performance averages of funds that are tracked by Lipper that have the same Fund Classification. Lipper does not take into account fees, expenses or taxes. An investment in a Fund is not a deposit of a bank and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Funds.

4 PIMCO Funds

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by PIMCO Funds as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606, on the Allianz Global Investors Distributors’ website at www.allianzinvestors.com, and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PIMCO Funds files a complete schedule of each Fund’s portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Funds’ Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and is available upon request, without charge, by calling the Trust at 1-866-746-2606 and on the Funds’ website at www.pimco-funds.com. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

The following disclosure provides important information regarding each Fund’s Expense Example, which appears on each Fund’s individual page in this Annual Report. Please refer to this information when reviewing the Expense Example for a Fund.

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption and exchange fees, and (2) ongoing costs, including advisory and administrative fees, distribution and/or service (12b-1) fees, and other Fund expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, from 10/1/07 to 3/31/08.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Accounts with a balance of $2,500 or less may be charged an additional fee at an annual rate of $16.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical Performance (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the information under the heading “Hypothetical Performance (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary from period to period because of various factors such as an increase in expenses that are not covered by the advisory and administrative fees, such as fees and expenses of the trustees and their counsel, extraordinary expenses and interest expense.

Annual Report March 31, 2008 5

PIMCO All Asset Fund
	Class D:	PASDX

Portfolio Insights

Ÿ The Fund seeks maximum real return, consistent with preservation of real capital and prudent investment management, by investing under normal circumstances substantially all of its assets in Institutional Class shares of the Underlying Funds (i.e., any of the PIMCO Funds, except the PIMCO All Asset All Authority Fund, PIMCO RealRetirement 2010 Fund, PIMCO RealRetirement 2020 Fund, PIMCO RealRetirement 2030 Fund, PIMCO RealRetirement 2040 Fund, and PIMCO RealRetirement 2050 Fund).

Ÿ Significant exposure to U.S. Treasury Inflation-Protected Securities (“TIPS”), through inflation-related strategies such as the PIMCO Real Return Fund, benefited performance as U.S. TIPS posted strong gains over the period.

Ÿ Exposure to emerging market currencies and locally-issued emerging market bonds, through the PIMCO Developing Local Markets Fund and PIMCO Emerging Local Bond Fund, benefited performance as most emerging market currencies appreciated versus the U.S. dollar.

Ÿ Exposure to commodities, through the PIMCO CommodityRealReturn Strategy Fund^®, benefited performance as the PIMCO CommodityRealReturn Strategy Fund^® posted a net of fees return of 34.08% over the period.

Ÿ Exposure to equity strategies, primarily through the PIMCO Fundamental IndexPLUS^™ TR Fund and PIMCO International StocksPLUS^® TR Strategy Fund (U.S. Dollar-Hedged), detracted from performance as both U.S. and international equities declined.

Ÿ Significant exposure to short-term strategies, particularly through the PIMCO Floating Income Fund, detracted from performance as the PIMCO Floating Income Fund posted a negative return during the period.

Ÿ Exposure to Real Estate Investment Trusts, through the PIMCO RealEstateRealReturn Strategy Fund, detracted from returns, though the total exposure was negligible.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	Fund Inception (07/31/02)
	PIMCO All Asset Fund Class D	5.92%	8.39%	9.98%
	Lehman Brothers U.S. TIPS: 1-10 Year Index	14.71%	6.25%	7.10%
	Consumer Price Index + 500 Basis Points	9.28%	8.26%	8.31%
	Lipper Flexible Portfolio Funds Average	1.94%	11.66%	10.09%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 7 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. For performance current to the most recent month-end, visit www.allianzinvestors.com. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class D shares is 1.455%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

PIMCO Funds Allocation^‡

Real Return Fund	12.4%
Real Return Asset Fund	12.2%
Developing Local Markets Fund	10.0%
Emerging Local Bond Fund	8.6%
Floating Income Fund	8.2%
Emerging Markets Bond Fund	7.0%
Total Return Fund	6.9%
Low Duration Fund	5.6%
Other	29.1%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class D		Class D
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,015.64	$	1,020.95
Expenses Paid During Period†	$	4.09	$	4.10

^† Expenses are equal to the net annualized expense ratio of 0.811% for Class D, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The expense ratio excludes the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund. The Underlying Fund expenses attributable to advisory and administrative fees are currently capped at 0.64% of the total assets invested in Underlying Funds. The annualized expense ratio of 0.811% for Class D reflects net annualized expenses after application of an Advisory Fee waiver of 0.01%.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

6 PIMCO Funds

PIMCO All Asset All Authority Fund
	Class D:	PAUDX

Portfolio Insights

Ÿ The Fund seeks maximum real return, consistent with preservation of real capital and prudent investment management, by investing under normal circumstances substantially all of its assets in Institutional Class shares of the Underlying Funds (i.e., any of the PIMCO Funds, except the PIMCO All Asset Fund, PIMCO RealRetirement 2010 Fund, PIMCO RealRetirement 2020 Fund, PIMCO RealRetirement 2030 Fund, PIMCO RealRetirement 2040 Fund, and PIMCO RealRetirement 2050 Fund).

Ÿ Significant exposure to U.S. Treasury Inflation-Protected Securities (“TIPS”), through inflation-related strategies such as the PIMCO Real Return Fund, benefited performance as U.S. TIPS posted strong gains over the period.

Ÿ An allocation to the PIMCO StocksPLUS^® TR Short Strategy Fund benefited performance due to the PIMCO StocksPLUS^® TR Short Strategy Fund’s short exposure to the S&P 500 Index, which declined over the period.

Ÿ Exposure to emerging market currencies and locally-issued emerging market bonds, through the PIMCO Developing Local Markets Fund and PIMCO Emerging Local Bond Fund, benefited performance as most emerging market currencies appreciated versus the U.S. dollar.

Ÿ Exposure to commodities, through the PIMCO CommodityRealReturn Strategy Fund^®, benefited performance as the PIMCO CommodityRealReturn Strategy Fund^® posted a net of fees return of 34.08% over the period.

Ÿ Exposure to equity strategies, primarily through the PIMCO Fundamental IndexPLUS^™ Fund and PIMCO Japanese StocksPLUS^® TR Strategy Fund, detracted from performance as both U.S. and international equities declined.

Ÿ Significant exposure to short-term strategies, particularly through the PIMCO Floating Income Fund, detracted from performance as the PIMCO Floating Income Fund posted a negative return during the period.

Ÿ Exposure to Real Estate Investment Trusts, through the PIMCO RealEstateRealReturn Strategy Fund, detracted from returns, though the total exposure was negligible.

Average Annual Total Return for the period ended March 31, 2008

	1 Year	Fund Inception (10/31/03)
PIMCO All Asset All Authority Fund Class D	10.26%	8.37%
S&P 500 Index	-5.08%	7.32%
Consumer Price Index + 650 Basis Points	10.92%	10.20%
Lipper Flexible Portfolio Funds Average	1.94%	8.71%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 7 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. For performance current to the most recent month-end, visit www.allianzinvestors.com. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class D shares is 3.24%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

PIMCO Funds Allocation^‡

StocksPLUS® TR Short Strategy Fund	17.6%
Real Return Asset Fund	13.7%
Real Return Fund	12.5%
Developing Local Markets Fund	9.5%
Emerging Markets Bond Fund	7.0%
Emerging Local Bond Fund	6.5%
Other	33.2%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class D		Class D
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,056.41	$	1,014.95
Expenses Paid During Period†	$	10.33	$	10.13

^† Expenses are equal to the net annualized expense ratio of 2.01% for Class D, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The expense ratio excludes the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund. The Underlying Fund expenses attributable to advisory and administrative fees are currently capped at 0.69% of the total assets invested in Underlying Funds.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

Annual Report March 31, 2008 7

PIMCO Fundamental IndexPLUS™ Fund
	Class D:	PFPDX

Portfolio Insights

Ÿ The Fund seeks total return, which exceeds that of the FTSE RAFI^™ 1000 Index, by investing under normal circumstances substantially all of its assets in derivatives based on Enhanced RAFI^™ 1000, an enhanced performance recalibrated version of the Index, backed by a portfolio of short-term fixed-income instruments.

Ÿ The Fund’s exposure to Enhanced RAFI^™ 1000 detracted from performance relative to the S&P 500 Index. The Enhanced RAFI^™ 1000 benefited from favorable positioning in the financials and materials sectors, despite being weighed down by modest exposures to value and small capitalization stocks.

Ÿ The recalibrated, proprietary Enhanced RAFI^™ 1000 portfolio outperformed the FTSE RAFI^™ 1000 Index (the Fund’s Benchmark Index) by 1.83%, reflecting positive added value provided by the Fund’s sub-advisor, Research Affiliates.

Ÿ U.S. duration exposure benefited performance as U.S. Treasury rates declined substantially amid the Federal Reserve’s reduction of the Federal Funds Rate, totaling 3.00% for the period.

Ÿ Curve steepening strategies added to returns as the yield curve between two-year and 30-year U.S. Treasuries steepened during the period.

Ÿ Positions in spread sectors, including mortgage-backed securities and corporates, were a significant detractor from performance as spreads widened.

Ÿ Exposure to a basket of emerging market currencies added to returns as emerging market currencies appreciated versus the U.S. dollar.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	Fund Inception (06/30/05)
	PIMCO Fundamental IndexPLUS™ Fund Class D	-8.24%	5.16%
	FTSE RAFI™ 1000 Index	-8.65%	5.80%
	S&P 500 Index	-5.08%	5.87%
	Lipper Specialty Diversified Equity Funds Average	8.92%	8.21%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 7 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. For performance current to the most recent month-end, visit www.allianzinvestors.com. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class D shares is 1.10%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

The FTSE Research Affiliates Fundamental Indexes (“RAFI”) are calculated by FTSE International Limited (“FTSE”) in Conjunction with Research Affiliates LLC (“RA”). All rights and interests in the FTSE RAFI indexes vest in FTSE. All rights in and to the RA fundamental weighting methodology used in the calculation of the FTSE RAFI indexes vest in RA. “FTSE” is a trademark of the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under license. “Research Affiliates”, “Fundamental Index” and “RAFI” are trademarks of RA. Except to the extent disallowed by applicable law, neither FTSE nor RA shall be liable (including in negligence) for any loss arising out of use of the FTSE Research Affiliates Fundamental Indexes by any person.

The FTSE RAFI^™1000 has a Patent Pending by Research Affiliates, LLC; Publ. No. US-2005-0171884-A1.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

Corporate Bonds & Notes	33.0%
Short-Term Instruments	22.0%
Asset-Backed Securities	17.1%
Mortgage-Backed Securities	13.1%
U.S. Government Agencies	12.0%
Other	2.8%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class D		Class D
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	864.14	$	1,018.80
Expenses Paid During Period†	$	5.78	$	6.26

^† Expenses are equal to the net annualized expense ratio of 1.24% for Class D, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

8 PIMCO Funds

PIMCO Fundamental IndexPLUS™ TR Fund
	Class D:	PIXDX

Portfolio Insights

Ÿ The Fund seeks total return, which exceeds that of the FTSE RAFI^™ 1000 Index, by investing under normal circumstances substantially all of its assets in derivatives based on Enhanced RAFI^™ 1000, an enhanced performance recalibrated version of the Index, backed by a portfolio of short and intermediate maturity fixed-income instruments.

Ÿ The Fund’s exposure to Enhanced RAFI^™ 1000 detracted from performance relative to the S&P 500 Index. The Enhanced RAFI^™ 1000 benefited from favorable positioning in the financials and materials sectors, despite being weighed down by modest exposures to value and small capitalization stocks.

Ÿ The recalibrated, proprietary Enhanced RAFI^™ 1000 portfolio outperformed the FTSE RAFI^™ 1000 Index (the Fund’s Benchmark Index) by 1.83%, reflecting positive added value provided by the Fund’s sub-advisor, Research Affiliates.

Ÿ U.S. duration exposure benefited performance as U.S. Treasury rates declined substantially amid the Federal Reserve’s reduction of the Federal Funds Rate, totaling 3.00% for the period.

Ÿ Exposure to U.K. short-maturity rates during the first quarter of 2008 benefited returns as the relevant rates declined.

Ÿ Positions in spread sectors, including mortgage-backed securities and corporates, were a significant detractor from performance as spreads widened.

Ÿ Exposure to a basket of emerging market currencies added to returns as emerging market currencies appreciated versus the U.S. dollar.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	Fund Inception (06/30/05)
	PIMCO Fundamental IndexPLUS™ TR Fund Class D	-4.02%	6.33%
	FTSE RAFI™ 1000 Index	-8.65%	5.80%
	S&P 500 Index	-5.08%	5.87%
	Lipper Specialty Diversified Equity Funds Average	8.92%	8.21%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 7 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. For performance current to the most recent month-end, visit www.allianzinvestors.com. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class D shares is 1.19%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

The FTSE Research Affiliates Fundamental Indexes (“RAFI”) are calculated by FTSE International Limited (“FTSE”) in conjunction with Research Affiliates LLC (“RA”). All rights and interests in the FTSE RAFI indexes vest in FTSE. All rights in and to the RA fundamental weighting methodology used in the calculation of the FTSE RAFI indexes vest in RA. “FTSE” is a trademark of the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under license. “Research Affiliates”, “Fundamental Index” and “RAFI” are trademarks of RA. Except to the extent disallowed by applicable law, neither FTSE nor RA shall be liable (including in negligence) for any loss arising out of use of the FTSE Research Affiliates Fundamental Indexes by any person.

The FTSE RAFI^™ 1000 has a Patent Pending by Research Affiliates, LLC; Publ. No. US-2005-0171884-A1.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Government Agencies	54.7%
Corporate Bonds & Notes	16.6%
Short-Term Instruments	15.8%
Asset-Backed Securities	4.4%
Mortgage-Backed Securities	4.1%
Other	4.4%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class D		Class D
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	902.94	$	1,014.40
Expenses Paid During Period†	$	10.09	$	10.68

^† Expenses are equal to the net annualized expense ratio of 2.12% for Class D, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

Annual Report March 31, 2008 9

PIMCO International StocksPLUS® TR Strategy Fund (Unhedged)
	Class D:	PPUDX

Portfolio Insights

Ÿ The Fund seeks total return, which exceeds that of its benchmark index consistent with prudent investment management, by investing under normal circumstances substantially all of its assets in non-U.S. equity derivatives, backed by a portfolio of fixed-income instruments.

Ÿ The MSCI EAFE Net Dividend Index declined 2.70% for the twelve-month period ended March 31, 2008, which detracted from total return performance of the Fund through the Fund’s derivative exposure to the Index. The decline in the Index was concentrated in the second half of the twelve-month period.

Ÿ U.S. duration exposure benefited performance as U.S. Treasury rates declined substantially amid the Federal Reserve’s reduction of the Federal Funds Rate, totaling 3.00% for the period.

Ÿ Exposure to U.K. short-maturity rates during the first quarter of 2008 benefited returns as short-maturity rates declined.

Ÿ Positions in spread sectors, including mortgages and corporates, were a significant detractor from performance as spreads widened during the period.

Ÿ Exposure to a basket of emerging market currencies added to returns as emerging market currencies appreciated versus the U.S. dollar.

Average Annual Total Return for the period ended March 31, 2008

	1 Year	Fund Inception (11/30/06)
PIMCO International StocksPLUS® TR Strategy Fund (Unhedged) Class D	0.54%	5.12%
MSCI EAFE Net Dividend Index	-2.70%	3.32%
Lipper International Multi-Cap Core Funds Average	-1.50%	3.90%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 30 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. For performance current to the most recent month-end, visit www.allianzinvestors.com. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class D shares is 1.04%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Government Agencies	51.8%
Short-Term Instruments	18.2%
Corporate Bonds & Notes	17.5%
Asset-Backed Securities	7.1%
Mortgage-Backed Securities	3.6%
Other	1.8%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class D		Class D
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	931.44	$	1,013.90
Expenses Paid During Period†	$	10.72	$	11.18

^† Expenses are equal to the net annualized expense ratio of 2.22% for Class D, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.39% per annum.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

10 PIMCO Funds

PIMCO International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)
	Class D:	PIPDX

Portfolio Insights

Ÿ The Fund seeks total return, which exceeds that of its benchmark index consistent with prudent investment management, by investing under normal circumstances substantially all of its assets in non-U.S. equity derivatives, backed by a portfolio of fixed-income instruments.

Ÿ The MSCI EAFE Net Dividend Hedged USD Index declined 14.05% for the twelve-month period ended March 31, 2008, which detracted from total return performance of the Fund through the Fund’s derivative exposure to the Index. The decline in the Index was concentrated in the first quarter of 2008.

Ÿ U.S. duration exposure benefited performance as U.S. Treasury rates declined substantially amid the Federal Reserve’s reduction of the Federal Funds Rate, totaling 3.00% for the period.

Ÿ Exposure to U.K. short-maturity rates during the first quarter of 2008 benefited returns as short-maturity rates declined.

Ÿ Positions in spread sectors, including mortgages and corporates, were a significant detractor from performance as spreads widened during the period.

Ÿ Exposure to a basket of emerging market currencies added to returns as emerging market currencies appreciated versus the U.S. dollar.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	Fund Inception (10/30/03)*
	PIMCO International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged) Class D	-13.57%	10.98%
	MSCI EAFE Net Dividend Hedged USD Index	-14.05%	11.32%
	Lipper International Multi-Cap Core Funds Average	-1.50%	15.28%

All Fund returns are net of fees and expenses.

* The Fund began operations on 10/30/03. Index comparisons began on 10/31/03.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 30 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. For performance current to the most recent month-end, visit www.allianzinvestors.com. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class D shares is 1.17%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Government Agencies	51.0%
U.S. Treasury Obligations	23.4%
Corporate Bonds & Notes	11.2%
Short-Term Instruments	4.5%
Mortgage-Backed Securities	4.3%
Other	5.6%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class D		Class D
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	834.26	$	1,010.35
Expenses Paid During Period†	$	13.44	$	14.73

^† Expenses are equal to the net annualized expense ratio of 2.93% for Class D, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.45% per annum.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

Annual Report March 31, 2008 11

PIMCO Real Return Fund
	Class D:	PRRDX

Portfolio Insights

Ÿ The Fund seeks maximum real return, consistent with preservation of real capital and prudent investment management, by investing under normal circumstances at least 80% of its net assets in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities, and corporations, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements.

Ÿ An overweight to U.S. Treasury Inflation-Protected Securities (“TIPS) versus U.S. nominal bonds in July 2007 through November 2007 benefited performance as U.S. TIPS outperformed nominal bonds over the period.

Ÿ Positioning for a steeper U.S. nominal yield curve benefited performance as the two-year U.S. Treasury yield fell more than the 30-year U.S. Treasury yield over the period.

Ÿ A U.K. nominal yield curve steepening bias benefited performance as the two-year U.K. Gilt yield fell more than the 30-year yield over the period.

Ÿ Exposure to emerging market currencies benefited performance as most emerging market currencies appreciated versus the U.S. dollar.

Ÿ Holdings of U.S. mortgage-backed securities detracted from performance as they underperformed like-duration U.S. Treasuries.

Ÿ An emphasis on nominal bonds in Europe versus inflation-linked bonds (“ILBs”) detracted from performance as ILBs outperformed their nominal counterparts in the region.

Ÿ Modest allocations to Japanese ILBs versus nominal bonds in August 2007 through March 2008 detracted from performance as ILBs underperformed their nominal counterparts in Japan.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	10 Years	Fund Inception (01/29/97)*
	PIMCO Real Return Fund Class D	14.33%	6.56%	8.17%	7.69%
	Lehman Brothers U.S. TIPS Index	14.54%	6.75%	7.96%	7.37%
	Lipper Treasury Inflation Protected Securities Funds Average	12.62%	5.94%	7.20%	6.93%

All Fund returns are net of fees and expenses.

* The Fund began operations on 01/29/97. Index comparisons began on 01/31/97.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class D shares is 0.90%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Treasury Obligations	51.5%
U.S. Government Agencies	20.8%
Short-Term Instruments	18.6%
Corporate Bonds & Notes	4.3%
Foreign Currency-Denominated Issues	2.4%
Other	2.4%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class D		Class D
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,108.19	$	1,020.50
Expenses Paid During Period†	$	4.74	$	4.55

^† Expenses are equal to the net annualized expense ratio of 0.90% for Class D, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

12 PIMCO Funds

PIMCO RealEstateRealReturn Strategy Fund
	Class D:	PETDX

Portfolio Insights

Ÿ The Fund seeks maximum real return, consistent with prudent investment management, by investing under normal circumstances in real estate-linked derivative instruments backed by a portfolio of inflation-indexed securities and other fixed-income instruments.

Ÿ Returns for Real Estate Investment Trusts (“REITs”) declined over the period, which detracted from total return performance through the Fund’s derivative exposure to the Index.

Ÿ The portfolio’s construction, which uses U.S. Treasury Inflation-Protected Securities (“TIPS”) as collateral, benefited performance as U.S. TIPS outperformed the assumed one-month LIBOR financing cost of gaining REIT index exposure.

Ÿ Positioning for a steeper U.S. nominal yield curve benefited performance as the two-year U.S. Treasury yield fell more than the 30-year U.S. Treasury yield over the period.

Ÿ A U.K. nominal yield curve steepening bias benefited performance as the two-year U.K. Gilt yield fell more than the 30-year yield over the period.

Ÿ Exposure to emerging market currencies benefited performance as most emerging market currencies appreciated versus the U.S. dollar.

Ÿ Holdings of U.S. mortgage-backed securities detracted from performance as they underperformed like-duration U.S. Treasuries.

Ÿ An emphasis on nominal bonds in Europe versus inflation-linked bonds (“ILBs”) detracted from performance as ILBs outperformed their nominal counterparts in the region.

Ÿ Modest allocations to Japanese ILBs versus nominal bonds in August 2007 through March 2008 detracted from performance as ILBs underperformed their nominal counterparts in Japan.

Average Annual Total Return for the period ended March 31, 2008

	1 Year	Fund Inception (10/30/03)*
PIMCO RealEstateRealReturn Strategy Fund Class D	-10.14%	17.97%
Dow Jones Wilshire Real Estate Investment Trust Index	-19.06%	15.18%
Lipper Real Estate Funds Average	-18.48%	13.98%

All Fund returns are net of fees and expenses.

* The Fund began operations on 10/30/03. Index comparisons began on 10/31/03.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 30 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. For performance current to the most recent month-end, visit www.allianzinvestors.com. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class D shares is 1.19%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Treasury Obligations	54.5%
Short-Term Instruments	21.5%
U.S. Government Agencies	19.9%
Corporate Bonds & Notes	1.9%
Foreign Currency-Denominated Issues	1.3%
Other	0.9%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class D		Class D
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	966.75	$	1,019.05
Expenses Paid During Period†	$	5.85	$	6.01

^† Expenses are equal to the net annualized expense ratio of 1.19% for Class D, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

Annual Report March 31, 2008 13

PIMCO Small Cap StocksPLUS® TR Fund
	Class D:	PCKDX

Portfolio Insights

Ÿ The Fund seeks total return, which exceeds that of the Russell 2000^® Index, by investing under normal circumstances substantially all of its assets in Russell 2000^® Index derivatives, backed by a diversified portfolio of actively managed fixed-income instruments.

Ÿ The Russell 2000 Index declined 13.00% over the twelve-month period ended March 31, 2008, namely due to declines in the consumer discretionary and financial service sectors, which detracted from the Fund’s performance through the Fund’s derivative exposure to the Index.

Ÿ U.S. duration exposure benefited performance as U.S. Treasury rates declined substantially, amid the Federal Reserve’s reduction of the Federal Funds Rate, totaling 3.00% for the period.

Ÿ Exposure to U.K. short-maturity rates during the first quarter of 2008 benefited returns as the relevant rates declined.

Ÿ Positions in spread sectors, including mortgage-backed securities and corporates, were a significant detractor from performance as spreads widened over the period.

Ÿ Exposure to a basket of emerging market currencies added to returns as emerging market currencies appreciated versus the U.S. dollar.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	Fund Inception (03/31/06)
	PIMCO Small Cap StocksPLUS® TR Fund Class D	-10.07%	-1.94%
	Russell 2000® Index	-13.00%	-4.01%
	Lipper Specialty Diversified Equity Funds Average	8.92%	8.30%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 30 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. For performance current to the most recent month-end, visit www.allianzinvestors.com. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class D shares is 1.09%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Government Agencies	49.9%
Corporate Bonds & Notes	18.5%
Short-Term Instruments	17.4%
Asset-Backed Securities	8.8%
Mortgage-Backed Securities	2.2%
Other	3.2%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class D		Class D
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	887.51	$	1,012.90
Expenses Paid During Period†	$	11.42	$	12.18

^† The actual expenses are equal to the annualized expense ratio of 2.42% for Class D, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.44% per annum.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

14 PIMCO Funds

PIMCO StocksPLUS® Fund
	Class D:	PSPDX

Portfolio Insights

Ÿ The Fund seeks total return, which exceeds that of the S&P 500 Index, by investing under normal circumstances substantially all of its assets in S&P 500 Index derivatives, backed by a short duration portfolio of fixed-income instruments.

Ÿ The S&P 500 Index posted a total return of -5.08% for the twelve-month period ended March 31, 2008, led by a significant decline in stocks within the financial sector. This detracted from total return performance of the Fund through the Fund’s derivative exposure to the Index.

Ÿ U.S. duration exposure benefited performance as U.S. Treasury rates declined substantially, amid the Federal Reserve’s reduction of the Federal Funds Rate, totaling 3.00% for the period.

Ÿ Curve steepening strategies added to returns as the two- to 30-year U.S. Treasury yield curve steepened during the period.

Ÿ Exposure to U.K. short-maturity rates during the first quarter of 2008 benefited returns as the relevant rates declined during this period.

Ÿ Positions in spread sectors, including mortgage-backed securities and corporates, were a significant detractor from performance as spreads widened.

Ÿ Exposure to a basket of emerging market currencies added to returns as emerging market currencies generally appreciated versus the U.S. dollar.

Average Annual Total Return for the period ended March 31, 2008

	1 Year	5 Years	10 Years	Fund Inception (05/13/93)*
PIMCO StocksPLUS® Fund Class D	-5.38%	10.21%	3.13%	9.59%
S&P 500 Index	-5.08%	11.32%	3.50%	9.69%
Lipper Large-Cap Core Funds Average	-5.54%	10.13%	2.74%	8.50%

All Fund returns are net of fees and expenses.

* The Fund began operations on 05/13/93. Index comparisons began on 04/30/93.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 7 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. For performance current to the most recent month-end, visit www.allianzinvestors.com. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class D shares is 0.90%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

Corporate Bonds & Notes	34.1%
Short-Term Instruments	21.6%
U.S. Government Agencies	18.6%
Mortgage-Backed Securities	11.8%
Asset-Backed Securities	7.3%
Other	6.6%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class D		Class D
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	870.90	$	1,019.40
Expenses Paid During Period†	$	5.24	$	5.65

^† Expenses are equal to the net annualized expense ratio of 1.12% for Class D, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.25% per annum.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

Annual Report March 31, 2008 15

PIMCO StocksPLUS® Total Return Fund
	Class D:	PSTDX

Portfolio Insights

Ÿ The Fund seeks total return, which exceeds that of the S&P 500 Index, by investing under normal circumstances substantially all of its assets in S&P 500 Index derivatives, backed by a portfolio of fixed-income instruments.

Ÿ The S&P 500 Index posted a total return of -5.08% for the twelve-month period ended March 31, 2008, led by a significant decline in the financial sector. This detracted from total return performance of the Fund through the Fund’s derivative exposure to the Index.

Ÿ U.S. duration exposure benefited performance as U.S. Treasury rates declined substantially, amid the Federal Reserve’s reduction of the Federal Funds Rate, totaling 3.00% for the period.

Ÿ Exposure to U.K. short-maturity rates during the first quarter of 2008 benefited returns as the relevant rates declined during this period.

Ÿ Positions in spread sectors, including mortgage-backed securities and corporates, were a significant detractor from performance as spreads widened.

Ÿ Exposure to a basket of emerging market currencies added to returns as emerging market currencies generally appreciated versus the U.S. dollar.

Average Annual Total Return for the period ended March 31, 2008

	1 Year	5 Years	Fund Inception (06/28/02)*
PIMCO StocksPLUS® Total Return Fund Class D	-2.56%	11.88%	8.63%
S&P 500 Index	-5.08%	11.32%	7.12%
Lipper Large-Cap Core Funds Average	-5.54%	10.13%	5.84%

All Fund returns are net of fees and expenses.

* The Fund began operations on 06/28/02. Index comparisons began on 06/30/02.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 7 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. For performance current to the most recent month-end, visit www.allianzinvestors.com. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class D shares is 1.04%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Government Agencies	57.1%
Corporate Bonds & Notes	16.1%
Short-Term Instruments	10.3%
Asset-Backed Securities	7.1%
Mortgage-Backed Securities	5.9%
Other	3.5%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class D		Class D
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	905.08	$	1,003.65
Expenses Paid During Period†	$	20.34	$	21.39

^† Expenses are equal to the net annualized expense ratio of 4.27% for Class D, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.39% per annum.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

16 PIMCO Funds

PIMCO StocksPLUS® TR Short Strategy Fund
	Class D:	PSSDX

Portfolio Insights

Ÿ The Fund seeks total return by investing primarily in short positions with respect to the S&P 500 Index or specific S&P 500 Index securities, backed by a portfolio of fixed-income instruments, such that the Fund’s net asset value is generally expected to vary inversely to the value of the S&P 500 Index, subject to certain limitations.

Ÿ The inverse of the S&P 500 Index posted a total return of 4.01% for the twelve-month period ended March 31, 2008, led by a significant decline in stocks within the financial sector. The inverse of the S&P 500 Index increased amid an environment of generally downward movement in stock market indexes. This enhanced total return performance of the Fund through the Fund’s derivative exposure to the Index.

Ÿ U.S. duration exposure benefited performance as U.S. Treasury rates declined substantially, amid the Federal Reserve’s reduction of the Federal Funds Rate, totaling 3.00% for the period.

Ÿ Exposure to U.K. short maturity rates during the first quarter of 2008 benefited returns as the relevant rates declined.

Ÿ Positions in spread sectors, including mortgage-backed securities and corporates, were a significant detractor from performance as spreads widened during the period.

Ÿ Exposure to a basket of emerging market currencies added to returns as emerging market currencies appreciated versus the U.S. dollar.

Average Annual Total Return for the period ended March 31, 2008

	1 Year	Fund Inception (07/23/03)*
PIMCO StocksPLUS® TR Short Strategy Fund Class D	17.80%	2.54%
Inverse of S&P 500 Index	4.01%	-8.45%
Lipper Dedicated Short Bias Funds Average	7.12%	-8.19%

All Fund returns are net of fees and expenses.

* The Fund began operations on 07/23/03. Index comparisons began on 07/31/03.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 7 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. For performance current to the most recent month-end, visit www.allianzinvestors.com. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class D shares is 1.09%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

The out performance of this Fund relative to its benchmark since inception is influenced by the Fund’s use of investment strategies that attempt to profit from pricing inefficiencies in the various markets in which the Fund may invest. The strategies were employed shortly after the inception of the Fund and have not been employed in the last several years. Specifically, market conditions had temporarily allowed the Fund to simultaneously purchase and sell equivalent stock index futures contracts in two markets to benefit from a discrepancy in their prices. There can be no assurance nor is there any expectation that the Fund will be able to implement these or similar strategies in the future. Past performance is no guarantee of future results, and the Fund’s performance since inception should not be expected to continue in the future.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Government Agencies	41.1%
Short-Term Instruments	26.5%
Corporate Bonds & Notes	22.9%
Mortgage-Backed Securities	4.7%
Asset-Backed Securities	1.7%
Other	3.1%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class D		Class D
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,220.42	$	1,016.65
Expenses Paid During Period†	$	9.27	$	8.42

^† The actual expenses are equal to the net annualized expense ratio of 1.67% for Class D, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.44% per annum.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

Annual Report March 31, 2008 17

PIMCO CommodityRealReturn Strategy Fund®
	Class D:	PCRDX

Portfolio Insights

Ÿ The Fund seeks maximum real return, consistent with prudent investment management, by investing under normal circumstances in commodity index-linked derivative instruments backed by a portfolio of inflation-indexed securities and other fixed-income instruments.

Ÿ Commodities gained 21.80% as measured by the Fund’s benchmark index, the Dow Jones-AIG Commodity Total Return Index, which enhanced the Fund’s total return performance through the Fund’s derivative exposure to the Index. The energy, grains, and precious metals sectors benefited performance while the livestock sector detracted from performance.

Ÿ The portfolio’s construction, which uses U.S. Treasury Inflation-Protected Securities (“TIPS”) as collateral, benefited performance during the period as U.S. TIPS outperformed the assumed U.S. Treasury Bill collateral rate embedded in the Dow Jones-AIG Commodity Total Return Index.

Ÿ Positioning for a steeper U.S. nominal yield curve benefited performance as the two-year U.S. Treasury yield fell more than the 30-year U.S. Treasury yield over the period.

Ÿ A U.K. nominal yield curve steepening bias benefited performance as the two-year U.K. Gilt yield fell more than the 30-year yield over the period.

Ÿ Exposure to emerging market currencies benefited performance as most emerging market currencies appreciated versus the U.S. dollar.

Ÿ Holdings of U.S. mortgage-backed securities detracted from performance as they underperformed like-duration U.S. Treasuries.

Ÿ An emphasis on nominal bonds in Europe versus inflation-linked bonds (“ILBs”) detracted from performance as ILBs outperformed their nominal counterparts in the region.

Ÿ Exposure to U.S. corporate securities in March 2007 through December 2007 detracted from performance as this sector underperformed like-duration U.S. Treasuries over the period.

Average Annual Total Return for the period ended March 31, 2008

	1 Year	5 Years	Fund Inception (06/28/02)*
PIMCO CommodityRealReturn Strategy Fund® Class D	33.40%	18.54%	21.17%
Dow Jones-AIG Commodity Total Return Index	21.80%	15.71%	16.30%
Lipper Specialty Diversified Equity Funds Average	8.92%	7.35%	5.35%

All Fund returns are net of fees and expenses.

* The Fund began operations on 06/28/02. Index comparisons began on 06/30/02.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 30 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. For performance current to the most recent month-end, visit www.allianzinvestors.com. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class D shares is 1.25%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Treasury Obligations	53.4%
U.S. Government Agencies	17.2%
Commodity Index- Linked Notes	11.2%
Short-Term Instruments	8.3%
Corporate Bonds & Notes	4.7%
Other	5.2%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class D		Class D
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,247.47	$	1,018.75
Expenses Paid During Period†	$	7.02	$	6.31

^† Expenses are equal to the net annualized expense ratio of 1.25% for Class D, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The annualized expense ratio of 1.25% reflects net annualized expenses after application of an expense waiver of 0.04%.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

18 PIMCO Funds

Benchmark Descriptions

Index	Description
Consumer Price Index + 500 Basis Points	CPI + 500 Basis Points benchmark is created by adding 5% to the annual percentage change in the Consumer Price Index (“CPI”). This index reflects non-seasonally adjusted returns. The Consumer Price Index is an unmanaged index representing the rate of inflation of the 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. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Consumer Price Index + 650 Basis Points	CPI + 650 Basis Points benchmark is created by adding 6.5% to the annual percentage change in the Consumer Price Index (“CPI”). This index reflects non-seasonally adjusted returns. The CPI is an unmanaged index representing the rate of inflation of the 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. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Dow Jones-AIG Commodity Total Return Index	Dow Jones-AIG Commodity Total Return Index is an unmanaged index composed of futures contracts on 19 physical commodities. The index is designed to be a highly liquid and diversified benchmark for commodities as an asset class. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Dow Jones Wilshire Real Estate Investment Trust Index	Dow Jones Wilshire Real Estate Investment Trust Index, a subset of the Wilshire Real Estate Securities Index (WRESI), is an unmanaged index comprised of U.S. publicly traded Real Estate Investment Trusts. Effective July 1, 2007, the PIMCO RealEstateRealReturn Strategy Fund began tracking its performance against a float-adjusted version of the Index as the full-market cap version of the Index ceased to be disseminated on June 30, 2007. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
FTSE RAFI™ 1000 Index	FTSE RAFI™ 1000 Index is part of the FTSE RAFI™ Index Series, launched in association with Research Affiliates. As part of FTSE Group’s range of nonmarket cap weighted indices, the FTSE RAFI™ Index Series weights index constituents using four fundamental factors, rather than market capitalization. These factors include dividends, cash flow, sales and book value. The FTSE RAFI™ 1000 Index comprises the largest 1000 publicly traded U.S. companies by fundamental value, selected from the constituents of the FTSE US All Cap Index, part of the FTSE Global Equity Index Series (GEIS). The total return index calculations add the income a stock’s dividend provides to the performance of the index. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Inverse of S&P 500 Index	Inverse of S&P 500 Index is the negative equivalent of the return of the S&P 500 Index. S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The S&P 500 index focuses on the large-cap segment of the U.S. equities market. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers U.S. TIPS Index	Lehman Brothers U.S. TIPS Index is an unmanaged market index comprised of all U.S. Treasury Inflation Protected Securities rated investment grade (Baa3 or better), have at least one year to final maturity, and at least $250 million par amount outstanding. Performance data for this index prior to 10/97 represents returns of the Lehman Inflation Notes Index. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.

Annual Report March 31, 2008 19

Benchmark Descriptions (Cont.)

Index	Description
Lehman Brothers U.S. TIPS: 1-10 Year Index	Lehman Brothers U.S. TIPS: 1-10 Year Index is an unmanaged index market comprised of U.S. Treasury Inflation Protected Securities having a maturity of at least 1 year and less than 10 years. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
MSCI EAFE Net Dividend Hedged USD Index	MSCI EAFE Net Dividend Hedged USD Index is an unmanaged index of issuers in countries of Europe, Australia, and the Far East represented in U.S. Dollars on a hedged basis. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
MSCI EAFE Net Dividend Index	MSCI EAFE Net Dividend Index is an unmanaged index of issuers in countries of Europe, Australia, and the Far East represented in U.S. Dollars on a unhedged basis. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Russell 2000® Index	Russell 2000® Index is composed of 2,000 of the smallest companies in the Russell 3000® Index and is considered to be representative of the small cap market in general. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
S&P 500 Index	S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The Index focuses on the large-cap segment of the U.S. equities market. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.

20 PIMCO Funds

Schedule of Investments  All Asset Fund     
March 31, 2008

	SHARES		VALUE (000S)
PIMCO FUNDS (a)(b) 99.9%
CommodityRealReturn Strategy Fund®	25,287,579	$	463,269
Convertible Fund	20,381,801		266,390
Developing Local Markets Fund	138,163,026		1,493,542
Diversified Income Fund	43,384,168		464,645
Emerging Local Bond Fund	129,842,384		1,281,544
Emerging Markets Bond Fund	97,503,971		1,041,342
Floating Income Fund	135,431,353		1,225,654
Foreign Bond Fund (Unhedged)	4,727,129		54,551
Fundamental Advantage Total Return Strategy Fund	31,727,003		317,270
Fundamental IndexPLUS™ Fund	24,389,495		232,188
Fundamental IndexPLUS™ TR Fund	37,330,049		351,649
Global Bond Fund (Unhedged)	2,581,618		28,372
GNMA Fund	10,933,722		124,316
High Yield Fund	36,789,403		338,463
Income Fund	20,109,208		199,483
International StocksPLUS® TR Strategy Fund (Unhedged)	5,437,138		51,925
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)	18,396,867		189,672
Long Duration Total Return Fund	9,631,209		101,224
Long-Term U.S. Government Fund	43,771,739		494,621
Low Duration Fund	82,746,290		839,047
Mortgage-Backed Securities Fund	19,203,489		208,934
Real Return Asset Fund	150,781,186		1,816,913
Real Return Fund	160,638,777		1,839,314
RealEstateRealReturn Strategy Fund	56,538,088		342,055
Short-Term Fund	2,413,583		23,677
Small Cap StocksPLUS® TR Strategy Fund	1,332,281		12,084
StocksPLUS® Fund	1,291,881		12,854
StocksPLUS® Total Return Fund	5,385,322		53,961
Total Return Fund	93,987,532		1,025,404
Total PIMCO Funds (Cost $14,775,605)			14,894,363
Total Investments 99.9% (Cost $14,775,605)		$	14,894,363
Other Assets and Liabilities (Net) 0.1%			9,822
Net Assets 100.0%		$	14,904,185

Notes to Schedule of Investments:

(a) The All Asset Fund is investing in shares of affiliated Funds.

(b) Institutional Class Shares of each PIMCO Fund.

See Accompanying Notes Annual Report March 31, 2008 21

Schedule of Investments  All Asset All Authority Fund

		SHARES		VALUE (000S)
PIMCO FUNDS (a)(b) 112.6%
CommodityRealReturn Strategy Fund®		1,682,926	$	30,831
Convertible Fund		630,511		8,241
Developing Local Markets Fund		9,546,157		103,194
Diversified Income Fund		2,625,491		28,119
Emerging Local Bond Fund		7,173,895		70,806
Emerging Markets Bond Fund		7,104,051		75,871
European StocksPLUS® TR Strategy Fund		242,430		2,163
Far East (ex-Japan) StocksPLUS® TR Strategy Fund		1,162,204		13,342
Floating Income Fund		500,049		4,525
Foreign Bond Fund (Unhedged)		2,212,060		25,527
Fundamental Advantage Total Return Strategy Fund		1,132,983		11,330
Fundamental IndexPLUS™ Fund		1,992,061		18,964
Fundamental IndexPLUS™ TR Fund		1,873,146		17,645
Global Bond Fund (Unhedged)		25,617		282
GNMA Fund		58		1
High Yield Fund		2,058,689		18,940
Income Fund		4,448,774		44,132
Japanese StocksPLUS® TR Strategy Fund		1,628,084		15,597
Long Duration Total Return Fund		653,635		6,870
Long-Term U.S. Government Fund		2,722,761		30,767
Low Duration Fund		268,281		2,720
Mortage-Backed Securities Fund		17,902		195
Real Return Asset Fund		12,403,223		149,459
Real Return Fund		11,897,772		136,230
RealEstateRealReturn Strategy Fund		3,225,667		19,515
Short-Term Fund		64		1
Small Cap StocksPLUS® TR Strategy Fund		217,487		1,973
StocksPLUS® Fund		137,582		1,369
StocksPLUS® Total Return Fund		219,012		2,194
StocksPLUS® TR Short Strategy Fund		20,313,620		191,557
Total Return Fund		4,776,011		52,106
Total PIMCO Funds (Cost $1,057,599)				1,084,466
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.4%
REPURCHASE AGREEMENTS 0.4%
State Street Bank and Trust Co.
1.900% due 04/01/2008	$	3,935		3,935
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 3.875% due 08/22/2008 valued at $4,015. Repurchase proceeds are $3,935.)
Total Short-Term Instruments (Cost $3,935)				3,935
Total Investments 113.0% (Cost $1,061,534)			$	1,088,401
Other Assets and Liabilities (Net) (13.0%)				(125,455	)
Net Assets 100.0%			$	962,946

Notes to Schedule of Investments:

(a) The All Asset All Authority Fund is investing in shares of affiliated Funds.

(b) Institutional Class Shares of each PIMCO Fund.

22 PIMCO Funds See Accompanying Notes

Schedule of Investments  Fundamental IndexPLUS^™ Fund     
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.8%
Allied Waste North America, Inc.
4.060% due 03/28/2014	$	25	$	24
4.080% due 03/28/2014		29		27
4.570% due 03/28/2014		53		50
4.590% due 03/28/2014		4		4
Goodyear Tire & Rubber Co.
6.430% due 04/20/2014		1,000		905
HCA, Inc.
4.946% due 11/16/2013		1,782		1,642
Metro-Goldwyn-Mayer, Inc.
5.946% due 04/08/2012		595		474
Total Bank Loan Obligations (Cost $3,497)				3,126
CORPORATE BONDS & NOTES 41.1%
BANKING & FINANCE 29.8%
Allstate Life Global Funding Trusts
2.639% due 03/23/2009		500		499
American Express Centurion Bank
2.835% due 04/17/2009		900		897
2.978% due 11/16/2009		1,000		978
3.075% due 05/07/2008 (d)		700		700
American Express Credit Corp.
3.118% due 11/09/2009		800		783
3.179% due 03/02/2009		10		10
American Honda Finance Corp.
3.050% due 03/09/2009		400		400
American International Group, Inc.
2.868% due 06/16/2009		800		800
ANZ National International Ltd.
3.168% due 08/07/2009		700		699
Bank of America Corp.
2.964% due 09/18/2009		300		298
3.155% due 11/06/2009 (d)		400		397
8.000% due 12/29/2049		9,500		9,531
Bank of Ireland
2.589% due 12/19/2008		1,400		1,399
Bank of Scotland PLC
4.037% due 07/17/2009		500		500
Bear Stearns Cos., Inc.
2.786% due 03/30/2009		1,200		1,141
3.160% due 08/21/2009		1,200		1,136
3.190% due 05/18/2010		2,900		2,699
3.456% due 04/29/2008		500		498
3.551% due 01/30/2009		800		741
4.325% due 07/16/2009		800		773
Capital One Financial Corp.
3.270% due 09/10/2009 (d)		13,700		12,416
CIT Group, Inc.
3.302% due 05/23/2008		800		784
3.401% due 01/30/2009		100		87
5.000% due 11/24/2008		100		92
Citigroup Funding, Inc.
2.599% due 04/23/2009		700		692
2.606% due 06/26/2009 (d)		700		690
2.980% due 12/08/2008		200		198
Citigroup, Inc.
3.130% due 06/09/2009		200		198
Countrywide Financial Corp.
4.786% due 01/05/2009		8,000		7,489
Credit Agricole S.A.
3.090% due 05/28/2009		900		901
3.140% due 05/28/2010		1,000		1,001

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
DnB NOR Bank ASA
4.447% due 10/13/2009	$	800	$	801
East Lane Re Ltd.
9.239% due 05/06/2011		1,900		1,916
Ford Motor Credit Co. LLC
5.625% due 10/01/2008		2,000		1,966
5.800% due 01/12/2009		500		476
6.625% due 06/16/2008		100		99
Foundation Re II Ltd.
9.820% due 11/26/2010		1,000		1,021
General Electric Capital Corp.
2.931% due 03/12/2010 (d)		2,500		2,488
3.274% due 10/26/2009 (d)		900		891
GMAC LLC
3.749% due 09/23/2008		400		377
Goldman Sachs Group, Inc.
2.639% due 12/23/2008		400		398
2.689% due 12/22/2008		1,000		993
2.746% due 03/30/2009		1,500		1,485
3.186% due 11/10/2008		600		597
4.178% due 07/23/2009		600		595
HSBC Finance Corp.
2.930% due 09/15/2008		600		594
2.981% due 03/12/2010		2,600		2,499
3.954% due 10/21/2009		600		579
ICICI Bank Ltd.
4.917% due 01/12/2010		1,400		1,340
International Lease Finance Corp.
3.312% due 05/24/2010		1,200		1,136
4.950% due 02/01/2011 (d)		4,300		4,247
John Deere Capital Corp.
4.308% due 07/15/2008		200		200
JPMorgan Chase & Co.
2.656% due 06/26/2009		1,000		994
Lehman Brothers Holdings, Inc.
2.728% due 11/24/2008		100		98
2.788% due 04/03/2009		800		763
3.170% due 11/16/2009		3,000		2,864
3.938% due 01/23/2009		600		576
3.984% due 10/22/2008		500		487
4.171% due 07/18/2011		200		178
MBNA Corp.
3.525% due 05/05/2008		1,000		1,001
Merrill Lynch & Co., Inc.
3.138% due 12/04/2009		1,000		975
3.178% due 05/08/2009		600		590
Metropolitan Life Global Funding I
3.110% due 05/17/2010		1,800		1,764
Mizuho Preferred Capital Co. LLC
8.790% due 12/29/2049		4,400		4,422
Morgan Stanley
2.639% due 11/21/2008		700		696
3.206% due 02/09/2009		100		99
3.212% due 05/07/2009		2,900		2,852
4.201% due 01/18/2011		200		187
Mystic Re Ltd.
9.390% due 12/05/2008		1,200		1,190
National Australia Bank Ltd.
2.979% due 09/11/2009		300		300
Osiris Capital PLC
7.108% due 01/15/2010		1,400		1,392
Pricoa Global Funding I
3.156% due 06/03/2008		700		700
Residential Capital LLC
6.178% due 05/22/2009		1,100		632

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Rockies Express Pipeline LLC
4.250% due 08/20/2009	$	1,700	$	1,701
Royal Bank of Scotland Group PLC
3.944% due 07/21/2008		300		300
Santander U.S. Debt S.A. Unipersonal
3.024% due 11/20/2008		300		299
SLM Corp.
2.940% due 12/15/2008		800		771
3.471% due 07/27/2009 (d)		1,150		968
3.491% due 07/26/2010		300		236
3.531% due 01/26/2009		100		90
3.541% due 07/25/2008		1,500		1,474
4.131% due 01/26/2009		900		863
Tokai Preferred Capital Co. LLC
9.980% due 12/29/2049		2,700		2,713
Unicredit Luxembourg Finance S.A.
3.768% due 10/24/2008		200		200
VTB Capital S.A.
3.839% due 08/01/2008		400		396
4.812% due 11/02/2009		1,900		1,902
Wachovia Bank N.A.
2.639% due 03/23/2009		400		396
Williams Cos., Inc. Credit Linked Certificate Trust
6.750% due 04/15/2009		2,300		2,352
World Savings Bank FSB
3.168% due 05/08/2009		1,100		1,102
				112,648
INDUSTRIALS 8.5%
ABN AMRO Bank for OAO Gazprom
9.625% due 03/01/2013		10		11
America Movil SAB de C.V.
2.755% due 06/27/2008		1,200		1,191
Anadarko Petroleum Corp.
3.200% due 09/15/2009		1,300		1,276
BP AMI Leasing, Inc.
2.616% due 06/26/2009		1,800		1,801
Citigroup Global Markets Deutschland AG for OAO Gazprom
10.500% due 10/21/2009		600		652
Comcast Corp.
4.677% due 07/14/2009		400		389
CSC Holdings, Inc.
7.250% due 07/15/2008		800		802
Daimler Finance North America LLC
3.218% due 03/13/2009		700		692
3.298% due 03/13/2009		300		296
3.562% due 08/03/2009		200		197
Diageo Capital PLC
3.196% due 11/10/2008		500		499
El Paso Corp.
6.500% due 06/01/2008		400		403
7.625% due 09/01/2008		300		304
General Mills, Inc.
4.024% due 01/22/2010		800		783
Home Depot, Inc.
2.925% due 12/16/2009		2,600		2,480
Hospira, Inc.
3.176% due 03/30/2010		1,200		1,168
Kimberly-Clark Corp.
3.344% due 07/30/2010		1,900		1,894
Mandalay Resort Group
6.500% due 07/31/2009		800		801
9.500% due 08/01/2008		1,335		1,342

See Accompanying Notes Annual Report March 31, 2008 23

Schedule of Investments  Fundamental IndexPLUS^™ Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Pemex Project Funding Master Trust
3.676% due 12/03/2012	$	200	$	195
Reynolds American, Inc.
3.500% due 06/15/2011		700		658
SABMiller PLC
5.531% due 07/01/2009		5,000		5,016
Safeway, Inc.
3.005% due 03/27/2009		700		690
Siemens Financieringsmaatschappij NV
3.118% due 08/14/2009		600		601
Time Warner, Inc.
3.300% due 11/13/2009		3,200		3,065
Transcontinental Gas Pipe Line Corp.
5.538% due 04/15/2008		200		199
Transocean, Inc.
3.214% due 09/05/2008		300		299
Walt Disney Co.
4.125% due 07/16/2010		2,900		2,873
Weyerhaeuser Co.
3.599% due 09/24/2009		1,700		1,676
Xerox Corp.
9.750% due 01/15/2009		100		104
				32,357
UTILITIES 2.8%
AT&T, Inc.
3.195% due 02/05/2010		500		495
Dominion Resources, Inc.
3.248% due 11/14/2008 (d)		2,000		1,990
Entergy Gulf States, Inc.
3.740% due 12/08/2008		200		201
Florida Power Corp.
3.468% due 11/14/2008		100		100
NiSource Finance Corp.
3.662% due 11/23/2009		2,935		2,850
Qwest Capital Funding, Inc.
6.375% due 07/15/2008		1,300		1,303
Qwest Corp.
5.625% due 11/15/2008		1,300		1,300
Sierra Pacific Power Co.
8.000% due 06/01/2008		400		405
Southern California Edison Co.
3.212% due 02/02/2009		700		676
Telecom Italia Capital S.A.
3.719% due 02/01/2011		500		460
4.561% due 07/18/2011		400		357
Telefonica Emisones SAU
2.842% due 06/19/2009		400		390
				10,527
Total Corporate Bonds & Notes (Cost $158,913)				155,532
COMMODITY INDEX-LINKED NOTES 0.3%
Morgan Stanley (GSCI)
2.546% due 07/07/2008		1,000		994
Total Commodity Index-Linked Notes (Cost $1,000)				994
U.S. GOVERNMENT AGENCIES 15.0%
Fannie Mae
2.666% due 12/25/2036 (d)		452		434
2.699% due 01/25/2021 (d)		767		760
2.949% due 09/25/2042		134		132

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
2.999% due 05/25/2031 (d)	$	175	$	169
4.504% due 05/01/2035 (d)		75		75
4.512% due 09/01/2035 (d)		112		113
4.552% due 11/01/2035 (d)		177		178
4.559% due 05/01/2035 (d)		84		85
4.567% due 07/01/2035 (d)		216		218
4.634% due 09/01/2035 (d)		342		342
4.673% due 08/01/2035 (d)		1,679		1,690
4.695% due 12/01/2033 (d)		74		74
4.989% due 06/01/2035 (d)		397		405
5.000% due 09/01/2020 - 03/01/2037 (d)		2,169		2,164
5.000% due 05/01/2038		6,500		6,420
5.500% due 02/01/2036 - 03/01/2037 (d)		2,908		2,939
5.500% due 04/01/2038		3,000		3,029
5.709% due 07/01/2034 (d)		23		24
5.722% due 06/01/2043 - 07/01/2044 (d)		665		662
6.000% due 05/01/2037 (d)		2,825		2,898
6.183% due 11/01/2034 (d)		45		45
6.329% due 10/01/2034 (d)		22		22
6.416% due 07/01/2034 (d)		30		31
6.442% due 11/01/2035 (d)		37		38
6.883% due 05/01/2036 (d)		734		751
6.884% due 09/01/2036 (d)		760		780
6.918% due 07/01/2036 (d)		710		726
7.008% due 08/01/2036 (d)		766		784
Freddie Mac
2.639% due 12/25/2036		2,453		2,418
2.859% due 08/25/2031		43		43
2.968% due 07/15/2019 - 10/15/2020 (d)		14,836		14,355
3.048% due 02/15/2019 (d)		5,604		5,569
3.168% due 12/15/2030 (d)		42		41
3.218% due 06/15/2018 (d)		27		27
4.361% due 09/01/2035 (d)		155		156
4.591% due 09/01/2035 (d)		209		210
4.701% due 06/01/2035 (d)		242		246
4.704% due 08/01/2035 (d)		339		341
5.000% due 04/15/2012 - 07/15/2024 (d)		1,316		1,323
5.500% due 03/01/2037 - 11/01/2037 (d)		4,854		4,907
5.722% due 02/25/2045		97		94
6.000% due 09/01/2037 (d)		926		950
Total U.S. Government Agencies (Cost $56,771)				56,668
MORTGAGE-BACKED SECURITIES 16.3%
Arran Residential Mortgages Funding PLC
2.955% due 04/12/2036		94		94
Banc of America Funding Corp.
6.142% due 01/20/2047		1,129		980
Banc of America Mortgage Securities, Inc.
4.143% due 10/25/2033		473		470
4.362% due 05/25/2033		1,220		1,194
5.642% due 07/25/2034		785		763
Bear Stearns Adjustable Rate Mortgage Trust
4.125% due 03/25/2035		8,575		8,211
4.750% due 10/25/2035		268		259
5.696% due 07/25/2034		660		651
Bear Stearns Alt-A Trust
2.759% due 02/25/2034		677		533
4.995% due 12/25/2033		796		768
Bear Stearns Mortgage Funding Trust
2.669% due 02/25/2037		1,438		1,260
Bear Stearns Structured Products, Inc.
5.681% due 01/26/2036		1,185		1,003
5.783% due 12/26/2046		649		538
Citigroup Commercial Mortgage Trust
2.888% due 08/15/2021		54		51

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Citigroup Mortgage Loan Trust, Inc.
4.900% due 12/25/2035	$	60	$	57
Countrywide Alternative Loan Trust
2.779% due 05/25/2047		592		449
4.500% due 06/25/2035		199		197
5.236% due 02/25/2036		1,397		1,042
Countrywide Home Loan Mortgage Pass-Through Trust
4.800% due 11/25/2034		1,065		1,000
Deutsche ALT-A Securities, Inc. Alternate Loan Trust
2.679% due 02/25/2037		2,771		2,597
First Horizon Asset Securities, Inc.
5.370% due 08/25/2035		878		827
GMAC Mortgage Corp. Loan Trust
5.013% due 11/19/2035		60		57
Greenpoint Mortgage Funding Trust
2.679% due 10/25/2046		625		563
2.679% due 01/25/2047		838		796
2.869% due 11/25/2045		28		23
Greenpoint Mortgage Pass-Through Certificates
4.386% due 10/25/2033		878		842
GS Mortgage Securities Corp. II
3.170% due 03/06/2020		730		675
Harborview Mortgage Loan Trust
2.649% due 01/19/2038		308		290
2.779% due 05/19/2035		58		46
Impac Secured Assets CMN Owner Trust
2.679% due 01/25/2037		353		333
Indymac Index Mortgage Loan Trust
2.689% due 11/25/2046		217		202
2.699% due 01/25/2037		267		255
5.051% due 12/25/2034		349		319
JPMorgan Mortgage Trust
5.023% due 02/25/2035		937		853
Lehman Brothers Floating Rate Commercial Mortgage Trust
2.898% due 09/15/2021		50		47
MASTR Adjustable Rate Mortgages Trust
3.786% due 11/21/2034		892		881
Mellon Residential Funding Corp.
3.561% due 12/15/2030		333		321
Merrill Lynch Floating Trust
2.888% due 06/15/2022		2,609		2,443
Merrill Lynch Mortgage Investors, Inc.
2.809% due 02/25/2036		565		454
6.033% due 05/25/2033		1,011		937
MLCC Mortgage Investors, Inc.
2.849% due 11/25/2035		188		170
3.599% due 10/25/2035		305		264
6.944% due 01/25/2029		353		344
Morgan Stanley Capital I
2.878% due 10/15/2020		253		236
Residential Funding Mortgage Securities I
6.500% due 03/25/2032		195		186
Structured Adjustable Rate Mortgage Loan Trust
4.940% due 03/25/2034		786		725
5.359% due 01/25/2035		1,220		1,165
5.540% due 08/25/2035		521		439
Structured Asset Mortgage Investments, Inc.
2.699% due 09/25/2047		1,760		1,672
2.729% due 03/25/2037		1,301		1,021
2.809% due 07/19/2035		262		195
2.879% due 02/25/2036		69		54
Structured Asset Securities Corp.
2.649% due 05/25/2036		601		573
5.463% due 10/25/2035		267		255

24 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
TBW Mortgage-Backed Pass-Through Certificates
2.709% due 01/25/2037	$	2,258	$	2,150
Thornburg Mortgage Securities Trust
2.699% due 03/25/2037		2,841		2,634
2.709% due 03/25/2046		1,974		1,939
2.709% due 11/25/2046		1,455		1,380
2.719% due 09/25/2046		456		427
3.265% due 06/25/2037		1,473		1,385
Wachovia Bank Commercial Mortgage Trust
2.898% due 06/15/2020		1,244		1,147
2.908% due 09/15/2021		3,088		2,902
WaMu Mortgage Pass-Through Certificates
2.869% due 12/25/2045		36		29
2.889% due 10/25/2045		37		29
3.239% due 12/25/2027		1,402		1,328
5.056% due 01/25/2047		392		323
5.220% due 02/27/2034		563		535
5.326% due 02/25/2046		2,653		2,065
5.526% due 11/25/2042		77		73
5.572% due 10/25/2046		463		381
5.572% due 12/25/2046		2,568		2,441
5.718% due 05/25/2041		17		16
Total Mortgage-Backed Securities (Cost $66,651)				61,764
ASSET-BACKED SECURITIES 21.2%
ACE Securities Corp.
2.649% due 12/25/2036		300		288
2.659% due 05/25/2036		15		15
2.659% due 10/25/2036		225		214
2.679% due 10/25/2036		103		100
Argent Securities, Inc.
2.649% due 09/25/2036		232		227
Asset-Backed Funding Certificates
2.659% due 11/25/2036		503		465
2.659% due 01/25/2037		472		442
Asset-Backed Securities Corp. Home Equity
2.649% due 11/25/2036		309		300
2.649% due 12/25/2036		686		660
2.874% due 09/25/2034		46		41
Atrium CDO Corp.
3.736% due 06/27/2015		3,005		2,910
Bear Stearns Asset-Backed Securities Trust
2.649% due 11/25/2036		661		618
2.679% due 10/25/2036		314		298
2.799% due 09/25/2034		1		1
Carrington Mortgage Loan Trust
2.649% due 01/25/2037		2,578		2,415
2.849% due 06/25/2035		397		391
2.919% due 10/25/2035		818		703
Citigroup Mortgage Loan Trust, Inc.
2.649% due 11/25/2036		333		326
2.659% due 01/25/2037		764		753
Countrywide Asset-Backed Certificates
2.649% due 01/25/2037		557		550
2.649% due 05/25/2037		7,118		6,870
2.649% due 03/25/2047		106		104
2.659% due 03/25/2037		173		169
2.669% due 06/25/2037		909		883
2.679% due 06/25/2037		539		504
2.709% due 10/25/2046		122		118
Credit-Based Asset Servicing & Securitization LLC
2.659% due 11/25/2036		590		564
2.719% due 07/25/2037		1,184		1,116
Daimler Chrysler Auto Trust
5.250% due 05/08/2009		4		4

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
First Franklin Mortgage Loan Asset-Backed Certificates
2.639% due 01/25/2038	$	1,356	$	1,284
2.649% due 11/25/2036		916		829
2.649% due 12/25/2036		476		452
2.659% due 06/25/2036		580		558
2.669% due 12/25/2037		2,815		2,657
Ford Credit Auto Owner Trust
2.838% due 12/15/2009		762		761
3.418% due 07/15/2010		1,600		1,595
Fremont Home Loan Trust
2.649% due 10/25/2036		1,655		1,632
2.659% due 01/25/2037		536		488
2.669% due 02/25/2037		103		101
GSAMP Trust
2.639% due 10/25/2046		348		332
2.669% due 09/25/2036		119		115
2.669% due 12/25/2036		767		736
GSR Mortgage Loan Trust
2.699% due 11/25/2030		5		5
HFC Home Equity Loan Asset-Backed Certificates
2.606% due 03/20/2036		716		691
2.806% due 01/20/2035		1,071		891
Indymac Residential Asset-Backed Trust
2.659% due 04/25/2037		374		359
2.679% due 07/25/2037		1,231		1,162
JPMorgan Mortgage Acquisition Corp.
2.649% due 08/25/2036		85		82
2.649% due 10/25/2036		2,796		2,605
2.669% due 11/25/2036		539		514
Lehman XS Trust
2.669% due 05/25/2046		177		168
2.719% due 11/25/2036		851		816
Long Beach Mortgage Loan Trust
2.629% due 06/25/2036		306		304
2.639% due 11/25/2036		1,918		1,823
2.689% due 01/25/2046		4		4
2.779% due 08/25/2035		138		132
2.879% due 10/25/2034		6		6
MASTR Asset-Backed Securities Trust
2.659% due 11/25/2036		683		646
MBNA Credit Card Master Note Trust
2.918% due 12/15/2011		2,100		2,079
Merrill Lynch Mortgage Investors, Inc.
2.629% due 06/25/2037		312		307
2.669% due 08/25/2036		1,323		1,263
Morgan Stanley ABS Capital I
2.629% due 06/25/2036		274		271
2.639% due 10/25/2036		153		149
2.649% due 10/25/2036		262		255
2.649% due 11/25/2036		1,213		1,144
2.659% due 05/25/2037		2,752		2,633
Morgan Stanley IXIS Real Estate Capital Trust
2.649% due 11/25/2036		404		383
Nationstar Home Equity Loan Trust
2.659% due 03/25/2037		882		839
2.719% due 04/25/2037		3,147		3,060
Newcastle Mortgage Securities Trust
2.669% due 03/25/2036		23		23
Option One Mortgage Loan Trust
2.639% due 02/25/2037		753		719
2.649% due 07/25/2036		173		171
2.649% due 01/25/2037		653		615
Park Place Securities, Inc.
2.859% due 09/25/2035		247		238
2.911% due 10/25/2034		236		197
Residential Asset Mortgage Products, Inc.
2.669% due 11/25/2036		415		401

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
2.679% due 10/25/2036	$	975	$	929
2.699% due 08/25/2046		2,369		2,258
Residential Asset Securities Corp.
2.639% due 08/25/2036		48		48
2.659% due 10/25/2036		330		321
2.669% due 11/25/2036		744		709
Residential Funding Mortgage Securities II, Inc.
2.719% due 05/25/2037		1,227		1,131
Saxon Asset Securities Trust
2.659% due 10/25/2046		78		75
SBI HELOC Trust
2.769% due 08/25/2036		101		97
Sears Credit Account Master Trust
3.038% due 04/16/2013		5,500		5,394
Securitized Asset-Backed Receivables LLC Trust
2.649% due 09/25/2036		477		454
2.729% due 05/25/2037		1,079		1,012
SLC Student Loan Trust
3.045% due 02/15/2015		890		885
SLM Student Loan Trust
3.331% due 01/25/2016		44		44
3.331% due 10/25/2016		908		900
3.341% due 10/26/2015		291		290
4.237% due 07/25/2013		300		300
4.487% due 10/25/2017		700		681
Soundview Home Equity Loan Trust
2.649% due 10/25/2036		93		90
2.659% due 06/25/2036		6		5
2.659% due 12/25/2036		350		337
2.679% due 01/25/2037		2,080		1,986
2.699% due 10/25/2036		226		221
Specialty Underwriting & Residential Finance
2.644% due 11/25/2037		522		495
2.659% due 01/25/2038		1,386		1,327
Structured Asset Securities Corp.
2.649% due 10/25/2036		821		796
Wells Fargo Home Equity Trust
2.649% due 01/25/2037		1,148		1,108
Total Asset-Backed Securities (Cost $84,157)				80,437
SOVEREIGN ISSUES 0.3%
Export-Import Bank of Korea
4.901% due 10/04/2011		1,000		1,002
Korea Development Bank
3.358% due 11/22/2012		100		97
Total Sovereign Issues (Cost $1,099)				1,099
FOREIGN CURRENCY-DENOMINATED ISSUES 0.6%
Brazilian Government International Bond
10.250% due 01/10/2028	BRL	2,300		1,227
Sumitomo Mitsui Banking Corp.
1.151% due 06/02/2049	JPY	100,000		988
Total Foreign Currency-Denominated Issues (Cost $2,224)				2,215
		SHARES
CONVERTIBLE PREFERRED STOCKS 1.1%
Bank of America Corp.
7.250% due 12/31/2049		4,000		4,132
Total Convertible Preferred Stocks (Cost $4,000)				4,132

See Accompanying Notes Annual Report March 31, 2008 25

Schedule of Investments  Fundamental IndexPLUS^™ Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INSTRUMENTS 27.3%
CERTIFICATES OF DEPOSIT 0.0%
HSBC Bank USA N.A.
3.294% due 07/28/2008	$	100	$	100
COMMERCIAL PAPER 2.0%
Federal Home Loan Bank
1.500% due 04/01/2008		5,000		5,000
UBS Finance Delaware LLC
2.940% due 06/06/2008		2,500		2,487
				7,487

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. TREASURY BILLS 25.3%
1.043% due 04/17/2008 - 07/17/2008 (a)(b)	$	96,200	$	95,961
Total Short-Term Instruments (Cost $103,624)				103,548

		VALUE (000S)
PURCHASED OPTIONS (g) 0.4%
(Cost $639)	$	1,386
Total Investments 124.4% (Cost $482,575)	$	470,901
Written Options (h) (0.3%) (Premiums $610)		(1,207	)
Other Assets and Liabilities (Net) (24.1%)		(91,191	)
Net Assets (c) 100.0%	$	378,503

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

(b) Securities with an aggregate market value of $32,299 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(c) As of March 31, 2008, portfolio securities with an aggregate value of $6,438 and derivative instruments with an aggregate depreciation of ($127) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(d) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $49,106 at a weighted average interest rate of 3.204%. On March 31, 2008, securities valued at $69,319 were pledged as collateral for reverse repurchase agreements.

(e) Cash of $10,875 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2008	431	$	3,104
90-Day Eurodollar December Futures	Long	12/2009	2		0
90-Day Eurodollar June Futures	Long	06/2008	26		170
90-Day Eurodollar June Futures	Long	06/2009	2		0
90-Day Eurodollar March Futures	Long	03/2009	186		967
90-Day Eurodollar September Futures	Long	09/2009	156		745
E-mini S&P 500 Index June Futures	Long	06/2008	10		(27	)
U.S. Treasury 2-Year Note June Futures	Short	06/2008	107		(35	)
U.S. Treasury 5-Year Note June Futures	Short	06/2008	11		(17	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	10		1
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	241		(382	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	36		81
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2009	21		9
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	560		264
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2009	36		63
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	55		172
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	187		295
				$	5,410

(f) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
American Express Co. 4.875% due 07/15/2013	Sell	1.950%	03/20/2013	BNP	$	1,200	$	12
American Express Co. 4.875% due 07/15/2013	Sell	2.060%	03/20/2013	DUB		2,100		33
American International Group, Inc. 4.250% due 05/15/2013	Sell	0.780%	12/20/2012	RBS		400		(18	)
American International Group, Inc. 4.250% due 05/15/2013	Sell	0.910%	12/20/2012	BOA		400		(16	)
American International Group, Inc. 4.250% due 05/15/2013	Sell	0.930%	12/20/2012	BOA		600		(23	)
American International Group, Inc. 5.600% due 10/18/2016	Sell	0.065%	06/20/2008	GSC		3,100		(14	)
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	0.140%	06/20/2008	DUB		2,000		(14	)
Berkshire Hathaway Finance Corp. 4.625% due 10/15/2013	Sell	0.850%	03/20/2013	CSFB		800		1
Berkshire Hathaway Finance Corp. 4.625% due 10/15/2013	Sell	0.870%	03/20/2013	RBS		800		2
Berkshire Hathaway Finance Corp. 4.625% due 10/15/2013	Sell	0.930%	03/20/2013	DUB		1,000		5
Berkshire Hathaway Finance Corp. 4.625% due 10/15/2013	Sell	1.000%	03/20/2013	BCLY		300		2
California State General Obligation Bonds 5.250% due 02/01/2018	Sell	0.470%	12/20/2017	LEH		400		(6	)
CIT Group, Inc. 7.750% due 04/02/2012	Sell	5.750%	03/20/2013	JPM		800		(68	)
Citigroup, Inc. 6.500% due 01/18/2011	Sell	0.530%	09/20/2012	JPM		3,700		(173	)
Fannie Mae 5.250% due 08/01/2012	Sell	0.670%	12/20/2012	LEH		600		(16	)
Fannie Mae 5.250% due 08/01/2012	Sell	0.675%	12/20/2012	LEH		300		(8	)
Fannie Mae 5.250% due 08/01/2012	Sell	0.700%	12/20/2012	RBS		600		(16	)
Fannie Mae 5.250% due 08/01/2012	Sell	0.785%	12/20/2012	RBS		1,000		(22	)

26 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Fannie Mae 5.250% due 08/01/2012	Sell	0.840%	12/20/2012	RBS	$	1,900	$	(37	)
Fannie Mae 5.250% due 08/01/2012	Sell	0.950%	12/20/2012	RBS		600		(9	)
Fannie Mae 5.500% due 06/09/2033	Sell	0.440%	12/20/2012	LEH		400		(1	)
Fannie Mae 5.500% due 06/09/2033	Sell	0.445%	12/20/2012	LEH		500		(1	)
Fannie Mae 5.500% due 06/09/2033	Sell	0.510%	12/20/2012	RBS		1,000		0
Fannie Mae 5.500% due 06/09/2033	Sell	0.520%	03/20/2013	RBS		2,000		1
Fannie Mae 5.500% due 06/09/2033	Sell	0.615%	03/20/2013	LEH		1,700		8
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.850%	09/20/2012	GSC		100		(17	)
Ford Motor Credit Co. LLC 7.250% due 10/25/2011	Sell	4.000%	12/20/2008	LEH		200		(7	)
Ford Motor Credit Co. LLC 7.250% due 10/25/2011	Sell	4.300%	12/20/2008	LEH		200		(7	)
Freddie Mac 5.080% due 02/07/2019	Sell	0.615%	03/20/2013	LEH		2,100		10
Freddie Mac 5.080% due 02/07/2019	Sell	0.730%	03/20/2013	RBS		800		9
Freddie Mac 5.080% due 02/07/2019	Sell	0.860%	03/20/2013	BCLY		800		14
Freddie Mac 5.875% due 03/21/2011	Sell	0.850%	12/20/2012	CSFB		400		(8	)
Gannett Co., Inc. 6.375% due 04/01/2012	Sell	1.800%	03/20/2013	UBS		300		(7	)
Gannett Co., Inc. 6.375% due 04/01/2012	Sell	1.968%	03/20/2013	BCLY		1,000		(16	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.750%	03/20/2013	MSC		1,600		(38	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.770%	03/20/2013	BNP		1,000		(23	)
General Motors Corp. 7.125% due 07/15/2013	Sell	1.810%	09/20/2008	BEAR		1,200		(31	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.500%	09/20/2008	RBS		2,300		(29	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.000%	09/20/2009	DUB		2,300		(122	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.850%	12/20/2012	BCLY		2,400		(441	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.880%	12/20/2012	MLP		1,900		(347	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.900%	12/20/2012	UBS		1,500		(273	)
GMAC LLC 6.875% due 08/28/2012	Sell	1.350%	06/20/2008	LEH		1,000		(17	)
GMAC LLC 6.875% due 08/28/2012	Sell	4.600%	09/20/2008	UBS		4,200		(164	)
GMAC LLC 6.875% due 08/28/2012	Sell	1.850%	09/20/2009	MLP		1,100		(181	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.200%	09/20/2012	GSC		300		(73	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.670%	09/20/2012	JPM		1,000		(233	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.830%	09/20/2012	BNP		3,000		(73	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.000%	03/20/2009	CITI		2,500		0
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.130%	06/20/2008	DUB		2,000		(18	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.300%	09/20/2008	RBS		900		(15	)
Malaysia Government International Bond 7.500% due 07/15/2011	Sell	0.520%	03/20/2009	CITI		1,700		0
MBIA, Inc.	Sell	2.800%	12/20/2012	BOA		400		(56	)
MBIA, Inc.	Sell	3.400%	12/20/2012	DUB		400		(50	)
MBIA, Inc. 6.625% due 10/01/2028	Sell	4.000%	12/20/2012	BOA		400		(65	)
MBIA, Inc. 6.625% due 10/01/2028	Sell	5.050%	12/20/2012	WAC		400		(53	)
Merrill Lynch & Co., Inc. 6.000% due 02/17/2009	Sell	0.120%	06/20/2008	DUB		800		(6	)
MetLife, Inc. 5.000% due 06/15/2015	Sell	1.700%	03/20/2013	JPM		600		8
MetLife, Inc. 5.000% due 06/15/2015	Sell	1.720%	03/20/2013	LEH		1,200		17
MetLife, Inc. 5.000% due 06/15/2015	Sell	2.260%	03/20/2013	LEH		1,100		43
Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.220%	03/20/2009	CSFB		1,000		(1	)
Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.270%	03/20/2009	BCLY		2,000		0
Michigan State General Obligation Bonds, Series 2003 5.250% due 05/01/2020	Sell	0.400%	12/20/2017	LEH		400		(4	)
Morgan Stanley 6.600% due 04/01/2012	Sell	0.120%	06/20/2008	DUB		2,000		(9	)
Multiple Reference Entities of Gazprom	Sell	0.970%	11/20/2008	HSBC		200		0
Multiple Reference Entities of Gazprom	Sell	1.430%	12/20/2008	JPM		2,100		3
Multiple Reference Entities of Gazprom	Sell	1.000%	10/20/2011	DUB		400		(21	)
Multiple Reference Entities of Gazprom	Sell	0.740%	01/20/2012	BCLY		800		(55	)
New York City, New York General Obligation Bonds, Series 2007 5.000% due 01/01/2026	Sell	0.420%	12/20/2017	LEH		400		(4	)
New York City, New York General Obligation Notes, Series 2007, 5.000% due 01/01/2017	Sell	0.450%	03/20/2018	GSC		1,000		(7	)
Ohio State General Obligation Bonds, Series 2007 5.000% due 09/01/2020	Sell	0.300%	12/20/2017	LEH		400		(4	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.260%	12/20/2008	BCLY		4,000		(13	)
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.290%	12/20/2008	LEH		500		0
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.320%	03/20/2009	LEH		1,600		(2	)
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.330%	12/20/2008	DUB		4,000		(1	)
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	1.800%	03/20/2013	BCLY		800		5
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	1.870%	03/20/2013	CSFB		500		5
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	1.900%	03/20/2013	RBS		300		3
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	1.960%	03/20/2013	CSFB		2,100		28
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	2.350%	03/20/2013	JPM		2,400		75
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	2.350%	03/20/2013	RBS		300		9
Residential Capital LLC 6.500% due 04/17/2013	Sell	1.150%	06/20/2009	LEH		3,000		(1,070	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.310%	12/20/2008	LEH		500		(1	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.670%	03/20/2009	GSC		1,500		1
SLM Corp. 5.125% due 08/27/2012	Sell	3.000%	12/20/2008	BCLY		800		(38	)
SLM Corp. 5.125% due 08/27/2012	Sell	3.000%	12/20/2008	BOA		1,000		(47	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.500%	03/20/2009	BNP		1,000		(48	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.550%	03/20/2010	JPM		400		(33	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.600%	03/20/2010	MLP		600		(49	)
SLM Corp. 5.125% due 08/27/2012	Sell	2.860%	12/20/2012	BOA		1,000		(183	)

See Accompanying Notes Annual Report March 31, 2008 27

Schedule of Investments  Fundamental IndexPLUS^™ Fund  (Cont.)

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
State of California General Obligation Notes, Series 2005, 5.000% due 03/01/2018	Sell	0.530%	03/20/2018	GSC	$	1,000	$	(10	)
State of Michigan General Obligation Notes, Series 2003 5.250% due 05/01/2017	Sell	0.440%	03/20/2018	GSC		1,000		(7	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.720%	12/20/2008	BCLY		2,000		(8	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.520%	05/20/2009	HSBC		1,000		(11	)
Wachovia Corp. 3.625% due 02/17/2009	Sell	1.630%	03/20/2013	UBS		300		(2	)
Wachovia Corp. 3.625% due 02/17/2009	Sell	1.700%	03/20/2013	BNP		1,800		(3	)
Wachovia Corp. 3.625% due 02/17/2009	Sell	1.700%	03/20/2013	RBS		1,700		(3	)
							$	(4,152	)

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Dow Jones CDX N.A. HY8 Index	Sell	0.360%	06/20/2012	CITI	$	4,968	$	(200	)
Dow Jones CDX N.A. HY8 Index	Sell	0.401%	06/20/2012	CITI		994		(39	)
Dow Jones CDX N.A. HY8 Index	Sell	1.833%	06/20/2012	MLP		1,000		(99	)
Dow Jones CDX N.A. HY8 Index	Sell	2.144%	06/20/2012	CITI		500		(43	)
Dow Jones CDX N.A. IG9 Index	Sell	0.708%	12/20/2012	DUB		2,200		20
							$	(361	)

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	BCLY	$	10,300	$	159
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	BCLY		800		(11	)
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	RBS		200		(2	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	JPM	EUR	600		(13	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.995%	03/15/2012	GSC		16,200		(302	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	03/30/2012	GSC		300		(7	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	04/05/2012	BCLY		200		(5	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958%	04/10/2012	JPM		200		(5	)
Pay	6-Month GBP-LIBOR	6.000%	03/20/2009	RBS	GBP	1,800		2
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	CSFB		9,900		43
Pay	6-Month GBP-LIBOR	6.000%	12/19/2009	GSC		800		31
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	CSFB		1,200		42
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	DUB		2,700		(157	)
Receive	6-Month GBP-LIBOR	5.000%	12/19/2037	GSC		100		(15	)
Receive	30-Day USD-CMM Rate	5.000%	02/20/2009	MLP	$	3,400		(22	)
Pay	BRL-CDI-Compounded	11.360%	01/04/2010	BCLY	BRL	2,400		(35	)
Pay	BRL-CDI-Compounded	11.430%	01/04/2010	MLP		1,500		(20	)
Pay	BRL-CDI-Compounded	11.465%	01/04/2010	GSC		600		(8	)
Pay	BRL-CDI-Compounded	12.780%	01/04/2010	MSC		900		0
Pay	BRL-CDI-Compounded	12.948%	01/04/2010	MLP		800		2
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		1,200		(21	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	BCLY		1,500		(11	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	UBS		1,600		(12	)
Pay	USSP Semi 2-Year Index	0.710%	02/05/2009	BNP	$	1,600		(3	)
							$	(370	)

Total Return Swaps
Pay/Receive Total Return on Reference Entity	Reference Entity	Rate	Expiration Date	Counterparty	# of Shares	Unrealized Appreciation/ (Depreciation)
Long	FTSE Research Affiliates 1000 Index	1-Month USD-LIBOR plus 0.300%	10/15/2008	BEAR	457,500	$	1,596
Short	FTSE Research Affiliates 1000 Index	1-Month USD-LIBOR plus 0.300%	10/15/2008	BEAR	62,227		(83	)
Long	FTSE Research Affiliates 1000 Index	1-Month USD-LIBOR plus 0.250%	10/15/2008	CSFB	495,039		1,746
Long	FTSE Research Affiliates 1000 Index	1-Month USD-LIBOR plus 0.200%	03/13/2009	CSFB	177,169		442
Long	FTSE Research Affiliates 1000 Index	1-Month USD-LIBOR plus 0.250%	05/15/2008	MLP	594,300		(11,430	)
Long	FTSE Research Affiliates 1000 Index	1-Month USD-LIBOR plus 0.250%	07/15/2008	MLP	317,787		(7,739	)
Long	FTSE Research Affiliates 1000 Index	1-Month USD-LIBOR plus 0.250%	08/18/2008	MLP	448,976		(11,338	)
Long	FTSE Research Affiliates 1000 Index	1-Month USD-LIBOR plus 0.200%	10/15/2008	MLP	897,225		3,165
						$	(23,641	)

28 PIMCO Funds See Accompanying Notes

    
March 31, 2008

(g) Purchased options outstanding on March 31, 2008:

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500%	02/02/2009	$	8,300	$	94	$	139
Call - OTC 2-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		7,100		36		293
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		7,200		26		297
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	12/15/2008		25,700		226		333
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	02/02/2009		17,700		191		219
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.600%	07/02/2009		6,900		66		105
								$	639	$	1,386

(h) Written options outstanding on March 31, 2008:

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 7-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.600%	02/02/2009	$	2,800	$	90	$	140
Call - OTC 5-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		3,100		37		207
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		3,100		25		208
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.300%	12/15/2008		8,600		214		337
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.250%	02/02/2009		5,900		178		218
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.200%	07/02/2009		3,000		66		97
								$	610	$	1,207

(i) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
Fannie Mae	6.000%	04/01/2038	$	1,000	$	1,006	$	1,025
Freddie Mac	5.500%	04/01/2038		5,000		4,901		5,049
U.S. Treasury Notes	3.125%	11/30/2009		3,400		3,480		3,532
U.S. Treasury Notes	3.250%	12/31/2009		2,200		2,252		2,282
					$	11,639	$	11,888

⁽²⁾ Market value includes $65 of interest payable on short sales.

(j) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AED	433	05/2008	$	0	$	(1	)	$	(1	)
Buy	AUD	153	04/2008		1		0			1
Buy	BRL	499	07/2008		9		0			9
Sell		21,308	07/2008		303		0			303
Buy		39,853	12/2008		413		0			413
Sell		5,737	12/2008		70		0			70
Sell	EUR	124	04/2008		0		(2	)		(2	)
Sell	GBP	4,560	04/2008		0		(24	)		(24	)
Buy	IDR	3,528,000	05/2008		0		(19	)		(19	)
Buy	INR	133,244	05/2008		140		0			140
Buy		8,636	08/2008		0		(5	)		(5	)
Sell	JPY	12,215	04/2008		1		0			1
Buy		3,330	05/2008		0		(1	)		(1	)
Sell		174,495	05/2008		10		0			10
Buy	KRW	116,442	05/2008		0		(11	)		(11	)
Buy		3,113,758	08/2008		0		(214	)		(214	)
Buy	KWD	33	05/2008		4		0			4
Buy	MXN	33,617	07/2008		98		0			98
Sell		24,135	07/2008		0		(32	)		(32	)
Buy	MYR	4,667	05/2008		65		0			65
Buy	PHP	39,051	05/2008		80		0			80
Buy	PLN	8,314	07/2008		663		0			663
Sell		8,314	07/2008		0		(379	)		(379	)
Buy	RUB	38,923	07/2008		97		0			97
Sell		37,722	07/2008		0		(75	)		(75	)
Buy		39,680	11/2008		53		0			53
Sell		17,568	11/2008		0		(35	)		(35	)
Buy	SAR	444	05/2008		0		(1	)		(1	)
Buy	SGD	4,127	05/2008		242		0			242
Buy		2,377	11/2008		46		0			46
Buy	ZAR	590	07/2008		0		(16	)		(16	)
				$	2,295	$	(815	)	$	1,480

See Accompanying Notes Annual Report March 31, 2008 29

Schedule of Investments  Fundamental IndexPLUS^™ TR Fund

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.8%
HCA, Inc.
4.946% due 11/16/2013	$	2,475	$	2,280
Idearc, Inc.
4.700% due 11/17/2014		2,494		2,006
Yell Group PLC
7.071% due 08/09/2011		72		59
Total Bank Loan Obligations (Cost $5,041)				4,345
CORPORATE BONDS & NOTES 28.8%
BANKING & FINANCE 23.0%
Allstate Life Global Funding Trusts
2.639% due 03/23/2009		600		599
American Express Co.
7.000% due 03/19/2018		2,000		2,105
American General Finance Corp.
6.900% due 12/15/2017		1,600		1,567
American International Group, Inc.
5.050% due 10/01/2015		100		98
5.850% due 01/16/2018		4,000		3,935
Bank of America Corp.
2.964% due 09/18/2009		200		199
5.375% due 09/11/2012		1,900		1,979
5.750% due 12/01/2017		1,100		1,141
8.000% due 12/29/2049		13,200		13,243
Bank of America N.A.
6.000% due 10/15/2036		300		288
Bank of Ireland
2.814% due 12/18/2009 (f)		3,100		3,092
Barclays Bank PLC
6.050% due 12/04/2017 (f)		1,000		978
C10 Capital SPV Ltd.
6.722% due 12/31/2049		800		742
Calabash Re Ltd.
11.200% due 01/08/2010		1,200		1,218
CIT Group, Inc.
2.729% due 12/19/2008		500		451
3.190% due 08/17/2009		300		252
3.215% due 08/15/2008		1,000		923
3.401% due 01/30/2009		600		522
Citigroup Capital XXI
8.300% due 12/21/2057		1,700		1,680
Citigroup, Inc.
2.701% due 12/28/2009 (f)		500		490
6.000% due 08/15/2017		6,700		6,623
DnB NOR Bank ASA
4.447% due 10/13/2009		1,000		1,001
Export-Import Bank of China
4.875% due 07/21/2015		100		100
Ford Motor Credit Co. LLC
6.625% due 06/16/2008		22,400		22,148
Foundation Re II Ltd.
9.820% due 11/26/2010		1,400		1,430
GMAC LLC
6.000% due 12/15/2011		200		150
Goldman Sachs Group, Inc.
3.406% due 07/29/2008		700		698
6.750% due 10/01/2037 (f)		10,900		10,172
HBOS PLC
5.920% due 09/29/2049		100		74
HSBC Holdings PLC
6.500% due 05/02/2036		1,900		1,844

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
ICICI Bank Ltd.
4.917% due 01/12/2010	$	1,800	$	1,723
JPMorgan Chase & Co.
6.000% due 01/15/2018		900		941
JPMorgan Chase Bank N.A.
6.000% due 10/01/2017		1,700		1,776
JPMorgan Chase Capital XX
6.550% due 09/29/2036		100		88
Lehman Brothers Holdings, Inc.
2.649% due 12/23/2008		200		194
2.809% due 12/23/2010		900		768
3.232% due 05/25/2010		100		90
6.200% due 09/26/2014		400		395
Merrill Lynch & Co., Inc.
6.050% due 08/15/2012		2,400		2,441
MetLife, Inc.
6.400% due 12/15/2036		400		319
Mystic Re Ltd.
9.390% due 12/05/2008		1,500		1,487
National Australia Bank Ltd.
2.979% due 09/11/2009		800		800
Petroleum Export Ltd.
5.265% due 06/15/2011		72		72
RBS Capital Trust III
5.512% due 09/29/2049		1,200		987
Resona Bank Ltd.
5.850% due 09/29/2049		200		166
Santander Perpetual S.A. Unipersonal
6.671% due 10/29/2049		900		813
SMFG Preferred Capital USD 1 Ltd.
6.078% due 01/29/2049		1,000		789
State Street Capital Trust IV
3.800% due 06/15/2037		200		150
TNK-BP Finance S.A.
6.125% due 03/20/2012		200		189
U.S. Bancorp
3.512% due 02/04/2010		5,700		5,662
UBS AG
5.875% due 12/20/2017		700		717
USB Capital IX
6.189% due 04/15/2049		200		149
VTB Capital S.A.
3.839% due 08/01/2008		900		891
Wachovia Corp.
5.750% due 02/01/2018		2,000		1,964
7.980% due 02/28/2049		23,900		23,554
Westpac Banking Corp.
3.040% due 06/06/2008 (f)		800		800
ZFS Finance USA Trust I
5.875% due 05/09/2032		500		475
				128,142
INDUSTRIALS 4.5%
AstraZeneca PLC
5.900% due 09/15/2017		400		424
6.450% due 09/15/2037		300		323
C8 Capital SPV Ltd.
6.640% due 12/29/2049		5,100		4,721
Citigroup Global Markets Deutschland AG for OAO Gazprom
10.500% due 10/21/2009		400		435
CODELCO, Inc.
6.150% due 10/24/2036		100		101

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Comcast Corp.
5.875% due 02/15/2018	$	300	$	293
6.450% due 03/15/2037		300		284
Daimler Finance North America LLC
3.298% due 03/13/2009		200		197
Gaz Capital S.A.
6.212% due 11/22/2016		200		186
HJ Heinz Co.
6.428% due 12/01/2020		100		102
International Business Machines Corp.
5.700% due 09/14/2017 (f)		7,800		8,192
Kinder Morgan Energy Partners LP
5.950% due 02/15/2018		2,900		2,879
Kraft Foods, Inc.
6.125% due 02/01/2018		800		802
Peabody Energy Corp.
7.875% due 11/01/2026		300		299
Rohm & Haas Co.
6.000% due 09/15/2017		500		509
Time Warner, Inc.
5.875% due 11/15/2016		2,100		2,001
Union Pacific Corp.
5.700% due 08/15/2018		1,800		1,794
UnitedHealth Group, Inc.
4.875% due 02/15/2013		700		692
Williams Cos., Inc.
6.375% due 10/01/2010		700		721
				24,955
UTILITIES 1.3%
Dominion Resources, Inc.
3.248% due 11/14/2008 (f)		2,800		2,786
Enel Finance International S.A.
6.800% due 09/15/2037		2,900		2,935
MidAmerican Energy Holdings Co.
6.125% due 04/01/2036		600		582
NGPL Pipe Co. LLC
6.514% due 12/15/2012		800		832
Ras Laffan Liquefied Natural Gas Co. Ltd. III
5.838% due 09/30/2027		250		228
				7,363
Total Corporate Bonds & Notes (Cost $162,805)				160,460
MUNICIPAL BONDS & NOTES 2.1%
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.750% due 06/01/2047		5,800		5,129
Iowa State Tobacco Settlement Authority Revenue Bonds, Series 2005
6.500% due 06/01/2023		285		279
Los Angeles, California Community College District General Obligation Bonds, (FSA Insured), Series 2006
5.000% due 08/01/2031		1,600		1,609
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2041		2,700		2,176
Ohio State Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2007
5.875% due 06/01/2047		3,000		2,643
Total Municipal Bonds & Notes (Cost $12,225)				11,836

30 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMODITY INDEX-LINKED NOTES 0.3%
Morgan Stanley (GSCI)
2.546% due 07/07/2008	$	2,000	$	1,987
Total Commodity Index-Linked Notes (Cost $2,000)				1,987
U.S. GOVERNMENT AGENCIES 94.6%
Fannie Mae
2.666% due 12/25/2036		602		579
2.949% due 09/25/2042		979		971
4.434% due 01/01/2035		1,179		1,194
4.441% due 07/01/2034		979		989
4.500% due 08/01/2035		1,704		1,734
4.512% due 09/01/2035		725		733
4.567% due 07/01/2035		1,168		1,176
4.579% due 07/01/2035		882		888
4.634% due 09/01/2035		1,537		1,540
4.637% due 10/01/2035		640		642
4.667% due 12/01/2033		646		657
4.668% due 05/25/2035		200		201
4.695% due 12/01/2033		384		385
4.835% due 06/01/2035		1,834		1,861
4.989% due 06/01/2035		1,785		1,824
5.000% due 06/25/2027 - 05/01/2038		33,331		32,944
5.000% due 10/01/2035 - 03/01/2036 (f)		27,146		26,911
5.039% due 03/01/2035		217		223
5.500% due 02/01/2014 - 04/01/2038		71,315		72,046
5.500% due 07/01/2035 - 09/01/2037 (f)		79,188		80,046
5.722% due 06/01/2043 - 07/01/2044		931		926
6.000% due 05/01/2035 - 11/01/2037 (f)		154,164		158,125
6.000% due 09/01/2035 - 04/01/2038		72,401		74,247
6.329% due 10/01/2034		198		200
6.442% due 11/01/2035		298		307
6.500% due 08/01/2029 - 09/01/2037		960		995
Freddie Mac
2.859% due 08/25/2031		225		221
2.968% due 07/15/2019 - 08/15/2019		6,782		6,569
3.048% due 02/15/2019 (f)		7,472		7,425
3.218% due 06/15/2018		161		159
4.361% due 09/01/2035		674		677
4.500% due 10/15/2022		602		604
4.701% due 06/01/2035		1,877		1,908
4.704% due 08/01/2035		1,584		1,596
4.820% due 10/01/2035		1,108		1,112
4.876% due 11/01/2034		1,048		1,084
5.000% due 04/15/2012 - 01/15/2024		710		713
5.500% due 08/01/2037 (f)		3,867		3,910
5.500% due 10/01/2037 - 04/01/2038		17,089		17,259
5.722% due 02/25/2045		97		94
6.000% due 06/01/2037 - 10/01/2037		14,622		15,010
Ginnie Mae
6.000% due 05/15/2037 - 07/15/2037		994		1,027
Small Business Administration
5.290% due 12/01/2027		700		711
5.490% due 03/01/2028		5,000		5,120
Total U.S. Government Agencies (Cost $519,122)				527,543

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. TREASURY OBLIGATIONS 0.1%
Treasury Inflation Protected Securities (c)
3.000% due 07/15/2012	$	353	$	396
Total U.S. Treasury Obligations (Cost $392)				396
MORTGAGE-BACKED SECURITIES 7.1%
American Home Mortgage Investment Trust
4.390% due 02/25/2045		282		258
Banc of America Commercial Mortgage, Inc.
5.740% due 05/10/2045		900		911
Bear Stearns Adjustable Rate Mortgage Trust
4.617% due 01/25/2034		2,099		1,961
4.750% due 10/25/2035		1,449		1,399
Bear Stearns Alt-A Trust
2.759% due 02/25/2034		922		727
5.706% due 09/25/2035		222		182
Bear Stearns Structured Products, Inc.
5.681% due 01/26/2036		821		695
Citigroup Mortgage Loan Trust, Inc.
4.700% due 12/25/2035		312		304
4.900% due 12/25/2035		598		570
Countrywide Alternative Loan Trust
2.779% due 05/25/2047		761		578
2.879% due 02/25/2037		3,321		2,613
4.500% due 06/25/2035		1,558		1,544
Countrywide Home Loan Mortgage Pass-Through Trust
5.250% due 02/20/2036		218		180
CS First Boston Mortgage Securities Corp.
4.938% due 12/15/2040		496		494
Deutsche ALT-A Securities, Inc. Alternate Loan Trust
2.679% due 02/25/2037		3,450		3,233
Greenpoint Mortgage Funding Trust
2.679% due 10/25/2046		903		813
2.679% due 01/25/2047		1,089		1,034
GSR Mortgage Loan Trust
4.539% due 09/25/2035		1,928		1,817
5.250% due 11/25/2035		1,375		1,229
Impac Secured Assets CMN Owner Trust
2.679% due 01/25/2037		505		476
Indymac Index Mortgage Loan Trust
2.689% due 11/25/2046		488		455
2.699% due 01/25/2037		356		341
5.189% due 01/25/2036		869		653
JPMorgan Chase Commercial Mortgage Securities Corp.
5.420% due 01/15/2049		2,800		2,715
LB-UBS Commercial Mortgage Trust
4.990% due 11/15/2030		615		614
Mellon Residential Funding Corp.
3.561% due 12/15/2030		2,447		2,357
Merrill Lynch Floating Trust
2.888% due 06/15/2022		4,123		3,862
Structured Adjustable Rate Mortgage Loan Trust
5.317% due 08/25/2034		1,122		1,041
5.726% due 01/25/2035		565		536
Structured Asset Mortgage Investments, Inc.
2.879% due 02/25/2036		345		270
TBW Mortgage-Backed Pass-Through Certificates
2.709% due 01/25/2037		128		121
Thornburg Mortgage Securities Trust
2.709% due 11/25/2046		946		897
2.719% due 09/25/2046		1,445		1,351
Wachovia Bank Commercial Mortgage Trust
2.908% due 09/15/2021		1,990		1,870

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
WaMu Mortgage Pass-Through Certificates
2.889% due 10/25/2045	$	110	$	88
5.526% due 11/25/2042		115		110
5.718% due 05/25/2041		124		116
Wells Fargo Mortgage-Backed Securities Trust
4.950% due 03/25/2036		1,252		1,194
Total Mortgage-Backed Securities (Cost $42,736)				39,609
ASSET-BACKED SECURITIES 7.5%
ACE Securities Corp.
2.649% due 12/25/2036		360		346
2.679% due 10/25/2036		361		351
Asset-Backed Funding Certificates
2.659% due 11/25/2036		727		671
Asset-Backed Securities Corp. Home Equity
2.649% due 11/25/2036		446		433
2.874% due 09/25/2034		151		134
Bear Stearns Asset-Backed Securities Trust
2.649% due 11/25/2036		992		927
2.799% due 09/25/2034		6		6
Chase Issuance Trust
3.609% due 05/16/2011 (a)		5,600		5,600
Citigroup Mortgage Loan Trust, Inc.
2.649% due 11/25/2036		167		163
Countrywide Asset-Backed Certificates
2.649% due 05/25/2037		4,967		4,793
2.649% due 03/25/2047		352		346
2.659% due 03/25/2037		562		550
2.669% due 06/25/2037		844		820
2.679% due 06/25/2037		742		692
2.709% due 10/25/2046		408		395
Credit-Based Asset Servicing & Securitization LLC
2.659% due 03/25/2036		1		1
2.659% due 11/25/2036		787		753
Daimler Chrysler Auto Trust
5.250% due 05/08/2009		10		10
First Franklin Mortgage Loan Asset-Backed Certificates
2.649% due 11/25/2036		1,309		1,185
2.649% due 12/25/2036		714		677
Fremont Home Loan Trust
2.649% due 10/25/2036		2,507		2,473
2.659% due 01/25/2037		670		609
GSR Mortgage Loan Trust
2.699% due 11/25/2030		45		45
HFC Home Equity Loan Asset-Backed Certificates
2.606% due 03/20/2036		537		518
HSI Asset Securitization Corp. Trust
2.649% due 12/25/2036		535		497
Indymac Residential Asset-Backed Trust
2.659% due 04/25/2037		535		514
JPMorgan Mortgage Acquisition Corp.
2.649% due 08/25/2036		213		206
2.649% due 10/25/2036		3,707		3,455
Lehman XS Trust
2.669% due 05/25/2046		228		216
Long Beach Mortgage Loan Trust
2.629% due 06/25/2036		464		461
2.689% due 01/25/2046		23		23
2.779% due 08/25/2035		200		192
2.879% due 10/25/2034		17		15
MBNA Credit Card Master Note Trust
2.918% due 12/15/2011		2,900		2,871
Merrill Lynch Mortgage Investors, Inc.
2.629% due 06/25/2037		437		429

See Accompanying Notes Annual Report March 31, 2008 31

Schedule of Investments  Fundamental IndexPLUS^™ TR Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
2.669% due 08/25/2036	$	1,812	$	1,730
Morgan Stanley ABS Capital I
2.629% due 06/25/2036		402		397
2.639% due 10/25/2036		306		298
2.649% due 10/25/2036		367		356
Option One Mortgage Loan Trust
2.639% due 02/25/2037		1,063		1,015
2.649% due 07/25/2036		260		256
Park Place Securities, Inc.
2.911% due 10/25/2034		728		610
Residential Asset Mortgage Products, Inc.
2.679% due 10/25/2036		616		587
Residential Asset Securities Corp.
2.659% due 10/25/2036		953		926
2.669% due 11/25/2036		570		543
SBI HELOC Trust
2.769% due 08/25/2036		354		339
Soundview Home Equity Loan Trust
2.649% due 10/25/2036		279		270
2.679% due 01/25/2037		2,849		2,720
Structured Asset Securities Corp.
2.649% due 10/25/2036		711		690
Total Asset-Backed Securities (Cost $43,799)				42,114
SOVEREIGN ISSUES 0.0%
China Development Bank
5.000% due 10/15/2015		100		99
Total Sovereign Issues (Cost $99)				99

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN CURRENCY-DENOMINATED ISSUES 2.6%
Brazilian Government International Bond
10.250% due 01/10/2028	BRL	600	$	320
General Electric Capital Corp.
5.500% due 09/15/2067	EUR	9,300		13,910
Total Foreign Currency-Denominated Issues (Cost $12,933)				14,230
		SHARES
PREFERRED STOCKS 0.5%
DG Funding Trust
4.946% due 12/31/2049		243		2,533
Total Preferred Stocks (Cost $2,585)				2,533
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 27.2%
COMMERCIAL PAPER 11.8%
ANZ National International Ltd.
3.050% due 05/19/2008	$	3,300		3,287
Barclays U.S. Funding Corp.
3.025% due 05/20/2008		15,900		15,835
Federal Home Loan Bank
1.500% due 04/01/2008		15,200		15,200
UBS Finance Delaware LLC
3.040% due 06/02/2008		15,900		15,824

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Unicredito Italiano SpA
3.015% due 05/21/2008	$	15,900	$	15,833
				65,979
REPURCHASE AGREEMENTS 0.3%
Credit Suisse Securities (USA) LLC
1.200% due 04/01/2008		1,600		1,600
(Dated 03/31/2008. Collateralized by U.S. Treasury Notes 4.875% due 06/30/2009 valued at $1,640. Repurchase proceeds are $1,600.)
U.S. TREASURY BILLS 15.1%
1.082% due 04/17/2008 - 07/24/2008 (b)(d)		84,600		84,243
Total Short-Term Instruments (Cost $151,992)				151,822
PURCHASED OPTIONS (i) 1.2%
(Cost $2,056)				6,704
Total Investments 172.8% (Cost $957,785)			$	963,678
Written Options (j) (1.1%) (Premiums $2,783)				(6,067	)
Other Assets and Liabilities (Net) (71.7%)				(400,035	)
Net Assets (e) 100.0%			$	557,576

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) When-issued security.

(b) Coupon represents a weighted average rate.

(c) Principal amount of security is adjusted for inflation.

(d) Securities with an aggregate market value of $38,815 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(e) As of March 31, 2008, portfolio securities with an aggregate value of $7,587 and derivative instruments with an aggregate depreciation of ($345) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(f) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $133,200 at a weighted average interest rate of 3.950%. On March 31, 2008, securities valued at $299,451 were pledged as collateral for reverse repurchase agreements.

(g) Cash of $6,611 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2008	800	$	5,293
90-Day Eurodollar December Futures	Long	12/2009	19		(1	)
90-Day Eurodollar June Futures	Long	06/2009	19		1
90-Day Eurodollar March Futures	Long	03/2009	76		345
90-Day Eurodollar September Futures	Long	09/2009	64		177
E-mini S&P 500 Index June Futures	Long	06/2008	5		(14	)
Euro-Bobl June Futures	Long	06/2008	11		(33	)
Euro-Schatz June Futures	Short	06/2008	36		26
S&P 500 Index June Futures	Long	06/2008	4		(19	)
U.S. Treasury 2-Year Note June Futures	Short	06/2008	200		(8	)
U.S. Treasury 5-Year Note June Futures	Short	06/2008	1,130		(1,353	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	381		1,192
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	17		(41	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	110		173
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2009	15		7
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	394		194
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2009	50		132
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	100		329
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	220		299
				$	6,699

32 PIMCO Funds See Accompanying Notes

    
March 31, 2008

(h) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
American Express Co. 4.875% due 07/15/2013	Sell	1.750%	03/20/2013	DUB	$	1,300	$	2
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.120%	11/20/2011	LEH		4,100		(25	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.950%	04/20/2016	MLP		300		0
Freddie Mac 5.080% due 02/07/2019	Sell	0.720%	03/20/2013	BCLY		1,100		11
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.620%	03/20/2011	BCLY		1,500		(26	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.640%	12/20/2012	BCLY		1,500		(41	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.550%	12/20/2012	JPM		300		(58	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.800%	12/20/2012	BNP		100		(18	)
General Motors Corp. 7.125% due 07/15/2013	Sell	8.900%	03/20/2013	GSC		800		(56	)
General Motors Corp. 7.125% due 07/15/2013	Sell	9.050%	03/20/2013	GSC		900		(59	)
GMAC LLC 6.875% due 08/28/2012	Sell	1.680%	09/20/2008	LEH		3,100		(166	)
GMAC LLC 6.875% due 08/28/2012	Sell	1.850%	09/20/2009	MLP		1,600		(264	)
GMAC LLC 6.875% due 08/28/2012	Sell	4.850%	09/20/2012	JPM		500		(102	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400%	12/20/2008	LEH		400		(2	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.370%	03/20/2009	BCLY		5,600		(38	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.300%	09/20/2008	RBS		600		(10	)
Multiple Reference Entities of Gazprom	Sell	1.600%	12/20/2012	BCLY		1,800		(90	)
Multiple Reference Entities of Gazprom	Sell	2.170%	02/20/2013	JPM		1,000		(31	)
Multiple Reference Entities of Gazprom	Sell	2.180%	02/20/2013	MSC		400		(12	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%	02/20/2009	CSFB		5,780		(27	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.270%	03/20/2009	CSFB		600		(3	)
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.310%	03/20/2009	MSC		3,000		(6	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.550%	03/20/2009	BOA		800		(38	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.300%	03/20/2013	JPM		1,900		(261	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.610%	02/20/2009	MSC		3,800		(30	)
Wachovia Corp. 3.625% due 02/17/2009	Sell	1.240%	03/20/2013	UBS		1,400		(32	)
							$	(1,382	)

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
CMBX N.A. AAA 3 Index	Sell	0.080%	12/13/2049	GSC	$	1,000	$	55
CMBX N.A. AAA 3 Index	Sell	0.080%	12/13/2049	MSC		3,400		196
Dow Jones CDX N.A. HY8 Index	Sell	0.360%	06/20/2012	CITI		4,968		(200	)
Dow Jones CDX N.A. HY8 Index	Sell	0.401%	06/20/2012	CITI		994		(39	)
Dow Jones CDX N.A. HY8 Index	Sell	1.833%	06/20/2012	MLP		1,000		(99	)
Dow Jones CDX N.A. HY8 Index	Sell	2.080%	06/20/2012	MSC		1,000		(89	)
Dow Jones CDX N.A. HY8 Index	Sell	2.144%	06/20/2012	CITI		500		(43	)
Dow Jones CDX N.A. IG9 Index	Sell	0.600%	12/20/2012	BCLY		700		(4	)
Dow Jones CDX N.A. IG9 Index	Sell	0.708%	12/20/2012	DUB		3,100		28
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MLP		200		(1	)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MSC		500		(1	)
							$	(197	)

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	UBS	AUD	18,400	$	(70	)
Pay	3-Month Australian Bank Bill	7.500%	03/15/2010	UBS		1,000		6
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	BCLY	$	2,300		23
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	DUB		17,400		382
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		30,300		115
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	BCLY		5,500		(73	)
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	RBS		8,200		(68	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	BOA		3,200		(248	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	DUB		300		4
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	MLP		1,800		(18	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	MSC		900		4
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		2,100		3
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.090%	10/15/2010	BNP	EUR	2,400		12
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	JPM		800		(18	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.955%	03/28/2012	RBS		400		(9	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.950%	03/30/2012	RBS		500		(11	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	03/30/2012	GSC		400		(9	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	04/05/2012	BCLY		200		(5	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958%	04/10/2012	JPM		1,700		(41	)

See Accompanying Notes Annual Report March 31, 2008 33

Schedule of Investments  Fundamental IndexPLUS^™ TR Fund  (Cont.)

Interest Rate Swaps (Cont.)
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	6-Month Australian Bank Bill	7.500%	03/15/2011	UBS	AUD	5,900	$	10
Pay	6-Month Australian Bank Bill	7.000%	03/20/2013	DUB		1,900		(35	)
Receive	6-Month Australian Bank Bill	6.500%	03/20/2018	DUB		2,600		36
Pay	6-Month EUR-LIBOR	4.000%	03/20/2009	GSC	EUR	1,800		(9	)
Pay	6-Month EUR-LIBOR	5.000%	12/19/2009	DUB		4,700		64
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	JPM		2,400		21
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	MSC		1,300		12
Pay	6-Month EUR-LIBOR	4.000%	06/18/2010	MSC		3,400		(23	)
Pay	6-Month EUR-LIBOR	4.000%	09/17/2013	MSC		1,000		(15	)
Pay	6-Month EUR-LIBOR	4.000%	06/15/2018	BCLY		2,000		22
Pay	6-Month GBP-LIBOR	6.000%	12/20/2008	BCLY	GBP	4,600		10
Pay	6-Month GBP-LIBOR	6.000%	12/20/2008	DUB		2,700		5
Pay	6-Month GBP-LIBOR	6.000%	03/20/2009	RBS		2,300		2
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	BCLY		2,700		39
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	CSFB		500		4
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	GSC		5,400		43
Pay	6-Month GBP-LIBOR	6.000%	06/19/2009	GSC		13,600		273
Pay	6-Month GBP-LIBOR	6.000%	06/19/2009	RBS		3,800		74
Pay	6-Month GBP-LIBOR	6.000%	12/19/2009	GSC		1,600		62
Pay	6-Month GBP-LIBOR	4.750%	09/17/2013	BCLY		600		(6	)
Pay	6-Month GBP-LIBOR	4.750%	09/17/2013	RBS		700		(7	)
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	GSC		900		0
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	HSBC		1,200		(1	)
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	MLP		500		39
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	BCLY		300		27
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	DUB		1,400		(87	)
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	HSBC		1,000		66
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	RBS		1,900		140
Receive	6-Month GBP-LIBOR	5.500%	12/15/2036	GSC		900		(107	)
Receive	6-Month GBP-LIBOR	5.500%	12/15/2036	RBS		300		(38	)
Receive	6-Month GBP-LIBOR	5.000%	12/19/2037	GSC		200		(31	)
Pay	6-Month JPY-LIBOR	2.000%	12/19/2017	BCLY	JPY	80,000		39
Pay	6-Month JPY-LIBOR	2.000%	12/19/2017	DUB		140,000		69
Pay	28-Day Mexico Interbank TIIE Banxico	7.780%	04/03/2012	GSC	MXN	8,200		7
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	CITI		2,200		5
Receive	30-Day USD-CMM Rate	5.000%	02/20/2009	MLP	$	1,500		(81	)
Receive	30-Day USD-CMM Rate	5.500%	05/21/2009	MLP		1,800		(64	)
Pay	BRL-CDI-Compounded	11.360%	01/04/2010	BCLY	BRL	3,000		(44	)
Pay	BRL-CDI-Compounded	11.430%	01/04/2010	MLP		1,900		(26	)
Pay	BRL-CDI-Compounded	11.465%	01/04/2010	GSC		800		(11	)
Pay	BRL-CDI-Compounded	12.780%	01/04/2010	MSC		2,700		1
Pay	BRL-CDI-Compounded	12.948%	01/04/2010	MLP		1,100		3
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		4,100		(73	)
Pay	BRL-CDI-Compounded	11.980%	01/02/2012	MLP		2,900		(42	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	MLP		3,200		(3	)
Pay	USSP Semi 2-Year Index	0.710%	02/05/2009	BNP	$	2,100		(4	)
Pay	USSP Semi 5-Year Index	0.763%	02/05/2009	BNP		4,200		(10	)
							$	335

Total Return Swaps
Pay/Receive Total Return on Reference Entity	Reference Entity	Rate	Expiration Date	Counterparty	# of Shares	Unrealized Appreciation/ (Depreciation)
Receive	FTSE Research Affiliates 1000 Index	1-Month USD-LIBOR plus 0.300%	10/15/2008	BEAR	1,019,623	$	(3,842	)
Pay	FTSE Research Affiliates 1000 Index	1-Month USD-LIBOR plus 0.300%	10/15/2008	BEAR	269,951		1,013
Receive	FTSE Research Affiliates 1000 Index	1-Month USD-LIBOR plus 0.250%	10/15/2008	CSFB	1,124,687		3,990
Receive	FTSE Research Affiliates 1000 Index	1-Month USD-LIBOR plus 0.200%	03/13/2009	CSFB	269,951		680
Receive	FTSE Research Affiliates 1000 Index	1-Month USD-LIBOR plus 0.250%	05/15/2008	MLP	594,295		(11,466	)
Receive	FTSE Research Affiliates 1000 Index	1-Month USD-LIBOR plus 0.250%	07/15/2008	MLP	658,273		(16,032	)
Receive	FTSE Research Affiliates 1000 Index	1-Month USD-LIBOR plus 0.250%	08/18/2008	MLP	471,425		(11,905	)
Receive	FTSE Research Affiliates 1000 Index	1-Month USD-LIBOR plus 0.200%	10/15/2008	MLP	1,023,428		3,630
						$	(33,932	)

34 PIMCO Funds See Accompanying Notes

    
March 31, 2008

(i) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 5-Year Note June Futures	$	130.000	05/23/2008	670	$	7	$	5

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500%	02/02/2009	$	43,200	$	476	$	722
Call - OTC 2-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		39,000		187		1,612
Call - OTC 2-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		57,100		202		2,359
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		11,000		44		455
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	12/15/2008		72,400		645		938
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	02/02/2009		37,500		405		464
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.600%	07/02/2009		9,200		88		139
								$	2,047	$	6,689

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Fannie Mae 5.500% due 06/01/2038	$	86.375	06/05/2008	$	13,000	$	2	$	10

(j) Written options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note June Futures	$	118.000	05/23/2008	266	$	305	$	565
Call - CBOT U.S. Treasury 10-Year Note June Futures		120.000	05/23/2008	62		76		74
Put - CBOT U.S. Treasury 10-Year Note June Futures		114.000	05/23/2008	266		392		58
Put - CBOT U.S. Treasury 10-Year Note June Futures		116.000	05/23/2008	31		25		17
					$	798	$	714

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.300%	02/02/2009	$	11,500	$	291	$	444
Call - OTC 7-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.600%	02/02/2009		5,700		183		285
Call - OTC 5-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		16,500		184		1,104
Call - OTC 5-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		25,100		207		1,679
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		4,500		40		301
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.300%	12/15/2008		24,200		614		949
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.250%	02/02/2009		12,500		377		461
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.200%	07/02/2009		4,000		89		130
								$	1,985	$	5,353

(k) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
Fannie Mae	5.000%	04/01/2038	$	800	$	798	$	798
Fannie Mae	6.000%	04/01/2038		4,000		4,019		4,098
Freddie Mac	6.000%	04/01/2038		6,100		6,127		6,255
Ginnie Mae	6.000%	04/01/2038		900		926		929
U.S. Treasury Notes	2.000%	02/28/2010		1,900		1,911		1,922
U.S. Treasury Notes	2.125%	01/31/2010		1,900		1,912		1,930
U.S. Treasury Notes	2.875%	01/31/2013		11,400		11,541		11,727
U.S. Treasury Notes	3.125%	11/30/2009		3,500		3,583		3,636
U.S. Treasury Notes	3.250%	12/31/2009		2,300		2,354		2,386
U.S. Treasury Notes	4.250%	08/15/2013		1,600		1,728		1,759
U.S. Treasury Notes	4.500%	05/15/2017		9,100		9,749		10,072
					$	44,648	$	45,512

⁽²⁾ Market value includes $371 of interest payable on short sales.

See Accompanying Notes Annual Report March 31, 2008 35

Schedule of Investments  Fundamental IndexPLUS^™ TR Fund  (Cont.)

(l) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AED	417	05/2008	$	0	$	(1	)	$	(1	)
Buy	AUD	405	04/2008		2		0			2
Sell	BRL	10,706	07/2008		122		0			122
Buy		41,973	12/2008		417		0			417
Sell		9,341	12/2008		117		0			117
Sell	EUR	9,716	04/2008		0		(187	)		(187	)
Sell	GBP	6,005	04/2008		14		(26	)		(12	)
Buy	IDR	4,321,800	05/2008		0		(23	)		(23	)
Buy	INR	210,347	05/2008		218		0			218
Sell	JPY	14,798	04/2008		1		0			1
Buy		151,116	05/2008		22		(13	)		9
Sell		275,262	05/2008		18		0			18
Buy	KRW	646,106	05/2008		0		(44	)		(44	)
Buy		2,047,902	08/2008		0		(124	)		(124	)
Buy	KWD	32	05/2008		4		0			4
Buy	MXN	30,555	07/2008		93		0			93
Sell		30,555	07/2008		0		(34	)		(34	)
Buy	MYR	6,066	05/2008		86		0			86
Buy	PHP	71,974	05/2008		146		0			146
Buy	PLN	5,553	07/2008		453		0			453
Sell		5,553	07/2008		0		(253	)		(253	)
Buy	RUB	61,652	07/2008		153		0			153
Sell		59,750	07/2008		0		(119	)		(119	)
Buy		34,322	11/2008		46		0			46
Sell		4,840	11/2008		0		(10	)		(10	)
Buy	SAR	427	05/2008		0		(1	)		(1	)
Buy	SEK	1,702	06/2008		10		0			10
Buy	SGD	5,233	05/2008		306		0			306
Buy		1,970	11/2008		38		0			38
Buy	ZAR	565	07/2008		0		(15	)		(15	)
				$	2,266	$	(850	)	$	1,416

36 PIMCO Funds See Accompanying Notes

Schedule of Investments  International StocksPLUS^® TR Strategy Fund (Unhedged)     
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 29.6%
BANKING & FINANCE 25.2%
Allstate Life Global Funding Trusts
2.639% due 03/23/2009	$	100	$	100
American Express Centurion Bank
2.955% due 06/12/2009		600		598
American Express Co.
7.000% due 03/19/2018		100		105
American General Finance Corp.
6.900% due 12/15/2017		200		196
American Honda Finance Corp.
3.085% due 08/05/2008		130		130
American International Group, Inc.
5.850% due 01/16/2018		300		295
Bank of America Corp.
5.375% due 09/11/2012		200		208
5.750% due 12/01/2017		200		207
8.000% due 12/29/2049		1,400		1,405
Bank of Ireland
2.814% due 12/18/2009 (c)		300		299
Barclays Bank PLC
5.450% due 09/12/2012		900		923
6.050% due 12/04/2017 (c)		100		98
Bear Stearns Cos., Inc.
3.190% due 05/18/2010		500		465
4.325% due 07/16/2009		100		97
C10 Capital SPV Ltd.
6.722% due 12/31/2049		100		93
Caterpillar Financial Services Corp.
3.130% due 05/18/2009		200		199
CIT Group, Inc.
2.729% due 12/19/2008		500		451
Citigroup Capital XXI
8.300% due 12/21/2057		100		99
Citigroup Funding, Inc.
2.606% due 06/26/2009 (c)		100		99
2.980% due 12/08/2008		200		198
Citigroup, Inc.
3.220% due 05/18/2010		730		714
6.000% due 08/15/2017		200		198
Credit Agricole S.A.
3.090% due 05/28/2009		100		100
3.140% due 05/28/2010		100		100
Credit Suisse USA, Inc.
3.265% due 08/15/2010		600		584
Ford Motor Credit Co. LLC
6.625% due 06/16/2008		2,100		2,076
7.250% due 10/25/2011		500		411
General Electric Capital Corp.
3.964% due 01/20/2010 (c)		600		596
Goldman Sachs Group, Inc.
2.746% due 03/30/2009		100		99
3.150% due 11/16/2009		290		286
6.750% due 10/01/2037 (c)		1,200		1,120
HSBC Holdings PLC
6.500% due 05/02/2036		200		194
ICICI Bank Ltd.
4.917% due 01/12/2010		100		96
International Lease Finance Corp.
2.756% due 06/26/2009		370		360
JPMorgan Chase & Co.
2.656% due 06/26/2009		290		288
6.000% due 01/15/2018		100		105

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Lehman Brothers Holdings, Inc.
3.232% due 05/25/2010	$	100	$	90
5.625% due 01/24/2013		500		487
Merrill Lynch & Co., Inc.
3.178% due 05/08/2009		200		197
Metropolitan Life Global Funding I
3.110% due 05/17/2010		200		196
Morgan Stanley
3.206% due 02/09/2009		340		336
3.212% due 05/07/2009		300		295
Residential Capital LLC
6.178% due 05/22/2009		100		57
Royal Bank of Scotland Group PLC
6.990% due 10/29/2049		200		170
SLM Corp.
3.471% due 07/27/2009 (c)		30		25
3.541% due 07/25/2008		500		491
SMFG Preferred Capital USD 1 Ltd.
6.078% due 01/29/2049		100		79
UBS AG
5.875% due 12/20/2017		100		102
Wachovia Corp.
3.126% due 12/01/2009		200		195
7.980% due 02/28/2049		2,500		2,464
World Savings Bank FSB
2.592% due 06/20/2008		300		300
				19,076
INDUSTRIALS 3.2%
Amgen, Inc.
3.170% due 11/28/2008		200		200
AstraZeneca PLC
5.900% due 09/15/2017		100		106
Citigroup Global Markets Deutschland AG for OAO Gazprom
10.500% due 10/21/2009		100		109
Daimler Finance North America LLC
3.218% due 03/13/2009		50		49
General Mills, Inc.
4.024% due 01/22/2010		100		98
Home Depot, Inc.
2.925% due 12/16/2009		100		96
International Business Machines Corp.
5.700% due 09/14/2017 (c)		900		945
Kinder Morgan Energy Partners LP
5.950% due 02/15/2018		300		298
Kraft Foods, Inc.
6.125% due 02/01/2018		100		100
Rohm & Haas Co.
6.000% due 09/15/2017		100		102
Union Pacific Corp.
5.700% due 08/15/2018		200		199
UnitedHealth Group, Inc.
4.875% due 02/15/2013		100		99
				2,401
UTILITIES 1.2%
AT&T, Inc.
6.300% due 01/15/2038		200		194
BellSouth Corp.
4.240% due 04/26/2021		300		300
Enel Finance International S.A.
6.800% due 09/15/2037		300		304

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
NGPL Pipe Co. LLC
6.514% due 12/15/2012	$	100	$	104
				902
Total Corporate Bonds & Notes (Cost $22,805)				22,379
MUNICIPAL BONDS & NOTES 1.3%
Los Angeles, California Community College District General Obligation Bonds, (FSA Insured), Series 2006
5.000% due 08/01/2031		200		201
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2006
4.750% due 06/15/2037		800		759
Total Municipal Bonds & Notes (Cost $994)				960
U.S. GOVERNMENT AGENCIES 87.7%
Fannie Mae
5.000% due 02/25/2017 - 05/01/2038		9,813		9,695
5.500% due 02/01/2018 - 04/01/2038		4,460		4,516
5.500% due 04/01/2037 - 01/01/2038 (c)		6,726		6,798
5.722% due 06/01/2043		59		58
6.000% due 12/01/2035 - 04/01/2038		1,792		1,837
6.000% due 02/01/2036 - 01/01/2038 (c)		28,182		28,903
6.500% due 10/01/2035 - 04/01/2038		2,014		2,087
Freddie Mac
2.968% due 07/15/2019 - 10/15/2020		1,811		1,753
3.048% due 02/15/2019		712		707
4.250% due 09/15/2024		276		277
5.000% due 07/15/2020		118		119
5.500% due 07/01/2037 - 01/01/2038 (c)		2,952		2,984
6.000% due 09/01/2037 - 11/01/2037 (c)		4,543		4,664
Ginnie Mae
6.000% due 08/15/2037		994		1,027
Small Business Administration
5.290% due 12/01/2027		100		101
5.490% due 03/01/2028		700		717
Total U.S. Government Agencies (Cost $65,498)				66,243
MORTGAGE-BACKED SECURITIES 6.1%
Arran Residential Mortgages Funding PLC
2.955% due 04/12/2036		11		11
Bear Stearns Alt-A Trust
2.759% due 02/25/2034		307		242
Bear Stearns Mortgage Funding Trust
2.669% due 02/25/2037		169		148
Countrywide Alternative Loan Trust
2.759% due 02/25/2047		227		173
5.236% due 02/25/2036		145		108
Countrywide Home Loan Mortgage Pass-Through Trust
4.723% due 02/20/2035		202		196
4.800% due 11/25/2034		118		111
Deutsche ALT-A Securities, Inc. Alternate Loan Trust
2.669% due 01/25/2047		122		114
2.679% due 03/25/2037		58		55

See Accompanying Notes Annual Report March 31, 2008 37

Schedule of Investments  International StocksPLUS^® TR Strategy Fund (Unhedged)  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Greenpoint Mortgage Funding Trust
2.679% due 01/25/2047	$	84	$	79
GS Mortgage Securities Corp. II
3.170% due 03/06/2020		127		117
GSR Mortgage Loan Trust
5.250% due 11/25/2035		86		77
JPMorgan Chase Commercial Mortgage Securities Corp.
5.336% due 05/15/2047		600		583
5.420% due 01/15/2049		300		291
JPMorgan Mortgage Trust
5.023% due 02/25/2035		67		61
Lehman Brothers Floating Rate Commercial Mortgage Trust
2.898% due 09/15/2021		93		88
Merrill Lynch Mortgage Investors, Inc.
2.809% due 02/25/2036		33		27
MLCC Mortgage Investors, Inc.
2.849% due 11/25/2035		60		52
Morgan Stanley Capital I
2.878% due 10/15/2020		36		34
5.809% due 12/12/2049		500		497
Residential Accredit Loans, Inc.
5.686% due 09/25/2045		242		206
Structured Asset Mortgage Investments, Inc.
2.729% due 03/25/2037		138		108
2.809% due 07/19/2035		59		48
TBW Mortgage-Backed Pass-Through Certificates
2.709% due 01/25/2037		245		234
Wachovia Bank Commercial Mortgage Trust
2.898% due 06/15/2020		178		164
5.681% due 04/15/2034		30		30
WaMu Mortgage Pass-Through Certificates
3.239% due 12/25/2027		260		246
5.056% due 01/25/2047		78		64
5.326% due 02/25/2046		474		369
Wells Fargo Mortgage-Backed Securities Trust
4.947% due 01/25/2035		128		121
Total Mortgage-Backed Securities (Cost $5,051)				4,654
ASSET-BACKED SECURITIES 12.0%
Accredited Mortgage Loan Trust
2.719% due 04/25/2036		286		281
American Express Credit Account Master Trust
2.818% due 01/18/2011		400		400
3.318% due 02/15/2012		50		48
Asset-Backed Funding Certificates
2.659% due 01/25/2037		52		49
Bear Stearns Asset-Backed Securities Trust
2.689% due 06/25/2047		73		70
BNC Mortgage Loan Trust
2.699% due 05/25/2037		165		153
Carrington Mortgage Loan Trust
2.649% due 01/25/2037		280		263
Chase Issuance Trust
2.828% due 02/15/2011		300		298

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Citigroup Mortgage Loan Trust, Inc.
2.639% due 12/25/2036	$	151	$	142
2.659% due 01/25/2037		135		133
2.709% due 08/25/2036		500		464
Countrywide Asset-Backed Certificates
2.649% due 05/25/2037		315		305
2.649% due 07/25/2037		363		347
2.669% due 06/25/2037		65		63
2.679% due 06/25/2037		337		315
2.679% due 10/25/2037		223		209
2.779% due 09/25/2036		495		463
Credit-Based Asset Servicing & Securitization LLC
2.659% due 11/25/2036		328		314
2.689% due 12/25/2037		239		233
First Franklin Mortgage Loan Asset-Backed Certificates
2.639% due 01/25/2038		136		128
First USA Credit Card Master Trust
2.935% due 04/18/2011		300		300
Fremont Home Loan Trust
2.699% due 05/25/2036		70		67
GSAMP Trust
2.669% due 12/25/2036		209		201
HFC Home Equity Loan Asset-Backed Certificates
2.606% due 03/20/2036		179		173
HSBC Asset Loan Obligation
2.659% due 12/25/2036		344		329
HSI Asset Securitization Corp. Trust
2.649% due 12/25/2036		271		244
MASTR Asset-Backed Securities Trust
2.649% due 01/25/2037		81		78
2.659% due 11/25/2036		228		215
MBNA Credit Card Master Note Trust
4.200% due 09/15/2010		600		600
Merrill Lynch Mortgage Investors, Inc.
2.669% due 08/25/2036		144		137
Morgan Stanley ABS Capital I
2.639% due 01/25/2037		70		67
2.649% due 11/25/2036		182		172
Residential Asset Securities Corp.
2.669% due 02/25/2037		209		196
Securitized Asset-Backed Receivables LLC Trust
2.639% due 01/25/2037		421		398
SLM Student Loan Trust
3.800% due 12/15/2038		500		489
Soundview Home Equity Loan Trust
2.659% due 12/25/2036		88		84
2.679% due 06/25/2037		156		148
Specialty Underwriting & Residential Finance
2.659% due 01/25/2038		163		156
Structured Asset Securities Corp.
2.699% due 01/25/2037		346		331
Total Asset-Backed Securities (Cost $9,441)				9,063

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SOVEREIGN ISSUES 0.6%
Korea Development Bank
4.842% due 04/03/2010	$	500	$	499
Total Sovereign Issues (Cost $500)				499
FOREIGN CURRENCY-DENOMINATED ISSUES 0.6%
General Electric Capital Corp.
5.500% due 09/15/2067	EUR	300		448
Total Foreign Currency-Denominated Issues (Cost $406)				448
SHORT-TERM INSTRUMENTS 30.9%
COMMERCIAL PAPER 13.2%
Danske Corp.
3.075% due 04/01/2008	$	1,700		1,700
Federal Home Loan Bank
1.500% due 04/01/2008		900		900
Fortis Funding LLC
3.040% due 04/03/2008		1,600		1,600
Nordea N.A., Inc.
2.950% due 04/09/2008		2,000		1,999
Royal Bank of Scotland Group PLC
3.160% due 05/02/2008		100		100
UBS Finance Delaware LLC
2.940% due 06/05/2008		500		497
3.040% due 06/02/2008		1,600		1,592
Unicredito Italiano SpA
3.015% due 05/21/2008		1,600		1,593
				9,981
REPURCHASE AGREEMENTS 0.7%
State Street Bank and Trust Co.
1.900% due 04/01/2008		520		520
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 3.875% due 08/22/2008 valued at $535. Repurchase proceeds are $520.)
U.S. TREASURY BILLS 17.0%
0.701% due 04/17/2008 - 07/24/2008 (a)		12,850		12,806
Total Short-Term Instruments (Cost $23,333)				23,307
PURCHASED OPTIONS (f) 0.5%
(Cost $125)				362
Total Investments 169.3% (Cost $128,153)			$	127,915
Written Options (g) (0.5%) (Premiums $216)				(378	)
Other Assets and Liabilities (Net) (68.8%)				(51,989	)
Net Assets (b) 100.0%			$	75,548

38 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

(b) As of March 31, 2008, derivative instruments with an aggregate depreciation of ($20) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(c) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $20,124 at a weighted average interest rate of 3.750%. On March 31, 2008, securities valued at $45,498 were pledged as collateral for reverse repurchase agreements.

(d) Cash of $984 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
Euro-Bobl June Futures	Long	06/2008	1	$	(3	)
Euro-Schatz June Futures	Short	06/2008	5		4
U.S. Treasury 2-Year Note June Futures	Short	06/2008	19		0
U.S. Treasury 5-Year Note June Futures	Short	06/2008	108		(143	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	96		365
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	1		(4	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	8		6
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2009	1		0
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	43		23
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2009	4		7
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	9		25
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	33		40
				$	320

(e) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized (Depreciation)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.620%	03/20/2011	BCLY	$	600	$	(10	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.640%	12/20/2012	BCLY		500		(14	)
General Motors Corp. 7.125% due 07/15/2013	Sell	8.900%	03/20/2013	GSC		100		(7	)
General Motors Corp. 7.125% due 07/15/2013	Sell	9.050%	03/20/2013	GSC		100		(7	)
GMAC LLC 6.875% due 08/28/2012	Sell	1.000%	09/20/2008	BOA		1,000		(57	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.370%	03/20/2009	BCLY		500		(3	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.085%	03/20/2012	RBS		100		(4	)
Multiple Reference Entities of Gazprom	Sell	0.970%	11/20/2008	HSBC		100		0
Multiple Reference Entities of Gazprom	Sell	1.250%	12/20/2008	HSBC		300		0
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%	02/20/2009	CSFB		500		(2	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.270%	03/20/2009	CSFB		100		(1	)
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.310%	03/20/2009	MSC		300		(1	)
Reynolds American, Inc. 7.625% due 06/01/2016	Sell	0.300%	06/20/2008	DUB		300		0
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.310%	03/20/2009	LEH		100		0
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.610%	02/20/2009	MSC		500		(4	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.630%	03/20/2009	BCLY		100		(1	)
							$	(111	)

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Dow Jones CDX N.A. HY8 Index	Sell	2.144%	06/20/2012	CITI	$	500	$	(44	)
Dow Jones CDX N.A. IG9 Index	Sell	0.600%	12/20/2012	JPM		1,000		7
Dow Jones CDX N.A. IG9 Index	Sell	0.708%	12/20/2012	DUB		400		4
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MLP		200		(1	)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MSC		600		(1	)
							$	(35	)

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	UBS	AUD	1,900	$	(7	)
Pay	3-Month Australian Bank Bill	7.500%	03/15/2010	UBS		100		1
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	MLP	$	800		19
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		2,300		10
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	CITI		1,800		40

See Accompanying Notes Annual Report March 31, 2008 39

Schedule of Investments  International StocksPLUS^® TR Strategy Fund (Unhedged)  (Cont.)

Interest Rate Swaps (Cont.)
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	MSC	$	200	$	2
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	BOA		400		(31	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	MLP		200		(1	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	MSC		100		1
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		300		0
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	JPM	EUR	100		(2	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.995%	03/15/2012	GSC		600		(13	)
Pay	6-Month Australian Bank Bill	7.500%	03/15/2011	UBS	AUD	800		1
Pay	6-Month EUR-LIBOR	4.000%	03/20/2009	GSC	EUR	200		(1	)
Pay	6-Month EUR-LIBOR	5.000%	12/19/2009	DUB		400		5
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	JPM		300		3
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	MSC		100		1
Pay	6-Month EUR-LIBOR	4.000%	06/18/2010	MSC		500		(4	)
Pay	6-Month EUR-LIBOR	4.000%	09/17/2013	MSC		100		(2	)
Pay	6-Month EUR-LIBOR	4.000%	06/15/2018	BCLY		200		2
Pay	6-Month GBP-LIBOR	6.000%	12/20/2008	BCLY	GBP	400		1
Pay	6-Month GBP-LIBOR	6.000%	12/20/2008	DUB		200		0
Pay	6-Month GBP-LIBOR	6.000%	03/20/2009	RBS		200		0
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	BCLY		300		5
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	GSC		500		4
Pay	6-Month GBP-LIBOR	6.000%	06/19/2009	GSC		1,200		24
Pay	6-Month GBP-LIBOR	4.750%	09/17/2013	BCLY		100		(1	)
Pay	6-Month GBP-LIBOR	4.750%	09/17/2013	RBS		100		(1	)
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	GSC		100		0
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	HSBC		200		0
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	DUB		400		(24	)
Receive	6-Month GBP-LIBOR	5.500%	12/15/2036	GSC		100		(12	)
Pay	6-Month JPY-LIBOR	2.000%	12/19/2017	BCLY	JPY	10,000		5
Pay	6-Month JPY-LIBOR	2.000%	12/19/2017	DUB		10,000		5
Pay	28-Day Mexico Interbank TIIE Banxico	7.780%	04/03/2012	GSC	MXN	800		1
Pay	BRL-CDI-Compounded	11.360%	01/04/2010	BCLY	BRL	300		(4	)
Pay	BRL-CDI-Compounded	11.430%	01/04/2010	MLP		200		(3	)
Pay	BRL-CDI-Compounded	11.465%	01/04/2010	GSC		100		(1	)
Pay	BRL-CDI-Compounded	12.948%	01/04/2010	MLP		100		(1	)
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		400		(7	)
Pay	BRL-CDI-Compounded	11.980%	01/02/2012	MLP		300		(4	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	MLP		400		0
							$	11

Total Return Swaps
Pay/Receive Total Return on Reference Entity	Reference Entity	Rate	Expiration Date	Counterparty	# of Shares	Unrealized Appreciation
Receive	iShares MSCI EAFE Index	1-Month USD-LIBOR less 0.250%	11/15/2008	GSC	1,021,697	$	3,022
Receive	iShares MSCI EAFE Index	1-Month USD-LIBOR less 0.250%	11/15/2008	GSC	13,600		40
						$	3,062

(f) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 5-Year Note June Futures	$	136.000	05/23/2008	16	$	0	$	0
Put - CBOT U.S. Treasury 10-Year Note June Futures		90.000	05/23/2008	102		1		2
					$	1	$	2

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500%	02/02/2009	$	3,700	$	41	$	62
Call - OTC 2-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		5,000		17		207
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	12/15/2008		5,500		50		71
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	02/02/2009		1,500		16		18
								$	124	$	358

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Fannie Mae 6.000% due 05/01/2038	$	92.000	05/06/2008	$	3,000	$	0	$	2

40 PIMCO Funds See Accompanying Notes

    
March 31, 2008

(g) Written options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note June Futures	$	118.000	05/23/2008	30	$	35	$	64
Call - CBOT U.S. Treasury 10-Year Note June Futures		120.000	05/23/2008	8		10		9
Put - CBOT U.S. Treasury 10-Year Note June Futures		114.000	05/23/2008	30		43		7
Put - CBOT U.S. Treasury 10-Year Note June Futures		116.000	05/23/2008	4		3		2
					$	91	$	82

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.300%	02/02/2009	$	1,400	$	35	$	54
Call - OTC 7-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.600%	02/02/2009		300		10		15
Call - OTC 5-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		2,000		16		134
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.300%	12/15/2008		1,900		49		74
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.250%	02/02/2009		500		15		19
								$	125	$	296

(h) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
Ginnie Mae	6.000%	04/01/2038	$	900	$	926	$	929
U.S. Treasury Notes	2.000%	02/28/2010		200		201		202
U.S. Treasury Notes	2.125%	01/31/2010		100		101		102
U.S. Treasury Notes	2.875%	01/31/2013		3,800		3,847		3,909
U.S. Treasury Notes	3.125%	11/30/2009		500		512		519
U.S. Treasury Notes	3.250%	12/31/2009		300		308		311
U.S. Treasury Notes	4.250%	08/15/2013		200		216		220
U.S. Treasury Notes	4.500%	05/15/2017		500		529		553
					$	6,640	$	6,745

⁽²⁾ Market value includes $53 of interest payable on short sales.

(i) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AED	56	05/2008	$	0	$	0		$	0
Buy	AUD	48	04/2008		0		0			0
Buy	BRL	11,858	07/2008		379		0			379
Sell		9,070	07/2008		170		0			170
Buy		902	12/2008		0		(1	)		(1	)
Sell		909	12/2008		11		0			11
Sell	EUR	313	04/2008		0		(6	)		(6	)
Sell	GBP	1,475	04/2008		1		(7	)		(6	)
Buy	IDR	441,000	05/2008		0		(3	)		(3	)
Buy	INR	4,798	05/2008		5		0			5
Sell	JPY	1,092	04/2008		0		0			0
Buy		49,831	05/2008		0		(13	)		(13	)
Sell		65,511	05/2008		2		(8	)		(6	)
Buy	KRW	18,498	05/2008		0		(1	)		(1	)
Buy		186,298	08/2008		0		(12	)		(12	)
Buy	KWD	4	05/2008		1		0			1
Buy	MXN	2,645	07/2008		8		0			8
Sell		1,327	07/2008		0		(2	)		(2	)
Buy	MYR	610	05/2008		9		0			9
Sell	NZD	29	04/2008		0		0			0
Buy	PHP	5,964	05/2008		12		0			12
Buy	PLN	659	07/2008		54		0			54
Sell		659	07/2008		0		(30	)		(30	)
Buy	RUB	3,508	07/2008		9		0			9
Sell		3,400	07/2008		0		(7	)		(7	)
Buy		5,696	11/2008		8		0			8
Sell		2,607	11/2008		0		(5	)		(5	)
Buy	SAR	56	05/2008		0		0			0
Buy	SEK	382	06/2008		2		0			2
Buy	SGD	287	05/2008		16		0			16
Buy		105	11/2008		2		0			2
				$	689	$	(95	)	$	594

See Accompanying Notes Annual Report March 31, 2008 41

Schedule of Investments  International StocksPLUS^® TR Strategy Fund (U.S. Dollar-Hedged)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 3.0%
Daimler Finance North America LLC
6.800% due 08/03/2012	$	1,990	$	1,655
Georgia-Pacific Corp.
4.446% due 12/20/2012		419		389
4.740% due 12/20/2012		3,233		3,003
4.835% due 12/20/2012		286		266
HCA, Inc.
4.946% due 11/16/2013		2,574		2,371
Total Bank Loan Obligations (Cost $8,374)				7,684
CORPORATE BONDS & NOTES 38.1%
BANKING & FINANCE 22.8%
American Express Bank FSB
6.000% due 09/13/2017		5,200		5,082
American Express Centurion Bank
6.000% due 09/13/2017		5,100		4,960
American Express Co.
6.150% due 08/28/2017		1,600		1,597
American International Group, Inc.
5.850% due 01/16/2018		3,000		2,952
Barclays Bank PLC
5.450% due 09/12/2012		4,500		4,616
6.050% due 12/04/2017 (f)		1,600		1,565
7.434% due 09/29/2049		1,000		906
Capital One Financial Corp.
6.750% due 09/15/2017		1,600		1,521
Citigroup Capital XXI
8.300% due 12/21/2057		1,500		1,482
Citigroup, Inc.
6.125% due 11/21/2017		5,000		5,005
Deutsche Bank AG
6.000% due 09/01/2017		3,900		4,071
Ford Motor Credit Co. LLC
7.000% due 10/01/2013		300		234
7.250% due 10/25/2011		1,950		1,604
9.750% due 09/15/2010		400		357
General Electric Capital Corp.
2.931% due 03/12/2010 (f)		2,800		2,786
6.375% due 11/15/2067		200		196
GMAC LLC
6.625% due 05/15/2012		600		454
6.875% due 08/28/2012		2,200		1,674
7.000% due 02/01/2012		1,100		838
JPMorgan Chase Bank N.A.
6.000% due 10/01/2017		4,600		4,806
Lehman Brothers Holdings, Inc.
6.750% due 12/28/2017		1,800		1,735
Merrill Lynch & Co., Inc.
6.050% due 08/15/2012		400		407
Royal Bank of Scotland Group PLC
7.640% due 03/31/2049		1,900		1,639
Santander Perpetual S.A. Unipersonal
6.671% due 10/29/2049		1,100		993
UBS AG
5.875% due 12/20/2017		2,600		2,664
Wells Fargo Bank N.A.
4.750% due 02/09/2015		5,000		4,885
				59,029

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
INDUSTRIALS 11.1%
Erac USA Finance Co.
6.375% due 10/15/2017	$	7,500	$	6,717
Goodrich Corp.
6.290% due 07/01/2016		2,100		2,267
International Business Machines Corp.
5.700% due 09/14/2017 (f)		2,900		3,046
Kohl’s Corp.
6.250% due 12/15/2017		10,000		9,546
Kraft Foods, Inc.
6.125% due 02/01/2018		2,600		2,605
6.875% due 02/01/2038		300		296
Loews Corp.
5.250% due 03/15/2016		2,800		2,806
Nortel Networks Ltd.
10.125% due 07/15/2013		100		92
Williams Cos., Inc.
6.375% due 10/01/2010		200		206
Xerox Corp.
9.750% due 01/15/2009		1,100		1,143
				28,724
UTILITIES 4.2%
AT&T, Inc.
4.125% due 09/15/2009		500		503
5.500% due 02/01/2018		1,100		1,080
6.300% due 01/15/2038		500		485
BellSouth Corp.
5.200% due 09/15/2014		1,200		1,200
Embarq Corp.
6.738% due 06/01/2013		2,000		1,937
Enel Finance International S.A.
6.250% due 09/15/2017		5,400		5,614
				10,819
Total Corporate Bonds & Notes (Cost $100,377)				98,572
MUNICIPAL BONDS & NOTES 1.3%
Houston, Texas Utility System Revenue Bonds, (FSA Insured), Series 2007
5.000% due 11/15/2036		400		391
New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2006
9.248% due 12/15/2013		2,265		1,910
Ohio State Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2007
5.875% due 06/01/2047		700		617
Palomar, California Community College District General Obligation Bonds, (FSA Insured), Series 2007
4.750% due 05/01/2032		100		96
Texas State General Obligation Bonds, Series 2005
4.750% due 04/01/2035		300		286
Total Municipal Bonds & Notes (Cost $3,791)				3,300
COMMODITY INDEX-LINKED NOTES 0.8%
Morgan Stanley (GSCI)
2.546% due 07/07/2008		2,000		1,987
Total Commodity Index-Linked Notes (Cost $2,000)				1,987

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES 174.1%
Fannie Mae
2.719% due 03/25/2034 (f)	$	25	$	24
2.729% due 03/25/2036 (f)		2,475		2,449
2.849% due 06/25/2044		67		66
2.949% due 09/25/2042		779		772
3.785% due 08/01/2010 (f)		366		368
4.125% due 04/25/2024 (f)		201		208
4.196% due 11/01/2034 (f)		1,006		1,016
4.375% due 11/25/2023 (f)		249		248
4.500% due 06/01/2010		300		306
4.500% due 09/25/2020 (f)		4,705		4,752
4.512% due 08/01/2035 (f)		742		745
4.633% due 10/01/2035 (f)		888		891
4.642% due 07/01/2035 (f)		1,637		1,658
4.700% due 10/01/2035 (f)		730		746
4.722% due 10/01/2035 (f)		729		732
4.850% due 02/01/2034 (f)		756		763
4.899% due 09/01/2035 (f)		1,334		1,359
5.000% due 12/01/2018 - 12/01/2036 (f)		56,706		56,833
5.000% due 05/01/2038		24,000		23,704
5.159% due 03/01/2036 (f)		2,516		2,525
5.251% due 02/01/2036 (f)		5,734		5,738
5.261% due 08/01/2036 (f)		1,360		1,368
5.392% due 07/01/2032 (f)		51		52
5.500% due 01/01/2021 - 09/01/2037 (f)		75,203		76,217
5.500% due 04/01/2038		4,000		4,038
5.722% due 09/01/2044 - 10/01/2044 (f)		4,507		4,494
6.000% due 05/01/2034 - 12/01/2037 (f)		23,539		24,141
6.000% due 04/01/2038		35,000		35,859
6.228% due 02/01/2035 (f)		522		526
6.500% due 04/01/2038		4,200		4,350
6.847% due 09/01/2031		2		2
7.500% due 12/01/2014 (f)		235		245
Freddie Mac
3.018% due 10/15/2020 (f)		777		763
3.168% due 06/15/2031 (f)		1,532		1,481
3.218% due 11/15/2016 - 03/15/2017 (f)		7,186		7,185
3.500% due 01/15/2022 - 01/15/2023 (f)		1,430		1,430
4.000% due 11/01/2013 - 05/15/2016 (f)		5,009		5,041
4.361% due 09/01/2035 (f)		1,865		1,876
4.500% due 02/15/2017 - 09/15/2020 (f)		12,378		12,571
5.000% due 12/15/2015 - 09/01/2035 (f)		47,146		48,250
5.312% due 09/01/2035 (f)		2,259		2,295
5.500% due 03/15/2017 - 08/01/2037 (f)		17,355		17,555
5.500% due 08/15/2030 - 04/01/2038		93,005		93,921
5.722% due 10/25/2044		194		192
Ginnie Mae
3.218% due 03/16/2032 (f)		40		39
5.125% due 11/20/2024 (f)		103		103
Total U.S. Government Agencies (Cost $441,900)				449,897
U.S. TREASURY OBLIGATIONS 80.0%
Treasury Inflation Protected Securities (b)
2.375% due 04/15/2011		4,253		4,570
2.375% due 01/15/2027		1,256		1,370
U.S. Treasury Bonds
5.000% due 05/15/2037		12,800		14,326

42 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. Treasury Notes
3.625% due 10/31/2009	$	180,600	$	186,441
Total U.S. Treasury Obligations (Cost $206,289)				206,707
MORTGAGE-BACKED SECURITIES 14.5%
Banc of America Funding Corp.
6.142% due 01/20/2047		174		151
Banc of America Mortgage Securities, Inc.
3.049% due 01/25/2034		207		198
5.000% due 05/25/2034		210		193
Bear Stearns Adjustable Rate Mortgage Trust
4.125% due 03/25/2035		2,620		2,509
4.550% due 08/25/2035		617		588
4.625% due 10/25/2035		3,374		3,197
4.750% due 10/25/2035		376		363
Bear Stearns Alt-A Trust
5.371% due 05/25/2035		468		405
5.706% due 09/25/2035		554		456
Bear Stearns Structured Products, Inc.
5.681% due 01/26/2036		547		463
Citigroup Mortgage Loan Trust, Inc.
4.248% due 08/25/2035		682		647
4.700% due 12/25/2035		1,484		1,443
Countrywide Alternative Loan Trust
2.746% due 11/20/2035		86		81
2.746% due 03/20/2046		1,592		1,210
4.500% due 06/25/2035		431		427
5.484% due 06/25/2037		2,893		2,536
Countrywide Home Loan Mortgage Pass-Through Trust
2.889% due 04/25/2035		332		263
2.919% due 03/25/2035		266		206
CS First Boston Mortgage Securities Corp.
4.962% due 06/25/2033		365		365
Deutsche ALT-A Securities, Inc. Alternate Loan Trust
2.679% due 02/25/2037		1,583		1,484
Downey Savings & Loan Association Mortgage Loan Trust
2.819% due 08/19/2045		1,423		1,103
6.713% due 07/19/2044		128		115
First Horizon Alternative Mortgage Securities
6.216% due 03/25/2035		281		197
First Horizon Asset Securities, Inc.
5.370% due 08/25/2035		125		118
First Republic Mortgage Loan Trust
3.168% due 11/15/2031		113		105
GMAC Mortgage Corp. Loan Trust
5.500% due 09/25/2034		195		192
GSR Mortgage Loan Trust
4.539% due 09/25/2035		500		471
5.500% due 11/25/2035		404		406
GSRPM Mortgage Loan Trust
3.299% due 01/25/2032		19		18
Harborview Mortgage Loan Trust
2.799% due 03/19/2037		1,348		1,017
Indymac Index Mortgage Loan Trust
2.699% due 01/25/2037		1,112		1,065
5.051% due 12/25/2034		70		64
JPMorgan Mortgage Trust
5.023% due 02/25/2035		469		427

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Lehman XS Trust
2.679% due 07/25/2046	$	865	$	840
Merrill Lynch Mortgage Investors, Inc.
2.809% due 02/25/2036		266		214
MLCC Mortgage Investors, Inc.
2.849% due 11/25/2035		70		64
3.599% due 10/25/2035		92		79
Morgan Stanley Capital I
2.878% due 10/15/2020		1,049		976
Residential Accredit Loans, Inc.
2.809% due 04/25/2046		2,102		1,599
2.999% due 03/25/2033		159		138
Residential Asset Securitization Trust
2.999% due 05/25/2033		274		237
Structured Adjustable Rate Mortgage Loan Trust
5.726% due 01/25/2035		319		302
Structured Asset Mortgage Investments, Inc.
2.809% due 07/19/2035		376		311
2.879% due 02/25/2036		827		648
Thornburg Mortgage Securities Trust
2.709% due 11/25/2046		2,037		1,932
WaMu Mortgage Pass-Through Certificates
2.909% due 01/25/2045		240		192
2.919% due 01/25/2045		231		185
Wells Fargo Mortgage-Backed Securities Trust
3.988% due 12/25/2034		702		659
4.329% due 07/25/2035		2,700		2,566
4.399% due 05/25/2035		382		363
4.500% due 11/25/2018		1,330		1,301
5.241% due 04/25/2036		2,531		2,503
Total Mortgage-Backed Securities (Cost $41,209)				37,592
ASSET-BACKED SECURITIES 2.9%
Aurum CLO 2002-1 Ltd.
4.688% due 04/15/2014		1,703		1,663
Bear Stearns Asset-Backed Securities Trust
2.799% due 09/25/2034		25		25
5.571% due 10/25/2036		1,955		1,926
Carrington Mortgage Loan Trust
2.664% due 07/25/2036		180		179
Countrywide Asset-Backed Certificates
2.649% due 12/25/2046		630		613
2.669% due 06/25/2036		49		49
2.669% due 08/25/2036		19		19
3.265% due 07/25/2036		20		20
GE-WMC Mortgage Securities LLC
2.639% due 08/25/2036		365		353
GSAMP Trust
2.669% due 01/25/2036		127		121
2.689% due 11/25/2035		157		145
2.889% due 03/25/2034		90		88
Lehman XS Trust
2.679% due 04/25/2046		463		457
2.679% due 08/25/2046		949		927
Long Beach Mortgage Loan Trust
2.879% due 10/25/2034		186		168
New Century Home Equity Loan Trust
2.669% due 08/25/2036		133		131

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Structured Asset Securities Corp.
4.900% due 04/25/2035	$	762	$	704
Total Asset-Backed Securities (Cost $7,767)				7,588
FOREIGN CURRENCY-DENOMINATED ISSUES 3.7%
Brazilian Government International Bond
10.250% due 01/10/2028	BRL	1,400		747
General Electric Capital Corp.
6.500% due 09/15/2067	GBP	1,800		3,430
Republic of Germany
4.750% due 07/04/2034	EUR	3,100		5,033
5.500% due 01/04/2031		200		357
Total Foreign Currency-Denominated Issues (Cost $9,580)				9,567
		SHARES
PREFERRED STOCKS 0.1%
Fannie Mae
8.250% due 12/31/2049		13,000		316
Total Preferred Stocks (Cost $325)				316
EXCHANGE-TRADED FUNDS 4.8%
iShares MSCI EAFE Index Fund		172,236		12,384
Total Exchange-Traded Funds (Cost $10,076)				12,384
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 15.3%
COMMERCIAL PAPER 7.3%
Federal Home Loan Bank
1.500% due 04/01/2008	$	18,700		18,700
REPURCHASE AGREEMENTS 0.6%
State Street Bank and Trust Co.
1.900% due 04/01/2008		1,661		1,661
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 3.875% due 08/22/2008 valued at $1,697. Repurchase proceeds are $1,661.)
U.S. TREASURY BILLS 7.4%
1.139% due 05/29/2008 - 06/12/2008 (a)(c)(d)(g)		19,190		19,093
Total Short-Term Instruments (Cost $39,510)				39,454
PURCHASED OPTIONS (i) 2.6%
(Cost $4,471)				6,650
Total Investments 341.2% (Cost $875,669)			$	881,698
Written Options (j) (1.6%) (Premiums $3,238)				(4,175	)
Other Assets and Liabilities (Net) (239.6%)				(619,116	)
Net Assets (e) 100.0%			$	258,407

See Accompanying Notes Annual Report March 31, 2008 43

Schedule of Investments  International StocksPLUS^® TR Strategy Fund (U.S. Dollar-Hedged)  (Cont.)

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

(b) Principal amount of security is adjusted for inflation.

(c) Securities with an aggregate market value of $9,706 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(d) Securities with an aggregate market value of $1,760 have been pledged as collateral for delayed-delivery securities on March 31, 2008.

(e) As of March 31, 2008, portfolio securities with an aggregate value of $3,650 and derivative instruments with an aggregate depreciation of ($1,204) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(f) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $174,578 at a weighted average interest rate of 4.085%. On March 31, 2008, securities valued at $293,333 were pledged as collateral for reverse repurchase agreements.

(g) Securities with an aggregate market value of $169 and cash of $10,105 have been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar March Futures	Long	03/2009	39	$	215
90-Day Eurodollar March Futures	Short	03/2009	88		(441	)
90-Day Eurodollar September Futures	Short	09/2008	44		(35	)
Euro-Bobl June Futures	Short	06/2008	144		275
Euro-Bobl June Futures Call Options Strike @ EUR 122.000	Long	06/2008	185		0
Euro-Bund 10-Year Bond June Futures	Long	06/2008	55		(69	)
Euro-Schatz June Futures	Short	06/2008	467		514
Euro-Schatz June Futures Put Options Strike @ EUR 109.000	Long	06/2008	467		0
Japan Government 10-Year Bond June Futures	Long	06/2008	1		21
U.S. Treasury 2-Year Note June Futures	Short	06/2008	907		(130	)
U.S. Treasury 5-Year Note June Futures	Short	06/2008	981		(1,206	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	232		695
U.S. Treasury 30-Year Bond June Futures	Long	06/2008	125		(59	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	256		398
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	671		368
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2009	211		821
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	103		230
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	153		85
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2009	139		356
United Kingdom Government 10-Year Bond June Futures	Short	06/2008	41		(168	)
				$	1,870

(h) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
AutoZone, Inc. 5.875% due 10/15/2012	Buy	(0.665%	)	06/20/2017	RBS	$	1,900	$	70
BellSouth Corp. 5.200% due 09/15/2014	Buy	(0.325%	)	09/20/2014	LEH		1,200		20
Clorox Co. 6.125% due 02/01/2011	Buy	(0.330%	)	12/20/2012	BOA		2,700		56
Erac USA Finance Co, 6.375% due 10/15/2017	Buy	(0.800%	)	12/20/2017	GSC		7,500		1,263
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.920%		09/20/2012	CITI		700		(14	)
Goodrich Corp. 6.290% due 07/01/2016	Buy	(0.510%	)	09/20/2016	DUB		2,200		5
Hungary Government International Bond 4.750% due 02/03/2015	Buy	(1.660%	)	03/20/2013	MSC		2,600		10
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.420%		12/20/2008	DUB		2,600		(12	)
Kohl’s Corp. 6.250% due 12/15/2007	Buy	(0.680%	)	12/20/2017	RBS		10,000		825
Loews Corp. 5.250% due 03/15/2016	Buy	(0.280%	)	03/20/2016	BEAR		2,800		76
Limited Brands, Inc. 6.125% due 12/01/2012	Buy	(1.030%	)	06/20/2017	GSC		5,000		773
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Sell	0.950%		09/20/2012	CITI		700		(49	)
Morgan Stanley 6.600% due 04/01/2012	Sell	0.190%		09/20/2008	BOA		2,400		(22	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.260%		12/20/2008	BCLY		500		(2	)
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.290%		12/20/2008	BCLY		2,800		0
Reynolds American, Inc. 7.625% due 06/01/2016	Sell	1.280%		06/20/2017	DUB		1,000		(63	)
Turkey Government International Bond 11.875% due 01/15/2030	Buy	(2.200%	)	10/20/2010	MSC		100		0
Turkey Government International Bond 11.875% due 01/15/2030	Buy	(2.110%	)	10/20/2010	LEH		100		(1	)
Turkey Government International Bond 11.875% due 01/15/2030	Buy	(2.630%	)	03/20/2013	MSC		2,600		41
Wells Fargo Bank N.A. 4.750% due 02/09/2015	Buy	(0.140%	)	03/20/2015	GSC		5,000		253
Weyerhaeuser Co. 6.750% due 03/15/2012	Buy	(0.960%	)	06/20/2017	UBS		800		46
								$	3,275

44 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
CMBX N.A. AAA 3 Index	Sell	0.080%		12/13/2049	MSC	$	5,200	$	280
Dow Jones CDX N.A. EM8 Index	Buy	(1.750%	)	12/20/2012	BCLY		3,900		(22	)
Dow Jones CDX N.A. HV9 Index	Sell	1.400%		12/20/2012	CSFB		3,500		(227	)
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	LEH		1,485		114
Dow Jones CDX N.A. HY8 Index	Sell	0.483%		06/20/2012	BCLY		3,800		(161	)
Dow Jones CDX N.A. IG5 Index	Buy	(0.143%	)	12/20/2012	MSC		7,800		821
Dow Jones CDX N.A. IG5 Index	Sell	0.463%		12/20/2015	MSC		5,600		(837	)
Dow Jones CDX N.A. IG9 Index	Sell	0.600%		12/20/2012	GSC		3,000		(28	)
Dow Jones CDX N.A. IG9 Index	Sell	0.600%		12/20/2012	JPM		1,000		(33	)
Home Equity Index A Rating 2006-1	Buy	(0.540%	)	07/25/2045	BEAR		2,200		1,328
Home Equity Index A Rating 2006-1	Sell	0.540%		07/25/2045	DUB		750		(402	)
Home Equity Index A Rating 2006-1	Sell	0.540%		07/25/2045	MLP		700		(373	)
Home Equity Index A Rating 2006-1	Sell	0.540%		07/25/2045	UBS		750		(401	)
Home Equity Index AAA Rating 2006-2	Sell	0.110%		05/25/2046	GSC		1,000		78
								$	137

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	CITI	AUD	7,400	$	(5	)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	LEH		9,800		(5	)
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	BCLY	$	126,600		2,179
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	DUB		20,500		505
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	MLP		46,700		1,093
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		49,200		386
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	JPM		12,400		559
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	MSC		28,900		1,402
Receive	3-Month USD-LIBOR	5.000%	03/18/2014	CITI		8,200		(460	)
Receive	3-Month USD-LIBOR	5.000%	03/18/2014	JPM		11,300		(622	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2015	RBS		39,800		(2,335	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	RBS		44,800		(2,293	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2023	BCLY		4,800		(196	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2023	MLP		1,600		(54	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2023	RBS		30,400		(1,250	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2028	CITI		4,100		(282	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2028	DUB		7,700		(251	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2028	MLP		1,200		(84	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2028	RBS		1,300		(93	)
Pay	3-Month USD-LIBOR	5.000%	12/15/2035	DUB		9,600		(24	)
Pay	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		5,200		439
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.955%	03/28/2012	RBS	EUR	500		(11	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958%	04/10/2012	JPM		200		(5	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.980%	04/30/2012	BCLY		600		(14	)
Pay	6-Month Australian Bank Bill	7.000%	06/15/2010	DUB	AUD	30,600		(244	)
Pay	6-Month Australian Bank Bill	7.000%	06/15/2010	MSC		15,800		(106	)
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	JPM	EUR	9,210		82
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	LEH		42,300		251
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	MSC		5,890		52
Pay	6-Month EUR-LIBOR	4.000%	06/18/2010	MSC		12,600		(155	)
Receive	6-Month EUR-LIBOR	4.000%	12/15/2014	BCLY		1,900		0
Receive	6-Month EUR-LIBOR	4.000%	12/15/2014	DUB		1,000		2
Receive	6-Month EUR-LIBOR	5.000%	07/11/2037	CITI		2,000		(201	)
Receive	6-Month EUR-LIBOR	4.750%	09/19/2038	GSC		3,100		66
Pay	6-Month GBP-LIBOR	6.000%	03/20/2009	DUB	GBP	12,800		166
Receive	6-Month GBP-LIBOR	6.000%	06/19/2009	BCLY		18,000		(371	)
Receive	6-Month GBP-LIBOR	6.000%	06/19/2009	GSC		50,000		(1,034	)
Pay	6-Month GBP-LIBOR	5.000%	09/15/2010	BCLY		4,600		178
Pay	6-Month GBP-LIBOR	5.000%	09/15/2010	RBS		1,500		60
Pay	6-Month GBP-LIBOR	5.500%	03/20/2013	LEH		2,800		119
Receive	6-Month GBP-LIBOR	5.000%	09/20/2017	DUB		1,100		(79	)
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	MSC		3,500		14
Receive	6-Month JPY-LIBOR	1.500%	06/20/2015	MSC	JPY	110,000		(22	)
Pay	28-Day Mexico Interbank TIIE Banxico	8.860%	09/12/2016	CITI	MXN	6,700		42
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	MLP		5,500		8
Receive	30-Day USD-CMM Rate	5.500%	05/21/2009	MLP	$	4,000		(143	)
Pay	BRL-CDI-Compounded	12.670%	01/04/2010	MLP	BRL	10,600		(28	)
Pay	BRL-CDI-Compounded	10.150%	01/02/2012	GSC		13,300		(588	)
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		19,500		(444	)
							$	(3,796	)

See Accompanying Notes Annual Report March 31, 2008 45

Schedule of Investments  International StocksPLUS^® TR Strategy Fund (U.S. Dollar-Hedged)  (Cont.)

Total Return Swaps
Pay/Receive Total Return on Reference Entity	Reference Entity	Rate	Expiration Date	Counterparty	# of Shares	Unrealized Appreciation/ (Depreciation)
Receive	iShares MSCI EAFE Index	1-Month USD-LIBOR less 0.200%	04/14/2008	BCLY	883,868	$	1,311
Pay	iShares MSCI EAFE Index	1-Month USD-LIBOR less 0.200%	04/14/2008	BCLY	629,264		(764	)
Receive	iShares MSCI EAFE Index	1-Month USD-LIBOR less 0.250%	11/15/2008	GSC	2,428		3
Receive	iShares MSCI EAFE Index	1-Month USD-LIBOR less 0.250%	04/14/2008	MLP	3,087,175		4,594
						$	5,144

(i) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 2-Year Note June Futures	$	112.000	05/23/2008	807	$	15	$	13
Call - CBOT U.S. Treasury 2-Year Note June Futures		113.000	05/23/2008	100		2		2
Call - CBOT U.S. Treasury 5-Year Note June Futures		125.000	05/23/2008	1,182		22		9
Call - CBOT U.S. Treasury 5-Year Note June Futures		134.000	05/23/2008	46		0		0
Call - CBOT U.S. Treasury 10-Year Note June Futures		132.000	05/23/2008	653		12		10
Call - CBOT U.S. Treasury 10-Year Note June Futures		145.000	05/23/2008	97		1		2
Call - CBOT U.S. Treasury 30-Year Bond June Futures		140.000	04/25/2008	438		8		7
Put - CBOT U.S. Treasury 10-Year Note June Futures		81.000	05/23/2008	26		0		0
Put - CBOT U.S. Treasury 10-Year Note June Futures		90.000	05/23/2008	142		1		2
Put - CBOT U.S. Treasury 10-Year Note June Futures		96.000	05/23/2008	247		4		4
Put - CBOT U.S. Treasury 30-Year Bond June Futures		86.000	05/23/2008	417		4		6
Put - CBOT U.S. Treasury 30-Year Bond June Futures		90.000	05/23/2008	128		2		2
					$	71	$	57

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay Floating Rate	Exercise Rate	Expiration Date	Notional Amount	Cost		Value
Call - OTC 2-Year Interest Rate Swap	DUB	6-Month EUR-LIBOR	Pay	4.070%	09/14/2009	EUR    50,100	$	260	$	514
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500%	02/02/2009	$      5,800		56		97
Call - OTC 5-Year Interest Rate Swap	MLP	3-Month USD-LIBOR	Pay	4.000%	12/19/2008	13,300		277		410
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	12/15/2008	169,300		1,495		2,194
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.600%	07/02/2009	8,500		82		129
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.500%	08/03/2009	77,300		801		1,051
							$	2,971	$	4,395

Foreign Currency Options
Description	Exercise Price	Expiration Date	Notional Amount	Cost		Value
Put - OTC Euro versus U.S. dollar	$        1.355	05/21/2008	EUR    3,100	$	94	$	2
Put - OTC Euro versus U.S. dollar	1.362	05/21/2008	2,000		61		1
Call - OTC Euro versus U.S. dollar	1.375	05/21/2010	2,800		136		502
Put - OTC Euro versus U.S. dollar	1.375	05/21/2010	2,800		136		94
Call - OTC Euro versus U.S. dollar	1.375	06/03/2010	1,400		67		251
Put - OTC Euro versus U.S. dollar	1.375	06/03/2010	1,400		67		47
Call - OTC Euro versus Japanese yen	JPY    148.400	06/03/2010	1,000		56		100
Put - OTC Euro versus Japanese yen	148.400	06/03/2010	1,000		56		115
Call - OTC U.S. dollar versus Japanese yen	104.000	03/17/2010	$    3,100		139		62
Put - OTC U.S. dollar versus Japanese yen	104.000	03/17/2010	3,100		126		289
Call - OTC U.S. dollar versus Japanese yen	105.200	03/31/2010	1,200		51		20
Put - OTC U.S. dollar versus Japanese yen	105.200	03/31/2010	1,200		50		122
Call - OTC U.S. dollar versus Japanese yen	105.400	03/31/2010	4,000		168		63
Put - OTC U.S. dollar versus Japanese yen	105.400	03/31/2010	4,000		168		413
				$	1,375	$	2,081

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC Treasury Inflation Protected Securities 2.000% due 02/15/2010	$	103.250	06/20/2008	$	21,000	$	3	$	0
Call - OTC Treasury Inflation Protected Securities 3.625% due 10/15/2009		103.875	04/07/2008		100,000		16		2
Call - OTC Treasury Inflation Protected Securities 3.625% due 10/15/2009		104.125	04/08/2008		41,000		6		0
Call - OTC Treasury Inflation Protected Securities 3.625% due 10/15/2009		104.750	04/08/2008		51,000		4		0
Call - OTC Treasury Inflation Protected Securities 3.625% due 10/15/2009		104.750	06/20/2008		27,000		3		0
Put - OTC Fannie Mae 5.000% due 04/01/2038		80.000	04/07/2008		40,000		5		0
Put - OTC Fannie Mae 5.500% due 04/01/2023		87.500	04/10/2008		15,000		2		0
Put - OTC Fannie Mae 6.000% due 06/01/2038		92.188	06/05/2008		35,000		4		83
Put - OTC Fannie Mae 6.500% due 04/01/2038		95.000	04/07/2008		4,200		0		0
Put - OTC Freddie Mac 5.500% due 05/01/2038		86.000	05/06/2008		82,000		10		17
Put - OTC Freddie Mac 5.500% due 06/01/2038		90.000	06/05/2008		11,000		1		15
						$	54	$	117

46 PIMCO Funds See Accompanying Notes

    
March 31, 2008

(j) Written options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Put - CBOT U.S. Treasury 10-Year Note June Futures	$	114.000	05/23/2008	84	$	69	$	18

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium	Value
Call - OTC 7-Year Interest Rate Swap	DUB	6-Month EUR-LIBOR	Receive	4.250%	09/14/2009	EUR	16,200	$       239	$       408
Call - OTC 5-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.300%	02/02/2009	$	2,500	55	97
Put - OTC 5-Year Interest Rate Swap	CITI	3-Month USD-LIBOR	Pay	5.400%	03/16/2009		22,200	267	77
Put - OTC 5-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Pay	5.400%	03/16/2009		22,200	279	77
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.300%	12/15/2008		56,400	1,415	2,211
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.200%	07/02/2009		3,700	82	120
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.300%	08/03/2009		33,600	806	1,156
								$    3,143	$    4,146

Credit Default Swaptions
Description	Counterparty	Reference Entity	Buy/Sell Protection (2)	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC Dow Jones CDX N.A. IG10 Index	CSFB	Dow Jones CDX N.A. IG10 Index	Buy	1.500%	09/20/2008	$	700	$	13	$	11
Put - OTC Dow Jones CDX N.A. IG10 Index	CSFB	Dow Jones CDX N.A. IG10 Index	Sell	1.830%	09/20/2008		700		13		0
								$	26	$	11

⁽²⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

(k) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (3)
Fannie Mae	5.500%	04/01/2038	$	36,700	$	36,262	$	37,050
U.S. Treasury Notes	2.000%	02/28/2010		24,600		24,826		24,849
U.S. Treasury Notes	3.625%	10/31/2009		197,000		203,011		206,844
U.S. Treasury Notes	4.125%	08/31/2012		4,600		4,842		4,959
U.S. Treasury Notes	4.250%	11/15/2017		9,700		10,341		10,538
U.S. Treasury Notes	4.500%	05/15/2017		23,300		25,034		25,794
U.S. Treasury Notes	4.750%	05/15/2014		300		334		344
U.S. Treasury Notes	4.750%	08/15/2017		32,300		35,027		35,984
					$	339,677	$	346,362

⁽³⁾ Market value includes $4,424 of interest payable on short sales.

(l) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Sell	AUD	17,927	04/2008	$	0	$	(101	)	$	(101	)
Buy	BRL	1,638	07/2008		46		0			46
Sell		13,932	07/2008		135		(124	)		11
Buy		42,843	12/2008		426		0			426
Sell		29,014	12/2008		246		(53	)		192
Sell	CAD	83	04/2008		3		0			3
Buy	CHF	3,951	06/2008		66		(7	)		60
Sell		22,090	06/2008		0		(996	)		(996	)
Buy	CLP	8,500	12/2008		2		0			2
Buy	CNY	39,344	07/2008		352		0			352
Sell		39,344	07/2008		0		(223	)		(223	)
Buy		35,304	10/2008		207		0			207
Sell		35,304	10/2008		0		(254	)		(254	)
Sell	DKK	12,414	06/2008		0		(96	)		(96	)
Buy	EUR	56	04/2008		0		0			0
Sell		64,372	04/2008		0		(1,212	)		(1,212	)
Buy	GBP	4,604	04/2008		9		(81	)		(72	)
Sell		37,922	04/2008		0		(198	)		(198	)
Buy	HKD	10,162	05/2008		0		0			0
Sell		54,054	05/2008		0		(1	)		(1	)

See Accompanying Notes Annual Report March 31, 2008 47

Schedule of Investments  International StocksPLUS^® TR Strategy Fund (U.S. Dollar-Hedged)  (Cont.)

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	JPY	406,000	05/2008	$	1	$	(24	)	$	(23	)
Sell		5,951,908	05/2008		10		(1,240	)		(1,230	)
Buy	KRW	4,688,113	08/2008		0		(267	)		(267	)
Sell		2,980,640	08/2008		117		0			117
Buy	MXN	56,073	07/2008		178		0			178
Sell		36,129	07/2008		0		(48	)		(48	)
Buy	MYR	5,401	05/2008		52		0			52
Sell		405	05/2008		0		0			0
Buy		1,682	08/2008		29		0			29
Sell		3,876	08/2008		0		(9	)		(9	)
Buy	NOK	1,400	06/2008		0		0			0
Sell		15,623	06/2008		0		(58	)		(58	)
Buy	NZD	290	04/2008		0		0			0
Sell		1,055	04/2008		15		0			15
Buy	PLN	5,262	07/2008		428		0			428
Sell		2,741	07/2008		0		(120	)		(120	)
Buy	RUB	108,382	07/2008		275		0			275
Sell		90,195	07/2008		0		(182	)		(182	)
Buy		69,176	11/2008		92		0			92
Sell		20,104	11/2008		0		(37	)		(37	)
Buy	SEK	6,500	06/2008		9		0			9
Sell		44,815	06/2008		0		(260	)		(260	)
Buy	SGD	1,109	05/2008		8		0			8
Sell		5,224	05/2008		0		(107	)		(107	)
				$	2,706	$	(5,698	)	$	(2,992	)

48 PIMCO Funds See Accompanying Notes

Schedule of Investments  Real Return Fund     
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.6%
Daimler Finance North America LLC
6.800% due 08/03/2012	$	60,198	$	50,073
Ford Motor Co.
5.800% due 12/15/2013		4,938		4,059
Georgia-Pacific Corp.
4.446% due 12/20/2012		1,053		978
4.740% due 12/20/2012		11,333		10,529
4.835% due 12/20/2012		1,333		1,239
Shackleton Re Ltd.
10.750% due 08/01/2008		9,000		8,685
11.250% due 08/01/2008		3,000		2,895
Tribune Co.
7.396% due 05/30/2009		10,000		8,994
Total Bank Loan Obligations (Cost $98,018)				87,452
CORPORATE BONDS & NOTES 8.0%
BANKING & FINANCE 5.9%
Allstate Life Global Funding Trusts CPI Linked Bond
5.130% due 03/01/2010		9,708		9,628
American Express Bank FSB
6.000% due 09/13/2017		25,600		25,019
American Express Centurion Bank
6.000% due 09/13/2017		26,600		25,867
American Express Co.
7.000% due 03/19/2018		25,830		27,185
8.150% due 03/19/2038		7,270		8,081
American International Group, Inc.
5.850% due 01/16/2018		10,300		10,134
Bank of America Corp.
8.000% due 12/29/2049		15,500		15,550
Barclays Bank PLC
5.450% due 09/12/2012		70,800		72,616
6.050% due 12/04/2017		19,600		19,166
7.434% due 09/29/2049		8,700		7,881
Bear Stearns Cos., Inc.
6.950% due 08/10/2012		38,270		38,339
7.250% due 02/01/2018		17,000		17,611
C10 Capital SPV Ltd.
6.722% due 12/31/2049		6,000		5,563
Calabash Re Ltd.
11.200% due 01/08/2010		4,900		4,972
13.700% due 01/08/2010		2,500		2,579
Capital One Financial Corp.
6.750% due 09/15/2017		28,000		26,623
CIT Group, Inc.
5.000% due 11/24/2008		25,000		22,983
Citigroup Capital XXI
8.300% due 12/21/2057		15,100		14,923
Citigroup Funding, Inc.
2.599% due 04/23/2009		6,300		6,224
Citigroup, Inc.
3.162% due 05/02/2008		14,100		14,095
3.291% due 01/30/2009		9,600		9,516
Danske Bank A/S
5.914% due 12/29/2049		7,000		6,473
Foundation Re Ltd.
7.170% due 11/24/2008		7,250		7,089
Foundation Re II Ltd.
9.820% due 11/26/2010		10,300		10,519
General Electric Capital Corp.
2.941% due 12/12/2008		12,700		12,727

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
3.344% due 07/28/2008	$	3,500	$	3,502
5.875% due 01/14/2038		20,000		19,343
GMAC LLC
3.749% due 09/23/2008		200		189
Goldman Sachs Group, Inc.
5.950% due 01/18/2018		7,500		7,446
6.750% due 10/01/2037		65,400		61,029
HSBC Finance Corp. CPI Linked Bond
5.620% due 02/10/2009		2,000		2,009
JPMorgan Chase & Co.
2.679% due 06/25/2010		500		487
Kamp Re 2005 Ltd.
2.961% due 12/14/2010 (a)		4,217		2
Lehman Brothers Holdings, Inc.
5.625% due 01/24/2013		10,000		9,738
6.200% due 09/26/2014		3,900		3,853
7.000% due 09/27/2027		4,500		4,170
Longpoint Re Ltd.
8.050% due 05/08/2010		11,200		11,354
Marsh & McLennan Cos., Inc.
5.750% due 09/15/2015		2,500		2,453
Merna Reinsurance Ltd.
3.346% due 07/07/2010 (n)		28,400		25,807
Merrill Lynch & Co., Inc.
3.138% due 12/04/2009		500		487
5.450% due 02/05/2013		8,000		7,882
6.400% due 08/28/2017		26,900		26,610
Metropolitan Life Global Funding I
3.110% due 05/17/2010		1,700		1,666
Morgan Stanley
3.212% due 05/07/2009		1,100		1,082
Mystic Re Ltd.
9.390% due 12/05/2008		6,900		6,842
12.090% due 12/05/2008		3,300		3,269
Nuveen Investments, Inc.
10.500% due 11/15/2015		22,300		19,234
Osiris Capital PLC
9.258% due 01/15/2010		1,700		1,718
Parametric Re Ltd.
9.661% due 05/19/2008		1,500		1,500
Pearson Dollar Finance PLC
5.700% due 06/01/2014		3,000		3,070
Phoenix Quake Ltd.
5.148% due 07/03/2008		50,550		50,550
Phoenix Quake Wind I Ltd.
7.152% due 07/03/2008		9,000		9,002
Phoenix Quake Wind II Ltd.
6.198% due 07/03/2008		10,750		10,601
Prudential Financial, Inc.
6.100% due 06/15/2017		2,000		2,051
Rabobank Nederland
4.278% due 01/15/2009		11,300		11,296
Residential Reinsurance 2007 Ltd.
10.326% due 06/07/2010		5,200		5,297
13.326% due 06/07/2010		20,000		20,464
Royal Bank of Scotland Group PLC
9.118% due 03/31/2049		6,200		6,259
Santander Perpetual S.A. Unipersonal
6.671% due 10/29/2049		9,900		8,940
UBS AG
5.875% due 12/20/2017		13,900		14,244
Unicredit Luxembourg Finance S.A.
3.768% due 10/24/2008		22,000		21,980

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Ventas Realty LP
8.750% due 05/01/2009	$	2,000	$	2,040
Vita Capital Ltd.
5.602% due 01/01/2010		3,500		3,422
6.102% due 01/01/2010		5,000		4,921
Vita Capital III Ltd.
5.822% due 01/01/2012		7,900		7,625
VTB Capital S.A.
3.839% due 08/01/2008		20,100		19,899
Wachovia Bank N.A.
3.146% due 12/02/2010		30,500		29,131
Wachovia Corp.
7.980% due 02/28/2049		8,100		7,983
Wells Fargo & Co.
4.375% due 01/31/2013		17,100		17,038
5.625% due 12/11/2017		1,200		1,231
Wells Fargo Capital X
5.950% due 12/15/2036		15,000		13,562
				913,641
INDUSTRIALS 1.3%
Amgen, Inc.
3.170% due 11/28/2008		2,000		1,998
Burlington Northern Santa Fe Corp.
5.650% due 05/01/2017		2,500		2,510
C8 Capital SPV Ltd.
6.640% due 12/29/2049		7,100		6,573
Computer Sciences Corp.
6.500% due 03/15/2018		2,500		2,546
ConocoPhillips Australia Funding Co.
4.643% due 04/09/2009		1,140		1,137
Con-way, Inc.
7.250% due 01/15/2018		10,000		10,501
CSC Holdings, Inc.
7.250% due 07/15/2008		3,510		3,519
CSX Corp.
6.250% due 03/15/2018		5,000		4,947
EchoStar DBS Corp.
5.750% due 10/01/2008		13,100		13,067
6.375% due 10/01/2011		2,000		1,925
Enterprise Products Operating LLC
6.500% due 01/31/2019 (b)		15,300		15,279
Erac USA Finance Co.
6.375% due 10/15/2017		5,000		4,478
General Electric Co.
3.030% due 12/09/2008		6,000		6,003
General Mills, Inc.
4.024% due 01/22/2010		600		588
HJ Heinz Co.
6.428% due 12/01/2020		20,000		20,342
Home Depot, Inc.
5.400% due 03/01/2016		2,500		2,355
Hospira, Inc.
5.900% due 06/15/2014		2,500		2,542
Kraft Foods, Inc.
6.000% due 02/11/2013		13,200		13,667
6.125% due 02/01/2018		19,200		19,237
Kroger Co.
6.400% due 08/15/2017		5,000		5,290
Ltd. Brands, Inc.
6.900% due 07/15/2017		2,000		1,786

See Accompanying Notes Annual Report March 31, 2008 49

Schedule of Investments  Real Return Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Macys Retail Holdings, Inc.
7.450% due 07/15/2017	$	3,000	$	2,932
Mandalay Resort Group
9.500% due 08/01/2008		3,700		3,718
Motorola, Inc.
6.000% due 11/15/2017		4,000		3,434
New Albertson’s, Inc.
6.950% due 08/01/2009		1,000		1,015
Nucor Corp.
5.750% due 12/01/2017		4,000		4,151
Target Corp.
6.000% due 01/15/2018		6,000		6,158
Time Warner, Inc.
3.300% due 11/13/2009		1,600		1,533
Transocean, Inc.
3.214% due 09/05/2008		500		498
UnitedHealth Group, Inc.
4.875% due 02/15/2013		2,300		2,275
6.875% due 02/15/2038		3,750		3,594
Viacom, Inc.
6.125% due 10/05/2017		4,000		3,909
6.250% due 04/30/2016		2,500		2,438
Wal-Mart Stores, Inc.
5.800% due 02/15/2018		16,100		16,918
Whirlpool Corp.
6.500% due 06/15/2016		6,000		6,233
				199,096
UTILITIES 0.8%
AT&T, Inc.
6.300% due 01/15/2038		1,100		1,067
BellSouth Corp.
4.240% due 04/26/2021		8,700		8,705
Cleveland Electric Illuminating Co.
6.860% due 10/01/2008		7,000		7,101
CMS Energy Corp.
7.750% due 08/01/2010		7,845		8,247
Embarq Corp.
7.082% due 06/01/2016		4,600		4,363
Enel Finance International S.A.
5.700% due 01/15/2013		60,100		62,297
Midwest Generation LLC
8.300% due 07/02/2009		8,004		8,165
Ohio Edison Co.
4.000% due 05/01/2008		10,000		10,000
Qwest Capital Funding, Inc.
7.000% due 08/03/2009		10,000		10,000
Qwest Corp.
5.625% due 11/15/2008		200		200
Verizon Communications, Inc.
5.500% due 04/01/2017		5,000		4,937
				125,082
Total Corporate Bonds & Notes (Cost $1,254,070)				1,237,819
MUNICIPAL BONDS & NOTES 0.8%
Badger, Wisconsin Tobacco Asset Securitization Corporations Revenue Bonds, Series 2002
6.375% due 06/01/2032		1,000		1,005
California State General Obligation Bonds, (AMBAC Insured), Series 2007
4.500% due 08/01/2028		2,500		2,298

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
California State General Obligation Bonds, Series 2007
5.000% due 06/01/2037	$	2,500	$	2,436
California State Tobacco Securitization Agency Revenue Bonds, Series 2002
5.625% due 06/01/2023		3,380		3,378
Chicago, Illinois General Obligation Notes, (FSA Insured), Series 2006
9.248% due 01/01/2014		1,570		1,247
9.249% due 01/01/2014		930		684
District of Columbia Tobacco Settlement Financing Corporations Revenue Bonds, Series 2001
6.250% due 05/15/2024		8,125		8,168
Florida State Board of Education General Obligation Bonds, Series 2008
4.750% due 06/01/2037		6,700		6,161
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2033		4,100		3,410
5.125% due 06/01/2047		700		556
5.750% due 06/01/2047		6,400		5,660
Harris County, Texas Flood Control District General Obligation Bonds, Series 2006
4.750% due 10/01/2029		4,200		4,057
Los Angeles, California Community College District General Obligation Bonds, (FGIC Insured), Series 2007
5.000% due 08/01/2032		1,100		1,101
Los Angeles, California Community College District General Obligation Bonds, (FSA Insured), Series 2006
5.000% due 08/01/2031		200		201
Los Angeles, California Unified School District General Obligation Bonds, (FSA Insured), Series 2007
4.500% due 07/01/2022		1,200		1,212
4.500% due 07/01/2024		2,000		1,991
Los Angeles, California Unified School District General Obligation Bonds, (MBIA Insured), Series 2007
4.500% due 07/01/2025		1,400		1,364
4.500% due 01/01/2028		1,700		1,613
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2006
4.750% due 06/15/2038		400		379
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2007
5.000% due 06/15/2037		1,200		1,193
5.000% due 06/15/2038		8,100		8,049
New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2006
9.248% due 12/15/2013		1,570		1,324
Ohio State Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2007
5.875% due 06/01/2047		10,100		8,899
6.000% due 06/01/2042		8,900		8,178
Puerto Rico Sales Tax Financing Corp. Revenue Bonds, (AMBAC Insured), Series 2007
0.000% due 08/01/2054		46,600		2,867
Rhode Island State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2002
6.000% due 06/01/2023		1,750		1,716
6.125% due 06/01/2032		740		706
San Bernardino, California Community College District General Obligation Bonds, (FSA Insured), Series 2006
5.000% due 08/01/2031		1,000		997
Texas State General Obligation Bonds, Series 2008
4.750% due 04/01/2037		6,900		6,557

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Texas State Turnpike Authority Revenue Bonds, (AMBAC Insured), Series 2002
0.000% due 08/15/2021	$	4,500	$	2,210
Washington State Tobacco Settlement Authority Revenue Bonds, Series 2002
6.500% due 06/01/2026		400		412
West Orange Cove, Texas Consolidated Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2008
4.750% due 02/15/2038		17,600		16,531
West Virginia State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
7.467% due 06/01/2047		13,500		12,887
Will County, Illinois Community Unit School District No. 201 General Obligation Bonds, (FGIC Insured), Series 2004
0.000% due 11/01/2022		9,990		4,485
Total Municipal Bonds & Notes (Cost $126,388)				123,932
COMMODITY INDEX-LINKED NOTES 0.4%
Morgan Stanley (GSCI)
2.546% due 07/07/2008		61,000		60,601
Total Commodity Index-Linked Notes (Cost $61,000)				60,601
U.S. GOVERNMENT AGENCIES 38.8%
Fannie Mae
2.729% due 03/25/2036		3,276		3,241
2.799% due 10/27/2037		6,300		5,968
2.949% due 05/25/2042		22		21
4.275% due 08/01/2035		399		408
4.500% due 07/15/2020		2,000		1,969
4.540% due 07/01/2035		510		518
4.665% due 05/01/2035		1,348		1,365
4.668% due 05/25/2035		200		201
4.669% due 01/01/2035		50		51
4.723% due 04/01/2035		1,069		1,077
4.858% due 06/01/2033		310		316
5.000% due 06/25/2027 - 04/01/2038		361,529		358,171
5.244% due 04/01/2033		1,278		1,301
5.500% due 11/01/2021 - 04/01/2038		2,391,098		2,416,591
5.722% due 06/01/2043 - 10/01/2044		5,682		5,665
5.723% due 03/01/2044		256		254
5.798% due 04/01/2032		165		168
5.950% due 02/25/2044		54		56
6.000% due 07/01/2031 - 04/01/2038		1,981,314		2,031,132
6.500% due 06/25/2028 - 04/01/2038		294,849		305,420
6.704% due 04/01/2027		136		137
6.927% due 10/01/2031		427		437
Federal Housing Administration
7.430% due 12/01/2020		68		69
Freddie Mac
2.879% due 09/25/2031		1,603		1,602
2.968% due 07/15/2019 - 10/15/2020		865		837
3.088% due 01/15/2037		448		433
3.168% due 12/15/2030		6,057		5,924
5.000% due 01/15/2024 - 06/01/2037		3,127		3,148
5.250% due 08/15/2011		3,118		3,170
5.300% due 01/09/2012		30,000		30,659
5.464% due 03/01/2034		2,846		2,858
5.500% due 05/15/2016 - 04/01/2038		196,080		198,318

50 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.722% due 10/25/2044	$	8,403	$	8,323
5.922% due 07/25/2044		672		657
6.000% due 01/01/2034 - 11/01/2037		575,110		590,482
6.500% due 01/25/2028		65		69
6.625% due 01/01/2034		1,284		1,297
7.000% due 10/15/2030		273		280
7.100% due 06/01/2033		1,035		1,045
7.254% due 01/01/2034		1,543		1,576
Ginnie Mae
3.218% due 06/16/2031 - 03/16/2032		160		158
4.750% due 12/20/2035		2,409		2,407
5.500% due 12/15/2036 - 09/15/2037		5,087		5,195
5.625% due 07/20/2035		139		139
6.000% due 06/20/2034		181		184
6.500% due 05/15/2028 - 04/15/2031		1,056		1,105
Small Business Administration
5.490% due 03/01/2028		4,100		4,198
5.902% due 02/10/2018		6,100		6,261
Total U.S. Government Agencies (Cost $5,880,106)				6,004,861
U.S. TREASURY OBLIGATIONS 95.9%
Treasury Inflation Protected Securities (d)
0.875% due 04/15/2010 (d)		1,070,478		1,095,818
1.625% due 01/15/2015 (d)		353,169		374,249
1.625% due 01/15/2018 (d)		493,618		517,721
1.750% due 01/15/2028 (d)		538,326		533,322
1.875% due 07/15/2013 (d)		1,277,176		1,377,355
1.875% due 07/15/2015 (d)		609,051		656,776
2.000% due 04/15/2012 (d)		84,414		90,870
2.000% due 01/15/2014 (d)		864,843		936,057
2.000% due 07/15/2014 (d)		500,752		543,473
2.000% due 01/15/2016 (d)		152,942		165,644
2.000% due 01/15/2026 (d)		624,737		643,430
2.375% due 04/15/2011 (d)		78,048		83,859
2.375% due 01/15/2017 (d)		1,265		1,410
2.375% due 01/15/2025 (d)		1,261,038		1,371,182
2.375% due 01/15/2027 (d)		255,123		278,263
2.500% due 07/15/2016 (d)		141,684		159,406
2.625% due 07/15/2017 (d)		619,990		705,820
3.000% due 07/15/2012 (d)		1,062,174		1,190,300
3.375% due 01/15/2012 (d)		112,095		126,160
3.375% due 04/15/2032 (d)		37,200		48,849
3.500% due 01/15/2011 (d)		674,492		746,157
3.625% due 04/15/2028 (d)		994,764		1,288,841
3.875% due 04/15/2029 (d)		827,690		1,118,286
4.250% due 01/15/2010 (d)		650,413		705,597
U.S. Treasury Bonds
4.375% due 02/15/2038		86,400		87,521
Total U.S. Treasury Obligations (Cost $14,829,399)				14,846,366
MORTGAGE-BACKED SECURITIES 1.7%
Banc of America Funding Corp.
4.622% due 02/20/2036		42,420		40,640
6.142% due 01/20/2047		521		452
BCAP LLC Trust
2.769% due 01/25/2037		15,316		10,806
Bear Stearns Adjustable Rate Mortgage Trust
4.125% due 03/25/2035		42,121		40,291
4.488% due 02/25/2034		533		498
4.550% due 08/25/2035		21,868		21,028
4.617% due 01/25/2034		3,616		3,378
4.760% due 01/25/2034		2,084		2,002
4.862% due 01/25/2035		8,152		7,902
6.099% due 11/25/2030		339		328

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Bear Stearns Alt-A Trust
5.371% due 05/25/2035	$	234	$	203
5.706% due 09/25/2035		333		274
Chase Mortgage Finance Corp.
4.353% due 02/25/2037		885		875
Citigroup Mortgage Loan Trust, Inc.
4.098% due 08/25/2035		2,321		2,316
4.248% due 08/25/2035		9,694		9,210
4.748% due 08/25/2035		10,267		10,204
4.900% due 12/25/2035		2,274		2,167
Countrywide Alternative Loan Trust
2.716% due 02/20/2047		79		60
6.000% due 01/25/2037		8,760		7,076
Countrywide Home Loan Mortgage Pass-Through Trust
2.939% due 06/25/2035		11,604		10,228
First Republic Mortgage Loan Trust
3.118% due 08/15/2032		142		137
Greenpoint Mortgage Funding Trust
2.869% due 11/25/2045		28		23
GSR Mortgage Loan Trust
4.539% due 09/25/2035		32,698		30,826
Harborview Mortgage Loan Trust
2.799% due 03/19/2037		1,991		1,501
2.876% due 06/20/2035		1,024		798
Indymac Index Mortgage Loan Trust
2.689% due 11/25/2046		54		51
JPMorgan Mortgage Trust
5.023% due 02/25/2035		670		609
Lehman XS Trust
2.679% due 07/25/2046		4,394		4,264
MASTR Adjustable Rate Mortgages Trust
4.666% due 12/25/2033		525		497
5.037% due 12/25/2033		477		459
Mellon Residential Funding Corp.
3.168% due 11/15/2031		47		43
3.561% due 12/15/2030		626		603
3.991% due 10/20/2029		327		316
Merrill Lynch Floating Trust
2.888% due 06/15/2022		3,030		2,837
Merrill Lynch Mortgage Investors, Inc.
2.809% due 02/25/2036		764		614
MLCC Mortgage Investors, Inc.
2.849% due 11/25/2035		107		94
3.198% due 03/15/2025		148		119
3.599% due 10/25/2035		61		53
Residential Accredit Loans, Inc.
2.779% due 06/25/2046		21,612		17,654
Sequoia Mortgage Trust
2.909% due 10/19/2026		40		38
Structured Adjustable Rate Mortgage Loan Trust
5.540% due 08/25/2035		174		146
5.726% due 01/25/2035		18		17
Structured Asset Mortgage Investments, Inc.
2.669% due 08/25/2036		38		37
2.719% due 08/25/2036		14,766		11,048
2.809% due 07/19/2035		593		483
2.809% due 05/25/2046		10,049		7,617
2.889% due 10/19/2034		16		14
Thornburg Mortgage Securities Trust
2.699% due 03/25/2037		899		834
2.719% due 09/25/2046		76		71
Wachovia Bank Commercial Mortgage Trust
2.908% due 09/15/2021		137		129
WaMu Mortgage Pass-Through Certificates
2.859% due 11/25/2045		7,087		5,721

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
2.889% due 10/25/2045	$	184	$	147
3.027% due 08/25/2033		6,000		6,000
3.139% due 12/25/2027		791		718
4.229% due 03/25/2034		750		748
5.220% due 02/27/2034		3,216		3,058
5.526% due 11/25/2042		6		5
5.572% due 07/25/2046		65		44
Total Mortgage-Backed Securities (Cost $276,603)				268,311
ASSET-BACKED SECURITIES 0.4%
ACE Securities Corp.
2.679% due 10/25/2036		413		401
BA Credit Card Trust
3.890% due 04/15/2013		33,300		32,975
Bear Stearns Asset-Backed Securities Trust
2.929% due 01/25/2036		1,108		1,078
3.049% due 03/25/2043		149		145
Bravo Mortgage Asset Trust
2.729% due 07/25/2036		951		935
Equity One Asset-Backed Securities, Inc.
2.899% due 04/25/2034		162		140
First USA Credit Card Master Trust
2.935% due 04/18/2011		2,000		1,998
Ford Credit Auto Owner Trust
5.292% due 10/15/2008		380		381
GSAMP Trust
2.719% due 12/25/2035		900		894
GSR Mortgage Loan Trust
2.699% due 11/25/2030		328		325
IXIS Real Estate Capital Trust
2.659% due 08/25/2036		886		881
Lehman XS Trust
2.679% due 04/25/2046		16		16
2.679% due 11/25/2046		52		50
2.689% due 05/25/2046		1,277		1,241
Long Beach Mortgage Loan Trust
2.689% due 01/25/2046		198		197
Merrill Lynch Mortgage Investors, Inc.
2.629% due 05/25/2037		5,551		5,445
2.649% due 05/25/2037		316		312
2.659% due 04/25/2037		507		501
Morgan Stanley ABS Capital I
2.639% due 07/25/2036		424		415
2.669% due 03/25/2036		473		471
Nelnet Student Loan Trust
2.616% due 12/22/2014		272		272
New Century Home Equity Loan Trust
2.669% due 08/25/2036		4,464		4,401
Nomura Asset Acceptance Corp.
2.739% due 01/25/2036		12		11
Popular ABS Mortgage Pass-Through Trust
2.689% due 06/25/2047		80		74
Residential Asset Securities Corp.
2.639% due 06/25/2036		44		43
2.669% due 07/25/2036		3,606		3,571
SACO I, Inc.
2.659% due 05/25/2036		2,375		1,801
SLM Student Loan Trust
3.331% due 01/25/2018		755		754
Soundview Home Equity Loan Trust
2.659% due 12/25/2036		584		562
Specialty Underwriting & Residential Finance
2.679% due 12/25/2036		968		962

See Accompanying Notes Annual Report March 31, 2008 51

Schedule of Investments  Real Return Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
USAA Auto Owner Trust
4.160% due 04/16/2012	$	1,700	$	1,714
Total Asset-Backed Securities (Cost $64,232)				62,966
SOVEREIGN ISSUES 0.1%
Export-Import Bank of Korea
4.901% due 10/04/2011		17,150		17,179
Total Sovereign Issues (Cost $17,133)				17,179
FOREIGN CURRENCY-DENOMINATED ISSUES 4.5%
Brazil Notas do Tesouro Nacional Series F
10.000% due 01/01/2012	BRL	50,049		25,849
Brazilian Government International Bond
10.250% due 01/10/2028		10,000		5,334
Brazilian Government International CPI Linked Bond
6.000% due 08/15/2010		5,400		5,042
Canadian Government Bond
3.000% due 12/01/2036 (d)	CAD	20,952		26,952
Canadian Government CPI Linked Bond
4.250% due 12/01/2021		2,692		3,472
France Government Bond
1.600% due 07/25/2011 (d)	EUR	6,508		10,312
1.600% due 07/25/2015 (d)		3,233		5,121
3.150% due 07/25/2032 (d)		6,909		12,889
General Electric Capital Corp.
4.625% due 09/15/2066		4,450		6,104
5.500% due 09/15/2066	GBP	12,450		22,617
5.500% due 09/15/2067	EUR	500		748
6.500% due 09/15/2067	GBP	30,600		58,310
Green Valley Ltd.
8.376% due 01/10/2011	EUR	5,100		8,115
Italy Buoni Poliennali Del Tesoro
2.150% due 09/15/2014 (d)		2,215		3,580
4.250% due 08/01/2014		1,700		2,724
Japanese Government CPI Linked Bond
0.800% due 12/10/2015	JPY	3,010,930		29,673
1.100% due 12/10/2016		10,681,320		107,040
1.200% due 06/10/2017		14,335,868		144,121
1.200% due 12/10/2017		1,748,700		17,526
Network Rail Infrastructure Finance PLC UKRPI Linked Bond
1.375% due 11/22/2037	GBP	100		218
New Zealand Government CPI Linked Bond
4.500% due 02/15/2016	NZD	10,000		10,495
Pylon Ltd.
6.117% due 12/29/2008	EUR	21,850		34,368
8.517% due 12/29/2008		40,700		64,576
Royal Bank of Scotland Group PLC
7.092% due 10/29/2049		5,000		7,061
Sweden Government CPI Linked Bond
3.500% due 12/01/2028	SEK	9,600		2,442
4.000% due 12/01/2008		37,000		7,618
United Kingdom Gilt Inflation Linked Bond
2.000% due 01/26/2035	GBP	100		310
2.500% due 05/20/2009		12,200		65,345
2.500% due 08/16/2013		2,500		12,527
Total Foreign Currency-Denominated Issues (Cost $620,493)				700,489

		SHARES		VALUE (000S)
CONVERTIBLE PREFERRED STOCKS 0.1%
Bank of America Corp.
7.250% due 12/31/2049		16,000	$	16,528
Total Convertible Preferred Stocks (Cost $16,000)				16,528
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 34.5%
CERTIFICATES OF DEPOSIT 1.3%
Abbey National Treasury Services PLC
3.069% due 07/02/2008	$	96,900		96,623
Citibank New York N.A.
3.100% due 05/07/2008		100,000		100,000
Nordea Bank Finland PLC
3.081% due 12/01/2008		5,500		5,497
Societe Generale NY
2.626% due 06/30/2008		1,500		1,497
				203,617
COMMERCIAL PAPER 25.2%
ANZ National International Ltd.
2.770% due 06/05/2008		28,800		28,656
3.070% due 05/21/2008		32,800		32,660
Banco Santander Central Hispano S.A.
2.770% due 06/09/2008		11,300		11,240
Bank of America Corp.
2.770% due 05/01/2008		32,100		32,026
2.950% due 04/07/2008		400,800		400,603
2.950% due 04/23/2008		14,850		14,823
Barclays U.S. Funding Corp.
2.790% due 06/11/2008		98,200		97,663
BNP Paribas Finance, Inc.
2.694% due 04/14/2008		54,800		54,747
Calyon Financial, Inc.
3.000% due 04/04/2008		186,500		186,453
CBA (de) Finance
2.760% due 06/13/2008		2,500		2,486
2.920% due 06/06/2008		2,100		2,089
3.080% due 05/01/2008		30,600		30,522
Danske Corp.
2.790% due 04/14/2008		118,100		117,981
2.790% due 04/15/2008		233,400		233,147
2.800% due 04/14/2008		5,800		5,794
DnB NOR Bank ASA
4.560% due 04/04/2008		36,800		36,786
Fortis Funding LLC
3.040% due 04/03/2008		20,000		19,997
HSBC Bank USA N.A.
2.760% due 07/07/2008		5,300		5,261
2.880% due 06/06/2008		17,600		17,510
ING Funding LLC
2.980% due 04/04/2008		15,400		15,396
Intesa Funding LLC
2.760% due 06/16/2008		162,100		161,152
Lloyds TSB Bank PLC
2.950% due 04/08/2008		378,200		377,983
Nordea N.A., Inc.
2.950% due 04/09/2008		33,200		33,178
2.980% due 04/04/2008		52,500		52,487
2.980% due 04/08/2008		347,500		347,299

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Rabobank USA Financial Corp.
3.000% due 04/08/2008	$	350,800	$	350,595
Royal Bank of Scotland Group PLC
2.750% due 05/21/2008		10,400		10,360
3.020% due 05/14/2008		24,500		24,412
3.070% due 04/24/2008		182,400		182,042
3.800% due 04/14/2008		95,200		95,069
San Paolo U.S. Financial Co.
2.730% due 04/11/2008		46,100		46,065
2.770% due 06/13/2008		111,100		110,476
2.850% due 04/30/2008		1,200		1,197
Skandinaviska Enskilda Banken AB
3.810% due 04/17/2008		44,400		44,325
Societe General N.A.
2.770% due 06/16/2008		414,900		412,473
Svenska Handelsbanken AB
2.990% due 05/19/2008		7,200		7,171
UBS Finance Delaware LLC
2.940% due 06/06/2008		92,200		91,731
3.020% due 04/04/2008		128,200		128,168
Unicredito Italiano SpA
2.830% due 06/16/2008		26,000		25,848
3.000% due 04/08/2008		1,300		1,299
3.100% due 05/05/2008		14,200		14,158
3.850% due 05/02/2008		40,900		40,764
				3,904,092
REPURCHASE AGREEMENTS 0.3%
Credit Suisse Securities (USA) LLC
1.200% due 04/01/2008		42,000		42,000
(Dated 03/31/2008. Collateralized by U.S. Treasury Notes 3.625% due 10/31/2009 valued at $43,042. Repurchase proceeds are $42,001.)
Fixed Income Clearing Corp.
1.900% due 04/01/2008		8,005		8,005
(Dated 03/31/2008. Collateralized by Fannie Mae 0.000% due 06/13/2008 valued at $2,117 and Freddie Mac 0.000% due 06/09/2008 valued at $6,052. Repurchase proceeds are $8,005.)
				50,005
U.S. TREASURY BILLS 7.7%
1.131% due 04/15/2008 - 09/11/2008 (c)(e)(f)(g)		1,197,186		1,187,786
Total Short-Term Instruments (Cost $5,351,156)				5,345,500
PURCHASED OPTIONS (l) 0.4%
(Cost $19,633)				56,059
Total Investments 186.1% (Cost $28,614,231)			$	28,828,063
Written Options (m) (0.7%) (Premiums $68,414)				(115,533	)
Other Assets and Liabilities (Net) (85.4%)				(13,227,487	)
Net Assets (h) 100.0%			$	15,485,043

52 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security is in default.

(b) When-issued security.

(c) Coupon represents a weighted average rate.

(d) Principal amount of security is adjusted for inflation.

(e) Securities with an aggregate market value of $118,107 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(f) Securities with an aggregate market value of $212,065 have been pledged as collateral for delayed-delivery securities on March 31, 2008.

(g) Securities with an aggregate market value of $597 have been pledged as collateral for delayed-delivery mortgage-backed securities on March 31, 2008.

(h) As of March 31, 2008, portfolio securities with an aggregate value of $72,900 and derivative instruments with an aggregate depreciation of ($15,035) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(i) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $59,864 at a weighted average interest rate of 5.354%. On March 31, 2008, there were no open reverse repurchase agreements.

(j) Cash of $83,880 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Euribor December Futures	Long	12/2008	738	$	1,218
90-Day Euribor December Futures	Long	12/2009	852		1,342
90-Day Euribor June Futures	Short	06/2008	400		28
90-Day Euribor June Futures	Long	06/2009	1,187		1,800
90-Day Euribor March Futures	Long	03/2009	674		758
90-Day Euribor September Futures	Long	09/2008	373		(244	)
90-Day Euribor September Futures	Long	09/2009	1,192		1,576
90-Day Eurodollar December Futures	Short	12/2008	258		(92	)
90-Day Eurodollar December Futures	Long	12/2009	164		49
90-Day Eurodollar June Futures	Long	06/2009	1,383		7,709
90-Day Eurodollar September Futures	Short	09/2008	5		(1	)
90-Day Eurodollar September Futures	Long	09/2009	1,596		7,703
Canada Government 10-Year Bond June Futures	Long	06/2008	22		91
Euro-Bund 10-Year Bond June Futures	Short	06/2008	2,270		2,249
Euro-Schatz June Futures	Long	06/2008	227		(230	)
U.S. Treasury 2-Year Note June Futures	Short	06/2008	368		32
U.S. Treasury 5-Year Note June Futures	Short	06/2008	2,120		(2,396	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	17,625		54,921
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	16,252		(21,953	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	2,206		1,634
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2009	120		21
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	4,757		1,914
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2009	1,095		1,696
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	1,039		1,347
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	3,153		3,292
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2009	120		39
United Kingdom Government 10-Year Bond June Futures	Short	06/2008	95		(265	)
				$	64,238

(k) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.992%		03/20/2013	DUB	$	17,100	$	110
AutoZone, Inc. 5.875% due 10/15/2012	Buy	(0.529%	)	12/20/2012	GSC		4,100		101
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	0.720%		09/20/2012	CITI		5,800		(284	)
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	0.720%		09/20/2012	JPM		8,600		(421	)
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Buy	(1.780%	)	12/20/2012	GSC		8,500		34
Bear Stearns Cos., Inc. 7.250% due 02/01/2018	Buy	(2.180%	)	03/20/2018	BNP		17,000		(850	)
Black & Decker Corp. 7.125% due 06/01/2011	Buy	(0.680%	)	12/20/2012	BOA		800		31
Burlington Northern Santa Fe Corp. 5.650% due 05/01/2017	Buy	(0.720%	)	06/20/2017	BCLY		2,500		(9	)
Capital One Financial Corp. 6.250% due 11/15/2013	Buy	(1.210%	)	09/20/2012	BEAR		7,200		602
Capital One Financial Corp. 6.250% due 11/15/2013	Buy	(1.200%	)	09/20/2012	RBS		10,000		840
Capital One Financial Corp. 6.250% due 11/15/2013	Buy	(1.200%	)	09/20/2012	UBS		10,000		840
Capital One Financial Corp. 6.250% due 11/15/2013	Buy	(1.150%	)	09/20/2012	JPM		800		69
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	0.970%		06/20/2012	CSFB		3,200		(161	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.010%		06/20/2012	CSFB		3,100		(151	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.020%		06/20/2012	CSFB		9,000		(436	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.040%		06/20/2012	CSFB		3,700		(176	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.370%		09/20/2012	CITI		5,000		(201	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.370%		09/20/2012	MSC		1,800		(73	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.380%		09/20/2012	GSC		2,000		(80	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.150%		12/20/2012	DUB		1,100		(60	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	2.100%		03/20/2013	CITI		1,300		(24	)

See Accompanying Notes Annual Report March 31, 2008 53

Schedule of Investments  Real Return Fund  (Cont.)

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Clorox Co. 6.125% due 02/01/2011	Buy	(0.470%	)	12/20/2012	CITI	$	2,300	$	33
Computer Sciences Corp. 6.500% due 03/15/2018	Buy	(1.360%	)	03/20/2018	LEH		2,500		(34	)
ConAgra Foods, Inc. 7.000% due 10/01/2028	Buy	(0.299%	)	12/20/2012	GSC		4,600		81
Con-way, Inc. 7.250% due 01/15/2018	Buy	(1.834%	)	03/20/2018	BOA		10,000		(6	)
CSX Corp. 6.250% due 03/15/2018	Buy	(1.050%	)	03/20/2018	CSFB		5,000		75
Erac USA Finance Co, 6.375% due 10/15/2017	Buy	(2.700%	)	12/20/2017	GSC		5,000		224
Fannie Mae 5.250% due 08/01/2012	Sell	1.401%		03/20/2013	BNP		20,000		91
Fannie Mae 5.250% due 08/01/2012	Sell	1.580%		03/20/2013	BNP		2,500		32
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	2.560%		06/20/2012	UBS		1,500		(286	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.800%		09/20/2012	BCLY		2,500		(416	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.800%		09/20/2012	MSC		8,600		(1,431	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.850%		09/20/2012	JPM		3,600		(595	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	1.010%		03/20/2013	BCLY		4,700		(58	)
GMAC LLC 6.875% due 08/28/2012	Buy	(5.200%	)	09/20/2008	GSC		6,200		224
GMAC LLC 6.875% due 08/28/2012	Buy	(4.250%	)	09/20/2008	DUB		2,900		118
GMAC LLC 6.875% due 08/28/2012	Sell	3.400%		06/20/2011	GSC		1,100		(244	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.620%		06/20/2011	UBS		5,000		(1,040	)
GMAC LLC 6.875% due 08/28/2012	Sell	6.850%		06/20/2012	MSC		5,700		(874	)
GMAC LLC 6.875% due 08/28/2012	Buy	(4.800%	)	09/20/2012	RBS		10,000		2,050
GMAC LLC 6.875% due 08/28/2012	Sell	3.050%		09/20/2012	BCLY		3,200		(793	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.050%		09/20/2012	GSC		11,300		(2,802	)
GMAC LLC 6.875% due 08/28/2012	Sell	5.100%		09/20/2012	BOA		15,000		(2,965	)
GMAC LLC 6.875% due 08/28/2012	Sell	5.400%		09/20/2012	JPM		3,100		(590	)
GMAC LLC 6.875% due 08/28/2012	Sell	5.450%		09/20/2012	JPM		3,100		(586	)
GMAC LLC 6.875% due 08/28/2012	Sell	6.300%		09/20/2012	BOA		1,200		(202	)
GMAC LLC 6.875% due 08/28/2012	Sell	6.300%		09/20/2012	MLP		18,600		(3,129	)
GMAC LLC 6.875% due 08/28/2012	Sell	6.310%		09/20/2012	GSC		9,300		(1,562	)
GMAC LLC 6.875% due 08/28/2012	Sell	7.000%		09/20/2012	BOA		7,000		(1,057	)
Goldman Sachs Group, Inc. 5.950% due 01/18/2018	Buy	(0.970%	)	03/20/2018	BNP		7,500		327
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.110%		06/20/2008	CITI		26,100		(70	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.720%		09/20/2012	LEH		8,000		(230	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.740%		09/20/2012	CSFB		9,600		(268	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.750%		09/20/2012	MLP		5,000		(138	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.750%		09/20/2012	MSC		2,100		(58	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.770%		09/20/2012	BCLY		7,000		(187	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.780%		09/20/2012	RBS		2,000		(53	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.800%		09/20/2012	BEAR		600		(15	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Buy	(0.400%	)	12/20/2012	CITI		4,400		194
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Buy	(0.390%	)	12/20/2012	BNP		5,700		254
Home Depot, Inc. 5.400% due 03/01/2016	Buy	(1.750%	)	03/20/2016	LEH		2,500		10
Hospira, Inc. 5.900% due 06/15/2014	Buy	(1.030%	)	06/20/2014	MSC		2,500		(27	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400%		12/20/2008	LEH		4,000		(19	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.510%		12/20/2008	DUB		36,500		(140	)
Kimberly-Clark Corp. 6.875% due 02/15/2014	Buy	(0.320%	)	12/20/2012	BEAR		1,000		7
Kraft Foods, Inc. 6.125% due 02/01/2018	Buy	(1.130%	)	03/20/2018	RBS		2,000		27
Kraft Foods, Inc. 6.125% due 02/01/2018	Buy	(0.860%	)	03/20/2018	GSC		4,000		139
Kroger Co. 6.400% due 08/15/2017	Buy	(0.900%	)	09/20/2017	BOA		5,000		(25	)
Lehman Brothers Holdings, Inc. 5.625% due 01/24/2013	Buy	(1.420%	)	03/20/2013	JPM		9,000		564
Lehman Brothers Holdings, Inc. 5.625% due 01/24/2013	Buy	(1.420%	)	03/20/2013	RBS		1,000		63
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.660%		09/20/2012	RBS		7,000		(633	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.700%		09/20/2012	JPM		8,700		(773	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	1.120%		09/20/2012	BNP		3,200		(233	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	1.200%		09/20/2012	BNP		3,200		(223	)
Limited Brands, Inc. 6.900% due 07/15/2017	Buy	(3.113%	)	09/20/2017	MSC		2,000		43
Macys Retail Holdings, Inc. 7.450% due 07/15/2017	Buy	(2.110%	)	09/20/2017	DUB		2,000		69
Macys Retail Holdings, Inc. 7.450% due 07/15/2017	Buy	(2.100%	)	09/20/2017	DUB		1,000		35
Marriott International, Inc. 4.625% due 06/15/2012	Buy	(0.640%	)	12/20/2012	GSC		2,100		139
Marsh & McLennan Cos., Inc. 5.750% due 09/15/2015	Buy	(1.180%	)	09/20/2015	BOA		2,500		(23	)
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Buy	(0.950%	)	12/20/2012	BOA		1,600		115
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Buy	(0.930%	)	12/20/2012	BCLY		9,800		715
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Buy	(0.930%	)	12/20/2012	JPM		5,400		394
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Buy	(0.920%	)	12/20/2012	UBS		1,100		81
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Buy	(0.900%	)	12/20/2012	LEH		5,000		371
Merrill Lynch & Co., Inc. 5.450% due 02/05/2013	Buy	(1.380%	)	03/20/2013	BNP		8,000		448
Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.670%		01/20/2017	LEH		5,700		(335	)
Motorola, Inc. 6.000% due 11/15/2017	Buy	(1.020%	)	12/20/2017	LEH		4,000		581
Multiple Reference Entities of Gazprom	Sell	1.000%		11/20/2008	CSFB		11,700		(14	)
Newell Rubbermaid, Inc. 6.350% until 07/15/2008 and variable thereafter, due 07/15/2028	Buy	(0.319%	)	12/20/2012	GSC		4,200		92
Nucor Corp. 5.750% due 12/01/2017	Buy	(0.486%	)	12/20/2017	CSFB		4,000		103
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.250%		12/20/2008	DUB		4,000		(14	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%		12/20/2008	BCLY		26,300		(77	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%		12/20/2008	MSC		8,900		(26	)
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.290%		12/20/2008	BCLY		7,000		0
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.320%		12/20/2008	LEH		4,000		(1	)
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.350%		12/20/2008	BCLY		17,900		1

54 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Peru Government International Bond 9.125% due 02/21/2012	Sell	0.370%		12/20/2008	LEH	$	17,300	$	5
Prudential Financial, Inc. 6.100% due 06/15/2017	Buy	(0.870%	)	06/20/2017	BCLY		2,000		104
RH Donnelley Corp. 8.875% due 01/15/2016	Sell	3.400%		09/20/2012	CITI		100		(39	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.325%		12/20/2008	DUB		19,000		(29	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.330%		12/20/2008	BCLY		17,900		(26	)
SLM Corp. 5.125% due 08/27/2012	Sell	3.800%		03/20/2009	GSC		8,000		(435	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.000%		03/20/2009	BCLY		5,000		(263	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.750%		03/20/2009	UBS		25,000		(970	)
Staples, Inc. 7.375% due 10/01/2012	Buy	(0.700%	)	12/20/2012	MSC		400		14
Target Corp. 6.000% due 01/15/2018	Buy	(1.200%	)	03/20/2018	MSC		7,000		23
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.780%		12/20/2008	BCLY		17,900		(56	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.790%		12/20/2008	DUB		19,000		(58	)
Verizon Communications, Inc. 5.500% due 04/01/2017	Buy	(0.550%	)	06/20/2017	LEH		5,000		254
VF Corp. 8.500% due 10/01/2010	Buy	(0.449%	)	12/20/2012	LEH		3,100		44
Viacom, Inc. 6.125% due 10/05/2017	Buy	(1.110%	)	12/20/2017	BOA		4,000		220
Viacom, Inc. 6.250% due 04/30/2016	Buy	(1.250%	)	06/20/2016	LEH		2,500		94
Vnesheconom 0.000% due 07/12/2009	Sell	0.650%		11/20/2008	BCLY		11,000		(80	)
Whirlpool Corp. 6.500% due 06/15/2016	Buy	(1.060%	)	06/20/2016	GSC		6,000		(15	)
								$	(16,064	)

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
CMBX N.A. AAA 3 Index	Sell	0.080%		12/13/2049	MSC	$	84,990	$	5,104
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	BCLY		11,484		652
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	BEAR		48,520		3,375
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	BOA		137,264		9,595
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	DUB		2,178		125
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	LEH		24,552		1,254
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	MLP		89,397		5,447
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	UBS		31,779		1,881
Dow Jones CDX N.A. HY9 Index	Sell	3.330%		12/20/2012	LEH		43,400		(4,560	)
Dow Jones CDX N.A. HY9 Index	Sell	6.385%		12/20/2012	GSC		10,800		107
Dow Jones CDX N.A. HY9 Index	Sell	6.450%		12/20/2012	JPM		15,000		386
Dow Jones CDX N.A. HY9 Index	Sell	6.510%		12/20/2012	MLP		10,600		184
Dow Jones CDX N.A. HY9 Index	Sell	6.570%		12/20/2012	MSC		2,800		57
Dow Jones CDX N.A. HY9 Index	Sell	6.690%		12/20/2012	MLP		8,200		203
Dow Jones CDX N.A. IG8 Index	Buy	(0.350%	)	06/20/2012	BCLY		26,400		923
Dow Jones CDX N.A. IG8 Index	Buy	(0.350%	)	06/20/2012	BOA		13,000		468
Dow Jones CDX N.A. IG9 Index	Buy	(0.600%	)	12/20/2012	LEH		71,300		1,862
Dow Jones CDX N.A. IG9 Index	Buy	(0.600%	)	12/20/2012	MLP		143,200		6,045
Dow Jones CDX N.A. IG9 Index	Buy	(0.600%	)	12/20/2012	MSC		61,300		2,588
Dow Jones CDX N.A. IG9 Index	Sell	0.600%		12/20/2012	DUB		15,000		60
Dow Jones CDX N.A. IG9 Index	Sell	0.600%		12/20/2012	GSC		153,200		1,026
Dow Jones CDX N.A. IG9 Index	Sell	0.600%		12/20/2012	JPM		37,300		(1,228	)
Dow Jones CDX N.A. IG9 Index	Sell	0.990%		12/20/2012	DUB		6,500		18
Dow Jones CDX N.A. IG9 Index	Sell	1.130%		12/20/2012	MSC		4,800		47
Dow Jones CDX N.A. IG9 Index	Buy	(6.550%	)	12/20/2017	GSC		22,700		1,145
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	BCLY		224,400		7,896
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	BOA		38,200		1,482
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	GSC		62,700		2,431
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	JPM		17,600		679
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	LEH		34,200		1,308
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	MSC		151,800		4,609
Dow Jones CDX N.A. XO8 Index	Buy	(1.400%	)	06/20/2012	BOA		6,400		383
Home Equity Index A Rating 2007-1	Sell	0.640%		08/25/2037	LEH		4,100		(916	)
								$	54,636

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month Australian Bank Bill	7.000%	06/15/2009	CITI	AUD	145,000	$	(765	)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	CITI		15,900		(6	)
Pay	3-Month Australian Bank Bill	7.500%	03/15/2010	UBS		468,200		1,636
Pay	3-Month Canadian Bank Bill	5.000%	06/20/2012	BOA	CAD	13,100		402
Receive	3-Month Canadian Bank Bill	5.500%	06/20/2017	BOA		2,800		(49	)
Receive	3-Month Canadian Bank Bill	5.500%	06/20/2017	RBC		5,200		(140	)

See Accompanying Notes Annual Report March 31, 2008 55

Schedule of Investments  Real Return Fund  (Cont.)

Interest Rate Swaps (Cont.)
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month Canadian Bank Bill	4.500%	06/15/2025	HSBC	CAD	7,000	$	16
Pay	3-Month Canadian Bank Bill	4.500%	06/15/2025	JPM		3,300		64
Pay	3-Month Canadian Bank Bill	4.500%	06/15/2025	MLP		9,000		123
Pay	3-Month Canadian Bank Bill	4.500%	06/15/2025	UBS		4,700		89
Pay	3-Month SEK-LIBOR	4.500%	06/17/2008	BCLY	SEK	168,000		(164	)
Pay	3-Month SEK-LIBOR	4.500%	06/17/2008	JPM		46,000		(54	)
Pay	3-Month USD-LIBOR	4.000%	06/18/2009	DUB	$	784,700		8,823
Pay	3-Month USD-LIBOR	5.000%	06/18/2009	UBS		1,276,300		38,082
Receive	3-Month USD-LIBOR	4.000%	06/18/2010	MLP		282,800		(1,119	)
Receive	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		51,885		(251	)
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	BCLY		299,000		13,067
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	MSC		22,400		983
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	RBS		430,500		20,551
Receive	3-Month USD-LIBOR	5.000%	06/20/2014	GSC		264,300		(20,941	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2015	DUB		37,900		(1,614	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2015	RBS		80,400		(4,363	)
Receive	3-Month USD-LIBOR	5.000%	06/20/2017	BCLY		51,100		(4,068	)
Pay	3-Month USD-LIBOR	5.000%	06/18/2018	MSC		49,400		278
Pay	3-Month USD-LIBOR	5.000%	06/18/2018	RBS		44,500		1,488
Receive	3-Month USD-LIBOR	5.000%	12/20/2021	DUB		114,500		(15,672	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2023	MLP		15,200		(1,066	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2023	RBS		50,000		(1,382	)
Receive	3-Month USD-LIBOR	5.000%	12/20/2026	DUB		146,500		(22,295	)
Receive	3-Month USD-LIBOR	5.000%	12/20/2026	UBS		59,600		(9,070	)
Pay	3-Month USD-LIBOR	5.000%	06/20/2027	BOA		46,000		4,060
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	CITI		31,100		(539	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	DUB		2,100		(10	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	JPM		84,300		(520	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		105,600		(1,122	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.040%	03/15/2010	BCLY	EUR	50,000		237
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.103%	09/14/2010	BNP		60,000		314
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.090%	10/15/2010	BNP		52,200		358
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.103%	10/15/2010	BCLY		8,800		89
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.146%	10/15/2010	UBS		22,700		183
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.040%	02/21/2011	BNP		33,900		(100	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.100%	03/13/2011	DUB		4,800		15
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.028%	10/15/2011	JPM		31,400		(113	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.095%	10/15/2011	UBS		27,800		(10	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.973%	12/15/2011	JPM		6,900		(138	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.976%	12/15/2011	GSC		40,900		(640	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.988%	12/15/2011	BNP		72,600		(1,148	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	BCLY		5,900		(131	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	JPM		12,600		(278	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.983%	03/15/2012	BNP		5,200		(115	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.995%	03/15/2012	GSC		62,000		(1,145	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.955%	03/28/2012	RBS		5,900		(128	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	03/30/2012	GSC		6,900		(154	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	04/05/2012	BCLY		3,000		(68	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958%	04/10/2012	JPM		42,300		(1,031	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.980%	04/30/2012	BCLY		9,200		(213	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.238%	06/20/2012	BCLY		17,000		(70	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.098%	09/28/2012	BNP		33,000		(540	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.150%	01/19/2016	BNP		75,000		(266	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.350%	10/15/2016	UBS		33,100		54
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.353%	10/15/2016	JPM		30,000		123
Pay	6-Month Australian Bank Bill	7.000%	12/15/2009	BCLY	AUD	162,100		(435	)
Pay	6-Month Australian Bank Bill	7.000%	12/15/2009	MSC		169,500		(461	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	CITI		53,500		(752	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	DUB		209,600		(2,904	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	JPM		35,800		(506	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	RBC		21,900		(298	)
Pay	6-Month Australian Bank Bill	7.000%	06/15/2010	DUB		614,500		(3,573	)
Receive	6-Month Australian Bank Bill	6.500%	06/15/2017	CITI		20,900		575
Receive	6-Month Australian Bank Bill	6.500%	06/15/2017	DUB		14,300		368
Receive	6-Month Australian Bank Bill	6.750%	12/15/2017	BCLY		20,200		438
Receive	6-Month Australian Bank Bill	6.750%	12/15/2017	MSC		21,200		468
Receive	6-Month Australian Bank Bill	7.000%	03/15/2019	UBS		28,600		(98	)
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	DUB	EUR	169,800		1,507
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	MSC		146,800		1,303
Receive	6-Month EUR-LIBOR	4.000%	06/15/2017	MSC		104,450		5,287
Receive	6-Month EUR-LIBOR	5.000%	03/19/2018	BCLY		500		(18	)
Pay	6-Month EUR-LIBOR	4.500%	06/18/2034	MSC		56,600		(67	)
Pay	6-Month EUR-LIBOR	5.000%	06/18/2034	JPM		15,927		261
Pay	6-Month GBP-LIBOR	5.000%	06/15/2008	BCLY	GBP	13,000		(48	)
Pay	6-Month GBP-LIBOR	5.000%	06/15/2008	JPM		27,000		(180	)

56 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Interest Rate Swaps (Cont.)
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	6-Month GBP-LIBOR	5.000%	06/15/2008	UBS	GBP	20,000	$	(69	)
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	BCLY		277,600		(1,246	)
Pay	6-Month GBP-LIBOR	5.000%	12/19/2009	MSC		327,600		2,656
Receive	6-Month GBP-LIBOR	5.000%	03/20/2010	BCLY		2,900		13
Pay	6-Month GBP-LIBOR	6.000%	03/20/2010	DUB		95,200		1,631
Pay	6-Month GBP-LIBOR	5.000%	09/15/2010	BCLY		54,200		(744	)
Pay	6-Month GBP-LIBOR	5.000%	09/15/2010	CSFB		48,500		1,436
Pay	6-Month GBP-LIBOR	5.000%	03/20/2013	DUB		28,900		(256	)
Pay	6-Month GBP-LIBOR	5.000%	03/20/2013	GSC		39,200		(278	)
Pay	6-Month GBP-LIBOR	5.000%	03/20/2013	JPM		35,000		119
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	GSC		5,000		(11	)
Receive	6-Month GBP-LIBOR	5.000%	09/15/2015	GSC		45,200		(1,851	)
Receive	6-Month GBP-LIBOR	5.000%	03/20/2018	BCLY		30,600		(2,534	)
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	BCLY		42,400		2,498
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	CSFB		19,300		1,154
Receive	6-Month GBP-LIBOR	4.250%	06/12/2036	HSBC		35,600		3,846
Pay	6-Month JPY-LIBOR	1.000%	03/18/2009	MSC	JPY	33,800,000		867
Receive	6-Month JPY-LIBOR	2.000%	06/20/2017	BCLY		12,790,000		(3,571	)
Receive	6-Month JPY-LIBOR	2.000%	06/20/2017	RBS		7,040,000		(2,273	)
Pay	28-Day Mexico Interbank TIIE Banxico	8.720%	09/05/2016	BCLY	MXN	210,000		1,157
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	CITI		584,200		1,146
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	GSC		11,800		28
Pay	28-Day Mexico Interbank TIIE Banxico	8.330%	02/14/2017	BCLY		132,800		419
Pay	BRL-CDI-Compounded	12.410%	01/04/2010	UBS	BRL	163,000		(938	)
Pay	BRL-CDI-Compounded	10.115%	01/02/2012	MSC		47,600		(1,757	)
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		277,300		(9,931	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	BCLY		6,000		(17	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	LEH		3,600		(29	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	MLP		427,200		(1,644	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	MSC		40,800		(199	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA Index	2.275%	10/15/2016	UBS	EUR	33,900		55
Pay	U.S. CPI Urban Consumers NSA Index	2.538%	01/16/2013	BCLY	$	45,000		(381	)
Pay	U.S. CPI Urban Consumers NSA Index	2.790%	10/07/2015	BNP		50,000		(84	)
Pay	U.S. CPI Urban Consumers NSA Index	2.710%	01/08/2018	BNP		40,000		(97	)
Pay	U.S. CPI Urban Consumers NSA Index	2.970%	03/05/2018	GSC		39,000		633
Pay	U.S. CPI Urban Consumers NSA Index	2.980%	03/06/2018	MSC		6,900		91
Pay	United Kingdom RPI Index	3.100%	11/14/2016	BCLY	GBP	40,000		(1,895	)
Pay	United Kingdom RPI Index	3.250%	12/14/2017	BCLY		3,000		(48	)
Pay	United Kingdom RPI Index	3.183%	12/19/2017	RBS		11,900		(224	)
Pay	United Kingdom RPI Index	3.110%	01/03/2018	GSC		34,800		(1,123	)
Pay	United Kingdom RPI Index	3.381%	06/14/2027	RBS		13,600		(917	)
Pay	United Kingdom RPI Index	3.440%	09/10/2027	RBS		17,000		(870	)
Pay	United Kingdom RPI Index	3.425%	10/17/2027	BCLY		5,250		(323	)
							$	(15,157	)

(l) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 2-Year Note June Futures	$	110.500	05/23/2008	6,154	$	386	$	96
Call - CBOT U.S. Treasury 5-Year Note June Futures		125.000	05/23/2008	2,922		53		23
Call - CBOT U.S. Treasury 5-Year Note June Futures		132.000	05/23/2008	27		0		0
Call - CBOT U.S. Treasury 30-Year Bond June Futures		141.000	05/23/2008	22		1		0
Call - CBOT U.S. Treasury 30-Year Bond June Futures		142.000	05/23/2008	195		4		3
Call - CBOT U.S. Treasury 30-Year Bond June Futures		144.000	05/23/2008	3,075		56		48
Call - CBOT U.S. Treasury 30-Year Bond June Futures		145.000	05/23/2008	3,400		62		53
Call - CBOT U.S. Treasury 30-Year Bond June Futures		153.000	05/23/2008	1,800		17		28
Call - CBOT U.S. Treasury 30-Year Bond June Futures		154.000	05/23/2008	5,500		52		86
Call - CBOT U.S. Treasury 30-Year Bond June Futures		155.000	05/23/2008	1,014		10		16
Put - CBOT U.S. Treasury 10-Year Note June Futures		84.000	05/23/2008	4,233		40		66
Put - CBOT U.S. Treasury 10-Year Note June Futures		85.000	05/23/2008	1,500		14		24
Put - CBOT U.S. Treasury 10-Year Note June Futures		86.000	05/23/2008	3,500		33		55
Put - CBOT U.S. Treasury 10-Year Note June Futures		88.000	05/23/2008	9		0		0
					$	728	$	498

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500%	02/02/2009	$	170,800	$	1,879	$	2,855
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		116,500		588		4,813
								$	2,467	$	7,668

See Accompanying Notes Annual Report March 31, 2008 57

Schedule of Investments  Real Return Fund  (Cont.)

Foreign Currency Options
Description	Exercise Price	Expiration Date	Notional Amount		Cost		Value
Call - OTC Euro versus U.S. dollar	$        1.392	07/08/2010	EUR	55,100	$	2,903	$	9,142
Put - OTC Euro versus U.S. dollar	1.392	07/08/2010		55,100		2,903		2,105
Call - OTC U.S. dollar versus Japanese yen	JPY    118.150	06/23/2008	$	182,600		4,807		347
Put - OTC U.S. dollar versus Japanese yen	118.150	06/23/2008		182,600		4,807		34,978
Call - OTC U.S. dollar versus Japanese yen	111.000	12/01/2008		32,000		579		74
					$	15,999	$	46,646

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Treasury Inflation Protected Securities 0.875% due 04/15/2010	$	100.000	04/14/2008	$	850,000	$	67	$	204
Put - OTC Treasury Inflation Protected Securities 1.875% due 07/15/2013		102.000	04/14/2008		1,000,000		78		10
Put - OTC Treasury Inflation Protected Securities 2.000% due 01/15/2014		101.000	04/07/2008		600,000		47		1
Put - OTC Treasury Inflation Protected Securities 2.000% due 04/15/2012		96.500	05/05/2008		40,000		9		0
Put - OTC Treasury Inflation Protected Securities 2.375% due 01/15/2025		95.000	04/04/2008		1,100,000		86		1
Put - OTC Treasury Inflation Protected Securities 3.000% due 07/15/2012		107.000	04/14/2008		1,000,000		78		1,030
Put - OTC Treasury Inflation Protected Securities 3.625% due 04/15/2028		115.000	04/14/2008		950,000		74		1
						$	439	$	1,247

(m) Written options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note June Futures	$	118.000	05/23/2008	3,017	$	3,364	$	6,411
Call - CBOT U.S. Treasury 10-Year Note June Futures		118.500	05/23/2008	1,000		1,076		1,844
Call - CBOT U.S. Treasury 10-Year Note June Futures		119.000	05/23/2008	1,158		1,406		1,864
Call - CBOT U.S. Treasury 10-Year Note June Futures		121.000	05/23/2008	1,309		1,486		1,104
Call - CBOT U.S. Treasury 30-Year Bond June Futures		122.000	05/23/2008	1,581		2,543		1,828
Put - CBOT U.S. Treasury 10-Year Note June Futures		112.000	05/23/2008	1,444		1,552		113
Put - CBOT U.S. Treasury 10-Year Note June Futures		114.000	05/23/2008	1,474		1,816		322
Put - CBOT U.S. Treasury 10-Year Note June Futures		115.000	05/23/2008	1,000		1,450		344
					$	14,693	$	13,830

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 10-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	5.250%	09/15/2008	$	72,000	$	1,917	$	6,492
Put - OTC 10-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	5.250%	09/15/2008		72,000		1,917		416
Call - OTC 5-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.300%	02/02/2009		74,000		1,950		2,861
Call - OTC 30-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Receive	5.670%	08/07/2008		27,300		1,317		4,484
Put - OTC 30-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Pay	5.670%	08/07/2008		27,300		996		178
Call - OTC 30-Year Interest Rate Swap	CITI	3-Month USD-LIBOR	Receive	5.670%	08/07/2008		34,300		1,434		5,634
Put - OTC 30-Year Interest Rate Swap	CITI	3-Month USD-LIBOR	Pay	5.670%	08/07/2008		34,300		1,447		223
Call - OTC 10-Year Interest Rate Swap	GSC	3-Month USD-LIBOR	Receive	5.250%	09/15/2008		132,900		3,336		11,983
Put - OTC 10-Year Interest Rate Swap	GSC	3-Month USD-LIBOR	Pay	5.250%	09/15/2008		132,900		3,216		767
Call - OTC 7-Year Interest Rate Swap	GSC	3-Month USD-LIBOR	Receive	5.365%	09/20/2010		66,000		2,122		4,210
Put - OTC 7-Year Interest Rate Swap	GSC	3-Month USD-LIBOR	Pay	5.365%	09/20/2010		66,000		2,122		1,568
Call - OTC 30-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Receive	5.670%	08/07/2008		58,800		2,062		9,657
Put - OTC 30-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Pay	5.670%	08/07/2008		58,800		2,889		383
Call - OTC 10-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Receive	5.250%	09/15/2008		112,900		3,342		10,180
Put - OTC 10-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Pay	5.250%	09/15/2008		112,900		2,269		652
Call - OTC 10-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	5.250%	09/15/2008		94,400		2,369		8,512
Put - OTC 10-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	5.250%	09/15/2008		94,400		2,285		545
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		51,000		576		3,412
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	5.365%	09/20/2010		194,000		5,568		12,373
Put - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	5.365%	09/20/2010		194,000		6,882		4,610
								$	50,016	$	89,140

Foreign Currency Options
Description	Exercise Price	Expiration Date	Notional Amount		Premium		Value
Call - OTC U.S. dollar versus Japanese yen	JPY    118.150	06/23/2008	$	54,400	$	681	$	104
Put - OTC U.S. dollar versus Japanese yen	118.150	06/23/2008		54,400		2,494		10,421
Put - OTC U.S. dollar versus Japanese yen	100.000	12/01/2008		32,000		530		2,038
					$	3,705	$	12,563

58 PIMCO Funds See Accompanying Notes

    
March 31, 2008

(n) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Merna Reinsurance Ltd.	3.346%	07/07/2010	09/21/2007	$	28,165	$	25,807	0.17%

(o) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
Fannie Mae	5.000%	04/01/2038	$	344,300	$	329,534	$	340,803
Fannie Mae	5.500%	04/01/2023		5,000		5,089		5,104
Fannie Mae	5.500%	04/01/2038		297,900		301,684		300,739
Fannie Mae	6.000%	04/01/2038		819,400		826,562		839,501
Freddie Mac	5.000%	04/01/2038		200		192		198
Freddie Mac	5.500%	04/01/2038		11,000		11,100		11,108
Freddie Mac	6.000%	04/01/2038		627,800		630,462		643,790
Ginnie Mae	5.500%	04/01/2038		6,000		6,131		6,117
U.S. Treasury Bonds	4.750%	02/15/2037		107,800		112,886		116,971
U.S. Treasury Bonds	5.375%	02/15/2031		700		803		819
U.S. Treasury Notes	2.000%	02/28/2010		150,000		151,181		152,021
U.S. Treasury Notes	3.125%	09/15/2008		177,200		178,128		179,451
U.S. Treasury Notes	3.250%	12/31/2009		93,300		95,911		96,852
U.S. Treasury Notes	3.500%	02/15/2018		19,900		20,023		20,130
U.S. Treasury Notes	3.625%	12/31/2012		30,710		32,178		32,795
U.S. Treasury Notes	3.625%	05/15/2013		21,700		22,794		23,312
U.S. Treasury Notes	3.875%	10/31/2012		5,000		5,280		5,325
U.S. Treasury Notes	4.125%	08/31/2012		123,600		130,100		133,242
U.S. Treasury Notes	4.250%	08/15/2014		3,700		3,925		4,073
U.S. Treasury Notes	4.250%	11/15/2017		106,910		112,841		116,077
U.S. Treasury Notes	4.500%	02/15/2016		108,600		117,589		120,432
U.S. Treasury Notes	4.750%	05/15/2014		201,500		224,615		230,895
U.S. Treasury Notes	4.750%	08/15/2017		110,300		119,239		122,853
U.S. Treasury Notes	4.875%	08/15/2016		223,550		246,280		252,541
U.S. Treasury Notes	5.125%	05/15/2016		71,300		80,498		82,911
					$	3,765,025	$	3,838,060

⁽²⁾ Market value includes $16,549 of interest payable on short sales.

(p) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	330,774	07/2008	$	6,571	$	0		$	6,571
Sell		167,186	07/2008		2,437		0			2,437
Buy		217,373	12/2008		1,672		0			1,672
Sell		119,627	12/2008		1,765		0			1,765
Sell	CAD	25,618	04/2008		771		0			771
Sell	CHF	10,851	06/2008		0		(511	)		(511	)
Sell	EUR	130,595	04/2008		0		(2,512	)		(2,512	)
Sell	GBP	171,732	04/2008		7		(893	)		(886	)
Sell	JPY	4,402,460	04/2008		0		(1,536	)		(1,536	)
Buy		5,482,596	05/2008		1,168		0			1,168
Sell		43,596,357	05/2008		33		(12,380	)		(12,347	)
Buy	KRW	36,683,036	05/2008		0		(2,234	)		(2,234	)
Buy		6,423,533	08/2008		0		(274	)		(274	)
Buy	MXN	2,483,735	07/2008		7,426		0			7,426
Sell		2,295,481	07/2008		0		(3,906	)		(3,906	)
Buy	MYR	82,503	05/2008		819		(79	)		740
Buy		313	08/2008		1		0			1
Sell	NZD	8,951	04/2008		131		0			131
Buy	PHP	670,219	08/2008		0		(616	)		(616	)
Buy	PLN	130,931	07/2008		11,192		0			11,192
Buy	RUB	17,945	07/2008		47		0			47
Buy		2,071,529	11/2008		2,349		0			2,349
Sell		748,678	11/2008		0		(1,380	)		(1,380	)
Sell	SEK	66,896	06/2008		0		(407	)		(407	)
Buy	SGD	66,745	05/2008		3,886		0			3,886
Buy		3,017	11/2008		59		0			59
				$	40,334	$	(26,728	)	$	13,606

See Accompanying Notes Annual Report March 31, 2008 59

Schedule of Investments  RealEstateRealReturn Strategy Fund

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 3.7%
American Express Bank FSB
6.000% due 09/13/2017	$	300	$	293
American Express Centurion Bank
6.000% due 09/13/2017		300		292
American Express Co.
7.000% due 03/19/2018		670		705
8.150% due 03/19/2038		190		211
American International Group, Inc.
5.850% due 01/16/2018		200		197
Atlantic & Western Re Ltd.
10.979% due 01/09/2009		700		705
Barclays Bank PLC
5.450% due 09/12/2012		800		821
6.050% due 12/04/2017		300		293
7.434% due 09/29/2049		100		91
Bear Stearns Cos., Inc.
6.950% due 08/10/2012		300		301
BellSouth Corp.
4.240% due 04/26/2021		800		800
C10 Capital SPV Ltd.
6.722% due 12/31/2049		100		93
Canadian Natural Resources Ltd.
6.000% due 08/15/2016		100		104
Capital One Financial Corp.
6.750% due 09/15/2017		300		285
Citigroup Funding, Inc.
2.599% due 04/23/2009		900		889
Citigroup, Inc.
2.701% due 12/28/2009		800		784
3.291% due 01/30/2009		500		496
Computer Sciences Corp.
6.500% due 03/15/2018		2,500		2,546
EchoStar DBS Corp.
7.000% due 10/01/2013		600		568
Embarq Corp.
7.082% due 06/01/2016		100		95
GATX Financial Corp.
5.800% due 03/01/2016		1,000		995
General Electric Capital Corp.
2.941% due 12/12/2008		500		501
Goldman Sachs Group, Inc.
6.750% due 10/01/2037		1,000		933
Lehman Brothers Holdings, Inc.
6.200% due 09/26/2014		100		99
Merna Reinsurance Ltd.
3.346% due 07/07/2010 (j)		300		273
NGPL Pipe Co. LLC
6.514% due 12/15/2012		500		520
Rabobank Nederland
4.278% due 01/15/2009		400		400
Residential Reinsurance 2007 Ltd.
10.326% due 06/07/2010		400		407
Rockies Express Pipeline LLC
4.250% due 08/20/2009		600		600
Santander Perpetual S.A. Unipersonal
6.671% due 10/29/2049		300		271
Unicredit Luxembourg Finance S.A.
3.768% due 10/24/2008		400		400
UnitedHealth Group, Inc.
6.875% due 02/15/2038		500		479
Vita Capital III Ltd.
5.822% due 01/01/2012		300		290

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Wachovia Bank N.A.
3.146% due 12/02/2010	$	800	$	764
Wells Fargo & Co.
4.375% due 01/31/2013		200		199
Total Corporate Bonds & Notes (Cost $17,771)				17,700
MUNICIPAL BONDS & NOTES 0.3%
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2006
4.750% due 06/15/2038		200		190
Ohio State Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2007
5.875% due 06/01/2047		100		88
Rhode Island State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2002
6.000% due 06/01/2023		500		490
6.125% due 06/01/2032		400		382
West Virginia State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
7.467% due 06/01/2047		100		95
Total Municipal Bonds & Notes (Cost $1,186)				1,245
U.S. GOVERNMENT AGENCIES 37.7%
Fannie Mae
5.000% due 08/01/2035 - 02/01/2037		2,516		2,493
5.500% due 03/01/2034 - 04/01/2038		58,999		59,599
5.722% due 09/01/2044 - 10/01/2044		163		163
6.000% due 08/01/2036 - 04/01/2038		53,801		55,141
Freddie Mac
4.500% due 05/15/2017		58		59
5.000% due 09/01/2035		174		172
5.500% due 12/01/2036 - 02/01/2038		46,070		46,573
6.000% due 01/01/2037 - 12/01/2037		12,125		12,447
6.681% due 10/01/2036		1,407		1,436
6.701% due 09/01/2036		1,252		1,284
6.745% due 07/01/2036		1,098		1,126
Total U.S. Government Agencies (Cost $177,920)				180,493
U.S. TREASURY OBLIGATIONS 103.1%
Treasury Inflation Protected Securities (b)
1.625% due 01/15/2015		2,561		2,714
1.750% due 01/15/2028		8,883		8,800
1.875% due 07/15/2013		11,577		12,485
1.875% due 07/15/2015		12,462		13,439
2.000% due 01/15/2014		34,837		37,705
2.000% due 01/15/2026		27,760		28,591
2.375% due 04/15/2011		42,212		45,355
2.375% due 01/15/2017		2,003		2,233
2.375% due 01/15/2025		37,200		40,449
2.375% due 01/15/2027		18,616		20,305
2.500% due 07/15/2016		20,664		23,248
2.625% due 07/15/2017		62,959		71,675
3.000% due 07/15/2012		41,906		46,961
3.375% due 04/15/2032		9,274		12,178
3.625% due 04/15/2028		84,159		109,038
3.875% due 04/15/2029		9,572		12,932
4.250% due 01/15/2010		5,058		5,488
Total U.S. Treasury Obligations (Cost $493,054)				493,596

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
MORTGAGE-BACKED SECURITIES 1.3%
American Home Mortgage Assets Trust
5.246% due 11/25/2046	$	1,441	$	1,148
BCAP LLC Trust
2.769% due 01/25/2037		657		464
Bear Stearns Adjustable Rate Mortgage Trust
4.125% due 03/25/2035		414		396
4.550% due 08/25/2035		237		227
4.862% due 01/25/2035		911		883
Citigroup Mortgage Loan Trust, Inc.
4.248% due 08/25/2035		151		144
4.748% due 08/25/2035		104		104
4.900% due 12/25/2035		60		57
Countrywide Home Loan Mortgage Pass-Through Trust
2.939% due 06/25/2035		497		438
GSR Mortgage Loan Trust
4.539% due 09/25/2035		1,214		1,144
Lehman XS Trust
2.679% due 07/25/2046		68		66
MLCC Mortgage Investors, Inc.
4.250% due 10/25/2035		520		489
Residential Accredit Loans, Inc.
2.779% due 06/25/2046		707		578
Total Mortgage-Backed Securities (Cost $6,159)				6,138
FOREIGN CURRENCY-DENOMINATED ISSUES 2.4%
Canadian Government Bond
3.000% due 12/01/2036 (b)	CAD	217		279
France Government Bond
3.000% due 07/25/2012 (b)	EUR	1,876		3,167
General Electric Capital Corp.
6.500% due 09/15/2067	GBP	300		572
Italy Buoni Poliennali Del Tesoro
2.150% due 09/15/2014 (b)	EUR	554		901
Japanese Government CPI Linked Bond
0.800% due 12/10/2015	JPY	151,050		1,489
1.100% due 12/10/2016		110,220		1,104
1.200% due 06/10/2017		272,700		2,737
Royal Bank of Scotland Group PLC
7.092% due 10/29/2049	EUR	100		141
United Kingdom Gilt Inflation Linked Bond
2.500% due 05/20/2009	GBP	200		1,071
Total Foreign Currency-Denominated Issues (Cost $9,981)				11,461
SHORT-TERM INSTRUMENTS 40.7%
CERTIFICATES OF DEPOSIT 0.4%
Abbey National Treasury Services PLC
3.069% due 07/02/2008	$	1,700		1,695
COMMERCIAL PAPER 21.7%
Bank of America Corp.
2.950% due 04/07/2008		10,200		10,195
Calyon Financial, Inc.
3.000% due 04/04/2008		9,600		9,598
Federal Home Loan Bank
1.500% due 04/01/2008		10,200		10,200
ING Funding LLC
2.980% due 04/04/2008		9,900		9,898
Intesa Funding LLC
2.760% due 06/16/2008		10,900		10,836

60 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Lloyds TSB Bank PLC
2.950% due 04/08/2008	$	10,200	$	10,194
Nordea N.A., Inc.
2.950% due 04/09/2008		1,400		1,399
2.980% due 04/08/2008		9,900		9,894
Rabobank USA Financial Corp.
3.000% due 04/08/2008		9,900		9,894
Societe General N.A.
2.770% due 06/16/2008		10,900		10,836
UBS Finance Delaware LLC
2.940% due 06/06/2008		1,500		1,492
3.020% due 04/04/2008		9,600		9,598
				104,034

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS 0.6%
Credit Suisse Securities (USA) LLC
1.200% due 04/01/2008	$	3,000	$	3,000
(Dated 03/31/2008. Collateralized by U.S. Treasury Notes 4.875% due 06/30/2009 valued at $3,075. Repurchase proceeds are $3,000.)
State Street Bank and Trust Co.
1.900% due 04/01/2008		121		121
(Dated 03/31/2008. Collateralized by Fannie Mae 4.250% due 05/15/2009 valued at $125. Repurchase proceeds are $121.)
				3,121

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. TREASURY BILLS 18.0%
0.886% due 04/17/2008 - 07/24/2008 (a)(c)(d)	$	86,410	$	86,032
Total Short-Term Instruments (Cost $195,098)				194,882
PURCHASED OPTIONS (h) 0.2%
(Cost $312)				755
Total Investments 189.4% (Cost $901,481)			$	906,270
Written Options (i) (0.4%) (Premiums $1,343)				(1,799	)
Other Assets and Liabilities (Net) (89.0%)				(425,949	)
Net Assets (e) 100.0%			$	478,522

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

(b) Principal amount of security is adjusted for inflation.

(c) Securities with an aggregate market value of $746 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(d) Securities with an aggregate market value of $7,021 have been pledged as collateral for delayed-delivery securities on March 31, 2008.

(e) As of March 31, 2008, derivative instruments with an aggregate depreciation of ($325) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(f) Cash of $5,700 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Euribor December Futures	Long	12/2009	30	$	6
90-Day Euribor June Futures	Long	06/2008	112		(77	)
90-Day Euribor June Futures	Long	06/2009	30		2
90-Day Euribor March Futures	Long	03/2009	30		4
90-Day Euribor September Futures	Short	09/2008	12		(1	)
90-Day Euribor September Futures	Long	09/2009	30		6
90-Day Eurodollar December Futures	Short	12/2008	42		(280	)
90-Day Eurodollar December Futures	Long	12/2009	145		375
90-Day Eurodollar June Futures	Long	06/2009	142		544
90-Day Eurodollar September Futures	Long	09/2009	133		424
Euro-Bund 10-Year Bond June Futures	Short	06/2008	40		36
Japan Government 10-Year Bond June Futures	Short	06/2008	1		(16	)
U.S. Treasury 2-Year Note June Futures	Short	06/2008	167		75
U.S. Treasury 5-Year Note June Futures	Long	06/2008	421		(19	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	520		279
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	343		(64	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	84		11
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	59		35
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2009	8		11
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	6		7
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	17		14
				$	1,372

(g) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	0.720%		09/20/2012	CITI	$	100	$	(5	)
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	0.720%		09/20/2012	JPM		100		(5	)
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Buy	(1.780%	)	12/20/2012	GSC		100		0
Capital One Financial Corp. 6.250% due 11/15/2013	Buy	(1.150%	)	09/20/2012	JPM		300		26
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	0.970%		06/20/2012	CSFB		100		(5	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.010%		06/20/2012	CSFB		300		(15	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.380%		09/20/2012	LEH		200		(8	)
Computer Sciences Corp. 6.500% due 03/15/2018	Buy	(1.248%	)	03/20/2018	MSC		2,500		(13	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.800%		09/20/2012	MSC		100		(17	)

See Accompanying Notes Annual Report March 31, 2008 61

Schedule of Investments  RealEstateRealReturn Strategy Fund  (Cont.)

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.850%		09/20/2012	JPM	$	100	$	(16	)
GATX Financial Corp. 5.800% due 03/01/2016	Buy	(1.070%	)	03/20/2016	CITI		1,000		14
GMAC LLC 6.875% due 08/28/2012	Buy	(5.000%	)	09/20/2012	CITI		100		20
GMAC LLC 6.875% due 08/28/2012	Sell	3.050%		09/20/2012	GSC		200		(49	)
GMAC LLC 6.875% due 08/28/2012	Sell	6.300%		09/20/2012	BOA		700		(118	)
GMAC LLC 6.875% due 08/28/2012	Sell	7.000%		09/20/2012	BOA		100		(15	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.740%		09/20/2012	CSFB		100		(3	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.800%		09/20/2012	BEAR		100		(3	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Buy	(0.390%	)	12/20/2012	BNP		100		4
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.660%		09/20/2012	RBS		100		(9	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.700%		09/20/2012	JPM		100		(9	)
RH Donnelley Corp. 8.875% due 01/15/2016	Sell	3.400%		09/20/2012	CITI		200		(78	)
								$	(304	)

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
CMBX N.A. AAA 3 Index	Sell	0.080%		12/13/2049	MSC	$	1,630	$	91
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	BEAR		1,485		102
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	BOA		495		39
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	DUB		396		23
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	LEH		495		30
Dow Jones CDX N.A. HY9 Index	Buy	(3.750%	)	12/20/2012	BEAR		198		16
Dow Jones CDX N.A. HY9 Index	Sell	3.330%		12/20/2012	LEH		800		(84	)
Dow Jones CDX N.A. HY9 Index	Sell	6.450%		12/20/2012	JPM		300		8
Dow Jones CDX N.A. HY9 Index	Sell	6.510%		12/20/2012	MLP		100		2
Dow Jones CDX N.A. HY9 Index	Sell	6.570%		12/20/2012	MSC		400		8
Dow Jones CDX N.A. HY9 Index	Sell	6.690%		12/20/2012	MLP		200		5
Dow Jones CDX N.A. IG9 Index	Buy	(0.600%	)	12/20/2012	LEH		1,200		31
Dow Jones CDX N.A. IG9 Index	Buy	(0.600%	)	12/20/2012	MLP		1,900		80
Dow Jones CDX N.A. IG9 Index	Buy	(0.600%	)	12/20/2012	MSC		600		25
Dow Jones CDX N.A. IG9 Index	Sell	0.600%		12/20/2012	DUB		1,200		5
Dow Jones CDX N.A. IG9 Index	Sell	0.600%		12/20/2012	GSC		3,500		24
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	BCLY		900		32
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	BOA		600		23
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	MSC		5,900		137
								$	597

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month Australian Bank Bill	7.500%	03/15/2010	UBS	AUD	35,100	$	126
Receive	3-Month Canadian Bank Bill	5.000%	06/20/2012	BOA	CAD	700		(12	)
Pay	3-Month Canadian Bank Bill	5.500%	06/20/2017	BOA		500		4
Pay	3-Month USD-LIBOR	5.000%	06/21/2008	CITI	$	300		4
Pay	3-Month USD-LIBOR	5.000%	06/21/2008	GSC		1,000		5
Pay	3-Month USD-LIBOR	5.000%	06/21/2008	UBS		10,700		57
Pay	3-Month USD-LIBOR	4.000%	06/18/2009	DUB		3,400		38
Pay	3-Month USD-LIBOR	5.000%	06/18/2009	UBS		7,600		227
Receive	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		75,900		(483	)
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	BCLY		10,000		436
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	JPM		1,800		66
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	MSC		1,200		53
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	RBS		10,300		492
Receive	3-Month USD-LIBOR	5.000%	06/21/2013	BCLY		4,300		(352	)
Receive	3-Month USD-LIBOR	5.000%	06/21/2013	MSC		9,500		(722	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	MSC		5,900		(392	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		14,500		(343	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.090%	10/15/2010	BNP	EUR	5,600		36
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.103%	10/15/2010	BCLY		1,400		18
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.146%	10/15/2010	UBS		1,500		13
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	BCLY		100		(2	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	JPM		300		(7	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.995%	03/15/2012	GSC		500		(9	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.955%	03/28/2012	RBS		400		(9	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958%	04/10/2012	JPM		800		(19	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.138%	01/19/2016	BCLY		2,000		(11	)

62 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Interest Rate Swaps (Cont.)
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.350%	10/15/2016	UBS	EUR	500	$	1
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.353%	10/15/2016	JPM		500		2
Pay	6-Month Australian Bank Bill	7.000%	12/15/2009	BCLY	AUD	1,600		(4	)
Pay	6-Month Australian Bank Bill	7.000%	12/15/2009	MSC		2,400		(7	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	CITI		900		(13	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	RBC		1,900		(26	)
Pay	6-Month Australian Bank Bill	7.000%	06/15/2010	DUB		8,300		(48	)
Receive	6-Month Australian Bank Bill	6.750%	12/15/2017	BCLY		200		4
Receive	6-Month Australian Bank Bill	6.750%	12/15/2017	MSC		300		7
Receive	6-Month Australian Bank Bill	7.000%	03/15/2019	UBS		1,900		(7	)
Receive	6-Month EUR-LIBOR	4.000%	06/15/2017	MSC	EUR	4,100		223
Pay	6-Month EUR-LIBOR	4.500%	06/18/2034	MSC		1,000		(1	)
Pay	6-Month EUR-LIBOR	5.000%	06/18/2034	JPM		161		3
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	BCLY	GBP	4,000		(12	)
Pay	6-Month GBP-LIBOR	5.000%	12/19/2009	BCLY		11,400		92
Pay	6-Month GBP-LIBOR	5.000%	09/15/2010	RBS		1,600		48
Pay	6-Month GBP-LIBOR	5.000%	03/20/2013	DUB		700		(6	)
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	GSC		3,800		(8	)
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	RBS		7,200		(31	)
Receive	6-Month GBP-LIBOR	5.000%	03/20/2018	BCLY		300		(25	)
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	GSC		900		71
Receive	6-Month GBP-LIBOR	4.250%	06/12/2036	HSBC		1,100		125
Pay	6-Month JPY-LIBOR	1.000%	03/18/2009	MSC	JPY	500,000		13
Receive	6-Month JPY-LIBOR	2.000%	06/20/2017	BCLY		110,000		(31	)
Receive	6-Month JPY-LIBOR	2.000%	06/20/2017	DUB		30,000		(8	)
Receive	6-Month JPY-LIBOR	2.000%	06/20/2017	GSC		30,000		(8	)
Receive	6-Month JPY-LIBOR	2.000%	06/20/2017	RBS		70,000		(23	)
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	CITI	MXN	7,300		13
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	GSC		2,300		5
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	MLP		1,200		3
Pay	28-Day Mexico Interbank TIIE Banxico	8.330%	02/14/2017	BCLY		2,000		6
Pay	BRL-CDI-Compounded	12.410%	01/04/2010	UBS	BRL	2,000		(12	)
Pay	BRL-CDI-Compounded	10.115%	01/02/2012	MSC		1,700		(51	)
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		3,200		(114	)
Pay	BRL-CDI-Compounded	10.680%	01/02/2012	BCLY		1,900		(48	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	LEH		2,300		(19	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	MLP		5,100		(16	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	MSC		1,500		(7	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA Index	2.275%	10/15/2016	UBS	EUR	500		1
Pay	U.S. CPI Urban Consumers NSA Index	2.970%	03/05/2018	GSC	$	1,000		16
Pay	United Kingdom RPI Index	3.250%	12/14/2017	BCLY	GBP	800		(13	)
Pay	United Kingdom RPI Index	3.183%	12/19/2017	RBS		1,000		(18	)
Pay	United Kingdom RPI Index	3.110%	01/03/2018	GSC		500		(16	)
Pay	United Kingdom RPI Index	3.440%	09/10/2027	RBS		100		(5	)
							$	(730	)

Total Return Swaps
Pay/Receive Total Return on Reference Entity	Reference Entity	Rate	Expiration Date	Counterparty	# of Shares	Unrealized Appreciation/ (Depreciation)
Receive	Dow Jones - Wilshire REIT Total Return	1-Month USD-LIBOR less 0.200%	11/30/2008	BCLY	12,107	$	2,965
Receive	Dow Jones - Wilshire REIT Total Return	1-Month USD-LIBOR less 0.350%	11/30/2008	BCLY	10,144		3,080
Receive	Dow Jones - Wilshire REIT Total Return	1-Month USD-LIBOR plus 0.300%	02/27/2009	BEAR	14,434		4,353
Pay	Dow Jones - Wilshire REIT Total Return	1-Month USD-LIBOR plus 0.300%	02/27/2009	BEAR	5,000		(1,505	)
Receive	Dow Jones - Wilshire REIT Total Return	1-Month USD-LIBOR	01/31/2009	CSFB	40,938		11,881
Receive	Dow Jones - Wilshire REIT Total Return	1-Month USD-LIBOR less 0.400%	02/27/2009	MLP	21,537		6,539
						$	27,313

(h) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 2-Year Note June Futures	$	110.500	05/23/2008	167	$	11	$	2
Put - CBOT U.S. Treasury 5-Year Note June Futures		96.000	05/23/2008	29		0		0
Put - CBOT U.S. Treasury 5-Year Note June Futures		97.000	05/23/2008	384		4		3
Put - CBOT U.S. Treasury 10-Year Note June Futures		92.000	05/23/2008	376		7		6
Put - CBOT U.S. Treasury 10-Year Note June Futures		100.000	05/23/2008	357		6		6
Call - CBOT U.S. Treasury 30-Year Bond June Futures		143.000	05/23/2008	80		1		1
Call - CBOT U.S. Treasury 30-Year Bond June Futures		146.000	05/23/2008	307		6		5
					$	35	$	23

See Accompanying Notes Annual Report March 31, 2008 63

Schedule of Investments  RealEstateRealReturn Strategy Fund  (Cont.)

Foreign Currency Options
Description	Exercise Price	Expiration Date	Notional Amount	Cost	Value
Call - OTC Euro versus U.S. dollar	$        1.392	07/08/2010	EUR       700	$      37	$    116
Put - OTC Euro versus U.S. dollar	1.392	07/08/2010	700	37	27
Call - OTC U.S. dollar versus Japanese yen	JPY    118.150	06/23/2008	$    2,900	77	5
Put - OTC U.S. dollar versus Japanese yen	118.150	06/23/2008	2,900	76	556
Call - OTC U.S. dollar versus Japanese yen	111.000	12/01/2008	1,000	18	2
				$    245	$    706

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Fannie Mae 5.500% due 06/01/2038	$	84.500	06/05/2008	$	3,400	$	0	$	2
Put - OTC Fannie Mae 5.500% due 06/01/2038		86.375	06/05/2008		32,300		4		23
Put - OTC Treasury Inflation Protected Securities 2.000% due 04/15/2012		102.000	04/07/2008		20,000		1		0
Put - OTC Treasury Inflation Protected Securities 2.000% due 01/15/2026		90.000	04/07/2008		25,000		2		0
Put - OTC Treasury Inflation Protected Securities 2.375% due 04/15/2011		95.500	04/17/2008		20,000		5		0
Put - OTC Treasury Inflation Protected Securities 2.375% due 01/15/2027		82.000	06/26/2008		6,000		1		0
Put - OTC Treasury Inflation Protected Securities 2.625% due 07/15/2017		103.000	04/07/2008		50,000		4		0
Put - OTC Treasury Inflation Protected Securities 2.625% due 07/15/2017		91.500	04/10/2008		30,000		7		0
Put - OTC Treasury Inflation Protected Securities 3.625% due 04/15/2028		113.000	04/07/2008		60,000		5		0
Put - OTC Treasury Inflation Protected Securities 3.625% due 04/15/2028		98.000	06/26/2008		12,000		3		1
						$	32	$	26

(i) Written options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note June Futures	$	117.000	05/23/2008	101	$	126	$	279
Call - CBOT U.S. Treasury 10-Year Note June Futures		118.000	05/23/2008	256		323		544
Call - CBOT U.S. Treasury 10-Year Note June Futures		119.000	05/23/2008	20		24		32
Call - CBOT U.S. Treasury 10-Year Note June Futures		121.000	05/23/2008	35		40		30
Call - CBOT U.S. Treasury 30-Year Bond June Futures		122.000	05/23/2008	26		41		30
Put - CBOT U.S. Treasury 10-Year Note June Futures		112.000	05/23/2008	31		33		3
Put - CBOT U.S. Treasury 10-Year Note June Futures		113.000	05/23/2008	101		115		14
Put - CBOT U.S. Treasury 10-Year Note June Futures		114.000	05/23/2008	225		217		49
					$	919	$	981

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 10-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	5.250%	09/15/2008	$	1,000	$	27	$	90
Put - OTC 10-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	5.250%	09/15/2008		1,000		27		6
Call - OTC 30-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Receive	5.670%	08/07/2008		300		14		49
Put - OTC 30-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Pay	5.670%	08/07/2008		300		11		2
Call - OTC 30-Year Interest Rate Swap	CITI	3-Month USD-LIBOR	Receive	5.670%	08/07/2008		400		17		65
Put - OTC 30-Year Interest Rate Swap	CITI	3-Month USD-LIBOR	Pay	5.670%	08/07/2008		400		17		2
Call - OTC 7-Year Interest Rate Swap	GSC	3-Month USD-LIBOR	Receive	5.365%	09/20/2010		1,000		32		64
Put - OTC 7-Year Interest Rate Swap	GSC	3-Month USD-LIBOR	Pay	5.365%	09/20/2010		1,000		32		24
Call - OTC 30-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Receive	5.670%	08/07/2008		600		21		98
Put - OTC 30-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Pay	5.670%	08/07/2008		600		30		4
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	5.365%	09/20/2010		1,000		27		64
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	5.365%	09/20/2010		1,000		31		64
Put - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	5.365%	09/20/2010		2,000		69		48
								$	355	$	580

Foreign Currency Options
Description	Exercise Price	Expiration Date	Notional Amount		Premium		Value
Call - OTC U.S. dollar versus Japanese yen	JPY    118.150	06/23/2008	$	900	$	11	$	2
Put - OTC U.S. dollar versus Japanese yen	118.150	06/23/2008		900		41		172
Put - OTC U.S. dollar versus Japanese yen	100.000	12/01/2008		1,000		17		64
					$	69	$	238

64 PIMCO Funds See Accompanying Notes

    
March 31, 2008

(j) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Merna Reinsurance Ltd.	3.346%	07/07/2010	09/21/2007	$	298	$	273	0.06%

(k) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
Fannie Mae	5.000%	04/01/2038	$	1,700	$	1,626	$	1,683
Fannie Mae	6.000%	04/01/2038		14,200		14,322		14,548
Freddie Mac	5.000%	04/01/2038		400		384		396
Freddie Mac	5.500%	04/01/2038		42,000		42,315		42,413
Treasury Inflation Protected Securities	2.000%	04/15/2012		38,368		40,747		41,324
U.S. Treasury Bonds	4.750%	02/15/2037		600		628		651
U.S. Treasury Notes	3.500%	02/15/2018		10,960		10,855		11,083
U.S. Treasury Notes	4.125%	08/31/2012		800		842		862
U.S. Treasury Notes	4.250%	11/15/2013		8,200		8,677		9,093
U.S. Treasury Notes	4.250%	08/15/2014		100		106		110
U.S. Treasury Notes	4.750%	08/15/2017		1,200		1,298		1,337
U.S. Treasury Notes	5.125%	05/15/2016		5,100		5,758		5,930
					$	127,558	$	129,430

⁽²⁾ Market value includes $346 of interest payable on short sales.

(l) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	10,302	07/2008	$	311	$	0		$	311
Sell		250	07/2008		2		0			2
Buy		134	12/2008		0		0			0
Sell		403	12/2008		3		0			3
Sell	CAD	197	04/2008		6		0			6
Sell	CHF	181	06/2008		0		(9	)		(9	)
Sell	EUR	2,734	04/2008		0		(53	)		(53	)
Sell	GBP	2,768	04/2008		1		(14	)		(13	)
Sell	JPY	648,233	05/2008		0		(140	)		(140	)
Buy	KRW	1,687,855	05/2008		0		(88	)		(88	)
Buy		121,851	08/2008		0		(5	)		(5	)
Buy	MXN	32,673	07/2008		107		0			107
Sell		27,569	07/2008		0		(45	)		(45	)
Buy	MYR	1,605	05/2008		10		(2	)		8
Buy		358	08/2008		1		0			1
Buy	PHP	16,477	08/2008		0		(15	)		(15	)
Buy	PLN	2,270	07/2008		185		0			185
Buy	RUB	27,910	11/2008		35		0			35
Sell		6,605	11/2008		0		(12	)		(12	)
Buy	SGD	4,647	05/2008		85		0			85
Buy		36	11/2008		1		0			1
				$	747	$	(383	)	$	364

See Accompanying Notes Annual Report March 31, 2008 65

Schedule of Investments  Small Cap StocksPLUS^® TR Fund

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 29.9%
BANKING & FINANCE 23.9%
Allstate Corp.
6.125% due 05/15/2037	$	200	$	185
American Express Credit Corp.
3.179% due 03/02/2009		30		30
American General Finance Corp.
6.900% due 12/15/2017		100		98
American International Group, Inc.
5.850% due 01/16/2018		100		98
ANZ National International Ltd.
3.168% due 08/07/2009		20		20
Bank of America Corp.
8.000% due 12/29/2049		500		502
Barclays Bank PLC
5.450% due 09/12/2012		400		410
6.050% due 12/04/2017 (d)		100		98
Bear Stearns Cos., Inc.
3.190% due 05/18/2010		200		186
BNP Paribas
5.186% due 06/29/2049		130		109
Caterpillar Financial Services Corp.
4.850% due 12/07/2012		100		102
Citigroup Capital XXI
8.300% due 12/21/2057		100		99
Citigroup Global Markets Holdings, Inc.
3.359% due 08/03/2009		20		20
Citigroup, Inc.
5.850% due 07/02/2013		100		102
Commonwealth Bank of Australia
6.024% due 03/29/2049		100		86
Credit Agricole S.A.
3.090% due 05/28/2009		100		100
Credit Suisse USA, Inc.
3.265% due 08/15/2010		100		97
Ford Motor Credit Co. LLC
6.625% due 06/16/2008		900		890
7.250% due 10/25/2011		100		82
General Electric Capital Corp.
6.375% due 11/15/2067		200		196
Goldman Sachs Group, Inc.
5.625% due 01/15/2017		10		10
5.950% due 01/18/2018		100		99
6.150% due 04/01/2018 (a)		100		100
6.250% due 09/01/2017		100		101
International Lease Finance Corp.
3.312% due 05/24/2010		20		19
John Deere Capital Corp.
4.308% due 07/15/2008		30		30
JPMorgan Chase & Co.
2.656% due 06/26/2009		80		79
6.000% due 01/15/2018		30		31
Keycorp
2.706% due 05/26/2009		400		399
Lehman Brothers Holdings, Inc.
2.728% due 11/24/2008		10		10
2.788% due 04/03/2009		30		29
5.625% due 01/24/2013		200		195
Merrill Lynch & Co., Inc.
2.928% due 06/16/2008		10		10
Morgan Stanley
3.361% due 04/25/2008		30		30
6.250% due 08/28/2017		100		100

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Rabobank Capital Funding Trust
5.254% due 12/29/2049	$	100	$	83
RBS Capital Trust III
5.512% due 09/29/2049		300		247
Residential Capital LLC
6.178% due 05/22/2009		100		57
Royal Bank of Scotland Group PLC
6.990% due 10/29/2049		100		85
Santander Perpetual S.A. Unipersonal
6.671% due 10/29/2049		100		90
UBS Preferred Funding Trust V
6.243% due 05/29/2049		100		84
Wachovia Corp.
7.980% due 02/28/2049		1,100		1,084
Wells Fargo & Co.
5.625% due 12/11/2017		100		103
				6,585
INDUSTRIALS 5.3%
Amgen, Inc.
3.170% due 11/28/2008		100		100
C8 Capital SPV Ltd.
6.640% due 12/29/2049		100		92
Citigroup Global Markets Deutschland
AG for OAO Gazprom
10.500% due 10/21/2009		100		109
Daimler Finance North America LLC
3.218% due 03/13/2009		10		10
3.298% due 03/13/2009		100		99
3.769% due 10/31/2008		100		100
Diageo Capital PLC
3.196% due 11/10/2008		20		20
EchoStar DBS Corp.
5.750% due 10/01/2008		100		100
International Business Machines Corp.
5.700% due 09/14/2017 (d)		400		420
Kimberly-Clark Corp.
3.344% due 07/30/2010		100		99
Kinder Morgan Energy Partners LP
5.950% due 02/15/2018		100		99
Kraft Foods, Inc.
6.125% due 02/01/2018		100		100
Union Pacific Corp.
5.700% due 08/15/2018		100		100
				1,448
UTILITIES 0.7%
Dominion Resources, Inc.
3.248% due 11/14/2008 (d)		40		40
Ohio Power Co.
4.826% due 04/05/2010		100		97
Verizon Communications, Inc.
2.748% due 04/03/2009		50		50
				187
Total Corporate Bonds & Notes (Cost $8,472)				8,220
MUNICIPAL BONDS & NOTES 1.3%
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.750% due 06/01/2047		300		265

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Los Angeles, California Unified School District General Obligation Bonds, (FSA Insured), Series 2007
4.500% due 07/01/2022	$	100	$	101
Total Municipal Bonds & Notes (Cost $367)				366
U.S. GOVERNMENT AGENCIES 80.5%
Fannie Mae
5.000% due 02/25/2017 (d)		26		26
5.500% due 03/01/2037 - 10/01/2037 (d)		1,904		1,924
5.500% due 04/01/2037		25		26
6.000% due 08/01/2027 - 01/01/2038 (d)		10,984		11,266
6.000% due 04/01/2038		900		922
6.500% due 09/01/2037 (d)		902		935
Freddie Mac
2.639% due 12/25/2036		72		71
2.968% due 07/15/2019 - 10/15/2020 (d)		520		503
3.048% due 02/15/2019 (d)		267		265
4.250% due 09/15/2024 (d)		46		46
5.500% due 05/01/2037 - 07/01/2037 (d)		3,885		3,927
6.000% due 09/01/2037 - 11/01/2037 (d)		961		987
Ginnie Mae
6.000% due 06/15/2037 - 07/15/2037 (d)		994		1,028
Small Business Administration
5.290% due 12/01/2027		200		203
Total U.S. Government Agencies (Cost $21,838)				22,129
U.S. TREASURY OBLIGATIONS 0.4%
U.S. Treasury Notes
2.750% due 02/28/2013		100		102
Total U.S. Treasury Obligations (Cost $102)				102
MORTGAGE-BACKED SECURITIES 3.6%
American Home Mortgage Investment Trust
2.749% due 09/25/2035		3		2
Citigroup Commercial Mortgage Trust
2.888% due 08/15/2021		1		1
Countrywide Alternative Loan Trust
2.759% due 02/25/2047		76		58
2.799% due 06/25/2037		260		198
5.236% due 02/25/2036		29		21
Countrywide Home Loan Mortgage Pass-Through Trust
4.723% due 02/20/2035		50		49
4.800% due 11/25/2034		39		37
GS Mortgage Securities Corp. II
3.170% due 03/06/2020		63		59
GSR Mortgage Loan Trust
5.250% due 11/25/2035		86		77
Impac Secured Assets CMN Owner Trust
2.679% due 01/25/2037		20		19
Indymac Index Mortgage Loan Trust
2.689% due 11/25/2046		16		15
JPMorgan Chase Commercial Mortgage Securities Corp.
5.420% due 01/15/2049		100		97

66 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
JPMorgan Mortgage Trust
5.023% due 02/25/2035	$	67	$	61
LB-UBS Commercial Mortgage Trust
4.904% due 06/15/2026		7		7
Lehman Brothers Floating Rate Commercial Mortgage Trust
2.898% due 09/15/2021		18		17
Structured Asset Securities Corp.
2.649% due 05/25/2036		16		15
5.463% due 10/25/2035		17		17
TBW Mortgage-Backed Pass-Through Certificates
2.699% due 09/25/2036		7		7
Thornburg Mortgage Securities Trust
2.709% due 03/25/2046		82		81
WaMu Mortgage Pass-Through Certificates
3.239% due 12/25/2027		52		49
5.056% due 01/25/2047		79		65
5.572% due 10/25/2046		19		16
5.826% due 09/25/2046		7		6
Total Mortgage-Backed Securities (Cost $1,103)				974
ASSET-BACKED SECURITIES 14.3%
Accredited Mortgage Loan Trust
2.719% due 04/25/2036		57		56
ACE Securities Corp.
2.659% due 10/25/2036		16		15
2.679% due 10/25/2036		10		10
American Express Credit Account Master Trust
2.818% due 01/18/2011		100		100
3.318% due 02/15/2012		12		12
Asset-Backed Funding Certificates
2.659% due 10/25/2036		4		4
Asset-Backed Securities Corp. Home Equity
2.649% due 11/25/2036		14		13
2.874% due 09/25/2034		1		1
Bank One Issuance Trust
2.928% due 12/15/2010		80		80
Bear Stearns Asset-Backed Securities Trust
2.679% due 10/25/2036		25		24
2.689% due 06/25/2047		73		70
BNC Mortgage Loan Trust
2.699% due 05/25/2037		82		77
Chase Credit Card Master Trust
2.928% due 02/15/2011		10		10
Chase Issuance Trust
2.828% due 02/15/2011		100		99
Citigroup Mortgage Loan Trust, Inc.
2.639% due 08/25/2036		4		4
2.649% due 11/25/2036		8		8
2.659% due 05/25/2037		164		155
2.669% due 01/25/2037		72		67
2.709% due 08/25/2036		100		93
Countrywide Asset-Backed Certificates
2.649% due 01/25/2037		4		4
2.649% due 05/25/2037		73		70
2.649% due 03/25/2047		7		7
2.659% due 03/25/2037		9		8
2.679% due 10/25/2037		149		139
2.709% due 10/25/2046		4		4
2.779% due 09/25/2036		260		243
Credit-Based Asset Servicing & Securitization LLC
2.719% due 07/25/2037		85		80

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
First Franklin Mortgage Loan Asset-Backed Certificates
2.649% due 10/25/2036	$	59	$	57
2.649% due 11/25/2036		20		18
2.659% due 06/25/2036		13		13
First USA Credit Card Master Trust
2.935% due 04/18/2011		100		100
Ford Credit Auto Owner Trust
3.418% due 07/15/2010		100		100
Fremont Home Loan Trust
2.669% due 02/25/2037		9		8
GE-WMC Mortgage Securities LLC
2.639% due 08/25/2036		10		10
GSAMP Trust
2.669% due 09/25/2036		10		10
2.669% due 12/25/2036		70		67
HFC Home Equity Loan Asset-Backed Certificates
2.606% due 03/20/2036		36		34
2.806% due 01/20/2035		35		29
Indymac Residential Asset-Backed Trust
2.679% due 07/25/2037		72		68
2.729% due 04/25/2037		198		191
JPMorgan Mortgage Acquisition Corp.
2.649% due 10/25/2036		122		113
2.659% due 04/01/2037		80		74
2.679% due 03/25/2037		210		202
Lehman XS Trust
2.669% due 05/25/2046		10		10
2.679% due 11/25/2046		16		15
2.719% due 11/25/2036		4		4
Long Beach Mortgage Loan Trust
2.659% due 10/25/2036		16		15
MASTR Asset-Backed Securities Trust
2.679% due 05/25/2037		69		64
MBNA Credit Card Master Note Trust
2.918% due 12/15/2011		35		35
4.200% due 09/15/2010		100		100
Morgan Stanley ABS Capital I
2.639% due 10/25/2036		15		15
2.649% due 07/25/2036		52		48
2.649% due 09/25/2036		15		14
2.649% due 11/25/2036		61		57
2.659% due 05/25/2037		157		151
Morgan Stanley IXIS Real Estate Capital Trust
2.649% due 11/25/2036		20		19
Nationstar Home Equity Loan Trust
2.659% due 03/25/2037		59		56
Option One Mortgage Loan Trust
2.639% due 02/25/2037		18		17
2.659% due 07/25/2037		157		148
Park Place Securities, Inc.
2.911% due 10/25/2034		7		6
Residential Asset Mortgage Products, Inc.
2.679% due 10/25/2036		13		12
Residential Asset Securities Corp.
2.639% due 08/25/2036		5		5
2.669% due 11/25/2036		14		14
2.669% due 02/25/2037		70		65
Residential Funding Mortgage Securities II, Inc.
2.719% due 05/25/2037		65		60
Saxon Asset Securities Trust
2.659% due 10/25/2046		8		8
SBI HELOC Trust
2.769% due 08/25/2036		10		10

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SLM Student Loan Trust
3.311% due 04/25/2014	$	85	$	85
3.331% due 10/25/2016		70		69
3.341% due 10/26/2015		21		21
Soundview Home Equity Loan Trust
2.659% due 11/25/2036		54		52
2.659% due 12/25/2036		29		28
2.679% due 06/25/2037		78		74
Specialty Underwriting & Residential Finance
2.644% due 11/25/2037		19		18
Structured Asset Securities Corp.
2.649% due 10/25/2036		16		16
Wells Fargo Home Equity Trust
2.699% due 03/25/2037		70		68
Total Asset-Backed Securities (Cost $4,103)				3,926
SOVEREIGN ISSUES 0.7%
Export-Import Bank of Korea
3.166% due 06/01/2009		100		100
Korea Development Bank
4.842% due 04/03/2010		100		100
Total Sovereign Issues (Cost $200)				200
FOREIGN CURRENCY-DENOMINATED ISSUES 2.3%
Brazilian Government International Bond
12.500% due 01/05/2022	BRL	300		186
General Electric Capital Corp.
5.500% due 09/15/2067	EUR	300		449
Total Foreign Currency-Denominated Issues (Cost $598)				635
		SHARES
PREFERRED STOCKS 0.1%
DG Funding Trust
4.946% due 12/31/2049		2		21
Total Preferred Stocks (Cost $21)				21
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 28.1%
CERTIFICATES OF DEPOSIT 1.4%
Calyon Financial, Inc.
2.731% due 06/29/2010	$	10		10
Dexia Credit Local S.A.
2.654% due 09/29/2008		100		100
Fortis Bank NY
2.646% due 09/30/2008		100		100
2.649% due 06/30/2008		40		40
Skandinaviska Enskilda Banken AB
3.060% due 02/13/2009		30		30
Societe Generale NY
2.652% due 06/30/2008		100		100
				380
COMMERCIAL PAPER 4.3%
Federal Home Loan Bank
1.500% due 04/01/2008		1,200		1,200

See Accompanying Notes Annual Report March 31, 2008 67

Schedule of Investments  Small Cap StocksPLUS^® TR Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS 8.2%
Credit Suisse Securities (USA) LLC
1.200% due 04/01/2008	$	1,000	$	1,000
(Dated 03/31/2008. Collateralized by U.S. Treasury Notes 4.875% due 06/30/2009 valued at $1,026. Repurchase proceeds are $1,000.)
State Street Bank and Trust Co.
1.900% due 04/01/2008		1,253		1,253
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 3.875% due 08/22/2008 valued at $1,283. Repurchase proceeds are $1,253.)
				2,253

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. TREASURY BILLS 14.2%
0.446% due 04/15/2008 - 04/17/2008 (b)	$	3,900	$	3,899
Total Short-Term Instruments (Cost $7,732)				7,732

		VALUE (000S)
PURCHASED OPTIONS (g) 0.3%
(Cost $17)	$	85
Total Investments 161.5% (Cost $44,553)	$	44,390
Written Options (h) (0.3%) (Premiums $37)		(93	)
Other Assets and Liabilities (Net) (61.2%)		(16,810	)
Net Assets (c) 100.0%	$	27,487

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) When-issued security.

(b) Coupon represents a weighted average rate.

(c) As of March 31, 2008, portfolio securities with an aggregate value of $22 and derivative instruments with an aggregate depreciation of ($5) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(d) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $10,481 at a weighted average interest rate of 3.985%. On March 31, 2008, securities valued at $21,458 were pledged as collateral for reverse repurchase agreements.

(e) Cash of $2,121 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2008	15	$	97
90-Day Eurodollar December Futures	Long	12/2009	2		0
90-Day Eurodollar June Futures	Long	06/2008	27		174
90-Day Eurodollar June Futures	Long	06/2009	2		0
90-Day Eurodollar March Futures	Long	03/2009	4		12
90-Day Eurodollar September Futures	Long	09/2008	2		14
90-Day Eurodollar September Futures	Long	09/2009	4		7
E-mini Russell 2000 Index June Futures	Long	06/2008	343		681
Euro-Schatz June Futures	Short	06/2008	2		1
Russell 2000 Index June Futures	Long	06/2008	8		82
S&P 500 Index June Futures	Short	06/2008	2		(16	)
U.S. Treasury 2-Year Note June Futures	Short	06/2008	9		(3	)
U.S. Treasury 5-Year Note June Futures	Short	06/2008	53		(111	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	43		158
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	2		3
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	12		8
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	4		13
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	9		15
				$	1,135

(f) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized (Depreciation)
Chrysler Financial 9.360% due 08/03/2012	Sell	5.050%	09/20/2012	DUB	$	300	$	(39	)
CIT Group, Inc. 7.750% due 04/02/2012	Sell	5.650%	03/20/2013	MSC		100		(9	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.620%	03/20/2011	BCLY		100		(2	)
General Motors Corp. 7.125% due 07/15/2013	Sell	7.700%	03/20/2013	DUB		100		(10	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.370%	03/20/2009	BCLY		100		(1	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%	02/20/2009	CSFB		100		0
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.310%	03/20/2009	MSC		100		0
Reynolds American, Inc. 7.625% due 06/01/2016	Sell	0.300%	06/20/2008	DUB		100		0
SLM Corp. 5.125% due 08/27/2012	Sell	4.550%	03/20/2009	BOA		100		(5	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.610%	02/20/2009	MSC		100		(1	)
							$	(67	)

68 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Dow Jones CDX N.A. IG9 Index	Sell	0.708%	12/20/2012	DUB	$	100	$	1
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MSC		100		(1	)
							$	0

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	UBS	AUD	700	$	(3	)
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	BCLY	$	300		2
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	BOA		600		13
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	MLP		500		13
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		100		0
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	BCLY		300		(4	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	BOA		200		(16	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		100		0
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.955%	03/28/2012	RBS	EUR	100		(2	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958%	04/10/2012	JPM		20		(1	)
Pay	6-Month Australian Bank Bill	7.500%	03/15/2011	UBS	AUD	300		0
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	JPM	EUR	100		1
Pay	6-Month EUR-LIBOR	4.000%	06/18/2010	MSC		200		(1	)
Pay	6-Month EUR-LIBOR	4.000%	06/15/2018	BCLY		100		1
Pay	6-Month GBP-LIBOR	6.000%	12/20/2008	BCLY	GBP	100		0
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	BCLY		100		2
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	GSC		100		1
Pay	6-Month GBP-LIBOR	6.000%	06/19/2009	GSC		500		10
Pay	6-Month GBP-LIBOR	4.750%	09/17/2013	RBS		100		(1	)
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	HSBC		100		0
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	DUB		100		(7	)
Pay	28-Day Mexico Interbank TIIE Banxico	7.780%	04/03/2012	GSC	MXN	200		0
Pay	BRL-CDI-Compounded	11.360%	01/04/2010	BCLY	BRL	100		(1	)
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		100		(2	)
Pay	BRL-CDI-Compounded	11.980%	01/02/2012	MLP		100		(1	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	MLP		100		0
							$	4

(g) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 2-Year Note June Futures	$	110.500	04/25/2008	7	$	0	$	0
Call - CBOT U.S. Treasury 2-Year Note June Futures		110.000	05/23/2008	1		0		0
Call - CBOT U.S. Treasury 2-Year Note June Futures		111.500	05/23/2008	1		0		0
Call - CBOT U.S. Treasury 5-Year Note June Futures		125.000	05/23/2008	57		1		0
Put - CBOT U.S. Treasury 10-Year Note June Futures		96.000	05/23/2008	53		1		1
Put - CME Russell Mini June Futures		430.000	04/18/2008	45		1		1
Put - CME Russell Mini June Futures		440.000	04/18/2008	185		5		0
Put - CME Russell Mini June Futures		450.000	04/18/2008	25		1		0
					$	9	$	2

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Pay	4.750%	09/26/2008	$	2,000	$	7	$	83

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Fannie Mae 5.000% due 05/01/2038	$	84.000	05/06/2008	$	2,100	$	1	$	0
Put - OTC Fannie Mae 5.500% due 05/01/2038		86.000	05/06/2008		1,200		0		0
						$	1	$	0

See Accompanying Notes Annual Report March 31, 2008 69

Schedule of Investments  Small Cap StocksPLUS^® TR Fund  (Cont.)

(h) Written options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note June Futures	$	118.000	05/23/2008	10	$	11	$	21
Call - CBOT U.S. Treasury 10-Year Note June Futures		120.000	05/23/2008	2		3		2
Put - CBOT U.S. Treasury 10-Year Note June Futures		114.000	05/23/2008	9		14		2
Put - CBOT U.S. Treasury 10-Year Note June Futures		116.000	05/23/2008	1		1		1
					$	29	$	26

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Receive	4.950%	09/26/2008	$	1,000	$	8	$	67

(i) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
Fannie Mae	5.500%	04/01/2038	$	1,900	$	1,914	$	1,918
Ginnie Mae	6.000%	04/01/2038		900		926		929
U.S. Treasury Notes	2.000%	02/28/2010		100		101		101
U.S. Treasury Notes	2.125%	01/31/2010		100		101		102
U.S. Treasury Notes	2.750%	02/28/2013		100		101		102
U.S. Treasury Notes	2.875%	01/31/2013		600		607		617
U.S. Treasury Notes	3.125%	11/30/2009		200		205		208
U.S. Treasury Notes	3.250%	12/31/2009		100		103		104
U.S. Treasury Notes	4.250%	08/15/2013		100		108		110
					$	4,166	$	4,191

⁽²⁾ Market value includes $11 of interest payable on short sales.

(j) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AED	22	05/2008	$	0	$	0		$	0
Buy	BRL	1,250	07/2008		79		0			79
Sell		1,203	07/2008		16		0			16
Buy		193	12/2008		0		0			0
Sell		216	12/2008		4		0			4
Sell	EUR	307	04/2008		0		(6	)		(6	)
Sell	GBP	216	04/2008		0		(1	)		(1	)
Buy	IDR	176,400	05/2008		0		(1	)		(1	)
Buy	INR	6,596	05/2008		7		0			7
Buy		3,562	08/2008		0		(2	)		(2	)
Buy	JPY	795	04/2008		0		0			0
Sell		795	04/2008		0		0			0
Buy		7,579	05/2008		1		(1	)		0
Sell		12,289	05/2008		1		0			1
Buy	KRW	22,718	05/2008		0		(1	)		(1	)
Buy		86,292	08/2008		0		(5	)		(5	)
Buy	KWD	2	05/2008		0		0			0
Buy	MXN	997	07/2008		3		0			3
Sell		411	07/2008		0		0			0
Buy	MYR	238	05/2008		3		0			3
Buy	PHP	2,798	05/2008		6		0			6
Buy	PLN	187	07/2008		15		0			15
Sell		187	07/2008		0		(9	)		(9	)
Buy	RUB	423	07/2008		1		0			1
Sell		423	07/2008		0		(1	)		(1	)
Buy		1,811	11/2008		2		0			2
Sell		460	11/2008		0		(1	)		(1	)
Buy	SAR	22	05/2008		0		0			0
Buy	SEK	94	06/2008		0		0			0
Buy	SGD	115	05/2008		7		0			7
Buy		90	11/2008		2		0			2
Buy	ZAR	2,009	07/2008		0		(26	)		(26	)
				$	147	$	(54	)	$	93

70 PIMCO Funds See Accompanying Notes

Schedule of Investments  StocksPLUS^® Fund     
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.8%
Allied Waste North America, Inc.
4.060% due 03/28/2014	$	25	$	24
4.080% due 03/28/2014		29		27
4.570% due 03/28/2014		53		50
4.590% due 03/28/2014		4		4
Fresenius Medical Care Capital Trust
3.954% due 03/22/2013		198		190
4.071% due 03/22/2013		610		584
4.460% due 03/22/2013		57		54
5.818% due 03/22/2013		28		27
Goodyear Tire & Rubber Co.
6.430% due 04/20/2014		2,000		1,810
Metro-Goldwyn-Mayer, Inc.
5.946% due 04/08/2012		1,290		1,027
Sensata Technologies, Inc.
5.056% due 04/27/2013		2,475		2,153
5.058% due 04/27/2013		6		6
Total Bank Loan Obligations (Cost $6,793)				5,956
CORPORATE BONDS & NOTES 39.5%
BANKING & FINANCE 28.7%
American Express Bank FSB
2.596% due 10/20/2009		2,100		2,086
2.659% due 06/22/2009		2,500		2,441
American Express Centurion Bank
2.955% due 06/12/2009		1,900		1,894
3.075% due 05/07/2008 (f)		1,900		1,900
American Express Credit Corp.
3.118% due 11/09/2009		2,100		2,056
American International Group, Inc.
2.599% due 06/23/2008 (f)		8,600		8,562
Bank of America Corp.
3.155% due 11/06/2009 (f)		500		496
8.000% due 12/29/2049		6,000		6,019
Bank of America N.A.
2.764% due 12/18/2008		800		798
2.901% due 06/12/2009		2,000		1,990
3.080% due 06/15/2016		2,300		1,992
Bank of Ireland
2.814% due 12/18/2009 (f)		5,900		5,885
Bear Stearns Cos., Inc.
3.160% due 08/21/2009		3,000		2,839
3.190% due 05/18/2010		4,800		4,467
3.250% due 03/25/2009		1,600		1,518
3.551% due 01/30/2009		2,300		2,130
Capital One Financial Corp.
3.270% due 09/10/2009 (f)		1,800		1,631
Caterpillar Financial Services Corp.
3.314% due 10/28/2008		400		400
CIT Group, Inc.
2.729% due 12/19/2008		1,500		1,352
5.000% due 11/24/2008		1,700		1,563
Citigroup Funding, Inc.
2.606% due 06/26/2009 (f)		11,200		11,043
Citigroup Global Markets Holdings, Inc.
2.900% due 03/17/2009		2,000		1,976
Credit Agricole S.A.
3.090% due 05/28/2009		1,700		1,702
3.140% due 05/28/2010		2,000		2,002
DnB NOR Bank ASA
4.447% due 10/13/2009		1,800		1,802
East Lane Re Ltd.
9.239% due 05/06/2011		9,500		9,579

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Enron Credit Linked Notes Trust
8.000% due 08/15/2005 (a)	$	1,100	$	935
Ford Motor Credit Co. LLC
5.625% due 10/01/2008		1,600		1,573
5.800% due 01/12/2009		300		286
6.625% due 06/16/2008		10,500		10,382
7.375% due 10/28/2009		600		547
Foundation Re II Ltd.
9.820% due 11/26/2010		2,500		2,553
General Electric Capital Corp.
3.135% due 08/15/2011		6,300		6,160
4.686% due 01/05/2009		100		100
4.706% due 10/06/2010		2,400		2,362
GMAC LLC
3.749% due 09/23/2008		7,400		6,982
Goldman Sachs Group, Inc.
2.639% due 12/23/2008		500		497
2.746% due 03/30/2009		1,300		1,287
4.178% due 07/23/2009		2,500		2,479
International Lease Finance Corp.
4.950% due 02/01/2011 (f)		6,000		5,926
JPMorgan Chase & Co.
2.656% due 06/26/2009		1,500		1,490
3.202% due 05/07/2010		2,800		2,762
Lehman Brothers Holdings, Inc.
2.649% due 12/23/2008		200		194
2.809% due 12/23/2010		2,500		2,134
3.170% due 08/21/2009		1,700		1,629
3.346% due 11/10/2009		1,300		1,178
Merrill Lynch & Co., Inc.
3.138% due 12/04/2009		2,300		2,242
Metropolitan Life Global Funding I
3.110% due 05/17/2010		3,700		3,625
Morgan Stanley
3.206% due 02/09/2009		2,800		2,769
3.212% due 05/07/2009		1,400		1,377
4.201% due 01/18/2011		3,300		3,084
4.348% due 01/15/2010		1,400		1,339
Osiris Capital PLC
7.108% due 01/15/2010		5,000		4,971
Phoenix Quake Ltd.
5.148% due 07/03/2008		500		500
Phoenix Quake Wind I Ltd.
7.152% due 07/03/2008		600		600
Prudential Financial, Inc.
3.018% due 06/13/2008		4,400		4,395
Residential Capital LLC
6.178% due 05/22/2009		2,300		1,322
Rockies Express Pipeline LLC
4.250% due 08/20/2009		2,800		2,802
Royal Bank of Scotland Group PLC
3.944% due 07/21/2008		1,600		1,597
Santander U.S. Debt S.A. Unipersonal
2.659% due 09/19/2008 (f)		6,500		6,483
SB Treasury Co. LLC
9.400% due 12/29/2049 (f)		2,200		2,229
SLM Corp.
2.940% due 12/15/2008		1,700		1,639
3.471% due 07/27/2009 (f)		1,700		1,431
3.531% due 01/26/2009		300		269
3.541% due 07/25/2008		700		688
4.131% due 01/26/2009		2,100		2,013
Spinnaker Capital Ltd.
14.300% due 06/15/2008		2,500		2,539

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Tokai Preferred Capital Co. LLC
9.980% due 12/29/2049	$	9,400	$	9,444
Unicredit Luxembourg Finance S.A.
3.768% due 10/24/2008		9,900		9,891
VTB Capital S.A.
3.839% due 08/01/2008		1,900		1,881
4.812% due 11/02/2009		3,100		3,102
Wachovia Corp.
4.388% due 10/15/2011		5,700		5,281
Westpac Banking Corp.
3.040% due 06/06/2008 (f)		1,200		1,200
				210,292
INDUSTRIALS 5.8%
America Movil SAB de C.V.
2.755% due 06/27/2008		2,700		2,680
Anadarko Petroleum Corp.
3.200% due 09/15/2009		2,000		1,963
BP AMI Leasing, Inc.
2.616% due 06/26/2009		3,900		3,903
Citigroup Global Markets Deutschland AG for OAO Gazprom
10.500% due 10/21/2009		600		652
Daimler Finance North America LLC
3.298% due 03/13/2009		3,500		3,455
Home Depot, Inc.
2.925% due 12/16/2009		1,300		1,240
Hospira, Inc.
3.176% due 03/30/2010		2,400		2,335
JC Penney Corp., Inc.
7.375% due 08/15/2008		700		706
Pemex Project Funding Master Trust
3.676% due 12/03/2012		3,600		3,509
Reynolds American, Inc.
3.500% due 06/15/2011		1,400		1,316
Time Warner, Inc.
3.300% due 11/13/2009		3,900		3,736
Transcontinental Gas Pipe Line Corp.
5.538% due 04/15/2008		5,400		5,366
Transocean, Inc.
3.214% due 09/05/2008		2,400		2,388
UnitedHealth Group, Inc.
4.462% due 02/07/2011 (f)		5,200		5,208
Wal-Mart Stores, Inc.
2.700% due 06/16/2008		4,400		4,401
				42,858
UTILITIES 5.0%
AT&T, Inc.
3.278% due 11/14/2008		2,000		2,001
Dominion Resources, Inc.
3.248% due 11/14/2008 (f)		4,460		4,438
Entergy Gulf States, Inc.
3.740% due 12/08/2008		3,000		3,008
Florida Power Corp.
3.468% due 11/14/2008		1,900		1,899
NiSource Finance Corp.
3.662% due 11/23/2009		600		583
Progress Energy, Inc.
4.708% due 01/15/2010		1,500		1,495
Qwest Capital Funding, Inc.
6.375% due 07/15/2008		2,900		2,907

See Accompanying Notes Annual Report March 31, 2008 71

Schedule of Investments  StocksPLUS^® Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Qwest Corp.
5.625% due 11/15/2008	$	2,700	$	2,700
6.050% due 06/15/2013		3,400		3,077
Sierra Pacific Power Co.
8.000% due 06/01/2008		8,593		8,691
Southern California Edison Co.
3.212% due 02/02/2009		2,000		1,932
Telecom Italia Capital S.A.
3.719% due 02/01/2011		1,300		1,197
Telefonica Emisones SAU
2.842% due 06/19/2009		2,600		2,533
				36,461
Total Corporate Bonds & Notes (Cost $296,047)				289,611
COMMODITY INDEX-LINKED NOTES 0.4%
Morgan Stanley (GSCI)
2.546% due 07/07/2008		3,000		2,980
Total Commodity Index-Linked Notes (Cost $3,000)				2,980
U.S. GOVERNMENT AGENCIES 21.6%
Fannie Mae
2.719% due 03/25/2034 (f)		1,207		1,166
2.999% due 05/25/2031 - 11/25/2032 (f)		5,365		5,218
4.634% due 09/01/2035 (f)		6,486		6,497
4.695% due 12/01/2033 (f)		1,608		1,614
4.765% due 04/01/2035 (f)		6,249		6,320
5.000% due 02/25/2017 - 04/25/2033 (f)		28,523		28,840
5.000% due 04/01/2023 - 05/01/2038		11,000		10,910
5.322% due 04/01/2018 (f)		51		51
5.422% due 12/01/2023 - 02/01/2027		10		10
5.422% due 11/01/2027 - 11/01/2028 (f)		260		260
5.500% due 09/01/2033 - 06/01/2036 (f)		20,648		20,896
5.500% due 04/01/2038		1,000		1,010
5.689% due 08/01/2029 (f)		31		31
5.722% due 07/01/2044 (f)		370		369
5.973% due 09/01/2034 (f)		1,707		1,726
6.000% due 01/01/2017 - 05/01/2037 (f)		4,019		4,130
6.000% due 10/01/2033		7		7
6.089% due 12/01/2036 (f)		1,726		1,747
6.442% due 11/01/2035 (f)		854		879
6.500% due 09/25/2008 (b)		1		0
7.000% due 02/01/2015 - 03/01/2015 (f)		1,077		1,133
7.043% due 05/01/2022		8		8
7.500% due 09/01/2015 - 05/01/2016 (f)		820		858
8.000% due 03/01/2030 - 07/01/2031 (f)		133		145
8.000% due 04/01/2030 - 05/01/2031		23		25
Freddie Mac
2.968% due 07/15/2019 - 10/15/2020 (f)		20,613		19,934
3.048% due 02/15/2019 (f)		12,008		11,934
3.168% due 12/15/2030 (f)		1,220		1,193
3.218% due 06/15/2018 (f)		457		451
4.701% due 06/01/2035 (f)		4,990		5,075
5.000% due 07/15/2024 (f)		3,699		3,754
5.500% due 08/15/2030 - 11/01/2037 (f)		4,890		4,944
5.722% due 02/25/2045		1,889		1,831

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
6.000% due 03/01/2016 - 09/01/2037 (f)	$	8,266	$	8,511
6.000% due 09/01/2028		4		4
6.087% due 07/01/2019 (f)		584		601
6.500% due 10/25/2043		2,267		2,372
6.704% due 12/01/2022 (f)		41		42
6.963% due 06/01/2022 (f)		21		21
8.500% due 04/01/2025		7		8
8.500% due 06/01/2025 (f)		17		19
Ginnie Mae
2.936% due 09/20/2030		4		4
5.125% due 12/20/2022 - 12/20/2027 (f)		389		389
5.625% due 07/20/2018 - 07/20/2027 (f)		1,960		1,977
6.375% due 02/20/2026 - 02/20/2028 (f)		904		925
8.000% due 04/20/2030 (f)		189		207
Total U.S. Government Agencies (Cost $156,869)				158,046
MORTGAGE-BACKED SECURITIES 13.6%
Banc of America Funding Corp.
4.113% due 05/25/2035		2,018		1,918
Banc of America Mortgage Securities, Inc.
6.500% due 10/25/2031		787		767
Bank Mart
4.567% due 03/01/2019 (k)		576		541
Bear Stearns Adjustable Rate Mortgage Trust
4.617% due 01/25/2034		2,175		2,032
4.750% due 10/25/2035		6,226		6,011
4.777% due 11/25/2034		939		911
5.031% due 04/25/2033		653		636
5.072% due 11/25/2034		2,846		2,764
6.764% due 02/25/2033		114		107
6.851% due 01/25/2034		145		139
Bear Stearns Alt-A Trust
2.759% due 02/25/2034		1,538		1,212
5.706% due 09/25/2035		610		502
Bear Stearns Structured Products, Inc.
2.806% due 01/26/2037		4,537		4,310
5.681% due 01/26/2036		2,006		1,698
5.783% due 12/26/2046		1,113		922
Citigroup Commercial Mortgage Trust
2.888% due 08/15/2021		163		152
Citigroup Mortgage Loan Trust, Inc.
4.900% due 12/25/2035		1,675		1,597
Countrywide Alternative Loan Trust
2.779% due 05/25/2047		1,606		1,220
6.000% due 10/25/2033		1,209		1,180
Countrywide Home Loan Mortgage Pass-Through Trust
4.723% due 02/20/2035		3,176		3,079
4.800% due 11/25/2034		1,775		1,667
CS First Boston Mortgage Securities Corp.
5.215% due 03/25/2032		453		409
6.466% due 06/25/2032		37		37
6.556% due 06/25/2032		10		10
Fund America Investors Corp. II
6.459% due 06/25/2023		14		13
Greenpoint Mortgage Funding Trust
2.679% due 10/25/2046		1,666		1,502
2.869% due 11/25/2045		736		608
GS Mortgage Securities Corp. II
3.170% due 03/06/2020		2,158		1,995
GSR Mortgage Loan Trust
2.949% due 01/25/2034		325		275
Harborview Mortgage Loan Trust
2.749% due 01/19/2038		3,968		3,022

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.137% due 07/19/2035	$	1,451	$	1,387
Impac CMB Trust
3.359% due 10/25/2033		91		75
4.135% due 07/25/2033		1,619		1,520
Impac Secured Assets CMN Owner Trust
2.679% due 01/25/2037		1,010		951
Indymac Index Mortgage Loan Trust
2.689% due 11/25/2046		1,084		1,010
JPMorgan Mortgage Trust
5.023% due 02/25/2035		1,339		1,219
Lehman Brothers Floating Rate Commercial Mortgage Trust
2.898% due 09/15/2021		299		282
MASTR Adjustable Rate Mortgages Trust
3.786% due 11/21/2034		1,606		1,586
MASTR Asset Securitization Trust
5.500% due 09/25/2033		2,105		2,023
Mellon Residential Funding Corp.
3.601% due 06/15/2030		3,951		3,760
Merrill Lynch Floating Trust
2.888% due 06/15/2022		6,312		5,911
Merrill Lynch Mortgage Investors, Inc.
2.809% due 02/25/2036		798		641
4.910% due 12/25/2032		692		660
MLCC Mortgage Investors, Inc.
2.849% due 11/25/2035		258		233
3.599% due 10/25/2035		427		370
6.944% due 01/25/2029		1,180		1,151
Morgan Stanley Capital I
2.878% due 10/15/2020		543		505
Prime Mortgage Trust
2.999% due 02/25/2019		147		139
2.999% due 02/25/2034		710		642
Resecuritization Mortgage Trust
2.856% due 04/26/2021		1		1
Residential Funding Mortgage Securities I
6.500% due 03/25/2032		565		540
Salomon Brothers Mortgage Securities VII, Inc.
7.167% due 12/25/2030		624		604
Structured Adjustable Rate Mortgage Loan Trust
4.940% due 03/25/2034		1,343		1,238
Structured Asset Mortgage Investments, Inc.
2.809% due 07/19/2035		1,697		1,409
2.879% due 02/25/2036		896		702
9.515% due 06/25/2029		764		831
TBW Mortgage-Backed Pass-Through Certificates
2.709% due 01/25/2037		5,006		4,767
Thornburg Mortgage Securities Trust
2.709% due 11/25/2046		1,528		1,449
3.265% due 06/25/2037		2,485		2,337
Wachovia Bank Commercial Mortgage Trust
2.898% due 06/15/2020		2,844		2,621
2.908% due 09/15/2021		5,283		4,966
WaMu Mortgage Pass-Through Certificates
2.869% due 12/25/2045		930		741
2.889% due 10/25/2045		515		411
5.220% due 02/27/2034		1,945		1,850
5.326% due 02/25/2046		4,832		3,761
5.526% due 11/25/2042		236		224
5.726% due 06/25/2042		1,028		935
Wells Fargo Mortgage-Backed Securities Trust
4.947% due 01/25/2035		2,311		2,172
4.950% due 03/25/2036		3,208		3,058
Total Mortgage-Backed Securities (Cost $108,501)				99,918

72 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES 8.4%
AFC Home Equity Loan Trust
3.149% due 06/25/2028	$	393	$	252
Asset-Backed Funding Certificates
2.659% due 01/25/2037		1,100		1,031
Asset-Backed Securities Corp. Home Equity
2.759% due 05/25/2035		183		163
Bear Stearns Asset-Backed Securities Trust
2.689% due 06/25/2047		1,022		976
Chase Funding Mortgage Loan Asset-Backed Certificates
3.339% due 10/25/2032		277		235
Citibank Credit Card Issuance Trust
2.900% due 05/17/2010		2,700		2,700
Citigroup Mortgage Loan Trust, Inc.
2.649% due 11/25/2036		389		380
2.659% due 05/25/2037		16,617		15,797
Countrywide Asset-Backed Certificates
2.669% due 06/25/2037		3,766		3,656
CS First Boston Mortgage Securities Corp.
3.219% due 01/25/2032		337		304
First NLC Trust
2.669% due 08/25/2037		4,524		4,335
First USA Credit Card Master Trust
2.935% due 04/18/2011		4,800		4,794
Fremont Home Loan Trust
2.649% due 10/25/2036		3,059		3,017
GSAMP Trust
2.719% due 12/25/2035		529		525
GSR Mortgage Loan Trust
2.699% due 11/25/2030		132		131
HFC Home Equity Loan Asset-Backed Certificates
2.806% due 01/20/2035		1,831		1,524
HSI Asset Securitization Corp. Trust
2.649% due 12/25/2036		870		808
JPMorgan Mortgage Acquisition Corp.
2.659% due 04/01/2037		1,915		1,767
2.669% due 11/25/2036		404		386
Lehman XS Trust
2.669% due 05/25/2046		406		385
Long Beach Mortgage Loan Trust
2.689% due 01/25/2046		59		59
2.879% due 10/25/2034		50		45
Merrill Lynch Mortgage Investors, Inc.
2.669% due 08/25/2036		2,933		2,800

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Morgan Stanley ABS Capital I
2.639% due 10/25/2036	$	664	$	645
Residential Asset Securities Corp.
2.669% due 11/25/2036		1,329		1,266
Saxon Asset Securities Trust
2.659% due 10/25/2046		584		563
Sears Credit Account Master Trust
3.038% due 04/16/2013		9,200		9,023
SLM Student Loan Trust
3.331% due 10/25/2016		1,816		1,801
Specialty Underwriting & Residential Finance
2.629% due 06/25/2037		1,526		1,494
Wells Fargo Home Equity Trust
2.649% due 01/25/2037		813		785
Total Asset-Backed Securities (Cost $64,081)				61,647
SOVEREIGN ISSUES 1.6%
Export-Import Bank of Korea
3.166% due 06/01/2009		2,400		2,405
3.310% due 11/16/2010		5,900		5,924
Hydro Quebec
2.677% due 09/29/2049		1,200		1,046
Korea Development Bank
3.358% due 11/22/2012		2,200		2,134
Total Sovereign Issues (Cost $11,529)				11,509
FOREIGN CURRENCY-DENOMINATED ISSUES 1.5%
New Zealand Government CPI Linked Bond
4.500% due 02/15/2016	NZD	9,750		10,233
Sumitomo Mitsui Banking Corp.
1.151% due 06/02/2049	JPY	100,000		989
Total Foreign Currency-Denominated Issues (Cost $7,527)				11,222
		SHARES
CONVERTIBLE PREFERRED STOCKS 1.6%
Bank of America Corp.
7.250% due 12/31/2049		11,000		11,363
Total Convertible Preferred Stocks (Cost $11,000)				11,363

		SHARES		VALUE (000S)
PREFERRED STOCKS 1.3%
DG Funding Trust
4.946% due 12/31/2049		913	$	9,518
Total Preferred Stocks (Cost $9,564)				9,518
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 24.9%
COMMERCIAL PAPER 3.8%
Federal Home Loan Bank
1.500% due 04/01/2008	$	3,000		3,000
Royal Bank of Scotland Group PLC
3.070% due 04/24/2008		3,800		3,792
Westpac Banking Corp.
3.070% due 05/06/2008		21,500		21,436
				28,228
REPURCHASE AGREEMENTS 0.8%
Fixed Income Clearing Corp.
1.900% due 04/01/2008		5,675		5,675
(Dated 03/31/2008. Collateralized by Freddie Mac 3.000% due 05/13/2008 valued at $5,791. Repurchase proceeds are $5,675.)
U.S. TREASURY BILLS 20.3%
0.819% due 04/17/2008 - 07/17/2008 (c)(d)		149,550		148,939
Total Short-Term Instruments (Cost $183,198)				182,842
PURCHASED OPTIONS (i) 0.5%
(Cost $2,299)				3,328
Total Investments 115.7% (Cost $860,408)			$	847,940
Written Options (j) (0.4%) (Premiums $2,119)				(3,234	)
Other Assets and Liabilities (Net) (15.3%)				(111,722	)
Net Assets (e) 100.0%			$	732,984

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security is in default.

(b) Interest only security.

(c) Coupon represents a weighted average rate.

(d) Securities with an aggregate market value of $6,471 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(e) As of March 31, 2008, portfolio securities with an aggregate value of $8,162 and derivative instruments with an aggregate depreciation of ($189) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(f) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $119,451 at a weighted average interest rate of 3.317%. On March 31, 2008, securities valued at $198,289 were pledged as collateral for reverse repurchase agreements.

See Accompanying Notes Annual Report March 31, 2008 73

Schedule of Investments  StocksPLUS^® Fund  (Cont.)

(g) Cash of $57,720 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2008	625	$	4,150
90-Day Eurodollar December Futures	Long	12/2009	11		(1	)
90-Day Eurodollar June Futures	Long	06/2008	153		949
90-Day Eurodollar June Futures	Long	06/2009	11		0
90-Day Eurodollar March Futures	Long	03/2009	190		1,049
90-Day Eurodollar September Futures	Long	09/2009	21		16
E-mini S&P 500 Index June Futures	Long	06/2008	10,195		(5,508	)
S&P 500 Index June Futures	Long	06/2008	31		188
U.S. Treasury 2-Year Note June Futures	Short	06/2008	167		15
U.S. Treasury 5-Year Note June Futures	Short	06/2008	246		(267	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	36		48
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	365		(335	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	99		263
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2009	14		7
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	456		315
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2009	61		174
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	117		401
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	337		594
				$	2,058

(h) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	Receive Fixed Rate	Expiration Date	Counterparty		Notional Amount	Unrealized Appreciation/ (Depreciation)
American Express Co. 4.875% due 07/15/2013	Sell	1.950%	03/20/2013	CITI	$	1,600	$	16
American Express Co. 4.875% due 07/15/2013	Sell	2.060%	03/20/2013	DUB		800		12
American International Group, Inc. 4.250% due 05/15/2013	Sell	0.780%	12/20/2012	RBS		600		(27	)
American International Group, Inc. 4.250% due 05/15/2013	Sell	0.910%	12/20/2012	BOA		600		(24	)
American International Group, Inc. 4.250% due 05/15/2013	Sell	0.930%	12/20/2012	BOA		1,000		(39	)
American International Group, Inc. 5.600% due 10/18/2016	Sell	0.065%	06/20/2008	GSC		6,200		(28	)
Berkshire Hathaway Finance Corp. 4.625% due 10/15/2013	Sell	0.850%	03/20/2013	CSFB		1,500		1
Berkshire Hathaway Finance Corp. 4.625% due 10/15/2013	Sell	0.870%	03/20/2013	RBS		1,500		3
Berkshire Hathaway Finance Corp. 4.625% due 10/15/2013	Sell	0.930%	03/20/2013	DUB		1,800		9
Berkshire Hathaway Finance Corp. 4.625% due 10/15/2013	Sell	1.000%	03/20/2013	BCLY		600		5
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	0.980%	01/20/2012	DUB		1,300		(19	)
California State General Obligation Bonds 5.250% due 02/01/2018	Sell	0.470%	12/20/2017	LEH		600		(9	)
CIT Group, Inc. 7.750% due 04/02/2012	Sell	5.750%	03/20/2013	JPM		1,500		(128	)
Citigroup, Inc. 6.500% due 01/18/2011	Sell	0.530%	09/20/2012	JPM		3,000		(140	)
Fannie Mae 5.250% due 08/01/2012	Sell	0.670%	12/20/2012	LEH		900		(24	)
Fannie Mae 5.250% due 08/01/2012	Sell	0.675%	12/20/2012	LEH		400		(11	)
Fannie Mae 5.250% due 08/01/2012	Sell	0.700%	12/20/2012	RBS		900		(23	)
Fannie Mae 5.250% due 08/01/2012	Sell	0.785%	12/20/2012	RBS		1,600		(35	)
Fannie Mae 5.250% due 08/01/2012	Sell	0.840%	12/20/2012	RBS		3,200		(63	)
Fannie Mae 5.250% due 08/01/2012	Sell	0.950%	12/20/2012	RBS		900		(14	)
Fannie Mae 5.500% due 06/09/2033	Sell	0.440%	12/20/2012	LEH		600		(2	)
Fannie Mae 5.500% due 06/09/2033	Sell	0.445%	12/20/2012	LEH		800		(2	)
Fannie Mae 5.500% due 06/09/2033	Sell	0.510%	12/20/2012	RBS		1,600		1
Fannie Mae 5.500% due 06/09/2033	Sell	0.520%	03/20/2013	RBS		2,800		1
Fannie Mae 5.500% due 06/09/2033	Sell	0.615%	03/20/2013	LEH		2,400		11
Ford Motor Credit Co. LLC 7.250% due 10/25/2011	Sell	4.000%	12/20/2008	LEH		200		(7	)
Ford Motor Credit Co. LLC 7.250% due 10/25/2011	Sell	4.300%	12/20/2008	LEH		200		(7	)
Freddie Mac 5.080% due 02/07/2019	Sell	0.615%	03/20/2013	LEH		3,000		15
Freddie Mac 5.080% due 02/07/2019	Sell	0.730%	03/20/2013	RBS		1,500		16
Freddie Mac 5.080% due 02/07/2019	Sell	0.860%	03/20/2013	BCLY		1,500		25
Freddie Mac 5.875% due 03/21/2011	Sell	0.850%	12/20/2012	CSFB		600		(10	)
Gannett Co., Inc. 6.375% due 04/01/2012	Sell	1.800%	03/20/2013	UBS		600		(14	)
Gannett Co., Inc. 6.375% due 04/01/2012	Sell	1.968%	03/20/2013	BCLY		1,500		(24	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.750%	03/20/2013	MSC		2,300		(55	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.770%	03/20/2013	BNP		1,400		(32	)
General Motors Corp. 7.125% due 07/15/2013	Sell	1.810%	09/20/2008	BEAR		5,100		(133	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.500%	09/20/2008	RBS		3,100		(39	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.000%	09/20/2009	DUB		3,800		(201	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.850%	12/20/2012	BCLY		1,800		(330	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.880%	12/20/2012	MLP		1,400		(256	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.900%	12/20/2012	UBS		1,000		(170	)
GMAC LLC 6.875% due 08/28/2012	Sell	1.350%	06/20/2008	LEH		3,000		(51	)
GMAC LLC 6.875% due 08/28/2012	Sell	5.000%	03/20/2009	DUB		1,600		(106	)
GMAC LLC 6.875% due 08/28/2012	Sell	1.850%	09/20/2009	MLP		1,000		(165	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.130%	06/20/2008	DUB		5,000		(13	)
HSBC Finance Corp. 7.000% due 05/15/2012	Sell	1.800%	03/20/2010	RBS		1,400		(14	)

74 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.000%	03/20/2009	CITI	$	6,000	$	0
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.300%	09/20/2008	RBS		700		(12	)
MBIA, Inc.	Sell	2.800%	12/20/2012	BOA		600		(83	)
MBIA, Inc.	Sell	3.400%	12/20/2012	DUB		600		(75	)
MBIA, Inc. 6.625% due 10/01/2028	Sell	4.000%	12/20/2012	BOA		600		(98	)
MBIA, Inc. 6.625% due 10/01/2028	Sell	5.050%	12/20/2012	WAC		600		(79	)
Merrill Lynch & Co., Inc. 6.000% due 02/17/2009	Sell	0.120%	06/20/2008	DUB		1,500		(11	)
MetLife, Inc. 5.000% due 06/15/2015	Sell	1.700%	03/20/2013	JPM		1,000		13
MetLife, Inc. 5.000% due 06/15/2015	Sell	1.720%	03/20/2013	LEH		2,200		31
MetLife, Inc. 5.000% due 06/15/2015	Sell	2.260%	03/20/2013	LEH		1,800		70
Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.270%	03/20/2009	BCLY		3,000		0
Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.390%	01/20/2012	BCLY		5,000		(123	)
Michigan State General Obligation Bonds, Series 2003 5.250% due 05/01/2020	Sell	0.400%	12/20/2017	LEH		600		(6	)
Multiple Reference Entities of Gazprom	Sell	1.430%	12/20/2008	JPM		3,500		6
Multiple Reference Entities of Gazprom	Sell	0.360%	05/20/2009	HSBC		1,000		(17	)
Multiple Reference Entities of Gazprom	Sell	1.000%	10/20/2011	DUB		3,200		(166	)
Multiple Reference Entities of Gazprom	Sell	0.740%	01/20/2012	BCLY		1,800		(123	)
New York City, New York General Obligation Bonds, Series 2007 5.000% due 01/01/2026	Sell	0.420%	12/20/2017	LEH		600		(6	)
New York City, New York General Obligation Notes, Series 2007 5.000% due 01/01/2017	Sell	0.450%	03/20/2018	GSC		1,400		(10	)
Ohio State General Obligation Bonds, Series 2007 5.000% due 09/01/2020	Sell	0.300%	12/20/2017	LEH		600		(7	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.600%	03/20/2009	LEH		6,400		(14	)
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.290%	12/20/2008	LEH		1,200		0
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.320%	03/20/2009	LEH		2,200		(2	)
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	1.800%	03/20/2013	BCLY		1,500		10
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	1.870%	03/20/2013	CSFB		900		9
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	1.900%	03/20/2013	RBS		600		6
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	1.960%	03/20/2013	CSFB		2,500		30
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	2.350%	03/20/2013	JPM		1,600		50
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	2.350%	03/20/2013	RBS		600		19
Residential Capital LLC 6.500% due 04/17/2013	Sell	1.150%	06/20/2009	LEH		6,000		(2,140	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.310%	12/20/2008	LEH		1,200		(2	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.670%	03/20/2009	GSC		2,800		1
SLM Corp. 5.125% due 08/27/2012	Sell	3.000%	12/20/2008	BCLY		1,300		(61	)
SLM Corp. 5.125% due 08/27/2012	Sell	3.000%	12/20/2008	BOA		1,400		(66	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.500%	03/20/2009	BNP		1,400		(67	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.550%	03/20/2010	JPM		600		(50	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.600%	03/20/2010	MLP		800		(66	)
SLM Corp. 5.125% due 08/27/2012	Sell	2.860%	12/20/2012	BOA		1,400		(256	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.930%	03/20/2013	JPM		1,500		(169	)
SLM Corp. 5.125% due 08/27/2012	Sell	5.025%	03/20/2013	BOA		1,300		(141	)
State of California General Obligation Notes, Series 2005 5.000% due 03/01/2018	Sell	0.530%	03/20/2018	GSC		1,400		(14	)
State of Michigan General Obligation Notes, Series 2003 5.250% due 05/01/2017	Sell	0.440%	03/20/2018	GSC		1,400		(10	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.370%	05/20/2008	MSC		6,000		1
Wachovia Corp. 3.625% due 02/17/2009	Sell	1.630%	03/20/2013	UBS		600		(3	)
Wachovia Corp. 3.625% due 02/17/2009	Sell	1.700%	03/20/2013	BNP		5,700		(10	)
Wachovia Corp. 3.625% due 02/17/2009	Sell	1.700%	03/20/2013	RBS		3,000		(5	)
							$	(5,746	)

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Dow Jones CDX N.A. EM8 Index	Sell	1.750%	06/20/2013	DUB	$	200	$	(7	)
Dow Jones CDX N.A. EM9 Index	Sell	2.650%	06/20/2013	BCLY		1,700		(7	)
Dow Jones CDX N.A. EM9 Index	Sell	2.650%	06/20/2013	MSC		300		(2	)
Dow Jones CDX N.A. HY8 Index	Sell	0.360%	06/20/2012	CITI		4,968		(200	)
Dow Jones CDX N.A. HY8 Index	Sell	0.401%	06/20/2012	CITI		1,192		(47	)
Dow Jones CDX N.A. HY8 Index	Sell	1.833%	06/20/2012	MLP		1,100		(109	)
Dow Jones CDX N.A. HY8 Index	Sell	2.080%	06/20/2012	MSC		1,100		(98	)
Dow Jones CDX N.A. HY8 Index	Sell	2.144%	06/20/2012	CITI		600		(52	)
Dow Jones CDX N.A. HY8 Index	Sell	2.170%	06/20/2012	MSC		500		(43	)
Dow Jones CDX N.A. IG9 Index	Sell	0.708%	12/20/2012	DUB		4,000		37
							$	(528	)

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

See Accompanying Notes Annual Report March 31, 2008 75

Schedule of Investments  StocksPLUS^® Fund  (Cont.)

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	BCLY	$	12,600	$	129
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	DUB		6,900		19
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		16,900		92
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	BCLY		4,700		(98	)
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	DUB		2,500		(13	)
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	RBS		5,900		(87	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.090%	10/15/2010	BNP	EUR	2,300		11
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.146%	10/15/2010	UBS		1,000		9
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	JPM		1,200		(27	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.995%	03/15/2012	GSC		32,700		(609	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	03/30/2012	GSC		700		(16	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	04/05/2012	BCLY		300		(7	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958%	04/10/2012	JPM		300		(7	)
Pay	6-Month GBP-LIBOR	6.000%	03/20/2009	RBS	GBP	3,500		3
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	CSFB		19,700		109
Pay	6-Month GBP-LIBOR	4.500%	09/20/2009	LEH		800		(30	)
Pay	6-Month GBP-LIBOR	6.000%	12/19/2009	GSC		1,600		72
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	CSFB		2,400		81
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	DUB		4,000		(240	)
Receive	6-Month GBP-LIBOR	5.000%	12/19/2037	GSC		200		(31	)
Receive	30-Day USD-CMM Rate	5.000%	02/20/2009	MLP	$	5,900		(38	)
Pay	BRL-CDI-Compounded	11.360%	01/04/2010	BCLY	BRL	4,400		(64	)
Pay	BRL-CDI-Compounded	11.430%	01/04/2010	MLP		2,900		(40	)
Pay	BRL-CDI-Compounded	11.465%	01/04/2010	GSC		1,100		(15	)
Pay	BRL-CDI-Compounded	12.780%	01/04/2010	MSC		2,000		0
Pay	BRL-CDI-Compounded	12.948%	01/04/2010	MLP		1,800		5
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		2,100		(37	)
Pay	USSP Semi 2-Year Index	0.710%	02/05/2009	BNP	$	2,700		(4	)
							$	(833	)

Total Return Swaps
Pay/Receive Total Return on Reference Entity	Reference Entity	Rate	Expiration Date	Counterparty	# of Shares	Unrealized Appreciation
Receive	S&P 500 Index	1-Month USD-LIBOR less 0.030%	05/15/2008	MLP	18,260	$	827

(i) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 2-Year Note June Futures	$	110.500	04/25/2008	179	$	3	$	3
Call - CBOT U.S. Treasury 5-Year Note June Futures		125.000	05/23/2008	391		7		3
Call - CBOT U.S. Treasury 10-Year Note June Futures		132.000	05/23/2008	30		0		0
Call - CBOT U.S. Treasury 30-Year Bond June Futures		147.000	05/23/2008	265		5		4
Call - CBOT U.S. Treasury 30-Year Bond June Futures		149.000	05/23/2008	100		1		2
Put - CME S&P 500 Index June Futures		600.000	06/19/2008	100		3		0
Put - CME S&P 500 Index June Futures		625.000	06/19/2008	95		3		0
Put - CME S&P 500 Index June Futures		675.000	06/19/2008	650		19		0
Put - CME S&P 500 Index June Futures		700.000	06/19/2008	1,150		33		14
					$	74	$	26

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500%	02/02/2009	$	36,900	$	411	$	617
Call - OTC 2-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		3,500		18		144
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		3,600		13		149
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	12/15/2008		101,300		890		1,313
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	02/02/2009		70,200		758		869
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.600%	07/02/2009		13,800		133		209
								$	2,223	$	3,301

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC Treasury Inflation Protected Securities 3.125% due 11/15/2009	$	104.250	06/20/2008	$	4,900	$	1	$	0
Call - OTC Treasury Inflation Protected Securities 3.250% due 12/15/2009		104.750	06/20/2008		2,100		0		0
Put - OTC Fannie Mae 5.000% due 05/01/2023		84.000	05/12/2008		2,000		0		1
Put - OTC Fannie Mae 5.000% due 05/01/2038		78.000	05/06/2008		9,000		1		0
						$	2	$	1

76 PIMCO Funds See Accompanying Notes

    
March 31, 2008

(j) Written options outstanding on March 31, 2008:

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.300%	02/02/2009	$	1,900	$	42	$	74
Call - OTC 7-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.600%	02/02/2009		11,400		366		570
Call - OTC 5-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		1,500		18		100
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		1,600		13		107
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.300%	12/15/2008		33,800		842		1,325
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.250%	02/02/2009		23,400		705		863
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.200%	07/02/2009		6,000		133		195
								$	2,119	$	3,234

(k) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Bank Mart	4.567%	03/01/2019	07/07/1995 - 06/12/1997	$	577	$	541	0.07%

(l) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
Freddie Mac	5.500%	04/01/2038	$	5,200	$	5,097	$	5,251
U.S. Treasury Notes	3.125%	11/30/2009		4,900		5,016		5,091
U.S. Treasury Notes	3.250%	12/31/2009		3,100		3,173		3,216
					$	13,286	$	13,558

⁽²⁾ Market value includes $93 of interest payable on short sales.

(m) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AED	699	05/2008	$	0	$	(2	)	$	(2	)
Buy	AUD	331	04/2008		2		0			2
Buy	BRL	59,384	07/2008		3,375		0			3,375
Sell		39,958	07/2008		658		0			658
Buy		17,677	12/2008		17		0			17
Sell		10,366	12/2008		123		0			123
Sell	GBP	6,743	04/2008		0		(35	)		(35	)
Buy	IDR	7,056,000	05/2008		0		(38	)		(38	)
Buy	INR	76,489	05/2008		88		0			88
Buy		22,858	08/2008		0		(11	)		(11	)
Sell	JPY	18,770	04/2008		1		0			1
Buy		59,039	05/2008		0		(16	)		(16	)
Sell		255,761	05/2008		22		0			22
Buy	KRW	1,461,334	05/2008		0		(109	)		(109	)
Buy		4,952,780	08/2008		0		(345	)		(345	)
Buy	KWD	53	05/2008		6		0			6
Buy	MXN	50,265	07/2008		145		0			145
Sell		33,827	07/2008		0		(45	)		(45	)
Buy	MYR	9,670	05/2008		136		0			136
Sell	NZD	12,853	04/2008		188		0			188
Buy	PHP	104,141	05/2008		212		0			212
Buy	PLN	17,125	07/2008		1,383		0			1,383
Sell		17,125	07/2008		0		(780	)		(780	)
Buy	RUB	114,786	07/2008		280		0			280
Sell		113,646	07/2008		0		(226	)		(226	)
Buy		65,045	11/2008		86		0			86
Sell		26,637	11/2008		0		(53	)		(53	)
Buy	SAR	717	05/2008		0		(2	)		(2	)
Buy	SGD	8,259	05/2008		485		0			485
Buy		1,643	11/2008		32		0			32
Buy	ZAR	965	07/2008		0		(26	)		(26	)
				$	7,239	$	(1,688	)	$	5,551

See Accompanying Notes Annual Report March 31, 2008 77

Schedule of Investments  StocksPLUS^® Total Return Fund

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.8%
Daimler Finance North America LLC
6.800% due 08/03/2012	$	1,990	$	1,655
Fresenius Medical Care Capital Trust
3.954% due 03/22/2013		81		78
4.071% due 03/22/2013		250		240
4.460% due 03/22/2013		23		22
5.818% due 03/22/2013		12		11
Total Bank Loan Obligations (Cost $2,266)				2,006
CORPORATE BONDS & NOTES 33.8%
BANKING & FINANCE 27.1%
American Express Bank FSB
6.000% due 09/13/2017		1,000		977
American Express Centurion Bank
6.000% due 09/13/2017		1,000		973
American General Finance Corp.
6.900% due 12/15/2017		900		882
American International Group, Inc.
5.050% due 10/01/2015		100		98
5.850% due 01/16/2018		2,300		2,263
Bank of America Corp.
3.155% due 11/06/2009 (g)		400		397
5.375% due 09/11/2012		900		938
8.000% due 12/29/2049		6,600		6,621
Barclays Bank PLC
5.450% due 09/12/2012		6,000		6,154
6.050% due 12/04/2017 (g)		600		587
Bear Stearns Cos., Inc.
3.551% due 01/30/2009		700		648
BNP Paribas
5.186% due 06/29/2049		1,200		1,008
Calabash Re Ltd.
11.200% due 01/08/2010		700		710
13.700% due 01/08/2010		800		825
Citigroup Capital XXI
8.300% due 12/21/2057		400		395
Citigroup, Inc.
6.000% due 08/15/2017		1,900		1,878
6.125% due 08/25/2036		1,200		1,057
DnB NOR Bank ASA
4.447% due 10/13/2009		600		601
Export-Import Bank of China
4.875% due 07/21/2015		100		101
Ford Motor Credit Co. LLC
6.625% due 06/16/2008		12,800		12,656
GMAC LLC
6.000% due 12/15/2011		100		75
Goldman Sachs Group, Inc.
6.250% due 09/01/2017		1,200		1,211
6.750% due 10/01/2037 (g)		3,300		3,080
HBOS PLC
5.920% due 09/29/2049		100		74
HSBC Finance Corp.
2.981% due 03/12/2010		1,000		961
JPMorgan Chase & Co.
2.656% due 06/26/2009		500		497
6.000% due 01/15/2018		400		418
JPMorgan Chase Bank N.A.
6.000% due 10/01/2017		1,300		1,358
JPMorgan Chase Capital XX
6.550% due 09/29/2036		100		88

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Lehman Brothers Holdings, Inc.
6.200% due 09/26/2014	$	1,800	$	1,778
Merrill Lynch & Co., Inc.
6.050% due 08/15/2012		1,200		1,220
MetLife, Inc.
6.400% due 12/15/2036		300		239
Morgan Stanley
2.639% due 11/21/2008		500		497
Mystic Re Ltd.
9.390% due 12/05/2008		800		793
Petroleum Export Ltd.
5.265% due 06/15/2011		72		72
Resona Bank Ltd.
5.850% due 09/29/2049		200		167
SLM Corp.
3.471% due 07/27/2009 (g)		400		337
State Street Capital Trust IV
3.800% due 06/15/2037		100		75
Sumitomo Mitsui Banking Corp.
5.625% due 07/29/2049		1,100		932
TNK-BP Finance S.A.
6.125% due 03/20/2012		100		94
UBS AG
5.875% due 12/20/2017		400		410
U.S. Bancorp
3.512% due 02/04/2010		2,600		2,583
USB Capital IX
6.189% due 04/15/2049		100		74
Wachovia Corp.
7.980% due 02/28/2049		11,000		10,841
				67,643
INDUSTRIALS 5.0%
Anadarko Petroleum Corp.
3.200% due 09/15/2009		800		785
AstraZeneca PLC
5.900% due 09/15/2017		300		318
6.450% due 09/15/2037		200		215
CODELCO, Inc.
6.150% due 10/24/2036		100		101
Daimler Finance North America LLC
3.218% due 03/13/2009		300		296
HJ Heinz Co.
6.428% due 12/01/2020		100		102
International Business Machines Corp.
5.700% due 09/14/2017 (g)		5,800		6,091
Kinder Morgan Energy Partners LP
5.950% due 02/15/2018		1,300		1,291
Kraft Foods, Inc.
6.125% due 02/01/2018		500		501
Peabody Energy Corp.
7.875% due 11/01/2026		100		100
Rohm & Haas Co.
6.000% due 09/15/2017		400		407
Time Warner, Inc.
3.300% due 11/13/2009		600		575
Transocean, Inc.
3.214% due 09/05/2008		500		497
Union Pacific Corp.
5.700% due 08/15/2018		800		797
UnitedHealth Group, Inc.
4.875% due 02/15/2013		300		297
				12,373

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
UTILITIES 1.7%
Enel Finance International S.A.
6.800% due 09/15/2037	$	2,200	$	2,226
Ipalco Enterprises, Inc.
8.625% due 11/14/2011		600		635
Qwest Corp.
7.625% due 06/15/2015		500		490
Ras Laffan Liquefied Natural Gas Co. Ltd. III
5.838% due 09/30/2027		300		274
Telefonica Emisones SAU
2.842% due 06/19/2009		700		682
				4,307
Total Corporate Bonds & Notes (Cost $85,197)				84,323
MUNICIPAL BONDS & NOTES 1.9%
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.750% due 06/01/2047		3,100		2,741
Los Angeles, California Community College District General Obligation Bonds, (FSA Insured), Series 2006
5.000% due 08/01/2031		700		703
San Diego, California Tobacco Settlement Revenue Funding Corporations Revenue Bonds, Series 2006
7.125% due 06/01/2032		300		290
Texas State General Obligation Bonds, Series 2005
4.750% due 04/01/2035		400		382
West Virginia State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
7.467% due 06/01/2047		600		573
Total Municipal Bonds & Notes (Cost $4,777)				4,689
COMMODITY INDEX-LINKED NOTES 0.4%
Morgan Stanley (GSCI)
2.546% due 07/07/2008		1,000		994
Total Commodity Index-Linked Notes (Cost $1,000)				994
U.S. GOVERNMENT AGENCIES 119.7%
Fannie Mae
2.666% due 12/25/2036		301		289
2.719% due 03/25/2034 (g)		199		192
2.949% due 03/25/2044		745		737
2.999% due 11/25/2032 (g)		73		72
3.875% due 08/01/2033 (g)		108		109
4.356% due 09/01/2033 (g)		861		883
4.668% due 05/25/2035 (g)		100		101
4.880% due 06/01/2033 (g)		294		300
5.000% due 11/01/2017 - 06/01/2037 (g)		21,265		21,386
5.000% due 05/01/2038		4,000		3,951
5.276% due 01/01/2036 (g)		340		346
5.407% due 05/01/2036 (g)		14		14
5.500% due 01/01/2021 - 06/01/2037 (g)		94,367		95,537
5.500% due 03/01/2038 - 04/01/2038		8,000		8,044
5.722% due 07/01/2044 (g)		116		116
5.973% due 09/01/2034 (g)		68		69
6.000% due 04/01/2036 - 01/01/2038 (g)		98,193		100,698
6.000% due 04/01/2038		8,400		8,606
6.089% due 12/01/2036 (g)		60		61
6.500% due 10/01/2035 - 10/01/2037 (g)		9,024		9,356

78 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
6.500% due 04/01/2038	$	300	$	311
7.000% due 09/01/2013		7		8
Freddie Mac
2.968% due 07/15/2019 - 10/15/2020 (g)		11,127		10,766
3.048% due 02/15/2019 (g)		4,003		3,978
4.210% due 03/01/2034 (g)		435		447
5.500% due 08/15/2030 - 04/01/2038		2,003		2,023
5.500% due 03/01/2037 - 01/01/2038 (g)		12,355		12,490
5.722% due 02/25/2045		65		63
6.000% due 09/01/2037 (g)		6,621		6,796
6.669% due 02/01/2024 (g)		20		20
8.000% due 01/01/2017 (g)		21		23
Ginnie Mae
6.000% due 05/15/2033 - 04/15/2034		47		48
6.000% due 12/15/2036 - 09/15/2037 (g)		8,402		8,686
6.375% due 03/20/2027		3		3
8.000% due 02/15/2030		2		2
Small Business Administration
4.750% due 07/01/2025		1,113		1,093
5.520% due 06/01/2024		1,206		1,249
Total U.S. Government Agencies (Cost $295,177)				298,873
U.S. TREASURY OBLIGATIONS 0.4%
Treasury Inflation Protected Securities (c)
3.000% due 07/15/2012		118		132
U.S. Treasury Notes
2.750% due 02/28/2013		900		922
Total U.S. Treasury Obligations (Cost $1,047)				1,054
MORTGAGE-BACKED SECURITIES 12.4%
American Home Mortgage Investment Trust
4.390% due 02/25/2045		286		262
Banc of America Commercial Mortgage, Inc.
5.740% due 05/10/2045		400		405
Banc of America Funding Corp.
4.113% due 05/25/2035		487		463
6.142% due 01/20/2047		521		452
Banc of America Mortgage Securities, Inc.
6.500% due 10/25/2031		131		128
6.500% due 09/25/2033		45		44
Bear Stearns Adjustable Rate Mortgage Trust
4.617% due 01/25/2034		152		142
5.031% due 04/25/2033		6		6
5.072% due 11/25/2034		9		9
6.851% due 01/25/2034		9		9
Bear Stearns Alt-A Trust
2.759% due 02/25/2034		554		436
5.371% due 05/25/2035		1,030		892
5.706% due 09/25/2035		222		182
Citigroup Mortgage Loan Trust, Inc.
4.700% due 12/25/2035		156		152
Countrywide Alternative Loan Trust
2.779% due 05/25/2047		507		385
6.000% due 10/25/2033		110		107
Countrywide Home Loan Mortgage Pass-Through Trust
4.723% due 02/20/2035		1,210		1,173
4.800% due 11/25/2034		671		630
5.250% due 02/20/2036		145		120
CS First Boston Mortgage Securities Corp.
5.638% due 05/25/2032		2		2

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Deutsche ALT-A Securities, Inc. Alternate Loan Trust
2.679% due 02/25/2037	$	1,810	$	1,696
First Horizon Asset Securities, Inc.
5.370% due 08/25/2035		376		355
Greenpoint Mortgage Funding Trust
2.679% due 10/25/2046		555		501
2.679% due 01/25/2047		670		637
GSR Mortgage Loan Trust
5.250% due 11/25/2035		687		614
5.312% due 06/25/2034		391		368
6.000% due 03/25/2032		1		1
Harborview Mortgage Loan Trust
3.938% due 06/19/2034		9,900		8,836
Impac CMB Trust
4.135% due 07/25/2033		74		70
Indymac Index Mortgage Loan Trust
5.051% due 12/25/2034		210		191
JPMorgan Chase Commercial Mortgage Securities Corp.
5.420% due 01/15/2049		1,300		1,261
JPMorgan Mortgage Trust
5.023% due 02/25/2035		402		366
MASTR Asset Securitization Trust
5.500% due 09/25/2033		37		36
Merrill Lynch Mortgage Investors, Inc.
2.809% due 02/25/2036		232		187
4.910% due 12/25/2032		18		17
MLCC Mortgage Investors, Inc.
2.849% due 11/25/2035		179		155
3.599% due 10/25/2035		122		106
6.944% due 01/25/2029		122		119
Morgan Stanley Dean Witter Capital I
5.500% due 04/25/2017		1		1
Prime Mortgage Trust
2.999% due 02/25/2019		16		15
2.999% due 02/25/2034		99		89
Salomon Brothers Mortgage Securities VII, Inc.
4.000% due 12/25/2018		435		414
Structured Adjustable Rate Mortgage Loan Trust
5.540% due 08/25/2035		232		195
Structured Asset Mortgage Investments, Inc.
2.809% due 07/19/2035		527		437
Structured Asset Securities Corp.
5.463% due 10/25/2035		523		500
Thornburg Mortgage Securities Trust
2.709% due 11/25/2046		509		483
WaMu Mortgage Pass-Through Certificates
2.889% due 10/25/2045		110		88
3.239% due 12/25/2027		1,194		1,131
5.220% due 02/27/2034		64		61
5.326% due 02/25/2046		379		295
5.526% due 11/25/2042		77		73
5.726% due 08/25/2042		51		47
Washington Mutual MSC Mortgage Pass-Through Certificates
7.020% due 02/25/2033		1		1
Wells Fargo Mortgage-Backed Securities Trust
4.947% due 01/25/2035		835		784
4.950% due 03/25/2036		626		597
4.992% due 10/25/2035		4,333		4,218
Total Mortgage-Backed Securities (Cost $33,268)				30,944

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES 14.8%
ACE Securities Corp.
2.649% due 12/25/2036	$	180	$	173
Amortizing Residential Collateral Trust
2.889% due 07/25/2032		18		16
Asset-Backed Securities Corp. Home Equity
2.649% due 11/25/2036		274		267
2.759% due 05/25/2035		49		43
Bank One Issuance Trust
2.928% due 12/15/2010		4,400		4,400
Bear Stearns Asset-Backed Securities Trust
2.649% due 11/25/2036		606		566
2.679% due 10/25/2036		251		239
Carrington Mortgage Loan Trust
2.649% due 01/25/2037		2,186		2,047
Chase Credit Card Master Trust
2.928% due 02/15/2011		1,000		996
Chase Issuance Trust
3.609% due 05/16/2011 (a)		2,500		2,500
Countrywide Asset-Backed Certificates
2.649% due 05/25/2037		5,120		4,950
2.679% due 06/25/2037		472		441
3.079% due 12/25/2031		87		78
CS First Boston Mortgage Securities Corp.
3.219% due 01/25/2032		17		15
First Franklin Mortgage Loan Asset-Backed Certificates
2.649% due 11/25/2036		851		770
2.649% due 12/25/2036		429		406
2.669% due 12/25/2037		2,387		2,253
First USA Credit Card Master Trust
2.935% due 04/18/2011		1,600		1,598
Fremont Home Loan Trust
2.649% due 10/25/2036		1,655		1,632
2.659% due 01/25/2037		402		366
HFC Home Equity Loan Asset-Backed Certificates
2.606% due 03/20/2036		322		311
JPMorgan Mortgage Acquisition Corp.
2.649% due 07/25/2036		636		600
2.649% due 10/25/2036		2,006		1,869
Lehman XS Trust
2.669% due 05/25/2046		127		120
Long Beach Mortgage Loan Trust
2.629% due 06/25/2036		306		304
2.639% due 11/25/2036		1,753		1,667
2.879% due 10/25/2034		12		11
MASTR Asset-Backed Securities Trust
2.659% due 11/25/2036		512		484
Merrill Lynch Mortgage Investors, Inc.
2.629% due 06/25/2037		281		276
2.669% due 08/25/2036		1,122		1,071
Morgan Stanley ABS Capital I
2.649% due 10/25/2036		210		204
Nationstar Home Equity Loan Trust
2.719% due 04/25/2037		2,003		1,947
Option One Mortgage Loan Trust
2.649% due 07/25/2036		173		171
Residential Asset Mortgage Products, Inc.
2.669% due 11/25/2036		639		617
2.699% due 08/25/2046		2,008		1,914
Soundview Home Equity Loan Trust
2.679% due 01/25/2037		1,764		1,684
Truman Capital Mortgage Loan Trust
2.939% due 01/25/2034		68		66
Total Asset-Backed Securities (Cost $38,418)				37,072

See Accompanying Notes Annual Report March 31, 2008 79

Schedule of Investments  StocksPLUS^® Total Return Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SOVEREIGN ISSUES 0.0%
China Development Bank
5.000% due 10/15/2015	$	100	$	100
Total Sovereign Issues (Cost $99)				100
FOREIGN CURRENCY-DENOMINATED ISSUES 1.2%
Brazilian Government International Bond
10.250% due 01/10/2028	BRL	300		160
General Electric Capital Corp.
5.500% due 09/15/2067	EUR	2,000		2,991
Total Foreign Currency-Denominated Issues (Cost $2,885)				3,151

		SHARES		VALUE (000S)
PREFERRED STOCKS 0.9%
DG Funding Trust
4.946% due 12/31/2049		217	$	2,262
Total Preferred Stocks (Cost $2,294)				2,262
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 21.6%
COMMERCIAL PAPER 4.2%
Federal Home Loan Bank
1.500% due 04/01/2008	$	10,400		10,400
REPURCHASE AGREEMENTS 0.4%
Credit Suisse Securities (USA) LLC
1.200% due 04/01/2008		1,000		1,000
(Dated 03/31/2008. Collateralized by U.S. Treasury Notes 4.875% due 06/30/2009 valued at $1,026. Repurchase proceeds are $1,000.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. TREASURY BILLS 17.0%
0.928% due 04/17/2008 -07/24/2008 (b)(d)(e)(h)	$	42,685	$	42,445
Total Short-Term Instruments (Cost $53,984)				53,845
PURCHASED OPTIONS (j) 1.7%
(Cost $1,326)				4,206
Total Investments 209.6% (Cost $521,738)			$	523,519
Written Options (k) (1.4%) (Premiums $1,521)				(3,604	)
Other Assets and Liabilities (Net) (108.2%)				(270,195	)
Net Assets (f) 100.0%			$	249,720

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) When-issued security.

(b) Coupon represents a weighted average rate.

(c) Principal amount of security is adjusted for inflation.

(d) Securities with an aggregate market value of $498 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(e) Securities with an aggregate market value of $199 have been pledged as collateral for delayed-delivery mortgage-backed securities on March 31, 2008.

(f) As of March 31, 2008, portfolio securities with an aggregate value of $3,493 and derivative instruments with an aggregate depreciation of ($163) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(g) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $217,574 at a weighted average interest rate of 4.357%. On March 31, 2008, securities valued at $282,937 were pledged as collateral for reverse repurchase agreements.

(h) Securities with an aggregate market value of $582 and cash of $16,545 have been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
E-mini S&P 500 Index June Futures	Long	06/2008	449	$	(401	)
Euro-Bobl June Futures	Long	06/2008	5		(15	)
Euro-Bobl June Futures Put Options Strike @ EUR 104.000	Long	06/2008	5		0
Euro-Schatz June Futures	Short	06/2008	17		12
Euro-Schatz June Futures Put Options Strike @ EUR 109.000	Long	06/2008	17		0
S&P 500 Index June Futures	Long	06/2008	668		(1,133	)
U.S. Treasury 2-Year Note June Futures	Short	06/2008	71		1
U.S. Treasury 5-Year Note June Futures	Short	06/2008	431		(402	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	112		225
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	63		118
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2009	5		2
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	148		47
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2009	28		83
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	67		218
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	57		50
				$	(1,195	)

(i) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/ Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.120%	11/20/2011	LEH	$	2,700	$	(16	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.980%	03/20/2016	LEH		1,500		(10	)
CIT Group, Inc. 7.750% due 04/02/2012	Sell	5.170%	03/20/2013	RBS		400		(43	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.620%	03/20/2011	BCLY		700		(12	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.640%	12/20/2012	BCLY		700		(19	)

80 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/ Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	1.670%	03/20/2013	BCLY	$	1,400	$	25
General Motors Corp. 7.125% due 07/15/2013	Sell	4.550%	12/20/2012	JPM		200		(38	)
General Motors Corp. 7.125% due 07/15/2013	Sell	8.900%	03/20/2013	GSC		400		(28	)
General Motors Corp. 7.125% due 07/15/2013	Sell	9.050%	03/20/2013	GSC		400		(26	)
GMAC LLC 6.875% due 08/28/2012	Sell	1.680%	09/20/2008	LEH		1,500		(80	)
GMAC LLC 6.875% due 08/28/2012	Sell	4.850%	09/20/2012	JPM		500		(102	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400%	12/20/2008	LEH		300		(1	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.370%	03/20/2009	BCLY		3,600		(25	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.300%	09/20/2008	RBS		200		(3	)
Multiple Reference Entities of Gazprom	Sell	1.250%	12/20/2008	HSBC		800		(1	)
Multiple Reference Entities of Gazprom	Sell	1.600%	12/20/2012	BCLY		1,200		(60	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%	02/20/2009	CSFB		4,000		(19	)
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.310%	03/20/2009	MSC		1,900		(4	)
Reynolds American, Inc. 7.625% due 06/01/2016	Sell	0.300%	06/20/2008	DUB		2,000		(3	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.245%	06/20/2008	MSC		100		0
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.310%	03/20/2009	LEH		400		(2	)
SLM Corp. 5.125% due 08/27/2012	Sell	5.100%	03/20/2009	JPM		500		(21	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.610%	02/20/2009	MSC		2,400		(19	)
Wachovia Corp. 3.625% due 02/17/2009	Sell	1.305%	03/20/2013	JPM		1,300		(26	)
							$	(533	)

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/ Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
CMBX N.A. AAA 3 Index	Sell	0.080%	12/13/2049	MSC	$	1,000	$	51
Dow Jones CDX N.A. HY8 Index	Sell	0.401%	06/20/2012	CITI		994		(39	)
Dow Jones CDX N.A. HY8 Index	Sell	1.833%	06/20/2012	MLP		1,000		(99	)
Dow Jones CDX N.A. HY8 Index	Sell	2.080%	06/20/2012	MSC		1,000		(89	)
Dow Jones CDX N.A. HY8 Index	Sell	2.144%	06/20/2012	CITI		500		(43	)
Dow Jones CDX N.A. IG9 Index	Sell	0.600%	12/20/2012	BCLY		300		(2	)
Dow Jones CDX N.A. IG9 Index	Sell	0.708%	12/20/2012	DUB		1,400		12
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MLP		200		0
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MSC		200		0
							$	(209	)

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	UBS	AUD	13,900	$	(53	)
Pay	3-Month Australian Bank Bill	7.500%	03/15/2010	UBS		500		3
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	BCLY	$	10,800		71
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		13,100		53
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	RBS		400		(3	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	BOA		1,800		(141	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	DUB		100		1
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	MLP		800		(7	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	MSC		400		2
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		1,000		2
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.090%	10/15/2010	BNP	EUR	1,100		5
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	JPM		500		(11	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.955%	03/28/2012	RBS		300		(7	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.950%	03/30/2012	RBS		400		(9	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	03/30/2012	GSC		300		(7	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	04/05/2012	BCLY		100		(2	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958%	04/10/2012	JPM		900		(22	)
Pay	6-Month Australian Bank Bill	7.500%	03/15/2011	UBS	AUD	2,600		5
Pay	6-Month Australian Bank Bill	7.000%	03/20/2013	DUB		1,400		(26	)
Receive	6-Month Australian Bank Bill	6.500%	03/20/2018	DUB		1,900		27
Pay	6-Month EUR-LIBOR	4.000%	03/20/2009	GSC	EUR	1,100		(5	)
Pay	6-Month EUR-LIBOR	5.000%	12/19/2009	DUB		2,500		35
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	JPM		1,400		12
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	MSC		700		6
Pay	6-Month EUR-LIBOR	4.000%	06/18/2010	MSC		1,600		(11	)
Pay	6-Month EUR-LIBOR	4.000%	09/17/2013	MSC		400		(6	)
Pay	6-Month EUR-LIBOR	4.000%	06/15/2018	BCLY		900		10
Pay	6-Month GBP-LIBOR	6.000%	12/20/2008	BCLY	GBP	2,900		6
Pay	6-Month GBP-LIBOR	6.000%	12/20/2008	DUB		1,700		3
Pay	6-Month GBP-LIBOR	6.000%	03/20/2009	BCLY		1,500		2

See Accompanying Notes Annual Report March 31, 2008 81

Schedule of Investments  StocksPLUS^® Total Return Fund  (Cont.)

Interest Rate Swaps (Cont.)
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	6-Month GBP-LIBOR	6.000%	03/20/2009	RBS	GBP	1,400	$	1
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	BCLY		1,700		27
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	CSFB		300		3
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	GSC		3,400		27
Pay	6-Month GBP-LIBOR	6.000%	06/19/2009	GSC		7,400		148
Pay	6-Month GBP-LIBOR	6.000%	06/19/2009	RBS		2,100		41
Pay	6-Month GBP-LIBOR	4.500%	09/20/2009	LEH		5,900		(224	)
Pay	6-Month GBP-LIBOR	6.000%	12/19/2009	GSC		800		31
Pay	6-Month GBP-LIBOR	4.750%	09/17/2013	BCLY		300		(3	)
Pay	6-Month GBP-LIBOR	4.750%	09/17/2013	RBS		300		(3	)
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	GSC		400		0
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	HSBC		500		(1	)
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	MLP		200		16
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	BCLY		200		16
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	HSBC		600		31
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	RBS		1,200		78
Receive	6-Month GBP-LIBOR	5.500%	12/15/2036	GSC		500		(61	)
Receive	6-Month GBP-LIBOR	5.500%	12/15/2036	RBS		100		(13	)
Receive	6-Month GBP-LIBOR	5.000%	12/19/2037	GSC		100		(16	)
Pay	6-Month JPY-LIBOR	2.000%	12/19/2017	BCLY	JPY	40,000		20
Pay	6-Month JPY-LIBOR	2.000%	12/19/2017	DUB		90,000		44
Pay	28-Day Mexico Interbank TIIE Banxico	7.780%	04/03/2012	GSC	MXN	4,700		4
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	CITI		1,200		3
Receive	30-Day USD-CMM Rate	5.000%	02/20/2009	MLP	$	700		(38	)
Pay	BRL-CDI-Compounded	11.360%	01/04/2010	BCLY	BRL	1,700		(25	)
Pay	BRL-CDI-Compounded	11.430%	01/04/2010	MLP		1,100		(15	)
Pay	BRL-CDI-Compounded	11.465%	01/04/2010	GSC		400		(5	)
Pay	BRL-CDI-Compounded	12.780%	01/04/2010	MSC		1,700		1
Pay	BRL-CDI-Compounded	12.948%	01/04/2010	MLP		700		2
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		2,900		(52	)
Pay	BRL-CDI-Compounded	11.980%	01/02/2012	MLP		2,000		(29	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	MLP		1,500		(2	)
Pay	USSP Semi 2-Year Index	0.710%	02/05/2009	BNP	$	1,000		(2	)
							$	(63	)

(j) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 2-Year Note June Futures	$	110.500	04/25/2008	62	$	1	$	1
Call - CBOT U.S. Treasury 2-Year Note June Futures		110.000	05/23/2008	7		1		0
Call - CBOT U.S. Treasury 2-Year Note June Futures		110.500	05/23/2008	22		1		1
Call - CBOT U.S. Treasury 5-Year Note June Futures		125.000	05/23/2008	652		14		5
Call - CBOT U.S. Treasury 10-Year Note June Futures		137.000	05/23/2008	74		1		1
Put - CBOT U.S. Treasury 10-Year Note June Futures		83.000	05/23/2008	132		1		2
Put - CME S&P 500 Index June Futures		650.000	06/19/2008	736		21		0
					$	40	$	10

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500%	02/02/2009	$	28,400	$	313	$	475
Call - OTC 2-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		24,500		118		1,012
Call - OTC 2-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		35,200		125		1,454
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		7,500		30		310
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	12/15/2008		43,800		389		568
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	02/02/2009		24,000		259		297
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.600%	07/02/2009		4,600		44		70
								$	1,278	$	4,186

82 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC Freddie Mac 6.000% due 05/01/2038	$	106.000	05/06/2008	$	12,600	$	2	$	0
Put - OTC Fannie Mae 5.000% due 05/01/2038		78.000	05/06/2008		4,000		0		0
Put - OTC Fannie Mae 5.500% due 05/01/2038		86.000	05/06/2008		47,700		6		9
Put - OTC Fannie Mae 6.000% due 04/01/2038		91.000	04/07/2008		4,000		0		0
Put - OTC Freddie Mac 5.500% due 06/01/2038		84.000	06/05/2008		2,000		0		1
						$	8	$	10

(k) Written options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note June Futures	$	118.000	05/23/2008	85	$	98	$	181
Call - CBOT U.S. Treasury 10-Year Note June Futures		120.000	05/23/2008	28		34		33
Put - CBOT U.S. Treasury 10-Year Note June Futures		114.000	05/23/2008	100		143		22
Put - CBOT U.S. Treasury 10-Year Note June Futures		116.000	05/23/2008	14		11		7
					$	286	$	243

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.300%	02/02/2009	$	7,200	$	182	$	278
Call - OTC 7-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.600%	02/02/2009		3,800		122		190
Call - OTC 5-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		10,500		118		703
Call - OTC 5-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		15,300		127		1,024
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		3,500		32		234
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.300%	12/15/2008		14,600		369		572
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.250%	02/02/2009		8,000		241		295
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.200%	07/02/2009		2,000		44		65
								$	1,235	$	3,361

(l) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
Fannie Mae	5.500%	03/01/2038	$	4,000	$	3,917	$	4,006
Freddie Mac	6.000%	04/01/2038		12,600		12,655		12,921
Ginnie Mae	6.000%	04/01/2038		8,400		8,647		8,669
U.S. Treasury Notes	2.000%	02/28/2010		900		905		910
U.S. Treasury Notes	2.125%	01/31/2010		900		906		914
U.S. Treasury Notes	2.750%	02/28/2013		900		913		926
U.S. Treasury Notes	2.875%	01/31/2013		14,400		14,579		14,813
U.S. Treasury Notes	3.125%	11/30/2009		2,100		2,150		2,182
U.S. Treasury Notes	3.250%	12/31/2009		1,200		1,228		1,245
U.S. Treasury Notes	4.250%	08/15/2013		800		864		879
U.S. Treasury Notes	4.500%	05/15/2017		7,400		7,882		8,187
					$	54,646	$	55,652

⁽²⁾ Market value includes $317 of interest payable on short sales.

(m) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AED	248	05/2008	$	0	$	(1	)	$	(1	)
Buy	AUD	249	04/2008		1		0			1
Buy	BRL	14,552	07/2008		876		0			876
Sell		11,314	07/2008		183		0			183
Buy		10,473	12/2008		10		0			10
Sell		11,255	12/2008		121		0			121
Buy	CLP	64,260	12/2008		12		0			12
Sell	EUR	2,144	04/2008		0		(41	)		(41	)
Sell	GBP	2,799	04/2008		6		(13	)		(7	)
Buy	IDR	2,469,600	05/2008		0		(13	)		(13	)
Buy	INR	30,404	05/2008		34		0			34
Buy		19,694	08/2008		0		(11	)		(11	)
Sell	JPY	8,144	04/2008		0		0			0
Buy		54,762	05/2008		8		(4	)		4
Sell		115,655	05/2008		7		0			7

See Accompanying Notes Annual Report March 31, 2008 83

Schedule of Investments  StocksPLUS^® Total Return Fund  (Cont.)

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	KRW	368,752	05/2008	$	0	$	(25	)	$	(25	)
Buy		1,205,984	08/2008		0		(66	)		(66	)
Buy	KWD	19	05/2008		2		0			2
Buy	MXN	19,690	07/2008		62		0			62
Sell		19,690	07/2008		0		(23	)		(23	)
Buy	MYR	3,221	05/2008		45		0			45
Buy	PHP	37,343	05/2008		76		0			76
Buy	PLN	3,945	07/2008		319		0			319
Sell		3,945	07/2008		0		(180	)		(180	)
Buy	RUB	31,764	07/2008		79		0			79
Sell		31,305	07/2008		0		(62	)		(62	)
Buy		20,383	11/2008		27		0			27
Sell		6,732	11/2008		0		(13	)		(13	)
Buy	SAR	254	05/2008		0		(1	)		(1	)
Buy	SEK	534	06/2008		3		0			3
Buy	SGD	3,729	05/2008		217		0			217
Buy		728	11/2008		14		0			14
Buy	ZAR	379	07/2008		0		(10	)		(10	)
				$	2,102	$	(463	)	$	1,639

84 PIMCO Funds See Accompanying Notes

Schedule of Investments  StocksPLUS^® TR Short Strategy Fund     
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 27.1%
BANKING & FINANCE 21.4%
American Express Centurion Bank
2.835% due 04/17/2009	$	1,200	$	1,197
American Express Co.
7.000% due 03/19/2018		600		631
American General Finance Corp.
6.900% due 12/15/2017		400		392
American Honda Finance Corp.
3.050% due 03/09/2009		500		500
American International Group, Inc.
5.850% due 01/16/2018		400		394
ANZ National International Ltd.
3.168% due 08/07/2009		1,100		1,098
Bank of America Corp.
6.000% due 09/01/2017		300		316
8.000% due 12/29/2049		600		602
Bank of Scotland PLC
4.037% due 07/17/2009		600		600
Barclays Bank PLC
6.050% due 12/04/2017 (f)		200		196
Bear Stearns Cos., Inc.
2.786% due 03/30/2009		400		380
3.160% due 08/21/2009		200		189
3.456% due 04/29/2008		900		896
BNP Paribas
5.186% due 06/29/2049		200		168
C10 Capital SPV Ltd.
6.722% due 12/31/2049		200		185
Calabash Re Ltd.
11.200% due 01/08/2010		400		406
CIT Group, Inc.
2.729% due 12/19/2008		100		90
3.302% due 05/23/2008		100		98
3.401% due 01/30/2009		1,100		958
Citigroup Capital XXI
8.300% due 12/21/2057		4,000		3,953
Citigroup Funding, Inc.
2.599% due 04/23/2009		100		99
2.606% due 06/26/2009 (f)		200		197
2.980% due 12/08/2008		100		99
Citigroup, Inc.
2.701% due 12/28/2009 (f)		300		294
5.300% due 10/17/2012		200		201
5.500% due 08/27/2012		500		504
5.850% due 07/02/2013		200		203
6.000% due 08/15/2017		300		297
6.125% due 08/25/2036		100		88
Ford Motor Credit Co. LLC
6.625% due 06/16/2008		5,300		5,240
Foundation Re II Ltd.
9.820% due 11/26/2010		400		408
General Electric Capital Corp.
2.931% due 03/12/2010 (f)		100		100
3.964% due 01/20/2010 (f)		700		695
6.375% due 11/15/2067		100		98
Goldman Sachs Group, Inc.
2.689% due 12/22/2008		200		199
2.746% due 03/30/2009		200		198
3.186% due 11/10/2008		300		298
3.406% due 07/29/2008		400		399
4.178% due 07/23/2009		20		20
5.950% due 01/18/2018		100		99
6.150% due 04/01/2018 (a)		500		501
6.250% due 09/01/2017		600		605
6.750% due 10/01/2037 (f)		1,500		1,400

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
HSBC Bank USA N.A.
3.130% due 06/10/2009	$	300	$	299
HSBC Finance Corp.
2.930% due 09/15/2008		1,000		991
3.954% due 10/21/2009		200		193
HSBC Holdings PLC
6.500% due 05/02/2036		400		388
6.500% due 09/15/2037		100		95
International Lease Finance Corp.
3.312% due 05/24/2010		900		852
JPMorgan Chase & Co.
4.919% due 10/02/2009		500		495
6.000% due 01/15/2018		200		209
JPMorgan Chase Bank N.A.
6.000% due 10/01/2017		300		313
Keycorp
2.706% due 05/26/2009		2,700		2,695
Lehman Brothers Holdings, Inc.
2.788% due 04/03/2009		300		286
2.809% due 12/23/2010		200		171
3.346% due 11/10/2009		200		181
3.984% due 10/22/2008		500		487
4.171% due 07/18/2011		300		267
5.625% due 01/24/2013		300		292
MBNA Corp.
3.525% due 05/05/2008		1,100		1,101
MetLife, Inc.
6.400% due 12/15/2036		100		80
Morgan Stanley
3.206% due 02/09/2009		900		890
4.134% due 01/22/2009		100		98
5.950% due 12/28/2017		200		194
6.250% due 08/28/2017		200		199
Mystic Re Ltd.
9.390% due 12/05/2008		300		297
National Australia Bank Ltd.
2.979% due 09/11/2009		400		400
Royal Bank of Scotland Group PLC
3.944% due 07/21/2008		300		300
6.990% due 10/29/2049		3,000		2,552
Santander Perpetual S.A. Unipersonal
6.671% due 10/29/2049		100		90
Santander U.S. Debt S.A. Unipersonal
2.659% due 09/19/2008 (f)		700		698
3.954% due 10/21/2008		600		599
SLM Corp.
3.491% due 07/26/2010		100		79
3.541% due 07/25/2008		1,300		1,278
SMFG Preferred Capital USD 1 Ltd.
6.078% due 01/29/2049		200		158
Sumitomo Mitsui Banking Corp.
5.625% due 07/29/2049		100		85
TNK-BP Finance S.A.
6.125% due 03/20/2012		100		94
UBS AG
5.875% due 12/20/2017		200		205
Unicredit Luxembourg Finance S.A.
3.768% due 10/24/2008		200		200
Wachovia Bank N.A.
2.639% due 03/23/2009		800		793
Wachovia Corp.
3.301% due 10/28/2008		600		597
4.388% due 10/15/2011		200		185
5.750% due 02/01/2018		600		589
7.980% due 02/28/2049		7,200		7,096

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Wells Fargo & Co.
2.659% due 03/23/2010	$	800	$	787
				53,349
INDUSTRIALS 4.3%
Anadarko Petroleum Corp.
3.200% due 09/15/2009		500		491
AstraZeneca PLC
5.900% due 09/15/2017		100		106
6.450% due 09/15/2037		100		108
Citigroup Global Markets Deutschland AG for OAO Gazprom
10.500% due 10/21/2009		300		326
Comcast Corp.
4.677% due 07/14/2009		400		389
CSC Holdings, Inc.
7.250% due 07/15/2008		1,000		1,002
Daimler Finance North America LLC
3.218% due 03/13/2009		200		198
3.298% due 03/13/2009		300		296
3.562% due 08/03/2009		300		295
Diageo Capital PLC
3.196% due 11/10/2008		600		598
Gaz Capital S.A.
6.212% due 11/22/2016		100		93
General Electric Co.
3.030% due 12/09/2008		400		400
International Business Machines Corp.
5.700% due 09/14/2017 (f)		2,000		2,100
Kraft Foods, Inc.
6.125% due 02/01/2018		200		200
Rohm & Haas Co.
6.000% due 09/15/2017		100		102
Safeway, Inc.
3.005% due 03/27/2009		1,300		1,282
Siemens Financieringsmaatschappij NV
3.118% due 08/14/2009		500		501
5.500% due 02/16/2012		700		744
Transocean, Inc.
3.214% due 09/05/2008		300		299
Union Pacific Corp.
5.700% due 08/15/2018		600		598
Wal-Mart Stores, Inc.
2.700% due 06/16/2008		600		600
Williams Cos., Inc.
6.375% due 10/01/2010		100		103
				10,831
UTILITIES 1.4%
AT&T, Inc.
3.155% due 05/15/2008		200		200
BellSouth Corp.
3.165% due 08/15/2008 (f)		400		400
Enel Finance International S.A.
6.800% due 09/15/2037		700		708
Florida Power Corp.
3.468% due 11/14/2008		700		700
MidAmerican Energy Holdings Co.
6.125% due 04/01/2036		100		97
NGPL Pipe Co. LLC
6.514% due 12/15/2012		200		208
Southern California Edison Co.
3.212% due 02/02/2009		200		193

See Accompanying Notes Annual Report March 31, 2008 85

Schedule of Investments  StocksPLUS^® TR Short Strategy Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Telefonica Emisones SAU
2.842% due 06/19/2009	$	1,000	$	974
				3,480
Total Corporate Bonds & Notes (Cost $68,857)				67,660
MUNICIPAL BONDS & NOTES 1.1%
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.750% due 06/01/2047		1,100		973
Iowa State Tobacco Settlement Authority Revenue Bonds, Series 2005
6.500% due 06/01/2023		95		93
Los Angeles, California Community College District General Obligation Bonds, (FSA Insured), Series 2006
5.000% due 08/01/2031		500		503
Louisiana State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2001
5.875% due 05/15/2039		25		23
Ohio State Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2007
5.875% due 06/01/2047		1,000		881
San Diego, California Tobacco Settlement Revenue Funding Corporations Revenue Bonds, Series 2006
7.125% due 06/01/2032		100		97
West Virginia State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
7.467% due 06/01/2047		300		286
Total Municipal Bonds & Notes (Cost $2,928)				2,856
U.S. GOVERNMENT AGENCIES 48.6%
Fannie Mae
2.949% due 09/25/2042		200		199
4.176% due 06/01/2034		549		552
4.442% due 09/01/2035		216		219
4.567% due 07/01/2035		173		174
4.634% due 09/01/2035		228		228
4.667% due 12/01/2033		96		97
4.695% due 12/01/2033		59		59
4.835% due 06/01/2035		282		286
4.989% due 06/01/2035		265		270
5.000% due 10/01/2035 - 05/01/2038		2,974		2,939
5.000% due 03/01/2036 (f)		7,902		7,834
5.039% due 03/01/2035		36		37
5.500% due 11/01/2021 - 05/01/2038		49,611		50,113
5.500% due 05/01/2035 - 03/01/2037 (f)		4,772		4,823
6.000% due 10/01/2026 - 10/01/2036 (f)		11,892		12,206
6.000% due 02/01/2027 - 04/01/2038		20,878		21,416
6.329% due 10/01/2034		22		22
6.442% due 11/01/2035		37		38
6.500% due 08/01/2037 - 09/01/2037		2,299		2,384
Freddie Mac
2.968% due 07/15/2019 - 10/15/2020		4,743		4,590
3.048% due 02/15/2019		1,601		1,591
3.218% due 06/15/2018		27		27
4.701% due 06/01/2035		437		444
4.876% due 11/01/2034		168		174
5.000% due 12/15/2020 - 01/15/2024		115		116

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.500% due 03/01/2037 (f)	$	5,022	$	5,077
6.000% due 08/01/2027 - 09/01/2037		3,424		3,517
Ginnie Mae
6.000% due 02/15/2036 - 09/15/2037		1,838		1,900
Small Business Administration
5.520% due 06/01/2024		19		20
Total U.S. Government Agencies (Cost $119,203)				121,352
U.S. TREASURY OBLIGATIONS 0.4%
Treasury Inflation Protected Securities (c)
3.000% due 07/15/2012		118		132
U.S. Treasury Notes
2.750% due 02/28/2013		800		814
Total U.S. Treasury Obligations (Cost $944)				946
MORTGAGE-BACKED SECURITIES 5.6%
American Home Mortgage Investment Trust
4.390% due 02/25/2045		41		37
Banc of America Commercial Mortgage, Inc.
5.740% due 05/10/2045		300		304
Banc of America Funding Corp.
4.113% due 05/25/2035		70		66
Banc of America Mortgage Securities, Inc.
4.362% due 05/25/2033		330		323
Bear Stearns Adjustable Rate Mortgage Trust
4.750% due 10/25/2035		161		155
4.777% due 11/25/2034		141		137
5.072% due 11/25/2034		454		441
Bear Stearns Alt-A Trust
5.371% due 05/25/2035		12		10
5.706% due 09/25/2035		55		46
Citigroup Mortgage Loan Trust, Inc.
4.700% due 12/25/2035		78		76
4.900% due 12/25/2035		120		114
Countrywide Alternative Loan Trust
2.879% due 02/25/2037		722		568
4.500% due 06/25/2035		332		329
Countrywide Home Loan Mortgage Pass-Through Trust
2.839% due 04/25/2035		1		1
4.723% due 02/20/2035		504		489
4.800% due 11/25/2034		276		259
5.250% due 02/20/2036		73		60
CS First Boston Mortgage Securities Corp.
4.938% due 12/15/2040		62		62
GSR Mortgage Loan Trust
4.539% due 09/25/2035		214		202
5.250% due 11/25/2035		344		307
Harborview Mortgage Loan Trust
2.649% due 01/19/2038		880		829
2.779% due 05/19/2035		58		46
JPMorgan Chase Commercial Mortgage Securities Corp.
5.336% due 05/15/2047		1,700		1,653
JPMorgan Mortgage Trust
5.023% due 02/25/2035		134		122
LB-UBS Commercial Mortgage Trust
4.990% due 11/15/2030		123		123
Lehman Brothers Floating Rate Commercial Mortgage Trust
2.898% due 09/15/2021		67		63

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Mellon Residential Funding Corp.
3.561% due 12/15/2030	$	509	$	490
3.601% due 06/15/2030		7		7
Merrill Lynch Countrywide Commercial Mortgage Trust
5.378% due 08/12/2048		1,590		1,542
Merrill Lynch Mortgage Investors, Inc.
2.809% due 02/25/2036		66		53
6.033% due 05/25/2033		271		251
MLCC Mortgage Investors, Inc.
2.849% due 11/25/2035		179		155
Morgan Stanley Capital I
5.809% due 12/12/2049		1,700		1,689
Structured Adjustable Rate Mortgage Loan Trust
4.580% due 02/25/2034		177		169
5.317% due 08/25/2034		245		228
5.726% due 01/25/2035		124		118
Structured Asset Mortgage Investments, Inc.
2.879% due 02/25/2036		69		54
Thornburg Mortgage Securities Trust
2.709% due 11/25/2046		218		207
Wachovia Bank Commercial Mortgage Trust
2.908% due 09/15/2021		892		838
WaMu Mortgage Pass-Through Certificates
5.526% due 11/25/2042		33		31
5.572% due 10/25/2046		694		571
Wells Fargo Mortgage-Backed Securities Trust
4.947% due 01/25/2035		385		362
4.950% due 03/25/2036		313		298
Total Mortgage-Backed Securities (Cost $14,128)				13,885
ASSET-BACKED SECURITIES 2.0%
ACE Securities Corp.
2.659% due 10/25/2036		282		268
American Express Credit Account Master Trust
3.318% due 02/15/2012		149		145
Argent Securities, Inc.
2.649% due 09/25/2036		78		76
Asset-Backed Securities Corp. Home Equity
2.759% due 05/25/2035		3		3
2.874% due 09/25/2034		72		64
Citigroup Mortgage Loan Trust, Inc.
2.659% due 05/25/2037		675		643
Countrywide Asset-Backed Certificates
2.649% due 03/25/2047		176		173
2.669% due 06/25/2037		195		189
3.079% due 12/25/2031		1		1
Ford Credit Auto Owner Trust
3.418% due 07/15/2010		500		498
GSR Mortgage Loan Trust
2.699% due 11/25/2030		9		9
HSI Asset Securitization Corp. Trust
2.649% due 12/25/2036		134		124
JPMorgan Mortgage Acquisition Corp.
2.649% due 08/25/2036		85		82
Long Beach Mortgage Loan Trust
2.659% due 10/25/2036		839		810
2.689% due 01/25/2046		6		6
2.879% due 10/25/2034		9		8
Newcastle Mortgage Securities Trust
2.669% due 03/25/2036		26		26
Park Place Securities, Inc.
2.911% due 10/25/2034		325		272

86 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Residential Asset Mortgage Products, Inc.
2.679% due 10/25/2036	$	256	$	245
Residential Asset Securities Corp.
2.669% due 11/25/2036		190		181
SLM Student Loan Trust
3.321% due 10/27/2014		756		752
3.331% due 01/25/2016		55		55
3.331% due 01/25/2018		63		63
Soundview Home Equity Loan Trust
2.659% due 06/25/2036		7		7
Structured Asset Securities Corp.
2.649% due 10/25/2036		274		265
Total Asset-Backed Securities (Cost $5,164)				4,965
SOVEREIGN ISSUES 0.0%
Russia Government International Bond
8.250% due 03/31/2010		11		12
Total Sovereign Issues (Cost $12)				12
FOREIGN CURRENCY-DENOMINATED ISSUES 1.1%
General Electric Capital Corp.
5.500% due 09/15/2067	EUR	1,900		2,842
Total Foreign Currency-Denominated Issues (Cost $2,568)				2,842

		SHARES		VALUE (000S)
PREFERRED STOCKS 0.4%
DG Funding Trust
4.946% due 12/31/2049		85	$	886
Total Preferred Stocks (Cost $904)				886
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 31.4%
COMMERCIAL PAPER 16.4%
Bank of America Corp.
2.950% due 04/07/2008	$	4,600		4,598
Barclays U.S. Funding Corp.
3.025% due 05/20/2008		5,200		5,179
Federal Home Loan Bank
1.500% due 04/01/2008		9,700		9,700
Nordea N.A., Inc.
2.950% due 04/09/2008		6,100		6,096
Societe General N.A.
2.770% due 06/16/2008		6,700		6,661
UBS Finance Delaware LLC
3.020% due 04/04/2008		1,600		1,600
3.035% due 06/02/2008		5,200		5,175
Westpac Trust Securities NZ Ltd.
4.320% due 04/07/2008		2,000		1,998
				41,007

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS 3.5%
State Street Bank and Trust Co.
1.900% due 04/01/2008	$	8,651	$	8,651
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 3.875% due 08/22/2008 valued at $8,828. Repurchase proceeds are $8,651.)
U.S. TREASURY BILLS 11.5%
0.655% due 04/17/2008 - 07/17/2008 (b)(d)		28,800		28,742
Total Short-Term Instruments (Cost $78,429)				78,400
PURCHASED OPTIONS (i) 0.6%
(Cost $422)				1,555
Total Investments 118.3% (Cost $293,559)			$	295,359
Written Options (j) (0.6%) (Premiums $653)				(1,421	)
Other Assets and Liabilities (Net) (17.7%)				(44,297	)
Net Assets (e) 100.0%			$	249,641

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) When-issued security.

(b) Coupon represents a weighted average rate.

(c) Principal amount of security is adjusted for inflation.

(d) Securities with an aggregate market value of $497 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(e) As of March 31, 2008, portfolio securities with an aggregate value of $571 and derivative instruments with an aggregate depreciation of ($78) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(f) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $32,262 at a weighted average interest rate of 4.526%. On March 31, 2008, securities valued at $35,539 were pledged as collateral for reverse repurchase agreements.

(g) Cash of $16,491 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2008	313	$	2,175
90-Day Eurodollar December Futures	Long	12/2009	12		0
90-Day Eurodollar June Futures	Long	06/2008	159		984
90-Day Eurodollar June Futures	Long	06/2009	12		1
90-Day Eurodollar March Futures	Long	03/2009	117		578
90-Day Eurodollar September Futures	Long	09/2008	16		111
90-Day Eurodollar September Futures	Long	09/2009	22		16
E-mini S&P 500 Index June Futures	Short	06/2008	1,250		(635	)
Euro-Bobl June Futures	Long	06/2008	5		(15	)
Euro-Schatz June Futures	Short	06/2008	16		11
S&P 500 Index June Futures	Short	06/2008	506		(1,578	)
U.S. Treasury 2-Year Note June Futures	Short	06/2008	55		0
U.S. Treasury 5-Year Note June Futures	Long	06/2008	71		(9	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	267		720
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	39		62
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2009	2		1
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	97		46
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2009	15		45
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	30		103
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	53		67
				$	2,683

See Accompanying Notes Annual Report March 31, 2008 87

Schedule of Investments  StocksPLUS^® TR Short Strategy Fund  (Cont.)

(h) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Berkshire Hathaway Finance Corp. 4.625% due 10/15/2013	Sell	0.880%	03/20/2013	RBS	$	8,200	$	20
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.120%	11/20/2011	LEH		1,200		(7	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.950%	08/20/2016	MSC		500		(5	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	1.670%	03/20/2013	BCLY		800		15
General Motors Corp. 7.125% due 07/15/2013	Sell	8.900%	03/20/2013	GSC		300		(21	)
General Motors Corp. 7.125% due 07/15/2013	Sell	9.050%	03/20/2013	GSC		300		(20	)
GMAC LLC 6.875% due 08/28/2012	Sell	1.000%	09/20/2008	BOA		1,000		(57	)
GMAC LLC 6.875% due 08/28/2012	Sell	1.680%	09/20/2008	LEH		700		(37	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400%	12/20/2008	LEH		100		0
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.370%	03/20/2009	BCLY		1,300		(9	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.450%	03/20/2009	MSC		200		(1	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.300%	09/20/2008	RBS		100		(2	)
Multiple Reference Entities of Gazprom	Sell	0.970%	11/20/2008	HSBC		100		0
Multiple Reference Entities of Gazprom	Sell	1.250%	12/20/2008	HSBC		300		0
Multiple Reference Entities of Gazprom	Sell	2.180%	02/20/2013	MSC		100		(3	)
Multiple Reference Entities of Gazprom	Sell	2.480%	02/20/2013	MSC		1,000		(18	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%	02/20/2009	CSFB		1,400		(7	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.270%	03/20/2009	CSFB		200		(1	)
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.310%	03/20/2009	MSC		800		(1	)
Petroleos Mexicanos 9.500% due 09/15/2027	Sell	0.620%	08/20/2011	BCLY		500		(8	)
Reynolds American, Inc. 7.625% due 06/01/2016	Sell	0.300%	06/20/2008	DUB		800		(1	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.310%	03/20/2009	LEH		200		(1	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.495%	08/20/2011	BCLY		500		(13	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.610%	02/20/2009	MSC		700		(6	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.630%	03/20/2009	BCLY		300		(3	)
							$	(186	)

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
CMBX N.A. AAA 3 Index	Sell	0.080%	12/13/2049	MSC	$	800	$	41
Dow Jones CDX N.A. HY8 Index	Sell	2.144%	06/20/2012	CITI		500		(44	)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MLP		1,500		(6	)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MSC		2,000		(6	)
Dow Jones CDX N.A. IG9 Index	Sell	0.600%	12/20/2012	JPM		7,700		52
Dow Jones CDX N.A. IG9 Index	Sell	0.708%	12/20/2012	DUB		1,300		12
							$	49

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	UBS	AUD	4,200	$	(16	)
Pay	3-Month Australian Bank Bill	7.500%	03/15/2010	UBS		300		2
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	DUB	$	4,500		97
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		12,800		51
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	BCLY		2,200		(29	)
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	RBS		3,200		(26	)
Receive	3-Month USD-LIBOR	5.000%	06/20/2017	GSC		700		(74	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	BOA		300		(26	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	MLP		600		(4	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	MSC		400		2
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		700		0
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.090%	10/15/2010	BNP	EUR	200		1
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	JPM		200		(4	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.955%	03/28/2012	RBS		200		(4	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.950%	03/30/2012	RBS		200		(4	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	03/30/2012	GSC		100		(2	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	04/05/2012	BCLY		100		(2	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958%	04/10/2012	JPM		700		(17	)
Pay	6-Month Australian Bank Bill	7.500%	03/15/2011	UBS	AUD	2,800		5
Pay	6-Month EUR-LIBOR	4.000%	03/20/2009	GSC	EUR	400		(2	)
Pay	6-Month EUR-LIBOR	5.000%	12/19/2009	DUB		1,300		18
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	JPM		600		5
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	MSC		300		3
Pay	6-Month EUR-LIBOR	4.000%	06/18/2010	MSC		1,500		(10	)

88 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Interest Rate Swaps (Cont.)
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	6-Month EUR-LIBOR	4.000%	09/17/2013	MSC	EUR	400	$	(6	)
Pay	6-Month EUR-LIBOR	4.000%	06/15/2018	BCLY		600		6
Pay	6-Month GBP-LIBOR	6.000%	12/20/2008	BCLY	GBP	1,000		2
Pay	6-Month GBP-LIBOR	6.000%	12/20/2008	DUB		600		1
Pay	6-Month GBP-LIBOR	6.000%	03/20/2009	BCLY		600		1
Pay	6-Month GBP-LIBOR	6.000%	03/20/2009	RBS		600		0
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	BCLY		600		9
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	CSFB		100		1
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	GSC		1,200		10
Pay	6-Month GBP-LIBOR	6.000%	06/19/2009	GSC		3,000		60
Pay	6-Month GBP-LIBOR	6.000%	06/19/2009	RBS		900		17
Pay	6-Month GBP-LIBOR	4.750%	09/17/2013	BCLY		300		(3	)
Pay	6-Month GBP-LIBOR	4.750%	09/17/2013	RBS		300		(3	)
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	GSC		400		0
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	HSBC		500		(1	)
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	MLP		200		16
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	BCLY		100		9
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	HSBC		300		19
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	RBS		600		48
Receive	6-Month GBP-LIBOR	5.500%	12/15/2036	GSC		200		(24	)
Receive	6-Month GBP-LIBOR	5.500%	12/15/2036	RBS		100		(13	)
Pay	6-Month JPY-LIBOR	2.000%	12/19/2017	BCLY	JPY	20,000		10
Pay	6-Month JPY-LIBOR	2.000%	12/19/2017	DUB		30,000		15
Pay	28-Day Mexico Interbank TIIE Banxico	7.780%	04/03/2012	GSC	MXN	2,000		2
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	CITI		500		1
Receive	30-Day USD-CMM Rate	5.000%	02/20/2009	MLP		500		(27	)
Pay	BRL-CDI-Compounded	11.360%	01/04/2010	BCLY	BRL	700		(10	)
Pay	BRL-CDI-Compounded	11.430%	01/04/2010	MLP		500		(7	)
Pay	BRL-CDI-Compounded	11.465%	01/04/2010	GSC		200		(3	)
Pay	BRL-CDI-Compounded	12.780%	01/04/2010	MSC		600		0
Pay	BRL-CDI-Compounded	12.948%	01/04/2010	MLP		300		1
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		1,100		(20	)
Pay	BRL-CDI-Compounded	11.980%	01/02/2012	MLP		800		(12	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	MLP		1,000		(1	)
Pay	USSP Semi 5-Year Index	0.763%	02/05/2009	BNP	$	2,000		(5	)
							$	57

(i) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 2-Year Note June Futures	$	110.500	04/25/2008	50	$	1	$	1
Call - CBOT U.S. Treasury 5-Year Note June Futures		132.000	05/23/2008	10		0		0
Call - CME S&P 500 Index June Futures		1,775.000	06/19/2008	125		4		0
Call - CME S&P 500 Index June Futures		1,800.000	06/20/2008	450		13		0
Put - CBOT U.S. Treasury 10-Year Note June Futures		96.000	05/23/2008	159		3		2
					$	21	$	3

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500%	02/02/2009	$	11,500	$	126	$	192
Call - OTC 2-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		13,000		63		537
Call - OTC 2-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		11,000		39		455
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		4,000		14		165
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	12/15/2008		3,000		28		39
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	02/02/2009		9,600		104		119
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.600%	07/02/2009		2,300		22		35
								$	396	$	1,542

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Fannie Mae 5.500% due 05/01/2038	$	86.000	05/06/2008	$	14,000	$	4	$	3
Put - OTC Fannie Mae 5.500% due 06/01/2038		86.375	06/05/2008		10,000		1		7
						$	5	$	10

See Accompanying Notes Annual Report March 31, 2008 89

Schedule of Investments  StocksPLUS^® TR Short Strategy Fund  (Cont.)

(j) Written options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note June Futures	$	118.000	05/23/2008	89	$	105	$	189
Call - CBOT U.S. Treasury 10-Year Note June Futures		120.000	05/23/2008	26		32		31
Put - CBOT U.S. Treasury 10-Year Note June Futures		114.000	05/23/2008	90		127		19
Put - CBOT U.S. Treasury 10-Year Note June Futures		116.000	05/23/2008	13		10		7
					$	274	$	246

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.300%	02/02/2009	$	2,900	$	73	$	112
Call - OTC 7-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.600%	02/02/2009		1,400		45		70
Call - OTC 5-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		5,500		62		368
Call - OTC 5-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		5,000		41		335
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		1,500		12		100
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.300%	12/15/2008		1,000		27		39
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.250%	02/02/2009		3,200		97		118
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.200%	07/02/2009		1,000		22		33
								$	379	$	1,175

(k) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (2)
Fannie Mae	6.500%	04/01/2038	$	400	$	409	$	414
Ginnie Mae	6.000%	04/01/2038		1,800		1,853		1,858
U.S. Treasury Notes	2.000%	02/28/2010		700		704		708
U.S. Treasury Notes	2.125%	01/31/2010		700		704		711
U.S. Treasury Notes	2.750%	02/28/2013		800		811		820
U.S. Treasury Notes	2.875%	01/31/2013		2,800		2,835		2,880
U.S. Treasury Notes	3.125%	11/30/2009		1,000		1,024		1,039
U.S. Treasury Notes	3.250%	12/31/2009		600		614		622
U.S. Treasury Notes	4.250%	08/15/2013		700		756		770
U.S. Treasury Notes	4.500%	05/15/2017		1,900		2,036		2,103
					$	11,746	$	11,925

⁽²⁾ Market value includes $95 of interest payable on short sales.

(l) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AED	114	05/2008	$	0	$	0		$	0
Buy	BRL	8,332	07/2008		515		0			515
Sell		732	07/2008		11		0			11
Buy		2,461	12/2008		4		0			4
Sell		179	12/2008		2		0			2
Sell	EUR	1,994	04/2008		0		(38	)		(38	)
Buy	GBP	290	04/2008		0		(1	)		(1	)
Sell		2,361	04/2008		5		(8	)		(3	)
Buy	IDR	970,200	05/2008		0		(5	)		(5	)
Buy	INR	12,168	05/2008		14		0			14
Buy		7,782	08/2008		0		(4	)		(4	)
Sell	JPY	5,164	04/2008		0		0			0
Buy		70,625	05/2008		6		(12	)		(6	)
Sell		119,947	05/2008		10		0			10
Buy	KRW	150,529	05/2008		0		(11	)		(11	)
Buy		620,019	08/2008		0		(35	)		(35	)
Buy	KWD	9	05/2008		1		0			1
Buy	MXN	8,681	07/2008		27		0			27
Sell		4,494	07/2008		0		(6	)		(6	)
Buy	MYR	1,061	05/2008		14		0			14
Buy	PHP	14,314	05/2008		29		0			29
Buy	PLN	1,624	07/2008		132		0			132
Sell		1,624	07/2008		0		(74	)		(74	)
Buy	RUB	20,009	07/2008		50		0			50
Sell		18,433	07/2008		0		(37	)		(37	)

90 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	RUB	8,555	11/2008	$	11	$	0		$	11
Buy	SAR	116	05/2008		0		0			0
Buy	SEK	987	06/2008		6		0			6
Buy	SGD	611	05/2008		35		0			35
Buy		673	11/2008		13		0			13
Buy	ZAR	150	07/2008		0		(4	)		(4	)
				$	885	$	(235	)	$	650

See Accompanying Notes Annual Report March 31, 2008 91

Consolidated Schedule of Investments  CommodityRealReturn Strategy Fund^®

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.7%
Daimler Finance North America LLC
6.800% due 08/03/2012	$	59,501	$	49,493
Georgia-Pacific Corp.
4.446% due 12/20/2012		800		744
4.740% due 12/20/2012		8,905		8,273
4.835% due 12/20/2012		1,048		973
HCA, Inc.
4.946% due 11/16/2013		19,651		18,102
Shackleton Re Ltd.
10.750% due 08/01/2008		5,000		4,825
11.250% due 08/01/2008		3,000		2,895
Tribune Co.
7.396% due 05/30/2009		7,000		6,296
Total Bank Loan Obligations (Cost $102,051)				91,601
CORPORATE BONDS & NOTES 8.4%
BANKING & FINANCE 6.1%
Allstate Life Global Funding Trusts CPI Linked Bond
5.130% due 03/01/2010		7,000		6,942
American Express Bank FSB
6.000% due 09/13/2017		23,900		23,357
American Express Centurion Bank
3.075% due 05/07/2008		7,000		6,999
6.000% due 09/13/2017		24,800		24,117
American Express Co.
7.000% due 03/19/2018		25,740		27,090
8.150% due 03/19/2038		7,390		8,214
American International Group, Inc.
5.850% due 01/16/2018		22,500		22,137
Atlantic & Western Re Ltd.
10.979% due 01/09/2009		15,000		15,114
Bank of America Corp.
3.155% due 11/06/2009		9,600		9,533
8.000% due 12/29/2049		14,700		14,747
Bank of Scotland PLC
4.037% due 07/17/2009		4,600		4,599
Barclays Bank PLC
6.050% due 12/04/2017		41,300		40,385
7.434% due 09/29/2049		8,500		7,700
Bear Stearns Cos., Inc.
6.950% due 08/10/2012		26,500		26,547
7.250% due 02/01/2018		15,000		15,539
C10 Capital SPV Ltd.
6.722% due 12/31/2049		1,000		927
C5 Capital SPV Ltd.
6.196% due 12/01/2049		5,000		4,939
Calabash Re Ltd.
11.200% due 01/08/2010		4,100		4,160
13.700% due 01/08/2010		2,400		2,476
Caterpillar Financial Services Corp.
3.130% due 05/18/2009		2,400		2,391
CIT Group, Inc.
5.000% due 11/24/2008		24,000		22,064
Citigroup Capital XXI
8.300% due 12/21/2057		15,100		14,923
Citigroup Funding, Inc.
2.599% due 04/23/2009		5,000		4,940
Citigroup, Inc.
2.701% due 12/28/2009		49,400		48,384
3.291% due 01/30/2009		4,600		4,560

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Danske Bank A/S
5.914% due 12/29/2049	$	3,000	$	2,774
Ford Motor Credit Co. LLC
7.250% due 10/25/2011		15,825		13,019
7.800% due 06/01/2012		1,000		826
7.875% due 06/15/2010		5,400		4,713
8.000% due 12/15/2016		200		157
Foundation Re Ltd.
7.170% due 11/24/2008		4,500		4,400
Foundation Re II Ltd.
9.820% due 11/26/2010		10,500		10,723
General Electric Capital Corp.
2.941% due 12/12/2008		10,200		10,222
3.244% due 10/24/2008		8,800		8,794
3.274% due 10/26/2009		10,700		10,596
3.994% due 10/21/2010		4,500		4,462
5.875% due 01/14/2038		20,000		19,343
Goldman Sachs Group, Inc.
5.950% due 01/18/2018		7,500		7,446
6.750% due 10/01/2037		63,000		58,790
HSBC Finance Corp.
3.070% due 05/21/2008		400		400
3.954% due 10/21/2009		600		579
Kamp Re 2005 Ltd.
2.961% due 12/14/2010 (a)		4,217		2
Lehman Brothers Holdings, Inc.
2.649% due 12/23/2008		5,500		5,348
5.625% due 01/24/2013		14,000		13,633
Longpoint Re Ltd.
8.050% due 05/08/2010		11,900		12,064
Marsh & McLennan Cos., Inc.
5.750% due 09/15/2015		2,500		2,453
Merna Reinsurance Ltd.
3.346% due 07/07/2010 (m)		27,000		24,535
Merrill Lynch & Co., Inc.
3.888% due 10/23/2008		26,300		26,212
5.450% due 02/05/2013		8,000		7,882
6.400% due 08/28/2017		24,100		23,840
Morgan Stanley
2.639% due 11/21/2008		3,100		3,082
4.134% due 01/22/2009		3,000		2,946
Mystic Re Ltd.
9.390% due 12/05/2008		6,600		6,545
12.090% due 12/05/2008		1,000		990
Osiris Capital PLC
9.258% due 01/15/2010		1,700		1,719
Phoenix Quake Wind I Ltd.
7.152% due 07/03/2008		2,000		2,000
Phoenix Quake Wind II Ltd.
6.198% due 07/03/2008		240		237
Prudential Financial, Inc.
6.100% due 06/15/2017		2,000		2,051
Rabobank Nederland
4.278% due 01/15/2009		9,200		9,196
Residential Reinsurance 2007 Ltd.
10.326% due 06/07/2010		14,100		14,363
13.326% due 06/07/2010		8,800		9,004
Rockies Express Pipeline LLC
4.250% due 08/20/2009		11,600		11,607
Royal Bank of Scotland Group PLC
3.944% due 07/21/2008		4,000		3,994
Santander Perpetual S.A. Unipersonal
6.671% due 10/29/2049		7,300		6,592
Santander U.S. Debt S.A. Unipersonal
2.659% due 09/19/2008		4,900		4,887

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Spinnaker Capital Ltd.
7.042% due 06/20/2008	$	1,250	$	1,253
14.300% due 06/15/2008		390		396
UBS AG
5.875% due 12/20/2017		13,700		14,039
Unicredit Luxembourg Finance S.A.
3.768% due 10/24/2008		20,000		19,982
Vita Capital Ltd.
5.602% due 01/01/2010		3,500		3,422
6.102% due 01/01/2010		5,500		5,413
Vita Capital III Ltd.
5.822% due 01/01/2012		8,000		7,722
5.829% due 01/01/2011		300		294
VTB Capital S.A.
3.839% due 08/01/2008		19,000		18,810
Wachovia Bank N.A.
3.146% due 12/02/2010		27,200		25,979
Wachovia Corp.
7.980% due 02/28/2049		17,900		17,641
Wells Fargo & Co.
4.375% due 01/31/2013		16,800		16,739
World Savings Bank FSB
3.201% due 03/02/2009		2,700		2,707
				849,607
INDUSTRIALS 1.2%
Burlington Northern Santa Fe Corp.
5.650% due 05/01/2017		2,500		2,510
C8 Capital SPV Ltd.
6.640% due 12/29/2049		6,500		6,017
Computer Sciences Corp.
6.500% due 03/15/2018		2,500		2,546
Con-way, Inc.
7.250% due 01/15/2018		10,000		10,501
CSC Holdings, Inc.
7.250% due 07/15/2008		1,400		1,404
CSX Corp.
6.250% due 03/15/2018		5,000		4,947
EchoStar DBS Corp.
5.750% due 10/01/2008		7,800		7,780
6.375% due 10/01/2011		8,000		7,700
El Paso Corp.
6.375% due 02/01/2009		5,600		5,667
Enterprise Products Operating LLC
6.500% due 01/31/2019 (b)		14,700		14,680
HCA, Inc.
9.250% due 11/15/2016		5,000		5,200
Home Depot, Inc.
5.400% due 03/01/2016		2,500		2,355
Hospira, Inc.
5.900% due 06/15/2014		2,500		2,542
Kraft Foods, Inc.
6.000% due 02/11/2013		11,350		11,752
6.125% due 02/01/2018		19,000		19,037
Kroger Co.
6.400% due 08/15/2017		5,000		5,290
Limited Brands, Inc.
6.900% due 07/15/2017		2,000		1,786
Macys Retail Holdings, Inc.
7.450% due 07/15/2017		2,000		1,955
Mandalay Resort Group
6.500% due 07/31/2009		2,000		2,002
9.500% due 08/01/2008		1,100		1,106

92 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Motorola, Inc.
6.000% due 11/15/2017	$	4,000	$	3,434
Nucor Corp.
5.750% due 12/01/2017		4,000		4,151
Target Corp.
6.000% due 01/15/2018		4,000		4,105
UnitedHealth Group, Inc.
4.875% due 02/15/2013		2,300		2,275
6.875% due 02/15/2038		3,750		3,594
Valero Energy Corp.
6.625% due 06/15/2037		10,000		9,589
Viacom, Inc.
6.125% due 10/05/2017		4,000		3,909
6.250% due 04/30/2016		2,500		2,438
Williams Cos., Inc.
6.375% due 10/01/2010		20,000		20,600
				170,872
UTILITIES 1.1%
BellSouth Corp.
4.240% due 04/26/2021		59,500		59,536
Cleveland Electric Illuminating Co.
6.860% due 10/01/2008		100		101
Consolidated Natural Gas Co.
5.000% due 03/01/2014		5,000		4,900
Dominion Resources, Inc.
3.248% due 11/14/2008		1,800		1,791
Embarq Corp.
7.082% due 06/01/2016		4,200		3,984
Enel Finance International S.A.
5.700% due 01/15/2013		57,000		59,083
Midwest Generation LLC
8.300% due 07/02/2009		7,733		7,888
Qwest Capital Funding, Inc.
6.375% due 07/15/2008		1,500		1,504
7.000% due 08/03/2009		10,000		10,000
Qwest Corp.
5.625% due 11/15/2008		1,000		1,000
Verizon Communications, Inc.
5.500% due 04/01/2017		5,000		4,937
				154,724
Total Corporate Bonds & Notes (Cost $1,190,961)				1,175,203
MUNICIPAL BONDS & NOTES 0.7%
Badger, Wisconsin Tobacco Asset Securitization Corporations Revenue Bonds, Series 2002
6.375% due 06/01/2032		1,200		1,205
California State General Obligation Bonds, (AMBAC Insured), Series 2007
4.500% due 08/01/2028		1,500		1,379
California State General Obligation Bonds, Series 2007
5.000% due 06/01/2037		2,500		2,436
California State Metropolitan Water District Revenue Bonds, Series 2006
5.000% due 07/01/2029		5,565		5,621
5.000% due 07/01/2031		4,550		4,574
California State Tobacco Securitization Agency Revenue Bonds, Series 2002
5.625% due 06/01/2023		1,275		1,274
California State University Revenue Bonds, (AMBAC Insured), Series 2005
5.000% due 11/01/2030		200		200

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Chicago, Illinois General Obligation Notes, (FSA Insured), Series 2006
9.248% due 01/01/2014	$	1,270	$	1,009
9.249% due 01/01/2014		730		537
Florida State Board of Education General Obligation Bonds, (MBIA Insured), Series 2007
4.750% due 06/01/2037		4,500		4,161
Florida State Board of Education General Obligation Bonds, Series 2007
5.000% due 06/01/2028		2,500		2,528
Florida State Board of Education General Obligation Bonds, Series 2008
4.750% due 06/01/2037		4,400		4,046
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.125% due 06/01/2047		700		556
5.750% due 06/01/2047		1,900		1,680
Los Angeles, California Community College District General Obligation Bonds, (FGIC Insured), Series 2007
5.000% due 08/01/2027		5,000		5,089
Los Angeles, California Unified School District General Obligation Bonds, (FSA Insured), Series 2007
4.500% due 07/01/2023		1,600		1,604
Louisiana State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2001
5.875% due 05/15/2039		1,140		1,061
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2029		3,600		3,041
5.000% due 06/01/2041		1,200		967
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2007
5.000% due 06/15/2038		8,000		7,950
New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2006
9.248% due 12/15/2013		1,270		1,071
New York State Environmental Facilities Corporations Revenue Bonds, Series 2006
5.000% due 10/15/2024		4,585		4,742
Ohio State Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2007
5.875% due 06/01/2030		2,100		1,942
5.875% due 06/01/2047		16,000		14,098
6.000% due 06/01/2042		300		276
Puerto Rico Sales Tax Financing Corp. Revenue Bonds, (AMBAC Insured), Series 2007
0.000% due 08/01/2054		42,500		2,615
Rhode Island State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2002
6.125% due 06/01/2032		1,200		1,145
Santa Rosa, California Revenue Bonds, (AMBAC Insured), Series 2002
0.000% due 09/01/2024		11,225		4,586
South Carolina State Tobacco Settlement Revenue Management Authority Revenue Bonds, Series 2001
6.375% due 05/15/2028		1,000		991
Texas State Turnpike Authority Revenue Bonds, (AMBAC Insured), Series 2002
0.000% due 08/15/2021		4,500		2,210
Texas State Water Development Board Revenue Bonds, Series 2007
4.500% due 07/15/2024		1,255		1,217

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Washington State General Obligation Bonds, (FSA Insured), Series 2006
5.000% due 07/01/2024	$	600	$	617
Washington State Tobacco Settlement Authority Revenue Bonds, Series 2002
6.500% due 06/01/2026		3,095		3,189
West Virginia State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
7.467% due 06/01/2047		11,000		10,501
Total Municipal Bonds & Notes (Cost $100,756)				100,118
COMMODITY INDEX-LINKED NOTES 20.2%
ABN AMRO Bank NV (DJAIGTR)
4.187% due 04/14/2008		106,800		177,748
Barclays Bank PLC (DJAIGTR)
4.930% due 09/24/2008		235,000		395,807
Calyon Financial, Inc. (DJAIGTR)
5.024% due 08/16/2008		97,000		147,566
Commonwealth Bank of Australia (DJAIGTR)
4.981% due 09/30/2008		122,000		211,803
Credit Suisse USA, Inc. (DJAIGTR)
0.000% due 02/17/2009 (m)		95,000		115,395
Goldman Sachs Group, Inc. (GSCI)
5.061% due 12/01/2008		50,000		71,359
Landesbank Baden-Wurttemberg (DJAIGTR)
2.982% due 11/25/2008		231,500		312,729
Morgan Stanley (GSCI)
3.181% due 03/06/2009		187,000		217,876
Natixis Financial Products, Inc. (DJAIGTR)
2.885% due 05/30/2008 (m)		75,000		111,625
4.696% due 05/09/2008		86,000		132,226
Rabobank Nederland (DJAIGTR)
4.851% due 07/22/2008 (m)		200,000		312,741
Svensk ExportKredit AB (DJAIGCI)
4.884% due 11/25/2008 (m)		150,000		202,631
Svensk ExportKredit AB (DJAIGTR)
4.979% due 05/19/2008		88,000		130,392
Swiss Re Treasury US Corp. (DJAIGCI)
0.000% due 01/07/2009		29,000		39,599
TD NY LLC (DJAIGTR)
0.000% due 02/17/2009		200,000		234,855
Total Commodity Index-Linked Notes (Cost $1,952,300)				2,814,352
U.S. GOVERNMENT AGENCIES 31.0%
Fannie Mae
2.729% due 03/25/2036		2,718		2,689
4.665% due 05/01/2035		1,079		1,092
4.723% due 04/01/2035		535		539
5.000% due 07/01/2035 - 02/01/2037		31,207		30,935
5.244% due 04/01/2033		1,278		1,301
5.500% due 07/01/2033 - 04/01/2038		2,523,897		2,550,616
5.722% due 07/01/2044 - 10/01/2044		5,133		5,117
5.950% due 02/25/2044		8,665		8,850
6.000% due 06/01/2031 - 04/01/2038		973,188		997,900
Freddie Mac
3.048% due 02/15/2019		102,558		101,921
3.088% due 01/15/2037		448		433
3.168% due 12/15/2030		42		41
3.218% due 11/15/2016 - 03/15/2017		2,862		2,861

See Accompanying Notes Annual Report March 31, 2008 93

Consolidated Schedule of Investments  CommodityRealReturn Strategy Fund^®  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
4.000% due 10/15/2023	$	42	$	42
4.540% due 01/01/2034		37		37
5.000% due 01/15/2018 - 08/15/2020		15,021		15,496
5.250% due 08/15/2011		3,118		3,170
5.464% due 03/01/2034		2,846		2,858
5.500% due 05/15/2016 - 04/01/2038		106,394		107,584
6.000% due 07/01/2032 - 11/01/2037		416,656		427,739
6.625% due 01/01/2034		1,284		1,297
7.100% due 06/01/2033		1,035		1,045
7.254% due 01/01/2034		1,543		1,576
Ginnie Mae
4.750% due 12/20/2035		2,409		2,407
5.500% due 11/15/2035 - 05/01/2038		36,658		37,335
5.625% due 07/20/2035		138		140
6.000% due 06/20/2034		181		184
Small Business Administration
5.902% due 02/10/2018		6,100		6,261
Total U.S. Government Agencies (Cost $4,224,454)				4,311,466
U.S. TREASURY OBLIGATIONS 96.4%
Treasury Inflation Protected Securities (d)
0.875% due 04/15/2010		1,859,682		1,903,704
1.625% due 01/15/2015		160,291		169,858
1.625% due 01/15/2018		214,815		225,305
1.750% due 01/15/2028		356,404		353,091
1.875% due 07/15/2013		719,017		775,415
1.875% due 07/15/2015		715,155		771,194
2.000% due 04/15/2012		73,864		79,513
2.000% due 01/15/2014		642,421		695,321
2.000% due 07/15/2014		827,453		898,046
2.000% due 01/15/2016		399,935		433,148
2.000% due 01/15/2026		460,117		473,885
2.375% due 01/15/2017		60,056		66,939
2.375% due 01/15/2025		1,205,116		1,310,376
2.375% due 01/15/2027		381,633		416,248
2.500% due 07/15/2016		360,804		405,933
2.625% due 07/15/2017		379,577		432,125
3.000% due 07/15/2012		644,585		722,339
3.375% due 01/15/2012		25,778		29,012
3.375% due 04/15/2032		58,853		77,282
3.500% due 01/15/2011		342,950		379,388
3.625% due 04/15/2028		981,872		1,272,138
3.875% due 04/15/2029		781,669		1,056,108
4.250% due 01/15/2010		421,178		456,912
U.S. Treasury Bonds
5.500% due 08/15/2028		11,400		13,210
Total U.S. Treasury Obligations (Cost $13,446,068)				13,416,490
MORTGAGE-BACKED SECURITIES 2.0%
American Home Mortgage Investment Trust
2.749% due 09/25/2035		447		445
Banc of America Funding Corp.
6.142% due 01/20/2047		435		377
Banc of America Large Loan, Inc.
3.328% due 08/15/2029		493		474
BCAP LLC Trust
2.769% due 01/25/2037		16,145		11,392
Bear Stearns Adjustable Rate Mortgage Trust
4.125% due 03/25/2035		36,188		34,616
4.475% due 05/25/2033		325		310
4.550% due 08/25/2035		19,690		18,930
4.862% due 01/25/2035		8,823		8,552

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Bear Stearns Alt-A Trust
5.706% due 09/25/2035	$	1,386	$	1,140
Bear Stearns Structured Products, Inc.
2.806% due 01/26/2037		454		431
Citigroup Commercial Mortgage Trust
2.888% due 08/15/2021		633		592
Citigroup Mortgage Loan Trust, Inc.
4.098% due 08/25/2035		1,521		1,517
4.248% due 08/25/2035		9,239		8,778
4.748% due 08/25/2035		9,486		9,427
4.900% due 12/25/2035		1,975		1,882
Commercial Mortgage Pass-Through Certificates
6.455% due 05/15/2032		4,226		4,227
Countrywide Alternative Loan Trust
2.616% due 09/20/2046		3,480		3,401
2.716% due 02/20/2047		13,545		10,189
2.731% due 12/20/2046		1,116		851
2.779% due 05/25/2047		6,002		4,557
2.879% due 12/25/2035		929		762
Countrywide Home Loan Mortgage Pass-Through Trust
2.939% due 06/25/2035		6,907		6,088
Deutsche ALT-A Securities, Inc. Alternate Loan Trust
2.679% due 02/25/2037		1,131		1,060
3.235% due 10/25/2036		6,811		6,476
Greenpoint Mortgage Funding Trust
2.679% due 10/25/2046		5,833		5,256
GSR Mortgage Loan Trust
4.539% due 09/25/2035		22,418		21,134
Harborview Mortgage Loan Trust
2.649% due 01/19/2038		2,861		2,695
2.779% due 05/19/2035		2,502		1,972
Impac Secured Assets CMN Owner Trust
2.679% due 01/25/2037		2,676		2,520
Indymac Index Mortgage Loan Trust
2.689% due 11/25/2046		7,374		6,869
Lehman XS Trust
2.679% due 07/25/2046		3,440		3,339
Residential Accredit Loans, Inc.
2.899% due 08/25/2035		3,573		2,776
Securitized Asset Sales, Inc.
7.282% due 11/26/2023		100		98
Structured Asset Mortgage Investments, Inc.
2.669% due 08/25/2036		4,348		4,254
Structured Asset Securities Corp.
2.649% due 05/25/2036		521		497
5.463% due 10/25/2035		5,584		5,336
TBW Mortgage-Backed Pass-Through Certificates
2.699% due 09/25/2036		766		751
Thornburg Mortgage Securities Trust
2.709% due 03/25/2046		1,069		1,050
2.709% due 11/25/2046		1,455		1,380
2.719% due 09/25/2046		21,070		19,692
Wachovia Bank Commercial Mortgage Trust
2.908% due 09/15/2021		38,974		36,629
WaMu Mortgage Pass-Through Certificates
5.136% due 12/25/2046		3,564		2,772
5.526% due 11/25/2042		796		756
5.572% due 07/25/2046		15,934		10,769
5.826% due 11/25/2046		2,787		2,310
Wells Fargo Mortgage-Backed Securities Trust
3.541% due 09/25/2034		5,286		5,026
4.110% due 06/25/2035		1,873		1,863
Total Mortgage-Backed Securities (Cost $298,835)				276,218

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES 1.1%
Aames Mortgage Investment Trust
2.749% due 08/25/2035	$	291	$	285
ACE Securities Corp.
2.649% due 07/25/2036		3,010		2,958
2.659% due 10/25/2036		507		482
Argent Securities, Inc.
2.649% due 10/25/2036		6,731		6,581
Asset-Backed Funding Certificates
2.659% due 11/25/2036		1,341		1,239
2.949% due 06/25/2034		8,608		7,620
Asset-Backed Securities Corp. Home Equity
2.649% due 11/25/2036		858		833
Bank One Issuance Trust
2.928% due 12/15/2010		1,700		1,700
Bear Stearns Asset-Backed Securities Trust
2.649% due 11/25/2036		937		875
2.679% due 10/25/2036		1,255		1,194
2.799% due 09/25/2034		4		4
2.929% due 01/25/2036		920		895
3.049% due 03/25/2043		142		138
Bravo Mortgage Asset Trust
2.729% due 07/25/2036		432		425
Chase Issuance Trust
2.828% due 12/15/2010		3,960		3,960
Citigroup Mortgage Loan Trust, Inc.
2.649% due 11/25/2036		1,667		1,628
2.679% due 01/25/2037		718		686
Countrywide Asset-Backed Certificates
2.629% due 01/25/2046		6,550		6,417
2.649% due 01/25/2037		3,181		3,145
2.649% due 03/25/2037		4,736		4,547
2.659% due 09/25/2046		2,426		2,376
2.669% due 07/25/2036		3		3
2.709% due 10/25/2046		6,262		6,059
3.265% due 07/25/2036		1		1
First Franklin Mortgage Loan Asset-Backed Certificates
2.649% due 11/25/2036		16,753		15,166
2.849% due 04/25/2035		5		5
First USA Credit Card Master Trust
2.935% due 04/18/2011		800		799
Fremont Home Loan Trust
2.649% due 10/25/2036		1,254		1,236
2.659% due 01/25/2037		1,272		1,158
2.769% due 01/25/2036		392		391
GSAMP Trust
2.639% due 10/25/2046		2,240		2,138
2.669% due 10/25/2036		452		413
GSR Mortgage Loan Trust
2.699% due 11/25/2030		91		90
HSI Asset Securitization Corp. Trust
2.649% due 10/25/2036		1,673		1,540
Indymac Residential Asset-Backed Trust
2.649% due 11/25/2036		1,993		1,959
JPMorgan Mortgage Acquisition Corp.
2.639% due 08/25/2036		1,190		1,160
2.649% due 07/25/2036		2,426		2,290
2.649% due 08/25/2036		6,820		6,590
2.669% due 11/25/2036		1,708		1,628
Lehman XS Trust
2.679% due 11/25/2046		8,075		7,649
Long Beach Mortgage Loan Trust
2.629% due 06/25/2036		148		148
2.639% due 11/25/2036		1,151		1,094

94 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
MASTR Asset-Backed Securities Trust
2.659% due 10/25/2036	$	122	$	121
MBNA Credit Card Master Note Trust
2.918% due 12/15/2011		1,300		1,287
MBNA Master Credit Card Trust
4.402% due 09/15/2010		2,000		2,001
Merrill Lynch Mortgage Investors, Inc.
2.649% due 05/25/2037		4,304		4,233
2.659% due 04/25/2037		397		392
2.669% due 07/25/2037		4,570		4,381
Morgan Stanley ABS Capital I
2.629% due 06/25/2036		238		235
2.639% due 06/25/2036		410		405
2.639% due 10/25/2036		4,749		4,615
2.649% due 09/25/2036		4,066		3,870
Morgan Stanley IXIS Real Estate Capital Trust
2.649% due 11/25/2036		1,062		1,006
Option One Mortgage Loan Trust
2.639% due 02/25/2037		576		550
2.649% due 07/25/2036		346		342
Park Place Securities, Inc.
2.859% due 09/25/2035		401		387
Residential Asset Mortgage Products, Inc.
2.669% due 11/25/2036		1,406		1,358
Residential Asset Securities Corp.
2.669% due 11/25/2036		12,581		11,991
Securitized Asset-Backed Receivables LLC Trust
2.649% due 09/25/2036		1,669		1,589
Soundview Home Equity Loan Trust
2.649% due 10/25/2036		4,431		4,288
2.659% due 11/25/2036		3,491		3,368
2.699% due 10/25/2036		1,232		1,202
Specialty Underwriting & Residential Finance
2.629% due 06/25/2037		509		498
2.644% due 11/25/2037		712		675
Structured Asset Investment Loan Trust
2.649% due 07/25/2036		737		702
Structured Asset Securities Corp.
2.649% due 10/25/2036		7,989		7,745
WFS Financial Owner Trust
3.590% due 10/19/2009		345		345
Total Asset-Backed Securities (Cost $164,273)				157,091
SOVEREIGN ISSUES 0.1%
Export-Import Bank of Korea
4.901% due 10/04/2011		15,200		15,226
Total Sovereign Issues (Cost $15,185)				15,226
FOREIGN CURRENCY-DENOMINATED ISSUES 4.4%
Brazil Notas do Tesouro Nacional Series F
10.000% due 01/01/2012	BRL	43,740		22,594
Brazilian Government International CPI Linked Bond
6.000% due 08/15/2010		5,511		5,145
Canadian Government Bond
3.000% due 12/01/2036 (d)	CAD	21,929		28,209

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Credit Logement S.A.
4.954% due 06/23/2015	EUR	1,400	$	2,147
France Government Bond
3.000% due 07/25/2012 (d)		11,366		19,192
3.150% due 07/25/2032 (d)		1,115		2,079
General Electric Capital Corp.
5.500% due 09/15/2067		34,400		51,451
6.500% due 09/15/2067	GBP	9,400		17,912
Green Valley Ltd.
8.376% due 01/10/2011	EUR	5,400		8,592
Italy Buoni Poliennali Del Tesoro
2.150% due 09/15/2014 (d)		4,404		7,160
2.350% due 09/15/2035 (d)		10,785		16,705
4.250% due 10/15/2012		3,000		4,791
Japanese Government CPI Linked Bond
0.800% due 12/10/2015	JPY	5,528,430		54,484
1.100% due 12/10/2016		10,691,340		107,140
1.200% due 06/10/2017		14,155,000		142,080
1.200% due 12/10/2017		1,745,220		17,492
Pylon Ltd.
6.117% due 12/29/2008	EUR	3,700		5,820
8.517% due 12/29/2008		4,300		6,822
Republic of Germany
5.625% due 01/04/2028		8,400		15,135
Royal Bank of Scotland Group PLC
7.092% due 10/29/2049		5,200		7,344
Svenska Handelsbanken AB
4.786% due 03/16/2015		2,900		4,499
Sweden Government CPI Linked Bond
3.500% due 12/01/2015	SEK	12,000		2,667
United Kingdom Gilt Inflation Linked Bond
2.500% due 05/20/2009	GBP	12,000		64,274
Total Foreign Currency-Denominated Issues (Cost $546,785)				613,734
SHORT-TERM INSTRUMENTS 14.9%
CERTIFICATES OF DEPOSIT 1.1%
Abbey National Treasury Services PLC
2.653% due 07/02/2008	$	91,300		91,039
Calyon Financial, Inc.
4.035% due 01/16/2009		11,300		11,293
Citibank New York N.A.
3.100% due 05/07/2008		25,000		25,000
Fortis Bank NY
2.622% due 04/28/2008		7,200		7,199
2.649% due 06/30/2008		900		900
Nordea Bank Finland PLC
2.671% due 12/01/2008		5,500		5,496
Unicredito Italiano NY
3.135% due 05/06/2008		13,200		13,203
				154,130
COMMERCIAL PAPER 1.6%
Bank of America Corp.
2.920% due 08/26/2008		1,600		1,582
Barclays U.S. Funding Corp.
2.790% due 06/11/2008		7,100		7,061
3.025% due 05/20/2008		17,200		17,129

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
DnB NOR Bank ASA
3.110% due 05/02/2008	$	2,300	$	2,294
Federal Home Loan Bank
1.500% due 04/01/2008		18,800		18,800
Royal Bank of Scotland Group PLC
3.030% due 05/21/2008		11,300		11,253
3.040% due 05/21/2008		11,600		11,551
3.090% due 05/06/2008		21,500		21,436
3.160% due 05/02/2008		22,400		22,339
UBS Finance Delaware LLC
2.985% due 05/01/2008		22,100		22,045
3.035% due 06/02/2008		7,900		7,862
4.140% due 05/12/2008		8,200		8,161
Unicredito Italiano SpA
2.830% due 06/16/2008		8,300		8,251
3.015% due 05/21/2008		11,300		11,253
3.170% due 05/15/2008		1,400		1,395
3.850% due 05/02/2008		7,400		7,375
Westpac Banking Corp.
3.070% due 05/06/2008		26,500		26,421
Westpac Trust Securities NZ Ltd.
3.040% due 05/09/2008		17,700		17,643
				223,851
REPURCHASE AGREEMENTS 0.6%
Credit Suisse Securities (USA) LLC
1.200% due 04/01/2008		11,200		11,200
(Dated 03/31/2008. Collateralized by U.S. Treasury Notes 3.625% due 10/31/2009 valued at $11,478. Repurchase proceeds are $11,200.)
1.200% due 04/01/2008		2,000		2,000
(Dated 03/31/2008. Collateralized by U.S. Treasury Notes 4.875% due 06/30/2009 valued at $2,050. Repurchase proceeds are $2,000.)
Goldman Sachs & Co.
1.200% due 04/01/2008		65,200		65,200
(Dated 03/31/2008. Collateralized by U.S. Treasury Bonds 8.750% due 08/15/2020 valued at $66,514. Repurchase proceeds are $65,202.)
				78,400
U.S. TREASURY BILLS 11.6%
0.827% due 04/17/2008 - 09/11/2008 (c)(e)(f)		1,620,390		1,614,694
Total Short-Term Instruments (Cost $2,074,682)				2,071,075
PURCHASED OPTIONS (k) 0.5%
(Cost $30,977)				67,960
Total Investments 180.4% (Cost $24,147,327)			$	25,110,534
Written Options (l) (1.0%) (Premiums $94,710)				(137,805	)
Other Assets and Liabilities (Net) (79.4%)				(11,053,514	)
Net Assets (g) 100.0%			$	13,919,215

See Accompanying Notes Annual Report March 31, 2008 95

Consolidated Schedule of Investments  CommodityRealReturn Strategy Fund^®  (Cont.)

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security is in default.

(b) When-issued security.

(c) Coupon represents a weighted average rate.

(d) Principal amount of security is adjusted for inflation.

(e) Securities with an aggregate market value of $223,357 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(f) Securities with an aggregate market value of $244,856 have been pledged as collateral for delayed-delivery securities on March 31, 2008.

(g) As of March 31, 2008, portfolio securities with an aggregate value of $2,822,923 and derivative instruments with an aggregate depreciation of ($16,713) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(h) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $115,737 at a weighted average interest rate of 5.186%. On March 31, 2008, there were no open reverse repurchase agreements.

(i) Cash of $111,824 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Euribor December Futures	Long	12/2008	456	$	752
90-Day Euribor December Futures	Long	12/2009	791		1,203
90-Day Euribor June Futures	Long	06/2008	1,355		(910	)
90-Day Euribor June Futures	Long	06/2009	1,462		2,716
90-Day Euribor March Futures	Long	03/2009	1,528		2,655
90-Day Euribor September Futures	Long	09/2008	728		(481	)
90-Day Euribor September Futures	Long	09/2009	1,030		1,285
90-Day Eurodollar December Futures	Short	12/2008	588		(187	)
90-Day Eurodollar December Futures	Long	12/2009	1,149		2,466
90-Day Eurodollar June Futures	Long	06/2009	5,877		29,677
90-Day Eurodollar March Futures	Long	03/2009	4,152		23,396
90-Day Eurodollar September Futures	Long	09/2009	3,938		18,297
Euro-Bund 10-Year Bond June Futures	Short	06/2008	3,712		3,703
Euro-Bund June Futures Call Options Strike @ EUR 129.000	Long	06/2008	2,400		0
Japan Government 10-Year Bond June Futures	Long	06/2008	42		782
Japan Government 10-Year Bond June Futures	Short	06/2008	43		169
U.S. Treasury 2-Year Note June Futures	Short	06/2008	852		(96	)
U.S. Treasury 5-Year Note June Futures	Short	06/2008	726		(148	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	7,933		548
U.S. Treasury 10-Year Note June Futures	Short	06/2008	400		(816	)
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	9,363		(17,243	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	3,589		2,188
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2009	45		8
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	5,148		2,610
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2009	989		1,638
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	861		1,323
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	3,302		3,365
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2009	45		14
United Kingdom Government 10-Year Bond June Futures	Long	06/2008	80		455
				$	79,369

(j) Swap agreements outstanding on March 31, 2008:

Commodity Swaps
Counterparty	Type	Commodity Exchange	Pay/Receive Commodity Exchange	Fixed Price Per Unit		Expiration Date	Units	Unrealized Appreciation/ (Depreciation)
JPM	Long	NYMEX Natural Gas November Futures	Pay	$	8.390	10/28/2009	7,230	$	(7,943	)
JPM	Long	NYMEX Natural Gas November Futures	Pay		8.550	10/28/2009	4,610		(4,356	)
JPM	Long	NYMEX Natural Gas December Futures	Receive		8.718	11/24/2009	7,230		8,050
JPM	Long	NYMEX Natural Gas December Futures	Receive		8.855	11/24/2009	4,610		4,525
MSC	Long	NYMEX Gasoline May Futures	Pay		273.500	04/29/2008	4,200		452
MSC	Long	NYMEX Gasoline October Futures	Receive		253.000	09/29/2008	4,200		(329	)
MSC	Long	NYMEX Gasoline January Futures	Receive		252.000	12/31/2008	20,979		(876	)
MSC	Long	NYMEX WTI Crude January Futures	Pay		103.740	12/31/2008	500		1,192
								$	715

96 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/ Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount	Unrealized Appreciation/ (Depreciation)
Anheuser-Busch Cos., Inc. 5.625% due 10/01/2010	Buy	(0.250%	)	12/20/2012	CITI	$      7,400	$	106
AutoZone, Inc. 5.875% due 10/15/2012	Buy	(0.529%	)	12/20/2012	GSC	4,100		101
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	0.720%		09/20/2012	CITI	5,800		(284	)
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	0.720%		09/20/2012	JPM	8,500		(416	)
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Buy	(1.780%	)	12/20/2012	GSC	8,200		33
Bear Stearns Cos., Inc. 7.250% due 02/01/2018	Buy	(2.275%	)	03/20/2018	JPM	8,000		(457	)
Bear Stearns Cos., Inc. 7.250% due 02/01/2018	Buy	(2.180%	)	03/20/2018	BNP	7,000		(350	)
Burlington Northern Santa Fe Corp. 5.650% due 05/01/2017	Buy	(0.720%	)	06/20/2017	BCLY	2,500		(9	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	0.970%		06/20/2012	CSFB	3,100		(156	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.010%		06/20/2012	CSFB	4,200		(205	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.040%		06/20/2012	CSFB	3,700		(176	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.370%		09/20/2012	CITI	5,000		(201	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.380%		09/20/2012	GSC	2,000		(80	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.380%		09/20/2012	LEH	500		(20	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.550%		09/20/2012	CSFB	2,300		(76	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	2.100%		03/20/2013	CITI	1,200		(22	)
Clorox Co. 6.125% due 02/01/2011	Buy	(0.470%	)	12/20/2012	CITI	6,300		92
Computer Sciences Corp. 6.500% due 03/15/2018	Buy	(1.360%	)	03/20/2018	LEH	2,500		(34	)
ConAgra Foods, Inc. 7.000% due 10/01/2028	Buy	(0.299%	)	12/20/2012	GSC	4,400		78
Consolidated Natural Gas Co. 5.000% due 03/01/2014	Buy	(0.590%	)	03/20/2014	UBS	1,000		4
Con-way, Inc. 7.250% due 01/15/2018	Buy	(1.834%	)	03/20/2018	BOA	10,000		(6	)
CSX Corp. 6.250% due 03/15/2018	Buy	(1.050%	)	03/20/2018	CSFB	5,000		75
Fannie Mae 5.250% due 08/01/2012	Sell	1.401%		03/20/2013	BNP	4,000		18
Fannie Mae 5.250% due 08/01/2012	Sell	1.410%		03/20/2013	RBS	15,000		75
Fannie Mae 5.250% due 08/01/2012	Sell	1.580%		03/20/2013	BNP	2,500		32
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	1.400%		09/20/2008	GSC	22,600		(798	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.800%		09/20/2012	BCLY	3,000		(499	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.800%		09/20/2012	MSC	8,500		(1,415	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.850%		09/20/2012	JPM	3,300		(545	)
Freddie Mac 5.875% due 03/21/2011	Sell	1.580%		03/20/2013	BNP	10,000		127
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	1.010%		03/20/2013	BCLY	22,200		(273	)
GMAC LLC 6.875% due 08/28/2012	Buy	(5.200%	)	09/20/2008	GSC	6,000		217
GMAC LLC 6.875% due 08/28/2012	Buy	(4.250%	)	09/20/2008	DUB	2,800		114
GMAC LLC 6.875% due 08/28/2012	Sell	1.400%		09/20/2008	BCLY	9,100		(499	)
GMAC LLC 6.875% due 08/28/2012	Sell	1.425%		09/20/2008	LEH	13,500		(739	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.100%		06/20/2011	BOA	3,500		(797	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.620%		06/20/2011	UBS	1,000		(208	)
GMAC LLC 6.875% due 08/28/2012	Sell	6.850%		06/20/2012	MSC	5,200		(797	)
GMAC LLC 6.875% due 08/28/2012	Buy	(5.000%	)	09/20/2012	CITI	200		40
GMAC LLC 6.875% due 08/28/2012	Buy	(4.800%	)	09/20/2012	MLP	9,400		1,927
GMAC LLC 6.875% due 08/28/2012	Sell	3.050%		09/20/2012	BCLY	3,200		(793	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.050%		09/20/2012	GSC	11,300		(2,802	)
GMAC LLC 6.875% due 08/28/2012	Sell	5.400%		09/20/2012	JPM	3,000		(571	)
GMAC LLC 6.875% due 08/28/2012	Sell	5.450%		09/20/2012	JPM	3,000		(567	)
GMAC LLC 6.875% due 08/28/2012	Sell	7.000%		09/20/2012	BOA	6,300		(952	)
GMAC LLC 6.875% due 08/28/2012	Sell	7.500%		09/20/2012	LEH	10,000		(1,388	)
GMAC LLC 6.875% due 08/28/2012	Sell	7.500%		09/20/2012	MSC	10,000		(1,388	)
GMAC LLC 6.875% due 08/28/2012	Sell	7.550%		09/20/2012	JPM	10,000		(1,375	)
Goldman Sachs Group, Inc. 5.950% due 01/18/2018	Buy	(0.970%	)	03/20/2018	BNP	7,500		327
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.720%		09/20/2012	LEH	7,000		(201	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.740%		09/20/2012	CSFB	6,100		(171	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.750%		09/20/2012	BEAR	7,100		(196	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.750%		09/20/2012	MLP	4,000		(110	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.780%		09/20/2012	RBS	2,000		(53	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.800%		09/20/2012	MSC	6,800		(173	)
Home Depot, Inc. 5.400% due 03/01/2016	Buy	(1.750%	)	03/20/2016	LEH	2,500		10
Hospira, Inc. 5.900% due 06/15/2014	Buy	(1.030%	)	06/20/2014	MSC	2,500		(27	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400%		12/20/2008	RBS	5,000		(23	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.510%		12/20/2008	DUB	36,000		(138	)
Kraft Foods, Inc. 6.125% due 02/01/2018	Buy	(1.130%	)	03/20/2018	RBS	2,000		27
Kraft Foods, Inc. 6.125% due 02/01/2018	Buy	(0.860%	)	03/20/2018	GSC	4,000		139
Kroger Co. 5.500% due 02/01/2013	Buy	(0.360%	)	12/20/2012	BNP	7,800		120
Kroger Co. 6.400% due 08/15/2017	Buy	(0.900%	)	09/20/2017	BOA	5,000		(25	)
Lehman Brothers Holdings, Inc. 5.625% due 01/24/2013	Buy	(1.420%	)	03/20/2013	RBS	12,000		753
Lehman Brothers Holdings, Inc. 5.625% due 01/24/2013	Buy	(1.390%	)	03/20/2013	MLP	2,000		128
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.660%		09/20/2012	RBS	6,400		(579	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.700%		09/20/2012	JPM	8,600		(764	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.900%		09/20/2012	BNP	3,600		(292	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.950%		09/20/2012	JPM	3,700		(293	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	1.120%		09/20/2012	BNP	2,700		(196	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	1.200%		09/20/2012	BNP	2,900		(202	)
Limited Brands, Inc. 6.900% due 07/15/2017	Buy	(3.113%	)	09/20/2017	MSC	2,000		43
Macys Retail Holdings, Inc. 7.450% due 07/15/2017	Buy	(2.110%	)	09/20/2017	DUB	2,000		69
Marriott International, Inc. 4.625% due 06/15/2012	Buy	(0.640%	)	12/20/2012	CSFB	8,500		564
Marriott International, Inc. 4.625% due 06/15/2012	Buy	(0.640%	)	12/20/2012	GSC	14,400		955

See Accompanying Notes Annual Report March 31, 2008 97

Consolidated Schedule of Investments  CommodityRealReturn Strategy Fund^®  (Cont.)

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/ Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Marriott International, Inc. 4.625% due 06/15/2012	Buy	(0.630%	)	12/20/2012	MSC	$	13,600	$	908
Marsh & McLennan Cos., Inc. 5.750% due 09/15/2015	Buy	(1.180%	)	09/20/2015	BOA		2,500		(23	)
Masco Corp. 5.875% due 07/15/2012	Buy	(0.870%	)	12/20/2012	BCLY		3,800		310
Masco Corp. 5.875% due 07/15/2012	Buy	(0.870%	)	12/20/2012	BOA		6,700		546
Masco Corp. 5.875% due 07/15/2012	Buy	(0.860%	)	12/20/2012	MSC		15,000		1,229
Masco Corp. 5.875% due 07/15/2012	Buy	(0.840%	)	12/20/2012	DUB		14,400		1,191
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Buy	(0.930%	)	12/20/2012	BCLY		200		15
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Buy	(0.930%	)	12/20/2012	JPM		3,500		255
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Buy	(0.920%	)	12/20/2012	JPM		9,500		697
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Buy	(0.900%	)	12/20/2012	LEH		5,000		371
Merrill Lynch & Co., Inc. 5.450% due 02/05/2013	Buy	(1.380%	)	03/20/2013	BNP		8,000		448
Morgan Stanley 6.600% due 04/01/2012	Sell	0.140%		06/20/2008	DUB		50,000		(221	)
Motorola, Inc. 6.000% due 11/15/2017	Buy	(1.020%	)	12/20/2017	LEH		4,000		581
Multiple Reference Entities of Gazprom	Sell	1.000%		11/20/2008	CSFB		12,000		(15	)
Newell Rubbermaid, Inc. 6.350% until 07/15/2008 and variable thereafter, due 07/15/2028	Buy	(0.319%	)	12/20/2012	GSC		4,200		92
Nordstrom, Inc. 6.950% due 03/15/2028	Buy	(0.270%	)	09/20/2012	GSC		17,900		608
Nordstrom, Inc. 6.950% due 03/15/2028	Buy	(0.260%	)	09/20/2012	GSC		11,100		382
Nordstrom, Inc. 6.950% due 03/15/2028	Buy	(0.610%	)	12/20/2012	MSC		6,600		148
Nucor Corp. 5.750% due 12/01/2017	Buy	(0.486%	)	12/20/2017	CSFB		4,000		103
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%		12/20/2008	BCLY		26,000		(77	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%		12/20/2008	MSC		8,800		(26	)
Pearson Dollar Finance PLC 5.700% due 06/01/2014	Buy	(0.830%	)	06/20/2014	JPM		3,000		16
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.320%		12/20/2008	LEH		2,000		0
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.350%		12/20/2008	BCLY		17,700		1
Peru Government International Bond 9.125% due 02/21/2012	Sell	0.370%		12/20/2008	LEH		17,100		5
Prudential Financial, Inc. 6.100% due 06/15/2017	Buy	(0.870%	)	06/20/2017	BCLY		2,000		104
RH Donnelley Corp. 8.875% due 01/15/2016	Sell	3.400%		09/20/2012	CITI		100		(39	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.325%		12/20/2008	DUB		18,800		(29	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.330%		12/20/2008	BCLY		17,700		(26	)
Safeway, Inc. 5.800% due 08/15/2012	Buy	(0.340%	)	12/20/2012	BNP		8,100		108
Sherwin-Williams Co. 7.375% due 02/01/2027	Buy	(0.430%	)	12/20/2012	BOA		7,100		162
SLM Corp. 5.125% due 08/27/2012	Sell	3.700%		03/20/2009	GSC		12,000		(664	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.750%		03/20/2009	UBS		25,000		(970	)
Staples, Inc. 7.375% due 10/01/2012	Buy	(0.700%	)	12/20/2012	MSC		6,400		226
Target Corp. 6.000% due 01/15/2018	Buy	(1.180%	)	03/20/2018	GSC		4,000		19
TJX Cos., Inc. 7.450% due 12/15/2009	Buy	(0.460%	)	12/20/2012	MSC		6,900		73
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.710%		12/20/2008	BCLY		3,000		(12	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.720%		12/20/2008	DUB		7,000		(26	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.780%		12/20/2008	BCLY		17,700		(56	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.790%		12/20/2008	DUB		18,800		(57	)
Verizon Communications, Inc. 5.500% due 04/01/2017	Buy	(0.550%	)	06/20/2017	LEH		5,000		254
VF Corp. 8.500% due 10/01/2010	Buy	(0.449%	)	12/20/2012	LEH		3,100		44
Viacom, Inc. 6.125% due 10/05/2017	Buy	(1.110%	)	12/20/2017	BOA		4,000		220
Viacom, Inc. 6.250% due 04/30/2016	Buy	(1.250%	)	06/20/2016	LEH		2,500		94
Vnesheconom 0.000% due 07/12/2009	Sell	0.650%		11/20/2008	BCLY		9,600		(70	)
Whirlpool Corp. 7.750% due 07/15/2016	Buy	(0.680%	)	12/20/2012	BNP		7,100		107
								$	(9,161	)

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/ Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
CMBX N.A. AAA 3 Index	Sell	0.080%		12/13/2049	GSC	$	17,710	$	982
CMBX N.A. AAA 3 Index	Sell	0.080%		12/13/2049	MSC		63,060		3,717
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	BCLY		12,870		730
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	BOA		54,846		3,943
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	LEH		19,800		1,098
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	MLP		55,836		3,154
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	MSC		6,336		379
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	UBS		135,531		4,705
Dow Jones CDX N.A. HY9 Index	Sell	3.330%		12/20/2012	LEH		47,300		(4,480	)
Dow Jones CDX N.A. HY9 Index	Sell	6.385%		12/20/2012	GSC		4,200		56
Dow Jones CDX N.A. HY9 Index	Sell	6.510%		12/20/2012	MLP		3,100		54
Dow Jones CDX N.A. HY9 Index	Sell	6.570%		12/20/2012	MSC		16,900		341
Dow Jones CDX N.A. HY9 Index	Sell	6.690%		12/20/2012	MLP		8,700		215
Dow Jones CDX N.A. IG8 Index	Buy	(0.350%	)	06/20/2012	BOA		37,200		1,313
Dow Jones CDX N.A. IG9 Index	Buy	(0.600%	)	12/20/2012	LEH		14,700		384
Dow Jones CDX N.A. IG9 Index	Buy	(0.600%	)	12/20/2012	MLP		134,300		5,670
Dow Jones CDX N.A. IG9 Index	Sell	0.600%		12/20/2012	DUB		40,300		162
Dow Jones CDX N.A. IG9 Index	Sell	0.600%		12/20/2012	GSC		184,800		1,237
Dow Jones CDX N.A. IG9 Index	Sell	0.600%		12/20/2012	JPM		37,000		(1,218	)
Dow Jones CDX N.A. IG9 Index	Sell	0.710%		12/20/2012	CITI		24,200		295

98 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Credit Default Swaps on Credit Indices (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/ Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Dow Jones CDX N.A. IG9 Index	Sell	0.760%		12/20/2012	DUB	$	2,000	$	22
Dow Jones CDX N.A. IG9 Index	Sell	1.130%		12/20/2012	MSC		3,400		32
Dow Jones CDX N.A. IG9 Index	Buy	(6.550%	)	12/20/2017	BCLY		16,900		853
Dow Jones CDX N.A. IG9 Index	Buy	(6.550%	)	12/20/2017	GSC		6,300		318
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	BCLY		232,100		8,028
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	BOA		38,100		1,478
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	GSC		50,400		1,947
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	JPM		17,600		679
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	LEH		34,000		1,300
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	MSC		123,500		3,788
Dow Jones CDX N.A. XO8 Index	Buy	(1.400%	)	06/20/2012	BOA		6,300		377
Home Equity Index A Rating 2007-1	Sell	0.640%		08/25/2037	LEH		4,000		(894	)
								$	40,665

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	28-Day Mexico Interbank TIIE Banxico	8.720%	09/05/2016	BCLY	MXN	167,000	$	932
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	GSC		758,500		1,757
Pay	28-Day Mexico Interbank TIIE Banxico	8.330%	02/14/2017	BCLY		124,500		397
Pay	3-Month Australian Bank Bill	7.000%	06/15/2009	CITI	AUD	143,700		(758	)
Pay	3-Month Australian Bank Bill	7.500%	03/15/2010	UBS		476,700		1,686
Pay	3-Month Canadian Bank Bill	4.500%	06/15/2025	MLP	CAD	9,000		128
Pay	3-Month USD-LIBOR	4.000%	06/18/2009	DUB	$	246,500		2,771
Pay	3-Month USD-LIBOR	5.000%	06/18/2009	UBS		546,500		16,306
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	BCLY		512,800		11,937
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	DUB		335,900		2,992
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		318,600		1,177
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	BCLY		196,200		8,665
Receive	3-Month USD-LIBOR	5.000%	06/18/2015	DUB		75,800		(3,227	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2015	MSC		27,700		(1,379	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2015	RBS		152,000		(8,469	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	BCLY		126,400		(6,445	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	MLP		277,400		(15,976	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	MSC		233,161		(15,270	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	RBS		72,700		(4,513	)
Receive	3-Month USD-LIBOR	5.000%	12/20/2021	DUB		72,500		(9,855	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2023	RBS		50,000		(1,382	)
Receive	3-Month USD-LIBOR	5.000%	12/20/2026	DUB		76,800		(11,616	)
Pay	3-Month USD-LIBOR	5.000%	06/20/2027	BOA		18,000		1,572
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	CITI		5,600		(97	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	DUB		88,600		(1,530	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		119,600		(2,153	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.103%	09/14/2010	BNP	EUR	30,000		157
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.090%	10/15/2010	BNP		32,700		229
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.103%	10/15/2010	BCLY		4,900		49
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.146%	10/15/2010	UBS		23,700		149
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.040%	02/21/2011	BNP		21,200		(63	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.028%	10/15/2011	JPM		25,900		(93	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.095%	10/15/2011	UBS		39,400		(15	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.973%	12/15/2011	JPM		46,200		(923	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.976%	12/15/2011	GSC		66,900		(1,047	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.988%	12/15/2011	BNP		71,500		(1,131	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	BCLY		6,000		(134	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	JPM		8,500		(189	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.983%	03/15/2012	BNP		5,500		(122	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.995%	03/15/2012	GSC		42,900		(800	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.955%	03/28/2012	RBS		5,700		(124	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.950%	03/30/2012	RBS		13,600		(305	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	03/30/2012	GSC		6,600		(147	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	04/05/2012	BCLY		3,500		(79	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958%	04/10/2012	JPM		42,400		(1,033	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.980%	04/30/2012	BCLY		9,200		(213	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.238%	06/20/2012	BCLY		40,000		(164	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.138%	01/19/2016	BCLY		32,700		(188	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.150%	01/19/2016	BNP		45,000		(160	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.350%	10/15/2016	UBS		26,000		42
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.353%	10/15/2016	JPM		25,000		103

See Accompanying Notes Annual Report March 31, 2008 99

Consolidated Schedule of Investments  CommodityRealReturn Strategy Fund^®  (Cont.)

Interest Rate Swaps (Cont.)
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	6-Month Australian Bank Bill	7.000%	12/15/2009	BCLY	AUD	156,400	$	(419	)
Pay	6-Month Australian Bank Bill	7.000%	12/15/2009	MSC		163,800		(445	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	CITI		6,600		(30	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	DUB		197,500		(853	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	JPM		33,400		(153	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	RBC		105,900		(432	)
Pay	6-Month Australian Bank Bill	7.000%	06/15/2010	DUB		606,900		(3,528	)
Receive	6-Month Australian Bank Bill	6.500%	06/15/2017	CITI		20,600		567
Receive	6-Month Australian Bank Bill	6.500%	06/15/2017	DUB		14,300		368
Receive	6-Month Australian Bank Bill	6.750%	12/15/2017	BCLY		19,300		416
Receive	6-Month Australian Bank Bill	6.750%	12/15/2017	MSC		20,400		447
Receive	6-Month Australian Bank Bill	7.000%	03/15/2019	UBS		28,100		(97	)
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	DUB	EUR	181,200		1,573
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	MSC		181,100		1,572
Receive	6-Month EUR-LIBOR	4.000%	06/15/2017	LEH		32,400		1,701
Receive	6-Month EUR-LIBOR	5.000%	03/19/2018	BCLY		34,400		(1,211	)
Pay	6-Month EUR-LIBOR	4.500%	06/18/2034	MSC		53,300		(56	)
Pay	6-Month EUR-LIBOR	5.000%	06/18/2034	JPM		15,500		254
Pay	6-Month GBP-LIBOR	5.000%	06/15/2008	BCLY	GBP	7,000		(18	)
Pay	6-Month GBP-LIBOR	5.000%	06/15/2008	UBS		8,800		(21	)
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	BCLY		193,200		(662	)
Pay	6-Month GBP-LIBOR	5.000%	12/19/2009	BCLY		234,600		1,898
Pay	6-Month GBP-LIBOR	5.000%	12/19/2009	MSC		45,300		367
Pay	6-Month GBP-LIBOR	6.000%	03/20/2010	DUB		62,000		1,043
Pay	6-Month GBP-LIBOR	5.000%	09/15/2010	BCLY		41,300		(566	)
Pay	6-Month GBP-LIBOR	5.000%	09/15/2010	RBS		22,000		677
Pay	6-Month GBP-LIBOR	5.000%	03/20/2013	DUB		2,400		(22	)
Pay	6-Month GBP-LIBOR	5.000%	03/20/2013	GSC		40,000		(296	)
Pay	6-Month GBP-LIBOR	5.000%	03/20/2013	JPM		40,000		123
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	MSC		52,200		(81	)
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	RBS		8,700		(38	)
Receive	6-Month GBP-LIBOR	5.000%	09/15/2015	GSC		45,500		(1,864	)
Receive	6-Month GBP-LIBOR	5.000%	03/20/2018	BCLY		9,400		(775	)
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	BCLY		56,700		3,713
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	GSC		4,600		358
Receive	6-Month GBP-LIBOR	4.250%	06/12/2036	HSBC		29,500		3,136
Pay	6-Month JPY-LIBOR	1.000%	03/18/2009	MSC	JPY	34,100,000		865
Receive	6-Month JPY-LIBOR	2.000%	06/20/2017	BCLY		10,440,000		(2,915	)
Receive	6-Month JPY-LIBOR	2.000%	06/20/2017	DUB		2,730,000		(754	)
Receive	6-Month JPY-LIBOR	2.000%	06/20/2017	GSC		2,260,000		(628	)
Receive	6-Month JPY-LIBOR	2.000%	06/20/2017	RBS		6,150,000		(1,986	)
Pay	BRL-CDI-Compounded	12.410%	01/04/2010	UBS	BRL	61,000		(351	)
Pay	BRL-CDI-Compounded	10.115%	01/02/2012	MSC		46,000		(1,698	)
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		274,400		(9,773	)
Pay	BRL-CDI-Compounded	10.680%	01/02/2012	BCLY		157,500		(3,226	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	BCLY		5,000		(14	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	LEH		3,600		(29	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	MLP		329,900		(1,390	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	MSC		46,800		(228	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA Index	2.275%	10/15/2016	UBS	EUR	26,000		42
Pay	U.S. CPI Urban Consumers NSA Index	2.980%	03/06/2018	MSC	$	7,200		95
Pay	U.S. CPI Urban Consumers NSA Index	2.538%	01/16/2013	BCLY		45,000		(381	)
Pay	U.S. CPI Urban Consumers NSA Index	2.710%	01/08/2018	BNP		40,000		(97	)
Pay	United Kingdom RPI Index	3.103%	11/14/2016	UBS	GBP	35,000		(1,874	)
Pay	United Kingdom RPI Index	3.250%	12/14/2017	BCLY		7,500		(119	)
Pay	United Kingdom RPI Index	3.183%	12/19/2017	RBS		24,200		(457	)
Pay	United Kingdom RPI Index	3.110%	01/03/2018	GSC		39,100		(1,261	)
Pay	United Kingdom RPI Index	3.381%	06/14/2027	RBS		8,000		(539	)
Pay	United Kingdom RPI Index	3.440%	09/10/2027	RBS		11,800		(604	)
Pay	United Kingdom RPI Index	3.425%	10/17/2027	BCLY		4,250		(262	)
Pay	United Kingdom RPI Index	3.488%	12/06/2027	RBS		4,500		(146	)
							$	(59,635	)

Total Return Swaps
Pay/Receive Total Return on Reference Entity	Reference Entity	Rate	Expiration Date	Counterparty	# of Shares	Unrealized Appreciation/ (Depreciation)
Receive	Dow Jones - AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	06/26/2008	AIG	7,644,465	$	(121,762	)
Pay	Dow Jones - AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	06/26/2008	AIG	3,990,692		53,742
Receive	Dow Jones - AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	06/26/2008	BCLY	1,807,877		(24,242	)

100 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Total Return Swaps (Cont.)
Pay/Receive Total Return on Reference Entity	Reference Entity	Rate	Expiration Date	Counterparty	# of Shares	Unrealized Appreciation/ (Depreciation)
Receive	Dow Jones - AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	04/28/2008	CSFB	132,306	$	(1,774	)
Receive	Dow Jones - AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	04/28/2008	GSC	2,496,777		(22,397	)
Receive	Dow Jones - AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	04/28/2008	JPM	972,249		(13,039	)
Receive	Dow Jones - AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	04/28/2008	LEH	2,446,695		(32,808	)
Receive	Dow Jones - AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	04/28/2008	MLP	1,821,670		(24,422	)
Receive	Dow Jones - AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	04/28/2008	MSC	14,537,280		(201,727	)
Pay	Dow Jones - AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	04/28/2008	MSC	11,655,912		156,263
Receive	Dow Jones - AIG Commodity Index Total Return	3-Month U.S. Treasury Bill rate plus a specified spread	04/28/2008	UBS	781,398		(27,813	)
						$	(259,979	)

Variance Swaps
Counterparty	Underlying Asset	Pay/Receive Variance (2)	Strike Price	Expiration Date	Notional Amount		Unrealized (Depreciation)
GSC	NYMEX WTI Crude May Futures	Pay	$    0.148	04/17/2008	$	10,800	$	(402	)

⁽²⁾ At the expiration date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price variance of the underlying asset and the strike price multiplied by the notional amount. As a receiver of the realized price variance, the Fund would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the variance is less than the strike price. As a payer of the realized price variance, the Fund would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike price.

(k) Purchased options outstanding on March 31, 2008:

Options on Commodity Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - OTC ICEX Gas Oil December Futures	$	890.000	12/31/2009	1,348	$	7,737	$	12,159
Call - OTC LMEX Copper September Futures		8,700.000	09/03/2008	2,100		605		1,980
Call - OTC NYMEX WTI Crude December Futures		102.000	12/31/2009	502		4,427		4,852
Put - OTC LMEX Copper September Futures		6,000.000	09/03/2008	2,100		569		748
					$	13,338	$	19,739

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 2-Year Note June Futures	$	113.500	05/23/2008	1,755	$	32	$	27
Call - CBOT U.S. Treasury 5-Year Note June Futures		125.000	05/23/2008	2,802		51		22
Call - CBOT U.S. Treasury 10-Year Note June Futures		133.000	05/23/2008	3,714		67		58
Call - CBOT U.S. Treasury 10-Year Note June Futures		149.000	05/23/2008	1,482		14		23
Call - CBOT U.S. Treasury 30-Year Bond June Futures		139.000	04/25/2008	5,000		91		78
Call - CBOT U.S. Treasury 30-Year Bond June Futures		146.000	05/23/2008	6,884		125		108
Call - CBOT U.S. Treasury 30-Year Bond June Futures		147.000	05/23/2008	400		4		6
Put - CBOT U.S. Treasury 10-Year Note June Futures		83.000	05/23/2008	7,981		76		125
Put - CBOT U.S. Treasury 10-Year Note June Futures		85.000	05/23/2008	1,400		13		22
Put - CBOT U.S. Treasury 10-Year Note June Futures		100.000	05/23/2008	583		10		9
					$	483	$	478

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500%	02/02/2009	$	174,100	$	1,915	$	2,910
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		95,600		483		3,950
								$	2,398	$	6,860

Foreign Currency Options
Description	Exercise Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC Euro versus U.S. dollar	$	1.392	07/08/2010	EUR	56,200	$	2,961	$	9,324
Put - OTC Euro versus U.S. dollar		1.392	07/08/2010		56,200		2,961		2,147
Call - OTC U.S. dollar versus Japanese yen	JPY	118.150	06/23/2008	$	148,400		3,907		282
Put - OTC U.S. dollar versus Japanese yen		118.150	06/23/2008		148,400		3,906		28,427
Call - OTC U.S. dollar versus Japanese yen		111.000	12/01/2008		31,000		561		72
						$	14,296	$	40,252

See Accompanying Notes Annual Report March 31, 2008 101

Consolidated Schedule of Investments  CommodityRealReturn Strategy Fund^®  (Cont.)

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Fannie Mae 5.500% due 06/01/2038	$	86.375	06/05/2008	$	329,000	$	39	$	236
Put - OTC Treasury Inflation Protected Securities 1.875% due 07/15/2013		101.000	04/07/2008		700,000		55		1
Put - OTC Treasury Inflation Protected Securities 1.875% due 07/15/2015		99.000	04/24/2008		490,000		38		0
Put - OTC Treasury Inflation Protected Securities 2.000% due 01/15/2014		92.500	04/14/2008		100,000		23		0
Put - OTC Treasury Inflation Protected Securities 2.000% due 01/15/2014		97.000	06/10/2008		100,000		23		6
Put - OTC Treasury Inflation Protected Securities 2.000% due 01/15/2016		99.000	04/25/2008		100,000		8		0
Put - OTC Treasury Inflation Protected Securities 2.375% due 01/15/2025		94.000	04/25/2008		1,100,000		86		1
Put - OTC Treasury Inflation Protected Securities 3.000% due 07/15/2012		107.000	04/25/2008		500,000		39		385
Put - OTC Treasury Inflation Protected Securities 3.500% due 01/15/2011		106.000	04/07/2008		200,000		16		0
Put - OTC Treasury Inflation Protected Securities 3.625% due 04/15/2028		112.000	04/07/2008		975,000		76		1
Put - OTC Treasury Inflation Protected Securities 3.875% due 04/15/2029		116.000	04/07/2008		750,000		59		1
						$	462	$	631

(l) Written options outstanding on March 31, 2008:

Options on Commodity Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - OTC LMEX Copper September Futures	$	7,700.000	09/03/2008	2,100	$	1,132	$	3,505
Call - OTC NYMEX Heating Oil December Futures		288.950	12/31/2009	502		3,831		6,092
Call - OTC NYMEX Heating Oil December Futures		289.690	12/31/2009	502		3,906		6,034
Call - OTC NYMEX Heating Oil December Futures		300.000	12/31/2009	502		4,428		5,288
					$	13,297	$	20,919

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note June Futures	$	118.000	05/23/2008	4,434	$	5,223	$	9,422
Call - CBOT U.S. Treasury 10-Year Note June Futures		118.500	05/23/2008	1,000		1,076		1,844
Call - CBOT U.S. Treasury 10-Year Note June Futures		119.000	05/23/2008	3,552		4,384		5,717
Call - CBOT U.S. Treasury 10-Year Note June Futures		121.000	05/23/2008	1,369		1,554		1,155
Call - CBOT U.S. Treasury 30-Year Bond June Futures		122.000	05/23/2008	1,538		2,475		1,778
Call - OTC Dow Jones - AIG Commodity Index Total Return Futures		230.000	02/12/2009	50,000,000		1,263		2,391
Call - OTC Dow Jones - AIG Commodity Index Total Return Futures		230.000	10/19/2010	68,000,000		3,401		6,710
Call - OTC Dow Jones - AIG Commodity Index Total Return Futures		245.000	01/04/2011	37,500,000		1,492		510
Call - OTC Dow Jones - AIG Commodity Index Total Return Futures		250.000	01/11/2011	19,800,000		756		663
Put - CBOT U.S. Treasury 10-Year Note June Futures		112.000	05/23/2008	1,500		1,612		117
Put - CBOT U.S. Treasury 10-Year Note June Futures		114.000	05/23/2008	2,934		3,178		642
Put - CBOT U.S. Treasury 10-Year Note June Futures		115.000	05/23/2008	1,000		1,451		344
Put - OTC Dow Jones - AIG Commodity Index Total Return Futures		150.000	10/19/2010	68,000,000		5,656		1,946
Put - OTC Dow Jones - AIG Commodity Index Total Return Futures		160.000	01/04/2011	37,500,000		2,034		300
Put - OTC Dow Jones - AIG Commodity Index Total Return Futures		160.000	01/11/2011	19,800,000		1,071		418
Put - OTC Goldman Sachs - Commodity Index Total Return Futures		82.000	12/19/2008	89,000,000		178		63
					$	36,804	$	34,020

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.300%	02/02/2009	$	75,700	$	1,995	$	2,926
Call - OTC 10-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	5.250%	09/15/2008		71,000		1,890		6,402
Put - OTC 10-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	5.250%	09/15/2008		71,000		1,890		410
Call - OTC 30-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Receive	5.670%	08/07/2008		27,000		1,303		4,434
Put - OTC 30-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Pay	5.670%	08/07/2008		27,000		986		176
Call - OTC 30-Year Interest Rate Swap	CITI	3-Month USD-LIBOR	Receive	5.670%	08/07/2008		33,300		1,392		5,469
Put - OTC 30-Year Interest Rate Swap	CITI	3-Month USD-LIBOR	Pay	5.670%	08/07/2008		33,300		1,405		217
Call - OTC 7-Year Interest Rate Swap	GSC	3-Month USD-LIBOR	Receive	5.365%	09/20/2010		64,000		2,058		4,082
Put - OTC 7-Year Interest Rate Swap	GSC	3-Month USD-LIBOR	Pay	5.365%	09/20/2010		64,000		2,058		1,521
Call - OTC 10-Year Interest Rate Swap	GSC	3-Month USD-LIBOR	Receive	5.250%	09/15/2008		52,000		1,305		4,689
Put - OTC 10-Year Interest Rate Swap	GSC	3-Month USD-LIBOR	Pay	5.250%	09/15/2008		52,000		1,258		300
Call - OTC 10-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Receive	5.250%	09/15/2008		94,900		2,809		8,557
Put - OTC 10-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Pay	5.250%	09/15/2008		94,900		1,907		548
Call - OTC 30-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Receive	5.670%	08/07/2008		55,800		1,958		9,165
Put - OTC 30-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Pay	5.670%	08/07/2008		55,800		2,740		363
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		42,000		475		2,810
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	5.365%	09/20/2010		126,000		3,433		8,037
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	5.365%	09/20/2010		65,000		2,044		4,146
Put - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	5.365%	09/20/2010		191,000		6,782		4,539
Call - OTC 10-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	5.250%	09/15/2008		37,200		934		3,354
Put - OTC 10-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	5.250%	09/15/2008		37,200		900		215
								$	41,522	$	72,360

102 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Foreign Currency Options
Description	Exercise Price		Expiration Date	Notional Amount		Premium		Value
Call - OTC U.S. dollar versus Japanese yen	JPY	118.150	06/23/2008	$	44,100	$	552	$	84
Put - OTC U.S. dollar versus Japanese yen		118.150	06/23/2008		44,100		2,022		8,448
Put - OTC U.S. dollar versus Japanese yen		100.000	12/01/2008		31,000		513		1,974
						$	3,087	$	10,506

(m) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Credit Suisse USA, Inc.	0.000%	02/17/2009	01/07/2008	$	95,000	$	115,395	0.83%
Merna Reinsurance Ltd.	3.346%	07/07/2010	09/21/2007		26,730		24,535	0.18%
Natixis Financial Products, Inc.	2.885%	05/30/2008	04/23/2007		75,000		111,625	0.80%
Rabobank Nederland	4.851%	07/22/2008	06/08/2007		200,000		312,741	2.25%
Svensk ExportKredit AB	4.884%	11/25/2008	10/19/2007		150,000		202,631	1.45%
				$	546,730	$	766,927	5.51%

(n) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (3)
Fannie Mae	5.000%	04/01/2038	$	5,000	$	4,770	$	4,949
Fannie Mae	5.500%	04/01/2038		238,910		241,980		241,187
Freddie Mac	6.000%	04/01/2038		448,900		450,804		460,333
Treasury Inflation Protected Securities	2.375%	04/15/2011		96,387		102,207		103,645
Treasury Inflation Protected Securities	2.375%	01/15/2017		3,777		4,148		4,235
Treasury Inflation Protected Securities	2.625%	07/15/2017		4,083		4,577		4,678
U.S. Treasury Bonds	4.750%	02/15/2037		55,200		57,804		59,896
U.S. Treasury Bonds	5.500%	08/15/2028		11,400		13,191		13,298
U.S. Treasury Notes	3.250%	12/31/2009		183,500		188,634		190,486
U.S. Treasury Notes	3.500%	02/15/2018		1,800		1,809		1,823
U.S. Treasury Notes	3.625%	12/31/2012		28,950		30,334		30,916
U.S. Treasury Notes	4.125%	08/31/2012		49,100		51,682		52,930
U.S. Treasury Notes	4.250%	11/15/2017		101,950		107,808		110,707
U.S. Treasury Notes	4.750%	05/15/2014		61,700		68,778		70,701
U.S. Treasury Notes	4.750%	08/15/2017		80,800		87,382		89,998
U.S. Treasury Notes	5.125%	05/15/2016		168,300		190,012		195,706
					$	1,605,920	$	1,635,488

⁽³⁾ Market value includes $10,807 of interest payable on short sales.

(o) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	328,638	07/2008	$	6,055	$	0		$	6,055
Sell		179,059	07/2008		2,390		0			2,390
Buy		258,625	12/2008		2,095		0			2,095
Sell		148,488	12/2008		1,981		0			1,981
Sell	CAD	24,358	04/2008		733		0			733
Sell	CHF	11,295	06/2008		0		(532	)		(532	)
Buy	CNY	46,765	03/2009		731		0			731
Sell		46,765	03/2009		0		(667	)		(667	)
Sell	EUR	113,976	04/2008		0		(2,193	)		(2,193	)
Sell	GBP	143,116	04/2008		6		(745	)		(739	)
Sell	JPY	100,000	04/2008		0		(51	)		(51	)
Buy		1,076,110	05/2008		225		0			225
Sell		39,429,033	05/2008		4		(11,121	)		(11,117	)
Buy	KRW	49,074,286	05/2008		0		(2,960	)		(2,960	)
Buy		2,100,602	08/2008		0		(90	)		(90	)
Buy	MXN	1,843,059	07/2008		6,019		0			6,019
Sell		1,642,160	07/2008		0		(2,548	)		(2,548	)
Buy	MYR	87,299	05/2008		791		(96	)		695
Buy	PHP	729,573	08/2008		0		(668	)		(668	)
Buy	PLN	149,026	07/2008		11,810		0			11,810
Buy	RUB	14,028	07/2008		37		0			37
Buy		2,151,495	11/2008		2,433		0			2,433
Sell		830,201	11/2008		0		(1,530	)		(1,530	)
Sell	SEK	14,781	06/2008		0		(90	)		(90	)
Buy	SGD	81,265	05/2008		3,917		0			3,917
Buy		2,949	11/2008		57		0			57
				$	39,284	$	(23,291	)	$	15,993

See Accompanying Notes Annual Report March 31, 2008 103

Financial Highlights

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income (a)		Net Realized/ Unrealized Gain (Loss) on Investments			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
All Asset Fund
Class D
03/31/2008	$	12.75	$	0.88	$	(0.14	)	$	0.74		$	(0.93	)	$	0.00
03/31/2007		12.57		0.69		0.21			0.90			(0.68	)		(0.04	)
03/31/2006		12.61		0.82		(0.09	)		0.73			(0.71	)		(0.06	)
03/31/2005		12.78		0.77		(0.17	)		0.60			(0.70	)		(0.07	)
04/30/2003 - 03/31/2004		11.39		0.63		1.29			1.92			(0.44	)		(0.09	)
All Asset All Authority Fund
Class D
03/31/2008	$	10.66	$	0.69	$	0.36		$	1.05		$	(0.77	)	$	0.00
03/31/2007		10.59		0.54		0.11			0.65			(0.56	)		(0.02	)
07/29/2005 - 03/31/2006		10.96		0.45		(0.29	)		0.16			(0.51	)		(0.02	)
Fundamental IndexPLUS™ Fund
Class D
03/31/2008	$	10.92	$	0.48	$	(1.32	)	$	(0.84	)	$	(0.09	)	$	(0.03	)
12/29/2006 - 03/31/2007		10.72		0.12		0.08			0.20			0.00			0.00
Fundamental IndexPLUS™ TR Fund
Class D
03/31/2008	$	10.42	$	0.47	$	(0.83	)	$	(0.36	)	$	(0.16	)	$	0.00
03/31/2007		10.28		0.42		1.08			1.50			(1.36	)		0.00
06/30/2005 - 03/31/2006		10.00		0.26		0.45			0.71			(0.43	)		0.00
International StocksPLUS® TR Strategy Fund (Unhedged)
Class D
03/31/2008	$	10.20	$	0.45	$	(0.35	)	$	0.10		$	(0.36	)	$	0.00
11/30/2006 - 03/31/2007		10.00		0.14		0.48			0.62			(0.42	)		0.00
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)
Class D
03/31/2008	$	12.16	$	0.53	$	(2.13	)	$	(1.60	)	$	(0.28	)	$	(0.06	)
03/31/2007		12.33		0.46		1.17			1.63			(1.80	)		0.00
03/31/2006		10.40		0.38		2.95			3.33			(1.40	)		0.00
03/31/2005		10.76		0.10		1.06			1.16			(1.03	)		(0.34	)
10/30/2003 - 03/31/2004		10.00		0.01		1.01			1.02			(0.26	)		0.00
Real Return Fund
Class D
03/31/2008	$	10.89	$	0.57	$	0.91		$	1.48		$	(0.55	)	$	(0.37	)
03/31/2007		10.82		0.34		0.15			0.49			(0.33	)		(0.08	)
03/31/2006		11.42		0.49		(0.44	)		0.05			(0.50	)		(0.15	)
03/31/2005		11.79		0.36		(0.03	)		0.33			(0.38	)		(0.32	)
03/31/2004		11.42		0.35		0.88			1.23			(0.35	)		(0.51	)

* Annualized

^(a) Per share amounts based on average number of shares outstanding during the year or period.

^(b) Ratio of expenses to average net assets excluding Underlying PIMS Funds expenses’ recoupment in which the Fund invests is 0.90%.

^(c) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.72%.

^(d) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 0.90%.

^(e) Effective October 1, 2005, the Fund’s administrative fee was reduced by 0.05% to 0.40%.

^(f) Ratio of expenses to average net assets includes line of credit expense.

^(g) Effective October 1, 2005, the Fund’s administrative fee was reduced by 0.10% to 0.45%.

^(h) Effective October 1, 2006, the Fund’s advisory fee was reduced by 0.025% to 0.175%.

104 PIMCO Funds See Accompanying Notes

Tax Basis Return of Capital			Total Distributions			Net Asset Value End of Year or Period		Total Return		Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Expenses to Average Net Assets Excluding Interest Expense		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	0.00		$	(0.93	)	$	12.56	5.92	%	$	328,258	0.805	%(l)	0.805	%(l)	6.87	%	96	%
	0.00			(0.72	)		12.75	7.33			330,304	0.835	(h)	0.835	(h)	5.50		86
	0.00			(0.77	)		12.57	5.83			460,375	0.87	(e)	0.87	(e)	6.40		56
	0.00			(0.77	)		12.61	4.73			227,657	0.86	(d)	0.86	(d)	6.08		92
	0.00			(0.53	)		12.78	17.15			100,007	0.86	*(b)(d)	0.86	*(b)(d)	5.65	*	99
$	0.00		$	(0.77	)	$	10.94	10.26	%	$	36,373	2.41	%(f)	0.85	%	6.35	%	116	%
	0.00			(0.58	)		10.66	6.27			14,482	2.41	(f)(i)	0.87	(i)	5.12		128
	0.00			(0.53	)		10.59	1.41			13,933	2.03	*(e)(f)	0.90	*(e)	6.31	*	62
$	(0.45	)	$	(0.57	)	$	9.51	(8.24	)%	$	9	1.17	%	1.10	%	4.33	%	67	%
	0.00			0.00			10.92	1.91			10	1.05	*	1.05	*	4.55	*	23
$	(0.52	)	$	(0.68	)	$	9.38	(4.02	)%	$	10,220	1.70	%	1.19	%	4.48	%	279	%
	0.00			(1.36	)		10.42	15.03			10,834	1.14		1.14		3.98		464
	0.00			(0.43	)		10.28	7.24			5,617	1.14	*	1.14	*	3.36	*	426
$	(0.45	)	$	(0.81	)	$	9.49	0.54	%	$	633	1.56	%(m)	1.06	%(m)	4.33	%	384	%
	0.00			(0.42	)		10.20	6.30			537	1.09	*(k)	1.09	*(k)	4.33	*	197
$	0.00		$	(0.34	)	$	10.22	(13.57	)%	$	9,389	2.00	%(n)	1.18	%(n)	4.39	%	908	%
	0.00			(1.80	)		12.16	14.06			5,671	1.23	(j)	1.22	(j)	3.83		696
	0.00			(1.40	)		12.33	32.84			5,346	1.27	(g)	1.27	(g)	3.17		682
	(0.15	)		(1.52	)		10.40	9.71			367	1.35		1.35		0.90		666
	0.00			(0.26	)		10.76	10.27			110	1.35	*(c)	1.35	*(c)	10.17	*	41
$	0.00		$	(0.92	)	$	11.45	14.33	%	$	1,121,850	0.90	%	0.90	%	5.22	%	806	%
	(0.01	)		(0.42	)		10.89	4.53			873,320	0.90		0.90		3.19		480
	0.00			(0.65	)		10.82	0.35			1,124,170	0.90		0.90		4.37		388
	0.00			(0.70	)		11.42	3.00			1,210,596	0.90		0.90		3.12		369
	0.00			(0.86	)		11.79	11.24			935,857	0.90		0.90		3.05		308

⁽ⁱ⁾ Effective October 1, 2006, the Fund’s advisory fee was reduced by 0.05% to 0.20%.

^(j) Effective October 1, 2006, the Fund’s advisory fee was reduced by 0.05% to 0.50%.

^(k) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 2.66%.

^(l) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 0.825%.

^(m) Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.39%.

⁽ⁿ⁾ Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.45%.

Annual Report March 31, 2008 105

Financial Highlights  (Cont.)

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income (a)		Net Realized/ Unrealized Gain (Loss) on Investments			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
RealEstateRealReturn Strategy Fund
Class D
03/31/2008	$	7.52	$	0.33	$	(1.13	)	$	(0.80	)	$	(0.76	)	$	0.00
03/31/2007		9.11		0.25		1.30			1.55			(3.14	)		0.00
03/31/2006		9.26		0.38		2.60			2.98			(3.03	)		(0.10	)
03/31/2005		11.96		0.24		1.31			1.55			(3.96	)		(0.22	)
10/30/2003 - 03/31/2004		10.00		0.16		2.63			2.79			(0.83	)		0.00
Small Cap StocksPLUS TR® Fund
Class D
03/31/2008	$	10.57	$	0.44	$	(1.46	)	$	(1.02	)	$	(0.39	)	$	(0.12	)
07/31/2006 - 03/31/2007		9.13		0.29		1.29			1.58			(0.14	)		0.00
StocksPLUS® Fund
Class D
03/31/2008	$	10.76	$	0.48	$	(1.02	)	$	(0.54	)	$	(0.57	)	$	0.00
03/31/2007		10.10		0.42		0.65			1.07			(0.41	)		0.00
03/31/2006		9.44		0.29		0.61			0.90			(0.24	)		0.00
03/31/2005		9.44		0.10		0.39			0.49			(0.49	)		0.00
03/31/2004		7.56		0.06		2.52			2.58			(0.70	)		0.00
StocksPLUS® Total Return Fund
Class D
03/31/2008	$	11.83	$	0.55	$	(0.69	)	$	(0.14	)	$	(0.62	)	$	(1.08	)
03/31/2007		11.69		0.48		0.87			1.35			(0.46	)		(0.75	)
03/31/2006		12.35		0.42		0.77			1.19			(0.64	)		(1.21	)
03/31/2005		12.12		0.12		0.65			0.77			(0.12	)		(0.42	)
07/31/2003 - 03/31/2004		10.75		0.02		1.77			1.79			(0.03	)		(0.39	)
StocksPLUS® TR Short Strategy Fund
Class D
03/31/2008	$	8.37	$	0.34	$	1.08		$	1.42		$	(0.40	)	$	0.00
07/31/2006 - 03/31/2007		9.15		0.24		(0.66	)		(0.42	)		(0.36	)		0.00
CommodityRealReturn Strategy® Fund
Class D
03/31/2008	$	14.51	$	0.63	$	4.04		$	4.67		$	(0.99	)	$	0.00
03/31/2007		13.94		0.35		0.73			1.08			(0.51	)		0.00
03/31/2006		16.23		0.58		(0.16	)		0.42			(1.82	)		(0.07	)
03/31/2005		15.66		0.38		1.14			1.52			(0.77	)		(0.18	)
03/31/2004		12.03		0.19		4.98			5.17			(1.40	)		(0.14	)

* Annualized

^(a) Per share amounts based on average number of shares outstanding during the year or period.

^(b) Effective October 1, 2005, the Fund’s advisory fee was reduced by 0.05% to 0.35%.

^(c) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 2.98%.

^(d) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.20%.

^(e) Effective October 1, 2005, the Fund’s administrative fee was reduced by 0.05% to 0.40%.

^(f) Effective October 1, 2005, the Fund’s administrative fee was reduced by 0.05% to 0.45%.

^(g) Effective October 1, 2006, the Fund’s advisory fee was reduced by 0.05% to 0.44%.

106 PIMCO Funds See Accompanying Notes

Tax Basis Return of Capital			Total Distributions			Net Asset Value End of Year or Period		Total Return		Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Expenses to Average Net Assets Excluding Interest Expense		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	0.00		$	(0.76	)	$	5.96	(10.14	)%	$	7,106	1.20	%	1.19	%	5.08	%	900	%
	0.00			(3.14	)		7.52	19.69			9,471	1.19		1.19		2.85		538
	0.00			(3.13	)		9.11	35.56			18,720	1.21	(f)	1.21	(f)	3.80		337
	(0.07	)		(4.25	)		9.26	10.13			6,954	1.24		1.24		2.32		510
	0.00			(0.83	)		11.96	29.30			3,920	1.25	*(i)	1.24	*(i)	33.79	*	158
$	0.00		$	(0.51	)	$	9.04	(10.07	)%	$	131	1.85	%(m)	1.11	%(m)	4.30	%	403	%
	0.00			(0.14	)		10.57	17.27			106	1.14	*(c)	1.14	*(c)	4.20	*	671
$	0.00		$	(0.57	)	$	9.65	(5.38	)%	$	5,345	1.03	%(o)	0.93	%(o)	4.35	%	67	%
	0.00			(0.41	)		10.76	10.80			9,804	0.97	(h)	0.97	(h)	4.05		76
	0.00			(0.24	)		10.10	9.56			14,793	1.03	(b)	1.03	(b)	2.95		239
	0.00			(0.49	)		9.44	5.32			12,434	1.05		1.05		1.05		371
	0.00			(0.70	)		9.44	34.43			8,660	1.05		1.05		0.62		287
$	0.00		$	(1.70	)	$	9.99	(2.56	)%	$	7,144	3.10	%(n)	1.07	%(n)	4.78	%	411	%
	0.00			(1.21	)		11.83	11.74			3,949	1.11	(g)	1.11	(g)	4.08		284
	0.00			(1.85	)		11.69	9.87			3,595	1.16	(e)	1.16	(e)	3.39		322
	0.00			(0.54	)		12.35	6.20			1,430	1.19	(d)	1.19	(d)	1.00		414
	0.00			(0.42	)		12.12	16.90			524	1.19	*(d)	1.19	*(d)	0.22	*	282
$	0.00		$	(0.40	)	$	9.39	17.80	%	$	9,449	1.65	%(m)	1.11	%(m)	3.89	%	220	%
	0.00			(0.36	)		8.37	(4.52	)		239	1.14	*	1.14	*	4.31	*	413
$	0.00		$	(0.99	)	$	18.19	33.40	%	$	1,332,737	1.25	%(k)	1.24	%(l)	4.03	%	697	%
	0.00			(0.51	)		14.51	7.93			1,035,496	1.24	(j)	1.24	(j)	2.44		603
	(0.82	)		(2.71	)		13.94	1.74			1,407,939	1.24		1.24		3.69		292
	0.00			(0.95	)		16.23	10.36			1,089,498	1.24		1.24		2.50		264
	0.00			(1.54	)		15.66	44.79			555,629	1.24		1.24		1.33		290

^(h) Effective October 1, 2006, the Fund’s advisory fee was reduced by 0.05% to 0.30%.

⁽ⁱ⁾ If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.35%.

^(j) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.25%.

^(k) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.29%.

^(l) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.28%.

^(m) Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.44%.

⁽ⁿ⁾ Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.39%.

^(o) Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.25%.

Annual Report March 31, 2008 107

Statements of Assets and Liabilities

(Amounts in thousands, except per share amounts)	All Asset Fund			All Asset All Authority Fund			Fundamental IndexPLUS™ Fund			Fundamental IndexPLUS™ TR Fund			International StocksPLUS®TR Strategy Fund (Unhedged)
Assets:
Investments, at value	$	0		$	0		$	470,901		$	962,078		$	127,395
Investments in Affiliates, at value		14,894,363			1,084,466			0			0			0
Repurchase agreements, at value		0			3,935			0			1,600			520
Cash		0			0			1,116			6,416			49
Deposits with counterparty		0			0			10,875			6,611			984
Foreign currency, at value		0			0			1,113			2,410			277
Receivable for investments sold		0			0			21,028			102,323			17,375
Receivable for investments in Affiliates sold		9,791			3,120			0			0			0
Receivable for investments sold on a delayed-delivery basis		0			0			0			13,318			4,032
Receivable for Fund shares sold		383,794			10,233			11			184			11
Interest and dividends receivable		0			0			1,926			5,621			548
Interest and dividends receivable from Affiliates		46,972			2,605			0			0			0
Variation margin receivable		0			0			428			623			59
Swap premiums paid		0			0			1,200			2,196			223
Unrealized appreciation on foreign currency contracts		0			0			2,295			2,266			689
Unrealized appreciation on swap agreements		0			0			7,542			11,227			3,203
Other assets		3			0			0			0			0
		15,334,923			1,104,359			518,435			1,116,873			155,365
Liabilities:
Payable for the reverse repurchase agreements	$	0		$	0		$	66,215		$	282,909		$	43,050
Payable for investments purchased		0			0			23,277			172,144			28,868
Payable for investments in Affiliates purchased		387,402			8,750			0			0			0
Payable for investments purchased on a delayed-delivery basis		0			0			0			2,235			204
Payable for short sales		0			0			11,888			45,512			6,745
Payable for Fund shares redeemed		30,036			6,680			4			622			0
Payable for line of credit		0			125,427			0			0			0
Dividends payable		0			0			0			0			0
Overdraft due to custodian		8,133			0			0			0			0
Written options outstanding		0			0			1,207			6,067			378
Accrued investment advisory fee		2,012			146			136			237			23
Accrued administrative fee		1,509			188			76			115			15
Accrued distribution fee		906			96			0			7			0
Accrued servicing fee		667			108			0			10			0
Variation margin payable		0			0			13			268			25
Recoupment payable to Manager		73			18			0			0			0
Swap premium received		0			0			235			1,915			138
Unrealized depreciation on foreign currency contracts		0			0			815			850			95
Unrealized depreciation on swap agreements		0			0			36,066			46,403			276
Other liabilities		0			0			0			3			0
		430,738			141,413			139,932			559,297			79,817
Net Assets	$	14,904,185		$	962,946		$	378,503		$	557,576		$	75,548
Net Assets Consist of:
Paid in capital	$	15,057,718		$	957,486		$	394,791		$	556,406		$	76,036
Undistributed (overdistributed) net investment income		25,770			551			22,428			31,836			(3,621	)
Accumulated undistributed net realized gain (loss)		(298,061	)		(21,958	)		(4,619	)		(5,737	)		(255	)
Net unrealized appreciation (depreciation)		118,758			26,867			(34,097	)		(24,929	)		3,388
	$	14,904,185		$	962,946		$	378,503		$	557,576		$	75,548
Net Assets:
Class D	$	328,258		$	36,373		$	9		$	10,220		$	633
Other Classes		14,575,927			926,573			378,494			547,356			74,915
Shares Issued and Outstanding:
Class D		26,137			3,324			1			1,090			67
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Class D	$	12.56		$	10.94		$	9.51		$	9.38		$	9.49
Cost of Investments Owned	$	0		$	0		$	482,575		$	956,185		$	127,633
Cost of Investments in Affiliates Owned	$	14,775,605		$	1,057,599		$	0		$	0		$	0
Cost of Repurchase Agreements Owned	$	0		$	3,935		$	0		$	1,600		$	520
Cost of Foreign Curency Held	$	0		$	0		$	1,125		$	2,424		$	279
Proceeds Received on Short Sales	$	0		$	0		$	11,639		$	44,648		$	6,640
Premiums Received on Written Options	$	0		$	0		$	610		$	2,783		$	216

108 PIMCO Funds See Accompanying Notes

March 31, 2008

International StocksPLUS®TR Strategy Fund (U.S. Dollar- Hedged)			Real Return Fund			RealEstate- RealReturn Strategy Fund			Small Cap StocksPLUS®TR Fund			StocksPLUS® Fund			StocksPLUS® Total Return Fund			StocksPLUS®TR Short Strategy Fund
$	880,037		$	28,778,058		$	903,149		$	42,137		$	842,265		$	522,519		$	286,708
	0			0			0			0			0			0			0
	1,661			50,005			3,121			2,253			5,675			1,000			8,651
	181			84,665			23			249			1,584			4,145			1,145
	10,105			83,880			5,700			2,121			57,720			16,545			16,491
	5,772			33,649			831			54			1,959			1,265			492
	379,125			4,980,084			160,450			6,976			21,402			55,066			14,531
	0			0			0			0			0			0			0
	47,472			157,152			29,391			604			0			0			0
	2,916			193,604			8,904			1,609			23,947			80			1,048
	6,915			131,200			3,936			257			3,802			2,737			1,417
	0			0			0			0			0			0			0
	538			6,892			320			249			9,314			1,196			250
	4,372			67,183			529			54			2,553			1,084			658
	2,706			40,334			747			147			7,239			2,102			885
	19,570			191,416			31,771			44			1,755			824			552
	511			4			0			0			0			40			0
	1,361,881			34,798,126			1,148,872			56,754			979,215			608,603			332,828
$	279,093		$	0		$	0		$	20,328		$	189,734		$	268,474		$	32,787
	194,625			2,873,008			104,093			4,340			19,663			25,094			32,297
	0			0			0			0			0			0			0
	252,305			12,104,626			424,309			102			0			1,052			949
	346,362			3,838,060			129,430			4,191			13,558			55,652			11,925
	293			50,115			160			0			3,092			1,902			1,000
	0			0			0			0			0			0			0
	0			4,888			1			0			0			0			0
	0			0			0			0			0			0			0
	4,175			115,533			1,799			93			3,234			3,604			1,421
	91			2,945			162			9			142			78			85
	65			3,371			90			5			166			58			54
	11			1,155			12			0			46			20			1
	8			1,269			9			0			40			14			10
	301			1,394			8			12			6,193			154			979
	0			0			0			0			0			0			0
	5,637			85,048			3,555			26			640			689			812
	5,698			26,728			383			54			1,688			463			235
	14,810			168,001			4,895			107			8,035			1,629			632
	0			36,942			1,444			0			0			0			0
	1,103,474			19,313,083			670,350			29,267			246,231			358,883			83,187
$	258,407		$	15,485,043		$	478,522		$	27,487		$	732,984		$	249,720		$	249,641
$	255,126		$	15,141,285		$	489,188		$	31,752		$	899,865		$	287,519		$	243,145
	(2,404	)		(50,932	)		(28,801	)		128			27,113			2,316			1,063
	(1,138	)		220,526			(11,778	)		(5,325	)		(181,555	)		(38,801	)		1,229
	6,823			174,165			29,913			932			(12,439	)		(1,314	)		4,204
$	258,407		$	15,485,043		$	478,522		$	27,487		$	732,984		$	249,720		$	249,641
$	9,389		$	1,121,850		$	7,106		$	131		$	5,345		$	7,144		$	9,449
	249,018			14,363,193			471,416			27,356			727,639			242,576			240,192
	919			97,938			1,192			14			554			715			1,006
$	10.22		$	11.45		$	5.96		$	9.04		$	9.65		$	9.99		$	9.39
$	874,008		$	28,564,226		$	898,360		$	42,300		$	854,733		$	520,738		$	284,908
$	0		$	0		$	0		$	0		$	0		$	0		$	0
$	1,661		$	50,005		$	3,121		$	2,253		$	5,675		$	1,000		$	8,651
$	5,800		$	33,837		$	833		$	54		$	1,964		$	1,272		$	498
$	339,677		$	3,765,025		$	127,558		$	4,166		$	13,286		$	54,646		$	11,746
$	3,238		$	68,414		$	1,343		$	37		$	2,119		$	1,521		$	653

Annual Report March 31, 2008 109

Consolidated Statement of Assets and Liabilities March 31, 2008

(Amounts in thousands, except per share amounts)	Commodity- RealReturn Strategy Fund®
Assets:
Investments, at value	$	25,032,134
Repurchase agreements, at value		78,400
Cash		29,018
Deposits with counterparty		111,824
Foreign currency, at value		44,481
Receivable for investments sold		2,338,400
Receivable for investments sold on a delayed-delivery basis		486,420
Receivable for Fund shares sold		50,347
Interest and dividends receivable		121,386
Variation margin receivable		8,359
Swap premiums paid		60,643
Unrealized appreciation on foreign currency contracts		39,284
Unrealized appreciation on swap agreements		357,236
Other assets		721
		28,758,653
Liabilities:
Payable for investments purchased	$	934,440
Payable for investments purchased on a delayed-delivery basis		11,281,663
Payable for short sales		1,635,488
Payable for Fund shares redeemed		66,780
Written options outstanding		137,805
Accrued investment advisory fee		6,211
Accrued administrative fee		4,216
Accrued distribution fee		1,104
Accrued servicing fee		1,100
Variation margin payable		664
Swap premium received		74,797
Unrealized depreciation on foreign currency contracts		23,291
Unrealized depreciation on swap agreements		645,033
Other liabilities		26,846
		14,839,438
Net Assets	$	13,919,215
Net Assets Consist of:
Paid in capital	$	11,166,941
Undistributed net investment income		923,378
Accumulated undistributed net realized gain		1,149,152
Net unrealized appreciation		679,744
	$	13,919,215
Net Assets:
Class D	$	1,332,737
Other Classes		12,586,478
Shares Issued and Outstanding:
Class D		73,263
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Class D	$	18.19
Cost of Investments Owned	$	24,068,927
Cost of Repurchase Agreements Owned	$	78,400
Cost of Foreign Curency Held	$	44,726
Proceeds Received on Short Sales	$	1,605,920
Premiums Received on Written Options	$	94,710

110 PIMCO Funds See Accompanying Notes

Statements of Operations

Year Ended March 31, 2008
(Amounts in thousands)	All Asset Fund			All Asset All Authority Fund			Fundamental IndexPLUSTM Fund			Fundamental IndexPLUSTM TR Fund			International StocksPLUS®TR Strategy Fund (Unhedged)			International StocksPLUS®TR Strategy Fund (U.S. Dollar- Hedged)
Investment Income:
Interest, net of foreign taxes*	$	387		$	85		$	29,366		$	36,763		$	3,993		$	33,853
Dividends		0			0			73			182			0			353
Dividends from Affiliate investments		1,040,317			65,460			0			0			0			0
Miscellaneous income		0			0			10			29			2			57
Total Income		1,040,704			65,545			29,449			36,974			3,995			34,263
Expenses:
Investment advisory fees		23,229			1,429			2,410			3,236			271			2,614
Administrative fees		18,140			1,763			1,339			1,582			167			1,728
Servicing fees - Class D		793			39			0			26			1			39
Distribution and/or servicing fees - Other Classes		18,885			1,972			0			214			6			303
Trustees’ fees		0			0			2			2			0			2
Interest expense		33			11,824			305			2,937			424			3,997
Miscellaneous expense		0			0			2			2			3			0
Total Expenses		61,080			17,027			4,058			7,999			872			8,683
Reimbursement by Manager		(2,772	)		0			0			0			0			0
Net Expenses		58,308			17,027			4,058			7,999			872			8,683
Net Investment Income		982,396			48,518			25,391			28,975			3,123			25,580
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		0			0			(124	)		10,049			978			152
Net realized (loss) on Affiliate investments		(79,686	)		(3,616	)		0			0			0			0
Net capital gain distributions received from Underlying Funds		21,213			992			0			0			0			0
Net realized (loss) on futures contracts, written options and swaps		0			0			(26,915	)		(24,039	)		(6,388	)		(18,107	)
Net realized gain (loss) on foreign currency transactions		0			0			4,188			3,228			360			(54,234	)
Net change in unrealized appreciation (depreciation) on investments		0			0			(12,489	)		4,822			(282	)		133
Net change in unrealized appreciation (depreciation) on Affiliate investments		(141,480	)		22,157			0			0			0			0
Net change in unrealized appreciation (depreciation) on futures contracts, written options and swaps		0			0			(33,917	)		(45,705	)		903			(6,097	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		0			0			1,367			1,065			601			3,550
Net Gain (Loss)		(199,953	)		19,533			(67,890	)		(50,580	)		(3,828	)		(74,603	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	782,443		$	68,051		$	(42,499	)	$	(21,605	)	$	(705	)	$	(49,023	)
*Foreign tax withholdings	$	0		$	0		$	0		$	3		$	1		$	0

Annual Report March 31, 2008 111

Statements of Operations  (Cont.)

Year Ended March 31, 2008
(Amounts in thousands)	Real Return Fund			RealEstate- RealReturn Strategy Fund			Small Cap StocksPLUS®TR Fund			StocksPLUS® Fund			StocksPLUS® Total Return Fund			StocksPLUS®TR Short Strategy Fund
Investment Income:
Interest	$	739,875		$	10,569		$	1,560		$	49,936		$	24,488		$	9,430
Dividends		516			0			1			885			162			63
Miscellaneous income		243			5			0			28			9			5
Total Income		740,634			10,574			1,561			50,849			24,659			9,498
Expenses:
Investment advisory fees		30,116			911			117			2,613			1,415			756
Administrative fees		35,482			585			64			2,734			970			421
Servicing fees - Class D		2,149			15			1			18			12			4
Distribution and/or servicing fees - Other Classes		25,393			339			4			1,343			509			23
Trustees’ fees		37			0			0			3			1			0
Interest expense		534			16			200			903			5,394			815
Miscellaneous expense		15			0			1			1			0			0
Total Expenses		93,726			1,866			387			7,615			8,301			2,019
Net Investment Income		646,908			8,708			1,174			43,234			16,358			7,479
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		1,036,602			17,122			222			5,392			5,569			2,246
Net realized gain (loss) on futures contracts, written options and swaps		(70,252	)		(60,825	)		(5,117	)		(61,733	)		(13,602	)		14,287
Net realized gain (loss) on foreign currency transactions		(53,650	)		(1,227	)		20			4,090			1,887			346
Net change in unrealized appreciation (depreciation) on investments		42,035			1,995			(169	)		(16,447	)		2,538			1,543
Net change in unrealized appreciation (depreciation) on futures contracts, written options and swaps		17,461			33,243			660			(8,724	)		(9,502	)		3,634
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		11,379			274			94			5,755			1,403			594
Net Gain (Loss)		983,575			(9,418	)		(4,290	)		(71,667	)		(11,707	)		22,650
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,630,483		$	(710	)	$	(3,116	)	$	(28,433	)	$	4,651		$	30,129

112 PIMCO Funds See Accompanying Notes

Consolidated Statement of Operations

Year Ended March 31, 2008
(Amounts in thousands)	Commodity- RealReturn Strategy Fund®
Investment Income:
Interest	$	639,384
Dividends		213
Miscellaneous income		363
Total Income		639,960
Expenses:
Investment advisory fees		62,640
Administrative fees		42,452
Servicing fees - Class D		2,595
Distribution and/or servicing fees - Other Classes		20,012
Trustees’ fees		37
Interest expense		1,000
Miscellaneous expense		15
Total Expenses		128,751
Reimbursement by Manager		(5,409	)
Net Expenses		123,342
Net Investment Income		516,618
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		2,270,614
Net realized gain on futures contracts, written options and swaps		572,195
Net realized (loss) on foreign currency transactions		(46,251	)
Net change in unrealized appreciation on investments		499,546
Net change in unrealized (depreciation) on futures contracts, written options and swaps		(333,016	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		11,133
Net Gain		2,974,221
Net Increase in Net Assets Resulting from Operations	$	3,490,839

Annual Report March 31, 2008 113

Statements of Changes in Net Assets

	All Asset Fund						All Asset All Authority Fund						Fundamental IndexPLUS™ Fund
(Amounts in thousands)	Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	982,396		$	712,644		$	48,518		$	40,104		$	25,391		$	12,515
Net realized gain (loss)		0			0			0			0			(22,851	)		10,855
Net realized (loss) on Affiliate investments		(79,686	)		(247,441	)		(3,616	)		(20,088	)		0			0
Net capital gain distributions received from Underlying Funds		21,213			38,870			992			2,543			0			0
Net change in unrealized appreciation (depreciation)		0			0			0			0			(45,039	)		10,132
Net change in unrealized appreciation (depreciation) on Affiliate investments		(141,480	)		394,458			22,157			21,985			0			0
Net increase (decrease) resulting from operations		782,443			898,531			68,051			44,544			(42,499	)		33,502
Distributions to Shareholders:
From net investment income
Class D		(22,452	)		(18,447	)		(1,118	)		(565	)		0			0
Other Classes		(992,780	)		(662,690	)		(49,074	)		(37,880	)		(7,435	)		(32,246	)
From net realized capital gains
Class D		0			(970	)		0			(19	)		0			0
Other Classes		0			(34,385	)		0			(1,286	)		(1,681	)		0
Tax basis return of capital
Class D		0			0			0			0			0			0
Other Classes		0			0			0			0			(21,802	)		0
Total Distributions		(1,015,232	)		(716,492	)		(50,192	)		(39,750	)		(30,918	)		(32,246	)
Fund Share Transactions:
Receipts for shares sold
Class D		93,384			102,798			27,652			10,623			0			10
Other Classes		4,367,452			3,427,616			437,197			285,377			254,095			454,465
Issued as reinvestment of distributions
Class D		20,792			17,763			685			530			0			0
Other Classes		884,966			605,076			36,076			27,599			29,362			30,350
Cost of shares redeemed
Class D		(111,281	)		(255,263	)		(6,699	)		(10,747	)		0			0
Other Classes		(2,656,903	)		(2,939,293	)		(239,984	)		(365,910	)		(318,675	)		(77,399	)
Net increase (decrease) resulting from Fund share transactions		2,598,410			958,697			254,927			(52,528	)		(35,218	)		407,426
Fund Redemption Fee		55			214			6			25			18			0
Total Increase (Decrease) in Net Assets		2,365,676			1,140,950			272,792			(47,709	)		(108,617	)		408,682
Net Assets:
Beginning of year or period		12,538,509			11,397,559			690,154			737,863			487,120			78,438
End of year or period*	$	14,904,185		$	12,538,509		$	962,946		$	690,154		$	378,503		$	487,120
*Including undistributed (overdistributed) net investment income of:	$	25,770		$	58,606		$	551		$	2,226		$	22,428		$	(7,170	)

114 PIMCO Funds See Accompanying Notes

Fundamental IndexPLUS™ TR Fund						International StocksPLUS® TR Strategy Fund (Unhedged)						International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)						Real Return Fund						RealEstateRealReturn Strategy Fund
Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Period from November 30, 2006 to March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007
$	28,975		$	21,204		$	3,123		$	825		$	25,580		$	26,108		$	646,908		$	444,545		$	8,708		$	7,139
	(10,762	)		24,253			(5,050	)		360			(72,189	)		56,406			912,700			(79,479	)		(44,930	)		32,524
	0			0			0			0			0			0			0			0			0			0
	0			0			0			0			0			0			0			0			0			0
	(39,818	)		14,341			1,222			2,166			(2,414	)		(7,892	)		70,875			256,092			35,512			(12,210	)
	0			0			0			0			0			0			0			0			0			0
	(21,605	)		59,798			(705	)		3,351			(49,023	)		74,622			1,630,483			621,158			(710	)		27,453
	(135	)		(3,851	)		(13	)		(3	)		(430	)		(438	)		(42,761	)		(30,544	)		(670	)		(3,250	)
	(7,949	)		(66,632	)		(2,684	)		(2,159	)		(15,040	)		(81,501	)		(572,548	)		(403,342	)		(20,035	)		(67,671	)
	0			0			0			0			(71	)		0			(27,797	)		(6,601	)		0			(4	)
	0			0			0			0			(2,799	)		0			(362,984	)		(82,020	)		0			(90	)
	(513	)		0			(25	)		0			0			0			0			(1,080	)		0			0
	(29,490	)		0			(2,853	)		0			0			0			0			(13,655	)		0			0
	(38,087	)		(70,483	)		(5,575	)		(2,162	)		(18,340	)		(81,939	)		(1,006,090	)		(537,242	)		(20,705	)		(71,015	)
	3,841			33,680			1,139			541			20,459			4,300			443,918			247,567			4,530			4,964
	163,646			267,819			39,962			53,979			36,132			286,681			5,945,232			3,491,057			366,010			46,062
	641			3,831			31			3			431			415			65,759			35,728			570			2,482
	33,832			62,466			5,524			2,159			17,567			79,935			776,894			406,069			18,748			62,145
	(4,062	)		(31,525	)		(1,062	)		(17	)		(14,530	)		(4,206	)		(304,235	)		(538,904	)		(5,820	)		(14,482	)
	(197,042	)		(232,993	)		(21,627	)		0			(328,885	)		(370,182	)		(3,992,114	)		(5,932,965	)		(72,881	)		(333,861	)
	856			103,278			23,967			56,665			(268,826	)		(3,057	)		2,935,454			(2,291,448	)		311,157			(232,690	)
	8			16			7			0			51			15			61			96			17			19
	(58,828	)		92,609			17,694			57,854			(336,138	)		(10,359	)		3,559,908			(2,207,436	)		289,759			(276,233	)
	616,404			523,795			57,854			0			594,545			604,904			11,925,135			14,132,571			188,763			464,996
$	557,576		$	616,404		$	75,548		$	57,854		$	258,407		$	594,545		$	15,485,043		$	11,925,135		$	478,522		$	188,763
$	31,836		$	(10,306	)	$	(3,621	)	$	(635	)	$	(2,404	)	$	7,577		$	(50,932	)	$	(14,262	)	$	(28,801	)	$	26,696

Annual Report March 31, 2008 115

Statements of Changes in Net Assets (Cont.)

	Small Cap StocksPLUS® TR Fund						StocksPLUS® Fund						StocksPLUS® Total Return Fund						StocksPLUS® TR Short Strategy Fund
(Amounts in thousands)	Year Ended March 31, 2008			Period from July 31, 2006 to March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	1,174		$	254		$	43,234		$	42,312		$	16,358		$	12,818		$	7,479		$	6,836
Net realized gain (loss)		(4,875	)		(59	)		(52,251	)		59,696			(6,146	)		12,047			16,879			(9,618	)
Net change in unrealized appreciation (depreciation)		585			347			(19,416	)		1,058			(5,561	)		7,560			5,771			824
Net increase (decrease) resulting from operations		(3,116	)		542			(28,433	)		103,066			4,651			32,425			30,129			(1,958	)
Distributions to Shareholders:
From net investment income
Class D		(13	)		(1	)		(347	)		(475	)		(294	)		(149	)		(58	)		(5	)
Other Classes		(1,185	)		(135	)		(47,964	)		(39,180	)		(19,018	)		(13,554	)		(7,876	)		(6,803	)
From net realized capital gains
Class D		(4	)		0			0			0			(523	)		(237	)		0			0
Other Classes		(353	)		0			0			0			(29,711	)		(22,184	)		0			0
Tax basis return of capital
Class D		0			0			0			0			0			0			0			0
Other Classes		0			0			0			0			0			0			0			0
Total Distributions		(1,555	)		(136	)		(48,311	)		(39,655	)		(49,546	)		(36,124	)		(7,934	)		(6,808	)
Fund Share Transactions:
Receipts for shares sold
Class D		334			103			1,097			3,516			5,697			1,454			11,168			256
Other Classes		24,050			11,102			280,673			175,403			166,369			189,887			138,602			63,291
Issued as reinvestment of distributions
Class D		18			1			328			465			771			370			49			5
Other Classes		1,534			134			43,016			34,536			46,801			34,154			7,849			6,796
Cost of shares redeemed
Class D		(248	)		0			(5,399	)		(9,761	)		(2,125	)		(1,508	)		(2,128	)		(17	)
Other Classes		(5,236	)		(40	)		(425,091	)		(404,499	)		(276,756	)		(106,974	)		(85,553	)		(34,918	)
Net increase (decrease) resulting from Fund share transactions		20,452			11,300			(105,376	)		(200,340	)		(59,243	)		117,383			69,987			35,413
Fund Redemption Fee		0			0			4			14			1			5			7			0
Total Increase (Decrease) in Net Assets		15,781			11,706			(182,116	)		(136,915	)		(104,137	)		113,689			92,189			26,647
Net Assets:
Beginning of year or period		11,706			0			915,100			1,052,015			353,857			240,168			157,452			130,805
End of year or period*	$	27,487		$	11,706		$	732,984		$	915,100		$	249,720		$	353,857		$	249,641		$	157,452
*Including undistributed (overdistributed) net investment income of:	$	128		$	122		$	27,113		$	30,052		$	2,316		$	3,161		$	1,063		$	1,046

116 PIMCO Funds See Accompanying Notes

Consolidated Statements of Changes in Net Assets

	CommodityRealReturn Strategy Fund®
(Amounts in thousands)	Year Ended March 31, 2008			Year Ended March 31, 2007
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	516,618		$	317,402
Net realized gain (loss)		2,796,558			(23,224	)
Net change in unrealized appreciation		177,663			650,549
Net increase resulting from operations		3,490,839			944,727
Distributions to Shareholders:
From net investment income
Class D		(65,837	)		(40,191	)
Other Classes		(706,446	)		(413,719	)
Tax basis return of capital
Class D		0			0
Other Classes		0			0
Total Distributions		(772,283	)		(453,910	)
Fund Share Transactions:
Receipts for shares sold
Class D		500,993			389,690
Other Classes		3,739,111			4,987,823
Issued as reinvestment of distributions
Class D		56,459			33,332
Other Classes		548,207			326,510
Cost of shares redeemed
Class D		(495,715	)		(845,947	)
Other Classes		(5,012,205	)		(5,341,120	)
Net (decrease) resulting from Fund share transactions		(663,150	)		(449,712	)
Fund Redemption Fee		755			485
Total Increase in Net Assets		2,056,161			41,590
Net Assets:
Beginning of year		11,863,054			11,821,464
End of year*	$	13,919,215		$	11,863,054
*Including undistributed net investment income of:	$	923,378		$	421,334

Annual Report March 31, 2008 117

Statements of Cash Flows March 31, 2008

(Amounts in thousands)	All Asset All Authority Fund			Small Cap StocksPLUS®TR Fund			StocksPLUS® Total Return Fund
Increase (Decrease) in Cash and Foreign Currency from:
Cash flows provided by operating activities:
Net increase (decrease) in net assets resulting from operations	$	68,051		$	(3,116	)	$	4,651
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash used for operating activities:
Purchases of long-term securities		(1,248,780	)		(157,331	)		(2,134,694	)
Proceeds from sales of long-term securities		1,073,676			133,602			2,032,190
Sale of short-term portfolio investments, net		(3,424	)		(2,109	)		70,882
Deposits with brokers for futures contracts		0			(2,121	)		(16,545	)
Increase in interest receivable		(80	)		(223	)		(1,490	)
Increase (Decrease) in receivable for investments sold		(3,120	)		(7,552	)		4,844
(Decrease) in manager reimbursement receivable		0			70			0
Increase (Decrease) in payable for investments purchased		5,936			(2,573	)		(124,241	)
Increase in swap premium paid		0			153			1,656
Proceeds from futures transactions		0			(4,653	)		(20,973	)
Proceeds from currency transactions		0			21			1,882
Increase (Decrease) in investment advisory fee		25			4			(72	)
Increase (Decrease) in administrative fee		38			2			(39	)
Increase (Decrease) in distribution fee		3			0			(9	)
Increase (Decrease) in servicing fee		22			0			(5	)
(Decrease) in recoupment payable to manager		(18	)		0			0
Proceeds from short sale transactions		0			4,177			49,679
Unrealized appreciation (depreciation) on investments		(22,157	)		(585	)		5,561
Net realized loss on investments		3,616			4,875			6,146
Net amortization on investments		0			21			(17	)
Net cash used for operating activities		(126,212	)		(37,338	)		(120,594	)
Cash flows received from financing activities:
Net borrowing from reverse repurchase agreements		0			20,328			268,474
Proceeds from shares sold		456,699			22,775			172,051
Payment on shares redeemed		(242,165	)		(5,484	)		(316,894	)
Cash dividend paid*		(13,431	)		(3	)		(1,974	)
Net (repayment) of line of credit		(75,611	)		0			0
Net cash received from financing activities		125,492			37,616			121,657
Net Increase (Decrease) in Cash and Foreign Currency		(720	)		278			1,063
Cash and Foreign Currency:
Beginning of year		720			25			4,347
End of year	$	0		$	303		$	5,410
*Reinvestment of dividends	$	36,761		$	1,552		$	47,572

118 PIMCO Funds See Accompanying Notes

Notes to Financial Statements March 31, 2008

1.  ORGANIZATION

PIMCO Funds (the “Trust”) was established as a Massachusetts business trust on February 19, 1987. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the Class D of 13 funds (the “Funds”) offered by the Trust. Certain detailed financial information for the Institutional, Administrative, A, B, C and R Classes (the “Other Classes”) is provided separately and is available upon request.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures on the financial statements. Actual results could differ from those estimates.

(a) Determination of Net Asset Value  The Net Asset Value (“NAV”) of a Fund’s shares is valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (the “NYSE Close”) on each day that the New York Stock Exchange (“NYSE”) is open. Information that becomes known to a Fund or its agents after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day.

(b) Security Valuation   For purposes of calculating the NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services.

Domestic and foreign fixed income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. With respect to any portion of a Fund’s assets that are invested in one or more open-end management investment companies, a Fund’s NAV will be calculated based upon the NAVs of such investments. A Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the NAV may change on days when an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. For instance, certain securities or investments for which daily market quotes are not readily available may be valued, pursuant to guidelines established by the Board of Trustees, with reference to other securities or indices. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading for the entire day and no other market prices are available. The Board of Trustees has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events.

When a Fund uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. Fair value pricing may require subjective determinations about the value of a security. While the Trust’s policy is intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Board of Trustees or persons acting at their direction would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold.

(c) Securities  Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statements of Operations.

(d) Delayed-Delivery Transactions  Certain Funds may purchase or sell securities on a delayed-delivery basis. These transactions involve a commitment by a Fund to purchase or sell securities for a predetermined

Annual Report March 31, 2008 119

Notes to Financial Statements  (Cont.)

price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, a Fund will designate liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a capital gain or loss. When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains and losses with respect to the security.

(e) When-Issued Transactions  Certain Funds may purchase or sell securities on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. A commitment by a Fund is made regarding these transactions to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

(f) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, of each Fund, except the Real Return Fund, are declared and distributed to shareholders quarterly. Dividends from net investment income, if any, of the Real Return Fund are declared daily and distributed to shareholders monthly. Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may change the fiscal year when income and capital items are recognized for tax and U.S. GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported on each Fund’s annual financial statements presented under U.S. GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

(g) Multiclass Operations  Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). For daily dividend Funds, income and non-class specific expenses are allocated daily to each class on the basis of the relative value of settled shares. For non-daily dividend Funds, income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains and losses of each class are allocated daily based on the relative net assets of each class

of the respective Fund. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

(h) Cash and Foreign Currency  The functional and reporting currency for the Funds is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. Dollars based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains or losses. Realized gains or losses and unrealized appreciation or depreciation on investment securities and income and expenses are translated on the respective dates of such transactions. The effects of changes in foreign currency exchange rates on investments in securities are not segregated on the Statements of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

(i) Foreign Currency Contracts  Certain Funds may enter into foreign currency contracts in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund’s securities or as a part of an investment strategy. A foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign currency contracts are marked to market daily and the change in value is recorded by a Fund as an unrealized gain or loss. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(j) Futures Contracts  Certain Funds may enter into futures contracts. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities.

(k) Inflation-Indexed Bonds  Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be

120 PIMCO Funds

March 31, 2008

included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity.

(l) Options Contracts Certain Funds may write call and put options on futures, swaps (“swaptions”), securities or currencies it owns or in which it may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, swap, security or currency transaction to determine the realized gain or loss. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Certain Funds may also purchase put and call options. Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. A Fund pays a premium which is included on the Fund’s Statements of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss.

(m) Repurchase Agreements  Each Fund may engage in repurchase transactions. Under the terms of a typical repurchase agreement, a Fund takes possession of an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. The underlying securities for all repurchase agreements are held in safekeeping at the Fund’s custodian or designated subcustodians under tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on the Statements of Assets and Liabilities. Generally, in the event of counterparty default, a Fund has the right to use the collateral to offset losses incurred. If the counterparty should default, a Fund will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

(n) Reverse Repurchase Agreements  Certain Funds may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund sells to a financial institution a security that it holds with an agreement to repurchase the same security at an agreed-upon price and

date. Securities sold under reverse repurchase agreements are reflected as a liability on the Statements of Assets and Liabilities. A reverse repurchase agreement involves the risk that the market value of the security sold by a Fund may decline below the repurchase price of the security. A Fund will segregate assets determined to be liquid by the investment adviser or otherwise cover its obligations under reverse repurchase agreements.

(o) Restricted Securities  Certain Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve.

(p) Short Sales  Certain Funds may enter into short sales transactions. A short sale is a transaction in which a Fund sells securities it does not own in anticipation of a decline in the market price of the securities. Securities sold in short sale transactions and the interest payable on such securities, if any, are reflected as a liability on the Statements of Assets and Liabilities. A Fund is obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

(q) Swap Agreements  Certain Funds may invest in swap transactions, including, but not limited to, swap agreements on interest rates, security or commodity indexes, specific securities and commodities, and credit and event-linked swaps. To the extent a Fund may invest in foreign currency denominated securities, it also may invest in currency exchange rate swap agreements. Swap transactions are privately negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. A Fund may enter into interest rate, total return, cross-currency, credit default and other forms of swap agreements to manage its exposure to interest rates, currency and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the expiration date, or (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To

Annual Report March 31, 2008 121

Notes to Financial Statements  (Cont.)

the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.

Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, only for exchanging interest cash flows.

Credit default swap agreements on corporate issues or sovereign issues of an emerging country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default. A Fund may use credit default swaps on corporate issues or sovereign issues of an emerging country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the reference obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. As a seller of protection, a Fund will generally receive from the buyer of protection an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of the reference entity or underlying securities comprising the reference entity index. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, a Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the reference entities comprising the credit index. A credit index is a list of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but is not limited to, credit default swaps on investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index.

The treatment of credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. If

the U.S. Internal Revenue Service were to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by a Fund from such investments might be subject to U.S. excise or income taxes.

Variance swap agreements involve two parties agreeing to exchange cash flows based on the measured variance (or square of volatility) of a specified underlying asset. One party agrees to exchange a “fixed rate” or strike price payment for the “floating rate” or realized price variance on the underlying asset with respect to the notional amount. At inception, the strike price is generally chosen such that the fair value of the swap is zero. At the expiration date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price variance of the underlying asset and the strike price multiplied by the notional amount. As a receiver of the realized price variance, the Fund would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the variance is less than the strike. As a payer of the realized price variance, the Fund would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike. This type of agreement is essentially a forward contract on the future realized price variance of the underlying asset.

Swaps are marked to market daily based upon values from third party vendors or quotations from market makers to the extent available and the change in value, if any, is recorded as unrealized gain or loss on the Statements of Operations. In the event that market quotations are not readily available or deemed reliable, certain swap agreements may be valued, pursuant to guidelines established by the Board of Trustees, with reference to other securities or indices. In the event that market quotes are not readily available, and the swap cannot be valued pursuant to one of the valuation methods, the value of the swap will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO. Payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by the Funds are included as part of realized gain or loss on the Statements of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(r) Loan Participations and Assignments  Certain Funds may invest in direct debt instruments which are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the

122 PIMCO Funds

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loan agreement and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When a Fund purchases assignments from lenders it acquires direct rights against the borrower of the loan. At the period ended March 31, 2008, there were no open unfunded loan commitments.

(s) Commodities Index-Linked/Structured Notes  The Funds may invest in structured notes whose value is based on the price movements of a commodity index. The structured notes are often leveraged, increasing the volatility of each note’s value relative to the change in the underlying linked financial index. The value of these notes will rise and fall in response to changes in the underlying commodity index. Structured notes may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the underlying commodity index. Structured notes may also be more volatile, less liquid, and more difficult to accurately price than less complex securities or more traditional debt securities. Fluctuations in value of the structured notes are recorded as unrealized gains and losses on the accompanying financial statements. Net payments are recorded as net realized gains and losses. These notes are subject to prepayment, credit and interest risks. The Funds have the option to request prepayment from the issuer. At maturity, or when a note is sold, the Fund records a realized gain or loss.

(t) Mortgage-Related and Other Asset-Backed Securities  Certain Funds may invest in mortgage-related and other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage-related and asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Fund to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBSs has one class receiving all or a portion of the interest from the mortgage assets (the interest-only, or “IO” and/or the high coupon rate with relatively low principal amount, or “IOette” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs and IOettes are included in interest income on the Statements of Operations. Because little to no principal will be received at the maturity of an IO or IOettes, adjustments are made to the book value of the security on a daily basis until maturity. These adjustments are included in interest income on the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

(u) U.S. Government Agencies or Government-Sponsored Enterprises  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA” or “Ginnie Mae”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S.

Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

(v) New Accounting Pronouncements  In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Funds and will provide additional information in relation to the Statement in the Funds’ semiannual financial statements for the period ending September 30, 2008.

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“SFAS 161”). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 may require enhanced disclosures about Funds’ derivative and hedging activities. Management is currently evaluating the impact the adoption of SFAS 161 will have on the Funds’ financial statement disclosures.

3.  MARKET AND CREDIT RISK

In the normal course of business the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (credit risk). Similar to credit risk, the Funds may be exposed to counterparty risk, or the risk that an institution or other entity with which the Funds have unsettled or open transactions will default. The potential loss could exceed the value of the financial assets recorded in the financial statements. Financial assets, which potentially expose the Funds to credit risk, consist principally of cash due from counterparties and investments. The extent of the Funds’ exposure to credit and counterparty risks in respect to these financial assets approximates their carrying value as recorded in the Funds’ Statements of Assets and Liabilities.

4.  BASIS FOR CONSOLIDATION FOR THE PIMCO COMMODITYREALRETURN STRATEGY FUND^®

The PIMCO Cayman Commodity Fund I Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on July 21, 2006 as a wholly owned subsidiary acting as an investment vehicle for the CommodityRealReturn Strategy Fund^® (the “CRRS Fund”) in order to effect certain investments for the CRRS Fund consistent with the CRRS Fund’s investment objectives and policies specified in its prospectus and

Annual Report March 31, 2008 123

Notes to Financial Statements  (Cont.)

statement of additional information. A subscription agreement was entered into between the CRRS Fund and the Subsidiary on August 1, 2006, comprising the entire issued share capital of the Subsidiary with the intent that the CRRS Fund will remain the sole shareholder and retain all rights. Under the Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. As of March 31, 2008, net assets of the CRRS Fund were approximately $14 billion, of which approximately $1.047 billion, or approximately 8%, represented the CRRS Fund’s ownership of all issued shares and voting rights of the Subsidiary.

5.  FEES AND EXPENSES

(a) Investment Advisory Fee  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate as noted in the following table.

Research Affiliates, LLC (“Research Affiliates”) serves as the asset allocation sub-adviser to the All Asset and All Asset All Authority Funds, and as the sub-adviser to the Fundamental IndexPLUS^TM and Fundamental IndexPLUS^TM TR Funds. PIMCO pays a fee to Research Affiliates at an annual rate of 0.175%, 0.20%, 0.12% and 0.12%, respectively, based on average daily net assets of each Fund.

(b) Administrative Fee  PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on each share class’s average daily net assets. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory and Administrative Fees for all classes are charged at an annual rate as noted in the following table:

	Investment Advisory Fee		Administrative Fee
Fund Name	All Classes		Institutional Class	Administrative Class	A, B and C Classes	Class D	Class R
All Asset Fund	0.175%	(1)	0.05%	0.05%	0.40%	0.40%	0.45%
All Asset All Authority Fund	0.20%	(2)	0.05%	N/A	0.40%	0.40%	N/A
Fundamental IndexPLUSTM Fund	0.45%		0.25%	0.25%	N/A	0.40%	N/A
Fundamental IndexPLUSTM TR Fund	0.54%		0.25%	0.25%	0.40%	0.40%	N/A
International StocksPLUS® TR Strategy Fund (Unhedged)	0.39%	(5)	0.25%	0.25%	0.40%	0.40%	N/A
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)	0.45%	(3)	0.30%	N/A	0.45%	0.45%	N/A
Real Return Fund	0.25%		0.20%	0.20%	0.40%	0.40%	0.40%
RealEstateRealReturn Strategy Fund	0.49%		0.25%	N/A	0.45%	0.45%	N/A
Small Cap StocksPLUS® TR Fund	0.44%	(6)	0.25%	N/A	0.40%	0.40%	N/A
StocksPLUS® Fund	0.25%	(4)	0.25%	0.25%	0.40%	0.40%	0.40%
StocksPLUS® Total Return Fund	0.39%	(5)	0.25%	N/A	0.40%	0.40%	N/A
StocksPLUS® TR Short Strategy Fund	0.44%	(6)	0.25%	N/A	0.40%	0.40%	N/A
CommodityRealReturn Strategy Fund®	0.49%		0.25%	0.25%	0.50%	0.50%	N/A

⁽¹⁾ PIMCO has contractually agreed, for the All Asset Fund’s current fiscal year, to reduce its Advisory Fee to the extent that the Underlying Fund Expenses attributable to Advisory and Administrative Fees exceed 0.64% of the total assets invested in Underlying Funds. PIMCO may recoup these waivers in future periods, not exceeding three years, provided total expenses, including such Recoupment, do not exceed the annual expense limit.

⁽²⁾ PIMCO has contractually agreed, for the All Asset All Authority Fund’s current fiscal year, to reduce its Advisory Fee to the extent that the Underlying Fund Expenses attributable to Advisory and Administrate Fees exceed 0.69% of the total assets invested in Underlying Funds. PIMCO may recoup these waivers in future periods, not exceeding three years, provided total expenses, including such Recoupment, do not exceed the annual expense limit.

⁽³⁾ Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.45% per annum.

⁽⁴⁾ Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.25% per annum.

⁽⁵⁾ Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.39% per annum.

⁽⁶⁾ Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.44% per annum.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (the “Distributor”) of the Trust’s shares. The Trust is permitted to reimburse AGID on a quarterly basis, out of the Administrative Class assets of each Fund offering Administrative Class Shares in an amount up to 0.25% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Fund shares as their funding medium. Unreimbursed costs may be carried forward for reimbursement for up to twelve months beyond the date in which it is incurred, subject always to the limit that not more than 0.25% of the average daily net assets attributable to an Administrative Class may be expensed. The effective rate paid to AGID was 0.25% during the current fiscal year with no unreimbursed costs to be carried forward as of March 31, 2008.

Pursuant to the Distribution and Servicing Plans adopted by the A, B, C, D and R Classes of the Trust, the Trust compensates AGID or an affiliate for services provided and expenses incurred in connection with assistance rendered in the sale of shares and services rendered to shareholders and for maintenance of

124 PIMCO Funds

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shareholder accounts of the A, B, C, D and R Classes. The Trust paid AGID distribution and servicing fees at effective rates as set forth in the following table (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Allowable Rate
	Distribution Fee	Servicing Fee
Class A	—	0.25%
Class B	0.75%	0.25%
Class C	0.75%	0.25%
Class D	—	0.25%
Class R	0.25%	0.25%

AGID also receives the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the Money Market Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of A, B and C Class shares. For the period ended March 31, 2008, AGID received $7,158,437 representing commissions (sales charges) and contingent deferred sales charges.

(d) Redemption Fees  Shareholders of each Fund in the Trust, except for Money Market Fund, were subject to a Redemption Fee on redemptions and exchanges of 2.00% of the NAV of the Fund shares redeemed or exchanged. From October 1, 2006 to July 30, 2007, Redemption Fees were charged on shares redeemed or exchanged within 7 days, 30 days, or 60 days (depending on the length of the applicable Fund’s holding period) after their acquisition, including shares acquired through exchanges. Effective July 31, 2007, the holding periods for certain Funds were reduced to 7 days or 30 days, or were no longer subject to a Redemption Fee. Actual redemption fees charged are reported on the Statements of Changes in Net Assets.

(e) Fund Expenses  The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) the costs of borrowing money, including interest expenses and bank overdraft charges; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organization expenses and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust’s Multiple Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of the Fundamental IndexPLUS^TM, Fundamental IndexPLUS^TM TR, International StocksPLUS^® TR Strategy (Unhedged), and Small Cap StocksPLUS^® TR Funds’ administrative fees in the Funds’ first year of operations, to the extent that the payment of each Fund’s pro rata share of organizational expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.0049% as set forth below (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

Fund Name	Inst’l Class	Admin Class	Class A	Class B	Class C	Class D
Fundamental IndexPLUSTM Fund	0.70%	0.95%	—	—	—	1.10%
Fundamental IndexPLUSTM TR Fund	0.79%	1.04%	1.19%	—	1.94%	1.19%
International StocksPLUS® TR Strategy Fund (Unhedged)	0.64%	0.89%	1.04%	—	1.79%	1.04%
Small Cap StocksPLUS® TR Fund	0.69%	—	1.09%	—	1.84%	1.09%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months after the waiver. Expenses that have been waived may still be reimbursed by the Administrator, to the extent the Funds’ annualized total portfolio operating expenses plus the amount so reimbursed does not exceed the operating expense limitation. The recoverable amounts to the Administrator at March 31, 2008, were as follows (amounts in thousands):

Fund Name	Recoverable Amounts
Fundamental IndexPLUSTM Fund	$	22
Fundamental IndexPLUSTM TR Fund		23
International StocksPLUS® TR Strategy Fund (Unhedged)		59
Small Cap StocksPLUS® TR Fund		64

Each unaffiliated Trustee receives an annual retainer of $100,000, plus $9,500 for each Board of Trustees meeting attended in person, $750 ($1,000 in the case of the audit committee chair) for each committee meeting attended and $1,500 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $15,000 and each other committee chair receives an additional annual retainer of $1,500.

These expenses are allocated on a pro-rata basis to each Fund of the Trust (excluding the All Asset, All Asset All Authority, RealRetirement^™ 2010, RealRetirement^™ 2020, RealRetirement^™ 2030, RealRetirement^™ 2040, and RealRetirement^™ 2050 Funds, which do not bear such expenses) according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

Annual Report March 31, 2008 125

Notes to Financial Statements  (Cont.)

6.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by SFAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 5.

Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment advisor (or affiliated investment advisors), common Trustees and/or common officers complies with Rule 17a-7 of the Act. Further, as defined under the procedures, each transaction is effected at the current market price. During the period ended March 31, 2008, the Fund below engaged in purchases and sales of securities pursuant to the Rule 17a-7 of the Act (amounts in thousands):

Fund Name	Purchases		Sales
Real Return Fund	$	62,821	$	0
StocksPLUS® Total Return Fund		675		0
CommodityRealReturn Strategy Fund®		24,377		0

The All Asset and All Asset All Authority Funds invest substantially all of their assets in Institutional Class shares of other investment companies of the Trust (the “Underlying Funds”). The Underlying Funds are considered to be affiliated with the All Asset and All Asset All Authority Funds.

The table below shows the transactions in and earnings from investments in these affiliated Funds for the period ended March 31, 2008 (amounts in thousands):

All Asset Fund

Underlying Funds	Market Value 03/31/2007		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 03/31/2008		Dividend Income		Net Capital and Realized Gain (Loss)
Convertible Fund	$	49,701	$	381,244	$	135,136	$	(13,155	)	$	266,390	$	4,391	$	(9,970	)
Developing Local Markets Fund		1,221,284		1,086,964		855,076		54,581			1,493,542		168,542		37,319
Diversified Income Fund		580,299		223,466		314,233		(15,175	)		464,645		37,955		(11,097	)
Emerging Local Bond Fund		529,094		1,735,106		988,077		(7,813	)		1,281,544		159,279		21,703
Emerging Markets Bond Fund		461,058		893,319		289,586		(127	)		1,041,342		36,874		15,182
Floating Income Fund		3,443,175		1,470,280		3,331,613		(164,524	)		1,225,654		214,800		(153,876	)
Foreign Bond Fund (Unhedged)		38,736		195,075		189,471		5,687			54,551		7,701		5,466
Fundamental Advantage Total Return Fund		0		316,582		0		688			317,270		0		0
Fundamental IndexPLUSTM Fund		313,027		176,812		209,969		(32,318	)		232,188		20,137		(15,240	)
Fundamental IndexPLUSTM TR Fund		447,319		76,326		135,377		(29,110	)		351,649		24,692		(5,060	)
Global Bond Fund (Unhedged)		0		178,921		152,801		2,082			28,372		3,715		170
GNMA Fund		87,196		34,203		0		3,892			124,316		6,070		0
High Yield Fund		351,417		514,616		510,498		(5,631	)		338,463		29,564		3,704
Income Fund		20,000		181,006		0		(1,523	)		199,483		4,668		0
International StocksPLUS® TR Strategy Fund (Unhedged)		53,301		18,430		14,799		(2,451	)		51,925		4,836		(1,440	)
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)		498,838		15,156		272,881		(16,876	)		189,672		15,128		(12,505	)
Long Duration Total Return Fund		0		100,060		0		1,164			101,224		298		0
Long-Term U.S. Government Fund		175,088		1,124,201		838,279		23,696			494,621		15,523		12,814
Low Duration Fund		410,057		1,229,531		801,661		3,634			839,047		24,143		(1,357	)
Mortgage-Backed Securities Fund		160,921		44,874		0		3,338			208,934		10,429		0
Real Return Asset Fund		742,488		1,941,240		1,414,550		138,453			1,816,913		97,907		24,030
Real Return Fund		1,150,996		1,483,748		426,772		42,396			1,839,314		61,794		(6,556	)
RealEstateRealReturn Strategy Fund		38,271		300,125		0		1,771			342,055		8,573		0
Short-Term Fund		29,788		485,397		483,599		(281	)		23,677		6,265		(7,621	)
Small Cap StocksPLUS® TR Fund		6,026		7,941		0		(1,726	)		12,084		550		0
StocksPLUS® Fund		20,064		22,036		29,141		(39	)		12,854		1,251		1,400
StocksPLUS® Total Return Fund		88,244		129,480		155,596		(3,716	)		53,961		9,729		227
Total Return Fund		306,159		1,002,005		289,761		15,472			1,025,404		22,067		(12,970	)
CommodityRealReturn Strategy Fund®		1,354,710		43,717		1,034,713		116,370			463,269		43,436		35,991
Totals	$	12,577,257	$	15,411,861	$	12,873,589	$	118,759		$	14,894,363	$	1,040,317	$	(79,686	)

126 PIMCO Funds

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All Asset All Authority Fund

Underlying Funds	Market Value 03/31/2007		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 03/31/2008		Dividend Income		Net Capital and Realized Gain (Loss)
Convertible Fund	$	514	$	30,180	$	20,635	$	(397	)	$	8,241	$	322	$	(1,344	)
Developing Local Markets Fund		69,192		97,382		67,649		1,813			103,194		7,806		5,289
Diversified Income Fund		49,278		18,999		38,261		(881	)		28,119		2,959		(1,103	)
Emerging Local Bond Fund		45,166		109,535		86,277		2			70,806		8,282		3,077
Emerging Markets Bond Fund		31,775		57,560		11,865		(330	)		75,871		2,799		177
European StocksPLUS® TR Strategy Fund		4,670		5,910		8,000		(470	)		2,162		365		(255	)
Far East (ex-Japan) StocksPLUS® TR Strategy Fund		13,610		29,704		28,000		(529	)		13,342		4,207		(629	)
Floating Income Fund		227,166		170,300		382,732		(168	)		4,525		9,206		(7,503	)
Foreign Bond Fund (Unhedged)		0		26,448		2,602		1,750			25,527		1,005		(69	)
Fundamental Advantage Total Return Fund		0		11,273		0		57			11,330		0		0
Fundamental IndexPLUSTM Fund		27,165		8,600		13,805		(2,827	)		18,964		1,431		(491	)
Fundamental IndexPLUSTM TR Fund		32,117		2,735		15,885		(1,277	)		17,645		1,317		(36	)
Global Bond Fund (Unhedged)		238		14		0		27			282		14		0
GNMA Fund		0		1		0		0			1		0		0
High Yield Fund		14,756		39,290		34,285		(231	)		18,940		1,669		(27	)
Income Fund		0		44,747		0		(615	)		44,132		782		0
Japanese StocksPLUS® TR Strategy Fund		47,210		14,550		39,114		(3,053	)		15,597		699		(813	)
Long Duration Total Return Fund		0		6,780		0		90			6,870		21		0
Long-Term U.S. Government Fund		9,919		73,239		55,320		2,348			30,767		1,338		888
Low Duration Fund		9,340		18,896		25,503		49			2,720		384		(25	)
Mortgage-Backed Securities Fund		181		11		0		4			195		10		0
Real Return Asset Fund		43,420		194,206		96,051		7,910			149,459		5,313		988
Real Return Fund		36,998		113,135		16,946		3,632			136,230		4,086		(292	)
RealEstateRealReturn Strategy Fund		1,184		18,011		0		228			19,515		435		0
Short-Term Fund		0		1		0		0			1		0		0
Small Cap StocksPLUS® TR Fund		0		2,365		0		(393	)		1,973		96		0
StocksPLUS® Fund		5,857		204		4,597		(126	)		1,369		203		121
StocksPLUS® Total Return Fund		1		6,181		3,698		(179	)		2,195		176		(111	)
StocksPLUS® TR Short Strategy Fund		152,132		87,281		68,332		13,624			191,557		7,465		(5,258	)
Total Return Fund		2,386		50,419		648		(48	)		52,106		561		(13	)
CommodityRealReturn Strategy Fund®		66,546		10,823		53,471		6,857			30,831		2,509		3,813
Totals	$	890,821	$	1,248,780	$	1,073,676	$	26,867		$	1,084,466	$	65,460	$	(3,616	)

7.  GUARANTEES AND INDEMNIFICATIONS

Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust’s investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and believes the risk of loss to be remote.

8.  PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect a Fund’s performance.

Annual Report March 31, 2008 127

Notes to Financial Statements  (Cont.)

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2008, were as follows (amounts in thousands):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
All Asset Fund	$	0	$	0	$	15,411,861	$	12,873,589
All Asset All Authority Fund		0		0		1,248,780		1,073,676
Fundamental IndexPLUSTM Fund		159,830		102,044		249,596		203,231
Fundamental IndexPLUSTM TR Fund		2,097,183		1,757,149		185,059		183,488
International StocksPLUS® TR Strategy Fund (Uuhedged)		360,945		316,199		29,713		18,992
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)		7,443,249		7,139,822		265,446		254,891
Real Return Fund		163,483,681		158,413,339		2,244,682		910,086
RealEstateRealReturn Strategy Fund		3,409,332		2,990,009		28,878		10,784
Small Cap StocksPLUS® TR Fund		140,423		123,656		16,904		6,042
StocksPLUS® Fund		336,427		290,070		288,921		246,404
StocksPLUS® Total Return Fund		1,971,097		1,855,307		163,545		125,560
StocksPLUS® TR Short Strategy Fund		420,903		347,909		52,653		29,278
CommodityRealReturn Strategy Fund®		145,598,111		142,660,354		5,834,493		6,719,147

9.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except for number of contracts):

	Fundamental IndexPLUSTM Fund
	# of Contracts		Notional Amount in $			Notional Amount in GBP			Premium
Balance at 03/31/2007	80		$	20,700		GBP	200		$	281
Sales	1,474			41,100			0			1,271
Closing Buys	(674	)		(26,300	)		0			(541	)
Expirations	(352	)		(9,000	)		(200	)		(131	)
Exercised	(528	)		0			0			(270	)
Balance at 03/31/2008	0		$	26,500		GBP	0		$	610

	Fundamental IndexPLUSTM TR Fund														International StocksPLUS® TR Strategy Fund (Unhedged)
	# of Contracts		Notional Amount in $			Notional Amount in GBP			Notional Amount in EUR			Premium			# of Contracts		Notional Amount in $			Premium
Balance at 03/31/2007	323		$	129,300		GBP	700		EUR	11,000		$	1,649		28		$	5,000		$	61
Sales	2,644			157,300			0			0			4,330		275			9,100			333
Closing Buys	(886	)		(150,600	)		0			(8,000	)		(2,357	)	(117	)		(8,000	)		(132	)
Expirations	(1,456	)		(29,000	)		(700	)		(3,000	)		(827	)	(26	)		0			(7	)
Exercised	0			(3,000	)		0			0			(12	)	(88	)		0			(39	)
Balance at 03/31/2008	625		$	104,000		GBP	0		EUR	0		$	2,783		72		$	6,100		$	216

	International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)														Real Return Fund
	# of Contracts		Notional Amount in $			Notional Amount in GBP			Notional Amount in EUR			Premium			# of Contracts		Notional Amount in $			Premium
Balance at 03/31/2007	205		$	250,700		GBP	6,400		EUR	35,000		$	3,145		6,610		$	305,000		$	5,303
Sales	2,630			324,300			0			36,600			6,366		21,945			2,476,140			77,401
Closing Buys	(1,320	)		(310,900	)		0			0			(4,507	)	(2,184	)		(767,540	)		(8,313	)
Expirations	(1,431	)		(122,100	)		(6,400	)		(55,400	)		(1,766	)	(10,791	)		(162,600	)		(4,839	)
Exercised	0			0			0			0			0		(3,597	)		0			(1,138	)
Balance at 03/31/2008	84		$	142,000		GBP	0		EUR	16,200		$	3,238		11,983		$	1,851,000		$	68,414

	RealEstateRealReturn Strategy Fund							Small Cap StocksPLUS® TR Fund								StocksPLUS® Fund
	# of Contracts		Notional Amount in $		Premium			# of Contracts		Notional Amount in $			Premium			# of Contracts		Notional Amount in $			Notional Amount in GBP			Notional Amount in EUR			Premium
Balance at 03/31/2007	0		$	0	$	0		1		$	1,000		$	13		292		$	101,800		GBP	1,800		EUR	3,000		$	1,940
Sales	1,323			13,400		1,550		101			1,000			68		2,653			127,200			0			0			4,477
Closing Buys	(248	)		0		(129	)	(64	)		(1,000	)		(40	)	(1,183	)		(126,800	)		0			0			(2,186	)
Expirations	(280	)		0		(78	)	(2	)		0			0		(883	)		(22,600	)		(1,800	)		(3,000	)		(1,664	)
Exercised	0			0		0		(14	)		0			(4	)	(879	)		0			0			0			(448	)
Balance at 03/31/2008	795		$	13,400	$	1,343		22		$	1,000		$	37		0		$	79,600		GBP	0		EUR	0		$	2,119

128 PIMCO Funds

March 31, 2008

	StocksPLUS® Total Return Fund														StocksPLUS® TR Short Strategy Fund
	# of Contracts		Notional Amount in $			Notional Amount in GBP			Notional Amount in EUR			Premium			# of Contracts		Notional Amount in $			Notional Amount in GBP			Notional Amount in EUR			Premium
Balance at 03/31/2007	255		$	76,600		GBP	500		EUR	8,000		$	1,225		78		$	34,800		GBP	300		EUR	1,000		$	416
Sales	1,397			96,200			0			0			2,750		692			32,500			0			0			962
Closing Buys	(418	)		(103,000	)		0			0			(1,429	)	(483	)		(44,800	)		0			(1,000	)		(687	)
Expirations	(567	)		(2,900	)		(500	)		(8,000	)		(741	)	(5	)		0			(300	)		0			(6	)
Exercised	(440	)		(2,000	)		0			0			(284	)	(64	)		(1,000	)		0			0			(32	)
Balance at 03/31/2008	227		$	64,900		GBP	0		EUR	0		$	1,521		218		$	21,500		GBP	0		EUR	0		$	653

	CommodityRealReturn Strategy Fund®
	# of Contracts		Notional Amount in $			Premium
Balance at 03/31/2007	359,008,458		$	257,000		$	18,764
Sales	164,640,374			2,060,120			103,326
Closing Buys	(13,559	)		(673,820	)		(17,667	)
Expirations	(134,011,972	)		(117,000	)		(8,796	)
Exercised	(2,368	)		(37,000	)		(917	)
Balance at 03/31/2008	389,620,933		$	1,489,300		$	94,710

10.  LINE OF CREDIT

On November 21, 2005, the All Asset All Authority Fund (the “AAAA Fund”) entered into a revolving credit agreement with Citicorp North America, Inc., (the “CNAI”). Under this agreement, there is a maximum available commitment amount equal to $325 million. CNAI finances lending to the AAAA Fund through the sale of commercial paper or medium term notes (collectively “promissory notes”). Borrowings under this agreement bear interest at a rate equal to the cost of funding (i.e., the weighted average promissory note rate plus dealer commissions). Borrowings outstanding as of March 31, 2008 are disclosed as demand loan payable to bank on the Statement of Assets and Liabilities. As of March 31, 2008, the AAAA Fund was paying interest at 3.56% Interest and commitment fees paid by the Fund in relation to the borrowings are disclosed as part of interest expense on the Statement of Operations. The AAAA Fund’s borrowing activity under the agreement for the period ended March 31, 2008 was as follows (in thousands):

Average Outstanding Principal		Average Available Commitment		Interest		Program Limit Interest Fees		Oustanding Principal as of 03/31/2008
$	205,388	$	242,760	$	11,822	$	427	$	125,000

Annual Report March 31, 2008 129

Notes to Financial Statements  (Cont.)

11.  SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	All Asset Fund										All Asset All Authority Fund										Fundemental IndexPLUSTM Fund
	Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Class D	7,294		$	93,384		8,122		$	102,798		2,526		$	27,652		1,009		$	10,623		0		$	0		1		$	10
Other Classes	339,701			4,367,452		270,676			3,427,616		40,127			437,197		26,975			285,377		22,114			254,095		41,720			454,465
Issued as reinvestment of distributions
Class D	1,645			20,792		1,417			17,763		64			685		51			530		0			0		0			0
Other Classes	69,839			884,966		48,123			605,076		3,395			36,076		2,639			27,599		2,721			29,362		2,815			30,350
Cost of shares redeemed
Class D	(8,691	)		(111,281	)	(20,270	)		(255,263	)	(624	)		(6,699	)	(1,017	)		(10,747	)	0			0		0			0
Other Classes	(206,953	)		(2,656,903	)	(232,567	)		(2,939,293	)	(22,280	)		(239,984	)	(34,554	)		(365,910	)	(29,699	)		(318,675	)	(7,493	)		(77,399	)
Net increase (decrease) resulting from Fund share transactions	202,835		$	2,598,410		75,501		$	958,697		23,208		$	254,927		(4,897	)	$	(52,528	)	(4,864	)	$	(35,218	)	37,043		$	407,426

	Real Return Fund										RealEstateRealReturn Strategy Fund										Small Cap StocksPLUS® TR Fund
	Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Class D	39,632		$	443,918		22,901		$	247,567		721		$	4,530		561		$	4,964		31		$	334		10		$	103
Other Classes	533,738			5,945,232		323,709			3,491,057		62,472			366,010		5,394			46,062		2,292			24,050		786			11,102
Issued as reinvestment of distributions
Class D	6,035			65,759		3,299			35,728		96			570		331			2,482		2			18		0			1
Other Classes	71,260			776,894		37,489			406,069		3,198			18,748		8,207			62,145		152			1,534		12			134
Cost of shares redeemed
Class D	(27,909	)		(304,235	)	(49,934	)		(538,904	)	(885	)		(5,820	)	(1,687	)		(14,482	)	(29	)		(248	)	0			0
Other Classes	(365,792	)		(3,992,114	)	(548,965	)		(5,932,965	)	(11,386	)		(72,881	)	(38,457	)		(333,861	)	(522	)		(5,236	)	(4	)		(40	)
Net increase (decrease) resulting from Fund share transactions	256,964		$	2,935,454		(211,501	)	$	(2,291,448	)	54,216		$	311,157		(25,651	)	$	(232,690	)	1,926		$	20,452		804		$	11,300

130 PIMCO Funds

    
March 31, 2008

Fundemental IndexPLUSTM TR Fund										International StocksPLUS® TR Strategy Fund (Unhedged)										International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)
Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Period from 11/30/2006 to 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007
Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
370		$	3,841		3,185		$	33,680		112		$	1,139		54		$	541		1,632		$	20,459		352		$	4,300
15,485			163,646		24,813			267,819		3,880			39,962		5,395			53,979		2,957			36,132		23,312			286,681
62			641		372			3,831		3			31		0			3		35			431		35			415
3,284			33,832		6,055			62,466		540			5,524		218			2,159		1,430			17,567		6,743			79,935
(382	)		(4,062	)	(3,063	)		(31,525	)	(101	)		(1,062	)	(1	)		(17	)	(1,214	)		(14,529	)	(355	)		(4,206	)
(18,585	)		(197,042	)	(23,285	)		(232,993	)	(2,186	)		(21,627	)	0			0		(28,285	)		(328,886	)	(30,332	)		(370,182	)
234		$	856		8,077		$	103,278		2,248		$	23,967		5,666		$	56,665		(23,445	)	$	(268,826	)	(245	)	$	(3,057	)

StocksPLUS® Fund										StocksPLUS® Total Return Fund										StocksPLUS® TR Short Strategy Fund										CommodityRealReturn Strategy Fund®
Year Ended 03/31/2008					Year Ended 03/31/07					Year Ended 03/31/2008					Year Ended 03/31/07					Year Ended 03/31/2008					Period Ended 03/31/07					Year Ended 03/31/2008					Year Ended 03/31/07
Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
99		$	1,097		342		$	3,516		495		$	5,697		125		$	1,454		1,223		$	11,168		30		$	256		29,964		$	500,993		27,032		$	389,690
24,962			280,673		16,477			175,403		13,820			166,369		15,380			189,887		15,847			138,602		7,171			63,291		228,805			3,739,111		348,054			4,987,823
31			328		45			465		67			771		31			370		6			49		1			5		3,565			56,459		2,390			33,332
3,930			43,016		3,240			34,536		4,077			46,801		2,849			34,154		963			7,849		817			6,796		34,723			548,207		23,339			326,510
(488	)		(5,399	)	(940	)		(9,761	)	(181	)		(2,125	)	(129	)		(1,508	)	(252	)		(2,128	)	(2	)		(17	)	(31,632	)		(495,715	)	(59,061	)		(845,947	)
(37,731	)		(425,091	)	(38,047	)		(404,499	)	(23,171	)		(276,756	)	(8,920	)		(106,974	)	(10,086	)		(85,553	)	(3,961	)		(34,918	)	(317,940	)		(5,012,205	)	(372,997	)		(5,341,120	)
(9,197	)	$	(105,376	)	(18,883	)	$	(200,340	)	(4,893	)	$	(59,243	)	9,336		$	117,383		7,701		$	69,987		4,056		$	35,413		(52,515	)	$	(663,150	)	(31,243	)	$	(449,712	)

Annual Report March 31, 2008 131

Notes to Financial Statements  (Cont.)

12.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.) (PIMCO’s parent company), and certain of their affiliates, including PIMCO Funds (a complex of mutual funds managed by PIMCO) and Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series) (a complex of mutual funds managed by affiliates of PIMCO), certain trustees of PIMCO Funds, and certain employees of PIMCO have been named as defendants in eleven lawsuits filed in various jurisdictions. These lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of PIMCO Funds and Allianz Funds during specified periods, or as derivative actions on behalf of PIMCO Funds and Allianz Funds. These lawsuits seek, among other things, unspecified compensatory damages plus interest and in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

These actions generally allege that certain hedge funds were allowed to engage in “market timing” in certain funds of PIMCO Funds and Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, certain trustees of PIMCO Funds, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; however, the plaintiffs continue to assert claims on behalf of the shareholders of PIMCO Funds or on behalf of PIMCO Funds itself against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where PIMCO Funds were named, in the complaint, as a nominal defendant. Thus, at present PIMCO Funds is not a party to any “market timing” lawsuit.

Two nearly identical class action civil complaints were filed in August 2005, in the Northern District of Illinois Eastern Division, alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO and PIMCO Funds strongly believe the complaint is without merit and intend to vigorously defend themselves.

In April 2006, certain registered investment companies and other funds managed by PIMCO were served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. In July 2004, PIMCO was named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain registered investment companies and other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain registered investment companies and other funds managed by PIMCO—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis. To date, no briefs have been filed. This matter is not expected to have a material adverse effect on either the relevant registered investment companies and other funds or PIMCO.

In October 2007 the PIMCO High Yield Fund, a series of PIMCO Funds, was named in an amended complaint filed in connection with an adversary proceeding brought by the Adelphia Recovery Trust relating to the bankruptcy of Adelphia Communications Corporation (“Adelphia”) in the Southern District of New York. The plaintiff alleges that investment banks and agent banks were instrumental in developing a form of financing for Adelphia and its affiliates, known as co-borrowing facilities. According to the amended complaint, the co-borrowing facilities facilitated Adelphia’s fraud and concealed its corporate looting, and the banks who structured or made the loans knew that Adelphia was misappropriating and misusing a significant portion of the proceeds. The amended complaint asserts that such bank loans were tainted and that the purchasers of bank debt, such as the PIMCO High Yield Fund, who received payments from Adelphia on account of the bank debt, received voidable payments subject to the infirmities caused by the conduct of their transferors. The amended complaint seeks to recover the payments made by Adelphia or its affiliates to the defendants, including the PIMCO High Yield Fund, by reason of the co-borrowing facilities and the disgorgement of the consideration paid to the bank debt under the Adelphia plan of reorganization. No wrongdoing is alleged against the PIMCO High Yield Fund.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Funds. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Funds or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Funds.

13.  FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under sub-chapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The FASB issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109” (“FIN 48”), in June 2006. FIN 48 permits the recognition of tax benefits of an uncertain tax position only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Funds adopted the provisions of FIN 48 on April 1, 2007. Management has reviewed the Fund’s tax positions for all

132 PIMCO Funds

March 31, 2008

open tax years, and concluded that adoption had no effect on the Fund’s financial position or results of operations. As of March 31, 2008, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The CRRS Fund may gain exposure to the commodities markets primarily through index-linked notes, and may invest in other commodity-linked derivative instruments, including commodity swap agreements, options, futures contracts, options on futures contracts and foreign funds investing in similar commodity-linked derivatives.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that the Fund derive at least 90% of its gross income from certain qualifying sources of income. The IRS has issued a revenue ruling which holds that income derived from commodity index-linked swaps is not qualifying income under Subchapter M of the Code. Subsequently, the IRS issued a private letter ruling to the CRRS Fund in which the IRS specifically concluded that income from certain commodity index-linked notes is qualifying income. In addition, the IRS issued another private letter ruling to the CRRS Fund in which the IRS specifically concluded that income derived from the CRRS Fund’s investment in the Subsidiary, which invests primarily in commodity index-linked swaps, will also constitute qualifying income to the CRRS Fund. Based on such rulings, the CRRS Fund will continue to seek to gain exposure to the commodity markets primarily through investments in commodity-linked notes and through investments in its subsidiary.

To the extent the All Asset and All Asset All Authority Funds invest in the CRRS Fund, an Underlying Fund, the All Asset and All Asset All Authority Funds may be subject to additional tax risk.

The Funds file U. S. tax returns. While the statute of limitations remains open to examine the Fund’s U. S. tax returns filed for the fiscal years from 2004-2007, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Certain Funds are subject to local taxes in Brazil and Peru. The Brazilian tax, Contribuicao Provisoria sobre Movimentacao Financiera (“CPMF”), is 0.38% and is applicable for all fixed income settlements and all foreign exchange transactions relating to fixed income trade settlements. The Peruvian tax, Financial Transaction Tax (“FTT”), is 0.08% and is applicable for all cash movements. The CPMF and FTT are recorded as components of net realized gain (loss) on investments on the Statement of Operations. During the period ended March 31, 2008, the CommodityRealReturn Strategy Fund^® and Real Return Fund incurred $105,171 and 127,057, respectively, in CPMF and FTT costs.

As of March 31, 2008, the components of distributable taxable earnings are as follows (amounts in thousands):

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Net Tax Basis Unrealized Appreciation/ (Depreciation) (1)			Other Book-to-Tax Accounting Differences (2)			Accumulated Capital Losses (3)			Post-October Deferral (4)
All Asset Fund	$	25,770	$	0	$	61,257		$	0		$	(158,627	)	$	(81,933	)
All Asset All Authority Fund		551		0		19,074			0			(14,165	)		0
Fundamental IndexPLUS™ Fund		0		0		(16,139	)		(149	)		0			0
Fundamental IndexPLUS™ TR Fund		0		0		2,515			(1,345	)		0			0
International StocksPLUS® TR Strategy Fund (Unhedged)		0		0		(425	)		(63	)		0			0
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)		0		0		5,157			(397	)		0			(1,479	)
Real Return Fund		425,246		0		15,395			(96,883	)		0			0
RealEstateRealReturn Strategy Fund		0		0		395			(2,314	)		(8,747	)		0
Small Cap StocksPLUS® TR Fund		243		0		(231	)		(43	)		0			(4,234	)
StocksPLUS® Fund		36,607		0		(18,638	)		(3,697	)		(58,541	)		(122,612	)
StocksPLUS® Total Return Fund		3,797		0		(899	)		(291	)		0			(40,406	)
StocksPLUS® TR Short Strategy Fund		1,932		3,621		1,218			(275	)		0			0
CommodityRealReturn Strategy Fund®		1,850,291		194,551		814,432			(107,000	)		0			0

⁽¹⁾ Adjusted for open wash sale loss deferrals and accelerated recognition of unrealized gain on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain/loss on swap contracts.

⁽²⁾ Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for straddle loss deferrals and distributions payable at fiscal year-end.

⁽³⁾ Capital losses available to offset future net capital gains expire in varying amounts in the years shown below.

⁽⁴⁾ Capital losses realized during the period November 1, 2007 through March 31, 2008 which the Fund elected to defer to the following taxable year pursuant to federal income tax regulations.

Annual Report March 31, 2008 133

Notes to Financial Statements  (Cont.)

As of March 31, 2008, the Funds had accumulated capital losses expiring in the following years (amounts in thousands). The Funds will resume capital gain distributions in the future to the extent gains are realized in excess of accumulated capital losses.

	Expiration of Accumulated Capital Losses (amounts in thousands)
	2011		2013		2014		2015
All Asset Fund	$	0	$	0	$	0	$	158,627
All Asset All Authority Fund		0		0		0		14,165
RealEstateRealReturn Strategy Fund		0		0		0		8,747
StocksPLUS® Fund		58,541		0		0		0

As of March 31, 2008, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation) (5)
All Asset Fund	$	14,833,105	$	355,722	$	(294,464	)	$	61,258
All Asset All Authority Fund		1,069,327		38,391		(19,317	)		19,074
Fundamental IndexPLUS™ Fund		482,639		1,625		(13,363	)		(11,738	)
Fundamental IndexPLUS™ TR Fund		957,841		16,022		(10,185	)		5,837
International StocksPLUS® TR Strategy Fund (Unhedged)		128,153		1,368		(1,606	)		(238	)
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)		876,015		14,855		(9,172	)		5,683
Real Return Fund		28,719,021		231,477		(122,435	)		109,042
RealEstateRealReturn Strategy Fund		902,112		6,187		(2,029	)		4,158
Small Cap StocksPLUS® TR Fund		44,553		488		(651	)		(163	)
StocksPLUS® Fund		860,583		7,571		(20,214	)		(12,643	)
StocksPLUS® Total Return Fund		521,825		8,102		(6,408	)		1,694
StocksPLUS® TR Short Strategy Fund		293,574		4,497		(2,712	)		1,785
CommodityRealReturn Strategy Fund®		24,203,274		1,056,864		(149,604	)		907,260

⁽⁵⁾ Primary differences between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals, contingent payment debt instruments, interest only basis adjustments, passive foreign investment companies, and unamortized premium on convertible bonds for federal income tax purposes.

For the fiscal years ended March 31, 2008 and March 31, 2007, respectively, the Funds made the following tax basis distributions (amounts in thousands):

	March 31, 2008						March 31, 2007
	Ordinary Income Distributions (6)		Long-Term Capital Gain Distributions		Return of Capital (7)		Ordinary Income Distributions (6)		Long-Term Capital Gain Distributions		Return of Capital (7)
All Asset Fund	$	1,015,232	$	0	$	0	$	681,865	$	34,627	$	0
All Asset All Authority Fund		50,192		0		0		38,486		1,264		0
Fundamental IndexPLUS™ Fund		3,504		5,612		21,802		32,246		0		0
Fundamental IndexPLUS™ TR Fund		6,094		1,990		30,003		70,483		0		0
International StocksPLUS® TR Strategy Fund (Unhedged)		1,559		1,138		2,878		2,162		0		0
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)		17,473		867		0		81,939		0		0
Real Return Fund		1,006,090		0		0		522,166		342		14,734
RealEstateRealReturn Strategy Fund		20,705		0		0		70,922		93		0
Small Cap StocksPLUS® TR Fund		1,310		245		0		136		0		0
StocksPLUS® Fund		48,311		0		0		39,655		0		0
StocksPLUS® Total Return Fund		30,747		18,799		0		20,806		15,318		0
StocksPLUS® TR Short Strategy Fund		7,934		0		0		6,808		0		0
CommodityRealReturn Strategy Fund®		772,283		0		0		453,910		0		0

⁽⁶⁾ Includes short-term capital gains, if any, distributed.

⁽⁷⁾ A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

134 PIMCO Funds

GLOSSARY: (abbreviations that may be used in the preceding statements)

Counterparty Abbreviations:
ABN	ABN AMRO Bank, N.V.	CSFB	Credit Suisse First Boston	NAB	National Australia Bank Limited
AIG	AIG International, Inc.	DUB	Deutsche Bank AG	RBC	Royal Bank of Canada
BOA	Bank of America	GSC	Goldman Sachs & Co.	RBS	Royal Bank of Scotland Group PLC
BCLY	Barclays Bank PLC	HSBC	HSBC Bank USA	SOG	Societe Generale
BEAR	Bear Stearns & Co., Inc.	JPM	JPMorgan Chase & Co.	UBS	UBS Warburg LLC
BNP	BNP Paribas Bank	LEH	Lehman Brothers, Inc.	WAC	Wachovia Bank N.A.
CITI	Citibank N.A.	MLP	Merrill Lynch & Co., Inc.
CBA	Commonwealth Bank of Australia	MSC	Morgan Stanley
Currency Abbreviations:
AED	UAE Dirham	HUF	Hungarian Forint	PHP	Philippines Peso
AUD	Australian Dollar	IDR	Indonesian Rupiah	PLN	Polish Zloty
BRL	Brazilian Real	ILS	Israeli Shekel	RON	Romanian Leu
CAD	Canadian Dollar	INR	Indian Rupee	RUB	Russian Ruble
CLP	Chilean Peso	JPY	Japanese Yen	SAR	Saudi Riyal
CNY	Chinese Yuan Renminbi	KRW	South Korean Won	SEK	Swedish Krona
COP	Colombia Peso	KZT	Kazakhstan Tenge	SGD	Singapore Dollar
CZK	Czech Koruna	KWD	Kuwaiti Dinar	SKK	Slovakian Koruna
DKK	Danish Krone	MXN	Mexican Peso	TRY	Turkish Lira
EGP	Egyptian Pound	MYR	Mexican Peso	TWD	Taiwan Dollar
EUR	Euro	NOK	Norwegian Krone	USD	United States Dollar
GBP	British Pound Sterling	NZD	New Zealand Dollar	UYU	Uruguay Peso
HKD	Hong Kong Dollar	PEN	Peruvian Nuevo Sol	ZAR	South African Rand
Exchange Abbreviations:
AMEX	American Stock Exchange	LMEX	London Metal Exchange
CBOT	Chicago Board of Trade	NYBEX	New York Board of Trade
CME	Chicago Mercantile Exchange	NYMEX	New York Mercantile Exchange
FTSE	Financial Times Stock Exchange	OTC	Over-the-Counter
ICEX	Iceland Stock Exchange
Index Abbreviations:
CDI	Credit Default Swap Index	GSCI	Goldman Sachs Commodity Index Total Return
CDX	Credit Derivatives Index	HICP	Harmonized Index of Consumer Prices
CMBX	Commercial Mortgage-Backed Index	LCDX	Liquid Credit Derivative Index
CPI	Consumer Price Index	RPI	Retail Price Index
DJAIGCI	Dow Jones-AIG Commodity Index	UKRPI	United Kingdom Retail Price Index
DJAIGTR	Dow Jones-AIG Commodity Index Total Return	USSP	USD Swap Spread
EAFE	Europe, Australasia, and Far East Index
Municipal Bond or Agency Abbreviations:
ACA	American Capital Access Holding Ltd.	HUD	U.S. Department of Housing and Urban Development
AGC	Assured Guaranty Corp.	IBC	Insured Bond Certificate
AMBAC	American Municipal Bond Assurance Corp.	MAIA	Michigan Association of Insurance Agents
CA	California Mortgage	MBIA	Municipal Bond Investors Assurance
FGIC	Financial Guaranty Insurance Co.	PSF	Public School Fund
FHA	Federal Housing Administration	Q-SBLF	Qualified School Bond Loan Fund
FHLMC	Federal Home Loan Mortgage Corporation	Radian	Radian Guaranty, Inc.
FNMA	Federal National Mortgage Association	ST	State
FSA	Financial Security Assurance, Inc.	VA	Department of Veterans Affairs
GNMA	Government National Mortgage Association	XLCA	XL Capital Assurance
GTD	Guaranteed
Other Abbreviations:
ABS	Asset-Backed Security	IG	Investment Grade
CMBS	Collateralized Mortgage-Backed Security	LIBOR	London Interbank Offered Rate
CMM	Constant Maturity Mortgage Rate	MBS	Mortgage-Backed Security
CMO	Collateralized Mortgage Obligation	MSCI	Morgan Stanley Capital International
EM	Emerging Markets	REIT	Real Estate Investment Trust
EURIBOR	Euro Interbank Offered Rate	SPDR	Standard & Poor’s Depository Receipts
HVOL	High Volatility	TIIE	Tasa de Interés Interbancaria de Equilibrio
HY	High Yield	WTI	West Texas Intermediate

Annual Report March 31, 2008 135

Report of Independent Registered Public Accounting Firm

To the Trustees and Class D Shareholders of the PIMCO Funds

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations, of changes in net assets and of cash flows and the financial highlights for the Class D shares present fairly, in all material respects, the financial position of the All Asset Fund, All Asset All Authority Fund, CommodityRealReturn Strategy^® Fund, Fundamental IndexPLUS^TM Fund, Fundamental IndexPLUS^TM TR Fund, International StocksPLUS^® TR Strategy Fund (US Dollar-Hedged), International StocksPLUS^® TR Strategy Fund (Unhedged), Real Return Fund, RealEstateRealReturn Strategy Fund, Small Cap StocksPLUS^® TR Fund, StocksPLUS^® Fund, StocksPLUS^® Total Return Fund, and StocksPLUS^® TR Short Strategy Fund, thirteen of the seventy Funds constituting the PIMCO Funds, (hereafter referred to as the “Funds”) at March 31, 2008, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the periods indicated, the cash flows for the Small Cap StocksPLUS^® TR Fund , StocksPLUS^® Total Return Fund and All Asset All Authority Fund for the year then ended, and the financial highlights of the Funds for the Class D shares for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements (consolidated financial statements for the CommodityRealReturn Strategy^® Fund) and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2008 by correspondence with the custodian and counterparties, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Kansas City, Missouri

May 28, 2008

136 PIMCO Funds

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code (“Code”) and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Trust’s fiscal year end (March 31, 2008) regarding the status of dividend received deduction, qualified dividend income, qualified interest income, and qualified short-term capital gain.

Dividend Received Deduction.  Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Fund’s dividend distribution that qualifies under tax law. The percentage of each Fund's fiscal 2008 ordinary income dividends that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income.  Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), the following percentages of ordinary dividends paid during the fiscal year ended March 31, 2008 are designated as “qualified dividend income”, as defined in the Act, subject to reduced tax rates.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only).  Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2008 are considered to be derived from “qualified interest income,” as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2008 are considered to be derived from “qualified short-term capital gain,” as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

	Dividend Received Deduction %	Qualified Dividend Income %	Qualified Interest Income (000s)		Qualified Short-Term Capital Gain (000s)
All Asset Fund	0.25%	0.32%	$	463,347	$	727
All Asset All Authority Fund	0.40%	0.54%		26,358		41
Fundamental IndexPLUS™ Fund	0.00%	0.24%		12,109		0
Fundamental IndexPLUS™ TR Fund	0.36%	0.47%		19,890		0
International StocksPLUS® TR Strategy Fund (Unhedged)	0.00%	0.00%		868		0
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)	1.88%	1.93%		27,485		0
Real Return Fund	0.01%	0.05%		401,595		3,229
RealEstateRealReturn Strategy Fund	0.00%	0.00%		7,736		0
Small Cap StocksPLUS® TR Fund	0.09%	0.11%		238		0
StocksPLUS® Fund	1.08%	1.82%		35,482		0
StocksPLUS® Total Return Fund	0.40%	0.53%		11,707		7,103
StocksPLUS® TR Short Strategy Fund	0.61%	0.80%		5,827		0
CommodityRealReturn Strategy Fund®	0.02%	0.03%		315,911		0

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2009, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2008.

Annual Report March 31, 2008 137

Management of the Trust

The chart below identifies the Trustees and Officers of the Trust. Each “interested” Trustee as defined by the 1940 Act, is indicated by an asterisk (*). Unless otherwise indicated, the address of all persons below is 840 Newport Center Drive, Newport Beach, CA 92660.

The Funds’ Statement of Additional Information includes more information about the Trustees. To request a free copy, call PIMCO at 1-800-927-4648.

Trustees of the Trust

Name, Age and Position Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Interested Trustees
Brent R. Harris* (48) Chairman of the Board and Trustee	02/1992 to Present	Managing Director and member of Executive Committee, PIMCO. Formerly, Director, PCM Fund, Inc.	101	Chairman and Trustee, PIMCO Variable Insurance Trust; Director and Vice President, StocksPLUS® Management Inc.; and member of Board of Governors and Executive Committee, Investment Company Institute.
R. Wesley Burns* (48) Trustee	11/1997 to Present	Consulting Managing Director, PIMCO. Formerly, Managing Director, PIMCO. Formerly, Director, PCM Fund, Inc.	102	Trustee, PIMCO Variable Insurance Trust; Chairman and Director, PIMCO Strategic Global Government Fund, Inc.; and Director PS Business Parks, Inc. (a Real Estate Investment Trust).
Independent Trustees
E. Philip Cannon (67) Trustee	05/2000 to Present	Proprietor, Cannon & Company (an investment firm). Formerly, President, Houston Zoo (until 2005). Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust. Formerly, Trustee, Allianz Funds (formerly, PIMCO Funds: Multi-Manager Series).
Vern O. Curtis (73) Trustee	02/1995 to Present	Private Investor. Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust.
J. Michael Hagan (68) Trustee	05/2000 to Present	Private Investor and Business Adviser (primarily for manufacturing companies). Formerly, Director, Remedy Temp (staffing). Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust; Director, Ameron International (manufacturing); and Director, Fleetwood Enterprises (manufacturer of housing and recreational vehicles).
William J. Popejoy (70) Trustee	07/1993 to 02/1995 and 08/1995 to Present	Private Investor. Formerly, Director, New Century Financial Corporation (mortgage banking). Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust.

* Each of Mr. Harris and Mr. Burns is an “interested person” of the Trust (as the term is defined in the 1940 Act) because of his affiliations with PIMCO.

** Trustees serve until their successors are duly elected and qualified.

138 PIMCO Funds

(Unaudited)

Executive Officers

Name, Age and Position Held with Trust	Term of Office*** and Length of Time Served	Principal Occupation(s) During Past 5 Years
Ernest L. Schmider (50) President	05/2005 to Present	Managing Director, PIMCO.
David C. Flattum (43) Chief Legal Officer	11/2006 to Present	Executive Vice President and General Counsel, PIMCO. Formerly, Managing Director, Chief Operating Officer and General Counsel, Allianz Global Investors of America L.P. and Partner at Latham and Watkins LLP.
Jennifer E. Durham (37) Chief Compliance Officer	07/2004 to Present	Senior Vice President, PIMCO. Formerly, Vice President and Legal/Compliance Manager, PIMCO.
William H. Gross (63) Senior Vice President	04/1987 to Present	Managing Director and Chief Investment Officer, PIMCO.
Jeffrey M. Sargent (45) Senior Vice President	02/1993 to Present (since 02/1999 as Senior Vice President)	Executive Vice President, PIMCO. Formerly, Senior Vice President, PIMCO.
William S. Thompson, Jr. (62) Senior Vice President	11/1993 to Present (since 02/2003 as Senior Vice President)	Chief Executive Officer and Managing Director, PIMCO.
J. Stephen King, Jr. (45) Vice President - Senior Counsel and Secretary	05/2005 to Present	Senior Vice President and Attorney, PIMCO. Formerly, Vice President, PIMCO; and Associate, Dechert LLP.
Joshua D. Ratner (31) Assistant Secretary	10/2007 to Present	Vice President and Attorney, PIMCO. Formerly, Associate, Skadden, Arps, Slate, Meagher & Flom LLP.
Henrik P. Larsen (38) Vice President	02/1999 to Present	Senior Vice President, PIMCO. Formerly, Vice President, PIMCO.
John P. Hardaway (50) Treasurer	08/1990 to Present	Executive Vice President, PIMCO. Formerly, Senior Vice President, PIMCO.
Erik C. Brown (40) Assistant Treasurer	02/2001 to Present	Senior Vice President, PIMCO. Formerly, Vice President, PIMCO.
Trent W. Walker (33) Assistant Treasurer	05/2007 to Present	Senior Vice President, PIMCO. Formerly, Vice President, PIMCO; Senior Manager, PricewaterhouseCoopers LLP.
Stacie D. Anctil (38) Assistant Treasurer	11/2003 to Present	Vice President, PIMCO. Formerly, Specialist, PIMCO.

*** The Officers of the Trust are re-appointed annually by the Board of Trustees.

Annual Report March 31, 2008 139

Privacy Policy (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet websites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Funds’ Distributor may also retain non-affiliated companies to market the Funds’ shares or products which use the Funds’ shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

140 PIMCO Funds

PIMCO Funds

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, CA 92660

Investment Sub-Adviser

Research Affiliates, LLC

155 North Lake Ave., Suite 900

Pasadena, CA 91101

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, NY 10105-4800

Custodian

State Street Bank and Trust Company

801 Pennsylvania

Kansas City, MO 64105

Shareholder Servicing Agent and Transfer Agent

PFPC, Inc.

PO Box 9688

Providence, RI 02940

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, MO 64105

For Account Information

For PIMCO Funds account information contact your financial advisor, or if you receive account statements Information directly from Allianz Global Investors, you can also call 1-800-426-0107. Telephone representatives are available Monday-Friday 8:30 am to 8:00 pm Eastern Time. Or visit our website, www.allianzinvestors.com.

Allianz Global Investors is one of the world’s largest asset management companies, with over $1 trillion under management. Our investment solutions—including the PIMCO Funds and Allianz Funds, separately managed accounts and closed-end funds—offer access to a premier group of institutional investment firms, carefully assembled by Allianz to represent a broad spectrum of asset classes and investment styles.

n    PIMCO	n    Cadence Capital Management	n    Nicholas-Applegate
n    NFJ Investment Group	n    RCM	n    Oppenheimer Capital

www.allianzinvestors.com

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

Assets under management as of 3/31/08. Allianz Global Investors Fund Management LLC serves as the investment manager for the Allianz Funds and for the closed-end funds. PIMCO is the investment manager for the PIMCO Funds. Managed accounts are available through Allianz Global Investors Managed Accounts LLC. The PIMCO Funds and Allianz Funds are distributed by Allianz Global Investors Distributors LLC. © 2008. For information about any product, contact your financial advisor.                                   AZ693AR_21171

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Table of Contents

		Page
Chairman’s Letter		1
Important Information About the Funds		2
Benchmark Descriptions		10
Financial Highlights		12
Statements of Assets and Liabilities		16
Statements of Operations		17
Statements of Changes in Net Assets		18
Notes to Financial Statements		39
Glossary		47
Report of Independent Registered Public Accounting Firm		48
Federal Income Tax Information		49
Management of the Trust		50
Privacy Policy		52
FUND	Fund Summary	Schedule of Investments
California Intermediate Municipal Bond Fund	4	20
California Short Duration Municipal Income Fund	5	23
High Yield Municipal Bond Fund	6	25
Municipal Bond Fund	7	29
New York Municipal Bond Fund	8	34
Short Duration Municipal Income Fund	9	36

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606, on the Funds’ website at www.pimco-funds.com, and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PIMCO Funds files a complete schedule of each Fund’s portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Funds’ Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and is available without charge, upon request by calling the Trust at 1-866-746-2606 and on the Funds’ website at www.pimco-funds.com. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

PIMCO Funds are distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105-4800, www.pimco-funds.com, (800) 927-4648.

The Annual Reports for the other series of the PIMCO Funds are printed separately.

Chairman’s Letter

Dear PIMCO Funds Shareholder:

It is our pleasure to present to you the annual report for the PIMCO Municipal Bond Funds covering the twelve-month period ended March 31, 2008. At the end of the period, net assets for the overall PIMCO Funds family stood at over $251 billion.

Highlights of the financial markets during the period include:

n Credit markets worldwide experienced an exceptionally severe loss of liquidity brought on by declining U.S. residential property values, the continuing subprime mortgage debacle, and a rare de-leveraging of financial markets. In response, global central banks injected substantial liquidity into the banking system and reversed monetary policy from earlier in the period to either a neutral or an easing bias.

n The Federal Reserve reduced the Federal Funds Rate six times from 5.25% to 2.25% and reduced the discount rate eight times from 6.25% to 2.50%. Additionally, the Federal Reserve expanded its securities lending program to include the exchange of U.S. Treasuries for mortgage-linked bonds, opened its lending window to investment banks and participated in the bailout of a major U.S. brokerage firm. The Bank of England reduced its key-lending rate twice from 5.75% to 5.25% after raising the rate two times earlier in the fiscal period. The European Central Bank raised the overnight rate in June to 4.00%, but then paused, while the Bank of Japan kept its policy rate unchanged at 0.50% for the period.

n Municipal bond returns lagged their taxable counterparts and municipal bond yields remained at historically high levels compared to U.S. Treasuries amid continued pressure on the demand side of the municipal bond market. Additionally, the absence of institutional investor support for the municipal bond asset class, such as from hedge funds and Wall Street trading firms, added to problems in the municipal bond market as demand from these entities lagged during the period due to balance sheet constraints and the margin calls faced by leveraged investors. The Lehman Brothers General Municipal Bond Index returned 1.90% for the period.

n Government bond yields declined worldwide as investors moved into higher-quality assets due to the credit and liquidity crisis, which has gripped financial markets since the second half of 2007 and intensified during the latter part of the period. The yield on the ten-year U.S. Treasury declined by 1.24% to end the period at 3.41%. The Lehman Brothers U.S. Aggregate Index, a widely used index comprised of U.S. Treasury, investment-grade corporate and mortgage-backed securities, returned 7.67% for the period.

On the following pages, please find specific details as to each Fund’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs. If you have any questions regarding your PIMCO Funds investment, please contact your account manager, or call one of our shareholder associates at 1-866-746-2606. We also invite you to visit our website at www.pimco-funds.com or our investment manager’s website at www.pimco.com.

Sincerely,

Brent R. Harris

Chairman of the Board, PIMCO Funds

April 29, 2008

Annual Report March 31, 2008 1

Important Information About the Funds

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. Investors should consider the investment objectives, risks, charges and expenses of these Funds carefully before investing. This and other information is contained in the Funds’ prospectus. Please read the prospectus carefully before you invest or send money.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities held by a Fund are likely to decrease in value. The price volatility of fixed-income securities can also increase during periods of rising interest rates resulting in increased losses to a Fund.

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 or funds with shorter durations.

The Funds may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: interest rate risk, credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, mortgage-related and other asset-backed risk, issuer non-diversification risk, leveraging risk, California state-specific risk, New York state-specific risk, municipal project-specific risk, management risk and short sale risk. A complete description of these and other risks is contained in the Funds’ prospectus. The Funds may use derivative instruments for hedging purposes or as part of an 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. Funds investing in derivatives could lose more than the principal amount invested in these instruments. 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. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified fund. Shareholders of a municipal bond fund will, at times, incur a tax liability, as income from these funds may be subject to state and local taxes and, where applicable, the alternative minimum tax. The credit quality of a particular security or group of securities does not ensure the stability or safety of the overall portfolio.

On each individual Fund Summary page in this Annual Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on (i) Fund distributions or (ii) the redemption of Fund shares. The performance of the Administrative Class reflects the payment of a distribution and/or service fee in an amount not to exceed 0.25% of the Fund’s assets on an annualized basis. The figures in the line graph are calculated at net asset value and assume the investment of $5,000,000 at the beginning of the first full month following the Fund’s Institutional Class inception. In addition to its benchmark, each Fund measures its performance against a Lipper Average, which is calculated by Lipper, Inc. (“Lipper”), a Reuters Company, and represents the total return performance averages of funds that are tracked by Lipper that have the same Fund Classification. Lipper does not take into account fees, expenses or taxes.

For periods prior to the inception date of the Administrative Class shares performance information shown is based on the performance of the Fund’s Institutional Class Shares. The prior Institutional Class performance has been adjusted to reflect the distribution and/or service fees and other expenses paid by the Administrative Class shares. The Administrative Class shares of the following Funds were first offered in (month/year): California Intermediate Municipal Bond Fund (9/99), Municipal Bond Fund (9/98) and Short Duration Municipal Income Fund (10/02). All other Funds in this Annual Report do not currently offer Administrative Class shares. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

An investment in a Fund is not a deposit of a bank and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Funds.

2 PIMCO Funds Municipal Bond Funds

The following disclosure provides important information regarding each Fund’s Expense Example (“Example” or “Expense Example”), which appears on each Fund’s individual page in this Annual Report. Please refer to this information when reviewing the Expense Example for a Fund.

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including advisory and administrative fees, distribution and/or service (12b-1) fees (Administrative Class only), and other Fund expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all funds is from October 1, 2007 to March 31, 2008.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class, in the row titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical Performance (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the information under the heading “Hypothetical Performance (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the advisory and administrative fees such as fees and expenses of the trustees and their counsel, extraordinary expenses and interest expense.

Annual Report March 31, 2008 3

PIMCO California Intermediate Municipal Bond Fund	Institutional Class	PCIMX
	Administrative Class	PCMMX

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

California	78.9%
Puerto Rico	10.0%
Short-Term Instruments	4.5%
Virgin Islands	3.0%
Other	3.6%

^‡ % of Total Investments as of 03/31/2008

$5,000,000 invested at the beginning of the first full month following the inception of the Institutional Class.

The minimum initial investment amount for the Institutional or Administrative Class Shares is $5,000,000.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	Fund Inception     (08/31/99)
	PIMCO California Intermediate Municipal Bond Fund Institutional Class	-0.60%	2.57%	4.20%
	PIMCO California Intermediate Municipal Bond Fund Administrative Class	-0.85%	2.31%	3.94%
	Lehman Brothers California Intermediate Municipal Bond Index	4.96%	3.92%	5.14%
	Lipper California Intermediate Municipal Dept Funds Average	1.94%	2.73%	4.38%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Shares may be worth more or less than original cost when redeemed. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus dated 10/01/2007, as supplemented to date, is 0.445% for the Institutional Class shares and 0.695% for the Administrative Class shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. Performance data current to the most recent month-end is available at www.pimco-funds.com or by calling (800) 927-4648.

Expense Example	Actual Performance				Hypothetical Performance
					(5% return before expenses)
	Institutional Class		Administrative Class		Institutional Class		Administrative Class
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	995.90	$	994.66	$	1,022.75	$	1,021.50
Expenses Paid During Period†	$	2.25	$	3.49	$	2.28	$	3.54

^† For each class of the Fund, expenses are equal to the net annualized expense ratio for the class (0.445% for Institutional Class, 0.695% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 3 herein for an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO California Intermediate Municipal Bond Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from regular federal income tax and California income tax.

» The Fund’s average credit quality was A+ at the end of the twelve-month period versus the benchmark’s average of AA1/AA2.

» Municipals underperformed U.S. Treasuries and the taxable debt sector; the Lehman Brothers Municipal Bond Index returned 1.90%, while the Lehman Brothers U.S. Aggregate and the Lehman Brothers Treasury Indices returned 7.67% and 12.21%, respectively.

» The Fund’s effective duration was managed above that of its benchmark index throughout the period, which detracted from performance as municipal bond yields increased across all intermediate to long maturities.

» The Fund’s Institutional Class SEC yield after fees at March 31, 2008 was 4.09%. The yield was 6.94% on a fully tax adjusted basis assuming a federal tax rate of 35.0% and an effective CA state tax rate of 6.05%, or 4.60% assuming a federal tax rate of 10.0% and an effective CA state tax rate of 1.0%. Your tax adjusted yield may differ depending on your tax bracket.

» Yield curve positioning enhanced performance as the yield curve steepened over the period.

» California municipal bonds underperformed the broader national market for the period. Yield premiums continued to widen over the twelve-month period.

» Exposure to zero coupon municipal bonds detracted from performance as intermediate and longer-duration zero coupons decreased in value over the period.

4 PIMCO Funds Municipal Bond Funds

PIMCO California Short Duration Municipal Income Fund
	Institutional Class	PCDIX

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

California	94.1%
Short-Term Instruments	4.5%
Corporate Bonds & Notes	1.4%
‡  % of Total Investments as of 03/31/2008

$5,000,000 invested at the beginning of the first full month following the inception of the Institutional Class.

The minimum initial investment amount for the Institutional or Administrative Class Shares is $5,000,000.

Cumulative Total Return for the period ended March 31, 2008
		1 Year	Fund Inception     (08/31/06)
	PIMCO California Short Duration Municipal Income Fund Institutional Class	3.05%	3.41%
	Lehman Brothers California 1 Year Municipal Bond Index	5.04%	4.48%
	Lipper California Short Intermediate Municipal Debt Funds Average	1.87%	2.43%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Shares may be worth more or less than original cost when redeemed. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus dated 10/01/2007, as supplemented to date, is 0.35% for the Institutional Class shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. Performance data current to the most recent month-end is available at www.pimco-funds.com or by calling (800) 927-4648.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Institutional Class		Institutional Class
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,017.58	$	1,023.25
Expenses Paid During Period†	$	1.77	$	1.77

^† The actual expenses are equal to the net annualized expense ratio of 0.35% for Institutional Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 3 herein for an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO California Short Duration Municipal Bond Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from regular federal income tax and California income tax.

» The Fund’s average credit quality was AA+ at the end of the twelve-month period versus the benchmark’s average of AA1/AA2.

» Municipals underperformed U.S. Treasuries and the taxable debt sector; the Lehman Brothers Municipal Bond Index returned 1.90%, while the Lehman Brothers U.S. Aggregate and the Lehman Brothers Treasury Indices returned 7.67% and 12.21%, respectively.

» The Fund’s effective duration was managed above that of its benchmark throughout the period, which contributed to relative performance, as municipal yields in California decreased for shorter maturities.

» The Fund’s Institutional Class SEC yield after fees at March 31, 2008 was 3.62%. The yield was 6.14% on a fully tax adjusted basis assuming a federal tax rate of 35.0% and an effective CA state tax rate of 6.05%, or 4.07% assuming a federal tax rate of 10.0% and an effective CA state tax rate of 1.0%. Your tax adjusted yield may differ depending on your tax bracket.

» Municipal bonds within California underperformed the broader national market for the period as issuance within the state was the largest nationwide.

Annual Report March 31, 2008 5

PIMCO High Yield Municipal Bond Fund
	Institutional Class	PHMIX

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

Illinois	10.9%
Texas	8.6%
Michigan	6.9%
Pennsylvania	6.0%
Colorado	5.2%
California	5.0%
Florida	5.0%
Other	52.4%

^‡ % of Total Investments as of 03/31/2008

$5,000,000 invested at the beginning of the first full month following the inception of the Institutional Class.

The minimum initial investment amount for the Institutional or Administrative Class Shares is $5,000,000.

Cumulative Total Return for the period ended March 31, 2008
		1 Year	Fund Inception     (07/31/06)
	PIMCO High Yield Municipal Bond Fund Institutional Class	-10.67%	-1.07%
	60% Lehman Brothers High Yield Municipal Index/40% Lehman Brothers Municipal Bond Index	-3.20%	1.17%
	Lipper High Yield Municipal Debt Funds Average	-6.78%	-1.28%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Shares may be worth more or less than original cost when redeemed. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 30 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus dated 10/01/2007, as supplemented to date, is 0.55% for the Institutional Class shares. Details regarding any Fund’s redemption fees or operating expenses can be found in the Fund’s prospectus. Performance data current to the most recent month-end is available at www.pimco-funds.com or by calling (800) 927-4648.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Institutional Class		Institutional Class
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	925.51	$	1,022.30
Expenses Paid During Period†	$	2.60	$	2.73

^† The actual expenses are equal to the net annualized expense ratio of 0.54% for Institutional Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The annualized expense ratio of 0.54% reflects net annualized expenses after application of an expense reduction of 0.01%.

Please refer to page 3 herein for an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO High Yield Municipal Bond Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from regular federal income tax.

» Municipal bonds underperformed U.S. Treasuries and the taxable debt sector; the Lehman Brothers Municipal Bond Index returned 1.90%, while the Lehman Brothers U.S. Aggregate and the Lehman Brothers Treasury Indices returned 7.67% and 12.21%, respectively.

» Exposure to higher-yielding municipal bonds detracted from performance as high-yield municipal bonds underperformed investment-grade municipal bonds.

» The Fund’s effective duration was managed above that of its benchmark throughout the period, which detracted from performance as municipal yields increased across longer maturities.

» The Fund’s Institutional Class SEC yield after fees at March 31, 2008 was 5.87%. The yield was 9.03% on a fully tax adjusted basis assuming a federal tax rate of 35.0%, or 6.52% assuming a federal tax rate of 10.0%. Your tax adjusted yield may differ depending on your tax bracket.

» An overweight to the airline sector detracted from performance as the airline sector underperformed during the period.

» Exposure to the tobacco sector detracted from performance as the Tobacco Bond Index underperformed the general Municipal Bond Index.

6 PIMCO Funds Municipal Bond Funds

PIMCO Municipal Bond Fund	Institutional Class	PFMIX
	Administrative Class	PMNAX

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

California	22.2%
Texas	9.8%
New York	7.7%
Illinois	6.5%
Short-Term Instruments	5.6%
New Jersey	5.1%
Other	43.1%

^‡ % of Total Investments as of 03/31/2008

$5,000,000 invested at the beginning of the first full month following the inception of the Institutional Class.

The minimum initial investment amount for the Institutional or Administrative Class Shares is $5,000,000.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	10 Years	Fund Inception     (12/31/97)
	PIMCO Municipal Bond Fund Institutional Class	-2.04%	3.10%	4.32%	4.29%
	PIMCO Municipal Bond Fund Administrative Class	-2.28%	2.84%	4.06%	4.03%
	Lehman Brothers Municipal Bond Index	1.90%	3.92%	4.99%	4.99%
	Lipper General Municipal Debt Funds Average	-0.85%	3.07%	3.83%	3.83%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Shares may be worth more or less than original cost when redeemed. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus dated 10/01/2007, as supplemented to date, is 0.525% for the Institutional Class shares and 0.785% for the Administrative Class shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. Performance data current to the most recent month-end is available at www.pimco-funds.com or by calling (800) 927-4648.

Expense Example	Actual Performance						Hypothetical Performance
							(5% return before expenses)
	Institutional Class			Administrative Class			Institutional Class			Administrative Class
Beginning Account Value (10/01/07)	$	1,000.00		$	1,000.00		$	1,000.00		$	1,000.00
Ending Account Value (03/31/08)	$	973.23		$	972.00		$	1,022.65		$	1,021.40
Expenses Paid During Period(a)	$	2.69	(c)	$	3.92	(d)	$	2.76	(c)	$	4.02	(d)
Expenses Paid During Period, Excluding Interest Expense for Floating Rate Notes(b)	$	2.29		$	3.52		$	2.35		$	3.61

^(a) For each class of the Fund, expenses are equal to the net annualized expense ratio for the class (0.545% for the Institutional Class shares and 0.795% for the Administrative Class shares), multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

^(b) For each class of the Fund, expenses are equal to the net annualized expense ratio for the class (0.465% for the Institutional Class shares and 0.715% for the Administrative Class shares), multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

^(c) Includes non-cash interest expense of $0.40 for Actual Performance and $0.40 for Hypothetical Performance. The additional non-cash interest expense does not reflect actual expenses paid by the Fund, but instead is offset by additional interest income recorded by the Fund in an inverse floating rate transaction accounted for as a secured borrowing. Refer to Note 2(i) in the Notes to Financial Statements for additional information regarding inverse floating rate transactions.

^(d) Includes non-cash interest expense of $0.41 for Actual Performance and $0.41 for Hypothetical Performance. The additional non-cash interest expense does not reflect actual expenses paid by the Fund, but instead is offset by additional interest income recorded by the Fund in an inverse floating rate transaction accounted for as a secured borrowing. Refer to Note 2(i) in the Notes to Financial Statements for additional information regarding inverse floating rate transactions.

Please refer to page 3 herein for an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO Municipal Bond Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax.

» The Fund’s average credit quality was AA at the end of the twelve-month period versus the benchmark’s average of AA1/AA2.

» Municipals underperformed U.S. Treasuries and the taxable debt sector; the Lehman Brothers Municipal Bond Index returned 1.90%, while the Lehman Brothers U.S. Aggregate and the Lehman Brothers Treasury Indices returned 7.67% and 12.21%, respectively.

» The Fund’s effective duration was managed below its benchmark throughout the period, which benefited performance as municipal bond yields increased across all maturities longer than ten years.

» The Fund’s Institutional Class SEC yield after fees at March 31, 2008 was 4.40%. The yield was 6.77% on a fully tax adjusted basis assuming a federal tax rate of 35.0%, or 4.89% assuming a federal tax rate of 10.0%. Your tax adjusted yield may differ depending on your tax bracket.

» Yield curve positioning detracted from performance as the yield curve steepened over the period.

» Exposure to long-dated municipal bonds detracted from performance as the Long Municipal Index underperformed the front end of the municipal bond yield curve by over 2.00%.

Annual Report March 31, 2008 7

PIMCO New York Municipal Bond Fund
	Institutional Class	PNYIX

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

New York	72.0%
Short-Term Instruments	11.2%
Puerto Rico	7.9%
California	2.2%
Other	6.7%

^‡ % of Total Investments as of 03/31/2008

$5,000,000 invested at the beginning of the first full month following the inception of the Institutional Class.

The minimum initial investment amount for the Institutional or Administrative Class Shares is $5,000,000.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	Fund Inception     (08/31/99)
	PIMCO New York Municipal Bond Fund Institutional Class	2.10%	3.75%	5.63%
	Lehman Brothers New York Insured Municipal Bond Index	1.82%	3.89%	5.62%
	Lipper New York Municipal Debt Funds Average	-0.45%	3.14%	4.43%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Shares may be worth more or less than original cost when redeemed. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus dated 10/01/2007, as supplemented to date, is 0.485% for the Institutional Class shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. Performance data current to the most recent month-end is available at www.pimco-funds.com or by calling (800) 927-4648.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Institutional Class		Institutional Class
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,014.83	$	1,022.75
Expenses Paid During Period†	$	2.27	$	2.28

^† The actual expenses are equal to the net annualized expense ratio of 0.445% for the Institutional Class shares, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 3 herein for an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO New York Municipal Bond Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from regular federal income tax and New York income tax.

» The Fund’s average credit quality was AA at the end of the twelve-month period versus the benchmark’s average of AAA/AAA.

» Municipals underperformed U.S. Treasuries and the taxable debt sector; the Lehman Brothers Municipal Bond Index returned 1.90%, while the Lehman Brothers U.S. Aggregate and the Lehman Brothers Treasury Indices returned 7.67% and 12.21%, respectively.

» The Fund’s effective duration was managed above that of its benchmark throughout the period, which benefited performance as municipal bond yields increased across all maturities ten years and higher.

» The Fund’s Institutional Class SEC yield after fees at March 31, 2008 was 3.23%. The yield was 5.33% on a fully tax adjusted basis assuming a federal tax rate of 35.0% and an effective NY state tax rate of 4.45%, or 5.55% for a New York City resident assuming an effective tax rate of 6.82%. The yield was 3.74% on a fully tax adjusted basis assuming a federal tax rate of 10.0% and an effective NY state tax rate of 3.60%, or 3.85% for a New York City resident assuming an effective tax rate of 6.21%. Your tax adjusted yield may differ depending on your tax bracket.

» Municipal bonds within New York underperformed the broader national market for the period.

» Exposure to zero coupon municipal bonds detracted from performance as intermediate and longer duration zero coupons decreased in value over the period.

8 PIMCO Funds Municipal Bond Funds

PIMCO Short Duration Municipal Income Fund	Institutional Class	PSDIX
	Administrative Class	PSDMX

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

New York	14.4%
Texas	14.2%
Massachusetts	9.6%
Short-Term Instruments	7.8%
Washington	7.1%
California	7.0%
Wisconsin	6.2%
Other	33.7%

^‡ % of Total Investments as of 03/31/2008

$5,000,000 invested at the beginning of the first full month following the inception of the Institutional Class.

The minimum initial investment amount for the Institutional or Administrative Class Shares is $5,000,000.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	Fund Inception     (08/31/99)
	PIMCO Short Duration Municipal Income Fund Institutional Class	-0.35%	1.90%	2.87%
	PIMCO Short Duration Municipal Income Fund Administrative Class	-0.57%	1.67%	2.63%
	Lehman Brothers 1 Year Municipal Bond Index	5.21%	2.61%	3.43%
	Lipper Short Municipal Debt Funds Average	2.84%	2.14%	3.08%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Shares may be worth more or less than original cost when redeemed. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus dated 10/01/2007, as supplemented to date, is 0.40% for the Institutional Class shares and 0.63% for the Administrative Class shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. Performance data current to the most recent month-end is available at www.pimco-funds.com or by calling (800) 927-4648.

Expense Example	Actual Performance				Hypothetical Performance
					(5% return before expenses)
	Institutional Class		Administrative Class		Institutional Class		Administrative Class
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	985.75	$	984.63	$	1,023.25	$	1,022.00
Expenses Paid During Period†	$	1.74	$	2.98	$	1.77	$	3.03

^† For each class of the Fund, expenses are equal to the net annualized expense ratio for the class (0.35% for the Institutional Class shares and 0.60% for the Administrative Class shares), multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 3 herein for an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The PIMCO Short Duration Municipal Income Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax.

» The Fund’s average credit quality was AA+ at the end of the twelve-month period versus the benchmark’s average of AAA/AA1.

» Municipals underperformed U.S. Treasuries and the taxable debt sector; the Lehman Brothers Municipal Bond Index returned 1.90%, while the Lehman Brothers U.S. Aggregate and the Lehman Brothers Treasury Indices returned 7.67% and 12.21%, respectively.

» The Fund’s effective duration was managed above that of its benchmark throughout the period, which benefited performance as shorter municipal bond yields declined.

» The Fund’s Institutional Class SEC yield after fees at March 31, 2008 was 4.04%. The yield was 6.22% on a fully tax adjusted basis assuming a federal tax rate of 35.0%, or 4.49% assuming a federal tax rate of 10.0%. An investor’s tax adjusted yield may differ depending on such investor’s tax bracket.

» Yield curve positioning enhanced performance as municipal bond yield curves steepened over the period.

» An overweight to zero coupon municipal bonds at the end of the twelve-month period detracted from performance as zero coupon municipal bonds underperformed the broader municipal bond index.

Annual Report March 31, 2008 9

Benchmark Descriptions

Index	Description
60% Lehman Brothers High Yield Municipal Bond Index/40% Lehman Brothers Municipal Bond Index	The benchmark is a blend of 60% Lehman Brothers High Yield Municipal Bond Index and 40% Lehman Brothers General Municipal Bond Index. The Lehman Brothers High Yield Municipal Bond Index is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year. Lehman Brothers General Municipal Bond Index consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 30 years. It is an unmanaged index representative of the tax-exempt bond market. The index is made up of all investment-grade municipal bonds issued after 12/31/90 having a remaining maturity of at least one year. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers 1 Year Municipal Bond Index	Lehman Brothers 1 Year Municipal Bond Index is an unmanaged index comprised of national municipal bond issues having a maturity of at least one year and less than two years. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers U.S. Aggregate Index	Lehman Brothers U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. It is not possible to invest directly in an unmanaged index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers California 1 Year Municipal Bond Index	Lehman Brothers California 1 Year Municipal Bond Index is an unmanaged index comprised of California Municipal Bond Issues having a maturity of at least one year and less than two years. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers California Intermediate Municipal Bond Index	Lehman Brothers California Intermediate Municipal Bond Index is an unmanaged index comprised of California Municipal Bond Issues having maturities of at least five years and less than ten years and consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 30 years. The index is made up of all investment grade municipal bonds issued after 12/31/90 having a remaining maturity of at least one year. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers Municipal Bond Index	Lehman Brothers Municipal Bond Index consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 30 years. It is an unmanaged index representative of the tax-exempt bond market. The index is made up of all investment grade municipal bonds issued after 12/31/90 having a remaining maturity of at least one year. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers New York Insured Municipal Bond Index	Lehman Brothers New York Insured Municipal Bond Index is an unmanaged index comprised of a broad selection of insured general obligation and revenue bonds of New York issuers with remaining maturities ranging from one year to 30 years. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers Treasury Index	Lehman Brothers Treasury Index consists of public obligations of the U.S. Treasury with a remaining maturity of one year or more. It is not possible to invest directly in an unmanaged index. The index does not reflect deductions for fees, expenses or taxes.

10 PIMCO Funds Municipal Bond Funds

(THIS PAGE INTENTIONALLY LEFT BLANK)

Annual Report March 31, 2008 11

Financial Highlights

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income (a)		Net Realized/ Unrealized Gain (Loss) on Investments			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
California Intermediate Municipal Bond Fund
Institutional Class
03/31/2008	$	9.93	$	0.41	$	(0.47	)	$	(0.06	)	$	(0.40	)	$	0.00
03/31/2007		9.83		0.40		0.10			0.50			(0.40	)		0.00
03/31/2006		9.96		0.39		(0.13	)		0.26			(0.39	)		0.00
03/31/2005		10.22		0.42		(0.26	)		0.16			(0.42	)		0.00
03/31/2004		10.22		0.42		0.00			0.42			(0.42	)		0.00
Administrative Class
03/31/2008		9.93		0.39		(0.47	)		(0.08	)		(0.38	)		0.00
03/31/2007		9.83		0.37		0.10			0.47			(0.37	)		0.00
03/31/2006		9.96		0.37		(0.13	)		0.24			(0.37	)		0.00
03/31/2005		10.22		0.39		(0.26	)		0.13			(0.39	)		0.00
03/31/2004		10.22		0.39		0.00			0.39			(0.39	)		0.00
California Short Duration Municipal Income Fund
Institutional Class
03/31/2008	$	10.04	$	0.35	$	(0.05	)	$	0.30		$	(0.35	)	$	0.00
08/31/2006 - 03/31/2007		10.00		0.19		0.04			0.23			(0.19	)		0.00
High Yield Municipal Bond Fund
Institutional Class
03/31/2008	$	10.63	$	0.50	$	(1.61	)	$	(1.11	)	$	(0.49	)	$	0.00
07/31/2006 - 03/31/2007		10.00		0.35		0.63			0.98			(0.34	)		(0.01	)
Municipal Bond Fund
Institutional Class
03/31/2008	$	10.31	$	0.43	$	(0.63	)	$	(0.20	)	$	(0.44	)	$	0.00
03/31/2007		10.18		0.42		0.13			0.55			(0.42	)		0.00
03/31/2006		10.14		0.41		0.02			0.43			(0.39	)		0.00
03/31/2005		10.32		0.43		(0.19	)		0.24			(0.42	)		0.00
03/31/2004		10.18		0.42		0.14			0.56			(0.42	)		0.00
Administrative Class
03/31/2008		10.31		0.41		(0.64	)		(0.23	)		(0.41	)		0.00
03/31/2007		10.18		0.39		0.14			0.53			(0.40	)		0.00
03/31/2006		10.14		0.38		0.03			0.41			(0.37	)		0.00
03/31/2005		10.32		0.40		(0.19	)		0.21			(0.39	)		0.00
03/31/2004		10.18		0.39		0.14			0.53			(0.39	)		0.00

* Annualized

^(a) Per share amounts based on average number of shares outstanding during the year or period.

^(b) Effective October 1, 2005, the Fund’s advisory fee was reduced by 0.025% to 0.225%.

^(c) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.80%.

^(d) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.10%.

^(e) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 0.55%.

12 PIMCO Funds Municipal Bond Funds See Accompanying Notes

Tax Basis Return of Capital		Total Distributions			Net Asset Value End of Year or Period		Total Return		Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Expenses to Average Net Assets Excluding Interest Expense		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	0.00	$	(0.40	)	$	9.47	(0.60	)%	$	106,867	0.44	5%	0.44	5%	4.24	%	37	%
	0.00		(0.40	)		9.93	5.14			101,792	0.44	5	0.44	5	4.01		59
	0.00		(0.39	)		9.83	2.65			93,639	0.56	(b)	0.46	(b)	3.93		131
	0.00		(0.42	)		9.96	1.58			76,703	0.63		0.47		4.15		43
	0.00		(0.42	)		10.22	4.17			73,136	0.47		0.47		4.11		137
	0.00		(0.38	)		9.47	(0.85	)		1,635	0.69	5	0.69	5	3.98		37
	0.00		(0.37	)		9.93	4.88			1,807	0.69	5	0.69	5	3.76		59
	0.00		(0.37	)		9.83	2.39			1,723	0.81	(b)	0.71	(b)	3.68		131
	0.00		(0.39	)		9.96	1.33			1,760	0.88		0.72		3.90		43
	0.00		(0.39	)		10.22	3.91			2,117	0.72		0.72		3.88		137
$	0.00	$	(0.35	)	$	9.99	3.05	%	$	10,825	0.35	%	0.35	%	3.45	%	92	%
	0.00		(0.19	)		10.04	2.33			2,884	0.35	*(c)	0.35	*(c)	3.29	*	83
$	0.00	$	(0.49	)	$	9.03	(10.67	)%	$	118,066	0.54	%(e)	0.54	%(e)	5.06	%	160	%
	0.00		(0.35	)		10.63	9.95			18,906	0.55	*(d)	0.55	*(d)	4.94	*	94
$	0.00	$	(0.44	)	$	9.67	(2.04	)%	$	335,883	0.54	5%	0.46	5%	4.31	%	64	%
	0.00		(0.42	)		10.31	5.49			223,321	0.52	5	0.46	5	4.05		76
	0.00		(0.39	)		10.18	4.31			198,755	0.71	(b)	0.48	(b)	4.03		63
	0.00		(0.42	)		10.14	2.35			131,443	0.67		0.49		4.20		56
	0.00		(0.42	)		10.32	5.57			126,522	0.49		0.49		4.06		115
	0.00		(0.41	)		9.67	(2.28	)		757	0.79	5	0.71	5	4.05		64
	0.00		(0.40	)		10.31	5.25			819	0.78	5	0.71	5	3.81		76
	0.00		(0.37	)		10.18	4.05			1,127	0.96	(b)	0.73	(b)	3.77		63
	0.00		(0.39	)		10.14	2.09			2,690	0.92		0.74		3.97		56
	0.00		(0.39	)		10.32	5.31			24,245	0.74		0.74		3.81		115

Annual Report March 31, 2008 13

Financial Highlights  (Cont.)

Selected Per Share Data for the Year Ended:	Net Asset Value Beginning of Year		Net Investment Income (a)		Net Realized/ Unrealized Gain (Loss) on Investments			Total Income from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
New York Municipal Bond Fund
Institutional Class
03/31/2008	$	10.88	$	0.41	$	(0.19	)	$	0.22		$	(0.40	)	$	(0.02	)
03/31/2007		10.76		0.42		0.13			0.55			(0.41	)		(0.02	)
03/31/2006		10.77		0.37		0.00			0.37			(0.37	)		(0.01	)
03/31/2005		10.87		0.37		(0.10	)		0.27			(0.37	)		0.00
03/31/2004		10.68		0.37		0.21			0.58			(0.37	)		(0.02	)
Short Duration Municipal Income Fund
Institutional Class
03/31/2008	$	9.95	$	0.38	$	(0.41	)	$	(0.03	)	$	(0.38	)	$	0.00
03/31/2007		9.96		0.35		(0.01	)		0.34			(0.35	)		0.00
03/31/2006		9.95		0.34		0.01			0.35			(0.34	)		0.00
03/31/2005		10.17		0.28		(0.22	)		0.06			(0.28	)		0.00
03/31/2004		10.16		0.22		0.01			0.23			(0.22	)		0.00
Administrative Class
03/31/2008		9.95		0.37		(0.42	)		(0.05	)		(0.36	)		0.00
03/31/2007		9.96		0.33		(0.01	)		0.32			(0.33	)		0.00
03/31/2006		9.95		0.32		0.01			0.33			(0.32	)		0.00
03/31/2005		10.17		0.24		(0.20	)		0.04			(0.26	)		0.00
03/31/2004		10.16		0.18		0.02			0.20			(0.19	)		0.00

^(a) Per share amounts based on average number of shares outstanding during the year.

^(b) Effective October 1, 2005, the Fund’s advisory fee was reduced by 0.025% to 0.225%.

^(c) Effective October 1, 2004, the administrative expense was reduced to 0.15%.

14 PIMCO Funds Municipal Bond Funds See Accompanying Notes

Tax Basis Return of Capital		Total Distributions			Net Asset Value End of Year		Total Return		Net Assets End of Year (000s)		Ratio of Expenses to Average Net Assets		Ratio of Expenses to Average Net Assets Excluding Interest Expense		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	0.00	$	(0.42	)	$	10.68	2.10	%	$	34,736	0.44	5%	0.44	5%	3.77	%	44	%
	0.00		(0.43	)		10.88	5.20			32,533	0.48	5	0.44	5	3.86		29
	0.00		(0.38	)		10.76	3.47			7,581	0.46	(b)	0.46	(b)	3.43		48
	0.00		(0.37	)		10.77	2.56			2,978	0.47		0.47		3.41		42
	0.00		(0.39	)		10.87	5.49			2,068	0.47		0.47		3.40		147
$	0.00	$	(0.38	)	$	9.54	(0.35	)%	$	90,525	0.35	%	0.35	%	3.86	%	35	%
	0.00		(0.35	)		9.95	3.45			178,380	0.40		0.35		3.49		71
	0.00		(0.34	)		9.96	3.60			106,240	0.45		0.35		3.44		79
	0.00		(0.28	)		9.95	0.63			118,485	0.37	(c)	0.37	(c)	2.83		104
	0.00		(0.22	)		10.17	2.25			110,601	0.39		0.39		2.13		226
	0.00		(0.36	)		9.54	(0.57	)		7,991	0.60		0.60		3.88		35
	0.00		(0.33	)		9.95	3.21			11	0.63		0.60		3.27		71
	0.00		(0.32	)		9.96	3.35			10	0.70		0.60		3.20		79
	0.00		(0.26	)		9.95	0.42			10	0.63	(c)	0.63	(c)	2.42		104
	0.00		(0.19	)		10.17	1.98			249	0.64		0.64		1.80		226

Annual Report March 31, 2008 15

Statements of Assets and Liabilities                     
March 31, 2008

(Amounts in thousands, except per share amounts)	California Intermediate Municipal Bond Fund			California Short Duration Municipal Income Fund			High Yield Municipal Bond Fund			Municipal Bond Fund			New York Municipal Bond Fund			Short Duration Municipal Income Fund
Assets:
Investments, at value	$	135,474		$	19,982		$	172,584		$	481,187		$	64,482		$	180,768
Repurchase agreements, at value		6,352			937			4,642			28,553			8,107			15,332
Cash		1,806			1			0			3,355			0			2,754
Deposits with counterparty		320			10			635			3,802			190			3,560
Receivable for investments sold		0			500			3,900			20,206			0			0
Receivable for Fund shares sold		748			200			8,169			31,714			745			8,915
Interest and dividends receivable		1,659			117			2,876			6,435			776			2,235
Variation margin receivable		2			0			0			673			0			539
Swap premiums paid		9			2			31			0			0			0
Unrealized appreciation on swap agreements		0			0			0			22			0			10
Other assets		1			0			0			6			0			0
		146,371			21,749			192,837			575,953			74,300			214,113
Liabilities:
Payable for investments purchased	$	2,318		$	512		$	4,395		$	26,183		$	1,056		$	1,315
Payable for floating rate notes issued		0			0			0			9,632			0			0
Payable for Fund shares redeemed		192			188			317			1,779			42			2,041
Dividends payable		41			1			119			238			28			141
Overdraft due to custodian		0			0			321			0			0			0
Accrued investment advisory fee		23			3			41			90			12			31
Accrued administrative fee		25			4			36			105			15			36
Accrued distribution fee		0			0			11			38			0			5
Accrued servicing fee		7			2			13			39			7			22
Variation margin payable		22			0			56			901			8			717
Unrealized depreciation on swap agreements		3			0			9			0			0			0
Other liabilities		0			0			0			275			0			109
		2,631			710			5,318			39,280			1,168			4,417
Net Assets	$	143,740		$	21,039		$	187,519		$	536,673		$	73,132		$	209,696
Net Assets Consist of:
Paid in capital	$	151,107		$	21,071		$	213,262		$	559,445		$	74,005		$	231,649
Undistributed (overdistributed) net investment income		446			9			(14	)		681			(17	)		(2	)
Accumulated undistributed net realized gain (loss)		(6,270	)		9			(7,670	)		(9,643	)		(65	)		(17,672	)
Net unrealized (depreciation)		(1,543	)		(50	)		(18,059	)		(13,810	)		(791	)		(4,279	)
	$	143,740		$	21,039		$	187,519		$	536,673		$	73,132		$	209,696
Net Assets:
Institutional Class	$	106,867		$	10,825		$	118,066		$	335,883		$	34,736		$	90,525
Administrative Class		1,635			0			0			757			0			7,991
Other Classes		35,238			10,214			69,453			200,033			38,396			111,180
Shares Issued and Outstanding:
Institutional Class		11,285			1,084			13,076			34,741			3,253			9,488
Administrative Class		172			0			0			78			0			837
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	9.47		$	9.99		$	9.03		$	9.67		$	10.68		$	9.54
Administrative Class		9.47			NA			NA			9.67			NA			9.54
Cost of Investments Owned	$	136,711		$	20,032		$	190,362		$	493,779		$	65,300		$	184,130
Cost of Repurchase Agreements Owned	$	6,352		$	937		$	4,642		$	28,553		$	8,107		$	15,332

16 PIMCO Funds Municipal Bond Funds See Accompanying Notes

Statements of Operations

Year Ended March 31, 2008
(Amounts in thousands)	California Intermediate Municipal Bond Fund			California Short Duration Municipal Income Fund			High Yield Municipal Bond Fund			Municipal Bond Fund			New York Municipal Bond Fund			Short Duration Municipal Income Fund
Investment Income:
Interest	$	6,424		$	550		$	7,948		$	22,222		$	2,879		$	10,377
Miscellaneous income		0			0			7			0			1			0
Total Income		6,424			550			7,955			22,222			2,880			10,377
Expenses:
Investment advisory fees		307			29			428			1,028			154			493
Administrative fees		337			30			409			1,273			187			590
Distribution and/or servicing fees - Administrative Class		4			0			0			2			0			0
Distribution and/or servicing fees - Other Classes		86			13			219			1,034			87			379
Trustees’ fees		1			0			0			1			0			1
Interest expense		0			0			0			373			0			0
Miscellaneous expense		0			1			7			1			0			0
Total Expenses		735			73			1,063			3,712			428			1,463
Reimbursement by Manager		0			0			(47	)		0			0			0
Net Expenses		735			73			1,016			3,712			428			1,463
Net Investment Income		5,689			477			6,939			18,510			2,452			8,914
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		159			25			(5,261	)		2,215			(267	)		(126	)
Net realized gain (loss) on futures contracts, written options and swaps		(1,220	)		(9	)		(2,381	)		(3,874	)		218			(2,276	)
Net change in unrealized (depreciation) on investments		(5,051	)		(59	)		(18,242	)		(25,936	)		(1,174	)		(3,176	)
Net change in unrealized appreciation (depreciation) on futures contracts, written options and swaps		(398	)		(1	)		(304	)		(3,909	)		10			(3,794	)
Net (Loss)		(6,510	)		(44	)		(26,188	)		(31,504	)		(1,213	)		(9,372	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(821	)	$	433		$	(19,249	)	$	(12,994	)	$	1,239		$	(458	)

Annual Report March 31, 2008 17

Statements of Changes in Net Assets

	California Intermediate Municipal Bond Fund						California Short Duration Municipal Income Fund						High Yield Municipal Bond Fund
(Amounts In Thousands)	Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Period from August 31, 2006 to March 31, 2007			Year Ended March 31, 2008			Period from July 31, 2006 to March 31, 2007
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	5,689		$	5,548		$	477		$	64		$	6,939		$	472
Net realized gain (loss)		(1,061	)		(672	)		16			1			(7,642	)		14
Net change in unrealized appreciation (depreciation)		(5,449	)		2,256			(60	)		10			(18,546	)		487
Net increase (decrease) resulting from operations		(821	)		7,132			433			75			(19,249	)		973
Distributions to Shareholders:
From net investment income
Institutional Class		(4,162	)		(3,900	)		(320	)		(57	)		(4,453	)		(244	)
Administrative Class		(68	)		(66	)		0			0			0			0
Other Classes		(1,305	)		(1,580	)		(158	)		(7	)		(2,495	)		(227	)
From net realized capital gains
Institutional Class		0			0			0			0			(17	)		(8	)
Other Classes		0			0			0			0			(9	)		(8	)
Total Distributions		(5,535	)		(5,546	)		(478	)		(64	)		(6,974	)		(487	)
Fund Share Transactions:
Receipts for shares sold
Institutional Class		44,590			24,138			19,219			3,128			200,165			21,708
Administrative Class		0			0			0			0			0			0
Other Classes		16,691			6,453			9,462			2,613			104,215			31,370
Issued as reinvestment of distributions
Institutional Class		4,059			3,665			320			57			4,373			249
Administrative Class		68			66			0			0			0			0
Other Classes		831			1,059			143			5			1,254			123
Cost of shares redeemed
Institutional Class		(38,837	)		(20,677	)		(11,594	)		(310	)		(89,022	)		(3,374	)
Administrative Class		(158	)		0			0			0			0			0
Other Classes		(17,213	)		(20,304	)		(1,830	)		(140	)		(56,165	)		(1,688	)
Net increase (decrease) resulting from Fund share transactions		10,031			(5,600	)		15,720			5,353			164,820			48,388
Fund Redemption Fee		1			0			0			0			26			22
Total Increase (Decrease) in Net Assets		3,676			(4,014	)		15,675			5,364			138,623			48,896
Net Assets:
Beginning of year or period		140,064			144,078			5,364			0			48,896			0
End of year or period*	$	143,740		$	140,064		$	21,039		$	5,364		$	187,519		$	48,896
*Including undistributed (overdistributed) net investment income of:	$	446		$	292		$	9		$	0		$	(14	)	$	1

18 PIMCO Funds Municipal Bond Funds See Accompanying Notes

Municipal Bond Fund						New York Municipal Bond Fund						Short Duration Municipal Income Fund
Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007
$	18,510		$	15,722		$	2,452		$	1,566		$	8,914		$	10,616
	(1,659	)		2,223			(49	)		150			(2,402	)		(4,225	)
	(29,845	)		3,401			(1,164	)		292			(6,970	)		3,608
	(12,994	)		21,346			1,239			2,008			(458	)		9,999
	(10,896	)		(8,502	)		(1,253	)		(697	)		(4,671	)		(5,553	)
	(30	)		(39	)		0			0			(6	)		0
	(7,742	)		(7,350	)		(1,189	)		(881	)		(4,235	)		(5,061	)
	0			0			(65	)		(40	)		0			0
	0			0			(63	)		(38	)		0			0
	(18,668	)		(15,891	)		(2,570	)		(1,656	)		(8,912	)		(10,614	)
	259,944			86,316			21,836			26,602			101,575			205,930
	227			45			0			0			8,128			0
	65,380			67,720			17,817			11,145			56,617			48,047
	10,505			8,037			1,301			667			4,491			5,252
	24			34			0			0			6			0
	5,161			4,158			919			643			2,409			3,058
	(139,427	)		(72,576	)		(20,245	)		(2,407	)		(189,635	)		(138,588	)
	(263	)		(400	)		0			0			(137	)		0
	(77,282	)		(55,653	)		(10,465	)		(4,764	)		(86,119	)		(91,602	)
	124,269			37,681			11,163			31,886			(102,665	)		32,097
	10			13			0			0			1			9
	92,617			43,149			9,832			32,238			(112,034	)		31,491
	444,056			400,907			63,300			31,062			321,730			290,239
$	536,673		$	444,056		$	73,132		$	63,300		$	209,696		$	321,730
$	681		$	450		$	(17	)	$	(19	)	$	(2	)	$	(7	)

Annual Report March 31, 2008 19

Schedule of Investments  California Intermediate Municipal Bond Fund  

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 1.4%
Bank of America Corp.
8.000% due 12/29/2049	$	2,000	$	2,006
Total Corporate Bonds & Notes (Cost $2,000)				2,006
MUNICIPAL BONDS & NOTES 92.9%
CALIFORNIA 77.8%
Alameda, California Business Park Assessment Revenue Bonds, Series 1998
5.500% due 09/02/2012		1,180		1,206
Anaheim, California Public Financing Authority Revenue Bonds, (FSA Insured), Series 1997
0.000% due 09/01/2022		2,000		1,043
Antioch, California Public Financing Authority Revenue Notes, Series 1998
5.500% due 09/02/2008		465		470
Azusa, California Unified School District Certificates of Participation Bonds, (FSA Insured), Series 2004
2.100% due 06/01/2038		500		500
Bay Area, California Toll Authority Revenue Bonds, (AMBAC Insured), Series 2001
3.250% due 04/01/2029		1,800		1,800
Bay Area, California Toll Authority Revenue Bonds, (AMBAC Insured), Series 2006
4.500% due 04/01/2045		1,000		1,000
Burbank, California Community Facilities District Special Tax Notes, Series 2006
4.000% due 12/01/2009		100		101
California State Association of Bay Area Governments Financing Authority for Non-Profit Corporations Certificates of Participation Bonds, (AMBAC Insured), Series 1993
5.000% due 08/01/2023		1,665		1,665
California State Association of Bay Area Governments Financing Authority for Non-Profit Corporations Revenue Bonds, (CM Insured), Series 2001
5.250% due 04/01/2026		2,000		2,061
California State Association of Bay Area Governments Financing Authority for Non-Profit Corporations Revenue Bonds, Series 2003
5.200% due 11/15/2022		2,000		2,035
California State Department of Water Resources Revenue Bonds, Series 1997
5.000% due 12/01/2022		60		60
California State Educational Facilities Authority Revenue Bonds, (MBIA Insured), Series 2001
0.000% due 10/01/2014		500		389
California State Educational Facilities Authority Revenue Notes, Series 2005
5.000% due 10/01/2012		540		580
5.000% due 10/01/2013		570		616
California State Educational Facilities Authority Revenue Notes, Series 2006
5.000% due 11/01/2014		750		803
California State Encinitas Union School District General Obligation Bonds, (MBIA Insured), Series 1996
0.000% due 08/01/2018		1,500		930
California State for Precious Veterans General Obligation Bonds, Series 2000
5.700% due 12/01/2032		160		158

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
California State Health Facilities Financing Authority Revenue Bonds, (MBIA Insured), Series 1988
3.250% due 07/01/2020	$	1,800	$	1,800
California State Health Facilities Financing Authority Revenue Notes, (CM Insured), Series 2000
5.000% due 09/01/2010		350		360
California State Health Facilities Financing Authority Revenue Notes, Series 2005
5.000% due 07/01/2010		500		516
California State Housing Finance Agency Revenue Bonds, (AMBAC/FHA Insured), Series 1996
5.950% due 02/01/2011		35		35
California State Housing Finance Agency Revenue Notes, (FGIC Insured), Series 2006
4.500% due 08/01/2012		1,400		1,422
California State Mobilehome Park Financing Authority Revenue Bonds, Series 2006
5.500% due 12/15/2041		165		139
California State Mountain House Public Financing Authority Revenue Notes, Series 2007
5.000% due 12/01/2015		640		687
California State M-S-R Public Power Agency Revenue Bonds, (MBIA Insured), Series 1997
5.000% due 07/01/2022		1,450		1,450
California State Pollution Control Financing Authority Revenue Bonds, (FGIC Insured), Series 2004
4.750% due 12/01/2023		3,000		2,671
California State Pollution Control Financing Authority Revenue Bonds, Series 2002
5.000% due 01/01/2022		2,000		1,755
California State Public Works Board Lease Revenue Bonds, Series 2005
5.000% due 04/01/2017		2,000		2,131
California State Public Works Board Lease Revenue Notes, (FGIC Insured), Series 2006
5.000% due 10/01/2016		2,500		2,710
California State Sierra Kings Health Care District Revenue Bonds, Series 2006
6.000% due 12/01/2036		540		461
California State Tobacco Securitization Agency Revenue Bonds, Series 2002
6.125% due 06/01/2043		1,000		962
California State Tobacco Securitization Agency Revenue Bonds, Series 2006
0.000% due 06/01/2028 (a)		4,500		3,451
California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2001
5.000% due 10/01/2018		2,000		2,022
California Statewide Communities Development Authority Revenue Bonds, (XLCA Insured), Series 2006
4.100% due 04/01/2028		1,000		996
California Statewide Communities Development Authority Revenue Bonds, Series 1998
5.100% due 05/15/2025		2,000		2,012
5.250% due 05/15/2025		1,000		1,006
California Statewide Communities Development Authority Revenue Bonds, Series 2002
5.500% due 08/15/2034		1,000		1,007
6.750% due 07/01/2032 (d)		1,300		1,348
California Statewide Communities Development Authority Revenue Bonds, Series 2005
5.000% due 03/01/2018		125		126
California Statewide Communities Development Authority Revenue Bonds, Series 2006
4.875% due 11/15/2036		400		327

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
California Statewide Communities Development Authority Revenue Bonds, Series 2007
5.150% due 07/01/2030	$	650	$	551
5.500% due 11/01/2038		500		461
California Statewide Communities Development Authority Revenue Notes, Series 2005
5.000% due 07/01/2013		850		893
California Statewide Financing Authority Revenue Notes, Series 2002
4.600% due 05/01/2012		1,030		1,036
Campbell, California Redevelopment Agency Tax Allocation Notes, Series 2002
4.700% due 10/01/2011		505		525
Capistrano, California Unified School District Special Tax Bonds, Series 2003
5.250% due 09/01/2016		700		682
5.375% due 09/01/2017		800		779
Chino, California Basin Regional Financing Authority Revenue Bonds, (AMBAC Insured), Series 2002
3.750% due 06/01/2032		2,000		2,000
Chula Vista, California Special Tax Bonds, Series 2000
6.350% due 09/01/2017		230		239
6.400% due 09/01/2018		120		125
Contra Costa County, California Public Financing Authority Tax Allocation Bonds, Series 2003
5.625% due 08/01/2033		2,000		2,206
Corona, California Community Facilities District Special Tax Bonds, Series 1998
5.875% due 09/01/2023		1,000		983
Desert Sands, California Unified School District General Obligation Notes, (AMBAC Insured), Series 2006
0.000% due 06/01/2014		3,000		2,365
El Monte, California School District General Obligation Notes, (FGIC Insured), Series 2005
0.000% due 05/01/2012		1,555		1,343
El Monte, California School District General Obligation Notes, (FGIC Insured), Series 2006
0.000% due 06/01/2013		1,195		985
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2003
5.000% due 06/01/2021		535		537
6.250% due 06/01/2033		2,000		2,182
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.125% due 06/01/2047		2,650		2,106
Inland Empire, California Tobacco Securitization Authority Revenue Bonds, Series 2007
4.625% due 06/01/2021		1,000		911
Long Beach, California Bond Finance Authority Revenue Bonds, Series 2007
5.000% due 11/15/2029		1,000		854
5.250% due 11/15/2018		1,000		995
Los Angeles, California Department of Airports Revenue Notes, (MBIA Insured), Series 2006
5.000% due 05/15/2016		1,000		1,057
Los Angeles, California Unified School District General Obligation Bonds, (MBIA Insured), Series 1999
4.750% due 07/01/2010		30		31
Lucia Mar, California Unified School District General Obligation Bonds, (FSA Insured), Series 2002
5.000% due 08/01/2022		1,215		1,257
Modesto, California Irrigation District Certificates of Participation Notes, (AMBAC Insured), Series 2006
5.000% due 10/01/2015		3,545		3,868

20 PIMCO Funds Municipal Bond Funds See Accompanying Notes

                    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Moreno Valley, California Unified School District General Obligation Bonds, (MBIA Insured), Series 2007
0.000% due 08/01/2023	$	1,000	$	433
Morgan Hill, California Unified School District General Obligation Notes, (AMBAC Insured), Series 2006
0.000% due 08/01/2016		500		350
Murrieta Valley, California Unified School District Public Financing Authority Special Tax Bonds, (AGC Insured), Series 2006
4.750% due 09/01/2036		2,100		1,957
Orange County, California Community Facilities District Special Tax Bonds, Series 2000
5.600% due 08/15/2011		455		461
5.700% due 08/15/2012		485		492
5.800% due 08/15/2013		600		609
Orange County, California Local Transportation Authority Revenue Bonds, (AMBAC Insured), Series 1992
6.200% due 02/14/2011		3,250		3,532
Poway, California Unified School District Special Tax Bonds, Series 2005
5.125% due 09/01/2028		500		450
Redding, California Redevelopment Agency Tax Allocation Bonds, Series 2006
5.000% due 09/01/2036		1,250		1,088
Rio Vista, California Community Facilities District Special Tax Notes, Series 2006
4.000% due 09/01/2009		170		171
Riverbank Redevelopment Agency of California State Tax Allocation Notes, Series 2007
4.100% due 08/01/2013		255		255
Riverside, California Revenue Bonds, (AMBAC Insured), Series 1998
5.375% due 10/01/2009		500		513
Sacramento, California County Sanitation District Revenue Bonds, (FGIC Insured), Series 2006
5.000% due 12/01/2017		1,000		1,081
Sacramento, California Municipal Utility District Revenue Bonds, Series 1983
9.000% due 04/01/2013		675		774
San Diego County, California Certificates of Participation Notes, Series 2006
5.000% due 09/01/2013		1,340		1,338
San Fernando, California Redevelopment Agency Tax Allocation Bonds, Series 2006
4.500% due 09/15/2017		1,425		1,404
San Francisco, California City & County Airports Commission Revenue Bonds, (FGIC Insured), Series 2006
5.250% due 05/01/2019		1,460		1,545
San Francisco, California City & County Airports Commission Revenue Bonds, (FSA Insured), Series 1998
5.500% due 05/01/2015		300		303
San Francisco, California City & County Unified School District General Obligation Notes, (FSA Insured), Series 2005
5.000% due 06/15/2015		1,100		1,195
San Joaquin, California Delta Community College District General Obligation Notes, (AMBAC Insured), Series 2006
0.000% due 08/01/2014		2,000		1,560
San Jose, California Multi-Family Housing Revenue Bonds, Series 1999
4.950% due 06/01/2039		930		938

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
San Jose, California Redevelopment Agency Tax Allocation Bonds, (MBIA Insured), Series 2002
5.000% due 08/01/2022	$	2,000	$	2,146
San Jose, California Redevelopment Agency Tax Allocation Bonds, (MBIA Insured), Series 2005
5.000% due 08/01/2017		1,000		1,057
San Luin Obispo County, California Financing Authority Revenue Bonds, (MBIA Insured), Series 2007
5.000% due 09/01/2018		750		810
San Pablo, California Redevelopment Agency Revenue Bonds, Series 1979
8.000% due 10/01/2011		70		75
San Ramon Valley, California Unified School District General Obligation Bonds, (FGIC Insured), Series 1998
0.000% due 07/01/2018		6,500		4,006
Santa Clara, California Valley Transportation Authority Revenue Bonds, (AMBAC Insured), Series 2005
3.750% due 06/01/2026		2,000		2,000
Sonoma County, California Junior College District General Obligation Bonds, (MBIA Insured), Series 2007
5.000% due 08/01/2018		1,250		1,359
Turlock, California Certificates of Participation Notes, Series 2007
5.000% due 10/15/2010		360		367
University of California Regents Medical Center Revenue Bonds, (MBIA Insured), Series 2007
4.750% due 05/15/2031		1,000		957
University of California Revenue Bonds, (FGIC Insured), Series 2007
5.000% due 05/15/2041		1,000		986
University of California Revenue Bonds, (FSA Insured), Series 2005
5.000% due 05/15/2016		3,240		3,476
University of California Revenue Bonds, Series 2008
5.000% due 05/15/2018		350		380
				111,850
LOUISIANA 0.7%
Louisiana State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2001
5.875% due 05/15/2039		1,000		931
MONTANA 0.4%
Hardin, Montana Rocky Mountain Power, Inc. Tax Allocation Bonds, Series 2006
0.000% due 09/01/2031 (a)		830		516
NEW JERSEY 0.2%
New Jersey State Economic Development Authority Revenue Bonds, Series 1998
6.800% due 04/01/2018		240		255
NEW YORK 0.7%
New York City, New York Industrial Development Agency Revenue Bonds, Series 2005
5.500% due 01/01/2016		1,000		1,063
PUERTO RICO 9.9%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Revenue Bonds, Series 2008
6.000% due 07/01/2038		1,025		1,053

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Commonwealth of Puerto Rico General Obligation Bonds, (AGC Insured), Series 2006
5.231% due 07/01/2020	$	1,000	$	938
Commonwealth of Puerto Rico General Obligation Bonds, Series 2006
5.000% due 07/01/2035		190		172
Commonwealth of Puerto Rico Government Development Bank Revenue Notes, Series 2006
5.000% due 12/01/2014		2,500		2,633
Commonwealth of Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2007
5.500% due 07/01/2021		2,500		2,615
Commonwealth of Puerto Rico Infrastructure Financing Authority Revenue Bonds, (AMBAC Insured), Series 1998
5.250% due 07/01/2010		150		152
Commonwealth of Puerto Rico Public Buildings Authority Revenue Bonds, (Commonwealth-GTD), Series 2004
5.000% due 07/01/2028		2,150		2,216
Commonwealth of Puerto Rico Public Finance Corporations Revenue Bonds, Series 2004
5.750% due 08/01/2027		3,250		3,420
Puerto Rico Children’s Trust Fund Revenue Notes, Series 2002
5.000% due 05/15/2009		1,000		1,013
				14,212
TEXAS 0.2%
Arlington, Texas Independent School District General Obligation Bonds, (PSF-GTD), Series 2000
7.560% due 02/15/2024		250		252
Houston, Texas Apartment System Revenue Bonds, Series 1997
6.125% due 07/15/2017		100		91
				343
VIRGIN ISLANDS 3.0%
Virgin Islands Public Finance Authority Revenue Bonds, Series 1998
5.500% due 10/01/2008		3,000		3,045
Virgin Islands Public Finance Authority Revenue Bonds, Series 2003
6.125% due 07/01/2022		1,250		1,253
				4,298
Total Municipal Bonds & Notes (Cost $134,711)				133,468
SHORT-TERM INSTRUMENTS 4.4%
REPURCHASE AGREEMENTS 4.4%
State Street Bank and Trust Co.
1.900% due 04/01/2008		6,352		6,352
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 4.375% due 09/17/2010 valued at $6,480. Repurchase proceeds are $6,352.)
Total Short-Term Instruments (Cost $6,352)				6,352
Total Investments 98.7% (Cost $143,063)			$	141,826
Other Assets and Liabilities (Net) 1.3%				1,914
Net Assets 100.0%			$	143,740

See Accompanying Notes Annual Report March 31, 2008 21

Schedule of Investments  California Intermediate Municipal Bond Fund  (Cont.)

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Security becomes interest bearing at a future date.

(b) Cash of $320 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	75	$	(303	)

(c) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount	Unrealized (Depreciation)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MSC	$    1,200	$	(3	)

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

(d) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
California Statewide Communities Development Authority Revenue Bonds, Series 2002	6.750%	07/01/2032	02/07/2002	$	1,300	$	1,348	0.94%

22 PIMCO Funds Municipal Bond Funds See Accompanying Notes

Schedule of Investments  California Short Duration Municipal Income Fund                       
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 1.4%
Bank of America Corp.
8.000% due 12/29/2049	$	300	$	301
Total Corporate Bonds & Notes (Cost $300)				301
MUNICIPAL BONDS & NOTES 93.5%
CALIFORNIA 93.5%
Alameda County, California Certificates of Participation Bonds, (AMBAC Insured), Series 2007
5.000% due 12/01/2017		495		528
Brentwood Union School District, California General Obligation Bonds, (FGIC Insured), Series 2007
5.250% due 08/01/2017		110		121
Brentwood Union School District, California General Obligation Notes, (FGIC Insured), Series 2007
5.250% due 08/01/2016		135		150
California State Association of Bay Area Governments Financing Authority for Non-Profit Corporations Certificates of Participation Bonds, (AMBAC Insured), Series 1993
5.000% due 08/01/2023		500		500
California State Bay Area Toll Authority Revenue Bonds, (AMBAC Insured), Series 2007
3.386% due 04/01/2047		500		500
California State Department of Water Resources Revenue Bonds, (FSA Insured), Series 2005
1.750% due 05/01/2016		400		400
California State Department of Water Resources Revenue Notes, Series 2005
1.980% due 05/01/2011		100		100
California State Educational Facilities Authority Revenue Bonds, (MBIA Insured), Series 2002
3.350% due 02/01/2032		600		600
California State Educational Facilities Authority Revenue Bonds, Series 1995
1.550% due 10/01/2015 (c)		500		500
California State Health Facilities Financing Authority Revenue Bonds, (MBIA Insured), Series 1998
1.850% due 09/01/2015		750		750
1.850% due 09/01/2028		500		500
California State Health Facilities Financing Authority Revenue Bonds, Series 2004
1.770% due 07/01/2033		500		500
1.920% due 07/01/2033		100		100
California State Housing Finance Agency Revenue Bonds, (FSA/FHA/VA Private Insured), Series 2000
1.600% due 08/01/2015		100		100
California State Infrastructure & Economic Development Bank Revenue Bonds, Series 2001
1.800% due 11/15/2037		500		500
California State M-S-R Public Power Agency Revenue Bonds, (MBIA Insured), Series 1998
2.050% due 07/01/2022		2,100		2,100
California State Public Works Board Lease Revenue Bonds, (FGIC Insured), Series 2006
5.250% due 10/01/2017		380		418
California Statewide Communities Development Authority Revenue Bonds, (FSA Insured), Series 2007
5.250% due 07/01/2018		250		272

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
California Statewide Communities Development Authority Revenue Bonds, Series 2007
5.150% due 07/01/2030	$	100	$	85
California Statewide Communities Development Authority Revenue Notes, (MBIA Insured), Series 2005
5.000% due 05/01/2015		150		164
Dublin-San Ramon Services District, California Certificates of Participation Bonds, (MBIA Insured), Series 2000
3.000% due 08/01/2035		1,000		1,000
Golden State, California Tobacco Securitization Corporations Revenue Bonds, (FGIC Insured), Series 2003
5.625% due 06/01/2038		100		110
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2003
6.250% due 06/01/2033		500		546
6.750% due 06/01/2039		710		822
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.125% due 06/01/2047		200		159
Hesperia, California Unified School District Certificates of Participation Bonds, (FSA Insured), Series 2004
2.150% due 02/01/2028		250		250
Lincoln, California Unified School District Special Tax Notes, (AMBAC Insured), Series 2006
5.000% due 09/01/2015		185		202
Los Angeles, California Department of Water & Power Revenue Bonds, Series 2001
1.750% due 07/01/2034		500		500
Metropolitan Water District of Southern California State Revenue Bonds, Series 2001
0.800% due 07/01/2036		100		100
Morgan Hill, California Redevelopment Agency Tax Allocation Bonds, Series 2008
2.000% due 09/01/2033		500		500
Orange County, California Sanitation District Certificates of Participation Bonds, (AMBAC Insured), Series 1993
2.100% due 08/01/2016		600		600
Orange County, California Sanitation District Certificates of Participation Bonds, Series 2000
1.100% due 08/01/2030		795		795
Pasadena, California Certificates of Participation Bonds, (AMBAC Insured), Series 2003
4.750% due 02/01/2033		490		490
Pittsburg, California Redevelopment Agency Tax Allocation Bonds, (MBIA Insured), Series 2002
5.250% due 08/01/2013		100		110
Pleasanton, California Unified School District General Obligation Bonds, (MBIA Insured), Series 2004
5.000% due 08/01/2015		150		165
Rancho, California Water District Financing Authority Revenue Notes, Series 2008
4.000% due 08/01/2009 (a)		500		512
Rio Vista, California Community Facilities District Special Tax Notes, Series 2006
4.000% due 09/01/2009		100		100

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Riverbank Redevelopment Agency of California State Tax Allocation Notes, Series 2007
4.000% due 08/01/2012	$	145	$	145
Roseville, California Natural Gas Finance Authority Revenue Notes, Series 2007
5.000% due 02/15/2012		100		101
San Francisco, California General Obligation Bonds, (MBIA Insured), Series 2005
3.350% due 06/15/2030		1,300		1,300
San Luin Obispo County, California Financing Authority Revenue Bonds, (MBIA Insured), Series 2007
5.000% due 09/01/2018		250		270
Santa Ana, California Certificates of Participation Bonds, (AMBAC Insured), Series 2003
5.000% due 06/01/2015		195		207
Santa Clara County, California Financing Authority Revenue Bonds, Series 1994
1.750% due 11/15/2025		500		500
Santa Clara Valley, California Water District Certificates of Participation Notes, Series 2007
5.000% due 02/01/2016		150		164
Santa Clara, California Valley Transportation Authority Revenue Bonds, (AMBAC Insured), Series 2005
2.500% due 06/01/2026		500		500
Santa Monica, California Community College District General Obligation Notes, (FGIC Insured), Series 2007
0.000% due 08/01/2013		225		184
Turlock, California Scertificates of Participation Notes, Series 2007
5.000% due 10/15/2008		355		357
Upland, California Sate Public Financing Authority Revenue Bonds, (AMBAC Insured), Series 2002
4.600% due 10/01/2016		100		104
Total Municipal Bonds & Notes (Cost $19,732)				19,681
SHORT-TERM INSTRUMENTS 4.5%
REPURCHASE AGREEMENTS 4.5%
State Street Bank and Trust Co.
1.900% due 04/01/2008		937		937
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 3.875% due 08/22/2008 valued at $960. Repurchase proceeds are $937.)
Total Short-Term Instruments (Cost $937)				937
Total Investments 99.4% (Cost $20,969)			$	20,919
Other Assets and Liabilities (Net) 0.6%				120
Net Assets 100.0%			$	21,039

See Accompanying Notes Annual Report March 31, 2008 23

Schedule of Investments  California Short Duration Municipal Income Fund  (Cont.)

Notes to Schedule of Investments (amounts in thousands*):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) When-issued security.

(b) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty		Notional Amount	Unrealized (Depreciation)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MSC	$	200	$	0

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

(c) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
California State Educational Facilities Authority Revenue Bonds, Series 1995	1.550%	10/01/2015	08/10/2007	$	500	$	500	2.38%

24 PIMCO Funds Municipal Bond Funds See Accompanying Notes

Schedule of Investments  High Yield Municipal Bond Fund                       
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 1.9%
Bank of America Corp.
8.000% due 12/29/2049	$	3,600	$	3,612
Total Corporate Bonds & Notes (Cost $3,600)				3,612
MUNICIPAL BONDS & NOTES 90.1%
ALABAMA 1.4%
Butler, Alabama Industrial Development Board Revenue Bonds, Series 1993
5.900% due 12/01/2012		50		48
Colbert County, Alabama Health Care Authority Revenue Bonds, Series 2003
5.750% due 06/01/2027		670		631
Montgomery, Alabama Medical Clinic Board Revenue Bonds, Series 2006
5.250% due 03/01/2031		250		221
5.250% due 03/01/2036		500		433
Tuscaloosa, Alabama Educational Building Authority Revenue Bonds, Series 2007
5.000% due 06/01/2026		1,500		1,251
				2,584
ALASKA 0.6%
Alaska State Industrial Development & Export Authority Revenue Bonds, Series 2007
6.000% due 12/01/2036		1,400		1,229
ARIZONA 3.2%
Arizona State Health Facilities Authority Revenue Bonds, Series 2007
5.200% due 10/01/2037		1,250		961
Arizona State Salt Verde Financial Corporation Revenue Bonds, Series 2007
5.000% due 12/01/2037		1,000		845
Pima County, Arizona Industrial Development Authority Revenue Bonds, Series 2006
6.375% due 06/01/2036		1,500		1,401
Pima County, Arizona Industrial Development Authority Revenue Bonds, Series 2007
5.625% due 07/01/2038		1,000		883
Pima County, Arizona Industrial Development Authority Revenue Bonds, Series 2008
6.375% due 09/01/2029		1,850		1,845
				5,935
CALIFORNIA 4.7%
California State Municipal Finance Authority Certificates of Participation Bonds, Series 2007
5.250% due 02/01/2037		1,000		842
California State Municipal Finance Authority Revenue Bonds, Series 2008
5.875% due 10/01/2034		750		746
California State Sierra Kings Health Care District Revenue Bonds, Series 2006
6.000% due 12/01/2036		195		166
California Statewide Communities Development Authority Revenue Bonds, Series 2007
5.500% due 11/01/2038		1,500		1,384
9.000% due 11/01/2017		500		533
Dinuba, California Financing Authority Revenue Bonds, Series 2007
5.375% due 09/01/2038		200		175

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2033	$	1,000	$	832
5.125% due 06/01/2047		5,000		3,973
Los Angeles, California Regional Airports Improvement Corp. Revenue Bonds, Series 2002
7.500% due 12/01/2024		250		252
				8,903
COLORADO 4.9%
Colorado State Educational & Cultural Facilities Authority Revenue Bonds, Series 2007
5.700% due 05/01/2037		800		692
5.750% due 05/15/2037		855		755
5.750% due 12/01/2037		1,000		881
Colorado State Health Facilities Authority Revenue Bonds, Series 2007
5.300% due 07/01/2037		2,350		1,884
5.900% due 08/01/2037		1,000		869
Colorado State Housing & Finance Authority Revenue Bonds, Series 2007
5.875% due 06/01/2037		1,500		1,365
Confluence Metropolitan District, Colorado Revenue Bonds, Series 2007
5.400% due 12/01/2027		500		424
5.450% due 12/01/2034		1,000		822
Copperleaf, Colorado Metropolitan District No. 2 General Obligation Bonds, Series 2006
5.950% due 12/01/2036		500		398
Madre, Colorado Metropolitan District No. 2 General Obligation Bonds, Series 2007
5.500% due 12/01/2036		900		697
Tallyns Reach, Colorado Metropolitan District No. 3 General Obligation Bonds, Series 2007
5.200% due 12/01/2036		500		386
				9,173
CONNECTICUT 1.1%
Connecticut State Health & Educational Facility Authority Revenue Bonds, (MBIA Insured), Series 2007
1.850% due 07/01/2037		2,000		2,000
FLORIDA 4.7%
Beacon Lakes, Florida Community Development District Special Assessment Bonds, Series 2007
6.000% due 05/01/2038		500		425
Brevard County, Florida Health Facilities Authority Revenue Bonds, Series 2005
5.000% due 04/01/2036		1,700		1,523
Florida State Development Finance Corp. Revenue Bonds, Series 2007
6.000% due 02/15/2037		250		226
Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2007
5.125% due 05/15/2037		1,000		841
Jacksonville, Florida Economic Development Commission Revenue Bonds, Series 2007
5.300% due 05/01/2037		2,500		2,035
Lee County, Florida Industrial Development Authority Revenue Bonds, Series 2007
5.375% due 06/15/2037		1,500		1,233
Sarasota County, Florida Health Facility Authority Revenue Bonds, Series 2007
5.750% due 07/01/2037		1,680		1,429

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
University Square, Florida Community Development District Special Assessment Bonds, Series 2007
5.875% due 05/01/2038	$	1,250	$	1,088
				8,800
GEORGIA 0.7%
Fulton County, Georgia Revenue Bonds, Series 2006
5.125% due 07/01/2042		250		193
Georgia State Medical Center Hospital Authority Revenue Bonds, Series 2007
5.250% due 07/01/2037		1,500		1,127
				1,320
ILLINOIS 10.3%
Belleville, Illinois Frank Scott Parkway Redevelopment Authority Tax Allocation Bonds, Series 2007
5.700% due 05/01/2036		1,000		868
Chicago, Illinois O’Hare International Airport Revenue Bonds, (FGIC Insured), Series 2005
5.000% due 01/01/2033		2,000		1,958
Granite City, Illinois Revenue Bonds, Series 2007
5.125% due 04/01/2027		1,645		1,436
Illinois State Finance Authority Revenue Bonds, Series 2006
5.875% due 02/15/2038		200		173
Illinois State Finance Authority Revenue Bonds, Series 2007
5.000% due 12/01/2036		250		206
5.375% due 11/15/2039		1,600		1,296
5.500% due 05/15/2037		750		645
6.100% due 12/01/2041		1,650		1,451
7.000% due 12/01/2037		1,000		942
Illinois State Finance Authority Revenue Bonds, Series 2008
6.250% due 08/15/2035		1,000		925
Illinois State Finance Authority Sports Facilities Revenue Bonds, Series 2007
6.000% due 03/01/2037		1,775		1,552
Illinois State Health Facilities Authority Revenue Bonds, (MBIA Insured), Series 1994
1.750% due 08/15/2026		4,000		4,000
Illinois State Health Facilities Authority Revenue Bonds, (MBIA Insured), Series 1998
2.050% due 08/01/2026		1,755		1,755
Southwestern Illinois State Development Authority Revenue Bonds, Series 2007
5.350% due 03/01/2031		1,250		1,124
6.625% due 06/01/2037		1,000		932
				19,263
INDIANA 1.3%
East Chicago, Indiana Revenue Bonds, Series 1999
6.375% due 08/01/2029		100		95
Indiana State Health & Educational Facilities Financing Authority Revenue Bonds, Series 2007
5.500% due 03/01/2037		1,000		864
Vigo County, Indiana Hospital Authority Revenue Bonds, Series 2007
5.700% due 09/01/2037		1,650		1,447
				2,406

See Accompanying Notes Annual Report March 31, 2008 25

Schedule of Investments  High Yield Municipal Bond Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
IOWA 2.0%
Iowa State Finance Authority Revenue Bonds, Series 2006
5.450% due 11/01/2026	$	175	$	154
Iowa State Finance Authority Revenue Bonds, Series 2007
5.500% due 11/15/2027		900		773
5.500% due 11/15/2037		1,150		935
5.625% due 12/01/2045		2,150		1,771
Iowa State Higher Education Loan Authority Revenue Bonds, Series 2006
5.100% due 10/01/2036		200		176
				3,809
KANSAS 1.4%
Labette County, Kansas Revenue Bonds, Series 2007
5.750% due 09/01/2037		1,100		1,015
Lenexa, Kansas Revenue Bonds, Series 2007
5.500% due 05/15/2039		1,000		835
Manhattan, Kansas Revenue Bonds, Series 2007
5.125% due 05/15/2037		250		200
5.125% due 05/15/2042		250		195
5.500% due 08/01/2021		250		224
Olathe, Kansas Tax Allocation Bonds, Series 2007
5.500% due 09/01/2026		200		182
				2,651
KENTUCKY 0.3%
Ohio County, Kentucky Revenue Bonds, (AMBAC Insured), Series 2001
12.000% due 10/01/2022		500		500
MARYLAND 2.4%
Maryland State Economic Development Corp. Revenue Bonds, Series 2006
5.000% due 12/01/2031		850		666
Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, Series 2007
5.000% due 07/01/2037		850		730
5.300% due 01/01/2037		800		625
Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, Series 2008
5.750% due 01/01/2038		1,000		950
6.000% due 01/01/2043		1,600		1,561
				4,532
MASSACHUSETTS 1.3%
Massachusetts State Development Finance Agency Revenue Bonds, Series 2007
5.750% due 11/15/2042		1,500		1,279
6.750% due 10/15/2037		1,250		1,122
				2,401
MICHIGAN 6.5%
Corner Creek Academy East, Michigan Revenue Bonds, Series 2007
5.250% due 11/01/2036		250		205
Crescent Academy, Michigan Certificates of Participation Bonds, Series 2006
5.750% due 12/01/2036		500		417
Doctor Charles Drew Academy, Michigan State Certificates of Participation Bonds, Series 2006
5.700% due 11/01/2036		450		378
East Lansing, Michigan Economic Corp. Revenue Bonds, Series 2007
5.250% due 07/01/2037		800		654

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Garden City, Michigan Hospital Finance Authority Revenue Bonds, Series 2007
5.000% due 08/15/2038	$	250	$	187
Hillsdale, Michigan Hospital Finance Authority Revenue Bonds, Series 1998
5.000% due 05/15/2013		100		101
Meridian, Michigan Economic Development Corp. Revenue Bonds, Series 2007
5.250% due 07/01/2026		995		887
Michigan State Grand Traverse Academy Revenue Bonds, Series 2007
5.000% due 11/01/2036		900		730
Michigan State Hospital Finance Authority Revenue Bonds, Series 2006
5.000% due 11/15/2038		1,000		908
Michigan State Public Educational Facilities Authority Revenue Bonds, Series 2007
5.000% due 09/01/2036		2,500		2,098
6.500% due 09/01/2037		1,000		925
Michigan State Tobacco Settlement Finance Authority Revenue Bonds, Series 2007
6.000% due 06/01/2048		750		687
Royal Oak, Michigan Hospital Finance Authority Revenue Bonds, (AMBAC Insured), Series 2006
2.000% due 01/01/2020		2,000		2,000
3.500% due 01/01/2020		2,000		2,000
				12,177
MINNESOTA 2.2%
Falcon Heights, Minnesota Revenue Bonds, Series 2007
6.000% due 11/01/2037		400		359
Minneapolis, Minnesota Revenue Bonds, Series 2007
5.400% due 04/01/2028		725		642
5.750% due 10/01/2037		1,500		1,321
Minneapolis, Minnesota Tax Allocation Bonds, Series 2006
5.350% due 02/01/2030		200		176
North Oaks, Minnesota Revenue Bonds, Series 2007
6.125% due 10/01/2039		250		238
St. Paul, Minnesota Housing & Redevelopment Authority Revenue Bonds, Series 2007
5.375% due 05/01/2043		650		511
Stillwater, Minnesota Revenue Bonds, Series 2007
5.375% due 02/01/2032		500		430
Washington County, Minnesota Housing & Redevelopment Authority Revenue Bonds, Series 2007
5.625% due 06/01/2037		500		421
				4,098
MISSOURI 2.2%
Branson, Missouri Regional Airport Transportation Development District Revenue Bonds, Series 2007
6.000% due 07/01/2025		1,900		1,718
6.000% due 07/01/2037		750		660
Cottleville, Missouri Certificates of Participation Bonds, Series 2006
5.250% due 08/01/2031		250		238
Grindstone Plaza, Missouri Transportation Development District Sales Tax Revenue Bonds, Series 2006
5.500% due 10/01/2031		250		226
5.550% due 10/01/2036		45		40

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Joplin, Missouri Industrial Development Authority Revenue Bonds, Series 2007
5.750% due 05/15/2031	$	1,485	$	1,316
				4,198
MONTANA 0.3%
Hardin, Montana Rocky Mountain Power, Inc. Tax Allocation, Series 2006
0.000% due 09/01/2031 (b)		830		516
NEVADA 1.0%
Clark County, Nevada Revenue Bonds, (AMBAC Insured), Series 2007
5.000% due 07/01/2040		2,000		1,926
NEW JERSEY 3.6%
Middlesex County, New Jersey Improvement Authority Revenue Bonds, Series 2005
6.125% due 01/01/2025		1,900		1,785
New Jersey State Economic Development Authority Revenue Bonds, Series 2000
7.000% due 11/15/2030		60		57
New Jersey State Economic Development Authority Revenue Bonds, Series 2006
5.375% due 11/01/2036		1,750		1,432
New Jersey State Health Care Facilities Financing Authority Revenue Bonds, Series 2007
5.750% due 07/01/2037		1,000		959
New Jersey State Health Care Facilities Financing Authority Revenue Bonds, Series 2008
5.250% due 01/01/2036 (a)		900		904
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2041		2,000		1,612
				6,749
NEW MEXICO 0.5%
New Mexico State Hospital Equipment Loan Council Revenue Bonds, Series 2007
5.250% due 08/15/2026		500		429
Otero County, New Mexico Revenue Bonds, Series 2007
6.000% due 04/01/2028		650		588
				1,017
NEW YORK 1.4%
Erie County, New York Industrial Development Agency Revenue Bonds, Series 2006
6.000% due 11/15/2036		150		133
Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2007
6.500% due 01/01/2027		395		388
6.700% due 01/01/2043		1,500		1,471
New York City, New York Industrial Development Agency Revenue Bonds, Series 2005
7.625% due 08/01/2025		500		506
7.750% due 08/01/2031		150		152
				2,650
NORTH CAROLINA 1.2%
Charlotte, North Carolina Revenue Bonds, Series 1998
5.600% due 07/01/2027		150		122
Charlotte, North Carolina Revenue Bonds, Series 2000
7.750% due 02/01/2028		60		61

26 PIMCO Funds Municipal Bond Funds See Accompanying Notes

                    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
North Carolina State Medical Care Commission Revenue Bonds, Series 2006
5.100% due 10/01/2030	$	50	$	43
North Carolina State Medical Care Commission Revenue Bonds, Series 2007
5.250% due 01/01/2032		1,000		798
North Carolina State Medical Care Commission Revenue Bonds, Series 2008
6.000% due 04/01/2038		500		460
Surry County, North Carolina Northern Hospital District Revenue Bonds, Series 2008
6.250% due 10/01/2038 (a)		800		788
				2,272
OHIO 3.3%
Ohio State Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2007
5.875% due 06/01/2047		5,500		4,846
6.000% due 06/01/2042		1,520		1,397
				6,243
OREGON 1.0%
Oregon State Health Housing Educational & Cultural Facilities Authority Revenue Bonds, (MBIA Insured), Series 1998
3.250% due 12/01/2028		1,885		1,885
PENNSYLVANIA 5.7%
Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2007
5.375% due 11/15/2040		3,500		2,800
Cumberland County, Pennsylvania Municipal Authority Revenue Bonds, Series 2008
6.000% due 07/01/2035		500		479
Harrisburg, Pennsylvania Authority Revenue Bonds, Series 2007
6.000% due 09/01/2036		500		466
Lancaster County, Pennsylvania Hospital Authority Revenue Bonds, Series 2008
6.250% due 07/01/2026		250		248
6.375% due 07/01/2030		1,000		988
Montgomery County, Pennsylvania Higher Education & Health Authority Revenue Bonds, Series 2006
5.250% due 01/01/2036		150		130
Pennsylvania State Economic Development Financing Authority Revenue Bonds, Series 2001
6.750% due 12/01/2036		3,600		3,591
Pennsylvania State Economic Development Financing Authority Revenue Bonds, Series 2003
6.750% due 12/01/2036		250		249
Philadelphia, Pennsylvania Hospitals & Higher Education Facilities Authority Revenue Bonds, Series 2007
5.000% due 07/01/2034		1,000		841
Philadelphia, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2007
5.500% due 09/15/2037		450		394
Washington County, Pennsylvania Redevelopment Authority Tax Allocation Bonds, Series 2006
5.450% due 07/01/2035		550		476
				10,662

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
PUERTO RICO 1.2%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Revenue Bonds, Series 2008
6.000% due 07/01/2038	$	2,250	$	2,312
RHODE ISLAND 0.1%
Rhode Island State Health & Educational Building Corporations Revenue Bonds, Series 1998
5.400% due 07/01/2013		185		186
Rhode Island State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2002
6.125% due 06/01/2032		100		95
				281
SOUTH CAROLINA 1.9%
South Carolina State Jobs-Economic Development Authority Revenue Bonds, Series 2007
5.500% due 05/01/2028		1,900		1,626
6.000% due 11/15/2037		2,000		1,793
South Carolina State Tobacco Settlement Revenue Management Authority Revenue Bonds, Series 2001
6.375% due 05/15/2030		145		141
				3,560
TENNESSEE 0.7%
Maury County, Tennessee Industrial Development Board Revenue Bonds, Series 1994
6.500% due 09/01/2024		150		141
Sumner County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, Series 2007
5.500% due 11/01/2037		1,250		1,137
				1,278
TEXAS 8.2%
Alliance, Texas Airport Authority Revenue Bonds, Series 2007
5.250% due 12/01/2029		2,500		1,579
Fort Bend County, Texas General Obligation Bonds, (MBIA Insured), Series 2007
4.750% due 03/01/2031		500		457
Guadalupe-Blanco, Texas River Authority Revenue Notes, Series 2008
5.625% due 10/01/2017 (a)		275		277
Gulf Coast, Texas Industrial Development Authority Revenue Bonds, Series 2006
7.000% due 12/01/2036		500		456
Gulf Coast, Texas Waste Disposal Authority Revenue Bonds, Series 2003
5.200% due 05/01/2028		1,000		821
HFDC of Central Texas, Inc. Revenue Bonds, Series 2006
5.500% due 02/15/2037		500		401
Houston, Texas Airport Systems Revenue Bonds, Series 1997
6.125% due 07/15/2027		45		38
Houston, Texas Airport Systems Revenue Bonds, Series 2001
6.750% due 07/01/2021		100		94
Houston, Texas Apartment System Revenue Bonds, Series 1997
6.125% due 07/15/2017		100		90
Lubbock, Texas Health Facilities Development Corp. Revenue Bonds, Series 2005
6.625% due 07/01/2036		265		257

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Lubbock, Texas State Educational Facilities Authority Revenue Bonds, Series 2007
5.250% due 11/01/2037	$	1,500	$	1,313
Lufkin, Texas Health Facilities Development Corp. Revenue Bonds, Series 2007
5.500% due 02/15/2037		750		677
Maverick County, Texas Public Facility Corp. Revenue Bonds, Series 2007
6.250% due 02/01/2024		635		579
6.375% due 02/01/2029		220		197
North Texas State Tollway Authority Revenue Bonds, Series 2008
5.625% due 01/01/2033 (a)		1,500		1,493
Parmer County, Texas Hospital District General Obligation Bonds, Series 2007
5.500% due 02/15/2027		345		329
San Leanna, Texas Educational Facilities Corp. Revenue Bonds, Series 2007
4.750% due 06/01/2032		1,000		845
Texas State Public Finance Authority Revenue Bonds, Series 2007
5.375% due 02/15/2037		3,115		2,629
Texas State Water Development Board Revenue Bonds, Series 2007
4.500% due 07/15/2023		500		497
Trinity River Authority, Texas Revenue Bonds, Series 2000
6.250% due 05/01/2028		50		43
Tyler, Texas Health Facilities Development Corporations Revenue Bonds, Series 2007
5.375% due 11/01/2037		1,750		1,504
Willacy County, Texas Revenue Bonds, Series 2007
6.875% due 09/01/2028		750		763
				15,339
UTAH 4.3%
Carbon County, Utah Revenue Bonds, (AMBAC Insured), Series 1994
6.000% due 11/01/2024		2,365		2,365
Spanish Fork City, Utah Revenue Bonds, Series 2006
5.550% due 11/15/2026		500		452
5.700% due 11/15/2036		1,000		882
Utah County, Utah General Obligation Bonds, Series 2007
5.875% due 06/15/2037		1,650		1,494
Utah County, Utah Revenue Bonds, Series 2007
5.625% due 07/15/2037		2,550		2,230
Utah State Charter School Finance Authority Revenue Bonds, Series 2007
6.000% due 07/15/2037		675		619
				8,042
VIRGINIA 1.7%
Bedford County, Virginia Industrial Development Authority Revenue Bonds, Series 1999
6.550% due 12/01/2025		100		91
Fauquier County, Virginia Industrial Development Authority Revenue Bonds, Series 2008
5.250% due 10/01/2037		500		448
James City County, Virginia Economic Development Authority Revenue Bonds, Series 2007
5.500% due 07/01/2037		750		631
Lewistown, Virginia Commerce Center Community Development Authority Revenue Bonds, Series 2007
6.050% due 03/01/2027		1,150		1,028

See Accompanying Notes Annual Report March 31, 2008 27

Schedule of Investments  High Yield Municipal Bond Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Peninsula Town Center, Virginia Community Development Authority Revenue Bonds, Series 2007
6.450% due 09/01/2037	$	1,000	$	922
				3,120
WASHINGTON 1.0%
King County, Washington Public Hospital District No. 1 General Obligation Bonds, Series 2008
5.250% due 12/01/2037		1,150		1,118
Washington State Housing Finance Commission Revenue Bonds, Series 2007
5.625% due 01/01/2038		850		722
				1,840
WEST VIRGINIA 0.5%
West Virginia State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
7.467% due 06/01/2047		1,000		955

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
WISCONSIN 1.3%
Janesville, Wisconsin Revenue Bonds, Series 1984
5.550% due 04/01/2009	$	1,000	$	987
Milwaukee, Wisconsin Redevelopment Authority Revenue Bonds, Series 2007
5.650% due 08/01/2037		1,150		1,001
Waukesha, Wisconsin Redevelopment Authority Revenue Bonds, Series 2006
5.250% due 07/01/2026		150		140
Wisconsin State Health & Educational Facilities Authority Revenue Bonds, Series 2007
5.000% due 09/01/2033		250		218
				2,346
Total Municipal Bonds & Notes (Cost $186,762)				168,972

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INSTRUMENTS 2.5%
REPURCHASE AGREEMENTS 2.5%
State Street Bank and Trust Co.
1.900% due 04/01/2008	$	4,642	$	4,642
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 3.875% due 08/22/2008 valued at $4,737. Repurchase proceeds are $4,642.)
Total Short-Term Instruments (Cost $4,642)				4,642
Total Investments 94.5% (Cost $195,004)			$	177,226
Other Assets and Liabilities (Net) 5.5%				10,293
Net Assets 100.0%			$	187,519

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) When-issued security.

(b) Security becomes interest bearing at a future date.

(c) Cash of $635 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	211	$	(272	)

(d) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty		Notional Amount	Unrealized (Depreciation)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MSC	$	3,900	$	(9	)

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

28 PIMCO Funds Municipal Bond Funds See Accompanying Notes

Schedule of Investments  Municipal Bond Fund                     
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 1.3%
Bank of America Corp.
8.000% due 12/29/2049	$	7,000	$	7,023
Total Corporate Bonds & Notes (Cost $7,000)				7,023
MUNICIPAL BONDS & NOTES 88.4%
ALABAMA 1.0%
Alabama State 21st Century Authority Revenue Bonds, Series 2001
5.750% due 12/01/2018		2,295		2,376
Jefferson County, Alabama Limited Obligation Revenue Bonds, Series 2004
5.250% due 01/01/2019		3,300		2,934
				5,310
ALASKA 0.4%
Alaska State Housing Finance Corporations Revenue Bonds, (MBIA Insured), Series 2002
5.250% due 06/01/2032		540		509
Anchorage, Alaska General Obligation Bonds, (FGIC Insured), Series 2006
5.000% due 10/01/2018		1,480		1,583
				2,092
ARIZONA 1.5%
Arizona State Salt River Project Agricultural Improvement and Power District Revenue Bonds, Series 2005
4.750% due 01/01/2035		2,000		1,924
Arizona State Salt Verde Financial Corporation Revenue Bonds, Series 2007
5.000% due 12/01/2037		6,000		5,072
Phoenix, Arizona Industrial Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2000
5.875% due 06/01/2016		10		10
Pima County, Arizona Industrial Development Authority Revenue Bonds, (HUD Sector 8 Insured), Series 1998
5.375% due 06/01/2010		855		884
				7,890
ARKANSAS 0.4%
Jefferson County, Arkansas Pollution Revenue Bonds, Series 2006
4.600% due 10/01/2017		2,000		1,967
CALIFORNIA 21.1%
Anaheim, California Public Financing Authority Revenue Bonds, (FSA Insured), Series 1997
0.000% due 09/01/2035		4,000		972
Bakersfield, California Certificates of Participation Bonds, Series 1991
0.000% due 04/15/2021		5,000		2,684
Bakersfield, California Revenue Bonds, (FSA Insured), Series 2007
5.000% due 09/15/2019		2,000		2,125
California State Association of Bay Area Governments Financing Authority for Non-Profit Corporations Revenue Bonds, Series 2003
5.200% due 11/15/2022		2,565		2,610

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
California State General Obligation Bonds, Series 2007
5.000% due 06/01/2032	$	9,000	$	8,851
5.000% due 06/01/2037		5,300		5,165
5.000% due 11/01/2037		16,200		15,784
5.000% due 12/01/2037		4,200		4,092
Culver, California Redevelopment Agency Tax Allocation Bonds, (AMBAC Insured), Series 2005
5.000% due 11/01/2023		630		640
Foothill, California Eastern Transportation Corridor Agency Revenue Bonds, (MBIA-IBC Insured), Series 1999
0.000% due 01/15/2026 (a)		1,565		1,516
Foothill, California Eastern Transportation Corridor Agency Revenue Bonds, Series 1995
0.000% due 01/01/2026		1,000		420
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2003
6.250% due 06/01/2033		39,370		42,958
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2033		5,000		4,158
5.125% due 06/01/2047		2,000		1,589
Imperial, California Community College District General Obligation Bonds, (XLCA Insured), Series 2006
0.000% due 08/01/2031		3,010		736
Indian Wells, California Redevelopment Agency Tax Allocation Bonds, (AMBAC Insured), Series 2006
4.750% due 09/01/2034		5,850		5,235
Metropolitan Water District of Southern California State Revenue Bonds, Series 2006
4.750% due 07/01/2036		3,000		2,927
Morgan Hill, California Unified School District General Obligation Notes, (AMBAC Insured), Series 2006
0.000% due 08/01/2015		2,890		2,143
0.000% due 08/01/2016		1,400		979
Poway, California Unified School District Special Tax Bonds, Series 2005
4.700% due 09/01/2016		940		898
4.800% due 09/01/2017		875		835
Poway, California Unified School District Special Tax Notes, Series 2005
4.600% due 09/01/2015		420		403
San Ramon Valley, California Unified School District General Obligation Bonds, (FGIC Insured), Series 1998
0.000% due 07/01/2018		2,385		1,470
Southern California State Public Power Authority Revenue Bonds, Series 2007
5.250% due 11/01/2020		4,000		3,982
				113,172
COLORADO 0.5%
Colorado State Health Facilities Authority Revenue Bonds, Series 2006
5.250% due 06/01/2036		1,000		937
Colorado State Housing & Finance Authority Revenue Bonds, (FHA/VA Insured), Series 2000
5.700% due 10/01/2022		35		35
Colorado State Housing & Finance Authority Revenue Bonds, Series 2000
6.700% due 10/01/2016		25		26
6.750% due 04/01/2015		40		41

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Denver, Colorado Health & Hospital Authority Revenue Bonds, Series 1998
5.000% due 12/01/2009	$	1,390	$	1,433
				2,472
CONNECTICUT 1.2%
Connecticut State General Obligation Notes, Series 2001
7.094% due 06/15/2010		5,000		6,130
DISTRICT OF COLUMBIA 1.7%
District of Columbia Revenue Bonds, (FGIC Insured), Series 2006
5.000% due 02/01/2035		10,085		9,107
FLORIDA 2.3%
Florida State Board of Education General Obligation Bonds, (ST-GTD), Series 2005
4.750% due 06/01/2035		2,270		2,138
Miami-Dade County, Florida Revenue Bonds, (MBIA Insured), Series 2005
0.000% due 10/01/2035 (a)		10,200		9,035
Orange County, Florida Health Facilities Authority Revenue Bonds, (MBIA Insured), Series 1996
6.250% due 10/01/2011		290		319
Tampa, Florida Guaranteed Entitlement Revenue Bonds, (AMBAC Insured), Series 2001
6.000% due 10/01/2018		800		930
				12,422
GEORGIA 0.0%
Georgia State Municipal Electric Authority Revenue Bonds, (MBIA-IBC Insured), Series 1997
6.500% due 01/01/2012		165		178
HAWAII 0.2%
Honolulu, Hawaii City & County General Obligation Bonds, (MBIA-IBC Insured), Series 1993
5.450% due 09/11/2008		1,000		1,016
ILLINOIS 6.2%
Chicago, Illinois Board of Education General Obligation Bonds, (FGIC Insured), Series 1998
0.000% due 12/01/2020		1,000		531
Chicago, Illinois Board of Education General Obligation Bonds, (FGIC Insured), Series 1999
0.000% due 12/01/2031		1,000		251
Chicago, Illinois General Obligation Bonds, (MBIA Insured), Series 2001
0.000% due 01/01/2020 (a)		1,290		1,209
Chicago, Illinois O’Hare International Airport Revenue Bonds, (FGIC Insured), Series 2005
5.250% due 01/01/2023		5,000		5,115
Chicago, Illinois Waste & Water Revenue Bonds, (MBIA Insured), Series 1998
0.000% due 01/01/2021		2,000		1,047
Cook County, Illinois Community School District No. 97-Oak Park General Obligation Bonds, (FGIC Insured), Series 1999
9.000% due 12/01/2012		1,000		1,249
Cook County, Illinois School District No. 122-Oak Lawn General Obligation Bonds, (FGIC Insured), Series 2000
0.000% due 12/01/2016		2,570		1,775

See Accompanying Notes Annual Report March 31, 2008 29

Schedule of Investments  Municipal Bond Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Cook County, Illinois Township High School District No. 225-Northfield General Obligation Bonds, Series 2002
0.000% due 12/01/2012	$	135	$	113
0.000% due 12/01/2014		255		193
0.000% due 12/01/2015		1,885		1,347
Cook County, Illinois Township High School District No. 225-Northfield General Obligation Notes, Series 2002
0.000% due 12/01/2011		125		110
Illinois State Finance Authority Revenue Bonds, (AMBAC Insured), Series 2004
5.000% due 11/15/2023		5,935		5,909
Illinois State Health Facilities Authority Revenue Bonds, (MBIA Insured), Series 1992
6.250% due 09/01/2021		695		817
Illinois State Northern Municipal Power Agency Revenue Bonds, (MBIA Insured), Series 2007
5.000% due 01/01/2018		1,000		1,073
Kane, McHenry, Cook & De Kalb Counties, Illinois Unit School District No. 300 General Obligation Bonds, (AMBAC Insured), Series 2002
0.000% due 12/01/2020		1,290		691
Kendall, Kane & Will Counties, Illinois High School Districts General Obligation Notes, (FSA Insured), Series 2003
0.000% due 10/01/2012		3,000		2,558
Lake County, Illinois Community High School District No.127-Grayslake General Obligation Bonds, (FGIC Insured), Series 2002
0.000% due 02/01/2017		5,420		3,672
Lake County, Illinois Community High School District No.127-Grayslake General Obligation Notes, (FGIC Insured), Series 2002
9.000% due 02/01/2009		650		686
9.000% due 02/01/2011		690		804
9.000% due 02/01/2012		1,065		1,288
Sangamon County, Illinois School District No. 186 Springfield General Obligation Notes, (FGIC Insured), Series 2004
0.000% due 10/01/2009		1,000		956
Will County, Illinois Community Unit School District No. 365 Valley View General Obligation Bonds, (FSA Insured), Series 2002
0.000% due 11/01/2019		3,400		1,992
				33,386
INDIANA 2.7%
Brownsburg, Indiana 1999 School Building Corporations Revenue Bonds, (AMBAC Insured), Series 2002
5.375% due 02/01/2023		1,395		1,520
Danville, Indiana Multi-School Building Corporation Revenue Bonds, (FSA Insured), Series 2001
4.400% due 01/15/2012		170		177
4.500% due 01/15/2013		190		197
4.650% due 01/15/2014		210		218
4.750% due 01/15/2015		235		243
4.850% due 01/15/2016		295		305
Danville, Indiana Multi-School Building Corporation Revenue Notes, (FSA Insured), Series 2001
4.250% due 07/15/2011		290		303
4.750% due 07/15/2009		200		205
5.000% due 07/15/2010		180		188
Hamilton, Indiana Southeastern Consolidated School Building Revenue Notes, (FSA Insured), Series 2001
5.000% due 07/15/2010		760		791

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Indiana State Development Finance Authority Revenue Bonds, Series 2005
5.000% due 06/01/2022	$	1,590	$	1,637
Indiana State Health & Educational Facilities Financing Authority Revenue Bonds, Series 2006
5.250% due 02/15/2040		5,000		4,692
Indianapolis, Indiana Local Public Improvement Revenue Bonds, Series 1992
6.750% due 02/01/2014		1,000		1,124
Mishawaka, Indiana School Building Corporations Revenue Bonds, (FSA Insured), Series 2006
4.250% due 01/15/2026		1,325		1,171
South Bend, Indiana Redevelopment Authority Revenue Bonds, Series 2000
5.100% due 02/01/2011		405		431
5.200% due 02/01/2012		230		243
5.500% due 02/01/2015		180		190
Tri-Creek School Building Corporation, Indiana Revenue Bonds, (FSA Insured), Series 2007
4.250% due 07/15/2020		1,000		975
				14,610
KANSAS 0.1%
Lenexa, Kansas Revenue Notes, Series 2007
5.125% due 05/15/2015		575		565
KENTUCKY 0.1%
Kentucky State Development Finance Authority Hospital Revenue Bonds, Series 1989
6.000% due 10/01/2019		645		657
LOUISIANA 2.6%
Louisiana State General Obligation Bonds, (FGIC Insured), Series 2002
5.000% due 04/01/2018 (b)		5,000		5,395
5.000% due 04/01/2019 (b)		700		717
Louisiana State Local Government Environmental Facilities & Community Development Authority Revenue Bonds, (MBIA Insured), Series 2000
5.700% due 01/01/2010		95		99
Louisiana State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2001
5.875% due 05/15/2039 (b)		8,430		7,846
				14,057
MARYLAND 0.7%
Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, Series 2007
5.000% due 07/01/2027		4,000		3,623
MASSACHUSETTS 1.9%
Commonwealth of Massachusetts General Obligation Bonds, (FSA Insured), Series 2006
5.063% due 11/01/2019		5,090		5,023
5.170% due 11/01/2020		2,595		2,440
Commonwealth of Massachusetts Revenue Bonds, (FGIC Insured), Series 2004
5.802% due 01/01/2017		1,000		1,054
Massachusetts State Development Finance Agency Revenue Bonds, (ACA Insured), Series 2005
5.000% due 03/01/2035		1,000		846
Massachusetts State Development Finance Agency Revenue Bonds, Series 1998
4.800% due 11/01/2008		90		91

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Massachusetts State Development Finance Agency Revenue Notes, (ACA Insured), Series 1999
4.600% due 03/01/2009	$	85	$	86
Massachusetts State Health & Educational Facilities Authority Revenue Bonds, Series 2001
6.000% due 07/01/2014		500		539
				10,079
MICHIGAN 1.0%
Lake Fenton, Michigan Community Schools General Obligation Bonds, (Q-SBLF Insured), Series 2002
5.000% due 05/01/2022		2,720		2,939
Michigan State Hospital Finance Authority Revenue Bonds, Series 1999
6.125% due 11/15/2026		50		54
Michigan State Public Power Agency Revenue Bonds, (AMBAC Insured), Series 2001
5.250% due 01/01/2015		1,000		1,067
Michigan State Tobacco Settlement Finance Authority Revenue Bonds, Series 2007
5.125% due 06/01/2022		1,350		1,275
				5,335
MISSOURI 2.5%
Lees Summit, Missouri Strother Interchange Transportation Development District Revenue Bonds, Series 2006
5.000% due 05/01/2024		500		443
Missouri State Development Finance Board Revenue Bonds, Series 2007
5.000% due 11/01/2022		2,000		1,961
Missouri State Development Finance Board Revenue Notes, Series 2007
5.000% due 11/01/2014		1,035		1,103
5.000% due 11/01/2015		540		575
Missouri State Environmental Improvement & Energy Resources Revenue Bonds, Series 2000
5.750% due 07/01/2014		350		370
Missouri State Housing Development Commission Revenue Bonds, (FHA Insured), Series 2001
5.250% due 12/01/2016		295		301
Springfield, Missouri Revenue Bonds, (FGIC Insured), Series 2006
4.750% due 08/01/2034		8,200		7,635
St. Louis County, Missouri Industrial Development Authority Revenue Bonds, Series 2005
5.000% due 11/01/2024		1,250		1,113
				13,501
NEVADA 0.5%
Clark County, Nevada Revenue Bonds, (AMBAC Insured), Series 2007
5.000% due 07/01/2040		2,750		2,648
NEW JERSEY 4.8%
Camden County, New Jersey Improvement Authority Revenue Notes, Series 2005
5.250% due 02/15/2009		550		556
5.250% due 02/15/2010		570		581
New Jersey State Economic Development Authority Revenue Bonds, Series 1998
0.000% due 04/01/2013		1,595		1,335
5.600% due 01/01/2012		820		822
6.000% due 11/01/2028		3,500		3,146
6.375% due 04/01/2018		1,500		1,757
6.500% due 04/01/2031		2,115		2,169
6.800% due 04/01/2018		710		754

30 PIMCO Funds Municipal Bond Funds See Accompanying Notes

                    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
New Jersey State Economic Development Authority Revenue Bonds, Series 1999
6.625% due 09/15/2012	$	3,500	$	3,383
New Jersey State General Obligation Bonds, Series 1992
6.000% due 02/15/2011		510		558
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2003
6.125% due 06/01/2024		3,500		3,743
6.375% due 06/01/2032		1,000		1,131
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2041		7,350		5,924
				25,859
NEW YORK 7.3%
Long Island, New York Power Authority Revenue Notes, (MBIA Insured), Series 2006
4.846% due 09/01/2015		3,000		2,860
New York City, New York General Obligation Bonds, (MBIA Insured), Series 2001
5.250% due 11/01/2015		2,000		2,136
New York City, New York General Obligation Bonds, (MBIA Insured), Series 2005
5.000% due 08/01/2018		1,150		1,223
New York City, New York General Obligation Bonds, Series 2007
5.000% due 10/01/2019		4,300		4,519
New York City, New York Industrial Development Agency Revenue Bonds, (FGIC Insured), Series 2006
5.000% due 03/01/2031		7,000		6,723
5.070% due 03/01/2020		3,900		3,432
5.120% due 03/01/2022		3,500		3,287
New York City, New York Industrial Development Agency Revenue Bonds, (MBIA Insured), Series 2006
5.000% due 03/01/2036		4,900		4,820
New York State Dormitory Authority Revenue Bonds, (ACA Insured), Series 2000
5.850% due 07/01/2010		630		650
New York State Dormitory Authority Revenue Bonds, (FHA Insured), Series 2004
6.250% due 08/15/2015		2,325		2,476
New York State Dormitory Authority Revenue Bonds, Series 2002
6.000% due 11/15/2029		3,800		4,196
New York State Urban Development Corporations Revenue Bonds, Series 2002
5.500% due 01/01/2017		2,790		2,965
				39,287
NORTH CAROLINA 0.7%
Durham, North Carolina General Obligation Bonds, Series 2002
5.000% due 04/01/2021		550		570
North Carolina State Medical Care Commission Revenue Bonds, Series 2006
5.000% due 11/01/2039		3,000		2,881
				3,451
OHIO 2.6%
Ohio State American Municipal Power, Inc. Revenue Notes, Series 2007
5.000% due 02/01/2013		4,700		4,736

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Ohio State Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2007
5.750% due 06/01/2034	$	450	$	403
5.875% due 06/01/2047		6,600		5,816
Ohio State Water Development Authority Revenue Bonds, Series 2002
5.375% due 12/01/2020		1,100		1,206
5.375% due 12/01/2021		1,750		1,919
				14,080
OKLAHOMA 0.0%
Oklahoma State Housing Finance Agency Single-Family Revenue Bonds, Series 2001
0.000% due 09/01/2032		770		160
PENNSYLVANIA 0.3%
Allegheny County, Pennsylvania Hospital Development Authority Revenue Notes, Series 2005
4.500% due 04/01/2015		790		755
Delaware County, Pennsylvania Authority Hospital Revenue Bonds, Series 1998
4.900% due 12/01/2008		100		100
Philadelphia, Pennsylvania Hospitals & Higher Education Facilities Authority Revenue Bonds, Series 2007
5.000% due 07/01/2022		1,000		921
				1,776
PUERTO RICO 1.2%
Puerto Rico Children’s Trust Fund Revenue Bonds, Series 2000
6.000% due 07/01/2026		150		162
Puerto Rico Children’s Trust Fund Revenue Notes, Series 2000
5.750% due 07/01/2010		750		808
Puerto Rico Sales Tax Financing Corporations Revenue Bonds, (AMBAC Insured), Series 2007
0.000% due 08/01/2047		50,000		4,871
0.000% due 08/01/2054		10,000		615
				6,456
RHODE ISLAND 1.5%
Rhode Island State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2002
6.125% due 06/01/2032		2,300		2,196
6.250% due 06/01/2042		6,025		5,662
				7,858
SOUTH CAROLINA 0.5%
Greenville County, South Carolina School District Revenue Bonds, (FSA Insured), Series 2006
5.000% due 12/01/2020		2,395		2,545
TENNESSEE 2.9%
Shelby County, Tennessee General Obligation Bonds, Series 2001
5.000% due 04/01/2023		1,000		1,072
Sullivan County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, Series 2002
6.250% due 09/01/2022		1,000		1,140
Sullivan County, Tennessee Industrial Development Board Revenue Bonds, (GNMA Insured), Series 1995
6.250% due 07/20/2015		605		611

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Tennessee State Energy Acquisition Corporations Revenue Bonds, Series 2006
5.000% due 02/01/2023	$	7,800	$	7,178
5.000% due 02/01/2024		1,400		1,278
5.000% due 02/01/2027		5,000		4,442
				15,721
TEXAS 9.3%
Alliance, Texas Airport Authority Revenue Bonds, Series 2006
4.850% due 04/01/2021		1,000		876
Bastrop, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2002
5.650% due 02/15/2035		90		94
Bexar County, Texas Housing Finance Corporations Multi-Family Revenue Bonds, Series 2001
4.875% due 06/15/2011		465		479
Birdville, Texas Independent School District General Obligations Bonds, (PSF-GTD Insured), Series 2007
0.000% due 02/15/2024		2,260		946
Denton, Texas Independent School District General Obligations Bonds, (PSF-GTD Insured), Series 2006
0.000% due 08/15/2025		5,800		2,230
Ennis, Texas Independent School District 903 General Obligation Bonds, (PSF-GTD Insured), Series 2006
0.000% due 08/15/2033		9,155		2,023
Fort Bend County, Texas General Obligation Bonds, (MBIA Insured), Series 2007
4.750% due 03/01/2031		400		366
Houston, Texas Airport Systems Revenue Bonds, (FGIC Insured), Series 2000
2.740% due 07/01/2025		2,500		2,105
Houston, Texas Airport Systems Revenue Bonds, Series 2001
6.750% due 07/01/2029		1,000		907
Houston, Texas Higher Education Finance Corp. Revenue Bonds, Series 2007
4.750% due 05/15/2037		1,790		1,698
Houston, Texas Independent School District General Obligation Notes, (PSF-GTD Insured), Series 2005
0.000% due 02/15/2015		8,640		6,636
Houston, Texas Water & Sewer System Revenue Bonds, (FSA Insured), Series 2001
5.500% due 12/01/2017		1,000		1,071
Lower Colorado River Authority, Texas Revenue Bonds, (MBIA Insured), Series 2006
4.750% due 05/15/2029		8,000		7,660
Midlothian, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 1999
0.000% due 02/15/2018		20		11
North Central Texas State Health Facility Development Corporations Revenue Bonds, (AMBAC Insured), Series 2002
5.500% due 08/15/2017		1,000		1,081
North Texas State Health Facilities Development Corp. Revenue Bonds, (FSA Insured), Series 2007
5.000% due 09/01/2020		895		941
Pasadena, Texas General Obligation Bonds, (FGIC Insured), Series 2002
5.125% due 04/01/2024		1,750		1,879
Red River, Texas Education Finance Revenue Bonds, Series 2000
5.750% due 05/15/2017		750		803
Sabine River Authority, Texas Revenue Bonds, Series 2001
5.500% due 05/01/2022		1,000		946

See Accompanying Notes Annual Report March 31, 2008 31

Schedule of Investments  Municipal Bond Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
San Antonio, Texas Electricity & Gas Revenue Bonds, Series 1997
5.500% due 02/01/2015	$	975	$	1,101
San Jacinto, Texas Community College District General Obligation Bonds, (FGIC Insured), Series 2001
5.000% due 02/15/2021		225		240
Tarrant County, Texas Cultural Education Facilities Finance Corporations Revenue Bonds, Series 2007
5.000% due 02/15/2026		6,425		6,298
Texas State Leander Independent School District General Obligation Bonds, (FGIC Insured), Series 2005
0.000% due 08/15/2023		1,195		513
Texas State SA Energy Acquisition Public Facility Corp. Revenue Bonds, Series 2007
5.500% due 08/01/2027		2,000		1,892
Texas State Transportation Commission Revenue Bonds, Series 2006
4.750% due 04/01/2024 (b)		5,000		5,016
Travis County, Texas Health Facilities Development Corporations Revenue Bonds, Series 1993
6.000% due 11/15/2022 (e)		1,400		1,528
Waxahachie, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2002
0.000% due 08/15/2022		1,000		493
				49,833
UTAH 1.4%
Utah State Transit Authority Revenue Bonds, (MBIA Insured), Series 2007
0.000% due 06/15/2023		10,000		4,515
0.000% due 06/15/2029		10,000		3,019
				7,534
VIRGIN ISLANDS 0.3%
Virgin Islands Public Finance Authority Revenue Bonds, Series 2003
6.125% due 07/01/2022		1,500		1,504

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
VIRGINIA 0.2%
Virginia State Housing Development Authority Revenue Bonds, (MBIA Insured), Series 2001
5.350% due 07/01/2031	$	1,000	$	997
WASHINGTON 4.5%
King County, Washington Public Hospital District No. 1 General Obligation Bonds, Series 2008
5.250% due 12/01/2037		5,000		4,861
Snohomish County, Washington School District No. 2 Everett General Obligation Bonds, (FGIC Insured), Series 2006
5.000% due 12/01/2017		1,845		1,984
Washington State General Obligation Bonds, (AMBAC Insured), Series 2004
0.000% due 12/01/2019		2,520		1,444
Washington State General Obligation Notes, (AMBAC Insured), Series 2004
0.000% due 12/01/2011		5,435		4,827
Washington State Higher Education Facilities Authority Revenue Bonds, (AMBAC Insured), Series 2007
5.250% due 11/01/2032		5,000		4,925
Washington State Tobacco Settlement Authority Revenue Bonds, Series 2002
6.625% due 06/01/2032		5,000		5,050
Yakima County, Washington School District No. 208 General Obligation Bonds, (FSA Insured), Series 2007
5.000% due 12/01/2023		1,220		1,264
				24,355
WEST VIRGINIA 0.6%
Berkeley Brooke & Fayette Counties, West Virginia Revenue Bonds, Series 1983
0.000% due 12/01/2014		4,115		3,221
WISCONSIN 1.7%
Hudson, Wisconsin School District General Obligation Bonds, (FGIC Insured), Series 2002
5.000% due 10/01/2017		1,420		1,545
5.000% due 10/01/2019		1,040		1,132

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
South Milwaukee, Wisconsin School District General Obligation Notes, (FGIC Insured), Series 2002
3.750% due 04/01/2011	$	385	$	395
Wisconsin State Clean Water Revenue Bonds, Series 2002
5.000% due 06/01/2018		100		105
5.000% due 06/01/2019		100		104
5.000% due 06/01/2020		100		103
5.100% due 06/01/2021		100		104
5.100% due 06/01/2022		100		103
5.100% due 06/01/2023		100		103
5.250% due 06/01/2016		50		55
5.250% due 06/01/2017		50		55
Wisconsin State Housing & Economic Development Authority Revenue Bonds, (MBIA Insured), Series 2002
4.700% due 05/01/2012		1,580		1,618
4.700% due 11/01/2012		790		813
5.350% due 11/01/2022		3,045		3,075
				9,310
Total Municipal Bonds & Notes (Cost $486,779)				474,164
SHORT-TERM INSTRUMENTS 5.3%
REPURCHASE AGREEMENTS 5.3%
State Street Bank and Trust Co.
1.900% due 04/01/2008		28,553		28,553
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 4.375% due 09/17/2010 valued at $29,124. Repurchase proceeds are $28,555.)
Total Short-Term Instruments (Cost $28,553)				28,553
Total Investments 95.0% (Cost $522,332)			$	509,740
Other Assets and Liabilities (Net) 5.0%				26,933
Net Assets 100.0%			$	536,673

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Security becomes interest bearing at a future date.

(b) Securities represent fixed-rate municipal bonds transferred to a trust in a financing transaction in which the Fund acquired Residual Interest Municipal Bonds. Refer to Note 2 (i) in the Notes to Financial Statements for additional information.

(c) Cash of $3,802 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	70	$	276
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	923		(1,186	)
				$	(910	)

(d) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Sell Protection (1)	Receive Fixed Rate	Expiration Date	Counterparty		Notional Amount	Unrealized Appreciation
State of California General Obligation Notes, Series 2005, 5.000% due 03/01/2018	Sell	0.710%	03/20/2018	GSC	$	7,000	$	22

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

32 PIMCO Funds Municipal Bond Funds See Accompanying Notes

                    
March 31, 2008

(e) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Travis County, Texas Health Facilities Development Corporations Revenue Bonds, Series 1993	6.000%	11/15/2022	09/20/2002	$	1,498	$	1,528	0.28%

See Accompanying Notes Annual Report March 31, 2008 33

Schedule of Investments  New York Municipal Bond Fund  

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 1.2%
Bank of America Corp.
8.000% due 12/29/2049	$	900	$	903
Total Corporate Bonds & Notes (Cost $900)				903
MUNICIPAL BONDS & NOTES 87.0%
ALABAMA 0.8%
Montgomery, Alabama Medical Clinic Board Revenue Bonds, Series 2006
4.750% due 03/01/2036		750		592
ARKANSAS 0.4%
University of Arkansas Revenue Bonds, (MBIA Insured), Series 2004
5.000% due 11/01/2034		250		251
CALIFORNIA 2.2%
California Statewide Communities Development Authority Revenue Bonds, Series 2007
9.000% due 11/01/2017		300		320
Imperial, California Community College District General Obligation Bonds, (XLCA Insured), Series 2006
0.000% due 08/01/2029		1,490		415
Indian Wells, California Redevelopment Agency Tax Allocation Bonds, (AMBAC Insured), Series 2006
4.750% due 09/01/2034		1,000		895
				1,630
ILLINOIS 0.7%
Will County, Illinois Community Unit School District No. 365 Valley View General Obligation Bonds, (FSA Insured), Series 2002
0.000% due 11/01/2019		900		527
INDIANA 0.6%
Mishawaka, Indiana School Building Corp. Revenue Bonds, (FSA Insured), Series 2006
4.250% due 01/15/2026		500		442
NEW JERSEY 1.1%
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2041		1,000		806
NEW YORK 71.4%
Buffalo, New York Fiscal Stability Authority Revenue Notes, (MBIA Insured), Series 2005
5.000% due 09/01/2014		1,040		1,141
Buffalo, New York Municipal Water Systems Finance Authority Revenue Bonds, (FSA Insured), Series 2002
5.000% due 07/01/2027		500		545
East Rochester, New York Housing Authority Revenue Bonds, Series 2006
5.500% due 08/01/2033		100		86
Erie County, New York Industrial Development Agency Revenue Bonds, (FSA Insured), Series 2004
5.750% due 05/01/2025		1,000		1,066
Liberty, New York Development Corporations Revenue Bonds, Series 2005
5.250% due 10/01/2035		525		530

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Liberty, New York Development Corporations Revenue Bonds, Series 2007
5.500% due 10/01/2037	$	250	$	260
Long Island, New York Power Authority Revenue Notes, (MBIA Insured), Series 2006
4.846% due 09/01/2015		500		477
New York City, New York General Obligation Bonds, (MBIA Insured), Series 2005
5.000% due 08/01/2018		500		532
New York City, New York General Obligation Bonds, Series 2006
5.000% due 08/01/2022		1,000		1,027
New York City, New York General Obligation Bonds, Series 2007
5.000% due 08/01/2019		1,000		1,051
5.000% due 10/01/2019		2,300		2,417
New York City, New York General Obligation Notes, (MBIA-IBC Insured), Series 2002
5.750% due 08/01/2011		250		274
New York City, New York General Obligation Notes, Series 2005
5.000% due 04/01/2011		250		264
New York City, New York Industrial Development Agency Revenue Bonds, (AMBAC Insured), Series 2006
5.000% due 02/01/2036		500		493
5.000% due 01/01/2046		1,500		1,458
New York City, New York Industrial Development Agency Revenue Bonds, (FGIC Insured), Series 2006
5.000% due 03/01/2031		1,000		960
5.120% due 03/01/2022		1,400		1,315
New York City, New York Industrial Development Agency Revenue Bonds, Series 2001
5.500% due 07/01/2028		250		226
New York City, New York Industrial Development Agency Revenue Bonds, Series 2002
6.450% due 07/01/2032		245		236
New York City, New York Industrial Development Agency Revenue Bonds, Series 2005
5.000% due 09/01/2035		35		30
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2002
5.000% due 08/01/2024		525		534
5.250% due 02/01/2029		500		525
New York City, New York Transitional Finance Authority Revenue Notes, Series 2002
5.250% due 11/01/2011		600		653
New York City, New York Transitional Finance Authority Revenue Notes, Series 2003
5.000% due 08/01/2010		395		420
New York State Dormitory Authority Revenue Bonds, (FHA Insured), Series 2004
6.250% due 08/15/2015		235		250
New York State Dormitory Authority Revenue Bonds, (MBIA Insured), Series 2000
6.980% due 08/15/2022		250		254
New York State Dormitory Authority Revenue Bonds, (MBIA Insured), Series 2002
5.000% due 10/01/2030		750		757
New York State Dormitory Authority Revenue Bonds, (MBIA Insured), Series 2006
2.750% due 07/01/2027		2,000		2,000
New York State Dormitory Authority Revenue Bonds, Series 2000
6.000% due 07/01/2010		150		156

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
New York State Dormitory Authority Revenue Bonds, Series 2002
6.000% due 11/15/2029	$	400	$	442
New York State Dormitory Authority Revenue Bonds, Series 2005
5.000% due 03/15/2035		750		751
New York State Dormitory Authority Revenue Bonds, Series 2006
5.000% due 12/15/2017		1,000		1,093
5.000% due 07/01/2026		500		452
New York State Dormitory Authority Revenue Bonds, Series 2007
5.000% due 07/01/2021		1,000		1,045
5.000% due 02/15/2037		1,000		977
New York State Dormitory Authority Revenue Notes, (FGIC/FHA Insured), Series 2005
5.000% due 02/01/2013		965		1,033
New York State Dormitory Authority Revenue Notes, (FSA Insured), Series 1998
4.750% due 07/01/2008		150		151
New York State Dormitory Authority Revenue Notes, (FSA Insured), Series 2001
5.000% due 07/01/2011		455		489
New York State Dormitory Authority Revenue Notes, (MBIA Insured), Series 2002
5.000% due 10/01/2012		500		542
New York State Dormitory Authority Revenue Notes, (MBIA Insured), Series 2003
5.000% due 07/01/2011		250		268
New York State Dormitory Authority Revenue Notes, Series 2001
5.250% due 07/01/2010		860		886
New York State Dormitory Authority Revenue Notes, Series 2007
4.000% due 08/15/2014		1,765		1,775
New York State Dormitory Authority Revenue Notes, Series 2008
5.000% due 12/15/2016		2,000		2,215
New York State Environmental Facilities Corporations Revenue Bonds, Series 2002
4.550% due 05/01/2012		1,000		978
5.000% due 06/15/2014		400		430
New York State Environmental Facilities Corporations Revenue Bonds, Series 2006
5.000% due 06/15/2024		3,200		3,297
New York State Environmental Facilities Corporations Revenue Notes, Series 2002
5.000% due 06/15/2012		500		543
New York State Housing Finance Agency Revenue Bonds, (FGIC Insured), Series 2005
5.000% due 09/15/2030		1,000		992
New York State Local Government Assistance Corporations Revenue Bonds, (MBIA Insured), Series 1997
5.125% due 04/01/2013		150		152
New York State Local Government Assistance Corporations Revenue Bonds, Series 1993
6.000% due 04/01/2014		320		357
New York State Metropolitan Transportation Authority Revenue Bonds, (FGIC Insured), Series 2003
5.000% due 11/15/2032		200		197
New York State Metropolitan Transportation Authority Revenue Bonds, Series 2006
5.000% due 11/15/2035		1,000		979

34 PIMCO Funds Municipal Bond Funds See Accompanying Notes

                    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
New York State Mortgage Agency Homeowner Mortgage Revenue Bonds, Series 2006
4.700% due 10/01/2031	$	500	$	435
New York State Power Authority Revenue Bonds, (FGIC Insured), Series 2006
5.000% due 11/15/2020		500		525
New York State Sales Tax Asset Receivables Corporations Revenue Bonds, (MBIA Insured), Series 2004
5.250% due 10/15/2018		1,000		1,084
New York State Thruway Authority Highway & Bridge Trust Revenue Notes, (FSA Insured), Series 2003
5.000% due 04/01/2010		250		264
New York State Thruway Authority Highway & Bridge Trust Revenue Notes, (FSA Insured), Series 2005
5.000% due 04/01/2014		500		549
5.000% due 04/01/2015		500		551
New York State Thruway Authority Highway & Bridge Trust Revenue Notes, (MBIA Insured), Series 2002
5.250% due 04/01/2011		500		537
New York State Thruway Authority Revenue Bonds, (FSA Insured), Series 2005
4.750% due 01/01/2030		1,000		984
New York State Triborough Bridge & Tunnel Authority Revenue Notes, (MBIA-IBC Insured), Series 2002
5.000% due 11/15/2010		500		533
New York State TSASC, Inc. Revenue Bonds, Series 2002
5.000% due 07/15/2014		750		815
New York State Urban Development Corporations Revenue Bonds, (FSA Insured), Series 2007
5.000% due 01/01/2019		2,000		2,163
New York State Urban Development Corporations Revenue Bonds, Series 2002
5.500% due 01/01/2017		500		532
New York State Urban Development Corporations Revenue Notes, Series 2003
5.000% due 03/15/2011		495		528
Niagara County, New York Industrial Development Agency Revenue Bonds, (GNMA/FHA Insured), Series 2006
5.000% due 07/20/2038		500		442

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Orange County, New York General Obligation Notes, Series 2005
5.000% due 07/15/2013	$	500	$	548
Saratoga County, New York Industrial Development Agency Revenue Notes, Series 2007
5.000% due 12/01/2017		400		405
Schenectady, New York Industrial Development Agency Revenue Bonds, (AMBAC Insured), Series 2001
5.500% due 07/01/2016		500		554
Spencerport, New York Central School District General Obligation Bonds, (MBIA Insured), Series 2002
5.000% due 06/15/2019		250		269
Troy, New York Industrial Development Agency Revenue Bonds, Series 2002
5.500% due 09/01/2015		500		538
				52,237
PUERTO RICO 7.9%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Revenue Bonds, Series 2008
6.000% due 07/01/2038		1,200		1,233
Commonwealth of Puerto Rico General Obligation Bonds, (AGC Insured), Series 2006
5.231% due 07/01/2020		1,000		938
Commonwealth of Puerto Rico General Obligation Bonds, Series 2006
5.000% due 07/01/2035		250		259
Commonwealth of Puerto Rico Government Development Bank Revenue Notes, Series 2006
5.000% due 12/01/2008		1,000		1,015
Commonwealth of Puerto Rico Highway & Transportation Authority Revenue Bonds, (FGIC Insured), Series 2003
5.500% due 07/01/2013		200		213
Commonwealth of Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2002
5.750% due 07/01/2041		1,000		1,113
Commonwealth of Puerto Rico Public Finance Corporations Revenue Bonds, Series 2004
5.750% due 08/01/2027		550		579

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Puerto Rico Children’s Trust Fund Revenue Bonds, Series 2000
6.000% due 07/01/2026	$	100	$	108
Puerto Rico Sales Tax Financing Corp. Revenue Bonds, (AMBAC Insured), Series 2007
0.000% due 08/01/2054		5,000		308
				5,766
TEXAS 1.5%
Coppell, Texas Independent School District General Obligation Bonds, (PSF-GTD), Series 2001
0.000% due 08/15/2016		805		564
Houston, Texas Utility System Revenue Bonds, (FSA Insured), Series 2005
4.750% due 11/15/2030		400		383
Waco, Texas Independent School District General Obligation Bonds, (PSF-GTD), Series 2001
5.000% due 08/15/2021		120		130
				1,077
VIRGIN ISLANDS 0.4%
Virgin Islands Public Finance Authority Revenue Bonds, Series 2003
6.125% due 07/01/2022		250		251
Total Municipal Bonds & Notes (Cost $64,400)				63,579

SHORT-TERM INSTRUMENTS 11.1%
REPURCHASE AGREEMENTS 11.1%
State Street Bank and Trust Co.
1.900% due 04/01/2008	8,107		8,107
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 4.375% due 09/17/2010 valued at $8,273. Repurchase proceeds are $8,107.)
Total Short-Term Instruments (Cost $8,107)			8,107
Total Investments 99.3% (Cost $73,407)		$	72,589
Other Assets and Liabilities (Net) 0.7%			543
Net Assets 100.0%		$	73,132

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Cash of $190 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	30	$	27

See Accompanying Notes Annual Report March 31, 2008 35

Schedule of Investments  Short Duration Municipal Income Fund

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 2.2%
Bank of America Corp.
8.000% due 12/29/2049	$	2,900	$	2,909
General Electric Capital Corp.
6.375% due 11/15/2067		900		883
Rabobank Capital Funding Trust
5.254% due 12/29/2049		900		749
Total Corporate Bonds & Notes (Cost $4,657)				4,541
MUNICIPAL BONDS & NOTES 84.0%
ARIZONA 3.8%
Arizona State Greater Arizona Development Authority Infrastructure Revenue Notes, (MBIA Insured), Series 2005
5.000% due 08/01/2011		2,195		2,357
5.000% due 08/01/2012		2,305		2,495
Maricopa, Arizona Hospital Revenue Notes, Series 2005
5.000% due 04/01/2010		2,000		2,036
Nogales, Arizona Revenue Bonds, Series 2006
3.750% due 10/01/2046		1,000		1,011
				7,899
CALIFORNIA 6.5%
Bakersfield, California Revenue Bonds, (FSA Insured), Series 2007
5.000% due 09/15/2019		1,175		1,249
Culver, California Redevelopment Agency Tax Allocation Bonds, (AMBAC Insured), Series 2005
5.000% due 11/01/2023		620		630
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2003
5.000% due 06/01/2021		895		899
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2033		3,000		2,495
Imperial, California Community College District General Obligation Bonds, (XLCA Insured), Series 2006
0.000% due 08/01/2030		2,275		593
Morgan Hill, California Unified School District General Obligation Notes, (AMBAC Insured), Series 2006
0.000% due 08/01/2014		3,595		2,814
Southern California State Public Power Authority Revenue Bonds, Series 2007
5.250% due 11/01/2020		2,275		2,264
University of California Revenue Bonds, (FGIC Insured), Series 2007
5.000% due 05/15/2041		2,850		2,809
				13,753
FLORIDA 0.6%
Collier, Florida Multi-Family Housing Finance Authority Revenue Notes, Series 2002
4.600% due 08/15/2011		590		607
Gulf Breeze, Florida Revenue Bonds, (MBIA Insured), Series 1997
5.494% due 12/01/2017		500		502
Hillsborough County, Florida Utility Revenue Bonds, Series 1978
6.200% due 12/01/2008		80		81
				1,190

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
ILLINOIS 3.6%
De Kalb County, Illinois Community Unit School District No. 424 General Obligation Bonds, (AMBAC Insured), Series 2001
0.000% due 01/01/2018	$	2,000	$	1,277
Illinois State Finance Authority Revenue Notes, Series 2004
5.250% due 11/15/2012		1,000		1,060
Kane County, Illinois Community Unit School District No. 304 Geneva General Obligation Notes, (FGIC Insured), Series 2004
0.000% due 01/01/2014		1,000		800
Kendall, Kane & Will Counties, Illinois High School Districts General Obligation Notes, (FSA Insured), Series 2003
0.000% due 10/01/2012		2,000		1,705
McHenry & Kane Counties, Illinois Community Consolidated School District No. 158 General Obligation Notes, (FGIC Insured), Series 2004
0.000% due 01/01/2009		1,390		1,365
Melrose Park, Illinois General Obligation Bonds, (MBIA Insured), Series 2004
6.750% due 12/15/2016		100		122
Sangamon County, Illinois School District No. 186 Springfield General Obligation Notes, (FGIC Insured), Series 2004
0.000% due 10/01/2008		1,225		1,210
0.000% due 10/01/2010		15		14
				7,553
INDIANA 0.6%
Indiana State Health Facility Financing Authority Revenue Bonds, Series 2005
5.000% due 11/01/2027		1,200		1,257
KANSAS 0.2%
Wichita, Kansas Water & Sewer Utility Revenue Notes, (FGIC Insured), Series 2003
5.000% due 10/01/2010		355		377
LOUISIANA 2.4%
Louisiana State Jefferson Parish Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2007
5.700% due 06/01/2039		5,000		5,135
MASSACHUSETTS 8.9%
Commonwealth of Massachusetts General Obligation Bonds, (FSA Insured), Series 2004
5.500% due 12/01/2017		1,600		1,822
Commonwealth of Massachusetts General Obligation Bonds, (FSA Insured), Series 2006
5.063% due 11/01/2019		3,000		2,961
5.170% due 11/01/2020		1,000		940
Commonwealth of Massachusetts General Obligation Bonds, (MBIA-IBC Insured), Series 1996
6.000% due 11/01/2011		1,500		1,667
Commonwealth of Massachusetts Revenue Bonds, (FGIC Insured), Series 2004
5.841% due 01/01/2016		3,200		3,371
Massachusetts State Bay Transportation Authority Revenue Bonds, Series 2004
4.884% due 07/01/2020		7,005		6,949
Massachusetts State Port Authority Revenue Bonds, (FSA Insured), Series 1998
5.500% due 07/01/2014		1,000		1,015
				18,725

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
MICHIGAN 2.2%
Clintondale, Michigan Community Schools General Obligation Notes, (FGIC/Q-SBLF Insured), Series 2004
5.000% due 05/01/2011	$	960	$	1,022
Michigan State General Obligation Bonds, Series 1992
6.250% due 11/01/2012		2,750		2,961
Michigan State Tobacco Settlement Finance Authority Revenue Bonds, Series 2007
5.125% due 06/01/2022		600		567
				4,550
MISSOURI 2.9%
Springfield, Missouri Revenue Bonds, (FGIC Insured), Series 2006
4.750% due 08/01/2034		6,500		6,052
NEVADA 2.0%
Clark County, Nevada General Obligation Bonds, (AMBAC Insured), Series 2004
5.000% due 12/01/2015		3,910		4,265
NEW JERSEY 1.0%
New Jersey State Economic Development Authority Revenue Bonds, Series 1998
6.375% due 04/01/2018		500		586
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2003
6.125% due 06/01/2024		1,500		1,604
				2,190
NEW YORK 13.5%
Long Island, New York Power Authority Revenue Notes, (MBIA Insured), Series 2006
4.846% due 09/01/2015		5,000		4,767
New York City, New York General Obligation Bonds, (FGIC Insured), Series 1998
5.250% due 08/01/2010		2,505		2,553
New York City, New York General Obligation Bonds, Series 2007
5.000% due 10/01/2019		8,400		8,828
New York City, New York Industrial Development Agency Revenue Bonds, (FGIC Insured), Series 2006
5.070% due 03/01/2020		1,500		1,320
5.120% due 03/01/2022		8,000		7,513
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2002
5.500% due 11/01/2026		100		107
New York State Dormitory Authority Revenue Bonds, Series 2002
6.000% due 11/15/2029		800		884
New York State Dormitory Authority Revenue Bonds, Series 2007
5.000% due 02/15/2037		1,500		1,466
New York State Local Government Assistance Corporations Revenue Notes, (FSA Insured), Series 2003
5.000% due 04/01/2012		500		541
New York State Tobacco Settlement Financing Corporations Revenue Notes, Series 2003
5.250% due 06/01/2012		140		140

36 PIMCO Funds Municipal Bond Funds See Accompanying Notes

                    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
New York State Urban Development Corporations Revenue Bonds, Series 2002
5.500% due 01/01/2017	$	140	$	151
				28,270
OHIO 2.6%
Ohio State Air Quality Development Authority Revenue Bonds, Series 1995
5.000% due 11/01/2015		1,000		1,025
Ohio State American Municipal Power, Inc. Revenue Notes, Series 2007
5.000% due 02/01/2013		2,800		2,821
Ohio State Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2007
5.750% due 06/01/2034		600		537
5.875% due 06/01/2030		1,200		1,110
				5,493
OKLAHOMA 3.0%
Oklahoma City, Oklahoma General Obligation Bonds, Series 1999
5.000% due 07/01/2011		100		104
Oklahoma State Development Finance Authority Revenue Bonds, Series 1999
5.625% due 08/15/2029		5,900		6,204
				6,308
OREGON 0.6%
Oregon State Facilities Authority Revenue Notes, Series 2005
5.000% due 10/01/2011		795		839
5.000% due 10/01/2012		435		460
				1,299
PENNSYLVANIA 0.3%
Philadelphia, Pennsylvania Hospitals & Higher Education Facilities Authority Revenue Notes, Series 2007
5.000% due 07/01/2012		550		553
PUERTO RICO 0.1%
Puerto Rico Children’s Trust Fund Revenue Notes, Series 2000
5.750% due 07/01/2010		250		269
TENNESSEE 3.0%
Nashville & Davidson Counties, Tennessee Health & Educational Facilities Revenue Bonds, Series 1977
6.100% due 07/01/2010		210		218
Tennessee State Energy Acquisition Corporations Revenue Bonds, Series 2006
5.000% due 02/01/2023		1,625		1,495

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Tennessee State Energy Acquisition Corporations Revenue Notes, Series 2006
5.000% due 09/01/2015	$	4,600	$	4,569
				6,282
TEXAS 13.3%
Birdville, Texas Independent School District General Obligations Bonds, (PSF-GTD Insured), Series 2007
0.000% due 02/15/2023		3,510		1,629
Ennis, Texas Independent School District 903 General Obligation Bonds, (PSF-GTD Insured), Series 2006
0.000% due 08/15/2032		4,055		954
Houston, Texas Independent School District General Obligation Notes, (PSF-GTD Insured), Series 2005
0.000% due 02/15/2015		16,000		12,289
Houston, Texas Water Conveyance System Certificates of Participation Bonds, (AMBAC Insured), Series 1993
6.800% due 12/15/2011		3,000		3,413
Lower Colorado River Authority, Texas Revenue Bonds, (FSA Insured), Series 1999
6.000% due 05/15/2010		400		420
Lower Colorado River Authority, Texas Revenue Bonds, (MBIA Insured), Series 2006
4.750% due 05/15/2029		5,665		5,424
Sabine River Authority, Texas Revenue Bonds, Series 2001
5.500% due 05/01/2022		1,000		946
Southeast Texas State Hospital Financing Agency Revenue Bonds, Series 1979
7.500% due 12/01/2009		320		338
Texas State Municipal Power Agency Revenue Bonds, (AMBAC Insured), Series 1989
0.000% due 09/01/2008		10		10
Texas State Municipal Power Agency Revenue Bonds, (MBIA Insured), Series 1993
0.000% due 09/01/2016		3,380		2,363
				27,786
VIRGINIA 0.4%
Virginia State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2005
5.250% due 06/01/2019		750		795
WASHINGTON 6.7%
Everett, Washington Water & Sewer Revenue Notes, (MBIA Insured), Series 2003
4.500% due 07/01/2011		1,495		1,576
Washington State Energy Northwest Revenue Notes, (AMBAC Insured), Series 2004
5.250% due 07/01/2009		150		156

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Washington State General Obligation Bonds, (AMBAC Insured), Series 2004
0.000% due 12/01/2019	$	2,960	$	1,697
Washington State General Obligation Bonds, Series 2001
5.000% due 01/01/2012		2,000		2,107
Washington State Tobacco Settlement Authority Revenue Notes, Series 2002
5.250% due 06/01/2010		8,245		8,451
				13,987
WEST VIRGINIA 0.0%
Kanawha County, West Virginia Residential Mortgage Revenue Bonds, (FGIC Insured), Series 1979
7.375% due 09/01/2010		70		74
WISCONSIN 5.8%
Badger, Wisconsin Tobacco Asset Securitization Corporations Revenue Notes, Series 2002
5.000% due 06/01/2008		2,240		2,245
Wisconsin State Housing & Economic Development Authority Revenue Bonds, (MBIA Insured), Series 2002
4.500% due 05/01/2010		1,655		1,681
4.500% due 11/01/2010		1,335		1,371
5.350% due 11/01/2022		5,765		5,821
Wisconsin State Petroleum Revenue Notes, (FSA Insured), Series 2004
5.000% due 07/01/2012		1,000		1,047
				12,165
Total Municipal Bonds & Notes (Cost $179,473)				176,227
SHORT-TERM INSTRUMENTS 7.3%
REPURCHASE AGREEMENTS 7.3%
State Street Bank and Trust Co.
1.900% due 04/01/2008		15,332		15,332
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 4.375% due 09/17/2010 valued at $15,640. Repurchase proceeds are $15,333.)
Total Short-Term Instruments (Cost $15,332)				15,332
Total Investments 93.5% (Cost $199,462)			$	196,100
Other Assets and Liabilities (Net) 6.5%				13,596
Net Assets 100.0%			$	209,696

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Cash of $3,560 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	84	$	330
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	750		(1,257	)
				$	(927	)

See Accompanying Notes Annual Report March 31, 2008 37

Schedule of Investments  Short Duration Municipal Income Fund  (Cont.)

(b) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	Receive Fixed Rate	Expiration Date	Counterparty		Notional Amount	Unrealized Appreciation
State of California General Obligation Notes, Series 2005, 5.000% due 03/01/2018	Sell	0.710%	03/20/2018	GSC	$	3,000	$	10

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

38 PIMCO Funds Municipal Bond Funds See Accompanying Notes

Notes to Financial Statements                     
March 31, 2008

1.  ORGANIZATION

PIMCO Funds (the “Trust”) was established as a Massachusetts business trust on February 19, 1987. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional and Administrative Classes (the “Institutional Classes”) of six funds (the “Funds”) offered by the Trust. Certain detailed financial information for the A, B, C and D Classes (the “Other Classes”) is provided separately and is available upon request.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures on the financial statements. Actual results could differ from those estimates.

(a) Determination of Net Asset Value  The Net Asset Value (“NAV”) of a Fund’s shares is valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (the “NYSE Close”) on each day that the New York Stock Exchange (“NYSE”) is open. Information that becomes known to a Fund or its agents after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day.

(b) Security Valuation   For purposes of calculating the NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services.

Domestic and foreign fixed income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing service. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. With respect to any portion of a Fund’s assets that are invested in one or more open-end management investment companies, a Fund’s NAV will be calculated based upon the NAVs of such investments. A Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the NAV may change on days when an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not

readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. For instance, certain securities or investments for which daily market quotes are not readily available may be valued, pursuant to guidelines established by the Board of Trustees, with reference to other securities or indices. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading for the entire day and no other market prices are available. The Board of Trustees has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events.

When a Fund uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. Fair value pricing may require subjective determinations about the value of a security. While the Trust’s policy is intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Board of Trustees or persons acting at their direction would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold.

(c) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statements of Operations.

(d) When-Issued Transactions  Certain Funds may purchase or sell securities on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. A commitment by a Fund is made regarding these transactions to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

(e) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax

Annual Report March 31, 2008 39

Notes to Financial Statements  (Cont.)

regulations and U.S. GAAP may change the fiscal year when income and capital items are recognized for tax and U.S. GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported on each Fund’s annual financial statements presented under U.S. GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

(f) Multiclass Operations  Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). For daily dividend Funds, income and non-class specific expenses are allocated daily to each class on the basis of the relative value of settled shares. For non-daily dividend Funds, income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains and losses of each class are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

(g) Futures Contracts  Certain Funds may enter into futures contracts. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities.

(h) Repurchase Agreements  Each Fund may engage in repurchase transactions. Under the terms of a typical repurchase agreement, a Fund takes possession of an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. The underlying securities for all repurchase agreements are held in safekeeping at the Fund’s custodian or designated subcustodians under tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on the Statements of Assets and Liabilities. Generally, in the event of counterparty default, a Fund has the right to use the collateral to offset losses incurred. If the counterparty should default, a Fund will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

(i) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  Certain Funds may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Fund records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statements of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Fund accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Fund’s Statements of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Fund records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Fund. Thus, while a Fund’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, NAV or total return.

(j) Restricted Securities  Certain Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered or exempted from such registration

40 PIMCO Funds Municipal Bond Funds

                    
March 31, 2008

before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve.

(k) Swap Agreements Certain Funds may invest in swap transactions, including, but not limited to, swap agreements on interest rates, security or commodity indexes, specific securities and commodities, and credit and event-linked swaps. To the extent a Fund may invest in foreign currency denominated securities, it also may invest in currency exchange rate swap agreements. Swap transactions are privately negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. A Fund may enter into interest rate, total return, cross-currency, credit default and other forms of swap agreements to manage its exposure to interest rates, currency and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the expiration date, or (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.

Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, only for exchanging interest cash flows.

Credit default swap agreements on corporate issues or sovereign issues of an emerging country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default. A Fund may use credit default swaps on corporate issues or sovereign issues of an emerging country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the reference obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. As a seller of protection, a Fund will generally receive from the buyer of protection an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Fund

is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of the reference entity or underlying securities comprising the reference entity index. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, a Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the reference entities comprising the credit index. A credit index is a list of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but is not limited to, credit default swaps on investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index.

The treatment of credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. If the U.S. Internal Revenue Service were to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by a Fund from such investments might be subject to U.S. excise or income taxes.

Variance swap agreements involve two parties agreeing to exchange cash flows based on the measured variance (or square of volatility) of a specified underlying asset. One party agrees to exchange a “fixed rate” or strike price payment for the “floating rate” or realized price variance on the underlying asset with respect to the notional amount. At inception, the strike price is generally chosen such that the fair value of the swap is zero. At the expiration date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price variance of the underlying asset and the strike price multiplied by the notional amount. As a receiver of the realized price variance, the Fund would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the variance is less than the strike. As a payer of the realized price variance, the Fund would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike. This type of agreement is essentially a forward contract on the future realized price variance of the underlying asset.

Swaps are marked to market daily based upon values from third party vendors or quotations from market makers to the extent available and the change in value, if any, is recorded as unrealized gain or loss on the Statements of Operations. In the event that market quotations are not readily available or deemed reliable, certain swap agreements may be valued, pursuant to guidelines established by the Board of Trustees, with reference to other securities or indices. In the event that market quotes are not readily available, and the swap cannot be valued pursuant to one of the valuation methods, the value of the swap will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon

Annual Report March 31, 2008 41

Notes to Financial Statements  (Cont.)

recommendations provided by PIMCO. Payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by the Funds are included as part of realized gain or loss on the Statements of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(l) U.S. Government Agencies or Government-Sponsored Enterprises   Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA” or “Ginnie Mae”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

(m) New Accounting Pronouncements   In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major

category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Funds and will provide additional information in relation to the Statement in the Funds’ semiannual financial statements for the period ending September 30, 2008.

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“SFAS 161”). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 may require enhanced disclosures about Funds’ derivative and hedging activities. Management is currently evaluating the impact the adoption of SFAS 161 will have on the Funds’ financial statement disclosures.

3.  MARKET AND CREDIT RISK

In the normal course of business the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (credit risk). Similar to credit risk, the Funds may be exposed to counterparty risk, or the risk that an institution or other entity with which the Funds have unsettled or open transactions will default. The potential loss could exceed the value of the financial assets recorded in the financial statements. Financial assets, which potentially expose the Funds to credit risk, consist principally of cash due from counterparties and investments. The extent of the Funds’ exposure to credit and counterparty risks in respect to these financial assets approximates their carrying value as recorded in the Funds’ Statements of Assets and Liabilities.

4.  FEES AND EXPENSES

(a) Investment Advisory Fee   PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate as noted in the following table.

(b) Administrative Fee   PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on each share class’s average daily net assets. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory and Administrative Fees for all classes are charged at an annual rate as noted in the following table:

	Investment Advisory Fee		Administrative Fee
Fund Name	All Classes		Institutional Class	Administrative Class	A, B and C Classes		Class D		Class R
California Intermediate Municipal Bond Fund	0.225%		0.22%	0.22%	0.30%	(1)	0.30%	(1)	N/A
California Short Duration Municipal Income Fund	0.20%		0.15%	N/A	0.30%	(1)	0.30%	(1)	N/A
High Yield Municipal Bond Fund	0.30%	(3)	0.25%	N/A	0.30%	(2)(4)	0.30%	(2)(4)	N/A
Municipal Bond Fund	0.225%		0.24%	0.24%	0.30%	(1)	0.30%	(1)	N/A
New York Municipal Bond Fund	0.225%		0.22%	N/A	0.30%	(1)	0.30%	(1)	N/A
Short Duration Municipal Income Fund	0.20%		0.15%	0.15%	0.30%	(1)	0.30%	(1)	N/A

⁽¹⁾ Effective October 1, 2007, the Fund’s administrative fee was reduced by 0.05% to 0.30 % per annum.

⁽²⁾ Effective October 1, 2007, the Fund’s administrative fee was reduced by 0.10% to 0.30 % per annum.

⁽³⁾ PIMCO has contractually agreed (ending March 31, 2008) to waive 0.01% of the advisory fees to 0.29%.

⁽⁴⁾ PIMCO has contractually agreed (ending March 31, 2008) to waive 0.05% of the administrative fees to 0.25%

(c) Distribution and Servicing Fees   Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (the “Distributor”) of the Trust’s shares. The Trust is permitted to

reimburse AGID on a quarterly basis, out of the Administrative Class assets of each Fund offering Administrative Class Shares in an amount up to 0.25% on an annual basis of the average daily net assets of that class, for payments made to

42 PIMCO Funds Municipal Bond Funds

                    
March 31, 2008

financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Fund shares as their funding medium. Unreimbursed costs may be carried forward for reimbursement for up to twelve months beyond the date in which it is incurred, subject always to the limit that not more than 0.25% of the average daily net assets attributable to an Administrative Class may be expensed. The effective rate paid to AGID was 0.25% during the current fiscal year with no unreimbursed costs to be carried forward as of March 31, 2008.

Pursuant to the Distribution and Servicing Plans adopted by the A, B, C, D and R Classes of the Trust, the Trust compensates AGID or an affiliate for services provided and expenses incurred in connection with assistance rendered in the sale of shares and services rendered to shareholders and for maintenance of shareholder accounts of the A, B, C, D and R Classes. The Trust paid AGID distribution and servicing fees at effective rates as set forth in the following table (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Allowable Rate
	Distribution Fee	Servicing Fee
Class A
All Funds	—	0.25%
Class B
All Funds	0.75%	0.25%
Class C
Municipal Bond Fund	0.50%	0.25%
Short Duration Municipal Income Fund	0.30%	0.25%
All other Funds	0.75%	0.25%
Class D
All Funds	—	0.25%
Class R
All Funds	N/A	N/A

AGID also receives the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the Money Market Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of A, B and C Class shares. For the period ended March 31, 2008, AGID received $234,845 representing commissions (sales charges) and contingent deferred sales charges.

(d) Redemption Fees  Shareholders of each Fund in the Trust, except for Money Market Fund, were subject to a Redemption Fee on redemptions and exchanges of 2.00% of the NAV of the Fund shares redeemed or exchanged. From October 1, 2006 to July 30, 2007, Redemption Fees were charged on shares redeemed or exchanged within 7 days, 30 days, or 60 days (depending on the length of the applicable Fund’s holding period) after their acquisition, including shares acquired through exchanges. Effective July 31, 2007, the holding periods for certain Funds were reduced to 7 days or 30 days, or were no longer subject to a Redemption Fee. Actual redemption fees charged are reported on the Statements of Changes in Net Assets.

(e) Fund Expenses  The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) the costs of borrowing money, including interest expenses and bank overdraft charges; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organization expenses and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted

by the Trust’s Multiple Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of the California Short Duration Municipal Income and High Yield Municipal Bond Funds’ administrative fees in the Funds’ first year of operations, to the extent that the payment of each Fund’s pro rata share of organizational expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.0049% as set forth below (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

Fund Name	Inst’l Class	Admin Class	Class A	Class B	Class C	Class D
California Short Duration Municipal Income Fund	0.35%	—	0.75%	—	—	0.75%
High Yield Municipal Bond Fund	0.54%	—	0.79%	—	1.54%	0.79%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months after the waiver. Expenses that have been waived may still be reimbursed by the Administrator, to the extent the Funds’ annualized total portfolio operating expenses plus the amount so reimbursed does not exceed the operating expense limitation. The recoverable amounts to the Administrator at March 31, 2008, were as follows (amounts in thousands):

Fund Name	Recoverable Amounts
California Short Duration Municipal Income Fund	$	36
High Yield Municipal Bond Fund		68

Each unaffiliated Trustee receives an annual retainer of $100,000, plus $9,500 for each Board of Trustees meeting attended in person, $750 ($1,000 in the case of the audit committee chair) for each committee meeting attended and $1,500 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $15,000 and each other committee chair receives an additional annual retainer of $1,500.

These expenses are allocated on a pro-rata basis to each Fund of the Trust (excluding the All Asset, All Asset All Authority, RealRetirement^™ 2010, RealRetirement^™ 2020, RealRetirement^™ 2030, RealRetirement^™ 2040, and RealRetirement^™ 2050 Funds, which do not bear such expenses) according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

5.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by SFAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 4.

6.  GUARANTEES AND INDEMNIFICATIONS

Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust’s investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and believes the risk of loss to be remote.

Annual Report March 31, 2008 43

Notes to Financial Statements  (Cont.)

7.  PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2008, were as follows (amounts in thousands):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
California Intermediate Municipal Bond Fund	$	0	$	0	$	50,906	$	49,436
California Short Duration Municipal Income Fund		0		0		28,226		12,241
High Yield Municipal Bond Fund		0		0		371,284		221,418
Municipal Bond Fund		19,506		20,206		304,355		270,454
New York Municipal Bond Fund		0		0		37,467		26,637
Short Duration Municipal Income Fund		0		0		84,151		215,270

8.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except for number of contracts):

	California Intermediate Municipal Bond Fund					California Short Duration Municipal Income Fund
	# of Contracts		Premium			# of Contracts		Premium
Balance at 03/31/2007	0		$	0		0		$	0
Sales	50			16		2			1
Closing Buys	0			0		0			0
Expirations	(50	)		(16	)	0			0
Exercised	0			0		(2	)		(1	)
Balance at 03/31/2008	0		$	0		0		$	0

9.  SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	California Intermediate Municipal Bond Fund										California Short Duration Municipal Income Fund										High Yield Municipal Bond Fund
	Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Period from 08/31/2006 to 03/31/2007					Year Ended 03/31/2008					Period from 07/31/2006 to 03/31/2007
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	4,631		$	44,590		2,440		$	24,138		1,921		$	19,219		313		$	3,128		19,872		$	200,165		2,075		$	21,708
Administrative Class	0			0		0			0		0			0		0			0		0			0		0			0
Other Classes	1,736			16,691		652			6,453		944			9,462		261			2,613		10,469			104,215		2,968			31,370
Issued as reinvestment of distributions
Institutional Class	420			4,059		370			3,665		32			320		6			57		450			4,373		24			249
Administrative Class	7			68		7			66		0			0		0			0		0			0		0			0
Other Classes	86			831		108			1,059		14			143		0			5		128			1,254		11			123
Cost of shares redeemed
Institutional Class	(4,015	)		(38,837	)	(2,087	)		(20,677	)	(1,157	)		(11,594	)	(31	)		(310	)	(9,024	)		(89,022	)	(321	)		(3,374	)
Administrative Class	(17	)		(158	)	0			0		0			0		0			0		0			0		0			0
Other Classes	(1,772	)		(17,213	)	(2,044	)		(20,304	)	(183	)		(1,830	)	(14	)		(140	)	(5,726	)		(56,165	)	(158	)		(1,688	)
Net increase (decrease) resulting from Fund share transactions	1,076		$	10,031		(554	)	$	(5,600	)	1,571		$	15,720		535		$	5,353		16,169		$	164,820		4,599		$	48,388

44 PIMCO Funds Municipal Bond Funds

                    
March 31, 2008

	Municipal Bond Fund										New York Municipal Bond Fund										Short Duration Municipal Income Fund
	Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Institutional Class	25,993		$	259,944		8,398		$	86,316		2,030		$	21,836		2,445		$	26,602		10,329		$	101,575		20,653		$	205,930
Administrative Class	23			227		4			45		0			0		0			0		850			8,128		0			0
Other Classes	6,531			65,380		6,602			67,720		1,656			17,817		1,025			11,145		5,775			56,617		4,817			48,047
Issued as reinvestment of distributions
Institutional Class	1,051			10,505		782			8,037		121			1,301		61			667		457			4,491		527			5,252
Administrative Class	2			24		3			34		0			0		0			0		0			6		0			0
Other Classes	516			5,161		404			4,158		86			919		59			643		246			2,409		307			3,058
Cost of shares redeemed
Institutional Class	(13,958	)		(139,427	)	(7,046	)		(72,576	)	(1,887	)		(20,246	)	(221	)		(2,407	)	(19,233	)		(189,635	)	(13,913	)		(138,588	)
Administrative Class	(26	)		(263	)	(39	)		(400	)	0			0		0			0		(14	)		(137	)	0			0
Other Classes	(7,681	)		(77,282	)	(5,427	)		(55,653	)	(974	)		(10,465	)	(439	)		(4,764	)	(8,781	)		(86,119	)	(9,188	)		(91,602	)
Net increase (decrease) resulting from Fund share transactions	12,451		$	124,269		3,681		$	37,681		1,032		$	11,162		2,930		$	31,886		(10,371	)	$	(102,665	)	3,203		$	32,097

10.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.) (PIMCO’s parent company), and certain of their affiliates, including PIMCO Funds (a complex of mutual funds managed by PIMCO) and Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series) (a complex of mutual funds managed by affiliates of PIMCO), certain trustees of PIMCO Funds, and certain employees of PIMCO have been named as defendants in eleven lawsuits filed in various jurisdictions. These lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of PIMCO Funds and Allianz Funds during specified periods, or as derivative actions on behalf of PIMCO Funds and Allianz Funds. These lawsuits seek, among other things, unspecified compensatory damages plus interest and in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

These actions generally allege that certain hedge funds were allowed to engage in “market timing” in certain funds of PIMCO Funds and Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, certain trustees of PIMCO Funds, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; however, the plaintiffs continue to assert claims on behalf of the shareholders of PIMCO Funds or on behalf of PIMCO Funds itself against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where PIMCO Funds were named, in the complaint, as a nominal defendant. Thus, at present PIMCO Funds is not a party to any “market timing” lawsuit.

Two nearly identical class action civil complaints were filed in August 2005, in the Northern District of Illinois Eastern Division, alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by

a consolidated complaint. PIMCO is a named defendant, and PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO and PIMCO Funds strongly believe the complaint is without merit and intend to vigorously defend themselves.

In April 2006, certain registered investment companies and other funds managed by PIMCO were served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. In July 2004, PIMCO was named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain registered investment companies and other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain registered investment companies and other funds managed by PIMCO—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis. To date, no briefs have been filed. This matter is not expected to have a material adverse effect on either the relevant registered investment companies and other funds or PIMCO.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Funds. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Funds or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Funds.

11.  FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under sub-chapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable

Annual Report March 31, 2008 45

Notes to Financial Statements  (Cont.)

income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The FASB issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109” (“FIN 48”), in June 2006. FIN 48 permits the recognition of tax benefits of an uncertain tax position only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Funds adopted the provisions of FIN 48 on April 1, 2007. Management has reviewed the Fund’s tax positions for all open tax years, and concluded that adoption had no effect on the Fund’s financial position or results of

operations. As of March 31, 2008, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U. S. tax returns. While the statute of limitations remains open to examine the Funds’ U. S. tax returns filed for the fiscal years from 2004-2007, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

As of March 31, 2008, the components of distributable taxable earnings are as follows (amounts in thousands):

	Undistributed Tax Exempt Income		Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Net Tax Basis Unrealized Appreciation/ (Depreciation) (1)			Other Book-to-Tax Accounting Differences (2)			Accumulated Capital Losses (3)			Post-October Deferral (4)
California Intermediate Municipal Bond Fund	$	277	$	211	$	0	$	(1,240	)	$	(41	)	$	(6,262	)	$	(311	)
California Short Duration Municipal Income Fund		0		22		0		(50	)		(1	)		0			(4	)
High Yield Municipal Bond Fund		14		92		0		(17,960	)		(118	)		(3,645	)		(4,126	)
Municipal Bond Fund		0		921		0		(12,855	)		(238	)		(6,829	)		(3,771	)
New York Municipal Bond Fund		0		10		0		(817	)		(27	)		(39	)		0
Short Duration Municipal Income Fund		0		140		0		(3,462	)		(141	)		(8,105	)		(10,385	)

⁽¹⁾ Adjusted for open wash sale loss deferrals and accelerated recognition of unrealized gain on certain futures and options for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain/loss on swap contracts.

⁽²⁾ Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for distributions payable at fiscal year-end.

⁽³⁾ Capital losses available to offset future net capital gains expire in varying amounts in the years shown below.

⁽⁴⁾ Capital losses realized during the period November 1, 2007 through March 31, 2008 which the Fund elected to defer to the following taxable year pursuant to federal income tax regulations.

As of March 31, 2008, the Funds had accumulated capital losses expiring in the following years (amounts in thousands). The Funds will resume capital gain distributions in the future to the extent gains are realized in excess of accumulated capital losses.

	Expiration of Accumulated Capital Losses (amounts in thousands)
	2011		2012		2013		2014		2015		2016
California Intermediate Municipal Bond Fund	$	2	$	1,829	$	1,546	$	1,180	$	229	$	1,476
High Yield Municipal Bond Fund		0		0		0		0		0		3,645
Municipal Bond Fund		4,660		419		570		1,180		0		0
New York Municipal Bond Fund		0		0		0		0		0		39
Short Duration Municipal Income Fund		0		2,228		4,137		1,740		0		0

As of March 31, 2008, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation) (5)
California Intermediate Municipal Bond Fund	$	143,063	$	1,948	$	(3,185	)	$	(1,237	)
California Short Duration Municipal Income Fund		20,969		25		(75	)		(50	)
High Yield Municipal Bond Fund		195,176		268		(18,218	)		(17,950	)
Municipal Bond Fund		522,286		6,496		(19,042	)		(12,546	)
New York Municipal Bond Fund		73,407		976		(1,794	)		(818	)
Short Duration Municipal Income Fund		199,462		1,612		(4,974	)		(3,362	)

⁽⁵⁾ Primary differences between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals.

For the fiscal years ended March 31, 2008 and March 31, 2007, respectively, the Funds made the following tax basis distributions (amounts in thousands):

	March 31, 2008						March 31, 2007
	Tax-Exempt Income Distributions		Ordinary Income Distributions (6)		Long-Term Capital Gain Distributions		Tax-Exempt Income Distributions		Ordinary Income Distributions (6)		Long-Term Capital Gain Distributions
California Intermediate Municipal Bond Fund	$	5,298	$	237	$	0	$	5,337	$	209	$	0
California Short Duration Municipal Income Fund		431		47		0		64		0		0
High Yield Municipal Bond Fund		6,650		324		0		416		71		0
Municipal Bond Fund		17,499		1,169		0		15,074		817		0
New York Municipal Bond Fund		2,085		446		39		1,393		225		38
Short Duration Municipal Income Fund		8,318		594		0		9,787		827		0

⁽⁶⁾ Includes short-term capital gains, if any, distributed.

46 PIMCO Funds Municipal Bond Funds

GLOSSARY: (abbreviations that may be used in the preceding statements)

Counterparty Abbreviations:
ABN	ABN AMRO Bank, N.V.	CSFB	Credit Suisse First Boston	NAB	National Australia Bank Limited
AIG	AIG International, Inc.	DUB	Deutsche Bank AG	RBC	Royal Bank of Canada
BOA	Bank of America	GSC	Goldman Sachs & Co.	RBS	Royal Bank of Scotland Group PLC
BCLY	Barclays Bank PLC	HSBC	HSBC Bank USA	SOG	Societe Generale
BEAR	Bear Stearns & Co., Inc.	JPM	JPMorgan Chase & Co.	UBS	UBS Warburg LLC
BNP	BNP Paribas Bank	LEH	Lehman Brothers, Inc.	WAC	Wachovia Bank N.A.
CITI	Citibank N.A.	MLP	Merrill Lynch & Co., Inc.
CBA	Commonwealth Bank of Australia	MSC	Morgan Stanley
Currency Abbreviations:
AED	UAE Dirham	HUF	Hungarian Forint	PHP	Philippines Peso
AUD	Australian Dollar	IDR	Indonesian Rupiah	PLN	Polish Zloty
BRL	Brazilian Real	ILS	Israeli Shekel	RON	Romanian Leu
CAD	Canadian Dollar	INR	Indian Rupee	RUB	Russian Ruble
CLP	Chilean Peso	JPY	Japanese Yen	SAR	Saudi Riyal
CNY	Chinese Yuan Renminbi	KRW	South Korean Won	SEK	Swedish Krona
COP	Colombia Peso	KZT	Kazakhstan Tenge	SGD	Singapore Dollar
CZK	Czech Koruna	KWD	Kuwaiti Dinar	SKK	Slovakian Koruna
DKK	Danish Krone	MXN	Mexican Peso	TRY	Turkish Lira
EGP	Egyptian Pound	MYR	Mexican Peso	TWD	Taiwan Dollar
EUR	Euro	NOK	Norwegian Krone	USD	United States Dollar
GBP	British Pound Sterling	NZD	New Zealand Dollar	UYU	Uruguay Peso
HKD	Hong Kong Dollar	PEN	Peruvian Nuevo Sol	ZAR	South African Rand
Exchange Abbreviations:
AMEX	American Stock Exchange	LMEX	London Metal Exchange
CBOT	Chicago Board of Trade	NYBEX	New York Board of Trade
CME	Chicago Mercantile Exchange	NYMEX	New York Mercantile Exchange
FTSE	Financial Times Stock Exchange	OTC	Over-the-Counter
ICEX	Iceland Stock Exchange
Index Abbreviations:
CDI	Credit Default Swap Index	GSCI	Goldman Sachs Commodity Index Total Return
CDX	Credit Derivatives Index	HICP	Harmonized Index of Consumer Prices
CMBX	Commercial Mortgage-Backed Index	LCDX	Liquid Credit Derivative Index
CPI	Consumer Price Index	RPI	Retail Price Index
DJAIGCI	Dow Jones-AIG Commodity Index	UKRPI	United Kingdom Retail Price Index
DJAIGTR	Dow Jones-AIG Commodity Index Total Return	USSP	USD Swap Spread
EAFE	Europe, Australasia, and Far East Index
Municipal Bond or Agency Abbreviations:
ACA	American Capital Access Holding Ltd.	HUD	U.S. Department of Housing and Urban Development
AGC	Assured Guaranty Corp.	IBC	Insured Bond Certificate
AMBAC	American Municipal Bond Assurance Corp.	MAIA	Michigan Association of Insurance Agents
CA	California Mortgage	MBIA	Municipal Bond Investors Assurance
FGIC	Financial Guaranty Insurance Co.	PSF	Public School Fund
FHA	Federal Housing Administration	Q-SBLF	Qualified School Bond Loan Fund
FHLMC	Federal Home Loan Mortgage Corporation	Radian	Radian Guaranty, Inc.
FNMA	Federal National Mortgage Association	ST	State
FSA	Financial Security Assurance, Inc.	VA	Department of Veterans Affairs
GNMA	Government National Mortgage Association	XLCA	XL Capital Assurance
GTD	Guaranteed
Other Abbreviations:
ABS	Asset-Backed Security	IG	Investment Grade
CMBS	Collateralized Mortgage-Backed Security	LIBOR	London Interbank Offered Rate
CMM	Constant Maturity Mortgage Rate	MBS	Mortgage-Backed Security
CMO	Collateralized Mortgage Obligation	MSCI	Morgan Stanley Capital International
EM	Emerging Markets	REIT	Real Estate Investment Trust
EURIBOR	Euro Interbank Offered Rate	SPDR	Standard & Poor’s Depository Receipts
HVOL	High Volatility	TIIE	Tasa de Interés Interbancaria de Equilibrio
HY	High Yield	WTI	West Texas Intermediate

Annual Report March 31, 2008 47

Report of Independent Registered Public Accounting Firm

To the Trustees and Institutional and Administrative Class Shareholders of the PIMCO Funds

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights for the Institutional and Administrative Class shares present fairly, in all material respects, the financial position of the California Intermediate Municipal Bond Fund, California Short Duration Municipal Income Fund, High Yield Municipal Bond Fund, Municipal Bond Fund, New York Municipal Bond Fund, and Short Duration Municipal Income Fund, six of the seventy Funds constituting the PIMCO Funds, (hereafter referred to as the “Funds”) at March 31, 2008, the results of each of their operations for the year then ended, the changes in each of their net assets and the financial highlights of the Funds for the Institutional and Administrative Class shares for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2008 by correspondence with the custodian and counterparties, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Kansas City, Missouri

May 28, 2008

48 PIMCO Funds Municipal Bond Funds

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code (“Code”) and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Trust’s fiscal year end (March 31, 2008) regarding the status of dividend received deduction, qualified dividend income, qualified interest income, and qualified short-term capital gain.

Dividend Received Deduction.  Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Fund’s dividend distribution that qualifies under tax law. The percentage of each Fund’s fiscal 2008 ordinary income dividends that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income.  Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), the following percentages of ordinary dividends paid during the fiscal year ended March 31, 2008 are designated as “qualified dividend income”, as defined in the Act, subject to reduced tax rates.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only).  Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2008 are considered to be derived from “qualified interest income,” as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2008 are considered to be derived from “qualified short-term capital gain,” as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

	Dividend Received Deduction %	Qualified Dividend Income %	Qualified Interest Income (000s)		Qualified Short-Term Capital Gain (000s)
High Yield Municipal Bond Fund	0.00%	0.00%	$	0	$	16
New York Municipal Bond Fund	0.00%	0.00%		0		42

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2009, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2008.

Annual Report March 31, 2008 49

Management of the Trust (Unaudited)

The chart below identifies the Trustees and Officers of the Trust. Each “interested” Trustee as defined by the 1940 Act, is indicated by an asterisk (*). Unless otherwise indicated, the address of all persons below is 840 Newport Center Drive, Newport Beach, CA 92660.

The Funds’ Statement of Additional Information includes more information about the Trustees. To request a free copy, call PIMCO at 1-800-927-4648.

Trustees of the Trust

Name, Age and Position Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Interested Trustees
Brent R. Harris* (48) Chairman of the Board and Trustee	02/1992 to Present	Managing Director and member of Executive Committee, PIMCO. Formerly, Director, PCM Fund, Inc.	101	Chairman and Trustee, PIMCO Variable Insurance Trust; Director and Vice President, StocksPLUS® Management Inc.; and member of Board of Governors and Executive Committee, Investment Company Institute.
R. Wesley Burns* (48) Trustee	11/1997 to Present	Consulting Managing Director, PIMCO. Formerly, Managing Director, PIMCO. Formerly, Director, PCM Fund, Inc.	102	Trustee, PIMCO Variable Insurance Trust; Chairman and Director, PIMCO Strategic Global Government Fund, Inc.; and Director PS Business Parks, Inc. (a Real Estate Investment Trust).
Independent Trustees
E. Philip Cannon (67) Trustee	05/2000 to Present	Proprietor, Cannon & Company (an investment firm). Formerly, President, Houston Zoo (until 2005). Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust. Formerly, Trustee, Allianz Funds (formerly, PIMCO Funds: Multi-Manager Series).
Vern O. Curtis (73) Trustee	02/1995 to Present	Private Investor. Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust.
J. Michael Hagan (68) Trustee	05/2000 to Present	Private Investor and Business Adviser (primarily for manufacturing companies). Formerly, Director, Remedy Temp (staffing). Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust; Director, Ameron International (manufacturing); and Director, Fleetwood Enterprises (manufacturer of housing and recreational vehicles).
William J. Popejoy (70) Trustee	07/1993 to 02/1995 and 08/1995 to Present	Private Investor. Formerly, Director, New Century Financial Corporation (mortgage banking). Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust.

* Each of Mr. Harris and Mr. Burns is an “interested person” of the Trust (as the term is defined in the 1940 Act) because of his affiliations with PIMCO.

** Trustees serve until their successors are duly elected and qualified.

50 PIMCO Funds Municipal Bond Funds

Management of the Trust (Unaudited)

Executive Officers

Name, Age and Position Held with Trust	Term of Office*** and Length of Time Served	Principal Occupation(s) During Past 5 Years
Ernest L. Schmider (50) President	05/2005 to Present	Managing Director, PIMCO.
David C. Flattum (43) Chief Legal Officer	11/2006 to Present	Executive Vice President and General Counsel, PIMCO. Formerly, Managing Director, Chief Operating Officer and General Counsel, Allianz Global Investors of America L.P. and Partner at Latham and Watkins LLP.
Jennifer E. Durham (37) Chief Compliance Officer	07/2004 to Present	Senior Vice President, PIMCO. Formerly, Vice President and Legal/Compliance Manager, PIMCO.
William H. Gross (63) Senior Vice President	04/1987 to Present	Managing Director and Chief Investment Officer, PIMCO.
Jeffrey M. Sargent (45) Senior Vice President	02/1993 to Present (since 02/1999 as Senior Vice President)	Executive Vice President, PIMCO. Formerly, Senior Vice President, PIMCO.
William S. Thompson, Jr. (62) Senior Vice President	11/1993 to Present (since 02/2003 as Senior Vice President)	Chief Executive Officer and Managing Director, PIMCO.
J. Stephen King, Jr. (45) Vice President - Senior Counsel and Secretary	05/2005 to Present	Senior Vice President and Attorney, PIMCO. Formerly, Vice President, PIMCO; and Associate, Dechert LLP.
Joshua D. Ratner (31) Assistant Secretary	10/2007 to Present	Vice President and Attorney, PIMCO. Formerly, Associate, Skadden, Arps, Slate, Meagher & Flom LLP.
Henrik P. Larsen (38) Vice President	02/1999 to Present	Senior Vice President, PIMCO. Formerly, Vice President, PIMCO.
John P. Hardaway (50) Treasurer	08/1990 to Present	Executive Vice President, PIMCO. Formerly, Senior Vice President, PIMCO.
Erik C. Brown (40) Assistant Treasurer	02/2001 to Present	Senior Vice President, PIMCO. Formerly, Vice President, PIMCO.
Trent W. Walker (33) Assistant Treasurer	05/2007 to Present	Senior Vice President, PIMCO. Formerly, Vice President, PIMCO; Senior Manager, PricewaterhouseCoopers LLP.
Stacie D. Anctil (38) Assistant Treasurer	11/2003 to Present	Vice President, PIMCO. Formerly, Specialist, PIMCO.

*** The Officers of the Trust are re-appointed annually by the Board of Trustees.

Annual Report March 31, 2008 51

Privacy Policy (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet websites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Funds’ Distributor may also retain non-affiliated companies to market the Funds’ shares or products which use the Funds’ shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

52 PIMCO Funds Municipal Bond Funds

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, CA 92660

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, NY 10105-4800

Custodian

State Street Bank and Trust Company

801 Pennsylvania

Kansas City, MO 64105

Transfer Agent

Boston Financial Data Services - Midwest

330 W. 9th Street

Kansas City, MO 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, MO 64105

This report is submitted for the general information of the shareholders of the PIMCO Funds.

15-27589-01

PIMCO Funds

Annual Report

MARCH 31, 2008

Municipal Bond Funds

Share Classes

NATIONAL SHORT DURATION TAX-EXEMPT

PIMCO Short Duration Municipal Income Fund

NATIONAL

PIMCO High Yield Municipal Bond Fund

PIMCO Municipal Bond Fund

STATE-SPECIFIC

PIMCO California Intermediate Municipal Bond Fund

PIMCO California Short Duration Municipal Income Fund

PIMCO New York Municipal Bond Fund

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectus. Investors should consider the investment objectives, risks, charges and expenses of each Fund carefully before investing. This and other information is contained in the Funds’ prospectus. Please read the prospectus carefully before you invest or send money.

Table of Contents

		Page
Chairman’s Letter		3
Important Information About the Funds		4
Benchmark Descriptions		12
Financial Highlights		32
Statements of Assets and Liabilities		36
Statements of Operations		37
Statements of Changes in Net Assets		38
Notes to Financial Statements		40
Glossary		50
Report of Independent Registered Public Accounting Firm		51
Federal Income Tax Information		52
Management of the Trust		53
Privacy Policy		55
FUND	Fund Summary	Schedule of Investments
California Intermediate Municipal Bond Fund	6	13
California Short Duration Municipal Income Fund	7	16
High Yield Municipal Bond Fund	8	18
Municipal Bond Fund	9	22
New York Municipal Bond Fund	10	27
Short Duration Municipal Income Fund	11	29

Chairman’s Letter

Dear PIMCO Funds Shareholder:

It is our pleasure to present to you the annual report for the PIMCO Municipal Bond Funds covering the twelve-month period ended March 31, 2008. At the end of the period, net assets for the overall PIMCO Funds family stood at over $251 billion.

Highlights of the financial markets during the period include:

· Credit markets worldwide experienced an exceptionally severe loss of liquidity brought on by declining U.S. residential property values, the continuing subprime mortgage debacle, and a rare de-leveraging of financial markets. In response, global central banks injected substantial liquidity into the banking system and reversed monetary policy from earlier in the period to either a neutral or an easing bias.

· The Federal Reserve reduced the Federal Funds Rate six times from 5.25% to 2.25% and reduced the discount rate eight times from 6.25% to 2.50%. Additionally, the Federal Reserve expanded its securities lending program to include the exchange of U.S. Treasuries for mortgage-linked bonds, opened its lending window to investment banks and participated in the bailout of a major U.S. brokerage firm. The Bank of England reduced its key-lending rate twice from 5.75% to 5.25% after raising the rate two times earlier in the fiscal period. The European Central Bank raised the overnight rate in June to 4.00%, but then paused, while the Bank of Japan kept its policy rate unchanged at 0.50% for the period.

· Municipal bond returns lagged their taxable counterparts and municipal bond yields remained at historically high levels compared to U.S. Treasuries amid continued pressure on the demand side of the municipal bond market. Additionally, the absence of institutional investor support for the municipal bond asset class, such as from hedge funds and Wall Street trading firms, added to problems in the municipal bond market as demand from these entities lagged during the period due to balance sheet constraints and the margin calls faced by leveraged investors. The Lehman Brothers General Municipal Bond Index returned 1.90% for the period.

· Government bond yields declined worldwide as investors moved into higher-quality assets due to the credit and liquidity crisis, which has gripped financial markets since the second half of 2007 and intensified during the latter part of the period. The yield on the ten-year U.S. Treasury declined by 1.24% to end the period at 3.41%. The Lehman Brothers U.S. Aggregate Index, a widely used index comprised of U.S. Treasury, investment-grade corporate and mortgage-backed securities, returned 7.67% for the period.

On the following pages, please find specific details as to each Fund’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs. If you have any questions regarding your PIMCO Funds investment, please contact your financial advisor, or call Allianz Global Investors at 1-800-426-0107. We also invite you to visit www.allianzinvestors.com.

Sincerely,

Brent R. Harris

Chairman of the Board, PIMCO Funds

April 29, 2008

Annual Report March 31, 2008 3

Important Information About the Funds

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities held by a Fund are likely to decrease in value. The price volatility of fixed-income securities can also increase during periods of rising interest rates resulting in increased losses to a Fund.

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 or funds with shorter durations.

The Funds may be subject to various risks as described in each Fund’s prospectus. Some of those risks may include, but are not limited to, the following: interest rate risk, credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, mortgage-related and other asset-backed risk, issuer non-diversification risk, leveraging risk, management risk, California state-specific risk, New York state specific risk, municipal project-specific risk and short sale risk. A complete description of these and other risks is contained in each Fund’s prospectus. The Funds may use derivative instruments for hedging purposes or as part of an 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, leverage risk and the risk that a fund could not close out a position when it would be most advantageous to do so. Funds investing in derivatives could lose more than the principal amount invested in these instruments. 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. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified fund. Shareholders of a municipal bond fund will, at times, incur a tax liability, as income from these funds may be subject to state and local taxes and, where applicable, the alternative minimum tax. The credit quality of a particular security or group of securities does not ensure the stability or safety of the overall portfolio.

The inception date on each Fund’s performance page is the inception date of the Fund’s oldest share class. Unless otherwise indicated, the actual share class (A, B or C) is the Fund’s oldest share class. The oldest share class for the following Funds is the Institutional share class, and the class A, B and C shares (where available) were first offered in (month/year): PIMCO Municipal Bond Fund (4/98), PIMCO California Intermediate Municipal Bond Fund (10/99), PIMCO New York Municipal Bond Fund (10/99), and PIMCO Short Duration Municipal Income Fund (3/02). Returns measure performance from the inception of the oldest share class to the present, so some returns predate the inception of the actual share class. Those returns are calculated by adjusting the returns of the oldest share class to reflect the indicated share class’s different charges and expenses. Total return performance assumes that all dividend and capital gain distributions were reinvested on the payable date. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Class A Shares are subject to an initial sales charge. Class B Shares are subject to a contingent deferred sales charge (“CDSC”), which declines from 5% in the first year to 0% at the end of the sixth year. Class C Shares are subject to a 1% CDSC, which may apply in the first year. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first 18 months after purchase.

The Cumulative Returns charts assume the initial investment of $10,000 was made at the beginning of the first full month following the class’ inception. The charts and Average Annual Total Return tables reflect any sales load that would have applied at the time of purchase or any contingent deferred sales charge that would have applied if a full redemption occurred on the last business day of the most recent fiscal year. Results assume that all dividends and capital gain distributions were reinvested. Results assume fees and expenses and results do not take into account the effect of taxes. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

In addition to its benchmark, each Fund measures its performance against a Lipper Average, which is calculated by Lipper, Inc. (“Lipper”), a Reuters Company, and represents the total return performance averages of funds that are tracked by Lipper that have the same Fund Classification. Lipper does not take into account fees, expenses or taxes.

An investment in a Fund is not a deposit of a bank and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Funds.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by PIMCO Funds as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606, on the Allianz Global Investors Distributors’ website at www.allianzinvestors.com, and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PIMCO Funds files a complete schedule of each Fund’s portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Funds’ Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Funds’ website at www.pimco-funds.com. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

4 PIMCO Funds

The following disclosure provides important information regarding each Fund’s Expense Example, which appears on each Fund’s individual page in this Annual Report. Please refer to this information when reviewing the Expense Example for a Fund.

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption and exchange fees; and (2) ongoing costs, including advisory and administrative fees, distribution and/or service (12b-1) fees, and other Fund expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, from 10/1/07 to 3/31/08.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Accounts with a balance of $2,500 or less may be charged an additional fee at an annual rate of $16.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical Performance (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the information under the heading “Hypothetical Performance (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary from period to period because of various factors such as an increase in expenses that are not covered by the advisory and administrative fees such as fees and expenses of the trustees and their counsel, extraordinary expenses and interest expense.

Annual Report March 31, 2008 5

PIMCO California Intermediate Municipal Bond Fund
	Class A:	PCMBX

Portfolio Insights

Ÿ The Fund seeks high current income exempt from federal and California income tax with capital appreciation as a secondary objective, by investing under normal circumstances at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from regular federal income tax and California income tax.

Ÿ The Fund’s average credit quality was A+ at the end of the twelve-month period versus the benchmark’s average of AA1/AA2.

Ÿ Municipals underperformed U.S. Treasuries and the taxable debt sector; the Lehman Brothers Municipal Bond Index returned 1.90%, while the Lehman Brothers U.S. Aggregate and the Lehman Brothers Treasury Indices returned 7.67% and 12.21%, respectively.

Ÿ The Fund’s effective duration was managed above that of its benchmark index throughout the period, which detracted from performance as municipal bond yields increased across all intermediate to long maturities.

Ÿ The Fund’s Class A SEC yield after fees at March 31, 2008 was 3.76%. The yield was 6.37% on a fully tax adjusted basis assuming a federal tax rate of 35.0% and an effective CA state tax rate of 6.05%, or 4.22% assuming a federal tax rate of 10.0% and an effective CA state tax rate of 1.0%. An investor’s tax adjusted yield may differ depending on such investor’s tax bracket.

Ÿ Yield curve positioning enhanced performance as the yield curve steepened over the period.

Ÿ California municipal bonds underperformed the broader national market for the period. Yield premiums continued to widen over the twelve-month period.

Ÿ Exposure to zero coupon municipal bonds detracted from performance as intermediate and longer-duration zero coupons decreased in value over the period.

Average Annual Total Return for the period ended March 31, 2008

	1 Year	5 Years	Fund Inception (08/31/99)
PIMCO California Intermediate Municipal Bond Fund Class A	-0.95%	2.17%	3.80%
PIMCO California Intermediate Municipal Bond Fund Class A (adjusted)	-3.92%	1.55%	3.43%
Lehman Brothers California Intermediate Municipal Bond Index	4.96%	3.92%	5.14%
Lipper California Intermediate Municipal Dept Funds Average	1.94%	2.73%	4.38%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. The adjusted returns take into account the maximum sales charge of 3% on A shares. Please see page 4 for more information. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class A shares is 0.775%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

California	78.9%
Puerto Rico	10.0%
Short-Term Instruments	4.5%
Virgin Islands	3.0%
Other	3.6%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class A		Class A
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	994.26	$	1,021.10
Expenses Paid During Period†	$	3.89	$	3.94

^† Expenses are equal to the net annualized expense ratio of 0.775% for Class A, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Effective October 1, 2007, the Fund’s administrative fee was reduced by 0.05% to 0.30% per annum.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

6 PIMCO Funds

PIMCO California Short Duration Municipal Income Fund
	Class A:	PCDAX

Portfolio Insights

Ÿ The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing under normal circumstances at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal and California income tax.

Ÿ The Fund’s average credit quality was AA+ at the end of the twelve-month period versus the benchmark’s average of AA1/AA2.

Ÿ Municipals underperformed U.S. Treasuries and the taxable debt sector; the Lehman Brothers Municipal Bond Index returned 1.90%, while the Lehman Brothers U.S. Aggregate and the Lehman Brothers Treasury Indices returned 7.67% and 12.21%, respectively.

Ÿ The Fund’s effective duration was managed above that of its benchmark throughout the period, which contributed to relative performance, as municipal bond yields in California decreased for shorter maturities.

Ÿ The Fund’s Class A SEC yield after fees at March 31, 2008 was 3.21%. The yield was 5.45% on a fully tax adjusted basis assuming a federal tax rate of 35.0% and an effective CA state tax rate of 6.05%, or 3.61% assuming a federal tax rate of 10.0% and an effective CA state tax rate of 1.0%. An investor’s tax adjusted yield may differ depending on such investor’s tax bracket.

Ÿ Municipal bonds within California underperformed the broader national market for the period as issuance within the state was the largest nationwide.

Average Annual Total Return for the period ended March 31, 2008

	1 Year	Fund Inception (08/31/06)
PIMCO California Short Duration Municipal Income Fund Class A	2.60%	2.99%
PIMCO California Short Duration Municipal Income Fund Class A (adjusted)	0.29%	1.52%
Lehman Brothers California 1 Year Municipal Bond Index	5.04%	4.48%
Lipper California Short Intermediate Municipal Debt Funds Average	1.87%	2.43%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. The adjusted returns take into account the maximum sales charge of 2.25% on A shares. Please see page 4 for more information. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class A shares is 0.75%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

California	94.1%
Short-Term Instruments	4.5%
Corporate Bonds & Notes	1.4%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class A		Class A
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,015.53	$	1,021.25
Expenses Paid During Period†	$	3.78	$	3.79

^† The actual expenses are equal to the net annualized expense ratio of 0.75% for Class A, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Effective October 1, 2007, the Fund’s administrative fee was reduced by 0.05% to 0.30% per annum.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

Annual Report March 31, 2008 7

PIMCO High Yield Municipal Bond Fund	Class A:	PYMAX
	Class C:	PYMCX

Portfolio Insights

Ÿ The Fund seeks high current income exempt from federal income tax with total return as a secondary objective, by investing under normal circumstances at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax.

Ÿ Municipal bonds underperformed U.S. Treasuries and the taxable debt sector; the Lehman Brothers Municipal Bond Index returned 1.90%, while the Lehman Brothers U.S. Aggregate and the Lehman Brothers Treasury Indices returned 7.67% and 12.21%, respectively.

Ÿ Exposure to higher-yielding municipal bonds detracted from performance as high-yield municipal bonds underperformed investment-grade municipal bonds.

Ÿ The Fund’s effective duration was managed above that of its benchmark throughout the period, which detracted from performance as municipal bond yields increased across longer maturities.

Ÿ The Fund’s Class A SEC yield after fees at March 31, 2008 was 5.59%. The yield was 8.61% on a fully tax adjusted basis assuming a federal tax rate of 35.0%, or 6.22% assuming a federal tax rate of 10.0%. An investor’s tax adjusted yield may differ depending on such investor’s tax bracket.

Ÿ An overweight to the airline sector detracted from performance as the airline sector underperformed during the period.

Ÿ Exposure to the tobacco sector detracted from performance as the Tobacco Bond Index underperformed the general Municipal Bond Index.

Average Annual Total Return for the period ended March 31, 2008

	1 Year	Fund Inception (07/31/06)
PIMCO High Yield Municipal Bond Fund Class A	-10.93%	-1.43%
PIMCO High Yield Municipal Bond Fund Class A (adjusted)	-13.61%	-3.22%
PIMCO High Yield Municipal Bond Fund Class C (adjusted)	-12.47%	-2.15%
60% Lehman Brothers High Yield Municipal Bond Index/40% Lehman Brothers Municipal Bond Index	-3.20%	1.17%
Lipper High Yield Municipal Debt Funds Average	-6.78%	-1.28%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. The adjusted returns take into account the maximum sales charge of 4.50% on A shares and 1% CDSC on C shares. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 30 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. Please see page 4 for more information. The Fund’s gross expense ratios are 0.85% and 1.60% for Class A and Class C shares, respectively. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

Illinois	10.9%
Texas	8.6%
Michigan	6.9%
Pennsylvania	6.0%
Colorado	5.2%
California	5.0%
Florida	5.0%
Other	52.4%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance				Hypothetical Performance
					(5% return before expenses)
	Class A		Class C		Class A		Class C
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	924.33	$	920.78	$	1,021.05	$	1,017.30
Expenses Paid During Period†	$	3.80	$	7.40	$	3.99	$	7.77

^† For each class of the Fund, expenses are equal to the net annualized expense ratio for the class (0.79% for Class A, 1.54% for Class C), multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The annualized expense ratio of 0.79% for Class A and 1.54% for Class C reflect net annualized expenses after application of an expense reduction of 0.06% for all classes. Effective October 1, 2007, the Fund’s administrative fee was reduced by 0.10% to 0.30% per annum.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

8 PIMCO Funds

PIMCO Municipal Bond Fund	Class A:	PMLAX
	Class B:	PMLBX
	Class C:	PMLCX

Portfolio Insights

Ÿ The Fund seeks high current income exempt from federal income tax, consistent with preservation of capital with capital appreciation as a secondary objective, by investing under normal circumstances at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax.

Ÿ The Fund’s average credit quality was AA at the end of the twelve-month period versus the benchmark’s average of AA1/AA2.

Ÿ Municipals underperformed U.S. Treasuries and the taxable debt sector; the Lehman Brothers Municipal Bond Index returned 1.90%, while the Lehman Brothers U.S. Aggregate and the Lehman Brothers Treasury Indices returned 7.67% and 12.21%, respectively.

Ÿ The Fund’s effective duration was managed below its benchmark throughout the period, which benefited performance as municipal bond yields increased across all maturities longer than ten years.

Ÿ The Fund’s Class A SEC yield after fees at March 31, 2008 was 4.08%. The yield was 6.28% on a fully tax adjusted basis assuming a federal tax rate of 35.0%, or 4.54% assuming a federal tax rate of 10.0%. An investor’s tax adjusted yield may differ depending on such investor’s tax bracket.

Ÿ Yield curve positioning detracted from performance as the yield curve steepened over the period.

Ÿ Exposure to long-dated municipal bonds detracted from performance as the Long Municipal Index underperformed the front end of the municipal bond yield curve by over 2.00%.

Average Annual Total Return for the period ended March 31, 2008

	1 Year	5 Years	10 Years	Fund Inception (12/31/97)
PIMCO Municipal Bond Fund Class A	-2.36%	2.72%	3.94%	3.91%
PIMCO Municipal Bond Fund Class A (adjusted)	-5.29%	2.10%	3.62%	3.61%
PIMCO Municipal Bond Fund Class B	-3.09%	1.96%	3.40%	3.38%
PIMCO Municipal Bond Fund Class B (adjusted)	-7.78%	1.61%	3.40%	3.38%
PIMCO Municipal Bond Fund Class C (adjusted)	-3.79%	2.21%	3.42%	3.40%
Lehman Brothers Municipal Bond Index	1.90%	3.92%	4.99%	4.99%
Lipper General Municipal Debt Funds Average	-0.85%	3.07%	3.83%	3.83%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. The adjusted returns take into account the maximum sales charge of 3% on A shares, 5% CDSC on B shares and 1% CDSC on C shares. Please see page 4 for more information. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratios are 0.825%, 1.585% and 1.335% for Class A, Class B and Class C shares, respectively. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

California	22.2%
Texas	9.8%
New York	7.7%
Illinois	6.5%
Short-Term Instruments	5.6%
New Jersey	5.1%
Other	43.1%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance									Hypothetical Performance
										(5% return before expenses)
	Class A			Class B			Class C			Class A			Class B			Class C
Beginning Account Value (10/01/07)	$	1,000.00		$	1,000.00		$	1,000.00		$	1,000.00		$	1,000.00		$	1,000.00
Ending Account Value (03/31/08)	$	971.69		$	968.04		$	969.25		$	1,021.10		$	1,017.40		$	1,018.65
Expenses Paid During Period(a)	$	4.36	(c)	$	8.06	(d)	$	6.82	(e)	$	4.47	(c)	$	8.24	(d)	$	6.99	(e)
Expenses Paid During Period, Excluding Interest Expense for Floating Rate Notes(b)	$	3.97		$	7.66		$	6.44		$	4.07		$	7.84		$	6.59

^(a) For each class of the Fund, expenses are equal to the net annualized expense ratio for the class (0.885% for Class A, 1.635% for Class B, 1.385% for Class C), multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Effective October 1, 2007, the Fund’s administrative fee was reduced by 0.05% to 0.30% per annum.

^(b) For each class of the Fund, expenses are equal to the net annualized expense ratio for the class (0.805% for Class A shares, 1.555% for Class B shares and 1.305% for Class C shares), multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

^(c) Includes non-cash interest expense of $0.39 for Actual Performance and $0.40 for Hypothetical Performance. The additional non-cash interest expense does not reflect actual expenses paid by the Fund, but instead is offset by additional interest income recorded by the Fund in an inverse floating rate transaction accounted for as a secured borrowing. Refer to Note 2(i) in the Notes to Financial Statements for additional information regarding inverse floating rate transactions.

^(d) Includes non-cash interest expense of $0.40 for Actual Performance and $0.40 for Hypothetical Performance. The additional non-cash interest expense does not reflect actual expenses paid by the Fund, but instead is offset by additional interest income recorded by the Fund in an inverse floating rate transaction accounted for as a secured borrowing. Refer to Note 2(i) in the Notes to Financial Statements for additional information regarding inverse floating rate transactions.

^(e) Includes non-cash interest expense of $0.38 for Actual Performance and $0.40 for Hypothetical Performance. The additional non-cash interest expense does not reflect actual expenses paid by the Fund, but instead is offset by additional interest income recorded by the Fund in an inverse floating rate transaction accounted for as a secured borrowing. Refer to Note 2(i) in the Notes to Financial Statements for additional information regarding inverse floating rate transactions.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

Annual Report March 31, 2008 9

PIMCO New York Municipal Bond Fund
	Class A:	PNYAX

Portfolio Insights

Ÿ The Fund seeks high current income exempt from federal and New York income tax with capital appreciation as a secondary objective, by investing under normal circumstances at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from regular federal income tax and New York income tax.

Ÿ The Fund’s average credit quality was AA at the end of the twelve-month period versus the benchmark’s average of AAA/AAA.

Ÿ Municipals underperformed U.S. Treasuries and the taxable debt sector; the Lehman Brothers Municipal Bond Index returned 1.90%, while the Lehman Brothers U.S. Aggregate and the Lehman Brothers Treasury Indices returned 7.67% and 12.21%, respectively.

Ÿ The Fund’s effective duration was managed above that of its benchmark throughout the period, which benefited performance as municipal bond yields increased across all maturities ten years and higher.

Ÿ The Fund’s Class A SEC yield after fees at March 31, 2008 was 2.90%. The yield was 4.84% on a fully tax adjusted basis assuming a federal tax rate of 35.0% and an effective NY state tax rate of 5.01%, or 4.99% for a New York City resident assuming an effective tax rate of 6.82%. The yield was 3.36% on a fully tax adjusted basis assuming a federal tax rate of 10.0% and an effective NY state tax rate of 3.60%, or 4.94% for a New York City resident assuming an effective tax rate of 6.21%. An investor’s tax adjusted yield may differ depending on such investor’s tax bracket.

Ÿ Municipal bonds within New York underperformed the broader national market for the period.

Ÿ Exposure to zero coupon municipal bonds detracted from performance as intermediate and longer duration zero coupons decreased in value over the period.

Average Annual Total Return for the period ended March 31, 2008

	1 Year	5 Years	Fund Inception (08/31/99)
PIMCO New York Municipal Bond Fund Class A	1.74%	3.35%	5.23%
PIMCO New York Municipal Bond Fund Class A (adjusted)	-1.32%	2.72%	4.86%
Lehman Brothers New York Insured Municipal Bond Index	1.82%	3.89%	5.62%
Lipper New York Municipal Debt Funds Average	-0.45%	3.14%	4.43%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. The adjusted returns take into account the maximum sales charge of 3% on A shares. Please see page 4 for more information. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class A shares is 0.805%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

New York	72.0%
Short-Term Instruments	11.2%
Puerto Rico	7.9%
California	2.2%
Other	6.7%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class A		Class A
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,013.16	$	1,021.10
Expenses Paid During Period†	$	3.93	$	3.94

^† The actual expenses are equal to the net annualized expense ratio of 0.775% for Class A shares, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Effective October 1, 2007, the Fund’s administrative fee was reduced by 0.05% to 0.30% per annum.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

10 PIMCO Funds

PIMCO Short Duration Municipal Income Fund	Class A:	PSDAX
	Class C:	PSDCX

Portfolio Insights

Ÿ The Fund seeks high current income exempt from federal income tax, consistent with preservation of capital, by investing under normal circumstances at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax.

Ÿ The Fund’s average credit quality was AA+ at the end of the twelve-month period versus the benchmark’s average of AAA/AA1.

Ÿ Municipals underperformed U.S. Treasuries and the taxable debt sector; the Lehman Brothers Municipal Bond Index returned 1.90%, while the Lehman Brothers U.S. Aggregate and the Lehman Brothers Treasury Indices returned 7.67% and 12.21%, respectively.

Ÿ The Fund’s effective duration was managed above that of its benchmark throughout the period, which benefited performance as shorter municipal bond yields declined.

Ÿ The Fund’s Class A SEC yield after fees at March 31, 2008 was 3.64%. The yield was 5.60% on a fully tax adjusted basis assuming a federal tax rate of 35.0%, or 4.04% assuming a federal tax rate of 10.0%. An investor’s tax adjusted yield may differ depending on such investor’s tax bracket.

Ÿ Yield curve positioning enhanced performance as municipal bond yield curves steepened over the period.

Ÿ An overweight to zero coupon municipal bonds at the end of the twelve-month period detracted from performance as zero coupon municipal bonds underperformed the broader municipal bond index.

Average Annual Total Return for the period ended March 31, 2008

	1 Year	5 Years	Fund Inception (08/31/99)
PIMCO Short Duration Municipal Income Fund Class A	-0.77%	1.50%	2.46%
PIMCO Short Duration Municipal Income Fund Class A (adjusted)	-3.01%	1.04%	2.19%
PIMCO Short Duration Municipal Income Fund Class C (adjusted)	-2.02%	1.19%	2.02%
Lehman Brothers 1 Year Municipal Bond Index	5.21%	2.61%	3.43%
Lipper Short Municipal Debt Funds Average	2.84%	2.14%	3.08%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month end, visit www.allianzinvestors.com. The adjusted returns take into account the maximum sales charge of 2.25% on A shares and 1% CDSC on C shares. Please see page 4 for more information. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratios are 0.80% and 1.10% for Class A and Class C shares, respectively. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

New York	14.4%
Texas	14.2%
Massachusetts	9.6%
Short-Term Instruments	7.8%
Washington	7.1%
California	7.0%
Wisconsin	6.2%
Other	33.7%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance				Hypothetical Performance
					(5% return before expenses)
	Class A		Class C		Class A		Class C
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	983.77	$	982.31	$	1,021.25	$	1,019.75
Expenses Paid During Period†	$	3.72	$	5.20	$	3.79	$	5.30

^† For each class of the Fund, expenses are equal to the net annualized expense ratio for the class (0.75% for Class A shares and 1.05% for Class C shares), multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Effective October 1, 2007, the Fund’s administrative fee was reduced by 0.05% to 0.30% per annum.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

Annual Report March 31, 2008 11

Benchmark Descriptions

Index	Description
60% Lehman Brothers High Yield Municipal Bond Index/40% Lehman Brothers Municipal Bond Index	The benchmark is a blend of 60% Lehman Brothers High Yield Municipal Bond Index and 40% Lehman Brothers Municipal Bond Index. The Lehman Brothers High Yield Municipal Bond Index is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year. Lehman Brothers General Municipal Bond Index consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 30 years. It is an unmanaged index representative of the tax-exempt bond market. The index is made up of all investment-grade municipal bonds issued after 12/31/90 having a remaining maturity of at least one year. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers 1 Year Municipal Bond Index	Lehman Brothers 1 Year Municipal Bond Index is an unmanaged index comprised of national municipal bond issues having a maturity of at least one year and less than two years. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers U.S. Aggregate Index	Lehman Brothers U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. It is not possible to invest directly in an unmanaged index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers California 1 Year Municipal Bond Index	Lehman Brothers California 1 Year Municipal Bond Index is an unmanaged index comprised of California Municipal Bond Issues having a maturity of at least one year and less than two years. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers California Intermediate Municipal Bond Index	Lehman Brothers California Intermediate Municipal Bond Index is an unmanaged index comprised of California Municipal Bond Issues having maturities of at least five years and less than ten years and consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 30 years. The index is made up of all investment grade municipal bonds issued after 12/31/90 having a remaining maturity of at least one year. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers Municipal Bond Index	Lehman Brothers Municipal Bond Index consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 30 years. It is an unmanaged index representative of the tax-exempt bond market. The index is made up of all investment grade municipal bonds issued after 12/31/90 having a remaining maturity of at least one year. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers New York Insured Municipal Bond Index	Lehman Brothers New York Insured Municipal Bond Index is an unmanaged index comprised of a broad selection of insured general obligation and revenue bonds of New York issuers with remaining maturities ranging from one year to 30 years. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers Treasury Index	Lehman Brothers Treasury Index consists of public obligations of the U.S. Treasury with a remaining maturity of one year or more. It is not possible to invest directly in an unmanaged index. The index does not reflect deductions for fees, expenses or taxes.

12 PIMCO Funds

Schedule of Investments  California Intermediate Municipal Bond Fund       
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 1.4%
Bank of America Corp.
8.000% due 12/29/2049	$	2,000	$	2,006
Total Corporate Bonds & Notes (Cost $2,000)				2,006
MUNICIPAL BONDS & NOTES 92.9%
CALIFORNIA 77.8%
Alameda, California Business Park Assessment Revenue Bonds, Series 1998
5.500% due 09/02/2012		1,180		1,206
Anaheim, California Public Financing Authority Revenue Bonds, (FSA Insured), Series 1997
0.000% due 09/01/2022		2,000		1,043
Antioch, California Public Financing Authority Revenue Notes, Series 1998
5.500% due 09/02/2008		465		470
Azusa, California Unified School District Certificates of Participation Bonds, (FSA Insured), Series 2004
2.100% due 06/01/2038		500		500
Bay Area, California Toll Authority Revenue Bonds, (AMBAC Insured), Series 2001
3.250% due 04/01/2029		1,800		1,800
Bay Area, California Toll Authority Revenue Bonds, (AMBAC Insured), Series 2006
4.500% due 04/01/2045		1,000		1,000
Burbank, California Community Facilities District Special Tax Notes, Series 2006
4.000% due 12/01/2009		100		101
California State Association of Bay Area Governments Financing Authority for Non-Profit Corporations Certificates of Participation Bonds, (AMBAC Insured), Series 1993
5.000% due 08/01/2023		1,665		1,665
California State Association of Bay Area Governments Financing Authority for Non-Profit Corporations Revenue Bonds, (CM Insured), Series 2001
5.250% due 04/01/2026		2,000		2,061
California State Association of Bay Area Governments Financing Authority for Non-Profit Corporations Revenue Bonds, Series 2003
5.200% due 11/15/2022		2,000		2,035
California State Department of Water Resources Revenue Bonds, Series 1997
5.000% due 12/01/2022		60		60
California State Educational Facilities Authority Revenue Bonds, (MBIA Insured), Series 2001
0.000% due 10/01/2014		500		389
California State Educational Facilities Authority Revenue Notes, Series 2005
5.000% due 10/01/2012		540		580
5.000% due 10/01/2013		570		616
California State Educational Facilities Authority Revenue Notes, Series 2006
5.000% due 11/01/2014		750		803
California State Encinitas Union School District General Obligation Bonds, (MBIA Insured), Series 1996
0.000% due 08/01/2018		1,500		930
California State for Precious Veterans General Obligation Bonds, Series 2000
5.700% due 12/01/2032		160		158

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
California State Health Facilities Financing Authority Revenue Bonds, (MBIA Insured), Series 1988
3.250% due 07/01/2020	$	1,800	$	1,800
California State Health Facilities Financing Authority Revenue Notes, (CM Insured), Series 2000
5.000% due 09/01/2010		350		360
California State Health Facilities Financing Authority Revenue Notes, Series 2005
5.000% due 07/01/2010		500		516
California State Housing Finance Agency Revenue Bonds, (AMBAC/FHA Insured), Series 1996
5.950% due 02/01/2011		35		35
California State Housing Finance Agency Revenue Notes, (FGIC Insured), Series 2006
4.500% due 08/01/2012		1,400		1,422
California State Mobilehome Park Financing Authority Revenue Bonds, Series 2006
5.500% due 12/15/2041		165		139
California State Mountain House Public Financing Authority Revenue Notes, Series 2007
5.000% due 12/01/2015		640		687
California State M-S-R Public Power Agency Revenue Bonds, (MBIA Insured), Series 1997
5.000% due 07/01/2022		1,450		1,450
California State Pollution Control Financing Authority Revenue Bonds, (FGIC Insured), Series 2004
4.750% due 12/01/2023		3,000		2,671
California State Pollution Control Financing Authority Revenue Bonds, Series 2002
5.000% due 01/01/2022		2,000		1,755
California State Public Works Board Lease Revenue Bonds, Series 2005
5.000% due 04/01/2017		2,000		2,131
California State Public Works Board Lease Revenue Notes, (FGIC Insured), Series 2006
5.000% due 10/01/2016		2,500		2,710
California State Sierra Kings Health Care District Revenue Bonds, Series 2006
6.000% due 12/01/2036		540		461
California State Tobacco Securitization Agency Revenue Bonds, Series 2002
6.125% due 06/01/2043		1,000		962
California State Tobacco Securitization Agency Revenue Bonds, Series 2006
0.000% due 06/01/2028 (a)		4,500		3,451
California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2001
5.000% due 10/01/2018		2,000		2,022
California Statewide Communities Development Authority Revenue Bonds, (XLCA Insured), Series 2006
4.100% due 04/01/2028		1,000		996
California Statewide Communities Development Authority Revenue Bonds, Series 1998
5.100% due 05/15/2025		2,000		2,012
5.250% due 05/15/2025		1,000		1,006
California Statewide Communities Development Authority Revenue Bonds, Series 2002
5.500% due 08/15/2034		1,000		1,007
6.750% due 07/01/2032 (d)		1,300		1,348
California Statewide Communities Development Authority Revenue Bonds, Series 2005
5.000% due 03/01/2018		125		126
California Statewide Communities Development Authority Revenue Bonds, Series 2006
4.875% due 11/15/2036		400		327

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
California Statewide Communities Development Authority Revenue Bonds, Series 2007
5.150% due 07/01/2030	$	650	$	551
5.500% due 11/01/2038		500		461
California Statewide Communities Development Authority Revenue Notes, Series 2005
5.000% due 07/01/2013		850		893
California Statewide Financing Authority Revenue Notes, Series 2002
4.600% due 05/01/2012		1,030		1,036
Campbell, California Redevelopment Agency Tax Allocation Notes, Series 2002
4.700% due 10/01/2011		505		525
Capistrano, California Unified School District Special Tax Bonds, Series 2003
5.250% due 09/01/2016		700		682
5.375% due 09/01/2017		800		779
Chino, California Basin Regional Financing Authority Revenue Bonds, (AMBAC Insured), Series 2002
3.750% due 06/01/2032		2,000		2,000
Chula Vista, California Special Tax Bonds, Series 2000
6.350% due 09/01/2017		230		239
6.400% due 09/01/2018		120		125
Contra Costa County, California Public Financing Authority Tax Allocation Bonds, Series 2003
5.625% due 08/01/2033		2,000		2,206
Corona, California Community Facilities District Special Tax Bonds, Series 1998
5.875% due 09/01/2023		1,000		983
Desert Sands, California Unified School District General Obligation Notes, (AMBAC Insured), Series 2006
0.000% due 06/01/2014		3,000		2,365
El Monte, California School District General Obligation Notes, (FGIC Insured), Series 2005
0.000% due 05/01/2012		1,555		1,343
El Monte, California School District General Obligation Notes, (FGIC Insured), Series 2006
0.000% due 06/01/2013		1,195		985
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2003
5.000% due 06/01/2021		535		537
6.250% due 06/01/2033		2,000		2,182
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.125% due 06/01/2047		2,650		2,106
Inland Empire, California Tobacco Securitization Authority Revenue Bonds, Series 2007
4.625% due 06/01/2021		1,000		911
Long Beach, California Bond Finance Authority Revenue Bonds, Series 2007
5.000% due 11/15/2029		1,000		854
5.250% due 11/15/2018		1,000		995
Los Angeles, California Department of Airports Revenue Notes, (MBIA Insured), Series 2006
5.000% due 05/15/2016		1,000		1,057
Los Angeles, California Unified School District General Obligation Bonds, (MBIA Insured), Series 1999
4.750% due 07/01/2010		30		31
Lucia Mar, California Unified School District General Obligation Bonds, (FSA Insured), Series 2002
5.000% due 08/01/2022		1,215		1,257
Modesto, California Irrigation District Certificates of Participation Notes, (AMBAC Insured), Series 2006
5.000% due 10/01/2015		3,545		3,868

See Accompanying Notes Annual Report March 31, 2008 13

Schedule of Investments  California Intermediate Municipal Bond Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Moreno Valley, California Unified School District General Obligation Bonds, (MBIA Insured), Series 2007
0.000% due 08/01/2023	$	1,000	$	433
Morgan Hill, California Unified School District General Obligation Notes, (AMBAC Insured), Series 2006
0.000% due 08/01/2016		500		350
Murrieta Valley, California Unified School District Public Financing Authority Special Tax Bonds, (AGC Insured), Series 2006
4.750% due 09/01/2036		2,100		1,957
Orange County, California Community Facilities District Special Tax Bonds, Series 2000
5.600% due 08/15/2011		455		461
5.700% due 08/15/2012		485		492
5.800% due 08/15/2013		600		609
Orange County, California Local Transportation Authority Revenue Bonds, (AMBAC Insured), Series 1992
6.200% due 02/14/2011		3,250		3,532
Poway, California Unified School District Special Tax Bonds, Series 2005
5.125% due 09/01/2028		500		450
Redding, California Redevelopment Agency Tax Allocation Bonds, Series 2006
5.000% due 09/01/2036		1,250		1,088
Rio Vista, California Community Facilities District Special Tax Notes, Series 2006
4.000% due 09/01/2009		170		171
Riverbank Redevelopment Agency of California State Tax Allocation Notes, Series 2007
4.100% due 08/01/2013		255		255
Riverside, California Revenue Bonds, (AMBAC Insured), Series 1998
5.375% due 10/01/2009		500		513
Sacramento, California County Sanitation District Revenue Bonds, (FGIC Insured), Series 2006
5.000% due 12/01/2017		1,000		1,081
Sacramento, California Municipal Utility District Revenue Bonds, Series 1983
9.000% due 04/01/2013		675		774
San Diego County, California Certificates of Participation Notes, Series 2006
5.000% due 09/01/2013		1,340		1,338
San Fernando, California Redevelopment Agency Tax Allocation Bonds, Series 2006
4.500% due 09/15/2017		1,425		1,404
San Francisco, California City & County Airports Commission Revenue Bonds, (FGIC Insured), Series 2006
5.250% due 05/01/2019		1,460		1,545
San Francisco, California City & County Airports Commission Revenue Bonds, (FSA Insured), Series 1998
5.500% due 05/01/2015		300		303
San Francisco, California City & County Unified School District General Obligation Notes, (FSA Insured), Series 2005
5.000% due 06/15/2015		1,100		1,195
San Joaquin, California Delta Community College District General Obligation Notes, (AMBAC Insured), Series 2006
0.000% due 08/01/2014		2,000		1,560
San Jose, California Multi-Family Housing Revenue Bonds, Series 1999
4.950% due 06/01/2039		930		938

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
San Jose, California Redevelopment Agency Tax Allocation Bonds, (MBIA Insured), Series 2002
5.000% due 08/01/2022	$	2,000	$	2,146
San Jose, California Redevelopment Agency Tax Allocation Bonds, (MBIA Insured), Series 2005
5.000% due 08/01/2017		1,000		1,057
San Luin Obispo County, California Financing Authority Revenue Bonds, (MBIA Insured), Series 2007
5.000% due 09/01/2018		750		810
San Pablo, California Redevelopment Agency Revenue Bonds, Series 1979
8.000% due 10/01/2011		70		75
San Ramon Valley, California Unified School District General Obligation Bonds, (FGIC Insured), Series 1998
0.000% due 07/01/2018		6,500		4,006
Santa Clara, California Valley Transportation Authority Revenue Bonds, (AMBAC Insured), Series 2005
3.750% due 06/01/2026		2,000		2,000
Sonoma County, California Junior College District General Obligation Bonds, (MBIA Insured), Series 2007
5.000% due 08/01/2018		1,250		1,359
Turlock, California Certificates of Participation Notes, Series 2007
5.000% due 10/15/2010		360		367
University of California Regents Medical Center Revenue Bonds, (MBIA Insured), Series 2007
4.750% due 05/15/2031		1,000		957
University of California Revenue Bonds, (FGIC Insured), Series 2007
5.000% due 05/15/2041		1,000		986
University of California Revenue Bonds, (FSA Insured), Series 2005
5.000% due 05/15/2016		3,240		3,476
University of California Revenue Bonds, Series 2008
5.000% due 05/15/2018		350		380
				111,850
LOUISIANA 0.7%
Louisiana State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2001
5.875% due 05/15/2039		1,000		931
MONTANA 0.4%
Hardin, Montana Rocky Mountain Power, Inc. Tax Allocation Bonds, Series 2006
0.000% due 09/01/2031 (a)		830		516
NEW JERSEY 0.2%
New Jersey State Economic Development Authority Revenue Bonds, Series 1998
6.800% due 04/01/2018		240		255
NEW YORK 0.7%
New York City, New York Industrial Development Agency Revenue Bonds, Series 2005
5.500% due 01/01/2016		1,000		1,063
PUERTO RICO 9.9%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Revenue Bonds, Series 2008
6.000% due 07/01/2038		1,025		1,053

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Commonwealth of Puerto Rico General Obligation Bonds, (AGC Insured), Series 2006
5.231% due 07/01/2020	$	1,000	$	938
Commonwealth of Puerto Rico General Obligation Bonds, Series 2006
5.000% due 07/01/2035		190		172
Commonwealth of Puerto Rico Government Development Bank Revenue Notes, Series 2006
5.000% due 12/01/2014		2,500		2,633
Commonwealth of Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2007
5.500% due 07/01/2021		2,500		2,615
Commonwealth of Puerto Rico Infrastructure Financing Authority Revenue Bonds, (AMBAC Insured), Series 1998
5.250% due 07/01/2010		150		152
Commonwealth of Puerto Rico Public Buildings Authority Revenue Bonds, (Commonwealth-GTD), Series 2004
5.000% due 07/01/2028		2,150		2,216
Commonwealth of Puerto Rico Public Finance Corporations Revenue Bonds, Series 2004
5.750% due 08/01/2027		3,250		3,420
Puerto Rico Children’s Trust Fund Revenue Notes, Series 2002
5.000% due 05/15/2009		1,000		1,013
				14,212
TEXAS 0.2%
Arlington, Texas Independent School District General Obligation Bonds, (PSF-GTD), Series 2000
7.560% due 02/15/2024		250		252
Houston, Texas Apartment System Revenue Bonds, Series 1997
6.125% due 07/15/2017		100		91
				343
VIRGIN ISLANDS 3.0%
Virgin Islands Public Finance Authority Revenue Bonds, Series 1998
5.500% due 10/01/2008		3,000		3,045
Virgin Islands Public Finance Authority Revenue Bonds, Series 2003
6.125% due 07/01/2022		1,250		1,253
				4,298
Total Municipal Bonds & Notes (Cost $134,711)				133,468
SHORT-TERM INSTRUMENTS 4.4%
REPURCHASE AGREEMENTS 4.4%
State Street Bank and Trust Co.
1.900% due 04/01/2008		6,352		6,352
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 4.375% due 09/17/2010 valued at $6,480. Repurchase proceeds are $6,352.)
Total Short-Term Instruments (Cost $6,352)				6,352
Total Investments 98.7% (Cost $143,063)			$	141,826
Other Assets and Liabilities (Net) 1.3%				1,914
Net Assets 100.0%			$	143,740

14 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Security becomes interest bearing at a future date.

(b) Cash of $320 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	75	$	(303	)

(c) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount	Unrealized (Depreciation)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MSC	$    1,200	$	(3	)

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

(d) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
California Statewide Communities Development Authority Revenue Bonds, Series 2002	6.750%	07/01/2032	02/07/2002	$	1,300	$	1,348	0.94%

See Accompanying Notes Annual Report March 31, 2008 15

Schedule of Investments  California Short Duration Municipal Income Fund

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 1.4%
Bank of America Corp.
8.000% due 12/29/2049	$	300	$	301
Total Corporate Bonds & Notes (Cost $300)				301
MUNICIPAL BONDS & NOTES 93.5%
CALIFORNIA 93.5%
Alameda County, California Certificates of Participation Bonds, (AMBAC Insured), Series 2007
5.000% due 12/01/2017		495		528
Brentwood Union School District, California General Obligation Bonds, (FGIC Insured), Series 2007
5.250% due 08/01/2017		110		121
Brentwood Union School District, California General Obligation Notes, (FGIC Insured), Series 2007
5.250% due 08/01/2016		135		150
California State Association of Bay Area Governments Financing Authority for Non-Profit Corporations Certificates of Participation Bonds, (AMBAC Insured), Series 1993
5.000% due 08/01/2023		500		500
California State Bay Area Toll Authority Revenue Bonds, (AMBAC Insured), Series 2007
3.386% due 04/01/2047		500		500
California State Department of Water Resources Revenue Bonds, (FSA Insured), Series 2005
1.750% due 05/01/2016		400		400
California State Department of Water Resources Revenue Notes, Series 2005
1.980% due 05/01/2011		100		100
California State Educational Facilities Authority Revenue Bonds, (MBIA Insured), Series 2002
3.350% due 02/01/2032		600		600
California State Educational Facilities Authority Revenue Bonds, Series 1995
1.550% due 10/01/2015 (c)		500		500
California State Health Facilities Financing Authority Revenue Bonds, (MBIA Insured), Series 1998
1.850% due 09/01/2015		750		750
1.850% due 09/01/2028		500		500
California State Health Facilities Financing Authority Revenue Bonds, Series 2004
1.770% due 07/01/2033		500		500
1.920% due 07/01/2033		100		100
California State Housing Finance Agency Revenue Bonds, (FSA/FHA/VA Private Insured), Series 2000
1.600% due 08/01/2015		100		100
California State Infrastructure & Economic Development Bank Revenue Bonds, Series 2001
1.800% due 11/15/2037		500		500
California State M-S-R Public Power Agency Revenue Bonds, (MBIA Insured), Series 1998
2.050% due 07/01/2022		2,100		2,100
California State Public Works Board Lease Revenue Bonds, (FGIC Insured), Series 2006
5.250% due 10/01/2017		380		418

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
California Statewide Communities Development Authority Revenue Bonds, (FSA Insured), Series 2007
5.250% due 07/01/2018	$	250	$	272
California Statewide Communities Development Authority Revenue Bonds, Series 2007
5.150% due 07/01/2030		100		85
California Statewide Communities Development Authority Revenue Notes, (MBIA Insured), Series 2005
5.000% due 05/01/2015		150		164
Dublin-San Ramon Services District, California Certificates of Participation Bonds, (MBIA Insured), Series 2000
3.000% due 08/01/2035		1,000		1,000
Golden State, California Tobacco Securitization Corporations Revenue Bonds, (FGIC Insured), Series 2003
5.625% due 06/01/2038		100		110
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2003
6.250% due 06/01/2033		500		546
6.750% due 06/01/2039		710		822
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.125% due 06/01/2047		200		159
Hesperia, California Unified School District Certificates of Participation Bonds, (FSA Insured), Series 2004
2.150% due 02/01/2028		250		250
Lincoln, California Unified School District Special Tax Notes, (AMBAC Insured), Series 2006
5.000% due 09/01/2015		185		202
Los Angeles, California Department of Water & Power Revenue Bonds, Series 2001
1.750% due 07/01/2034		500		500
Metropolitan Water District of Southern California State Revenue Bonds, Series 2001
0.800% due 07/01/2036		100		100
Morgan Hill, California Redevelopment Agency Tax Allocation Bonds, Series 2008
2.000% due 09/01/2033		500		500
Orange County, California Sanitation District Certificates of Participation Bonds, (AMBAC Insured), Series 1993
2.100% due 08/01/2016		600		600
Orange County, California Sanitation District Certificates of Participation Bonds, Series 2000
1.100% due 08/01/2030		795		795
Pasadena, California Certificates of Participation Bonds, (AMBAC Insured), Series 2003
4.750% due 02/01/2033		490		490
Pittsburg, California Redevelopment Agency Tax Allocation Bonds, (MBIA Insured), Series 2002
5.250% due 08/01/2013		100		110
Pleasanton, California Unified School District General Obligation Bonds, (MBIA Insured), Series 2004
5.000% due 08/01/2015		150		165
Rancho, California Water District Financing Authority Revenue Notes, Series 2008
4.000% due 08/01/2009 (a)		500		512

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Rio Vista, California Community Facilities District Special Tax Notes, Series 2006
4.000% due 09/01/2009	$	100	$	100
Riverbank Redevelopment Agency of California State Tax Allocation Notes, Series 2007
4.000% due 08/01/2012		145		145
Roseville, California Natural Gas Finance Authority Revenue Notes, Series 2007
5.000% due 02/15/2012		100		101
San Francisco, California General Obligation Bonds, (MBIA Insured), Series 2005
3.350% due 06/15/2030		1,300		1,300
San Luin Obispo County, California Financing Authority Revenue Bonds, (MBIA Insured), Series 2007
5.000% due 09/01/2018		250		270
Santa Ana, California Certificates of Participation Bonds, (AMBAC Insured), Series 2003
5.000% due 06/01/2015		195		207
Santa Clara County, California Financing Authority Revenue Bonds, Series 1994
1.750% due 11/15/2025		500		500
Santa Clara Valley, California Water District Certificates of Participation Notes, Series 2007
5.000% due 02/01/2016		150		164
Santa Clara, California Valley Transportation Authority Revenue Bonds, (AMBAC Insured), Series 2005
2.500% due 06/01/2026		500		500
Santa Monica, California Community College District General Obligation Notes, (FGIC Insured), Series 2007
0.000% due 08/01/2013		225		184
Turlock, California Scertificates of Participation Notes, Series 2007
5.000% due 10/15/2008		355		357
Upland, California Sate Public Financing Authority Revenue Bonds, (AMBAC Insured), Series 2002
4.600% due 10/01/2016		100		104
Total Municipal Bonds & Notes (Cost $19,732)				19,681
SHORT-TERM INSTRUMENTS 4.5%
REPURCHASE AGREEMENTS 4.5%
State Street Bank and Trust Co.
1.900% due 04/01/2008		937		937
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 3.875% due 08/22/2008 valued at $960. Repurchase proceeds are $937.)
Total Short-Term Instruments (Cost $937)				937
Total Investments 99.4% (Cost $20,969)			$	20,919
Other Assets and Liabilities (Net) 0.6%				120
Net Assets 100.0%			$	21,039

16 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Notes to Schedule of Investments (amounts in thousands*):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) When-issued security.

(b) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty		Notional Amount	Unrealized (Depreciation)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MSC	$	200	$	0

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

(c) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
California State Educational Facilities Authority Revenue Bonds, Series 1995	1.550%	10/01/2015	08/10/2007	$	500	$	500	2.38%

See Accompanying Notes Annual Report March 31, 2008 17

Schedule of Investments  High Yield Municipal Bond Fund

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 1.9%
Bank of America Corp.
8.000% due 12/29/2049	$	3,600	$	3,612
Total Corporate Bonds & Notes (Cost $3,600)				3,612
MUNICIPAL BONDS & NOTES 90.1%
ALABAMA 1.4%
Butler, Alabama Industrial Development Board Revenue Bonds, Series 1993
5.900% due 12/01/2012		50		48
Colbert County, Alabama Health Care Authority Revenue Bonds, Series 2003
5.750% due 06/01/2027		670		631
Montgomery, Alabama Medical Clinic Board Revenue Bonds, Series 2006
5.250% due 03/01/2031		250		221
5.250% due 03/01/2036		500		433
Tuscaloosa, Alabama Educational Building Authority Revenue Bonds, Series 2007
5.000% due 06/01/2026		1,500		1,251
				2,584
ALASKA 0.6%
Alaska State Industrial Development & Export Authority Revenue Bonds, Series 2007
6.000% due 12/01/2036		1,400		1,229
ARIZONA 3.2%
Arizona State Health Facilities Authority Revenue Bonds, Series 2007
5.200% due 10/01/2037		1,250		961
Arizona State Salt Verde Financial Corporation Revenue Bonds, Series 2007
5.000% due 12/01/2037		1,000		845
Pima County, Arizona Industrial Development Authority Revenue Bonds, Series 2006
6.375% due 06/01/2036		1,500		1,401
Pima County, Arizona Industrial Development Authority Revenue Bonds, Series 2007
5.625% due 07/01/2038		1,000		883
Pima County, Arizona Industrial Development Authority Revenue Bonds, Series 2008
6.375% due 09/01/2029		1,850		1,845
				5,935
CALIFORNIA 4.7%
California State Municipal Finance Authority Certificates of Participation Bonds, Series 2007
5.250% due 02/01/2037		1,000		842
California State Municipal Finance Authority Revenue Bonds, Series 2008
5.875% due 10/01/2034		750		746
California State Sierra Kings Health Care District Revenue Bonds, Series 2006
6.000% due 12/01/2036		195		166
California Statewide Communities Development Authority Revenue Bonds, Series 2007
5.500% due 11/01/2038		1,500		1,384
9.000% due 11/01/2017		500		533
Dinuba, California Financing Authority Revenue Bonds, Series 2007
5.375% due 09/01/2038		200		175

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2033	$	1,000	$	832
5.125% due 06/01/2047		5,000		3,973
Los Angeles, California Regional Airports Improvement Corp. Revenue Bonds, Series 2002
7.500% due 12/01/2024		250		252
				8,903
COLORADO 4.9%
Colorado State Educational & Cultural Facilities Authority Revenue Bonds, Series 2007
5.700% due 05/01/2037		800		692
5.750% due 05/15/2037		855		755
5.750% due 12/01/2037		1,000		881
Colorado State Health Facilities Authority Revenue Bonds, Series 2007
5.300% due 07/01/2037		2,350		1,884
5.900% due 08/01/2037		1,000		869
Colorado State Housing & Finance Authority Revenue Bonds, Series 2007
5.875% due 06/01/2037		1,500		1,365
Confluence Metropolitan District, Colorado Revenue Bonds, Series 2007
5.400% due 12/01/2027		500		424
5.450% due 12/01/2034		1,000		822
Copperleaf, Colorado Metropolitan District No. 2 General Obligation Bonds, Series 2006
5.950% due 12/01/2036		500		398
Madre, Colorado Metropolitan District No. 2 General Obligation Bonds, Series 2007
5.500% due 12/01/2036		900		697
Tallyns Reach, Colorado Metropolitan District No. 3 General Obligation Bonds, Series 2007
5.200% due 12/01/2036		500		386
				9,173
CONNECTICUT 1.1%
Connecticut State Health & Educational Facility Authority Revenue Bonds, (MBIA Insured), Series 2007
1.850% due 07/01/2037		2,000		2,000
FLORIDA 4.7%
Beacon Lakes, Florida Community Development District Special Assessment Bonds, Series 2007
6.000% due 05/01/2038		500		425
Brevard County, Florida Health Facilities Authority Revenue Bonds, Series 2005
5.000% due 04/01/2036		1,700		1,523
Florida State Development Finance Corp. Revenue Bonds, Series 2007
6.000% due 02/15/2037		250		226
Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2007
5.125% due 05/15/2037		1,000		841
Jacksonville, Florida Economic Development Commission Revenue Bonds, Series 2007
5.300% due 05/01/2037		2,500		2,035
Lee County, Florida Industrial Development Authority Revenue Bonds, Series 2007
5.375% due 06/15/2037		1,500		1,233
Sarasota County, Florida Health Facility Authority Revenue Bonds, Series 2007
5.750% due 07/01/2037		1,680		1,429

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
University Square, Florida Community Development District Special Assessment Bonds, Series 2007
5.875% due 05/01/2038	$	1,250	$	1,088
				8,800
GEORGIA 0.7%
Fulton County, Georgia Revenue Bonds, Series 2006
5.125% due 07/01/2042		250		193
Georgia State Medical Center Hospital Authority Revenue Bonds, Series 2007
5.250% due 07/01/2037		1,500		1,127
				1,320
ILLINOIS 10.3%
Belleville, Illinois Frank Scott Parkway Redevelopment Authority Tax Allocation Bonds, Series 2007
5.700% due 05/01/2036		1,000		868
Chicago, Illinois O’Hare International Airport Revenue Bonds, (FGIC Insured), Series 2005
5.000% due 01/01/2033		2,000		1,958
Granite City, Illinois Revenue Bonds, Series 2007
5.125% due 04/01/2027		1,645		1,436
Illinois State Finance Authority Revenue Bonds, Series 2006
5.875% due 02/15/2038		200		173
Illinois State Finance Authority Revenue Bonds, Series 2007
5.000% due 12/01/2036		250		206
5.375% due 11/15/2039		1,600		1,296
5.500% due 05/15/2037		750		645
6.100% due 12/01/2041		1,650		1,451
7.000% due 12/01/2037		1,000		942
Illinois State Finance Authority Revenue Bonds, Series 2008
6.250% due 08/15/2035		1,000		925
Illinois State Finance Authority Sports Facilities Revenue Bonds, Series 2007
6.000% due 03/01/2037		1,775		1,552
Illinois State Health Facilities Authority Revenue Bonds, (MBIA Insured), Series 1994
1.750% due 08/15/2026		4,000		4,000
Illinois State Health Facilities Authority Revenue Bonds, (MBIA Insured), Series 1998
2.050% due 08/01/2026		1,755		1,755
Southwestern Illinois State Development Authority Revenue Bonds, Series 2007
5.350% due 03/01/2031		1,250		1,124
6.625% due 06/01/2037		1,000		932
				19,263
INDIANA 1.3%
East Chicago, Indiana Revenue Bonds, Series 1999
6.375% due 08/01/2029		100		95
Indiana State Health & Educational Facilities Financing Authority Revenue Bonds, Series 2007
5.500% due 03/01/2037		1,000		864
Vigo County, Indiana Hospital Authority Revenue Bonds, Series 2007
5.700% due 09/01/2037		1,650		1,447
				2,406

18 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
IOWA 2.0%
Iowa State Finance Authority Revenue Bonds, Series 2006
5.450% due 11/01/2026	$	175	$	154
Iowa State Finance Authority Revenue Bonds, Series 2007
5.500% due 11/15/2027		900		773
5.500% due 11/15/2037		1,150		935
5.625% due 12/01/2045		2,150		1,771
Iowa State Higher Education Loan Authority Revenue Bonds, Series 2006
5.100% due 10/01/2036		200		176
				3,809
KANSAS 1.4%
Labette County, Kansas Revenue Bonds, Series 2007
5.750% due 09/01/2037		1,100		1,015
Lenexa, Kansas Revenue Bonds, Series 2007
5.500% due 05/15/2039		1,000		835
Manhattan, Kansas Revenue Bonds, Series 2007
5.125% due 05/15/2037		250		200
5.125% due 05/15/2042		250		195
5.500% due 08/01/2021		250		224
Olathe, Kansas Tax Allocation Bonds, Series 2007
5.500% due 09/01/2026		200		182
				2,651
KENTUCKY 0.3%
Ohio County, Kentucky Revenue Bonds, (AMBAC Insured), Series 2001
12.000% due 10/01/2022		500		500
MARYLAND 2.4%
Maryland State Economic Development Corp. Revenue Bonds, Series 2006
5.000% due 12/01/2031		850		666
Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, Series 2007
5.000% due 07/01/2037		850		730
5.300% due 01/01/2037		800		625
Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, Series 2008
5.750% due 01/01/2038		1,000		950
6.000% due 01/01/2043		1,600		1,561
				4,532
MASSACHUSETTS 1.3%
Massachusetts State Development Finance Agency Revenue Bonds, Series 2007
5.750% due 11/15/2042		1,500		1,279
6.750% due 10/15/2037		1,250		1,122
				2,401
MICHIGAN 6.5%
Corner Creek Academy East, Michigan Revenue Bonds, Series 2007
5.250% due 11/01/2036		250		205
Crescent Academy, Michigan Certificates of Participation Bonds, Series 2006
5.750% due 12/01/2036		500		417
Doctor Charles Drew Academy, Michigan State Certificates of Participation Bonds, Series 2006
5.700% due 11/01/2036		450		378
East Lansing, Michigan Economic Corp. Revenue Bonds, Series 2007
5.250% due 07/01/2037		800		654

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Garden City, Michigan Hospital Finance Authority Revenue Bonds, Series 2007
5.000% due 08/15/2038	$	250	$	187
Hillsdale, Michigan Hospital Finance Authority Revenue Bonds, Series 1998
5.000% due 05/15/2013		100		101
Meridian, Michigan Economic Development Corp. Revenue Bonds, Series 2007
5.250% due 07/01/2026		995		887
Michigan State Grand Traverse Academy Revenue Bonds, Series 2007
5.000% due 11/01/2036		900		730
Michigan State Hospital Finance Authority Revenue Bonds, Series 2006
5.000% due 11/15/2038		1,000		908
Michigan State Public Educational Facilities Authority Revenue Bonds, Series 2007
5.000% due 09/01/2036		2,500		2,098
6.500% due 09/01/2037		1,000		925
Michigan State Tobacco Settlement Finance Authority Revenue Bonds, Series 2007
6.000% due 06/01/2048		750		687
Royal Oak, Michigan Hospital Finance Authority Revenue Bonds, (AMBAC Insured), Series 2006
2.000% due 01/01/2020		2,000		2,000
3.500% due 01/01/2020		2,000		2,000
				12,177
MINNESOTA 2.2%
Falcon Heights, Minnesota Revenue Bonds, Series 2007
6.000% due 11/01/2037		400		359
Minneapolis, Minnesota Revenue Bonds, Series 2007
5.400% due 04/01/2028		725		642
5.750% due 10/01/2037		1,500		1,321
Minneapolis, Minnesota Tax Allocation Bonds, Series 2006
5.350% due 02/01/2030		200		176
North Oaks, Minnesota Revenue Bonds, Series 2007
6.125% due 10/01/2039		250		238
St. Paul, Minnesota Housing & Redevelopment Authority Revenue Bonds, Series 2007
5.375% due 05/01/2043		650		511
Stillwater, Minnesota Revenue Bonds, Series 2007
5.375% due 02/01/2032		500		430
Washington County, Minnesota Housing & Redevelopment Authority Revenue Bonds, Series 2007
5.625% due 06/01/2037		500		421
				4,098
MISSOURI 2.2%
Branson, Missouri Regional Airport Transportation Development District Revenue Bonds, Series 2007
6.000% due 07/01/2025		1,900		1,718
6.000% due 07/01/2037		750		660
Cottleville, Missouri Certificates of Participation Bonds, Series 2006
5.250% due 08/01/2031		250		238
Grindstone Plaza, Missouri Transportation Development District Sales Tax Revenue Bonds, Series 2006
5.500% due 10/01/2031		250		226
5.550% due 10/01/2036		45		40

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Joplin, Missouri Industrial Development Authority Revenue Bonds, Series 2007
5.750% due 05/15/2031	$	1,485	$	1,316
				4,198
MONTANA 0.3%
Hardin, Montana Rocky Mountain Power, Inc. Tax Allocation, Series 2006
0.000% due 09/01/2031 (b)		830		516
NEVADA 1.0%
Clark County, Nevada Revenue Bonds, (AMBAC Insured), Series 2007
5.000% due 07/01/2040		2,000		1,926
NEW JERSEY 3.6%
Middlesex County, New Jersey Improvement Authority Revenue Bonds, Series 2005
6.125% due 01/01/2025		1,900		1,785
New Jersey State Economic Development Authority Revenue Bonds, Series 2000
7.000% due 11/15/2030		60		57
New Jersey State Economic Development Authority Revenue Bonds, Series 2006
5.375% due 11/01/2036		1,750		1,432
New Jersey State Health Care Facilities Financing Authority Revenue Bonds, Series 2007
5.750% due 07/01/2037		1,000		959
New Jersey State Health Care Facilities Financing Authority Revenue Bonds, Series 2008
5.250% due 01/01/2036 (a)		900		904
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2041		2,000		1,612
				6,749
NEW MEXICO 0.5%
New Mexico State Hospital Equipment Loan Council Revenue Bonds, Series 2007
5.250% due 08/15/2026		500		429
Otero County, New Mexico Revenue Bonds, Series 2007
6.000% due 04/01/2028		650		588
				1,017
NEW YORK 1.4%
Erie County, New York Industrial Development Agency Revenue Bonds, Series 2006
6.000% due 11/15/2036		150		133
Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2007
6.500% due 01/01/2027		395		388
6.700% due 01/01/2043		1,500		1,471
New York City, New York Industrial Development Agency Revenue Bonds, Series 2005
7.625% due 08/01/2025		500		506
7.750% due 08/01/2031		150		152
				2,650
NORTH CAROLINA 1.2%
Charlotte, North Carolina Revenue Bonds, Series 1998
5.600% due 07/01/2027		150		122
Charlotte, North Carolina Revenue Bonds, Series 2000
7.750% due 02/01/2028		60		61

See Accompanying Notes Annual Report March 31, 2008 19

Schedule of Investments  High Yield Municipal Bond Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
North Carolina State Medical Care Commission Revenue Bonds, Series 2006
5.100% due 10/01/2030	$	50	$	43
North Carolina State Medical Care Commission Revenue Bonds, Series 2007
5.250% due 01/01/2032		1,000		798
North Carolina State Medical Care Commission Revenue Bonds, Series 2008
6.000% due 04/01/2038		500		460
Surry County, North Carolina Northern Hospital District Revenue Bonds, Series 2008
6.250% due 10/01/2038 (a)		800		788
				2,272
OHIO 3.3%
Ohio State Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2007
5.875% due 06/01/2047		5,500		4,846
6.000% due 06/01/2042		1,520		1,397
				6,243
OREGON 1.0%
Oregon State Health Housing Educational & Cultural Facilities Authority Revenue Bonds, (MBIA Insured), Series 1998
3.250% due 12/01/2028		1,885		1,885
PENNSYLVANIA 5.7%
Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2007
5.375% due 11/15/2040		3,500		2,800
Cumberland County, Pennsylvania Municipal Authority Revenue Bonds, Series 2008
6.000% due 07/01/2035		500		479
Harrisburg, Pennsylvania Authority Revenue Bonds, Series 2007
6.000% due 09/01/2036		500		466
Lancaster County, Pennsylvania Hospital Authority Revenue Bonds, Series 2008
6.250% due 07/01/2026		250		248
6.375% due 07/01/2030		1,000		988
Montgomery County, Pennsylvania Higher Education & Health Authority Revenue Bonds, Series 2006
5.250% due 01/01/2036		150		130
Pennsylvania State Economic Development Financing Authority Revenue Bonds, Series 2001
6.750% due 12/01/2036		3,600		3,591
Pennsylvania State Economic Development Financing Authority Revenue Bonds, Series 2003
6.750% due 12/01/2036		250		249
Philadelphia, Pennsylvania Hospitals & Higher Education Facilities Authority Revenue Bonds, Series 2007
5.000% due 07/01/2034		1,000		841
Philadelphia, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2007
5.500% due 09/15/2037		450		394
Washington County, Pennsylvania Redevelopment Authority Tax Allocation Bonds, Series 2006
5.450% due 07/01/2035		550		476
				10,662

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
PUERTO RICO 1.2%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Revenue Bonds, Series 2008
6.000% due 07/01/2038	$	2,250	$	2,312
RHODE ISLAND 0.1%
Rhode Island State Health & Educational Building Corporations Revenue Bonds, Series 1998
5.400% due 07/01/2013		185		186
Rhode Island State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2002
6.125% due 06/01/2032		100		95
				281
SOUTH CAROLINA 1.9%
South Carolina State Jobs-Economic Development Authority Revenue Bonds, Series 2007
5.500% due 05/01/2028		1,900		1,626
6.000% due 11/15/2037		2,000		1,793
South Carolina State Tobacco Settlement Revenue Management Authority Revenue Bonds, Series 2001
6.375% due 05/15/2030		145		141
				3,560
TENNESSEE 0.7%
Maury County, Tennessee Industrial Development Board Revenue Bonds, Series 1994
6.500% due 09/01/2024		150		141
Sumner County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, Series 2007
5.500% due 11/01/2037		1,250		1,137
				1,278
TEXAS 8.2%
Alliance, Texas Airport Authority Revenue Bonds, Series 2007
5.250% due 12/01/2029		2,500		1,579
Fort Bend County, Texas General Obligation Bonds, (MBIA Insured), Series 2007
4.750% due 03/01/2031		500		457
Guadalupe-Blanco, Texas River Authority Revenue Notes, Series 2008
5.625% due 10/01/2017 (a)		275		277
Gulf Coast, Texas Industrial Development Authority Revenue Bonds, Series 2006
7.000% due 12/01/2036		500		456
Gulf Coast, Texas Waste Disposal Authority Revenue Bonds, Series 2003
5.200% due 05/01/2028		1,000		821
HFDC of Central Texas, Inc. Revenue Bonds, Series 2006
5.500% due 02/15/2037		500		401
Houston, Texas Airport Systems Revenue Bonds, Series 1997
6.125% due 07/15/2027		45		38
Houston, Texas Airport Systems Revenue Bonds, Series 2001
6.750% due 07/01/2021		100		94
Houston, Texas Apartment System Revenue Bonds, Series 1997
6.125% due 07/15/2017		100		90
Lubbock, Texas Health Facilities Development Corp. Revenue Bonds, Series 2005
6.625% due 07/01/2036		265		257

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Lubbock, Texas State Educational Facilities Authority Revenue Bonds, Series 2007
5.250% due 11/01/2037	$	1,500	$	1,313
Lufkin, Texas Health Facilities Development Corp. Revenue Bonds, Series 2007
5.500% due 02/15/2037		750		677
Maverick County, Texas Public Facility Corp. Revenue Bonds, Series 2007
6.250% due 02/01/2024		635		579
6.375% due 02/01/2029		220		197
North Texas State Tollway Authority Revenue Bonds, Series 2008
5.625% due 01/01/2033 (a)		1,500		1,493
Parmer County, Texas Hospital District General Obligation Bonds, Series 2007
5.500% due 02/15/2027		345		329
San Leanna, Texas Educational Facilities Corp. Revenue Bonds, Series 2007
4.750% due 06/01/2032		1,000		845
Texas State Public Finance Authority Revenue Bonds, Series 2007
5.375% due 02/15/2037		3,115		2,629
Texas State Water Development Board Revenue Bonds, Series 2007
4.500% due 07/15/2023		500		497
Trinity River Authority, Texas Revenue Bonds, Series 2000
6.250% due 05/01/2028		50		43
Tyler, Texas Health Facilities Development Corporations Revenue Bonds, Series 2007
5.375% due 11/01/2037		1,750		1,504
Willacy County, Texas Revenue Bonds, Series 2007
6.875% due 09/01/2028		750		763
				15,339
UTAH 4.3%
Carbon County, Utah Revenue Bonds, (AMBAC Insured), Series 1994
6.000% due 11/01/2024		2,365		2,365
Spanish Fork City, Utah Revenue Bonds, Series 2006
5.550% due 11/15/2026		500		452
5.700% due 11/15/2036		1,000		882
Utah County, Utah General Obligation Bonds, Series 2007
5.875% due 06/15/2037		1,650		1,494
Utah County, Utah Revenue Bonds, Series 2007
5.625% due 07/15/2037		2,550		2,230
Utah State Charter School Finance Authority Revenue Bonds, Series 2007
6.000% due 07/15/2037		675		619
				8,042
VIRGINIA 1.7%
Bedford County, Virginia Industrial Development Authority Revenue Bonds, Series 1999
6.550% due 12/01/2025		100		91
Fauquier County, Virginia Industrial Development Authority Revenue Bonds, Series 2008
5.250% due 10/01/2037		500		448
James City County, Virginia Economic Development Authority Revenue Bonds, Series 2007
5.500% due 07/01/2037		750		631
Lewistown, Virginia Commerce Center Community Development Authority Revenue Bonds, Series 2007
6.050% due 03/01/2027		1,150		1,028

20 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Peninsula Town Center, Virginia Community Development Authority Revenue Bonds, Series 2007
6.450% due 09/01/2037	$	1,000	$	922
				3,120
WASHINGTON 1.0%
King County, Washington Public Hospital District No. 1 General Obligation Bonds, Series 2008
5.250% due 12/01/2037		1,150		1,118
Washington State Housing Finance Commission Revenue Bonds, Series 2007
5.625% due 01/01/2038		850		722
				1,840
WEST VIRGINIA 0.5%
West Virginia State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
7.467% due 06/01/2047		1,000		955

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
WISCONSIN 1.3%
Janesville, Wisconsin Revenue Bonds, Series 1984
5.550% due 04/01/2009	$	1,000	$	987
Milwaukee, Wisconsin Redevelopment Authority Revenue Bonds, Series 2007
5.650% due 08/01/2037		1,150		1,001
Waukesha, Wisconsin Redevelopment Authority Revenue Bonds, Series 2006
5.250% due 07/01/2026		150		140
Wisconsin State Health & Educational Facilities Authority Revenue Bonds, Series 2007
5.000% due 09/01/2033		250		218
				2,346
Total Municipal Bonds & Notes (Cost $186,762)				168,972

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INSTRUMENTS 2.5%
REPURCHASE AGREEMENTS 2.5%
State Street Bank and Trust Co.
1.900% due 04/01/2008	$	4,642	$	4,642
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 3.875% due 08/22/2008 valued at $4,737. Repurchase proceeds are $4,642.)
Total Short-Term Instruments (Cost $4,642)				4,642
Total Investments 94.5% (Cost $195,004)			$	177,226
Other Assets and Liabilities (Net) 5.5%				10,293
Net Assets 100.0%			$	187,519

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) When-issued security.

(b) Security becomes interest bearing at a future date.

(c) Cash of $635 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	211	$	(272	)

(d) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty		Notional Amount	Unrealized (Depreciation)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MSC	$	3,900	$	(9	)

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

See Accompanying Notes Annual Report March 31, 2008 21

Schedule of Investments  Municipal Bond Fund

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 1.3%
Bank of America Corp.
8.000% due 12/29/2049	$	7,000	$	7,023
Total Corporate Bonds & Notes (Cost $7,000)				7,023
MUNICIPAL BONDS & NOTES 88.4%
ALABAMA 1.0%
Alabama State 21st Century Authority Revenue Bonds, Series 2001
5.750% due 12/01/2018		2,295		2,376
Jefferson County, Alabama Limited Obligation Revenue Bonds, Series 2004
5.250% due 01/01/2019		3,300		2,934
				5,310
ALASKA 0.4%
Alaska State Housing Finance Corporations Revenue Bonds, (MBIA Insured), Series 2002
5.250% due 06/01/2032		540		509
Anchorage, Alaska General Obligation Bonds, (FGIC Insured), Series 2006
5.000% due 10/01/2018		1,480		1,583
				2,092
ARIZONA 1.5%
Arizona State Salt River Project Agricultural Improvement and Power District Revenue Bonds, Series 2005
4.750% due 01/01/2035		2,000		1,924
Arizona State Salt Verde Financial Corporation Revenue Bonds, Series 2007
5.000% due 12/01/2037		6,000		5,072
Phoenix, Arizona Industrial Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2000
5.875% due 06/01/2016		10		10
Pima County, Arizona Industrial Development Authority Revenue Bonds, (HUD Sector 8 Insured), Series 1998
5.375% due 06/01/2010		855		884
				7,890
ARKANSAS 0.4%
Jefferson County, Arkansas Pollution Revenue Bonds, Series 2006
4.600% due 10/01/2017		2,000		1,967
CALIFORNIA 21.1%
Anaheim, California Public Financing Authority Revenue Bonds, (FSA Insured), Series 1997
0.000% due 09/01/2035		4,000		972
Bakersfield, California Certificates of Participation Bonds, Series 1991
0.000% due 04/15/2021		5,000		2,684
Bakersfield, California Revenue Bonds, (FSA Insured), Series 2007
5.000% due 09/15/2019		2,000		2,125
California State Association of Bay Area Governments Financing Authority for Non-Profit Corporations Revenue Bonds, Series 2003
5.200% due 11/15/2022		2,565		2,610

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
California State General Obligation Bonds, Series 2007
5.000% due 06/01/2032	$	9,000	$	8,851
5.000% due 06/01/2037		5,300		5,165
5.000% due 11/01/2037		16,200		15,784
5.000% due 12/01/2037		4,200		4,092
Culver, California Redevelopment Agency Tax Allocation Bonds, (AMBAC Insured), Series 2005
5.000% due 11/01/2023		630		640
Foothill, California Eastern Transportation Corridor Agency Revenue Bonds, (MBIA-IBC Insured), Series 1999
0.000% due 01/15/2026 (a)		1,565		1,516
Foothill, California Eastern Transportation Corridor Agency Revenue Bonds, Series 1995
0.000% due 01/01/2026		1,000		420
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2003
6.250% due 06/01/2033		39,370		42,958
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2033		5,000		4,158
5.125% due 06/01/2047		2,000		1,589
Imperial, California Community College District General Obligation Bonds, (XLCA Insured), Series 2006
0.000% due 08/01/2031		3,010		736
Indian Wells, California Redevelopment Agency Tax Allocation Bonds, (AMBAC Insured), Series 2006
4.750% due 09/01/2034		5,850		5,235
Metropolitan Water District of Southern California State Revenue Bonds, Series 2006
4.750% due 07/01/2036		3,000		2,927
Morgan Hill, California Unified School District General Obligation Notes, (AMBAC Insured), Series 2006
0.000% due 08/01/2015		2,890		2,143
0.000% due 08/01/2016		1,400		979
Poway, California Unified School District Special Tax Bonds, Series 2005
4.700% due 09/01/2016		940		898
4.800% due 09/01/2017		875		835
Poway, California Unified School District Special Tax Notes, Series 2005
4.600% due 09/01/2015		420		403
San Ramon Valley, California Unified School District General Obligation Bonds, (FGIC Insured), Series 1998
0.000% due 07/01/2018		2,385		1,470
Southern California State Public Power Authority Revenue Bonds, Series 2007
5.250% due 11/01/2020		4,000		3,982
				113,172
COLORADO 0.5%
Colorado State Health Facilities Authority Revenue Bonds, Series 2006
5.250% due 06/01/2036		1,000		937
Colorado State Housing & Finance Authority Revenue Bonds, (FHA/VA Insured), Series 2000
5.700% due 10/01/2022		35		35
Colorado State Housing & Finance Authority Revenue Bonds, Series 2000
6.700% due 10/01/2016		25		26
6.750% due 04/01/2015		40		41

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Denver, Colorado Health & Hospital Authority Revenue Bonds, Series 1998
5.000% due 12/01/2009	$	1,390	$	1,433
				2,472
CONNECTICUT 1.2%
Connecticut State General Obligation Notes, Series 2001
7.094% due 06/15/2010		5,000		6,130
DISTRICT OF COLUMBIA 1.7%
District of Columbia Revenue Bonds, (FGIC Insured), Series 2006
5.000% due 02/01/2035		10,085		9,107
FLORIDA 2.3%
Florida State Board of Education General Obligation Bonds, (ST-GTD), Series 2005
4.750% due 06/01/2035		2,270		2,138
Miami-Dade County, Florida Revenue Bonds, (MBIA Insured), Series 2005
0.000% due 10/01/2035 (a)		10,200		9,035
Orange County, Florida Health Facilities Authority Revenue Bonds, (MBIA Insured), Series 1996
6.250% due 10/01/2011		290		319
Tampa, Florida Guaranteed Entitlement Revenue Bonds, (AMBAC Insured), Series 2001
6.000% due 10/01/2018		800		930
				12,422
GEORGIA 0.0%
Georgia State Municipal Electric Authority Revenue Bonds, (MBIA-IBC Insured), Series 1997
6.500% due 01/01/2012		165		178
HAWAII 0.2%
Honolulu, Hawaii City & County General Obligation Bonds, (MBIA-IBC Insured), Series 1993
5.450% due 09/11/2008		1,000		1,016
ILLINOIS 6.2%
Chicago, Illinois Board of Education General Obligation Bonds, (FGIC Insured), Series 1998
0.000% due 12/01/2020		1,000		531
Chicago, Illinois Board of Education General Obligation Bonds, (FGIC Insured), Series 1999
0.000% due 12/01/2031		1,000		251
Chicago, Illinois General Obligation Bonds, (MBIA Insured), Series 2001
0.000% due 01/01/2020 (a)		1,290		1,209
Chicago, Illinois O’Hare International Airport Revenue Bonds, (FGIC Insured), Series 2005
5.250% due 01/01/2023		5,000		5,115
Chicago, Illinois Waste & Water Revenue Bonds, (MBIA Insured), Series 1998
0.000% due 01/01/2021		2,000		1,047
Cook County, Illinois Community School District No. 97-Oak Park General Obligation Bonds, (FGIC Insured), Series 1999
9.000% due 12/01/2012		1,000		1,249
Cook County, Illinois School District No. 122-Oak Lawn General Obligation Bonds, (FGIC Insured), Series 2000
0.000% due 12/01/2016		2,570		1,775

22 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Cook County, Illinois Township High School District No. 225-Northfield General Obligation Bonds, Series 2002
0.000% due 12/01/2012	$	135	$	113
0.000% due 12/01/2014		255		193
0.000% due 12/01/2015		1,885		1,347
Cook County, Illinois Township High School District No. 225-Northfield General Obligation Notes, Series 2002
0.000% due 12/01/2011		125		110
Illinois State Finance Authority Revenue Bonds, (AMBAC Insured), Series 2004
5.000% due 11/15/2023		5,935		5,909
Illinois State Health Facilities Authority Revenue Bonds, (MBIA Insured), Series 1992
6.250% due 09/01/2021		695		817
Illinois State Northern Municipal Power Agency Revenue Bonds, (MBIA Insured), Series 2007
5.000% due 01/01/2018		1,000		1,073
Kane, McHenry, Cook & De Kalb Counties, Illinois Unit School District No. 300 General Obligation Bonds, (AMBAC Insured), Series 2002
0.000% due 12/01/2020		1,290		691
Kendall, Kane & Will Counties, Illinois High School Districts General Obligation Notes, (FSA Insured), Series 2003
0.000% due 10/01/2012		3,000		2,558
Lake County, Illinois Community High School District No.127-Grayslake General Obligation Bonds, (FGIC Insured), Series 2002
0.000% due 02/01/2017		5,420		3,672
Lake County, Illinois Community High School District No.127-Grayslake General Obligation Notes, (FGIC Insured), Series 2002
9.000% due 02/01/2009		650		686
9.000% due 02/01/2011		690		804
9.000% due 02/01/2012		1,065		1,288
Sangamon County, Illinois School District No. 186 Springfield General Obligation Notes, (FGIC Insured), Series 2004
0.000% due 10/01/2009		1,000		956
Will County, Illinois Community Unit School District No. 365 Valley View General Obligation Bonds, (FSA Insured), Series 2002
0.000% due 11/01/2019		3,400		1,992
				33,386
INDIANA 2.7%
Brownsburg, Indiana 1999 School Building Corporations Revenue Bonds, (AMBAC Insured), Series 2002
5.375% due 02/01/2023		1,395		1,520
Danville, Indiana Multi-School Building Corporation Revenue Bonds, (FSA Insured), Series 2001
4.400% due 01/15/2012		170		177
4.500% due 01/15/2013		190		197
4.650% due 01/15/2014		210		218
4.750% due 01/15/2015		235		243
4.850% due 01/15/2016		295		305
Danville, Indiana Multi-School Building Corporation Revenue Notes, (FSA Insured), Series 2001
4.250% due 07/15/2011		290		303
4.750% due 07/15/2009		200		205
5.000% due 07/15/2010		180		188
Hamilton, Indiana Southeastern Consolidated School Building Revenue Notes, (FSA Insured), Series 2001
5.000% due 07/15/2010		760		791

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Indiana State Development Finance Authority Revenue Bonds, Series 2005
5.000% due 06/01/2022	$	1,590	$	1,637
Indiana State Health & Educational Facilities Financing Authority Revenue Bonds, Series 2006
5.250% due 02/15/2040		5,000		4,692
Indianapolis, Indiana Local Public Improvement Revenue Bonds, Series 1992
6.750% due 02/01/2014		1,000		1,124
Mishawaka, Indiana School Building Corporations Revenue Bonds, (FSA Insured), Series 2006
4.250% due 01/15/2026		1,325		1,171
South Bend, Indiana Redevelopment Authority Revenue Bonds, Series 2000
5.100% due 02/01/2011		405		431
5.200% due 02/01/2012		230		243
5.500% due 02/01/2015		180		190
Tri-Creek School Building Corporation, Indiana Revenue Bonds, (FSA Insured), Series 2007
4.250% due 07/15/2020		1,000		975
				14,610
KANSAS 0.1%
Lenexa, Kansas Revenue Notes, Series 2007
5.125% due 05/15/2015		575		565
KENTUCKY 0.1%
Kentucky State Development Finance Authority Hospital Revenue Bonds, Series 1989
6.000% due 10/01/2019		645		657
LOUISIANA 2.6%
Louisiana State General Obligation Bonds, (FGIC Insured), Series 2002
5.000% due 04/01/2018 (b)		5,000		5,395
5.000% due 04/01/2019 (b)		700		717
Louisiana State Local Government Environmental Facilities & Community Development Authority Revenue Bonds, (MBIA Insured), Series 2000
5.700% due 01/01/2010		95		99
Louisiana State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2001
5.875% due 05/15/2039 (b)		8,430		7,846
				14,057
MARYLAND 0.7%
Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, Series 2007
5.000% due 07/01/2027		4,000		3,623
MASSACHUSETTS 1.9%
Commonwealth of Massachusetts General Obligation Bonds, (FSA Insured), Series 2006
5.063% due 11/01/2019		5,090		5,023
5.170% due 11/01/2020		2,595		2,440
Commonwealth of Massachusetts Revenue Bonds, (FGIC Insured), Series 2004
5.802% due 01/01/2017		1,000		1,054
Massachusetts State Development Finance Agency Revenue Bonds, (ACA Insured), Series 2005
5.000% due 03/01/2035		1,000		846
Massachusetts State Development Finance Agency Revenue Bonds, Series 1998
4.800% due 11/01/2008		90		91

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Massachusetts State Development Finance Agency Revenue Notes, (ACA Insured), Series 1999
4.600% due 03/01/2009	$	85	$	86
Massachusetts State Health & Educational Facilities Authority Revenue Bonds, Series 2001
6.000% due 07/01/2014		500		539
				10,079
MICHIGAN 1.0%
Lake Fenton, Michigan Community Schools General Obligation Bonds, (Q-SBLF Insured), Series 2002
5.000% due 05/01/2022		2,720		2,939
Michigan State Hospital Finance Authority Revenue Bonds, Series 1999
6.125% due 11/15/2026		50		54
Michigan State Public Power Agency Revenue Bonds, (AMBAC Insured), Series 2001
5.250% due 01/01/2015		1,000		1,067
Michigan State Tobacco Settlement Finance Authority Revenue Bonds, Series 2007
5.125% due 06/01/2022		1,350		1,275
				5,335
MISSOURI 2.5%
Lees Summit, Missouri Strother Interchange Transportation Development District Revenue Bonds, Series 2006
5.000% due 05/01/2024		500		443
Missouri State Development Finance Board Revenue Bonds, Series 2007
5.000% due 11/01/2022		2,000		1,961
Missouri State Development Finance Board Revenue Notes, Series 2007
5.000% due 11/01/2014		1,035		1,103
5.000% due 11/01/2015		540		575
Missouri State Environmental Improvement & Energy Resources Revenue Bonds, Series 2000
5.750% due 07/01/2014		350		370
Missouri State Housing Development Commission Revenue Bonds, (FHA Insured), Series 2001
5.250% due 12/01/2016		295		301
Springfield, Missouri Revenue Bonds, (FGIC Insured), Series 2006
4.750% due 08/01/2034		8,200		7,635
St. Louis County, Missouri Industrial Development Authority Revenue Bonds, Series 2005
5.000% due 11/01/2024		1,250		1,113
				13,501
NEVADA 0.5%
Clark County, Nevada Revenue Bonds, (AMBAC Insured), Series 2007
5.000% due 07/01/2040		2,750		2,648
NEW JERSEY 4.8%
Camden County, New Jersey Improvement Authority Revenue Notes, Series 2005
5.250% due 02/15/2009		550		556
5.250% due 02/15/2010		570		581
New Jersey State Economic Development Authority Revenue Bonds, Series 1998
0.000% due 04/01/2013		1,595		1,335
5.600% due 01/01/2012		820		822
6.000% due 11/01/2028		3,500		3,146
6.375% due 04/01/2018		1,500		1,757
6.500% due 04/01/2031		2,115		2,169
6.800% due 04/01/2018		710		754

See Accompanying Notes Annual Report March 31, 2008 23

Schedule of Investments  Municipal Bond Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
New Jersey State Economic Development Authority Revenue Bonds, Series 1999
6.625% due 09/15/2012	$	3,500	$	3,383
New Jersey State General Obligation Bonds, Series 1992
6.000% due 02/15/2011		510		558
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2003
6.125% due 06/01/2024		3,500		3,743
6.375% due 06/01/2032		1,000		1,131
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2041		7,350		5,924
				25,859
NEW YORK 7.3%
Long Island, New York Power Authority Revenue Notes, (MBIA Insured), Series 2006
4.846% due 09/01/2015		3,000		2,860
New York City, New York General Obligation Bonds, (MBIA Insured), Series 2001
5.250% due 11/01/2015		2,000		2,136
New York City, New York General Obligation Bonds, (MBIA Insured), Series 2005
5.000% due 08/01/2018		1,150		1,223
New York City, New York General Obligation Bonds, Series 2007
5.000% due 10/01/2019		4,300		4,519
New York City, New York Industrial Development Agency Revenue Bonds, (FGIC Insured), Series 2006
5.000% due 03/01/2031		7,000		6,723
5.070% due 03/01/2020		3,900		3,432
5.120% due 03/01/2022		3,500		3,287
New York City, New York Industrial Development Agency Revenue Bonds, (MBIA Insured), Series 2006
5.000% due 03/01/2036		4,900		4,820
New York State Dormitory Authority Revenue Bonds, (ACA Insured), Series 2000
5.850% due 07/01/2010		630		650
New York State Dormitory Authority Revenue Bonds, (FHA Insured), Series 2004
6.250% due 08/15/2015		2,325		2,476
New York State Dormitory Authority Revenue Bonds, Series 2002
6.000% due 11/15/2029		3,800		4,196
New York State Urban Development Corporations Revenue Bonds, Series 2002
5.500% due 01/01/2017		2,790		2,965
				39,287
NORTH CAROLINA 0.7%
Durham, North Carolina General Obligation Bonds, Series 2002
5.000% due 04/01/2021		550		570
North Carolina State Medical Care Commission Revenue Bonds, Series 2006
5.000% due 11/01/2039		3,000		2,881
				3,451
OHIO 2.6%
Ohio State American Municipal Power, Inc. Revenue Notes, Series 2007
5.000% due 02/01/2013		4,700		4,736

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Ohio State Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2007
5.750% due 06/01/2034	$	450	$	403
5.875% due 06/01/2047		6,600		5,816
Ohio State Water Development Authority Revenue Bonds, Series 2002
5.375% due 12/01/2020		1,100		1,206
5.375% due 12/01/2021		1,750		1,919
				14,080
OKLAHOMA 0.0%
Oklahoma State Housing Finance Agency Single-Family Revenue Bonds, Series 2001
0.000% due 09/01/2032		770		160
PENNSYLVANIA 0.3%
Allegheny County, Pennsylvania Hospital Development Authority Revenue Notes, Series 2005
4.500% due 04/01/2015		790		755
Delaware County, Pennsylvania Authority Hospital Revenue Bonds, Series 1998
4.900% due 12/01/2008		100		100
Philadelphia, Pennsylvania Hospitals & Higher Education Facilities Authority Revenue Bonds, Series 2007
5.000% due 07/01/2022		1,000		921
				1,776
PUERTO RICO 1.2%
Puerto Rico Children’s Trust Fund Revenue Bonds, Series 2000
6.000% due 07/01/2026		150		162
Puerto Rico Children’s Trust Fund Revenue Notes, Series 2000
5.750% due 07/01/2010		750		808
Puerto Rico Sales Tax Financing Corporations Revenue Bonds, (AMBAC Insured), Series 2007
0.000% due 08/01/2047		50,000		4,871
0.000% due 08/01/2054		10,000		615
				6,456
RHODE ISLAND 1.5%
Rhode Island State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2002
6.125% due 06/01/2032		2,300		2,196
6.250% due 06/01/2042		6,025		5,662
				7,858
SOUTH CAROLINA 0.5%
Greenville County, South Carolina School District Revenue Bonds, (FSA Insured), Series 2006
5.000% due 12/01/2020		2,395		2,545
TENNESSEE 2.9%
Shelby County, Tennessee General Obligation Bonds, Series 2001
5.000% due 04/01/2023		1,000		1,072
Sullivan County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, Series 2002
6.250% due 09/01/2022		1,000		1,140
Sullivan County, Tennessee Industrial Development Board Revenue Bonds, (GNMA Insured), Series 1995
6.250% due 07/20/2015		605		611

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Tennessee State Energy Acquisition Corporations Revenue Bonds, Series 2006
5.000% due 02/01/2023	$	7,800	$	7,178
5.000% due 02/01/2024		1,400		1,278
5.000% due 02/01/2027		5,000		4,442
				15,721
TEXAS 9.3%
Alliance, Texas Airport Authority Revenue Bonds, Series 2006
4.850% due 04/01/2021		1,000		876
Bastrop, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2002
5.650% due 02/15/2035		90		94
Bexar County, Texas Housing Finance Corporations Multi-Family Revenue Bonds, Series 2001
4.875% due 06/15/2011		465		479
Birdville, Texas Independent School District General Obligations Bonds, (PSF-GTD Insured), Series 2007
0.000% due 02/15/2024		2,260		946
Denton, Texas Independent School District General Obligations Bonds, (PSF-GTD Insured), Series 2006
0.000% due 08/15/2025		5,800		2,230
Ennis, Texas Independent School District 903 General Obligation Bonds, (PSF-GTD Insured), Series 2006
0.000% due 08/15/2033		9,155		2,023
Fort Bend County, Texas General Obligation Bonds, (MBIA Insured), Series 2007
4.750% due 03/01/2031		400		366
Houston, Texas Airport Systems Revenue Bonds, (FGIC Insured), Series 2000
2.740% due 07/01/2025		2,500		2,105
Houston, Texas Airport Systems Revenue Bonds, Series 2001
6.750% due 07/01/2029		1,000		907
Houston, Texas Higher Education Finance Corp. Revenue Bonds, Series 2007
4.750% due 05/15/2037		1,790		1,698
Houston, Texas Independent School District General Obligation Notes, (PSF-GTD Insured), Series 2005
0.000% due 02/15/2015		8,640		6,636
Houston, Texas Water & Sewer System Revenue Bonds, (FSA Insured), Series 2001
5.500% due 12/01/2017		1,000		1,071
Lower Colorado River Authority, Texas Revenue Bonds, (MBIA Insured), Series 2006
4.750% due 05/15/2029		8,000		7,660
Midlothian, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 1999
0.000% due 02/15/2018		20		11
North Central Texas State Health Facility Development Corporations Revenue Bonds, (AMBAC Insured), Series 2002
5.500% due 08/15/2017		1,000		1,081
North Texas State Health Facilities Development Corp. Revenue Bonds, (FSA Insured), Series 2007
5.000% due 09/01/2020		895		941
Pasadena, Texas General Obligation Bonds, (FGIC Insured), Series 2002
5.125% due 04/01/2024		1,750		1,879
Red River, Texas Education Finance Revenue Bonds, Series 2000
5.750% due 05/15/2017		750		803

24 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Sabine River Authority, Texas Revenue Bonds, Series 2001
5.500% due 05/01/2022	$	1,000	$	946
San Antonio, Texas Electricity & Gas Revenue Bonds, Series 1997
5.500% due 02/01/2015		975		1,101
San Jacinto, Texas Community College District General Obligation Bonds, (FGIC Insured), Series 2001
5.000% due 02/15/2021		225		240
Tarrant County, Texas Cultural Education Facilities Finance Corporations Revenue Bonds, Series 2007
5.000% due 02/15/2026		6,425		6,298
Texas State Leander Independent School District General Obligation Bonds, (FGIC Insured), Series 2005
0.000% due 08/15/2023		1,195		513
Texas State SA Energy Acquisition Public Facility Corp. Revenue Bonds, Series 2007
5.500% due 08/01/2027		2,000		1,892
Texas State Transportation Commission Revenue Bonds, Series 2006
4.750% due 04/01/2024 (b)		5,000		5,016
Travis County, Texas Health Facilities Development Corporations Revenue Bonds, Series 1993
6.000% due 11/15/2022 (e)		1,400		1,528
Waxahachie, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2002
0.000% due 08/15/2022		1,000		493
				49,833
UTAH 1.4%
Utah State Transit Authority Revenue Bonds, (MBIA Insured), Series 2007
0.000% due 06/15/2023		10,000		4,515
0.000% due 06/15/2029		10,000		3,019
				7,534
VIRGIN ISLANDS 0.3%
Virgin Islands Public Finance Authority Revenue Bonds, Series 2003
6.125% due 07/01/2022		1,500		1,504

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
VIRGINIA 0.2%
Virginia State Housing Development Authority Revenue Bonds, (MBIA Insured), Series 2001
5.350% due 07/01/2031	$	1,000	$	997
WASHINGTON 4.5%
King County, Washington Public Hospital District No. 1 General Obligation Bonds, Series 2008
5.250% due 12/01/2037		5,000		4,861
Snohomish County, Washington School District No. 2 Everett General Obligation Bonds, (FGIC Insured), Series 2006
5.000% due 12/01/2017		1,845		1,984
Washington State General Obligation Bonds, (AMBAC Insured), Series 2004
0.000% due 12/01/2019		2,520		1,444
Washington State General Obligation Notes, (AMBAC Insured), Series 2004
0.000% due 12/01/2011		5,435		4,827
Washington State Higher Education Facilities Authority Revenue Bonds, (AMBAC Insured), Series 2007
5.250% due 11/01/2032		5,000		4,925
Washington State Tobacco Settlement Authority Revenue Bonds, Series 2002
6.625% due 06/01/2032		5,000		5,050
Yakima County, Washington School District No. 208 General Obligation Bonds, (FSA Insured), Series 2007
5.000% due 12/01/2023		1,220		1,264
				24,355
WEST VIRGINIA 0.6%
Berkeley Brooke & Fayette Counties, West Virginia Revenue Bonds, Series 1983
0.000% due 12/01/2014		4,115		3,221
WISCONSIN 1.7%
Hudson, Wisconsin School District General Obligation Bonds, (FGIC Insured), Series 2002
5.000% due 10/01/2017		1,420		1,545
5.000% due 10/01/2019		1,040		1,132

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
South Milwaukee, Wisconsin School District General Obligation Notes, (FGIC Insured), Series 2002
3.750% due 04/01/2011	$	385	$	395
Wisconsin State Clean Water Revenue Bonds, Series 2002
5.000% due 06/01/2018		100		105
5.000% due 06/01/2019		100		104
5.000% due 06/01/2020		100		103
5.100% due 06/01/2021		100		104
5.100% due 06/01/2022		100		103
5.100% due 06/01/2023		100		103
5.250% due 06/01/2016		50		55
5.250% due 06/01/2017		50		55
Wisconsin State Housing & Economic Development Authority Revenue Bonds, (MBIA Insured), Series 2002
4.700% due 05/01/2012		1,580		1,618
4.700% due 11/01/2012		790		813
5.350% due 11/01/2022		3,045		3,075
				9,310
Total Municipal Bonds & Notes (Cost $486,779)				474,164
SHORT-TERM INSTRUMENTS 5.3%
REPURCHASE AGREEMENTS 5.3%
State Street Bank and Trust Co.
1.900% due 04/01/2008		28,553		28,553
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 4.375% due 09/17/2010 valued at $29,124. Repurchase proceeds are $28,555.)
Total Short-Term Instruments (Cost $28,553)				28,553
Total Investments 95.0% (Cost $522,332)			$	509,740
Other Assets and Liabilities (Net) 5.0%				26,933
Net Assets 100.0%			$	536,673

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Security becomes interest bearing at a future date.

(b) Securities represent fixed-rate municipal bonds transferred to a trust in a financing transaction in which the Fund acquired Residual Interest Municipal Bonds. Refer to Note 2 (i) in the Notes to Financial Statements for additional information.

(c) Cash of $3,802 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	70	$	276
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	923		(1,186	)
				$	(910	)

(d) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Sell Protection (1)	Receive Fixed Rate	Expiration Date	Counterparty		Notional Amount	Unrealized Appreciation
State of California General Obligation Notes, Series 2005, 5.000% due 03/01/2018	Sell	0.710%	03/20/2018	GSC	$	7,000	$	22

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

See Accompanying Notes Annual Report March 31, 2008 25

Schedule of Investments  Municipal Bond Fund  (Cont.)

(e) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Travis County, Texas Health Facilities Development Corporations Revenue Bonds, Series 1993	6.000%	11/15/2022	09/20/2002	$	1,498	$	1,528	0.28%

26 PIMCO Funds See Accompanying Notes

Schedule of Investments  New York Municipal Bond Fund       
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 1.2%
Bank of America Corp.
8.000% due 12/29/2049	$	900	$	903
Total Corporate Bonds & Notes (Cost $900)				903
MUNICIPAL BONDS & NOTES 87.0%
ALABAMA 0.8%
Montgomery, Alabama Medical Clinic Board Revenue Bonds, Series 2006
4.750% due 03/01/2036		750		592
ARKANSAS 0.4%
University of Arkansas Revenue Bonds, (MBIA Insured), Series 2004
5.000% due 11/01/2034		250		251
CALIFORNIA 2.2%
California Statewide Communities Development Authority Revenue Bonds, Series 2007
9.000% due 11/01/2017		300		320
Imperial, California Community College District General Obligation Bonds, (XLCA Insured), Series 2006
0.000% due 08/01/2029		1,490		415
Indian Wells, California Redevelopment Agency Tax Allocation Bonds, (AMBAC Insured), Series 2006
4.750% due 09/01/2034		1,000		895
				1,630
ILLINOIS 0.7%
Will County, Illinois Community Unit School District No. 365 Valley View General Obligation Bonds, (FSA Insured), Series 2002
0.000% due 11/01/2019		900		527
INDIANA 0.6%
Mishawaka, Indiana School Building Corp. Revenue Bonds, (FSA Insured), Series 2006
4.250% due 01/15/2026		500		442
NEW JERSEY 1.1%
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2041		1,000		806
NEW YORK 71.4%
Buffalo, New York Fiscal Stability Authority Revenue Notes, (MBIA Insured), Series 2005
5.000% due 09/01/2014		1,040		1,141
Buffalo, New York Municipal Water Systems Finance Authority Revenue Bonds, (FSA Insured), Series 2002
5.000% due 07/01/2027		500		545
East Rochester, New York Housing Authority Revenue Bonds, Series 2006
5.500% due 08/01/2033		100		86
Erie County, New York Industrial Development Agency Revenue Bonds, (FSA Insured), Series 2004
5.750% due 05/01/2025		1,000		1,066
Liberty, New York Development Corporations Revenue Bonds, Series 2005
5.250% due 10/01/2035		525		530

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Liberty, New York Development Corporations Revenue Bonds, Series 2007
5.500% due 10/01/2037	$	250	$	260
Long Island, New York Power Authority Revenue Notes, (MBIA Insured), Series 2006
4.846% due 09/01/2015		500		477
New York City, New York General Obligation Bonds, (MBIA Insured), Series 2005
5.000% due 08/01/2018		500		532
New York City, New York General Obligation Bonds, Series 2006
5.000% due 08/01/2022		1,000		1,027
New York City, New York General Obligation Bonds, Series 2007
5.000% due 08/01/2019		1,000		1,051
5.000% due 10/01/2019		2,300		2,417
New York City, New York General Obligation Notes, (MBIA-IBC Insured), Series 2002
5.750% due 08/01/2011		250		274
New York City, New York General Obligation Notes, Series 2005
5.000% due 04/01/2011		250		264
New York City, New York Industrial Development Agency Revenue Bonds, (AMBAC Insured), Series 2006
5.000% due 02/01/2036		500		493
5.000% due 01/01/2046		1,500		1,458
New York City, New York Industrial Development Agency Revenue Bonds, (FGIC Insured), Series 2006
5.000% due 03/01/2031		1,000		960
5.120% due 03/01/2022		1,400		1,315
New York City, New York Industrial Development Agency Revenue Bonds, Series 2001
5.500% due 07/01/2028		250		226
New York City, New York Industrial Development Agency Revenue Bonds, Series 2002
6.450% due 07/01/2032		245		236
New York City, New York Industrial Development Agency Revenue Bonds, Series 2005
5.000% due 09/01/2035		35		30
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2002
5.000% due 08/01/2024		525		534
5.250% due 02/01/2029		500		525
New York City, New York Transitional Finance Authority Revenue Notes, Series 2002
5.250% due 11/01/2011		600		653
New York City, New York Transitional Finance Authority Revenue Notes, Series 2003
5.000% due 08/01/2010		395		420
New York State Dormitory Authority Revenue Bonds, (FHA Insured), Series 2004
6.250% due 08/15/2015		235		250
New York State Dormitory Authority Revenue Bonds, (MBIA Insured), Series 2000
6.980% due 08/15/2022		250		254
New York State Dormitory Authority Revenue Bonds, (MBIA Insured), Series 2002
5.000% due 10/01/2030		750		757
New York State Dormitory Authority Revenue Bonds, (MBIA Insured), Series 2006
2.750% due 07/01/2027		2,000		2,000
New York State Dormitory Authority Revenue Bonds, Series 2000
6.000% due 07/01/2010		150		156

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
New York State Dormitory Authority Revenue Bonds, Series 2002
6.000% due 11/15/2029	$	400	$	442
New York State Dormitory Authority Revenue Bonds, Series 2005
5.000% due 03/15/2035		750		751
New York State Dormitory Authority Revenue Bonds, Series 2006
5.000% due 12/15/2017		1,000		1,093
5.000% due 07/01/2026		500		452
New York State Dormitory Authority Revenue Bonds, Series 2007
5.000% due 07/01/2021		1,000		1,045
5.000% due 02/15/2037		1,000		977
New York State Dormitory Authority Revenue Notes, (FGIC/FHA Insured), Series 2005
5.000% due 02/01/2013		965		1,033
New York State Dormitory Authority Revenue Notes, (FSA Insured), Series 1998
4.750% due 07/01/2008		150		151
New York State Dormitory Authority Revenue Notes, (FSA Insured), Series 2001
5.000% due 07/01/2011		455		489
New York State Dormitory Authority Revenue Notes, (MBIA Insured), Series 2002
5.000% due 10/01/2012		500		542
New York State Dormitory Authority Revenue Notes, (MBIA Insured), Series 2003
5.000% due 07/01/2011		250		268
New York State Dormitory Authority Revenue Notes, Series 2001
5.250% due 07/01/2010		860		886
New York State Dormitory Authority Revenue Notes, Series 2007
4.000% due 08/15/2014		1,765		1,775
New York State Dormitory Authority Revenue Notes, Series 2008
5.000% due 12/15/2016		2,000		2,215
New York State Environmental Facilities Corporations Revenue Bonds, Series 2002
4.550% due 05/01/2012		1,000		978
5.000% due 06/15/2014		400		430
New York State Environmental Facilities Corporations Revenue Bonds, Series 2006
5.000% due 06/15/2024		3,200		3,297
New York State Environmental Facilities Corporations Revenue Notes, Series 2002
5.000% due 06/15/2012		500		543
New York State Housing Finance Agency Revenue Bonds, (FGIC Insured), Series 2005
5.000% due 09/15/2030		1,000		992
New York State Local Government Assistance Corporations Revenue Bonds, (MBIA Insured), Series 1997
5.125% due 04/01/2013		150		152
New York State Local Government Assistance Corporations Revenue Bonds, Series 1993
6.000% due 04/01/2014		320		357
New York State Metropolitan Transportation Authority Revenue Bonds, (FGIC Insured), Series 2003
5.000% due 11/15/2032		200		197
New York State Metropolitan Transportation Authority Revenue Bonds, Series 2006
5.000% due 11/15/2035		1,000		979

See Accompanying Notes Annual Report March 31, 2008 27

Schedule of Investments  New York Municipal Bond Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
New York State Mortgage Agency Homeowner Mortgage Revenue Bonds, Series 2006
4.700% due 10/01/2031	$	500	$	435
New York State Power Authority Revenue Bonds, (FGIC Insured), Series 2006
5.000% due 11/15/2020		500		525
New York State Sales Tax Asset Receivables Corporations Revenue Bonds, (MBIA Insured), Series 2004
5.250% due 10/15/2018		1,000		1,084
New York State Thruway Authority Highway & Bridge Trust Revenue Notes, (FSA Insured), Series 2003
5.000% due 04/01/2010		250		264
New York State Thruway Authority Highway & Bridge Trust Revenue Notes, (FSA Insured), Series 2005
5.000% due 04/01/2014		500		549
5.000% due 04/01/2015		500		551
New York State Thruway Authority Highway & Bridge Trust Revenue Notes, (MBIA Insured), Series 2002
5.250% due 04/01/2011		500		537
New York State Thruway Authority Revenue Bonds, (FSA Insured), Series 2005
4.750% due 01/01/2030		1,000		984
New York State Triborough Bridge & Tunnel Authority Revenue Notes, (MBIA-IBC Insured), Series 2002
5.000% due 11/15/2010		500		533
New York State TSASC, Inc. Revenue Bonds, Series 2002
5.000% due 07/15/2014		750		815
New York State Urban Development Corporations Revenue Bonds, (FSA Insured), Series 2007
5.000% due 01/01/2019		2,000		2,163
New York State Urban Development Corporations Revenue Bonds, Series 2002
5.500% due 01/01/2017		500		532
New York State Urban Development Corporations Revenue Notes, Series 2003
5.000% due 03/15/2011		495		528
Niagara County, New York Industrial Development Agency Revenue Bonds, (GNMA/FHA Insured), Series 2006
5.000% due 07/20/2038		500		442

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Orange County, New York General Obligation Notes, Series 2005
5.000% due 07/15/2013	$	500	$	548
Saratoga County, New York Industrial Development Agency Revenue Notes, Series 2007
5.000% due 12/01/2017		400		405
Schenectady, New York Industrial Development Agency Revenue Bonds, (AMBAC Insured), Series 2001
5.500% due 07/01/2016		500		554
Spencerport, New York Central School District General Obligation Bonds, (MBIA Insured), Series 2002
5.000% due 06/15/2019		250		269
Troy, New York Industrial Development Agency Revenue Bonds, Series 2002
5.500% due 09/01/2015		500		538
				52,237
PUERTO RICO 7.9%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Revenue Bonds, Series 2008
6.000% due 07/01/2038		1,200		1,233
Commonwealth of Puerto Rico General Obligation Bonds, (AGC Insured), Series 2006
5.231% due 07/01/2020		1,000		938
Commonwealth of Puerto Rico General Obligation Bonds, Series 2006
5.000% due 07/01/2035		250		259
Commonwealth of Puerto Rico Government Development Bank Revenue Notes, Series 2006
5.000% due 12/01/2008		1,000		1,015
Commonwealth of Puerto Rico Highway & Transportation Authority Revenue Bonds, (FGIC Insured), Series 2003
5.500% due 07/01/2013		200		213
Commonwealth of Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2002
5.750% due 07/01/2041		1,000		1,113
Commonwealth of Puerto Rico Public Finance Corporations Revenue Bonds, Series 2004
5.750% due 08/01/2027		550		579

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Puerto Rico Children’s Trust Fund Revenue Bonds, Series 2000
6.000% due 07/01/2026	$	100	$	108
Puerto Rico Sales Tax Financing Corp. Revenue Bonds, (AMBAC Insured), Series 2007
0.000% due 08/01/2054		5,000		308
				5,766
TEXAS 1.5%
Coppell, Texas Independent School District General Obligation Bonds, (PSF-GTD), Series 2001
0.000% due 08/15/2016		805		564
Houston, Texas Utility System Revenue Bonds, (FSA Insured), Series 2005
4.750% due 11/15/2030		400		383
Waco, Texas Independent School District General Obligation Bonds, (PSF-GTD), Series 2001
5.000% due 08/15/2021		120		130
				1,077
VIRGIN ISLANDS 0.4%
Virgin Islands Public Finance Authority Revenue Bonds, Series 2003
6.125% due 07/01/2022		250		251
Total Municipal Bonds & Notes (Cost $64,400)				63,579

SHORT-TERM INSTRUMENTS 11.1%
REPURCHASE AGREEMENTS 11.1%
State Street Bank and Trust Co.
1.900% due 04/01/2008	8,107		8,107
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 4.375% due 09/17/2010 valued at $8,273. Repurchase proceeds are $8,107.)
Total Short-Term Instruments (Cost $8,107)			8,107
Total Investments 99.3% (Cost $73,407)		$	72,589
Other Assets and Liabilities (Net) 0.7%			543
Net Assets 100.0%		$	73,132

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Cash of $190 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	30	$	27

28 PIMCO Funds See Accompanying Notes

Schedule of Investments  Short Duration Municipal Income Fund       
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 2.2%
Bank of America Corp.
8.000% due 12/29/2049	$	2,900	$	2,909
General Electric Capital Corp.
6.375% due 11/15/2067		900		883
Rabobank Capital Funding Trust
5.254% due 12/29/2049		900		749
Total Corporate Bonds & Notes (Cost $4,657)				4,541
MUNICIPAL BONDS & NOTES 84.0%
ARIZONA 3.8%
Arizona State Greater Arizona Development Authority Infrastructure Revenue Notes, (MBIA Insured), Series 2005
5.000% due 08/01/2011		2,195		2,357
5.000% due 08/01/2012		2,305		2,495
Maricopa, Arizona Hospital Revenue Notes, Series 2005
5.000% due 04/01/2010		2,000		2,036
Nogales, Arizona Revenue Bonds, Series 2006
3.750% due 10/01/2046		1,000		1,011
				7,899
CALIFORNIA 6.5%
Bakersfield, California Revenue Bonds, (FSA Insured), Series 2007
5.000% due 09/15/2019		1,175		1,249
Culver, California Redevelopment Agency Tax Allocation Bonds, (AMBAC Insured), Series 2005
5.000% due 11/01/2023		620		630
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2003
5.000% due 06/01/2021		895		899
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2033		3,000		2,495
Imperial, California Community College District General Obligation Bonds, (XLCA Insured), Series 2006
0.000% due 08/01/2030		2,275		593
Morgan Hill, California Unified School District General Obligation Notes, (AMBAC Insured), Series 2006
0.000% due 08/01/2014		3,595		2,814
Southern California State Public Power Authority Revenue Bonds, Series 2007
5.250% due 11/01/2020		2,275		2,264
University of California Revenue Bonds, (FGIC Insured), Series 2007
5.000% due 05/15/2041		2,850		2,809
				13,753
FLORIDA 0.6%
Collier, Florida Multi-Family Housing Finance Authority Revenue Notes, Series 2002
4.600% due 08/15/2011		590		607
Gulf Breeze, Florida Revenue Bonds, (MBIA Insured), Series 1997
5.494% due 12/01/2017		500		502
Hillsborough County, Florida Utility Revenue Bonds, Series 1978
6.200% due 12/01/2008		80		81
				1,190

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
ILLINOIS 3.6%
De Kalb County, Illinois Community Unit School District No. 424 General Obligation Bonds, (AMBAC Insured), Series 2001
0.000% due 01/01/2018	$	2,000	$	1,277
Illinois State Finance Authority Revenue Notes, Series 2004
5.250% due 11/15/2012		1,000		1,060
Kane County, Illinois Community Unit School District No. 304 Geneva General Obligation Notes, (FGIC Insured), Series 2004
0.000% due 01/01/2014		1,000		800
Kendall, Kane & Will Counties, Illinois High School Districts General Obligation Notes, (FSA Insured), Series 2003
0.000% due 10/01/2012		2,000		1,705
McHenry & Kane Counties, Illinois Community Consolidated School District No. 158 General Obligation Notes, (FGIC Insured), Series 2004
0.000% due 01/01/2009		1,390		1,365
Melrose Park, Illinois General Obligation Bonds, (MBIA Insured), Series 2004
6.750% due 12/15/2016		100		122
Sangamon County, Illinois School District No. 186 Springfield General Obligation Notes, (FGIC Insured), Series 2004
0.000% due 10/01/2008		1,225		1,210
0.000% due 10/01/2010		15		14
				7,553
INDIANA 0.6%
Indiana State Health Facility Financing Authority Revenue Bonds, Series 2005
5.000% due 11/01/2027		1,200		1,257
KANSAS 0.2%
Wichita, Kansas Water & Sewer Utility Revenue Notes, (FGIC Insured), Series 2003
5.000% due 10/01/2010		355		377
LOUISIANA 2.4%
Louisiana State Jefferson Parish Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2007
5.700% due 06/01/2039		5,000		5,135
MASSACHUSETTS 8.9%
Commonwealth of Massachusetts General Obligation Bonds, (FSA Insured), Series 2004
5.500% due 12/01/2017		1,600		1,822
Commonwealth of Massachusetts General Obligation Bonds, (FSA Insured), Series 2006
5.063% due 11/01/2019		3,000		2,961
5.170% due 11/01/2020		1,000		940
Commonwealth of Massachusetts General Obligation Bonds, (MBIA-IBC Insured), Series 1996
6.000% due 11/01/2011		1,500		1,667
Commonwealth of Massachusetts Revenue Bonds, (FGIC Insured), Series 2004
5.841% due 01/01/2016		3,200		3,371
Massachusetts State Bay Transportation Authority Revenue Bonds, Series 2004
4.884% due 07/01/2020		7,005		6,949
Massachusetts State Port Authority Revenue Bonds, (FSA Insured), Series 1998
5.500% due 07/01/2014		1,000		1,015
				18,725

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
MICHIGAN 2.2%
Clintondale, Michigan Community Schools General Obligation Notes, (FGIC/Q-SBLF Insured), Series 2004
5.000% due 05/01/2011	$	960	$	1,022
Michigan State General Obligation Bonds, Series 1992
6.250% due 11/01/2012		2,750		2,961
Michigan State Tobacco Settlement Finance Authority Revenue Bonds, Series 2007
5.125% due 06/01/2022		600		567
				4,550
MISSOURI 2.9%
Springfield, Missouri Revenue Bonds, (FGIC Insured), Series 2006
4.750% due 08/01/2034		6,500		6,052
NEVADA 2.0%
Clark County, Nevada General Obligation Bonds, (AMBAC Insured), Series 2004
5.000% due 12/01/2015		3,910		4,265
NEW JERSEY 1.0%
New Jersey State Economic Development Authority Revenue Bonds, Series 1998
6.375% due 04/01/2018		500		586
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2003
6.125% due 06/01/2024		1,500		1,604
				2,190
NEW YORK 13.5%
Long Island, New York Power Authority Revenue Notes, (MBIA Insured), Series 2006
4.846% due 09/01/2015		5,000		4,767
New York City, New York General Obligation Bonds, (FGIC Insured), Series 1998
5.250% due 08/01/2010		2,505		2,553
New York City, New York General Obligation Bonds, Series 2007
5.000% due 10/01/2019		8,400		8,828
New York City, New York Industrial Development Agency Revenue Bonds, (FGIC Insured), Series 2006
5.070% due 03/01/2020		1,500		1,320
5.120% due 03/01/2022		8,000		7,513
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2002
5.500% due 11/01/2026		100		107
New York State Dormitory Authority Revenue Bonds, Series 2002
6.000% due 11/15/2029		800		884
New York State Dormitory Authority Revenue Bonds, Series 2007
5.000% due 02/15/2037		1,500		1,466
New York State Local Government Assistance Corporations Revenue Notes, (FSA Insured), Series 2003
5.000% due 04/01/2012		500		541
New York State Tobacco Settlement Financing Corporations Revenue Notes, Series 2003
5.250% due 06/01/2012		140		140

See Accompanying Notes Annual Report March 31, 2008 29

Schedule of Investments  Short Duration Municipal Income Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
New York State Urban Development Corporations Revenue Bonds, Series 2002
5.500% due 01/01/2017	$	140	$	151
				28,270
OHIO 2.6%
Ohio State Air Quality Development Authority Revenue Bonds, Series 1995
5.000% due 11/01/2015		1,000		1,025
Ohio State American Municipal Power, Inc. Revenue Notes, Series 2007
5.000% due 02/01/2013		2,800		2,821
Ohio State Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2007
5.750% due 06/01/2034		600		537
5.875% due 06/01/2030		1,200		1,110
				5,493
OKLAHOMA 3.0%
Oklahoma City, Oklahoma General Obligation Bonds, Series 1999
5.000% due 07/01/2011		100		104
Oklahoma State Development Finance Authority Revenue Bonds, Series 1999
5.625% due 08/15/2029		5,900		6,204
				6,308
OREGON 0.6%
Oregon State Facilities Authority Revenue Notes, Series 2005
5.000% due 10/01/2011		795		839
5.000% due 10/01/2012		435		460
				1,299
PENNSYLVANIA 0.3%
Philadelphia, Pennsylvania Hospitals & Higher Education Facilities Authority Revenue Notes, Series 2007
5.000% due 07/01/2012		550		553
PUERTO RICO 0.1%
Puerto Rico Children’s Trust Fund Revenue Notes, Series 2000
5.750% due 07/01/2010		250		269
TENNESSEE 3.0%
Nashville & Davidson Counties, Tennessee Health & Educational Facilities Revenue Bonds, Series 1977
6.100% due 07/01/2010		210		218
Tennessee State Energy Acquisition Corporations Revenue Bonds, Series 2006
5.000% due 02/01/2023		1,625		1,495

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Tennessee State Energy Acquisition Corporations Revenue Notes, Series 2006
5.000% due 09/01/2015	$	4,600	$	4,569
				6,282
TEXAS 13.3%
Birdville, Texas Independent School District General Obligations Bonds, (PSF-GTD Insured), Series 2007
0.000% due 02/15/2023		3,510		1,629
Ennis, Texas Independent School District 903 General Obligation Bonds, (PSF-GTD Insured), Series 2006
0.000% due 08/15/2032		4,055		954
Houston, Texas Independent School District General Obligation Notes, (PSF-GTD Insured), Series 2005
0.000% due 02/15/2015		16,000		12,289
Houston, Texas Water Conveyance System Certificates of Participation Bonds, (AMBAC Insured), Series 1993
6.800% due 12/15/2011		3,000		3,413
Lower Colorado River Authority, Texas Revenue Bonds, (FSA Insured), Series 1999
6.000% due 05/15/2010		400		420
Lower Colorado River Authority, Texas Revenue Bonds, (MBIA Insured), Series 2006
4.750% due 05/15/2029		5,665		5,424
Sabine River Authority, Texas Revenue Bonds, Series 2001
5.500% due 05/01/2022		1,000		946
Southeast Texas State Hospital Financing Agency Revenue Bonds, Series 1979
7.500% due 12/01/2009		320		338
Texas State Municipal Power Agency Revenue Bonds, (AMBAC Insured), Series 1989
0.000% due 09/01/2008		10		10
Texas State Municipal Power Agency Revenue Bonds, (MBIA Insured), Series 1993
0.000% due 09/01/2016		3,380		2,363
				27,786
VIRGINIA 0.4%
Virginia State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2005
5.250% due 06/01/2019		750		795
WASHINGTON 6.7%
Everett, Washington Water & Sewer Revenue Notes, (MBIA Insured), Series 2003
4.500% due 07/01/2011		1,495		1,576
Washington State Energy Northwest Revenue Notes, (AMBAC Insured), Series 2004
5.250% due 07/01/2009		150		156

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Washington State General Obligation Bonds, (AMBAC Insured), Series 2004
0.000% due 12/01/2019	$	2,960	$	1,697
Washington State General Obligation Bonds, Series 2001
5.000% due 01/01/2012		2,000		2,107
Washington State Tobacco Settlement Authority Revenue Notes, Series 2002
5.250% due 06/01/2010		8,245		8,451
				13,987
WEST VIRGINIA 0.0%
Kanawha County, West Virginia Residential Mortgage Revenue Bonds, (FGIC Insured), Series 1979
7.375% due 09/01/2010		70		74
WISCONSIN 5.8%
Badger, Wisconsin Tobacco Asset Securitization Corporations Revenue Notes, Series 2002
5.000% due 06/01/2008		2,240		2,245
Wisconsin State Housing & Economic Development Authority Revenue Bonds, (MBIA Insured), Series 2002
4.500% due 05/01/2010		1,655		1,681
4.500% due 11/01/2010		1,335		1,371
5.350% due 11/01/2022		5,765		5,821
Wisconsin State Petroleum Revenue Notes, (FSA Insured), Series 2004
5.000% due 07/01/2012		1,000		1,047
				12,165
Total Municipal Bonds & Notes (Cost $179,473)				176,227
SHORT-TERM INSTRUMENTS 7.3%
REPURCHASE AGREEMENTS 7.3%
State Street Bank and Trust Co.
1.900% due 04/01/2008		15,332		15,332
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 4.375% due 09/17/2010 valued at $15,640. Repurchase proceeds are $15,333.)
Total Short-Term Instruments (Cost $15,332)				15,332
Total Investments 93.5% (Cost $199,462)			$	196,100
Other Assets and Liabilities (Net) 6.5%				13,596
Net Assets 100.0%			$	209,696

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Cash of $3,560 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	84	$	330
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	750		(1,257	)
				$	(927	)

30 PIMCO Funds See Accompanying Notes

    
March 31, 2008

(b) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	Receive Fixed Rate	Expiration Date	Counterparty		Notional Amount	Unrealized Appreciation
State of California General Obligation Notes, Series 2005, 5.000% due 03/01/2018	Sell	0.710%	03/20/2018	GSC	$	3,000	$	10

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

See Accompanying Notes Annual Report March 31, 2008 31

Financial Highlights

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income (a)		Net Realized/ Unrealized Gain (Loss) on Investments			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
California Intermediate Municipal Bond Fund
Class A
03/31/2008	$	9.93	$	0.38	$	(0.47	)	$	(0.09	)	$	(0.37	)	$	0.00
03/31/2007		9.83		0.36		0.10			0.46			(0.36	)		0.00
03/31/2006		9.96		0.35		(0.13	)		0.22			(0.35	)		0.00
03/31/2005		10.22		0.38		(0.26	)		0.12			(0.38	)		0.00
03/31/2004		10.22		0.37		0.00			0.37			(0.37	)		0.00
California Short Duration Municipal Income Fund
Class A
03/31/2008	$	10.04	$	0.30	$	(0.04	)	$	0.26		$	(0.31	)	$	0.00
08/31/2006 - 03/31/2007		10.00		0.15		0.06			0.21			(0.17	)		0.00
High Yield Municipal Bond Fund
Class A
03/31/2008	$	10.63	$	0.46	$	(1.59	)	$	(1.13	)	$	(0.47	)	$	0.00
07/31/2006 - 03/31/2007		10.00		0.30		0.65			0.95			(0.31	)		(0.01	)
Class C
03/31/2008		10.63		0.39		(1.60	)		(1.21	)		(0.39	)		0.00
12/29/2006 - 03/31/2007		10.52		0.09		0.12			0.21			(0.10	)		0.00
Municipal Bond Fund
Class A
03/31/2008	$	10.31	$	0.40	$	(0.64	)	$	(0.24	)	$	(0.40	)	$	0.00
03/31/2007		10.18		0.38		0.13			0.51			(0.38	)		0.00
03/31/2006		10.14		0.37		0.02			0.39			(0.35	)		0.00
03/31/2005		10.32		0.39		(0.19	)		0.20			(0.38	)		0.00
03/31/2004		10.18		0.38		0.13			0.51			(0.37	)		0.00
Class B
03/31/2008		10.31		0.32		(0.63	)		(0.31	)		(0.33	)		0.00
03/31/2007		10.18		0.30		0.14			0.44			(0.31	)		0.00
03/31/2006		10.14		0.30		0.02			0.32			(0.28	)		0.00
03/31/2005		10.32		0.31		(0.19	)		0.12			(0.30	)		0.00
03/31/2004		10.18		0.30		0.14			0.44			(0.30	)		0.00
Class C
03/31/2008		10.31		0.35		(0.64	)		(0.29	)		(0.35	)		0.00
03/31/2007		10.18		0.33		0.13			0.46			(0.33	)		0.00
03/31/2006		10.14		0.32		0.02			0.34			(0.30	)		0.00
03/31/2005		10.32		0.34		(0.19	)		0.15			(0.33	)		0.00
03/31/2004		10.18		0.32		0.14			0.46			(0.32	)		0.00
New York Municipal Bond Fund
Class A
03/31/2008	$	10.88	$	0.37	$	(0.18	)	$	0.19		$	(0.37	)	$	(0.02	)
03/31/2007		10.76		0.37		0.14			0.51			(0.37	)		(0.02	)
03/31/2006		10.77		0.33		0.00			0.33			(0.33	)		(0.01	)
03/31/2005		10.87		0.33		(0.10	)		0.23			(0.33	)		0.00
03/31/2004		10.68		0.32		0.21			0.53			(0.32	)		(0.02	)

* Annualized

^(a) Per share amounts based on average number of shares outstanding during the year or period.

^(b) Effective October 1, 2004, the administrative expense was reduced to 0.35%.

^(c) Effective October 1, 2005, the Fund’s advisory fee was reduced by 0.025% to 0.225%.

^(d) PIMCO and the Distributor have contractually agreed to waive 0.05% of the Fund’s administrative fee and distribution and/or service/12b-1 Fees.

^(e) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 5.01%.

32 PIMCO Funds See Accompanying Notes

Tax Basis Return of Capital		Total Distributions			Net Asset Value End of Year or Period		Total Return		Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets	Ratio of Expenses to Average Net Assets Excluding Interest Expense	Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	0.00	$	(0.37	)	$	9.47	(0.95	)%	$	33,277	0.795%(h)	0.795%(h)	3.90	%	37	%
	0.00		(0.36	)		9.93	4.74			34,107	0.825	0.825	3.64		59
	0.00		(0.35	)		9.83	2.25			46,314	0.94(c)	0.84(c)	3.53		131
	0.00		(0.38	)		9.96	1.17			44,676	1.03(b)	0.87(b)	3.75		43
	0.00		(0.37	)		10.22	3.73			47,407	0.90	0.90	3.69		137
$	0.00	$	(0.31	)	$	9.99	2.60	%	$	9,343	0.77%(h)	0.77%(h)	3.00	%	92	%
	0.00		(0.17	)		10.04	2.11			2,470	0.70*(d)(e)	0.70*(d)(e)	2.52	*	83
$	0.00	$	(0.47	)	$	9.03	(10.93	)%	$	42,761	0.84%(i)(j)	0.84%(i)(j)	4.65	%	160	%
	0.00		(0.32	)		10.63	9.61			24,068	0.95*(f)	0.95*(f)	4.31	*	94
	0.00		(0.39	)		9.03	(11.62	)		19,087	1.59(i)(k)	1.59(i)(k)	4.00		160
	0.00		(0.10	)		10.63	2.32			2,496	1.70*(g)	1.70*(g)	3.50	*	94
$	0.00	$	(0.40	)	$	9.67	(2.36	)%	$	72,205	0.885%(h)	0.805%(h)	3.96	%	64	%
	0.00		(0.38	)		10.31	5.12			76,698	0.875	0.825	3.70		76
	0.00		(0.35	)		10.18	3.94			65,423	1.07(c)	0.84(c)	3.64		63
	0.00		(0.38	)		10.14	1.96			54,983	1.06(b)	0.88(b)	3.83		56
	0.00		(0.37	)		10.32	5.15			60,742	0.90	0.90	3.66		115
	0.00		(0.33	)		9.67	(3.09	)		23,379	1.635(h)	1.555(h)	3.21		64
	0.00		(0.31	)		10.31	4.36			30,371	1.635	1.575	2.97		76
	0.00		(0.28	)		10.18	3.17			34,401	1.82(c)	1.59(c)	2.91		63
	0.00		(0.30	)		10.14	1.20			40,015	1.81(b)	1.63(b)	3.07		56
	0.00		(0.30	)		10.32	4.36			46,467	1.65	1.65	2.90		115
	0.00		(0.35	)		9.67	(2.85	)		60,036	1.385(h)	1.305(h)	3.46		64
	0.00		(0.33	)		10.31	4.60			67,140	1.385	1.325	3.20		76
	0.00		(0.30	)		10.18	3.42			65,179	1.57(c)	1.34(c)	3.16		63
	0.00		(0.33	)		10.14	1.45			69,930	1.56(b)	1.38(b)	3.33		56
	0.00		(0.32	)		10.32	4.62			81,894	1.40	1.40	3.16		115
$	0.00	$	(0.39	)	$	10.68	1.74	%	$	23,010	0.795%(h)	0.795%(h)	3.40	%	44	%
	0.00		(0.39	)		10.88	4.81			19,184	0.855	0.825	3.43		29
	0.00		(0.34	)		10.76	3.08			17,856	0.84(c)	0.84(c)	3.02		48
	0.00		(0.33	)		10.77	2.14			16,135	0.87(b)	0.87(b)	3.04		42
	0.00		(0.34	)		10.87	5.04			16,328	0.90	0.90	2.96		147

^(f) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.84%.

^(g) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 3.49%.

^(h) Effective October 1, 2007, the administrative expense was reduced by 0.05% to 0.30%.

⁽ⁱ⁾ Effective October 1, 2007, the administrative expense was reduced by 0.10% to 0.30%.

^(j) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 0.90%.

^(k) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.65%.

Annual Report March 31, 2008 33

Financial Highlights  (Cont.)

Selected Per Share Data for the Year Ended:	Net Asset Value Beginning of Year		Net Investment Income (a)		Net Realized/ Unrealized Gain (Loss) on Investments			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
Short Duration Municipal Income Fund
Class A
03/31/2008	$	9.95	$	0.34	$	(0.41	)	$	(0.07	)	$	(0.34	)	$	0.00
03/31/2007		9.96		0.31		(0.01	)		0.30			(0.31	)		0.00
03/31/2006		9.95		0.31		0.01			0.32			(0.31	)		0.00
03/31/2005		10.17		0.24		(0.22	)		0.02			(0.24	)		0.00
03/31/2004		10.16		0.17		0.01			0.18			(0.17	)		0.00
Class C
03/31/2008		9.95		0.31		(0.41	)		(0.10	)		(0.31	)		0.00
03/31/2007		9.96		0.29		(0.01	)		0.28			(0.29	)		0.00
03/31/2006		9.95		0.28		0.01			0.29			(0.28	)		0.00
03/31/2005		10.17		0.21		(0.22	)		(0.01	)		(0.21	)		0.00
03/31/2004		10.16		0.14		0.01			0.15			(0.14	)		0.00

^(a) Per share amounts based on average number of shares outstanding during the year.

^(b) Effective October 1, 2004, the administrative expense was reduced to 0.35%.

^(c) PIMCO and the Distributor have contractually agreed to waive 0.05% of the Fund’s administrative fee and distribution and/or service/12b-1 Fees.

^(d) Effective October 1, 2007, the administrative expense was reduced by 0.05% to 0.30%.

34 PIMCO Funds See Accompanying Notes

Tax Basis Return of Capital		Total Distributions			Net Asset Value End of Year		Total Return		Net Assets End of Year (000s)		Ratio of Expenses to Average Net Assets		Ratio of Expenses to Average Net Assets Excluding Interest Expense		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	0.00	$	(0.34	)	$	9.54	(0.77	)%	$	62,549	0.78	%(d)	0.78	%(d)	3.43	%	35	%
	0.00		(0.31	)		9.95	3.09			86,895	0.75	(c)	0.70	(c)	3.16		71
	0.00		(0.31	)		9.96	3.24			120,178	0.80	(c)	0.70	(c)	3.09		79
	0.00		(0.24	)		9.95	0.20			199,843	0.81	(b)(c)	0.81	(b)(c)	2.37		104
	0.00		(0.17	)		10.17	1.78			261,909	0.85		0.85		1.65		226
	0.00		(0.31	)		9.54	(1.07	)		19,764	1.08	(d)	1.08	(d)	3.13		35
	0.00		(0.29	)		9.95	2.80			26,052	1.05	(c)	1.00	(c)	2.87		71
	0.00		(0.28	)		9.96	2.94			35,294	1.10	(c)	1.00	(c)	2.79		79
	0.00		(0.21	)		9.95	(0.10	)		49,751	1.11	(b)(c)	1.11	(b)(c)	2.07		104
	0.00		(0.14	)		10.17	1.47			67,984	1.15		1.15		1.35		226

Annual Report March 31, 2008 35

Statements of Assets and Liabilities     
March 31, 2008

(Amounts in thousands, except per share amounts)	California Intermediate Municipal Bond Fund			California Short Duration Municipal Income Fund			High Yield Municipal Bond Fund			Municipal Bond Fund			New York Municipal Bond Fund			Short Duration Municipal Income Fund
Assets:
Investments, at value	$	135,474		$	19,982		$	172,584		$	481,187		$	64,482		$	180,768
Repurchase agreements, at value		6,352			937			4,642			28,553			8,107			15,332
Cash		1,806			1			0			3,355			0			2,754
Deposits with counterparty		320			10			635			3,802			190			3,560
Receivable for investments sold		0			500			3,900			20,206			0			0
Receivable for Fund shares sold		748			200			8,169			31,714			745			8,915
Interest and dividends receivable		1,659			117			2,876			6,435			776			2,235
Variation margin receivable		2			0			0			673			0			539
Swap premiums paid		9			2			31			0			0			0
Unrealized appreciation on swap agreements		0			0			0			22			0			10
Other assets		1			0			0			6			0			0
		146,371			21,749			192,837			575,953			74,300			214,113
Liabilities:
Payable for investments purchased	$	2,318		$	512		$	4,395		$	26,183		$	1,056		$	1,315
Payable for floating rate notes issued		0			0			0			9,632			0			0
Payable for Fund shares redeemed		192			188			317			1,779			42			2,041
Dividends payable		41			1			119			238			28			141
Overdraft due to custodian		0			0			321			0			0			0
Accrued investment advisory fee		23			3			41			90			12			31
Accrued administrative fee		25			4			36			105			15			36
Accrued distribution fee		0			0			11			38			0			5
Accrued servicing fee		7			2			13			39			7			22
Variation margin payable		22			0			56			901			8			717
Unrealized depreciation on swap agreements		3			0			9			0			0			0
Other liabilities		0			0			0			275			0			109
		2,631			710			5,318			39,280			1,168			4,417
Net Assets	$	143,740		$	21,039		$	187,519		$	536,673		$	73,132		$	209,696
Net Assets Consist of:
Paid in capital	$	151,107		$	21,071		$	213,262		$	559,445		$	74,005		$	231,649
Undistributed (overdistributed) net investment income		446			9			(14	)		681			(17	)		(2	)
Accumulated undistributed net realized gain (loss)		(6,270	)		9			(7,670	)		(9,643	)		(65	)		(17,672	)
Net unrealized (depreciation)		(1,543	)		(50	)		(18,059	)		(13,810	)		(791	)		(4,279	)
	$	143,740		$	21,039		$	187,519		$	536,673		$	73,132		$	209,696
Net Assets:
Class A	$	33,277		$	9,343		$	42,761		$	72,205		$	23,010		$	62,549
Class B		0			0			0			23,379			0			0
Class C		0			0			19,087			60,036			0			19,764
Other Classes		110,463			11,696			125,671			381,053			50,122			127,383
Shares Issued and Outstanding:
Class A		3,514			936			4,736			7,468			2,155			6,556
Class B		0			0			0			2,418			0			0
Class C		0			0			2,114			6,210			0			2,071
Net Asset Value and Redemption Price* Per Share (Net Asset Per Share Outstanding)
Class A	$	9.47		$	9.99		$	9.03		$	9.67		$	10.68		$	9.54
Class B		NA			NA			NA			9.67			NA			NA
Class C		NA			NA			9.03			9.67			NA			9.54
Cost of Investments Owned	$	136,711		$	20,032		$	190,362		$	493,779		$	65,300		$	184,130
Cost of Repurchase Agreements Owned	$	6,352		$	937		$	4,642		$	28,553		$	8,107		$	15,332

* With respect to the A, B and C Classes, the redemption price varies by the length of time the shares are held.

36 PIMCO Funds See Accompanying Notes

Statements of Operations

Year ended March 31, 2008
(Amounts in thousands)	California Intermediate Municipal Bond Fund			California Short Duration Municipal Income Fund			High Yield Municipal Bond Fund			Municipal Bond Fund			New York Municipal Bond Fund			Short Duration Municipal Income Fund
Investment Income:
Interest	$	6,424		$	550		$	7,948		$	22,222		$	2,879		$	10,377
Miscellaneous income		0			0			7			0			1			0
Total Income		6,424			550			7,955			22,222			2,880			10,377
Expenses:
Investment advisory fees		307			29			428			1,028			154			493
Administrative fees		337			30			409			1,273			187			590
Distribution fees - Class B		0			0			0			202			0			0
Distribution fees - Class C		0			0			82			317			0			66
Servicing fees - Class A		81			13			94			176			53			184
Servicing fees - Class B		0			0			0			67			0			0
Servicing fees - Class C		0			0			27			158			0			55
Distribution and/or servicing fees - Other Classes		9			0			16			116			34			74
Trustees’ fees		1			0			0			1			0			1
Interest expense		0			0			0			373			0			0
Miscellaneous expense		0			1			7			1			0			0
Total Expenses		735			73			1,063			3,712			428			1,463
Reimbursement by Manager		0			0			(47	)		0			0			0
Net Expenses		735			73			1,016			3,712			428			1,463
Net Investment Income		5,689			477			6,939			18,510			2,452			8,914
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		159			25			(5,261	)		2,215			(267	)		(126	)
Net realized gain (loss) on futures contracts, written options and swaps		(1,220	)		(9	)		(2,381	)		(3,874	)		218			(2,276	)
Net change in unrealized (depreciation) on investments		(5,051	)		(59	)		(18,242	)		(25,936	)		(1,174	)		(3,176	)
Net change in unrealized appreciation (depreciation) on futures contracts, written options and swaps		(398	)		(1	)		(304	)		(3,909	)		10			(3,794	)
Net (Loss)		(6,510	)		(44	)		(26,188	)		(31,504	)		(1,213	)		(9,372	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(821	)	$	433		$	(19,249	)	$	(12,994	)	$	1,239		$	(458	)

Annual Report March 31, 2008 37

Statements of Changes in Net Assets

	California Intermediate Municipal Bond Fund						California Short Duration Municipal Income Fund
(Amounts in thousands)	Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Period from August 31, 2006 to March 31, 2007
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	5,689		$	5,548		$	477		$	64
Net realized gain (loss)		(1,061	)		(672	)		16			1
Net change in unrealized appreciation (depreciation)		(5,449	)		2,256			(60	)		10
Net increase (decrease) resulting from operations		(821	)		7,132			433			75
Distributions to Shareholders:
From net investment income
Class A		(1,225	)		(1,479	)		(153	)		(7	)
Class B		0			0			0			0
Class C		0			0			0			0
Other Classes		(4,310	)		(4,067	)		(325	)		(57	)
From net realized capital gains
Class A		0			0			0			0
Class C		0			0			0			0
Other Classes		0			0			0			0
Total Distributions		(5,535	)		(5,546	)		(478	)		(64	)
Fund Share Transactions:
Receipts for shares sold
Class A		15,856			5,247			8,597			2,603
Class B		0			0			0			0
Class C		0			0			0			0
Other Classes		45,425			25,344			20,084			3,138
Issued as reinvestment of distributions
Class A		755			984			139			5
Class B		0			0			0			0
Class C		0			0			0			0
Other Classes		4,203			3,806			324			57
Cost of shares redeemed
Class A		(16,011	)		(18,948	)		(1,827	)		(140	)
Class B		0			0			0			0
Class C		0			0			0			0
Other Classes		(40,197	)		(22,033	)		(11,597	)		(310	)
Net increase (decrease) resulting from Fund share transactions		10,031			(5,600	)		15,720			5,353
Fund Redemption Fee		1			0			0			0
Total Increase (Decrease) in Net Assets		3,676			(4,014	)		15,675			5,364
Net Assets:
Beginning of year or period		140,064			144,078			5,364			0
End of year or period*	$	143,740		$	140,064		$	21,039		$	5,364
*Including undistributed (overdistributed) net investment income of:	$	446		$	292		$	9		$	0

38 PIMCO Funds See Accompanying Notes

High Yield Municipal Bond Fund						Municipal Bond Fund						New York Municipal Bond Fund						Short Duration Municipal Income Fund
Year Ended March 31, 2008			Period from July 31, 2006 to March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007
$	6,939		$	472		$	18,510		$	15,722		$	2,452		$	1,566		$	8,914		$	10,616
	(7,642	)		14			(1,659	)		2,223			(49	)		150			(2,402	)		(4,225	)
	(18,546	)		487			(29,845	)		3,401			(1,164	)		292			(6,970	)		3,608
	(19,249	)		973			(12,994	)		21,346			1,239			2,008			(458	)		9,999
	(1,751	)		(181	)		(2,813	)		(2,630	)		(728	)		(607	)		(2,529	)		(3,239	)
	0			0			(876	)		(970	)		0			0			0			0
	(442	)		(8	)		(2,221	)		(2,162	)		0			0			(690	)		(874	)
	(4,755	)		(282	)		(12,758	)		(10,129	)		(1,714	)		(971	)		(5,693	)		(6,501	)
	(6	)		(7	)		0			0			(38	)		(25	)		0			0
	(2	)		0			0			0			0			0			0			0
	(18	)		(9	)		0			0			(90	)		(53	)		0			0
	(6,974	)		(487	)		(18,668	)		(15,891	)		(2,570	)		(1,656	)		(8,912	)		(10,614	)
	68,224			25,355			36,734			30,833			8,738			4,348			45,344			36,103
	0			0			2,755			4,303			0			0			0			0
	22,725			2,490			12,357			13,471			0			0			4,845			6,221
	213,431			25,233			273,705			105,474			30,915			33,399			116,131			211,653
	757			78			1,713			1,694			468			385			1,788			2,325
	0			0			431			447			0			0			0			0
	208			7			1,288			1,268			0			0			361			486
	4,662			287			12,258			8,820			1,752			925			4,757			5,499
	(43,572	)		(1,506	)		(38,430	)		(22,104	)		(4,990	)		(3,600	)		(68,498	)		(71,624	)
	0			0			(8,506	)		(9,200	)		0			0			0			0
	(4,279	)		0			(16,728	)		(13,623	)		0			0			(10,636	)		(15,927	)
	(97,336	)		(3,556	)		(153,308	)		(83,702	)		(25,720	)		(3,571	)		(196,757	)		(142,639	)
	164,820			48,388			124,269			37,681			11,163			31,886			(102,665	)		32,097
	26			22			10			13			0			0			1			9
	138,623			48,896			92,617			43,149			9,832			32,238			(112,034	)		31,491
	48,896			0			444,056			400,907			63,300			31,062			321,730			290,239
$	187,519		$	48,896		$	536,673		$	444,056		$	73,132		$	63,300		$	209,696		$	321,730
$	(14	)	$	1		$	681		$	450		$	(17	)	$	(19	)	$	(2	)	$	(7	)

Annual Report March 31, 2008 39

Notes to Financial Statements

1.  ORGANIZATION

PIMCO Funds (the “Trust”) was established as a Massachusetts business trust on February 19, 1987. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the A, B and C Classes (the “Retail Classes”) of six funds (the “Funds”) offered by the Trust. Certain detailed financial information for the Institutional, Administrative and D Classes (the “Other Classes”) is provided separately and is available upon request.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures on the financial statements. Actual results could differ from those estimates.

(a) Determination of Net Asset Value  The Net Asset Value (“NAV”) of a Fund’s shares is valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (the “NYSE Close”) on each day that the New York Stock Exchange (“NYSE”) is open. Information that becomes known to a Fund or its agents after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day.

(b) Security Valuation  For purposes of calculating the NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services.

Domestic and foreign fixed income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. With respect to any portion of a Fund’s assets that are invested in one or more open-end management investment companies, a Fund’s NAV will be calculated based upon the NAVs of such investments. A Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the NAV may change on days when an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. For instance, certain securities or investments for which daily market quotes are not readily available may be valued, pursuant to guidelines established by the Board of Trustees, with reference to other securities or indices. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading for the entire day and no other market prices are available. The Board of Trustees has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events.

When a Fund uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. Fair value pricing may require subjective determinations about the value of a security. While the Trust’s policy is intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Board of Trustees or persons acting at their direction would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold.

(c) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statements of Operations.

(d) When-Issued Transactions  Certain Funds may purchase or sell securities on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. A commitment by a Fund is made regarding these

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transactions to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

(e) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may change the fiscal year when income and capital items are recognized for tax and U.S. GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported on each Fund’s annual financial statements presented under U.S. GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

(f) Multiclass Operations  Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). For daily dividend Funds, income and non-class specific expenses are allocated daily to each class on the basis of the relative value of settled shares. For non-daily dividend Funds, income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains and losses of each class are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

(g) Futures Contracts  Certain Funds may enter into futures contracts. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities.

(h) Repurchase Agreements  Each Fund may engage in repurchase transactions. Under the terms of a typical repurchase agreement, a Fund takes possession of an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. The underlying securities for all repurchase agreements are held in safekeeping at the Fund’s custodian or designated subcustodians under tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on the Statements of Assets and Liabilities. Generally, in the event of counterparty default, a Fund has the right to use the collateral to offset losses incurred. If the counterparty should default, a Fund will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

(i) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  Certain Funds may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Fund records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received

Annual Report March 31, 2008 41

Notes to Financial Statements  (Cont.)

from the Inverse Floaters is then recorded as interest income in the Statements of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Fund accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Fund’s Statements of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Fund records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Fund. Thus, while a Fund’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, NAV or total return.

(j) Restricted Securities  Certain Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve.

(k) Swap Agreements  Certain Funds may invest in swap transactions, including, but not limited to, swap agreements on interest rates, security or commodity indexes, specific securities and commodities, and credit and event-linked swaps. To the extent a Fund may invest in foreign currency denominated securities, it also may invest in currency exchange rate swap agreements. Swap transactions are privately negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. A Fund may enter into interest rate, total return, cross-currency, credit default and other forms of swap agreements to manage its exposure to interest rates, currency and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the expiration date, or (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To

the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.

Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, only for exchanging interest cash flows.

Credit default swap agreements on corporate issues or sovereign issues of an emerging country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default. A Fund may use credit default swaps on corporate issues or sovereign issues of an emerging country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the reference obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. As a seller of protection, a Fund will generally receive from the buyer of protection an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of the reference entity or underlying securities comprising the reference entity index. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, a Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the reference entities comprising the credit index. A credit index is a list of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but is not limited to, credit default swaps on investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index.

The treatment of credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. If the U.S. Internal Revenue Service were to take the position that a credit default

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swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by a Fund from such investments might be subject to U.S. excise or income taxes.

Variance swap agreements involve two parties agreeing to exchange cash flows based on the measured variance (or square of volatility) of a specified underlying asset. One party agrees to exchange a “fixed rate” or strike price payment for the “floating rate” or realized price variance on the underlying asset with respect to the notional amount. At inception, the strike price is generally chosen such that the fair value of the swap is zero. At the expiration date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price variance of the underlying asset and the strike price multiplied by the notional amount. As a receiver of the realized price variance, the Fund would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the variance is less than the strike. As a payer of the realized price variance, the Fund would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike. This type of agreement is essentially a forward contract on the future realized price variance of the underlying asset.

Swaps are marked to market daily based upon values from third party vendors or quotations from market makers to the extent available and the change in value, if any, is recorded as unrealized gain or loss on the Statements of Operations. In the event that market quotations are not readily available or deemed reliable, certain swap agreements may be valued, pursuant to guidelines established by the Board of Trustees, with reference to other securities or indices. In the event that market quotes are not readily available, and the swap cannot be valued pursuant to one of the valuation methods, the value of the swap will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO. Payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by the Funds are included as part of realized gain or loss on the Statements of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(l) U.S. Government Agencies or Government-Sponsored Enterprises  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA” or “Ginnie Mae”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government)

include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

(m) New Accounting Pronouncements  In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Funds and will provide additional information in relation to the Statement in the Funds’ semiannual financial statements for the period ending September 30, 2008.

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“SFAS 161”). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 may require enhanced disclosures about Funds’ derivative and hedging activities. Management is currently evaluating the impact the adoption of SFAS 161 will have on the Funds’ financial statement disclosures.

3.  MARKET AND CREDIT RISK

In the normal course of business the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (credit risk). Similar to credit risk, the Funds may be exposed to counterparty risk, or the risk that an institution or other entity with which the Funds have unsettled or open transactions will default. The potential loss could exceed the value of the financial assets recorded in the financial statements. Financial assets, which potentially expose the Funds to credit risk, consist principally of cash due from counterparties and investments. The extent of the Funds’ exposure to credit and counterparty risks in respect to these financial assets approximates their carrying value as recorded in the Funds’ Statements of Assets and Liabilities.

4.  FEES AND EXPENSES

(a) Investment Advisory Fee  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate as noted in the following table.

(b) Administrative Fee  PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on each share class’s average daily net assets. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

Annual Report March 31, 2008 43

Notes to Financial Statements  (Cont.)

The Investment Advisory and Administrative Fees for all classes are charged at an annual rate as noted in the following table:

	Investment Advisory Fee		Administrative Fee
Fund Name	All Classes		Institutional Class	Administrative Class	A, B and C Classes		Class D		Class R
California Intermediate Municipal Bond Fund	0.225%		0.22%	0.22%	0.30%	(1)	0.30%	(1)	N/A
California Short Duration Municipal Income Fund	0.20%		0.15%	N/A	0.30%	(1)	0.30%	(1)	N/A
High Yield Municipal Bond Fund	0.30%	(3)	0.25%	N/A	0.30%	(2)(4)	0.30%	(2)(4)	N/A
Municipal Bond Fund	0.225%		0.24%	0.24%	0.30%	(1)	0.30%	(1)	N/A
New York Municipal Bond Fund	0.225%		0.22%	N/A	0.30%	(1)	0.30%	(1)	N/A
Short Duration Municipal Income Fund	0.20%		0.15%	0.15%	0.30%	(1)	0.30%	(1)	N/A

⁽¹⁾ Effective October 1, 2007, the Fund’s administrative fee was reduced by 0.05% to 0.30 % per annum.

⁽²⁾ Effective October 1, 2007, the Fund’s administrative fee was reduced by 0.10% to 0.30 % per annum.

⁽³⁾ PIMCO has contractually agreed (ending March 31, 2008) to waive 0.01% of the advisory fees to 0.29%.

⁽⁴⁾ PIMCO has contractually agreed (ending March 31, 2008) to waive 0.05% of the administrative fees to 0.25%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (the “Distributor”) of the Trust’s shares. The Trust is permitted to reimburse AGID on a quarterly basis, out of the Administrative Class assets of each Fund offering Administrative Class Shares in an amount up to 0.25% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Fund shares as their funding medium. Unreimbursed costs may be carried forward for reimbursement for up to twelve months beyond the date in which it is incurred, subject always to the limit that not more than 0.25% of the average daily net assets attributable to an Administrative Class may be expensed. The effective rate paid to AGID was 0.25% during the current fiscal year with no unreimbursed costs to be carried forward as of March 31, 2008.

Pursuant to the Distribution and Servicing Plans adopted by the A, B, C, D and R Classes of the Trust, the Trust compensates AGID or an affiliate for services provided and expenses incurred in connection with assistance rendered in the sale of shares and services rendered to shareholders and for maintenance of shareholder accounts of the A, B, C, D and R Classes. The Trust paid AGID distribution and servicing fees at effective rates as set forth in the following table (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Allowable Rate
	Distribution Fee	Servicing Fee
Class A
All Funds	—	0.25%
Class B
All Funds	0.75%	0.25%
Class C
Municipal Bond Fund	0.50%	0.25%
Short Duration Municipal Income Fund	0.30%	0.25%
All other Funds	0.75%	0.25%
Class D
All Funds	—	0.25%
Class R
All Funds	N/A	N/A

AGID also receives the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the Money Market Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of A, B and C Class shares. For the period ended March 31, 2008, AGID received $234,845 representing commissions (sales charges) and contingent deferred sales charges.

(d) Redemption Fees  Shareholders of each Fund in the Trust, except for Money Market Fund, were subject to a Redemption Fee on redemptions and exchanges of 2.00% of the NAV of the Fund shares redeemed or exchanged. From October 1, 2006 to July 30, 2007, Redemption Fees were charged on shares redeemed or exchanged within 7 days, 30 days, or 60 days (depending on the length of the applicable Fund’s holding period) after their acquisition, including shares acquired through exchanges. Effective July 31, 2007, the holding periods for certain Funds were reduced to 7 days or 30 days, or were no longer subject to a Redemption Fee. Actual redemption fees charged are reported in Statements of Changes in Net Assets.

(e) Fund Expenses  The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) the costs of borrowing money, including interest expenses and bank overdraft charges; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organization expenses and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust’s Multiple Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by

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the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of the California Short Duration Municipal Income and High Yield Municipal Bond Funds’ administrative fees in the Funds’ first year of operations, to the extent that the payment of each Fund’s pro rata share of organizational expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.0049% as set forth below (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

Fund Name	Inst’l Class	Admin Class	Class A	Class B	Class C	Class D
California Short Duration Municipal Income Fund	0.35%	—	0.75%	—	—	0.75%
High Yield Municipal Bond Fund	0.54%	—	0.79%	—	1.54%	0.79%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months after the waiver. Expenses that have been waived may still be reimbursed by the Administrator, to the extent the Funds’ annualized total portfolio operating expenses plus the amount so reimbursed does not exceed the operating expense limitation. The recoverable amounts to the Administrator at March 31, 2008, were as follows (amounts in thousands):

Fund Name	Recoverable Amounts
California Short Duration Municipal Income Fund	$	36
High Yield Municipal Bond Fund		68

Each unaffiliated Trustee receives an annual retainer of $100,000, plus $9,500 for each Board of Trustees meeting attended in person, $750 ($1,000 in the case of the audit committee chair) for each committee meeting attended and $1,500 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $15,000 and each other committee chair receives an additional annual retainer of $1,500.

These expenses are allocated on a pro-rata basis to each Fund of the Trust (excluding the All Asset, All Asset All Authority, RealRetirement^™ 2010, RealRetirement^™ 2020, RealRetirement^™ 2030, RealRetirement^™ 2040, and RealRetirement^™ 2050 Funds, which do not bear such expenses) according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

5.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by SFAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 4.

6.  GUARANTEES AND INDEMNIFICATIONS

Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust’s investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and believes the risk of loss to be remote.

7.  PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2008, were as follows (amounts in thousands):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
California Intermediate Municipal Bond Fund	$	0	$	0	$	50,906	$	49,436
California Short Duration Municipal Income Fund		0		0		28,226		12,241
High Yield Municipal Bond Fund		0		0		371,284		221,418
Municipal Bond Fund		19,506		20,206		304,355		270,454
New York Municipal Bond Fund		0		0		37,467		26,637
Short Duration Municipal Income Fund		0		0		84,151		215,270

Annual Report March 31, 2008 45

Notes to Financial Statements  (Cont.)

8.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except for number of contracts):

	California Intermediate Municipal Bond Fund					California Short Duration Municipal Income Fund
	# of Contracts		Premium			# of Contracts		Premium
Balance at 03/31/2007	0		$	0		0		$	0
Sales	50			16		2			1
Closing Buys	0			0		0			0
Expirations	(50	)		(16	)	0			0
Exercised	0			0		(2	)		(1	)
Balance at 03/31/2008	0		$	0		0		$	0

9.  SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	California Intermediate Municipal Bond Fund										California Short Duration Municipal Income Fund
	Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Period from 08/31/2006 to 03/31/2007
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Class A	1,650		$	15,856		530		$	5,247		858		$	8,597		260		$	2,603
Class B	0			0		0			0		0			0		0			0
Class C	0			0		0			0		0			0		0			0
Other Classes	4,717			45,425		2,562			25,344		2,007			20,084		314			3,138
Issued as reinvestment of distributions
Class A	78			755		100			984		14			139		0			5
Class B	0			0		0			0		0			0		0			0
Class C	0			0		0			0		0			0		0			0
Other Classes	435			4,203		385			3,806		32			324		6			57
Cost of shares redeemed
Class A	(1,648	)		(16,011	)	(1,907	)		(18,948	)	(183	)		(1,827	)	(14	)		(140	)
Class B	0			0		0			0		0			0		0			0
Class C	0			0		0			0		0			0		0			0
Other Classes	(4,156	)		(40,197	)	(2,224	)		(22,033	)	(1,157	)		(11,597	)	(31	)		(310	)
Net increase (decrease) resulting from Fund share transactions	1,076		$	10,031		(554	)	$	(5,600	)	1,571		$	15,720		535		$	5,353

	High Yield Municipal Bond Fund										Municipal Bond Fund
	Year Ended 03/31/2008					Period from 07/31/2006 to 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Class A	6,837		$	68,224		2,398		$	25,355		3,675		$	36,734		3,003		$	30,833
Class B	0			0		0			0		274			2,755		420			4,303
Class C	2,301			22,725		234			2,490		1,238			12,357		1,312			13,471
Other Classes	21,203			213,431		2,411			25,233		27,360			273,705		10,269			105,474
Issued as reinvestment of distributions
Class A	78			757		7			78		171			1,713		165			1,694
Class B	0			0		0			0		43			431		43			447
Class C	21			208		1			7		129			1,288		123			1,268
Other Classes	479			4,662		27			287		1,226			12,258		858			8,820
Cost of shares redeemed
Class A	(4,443	)		(43,572	)	(141	)		(1,506	)	(3,815	)		(38,430	)	(2,157	)		(22,104	)
Class B	0			0		0			0		(844	)		(8,506	)	(897	)		(9,200	)
Class C	(443	)		(4,279	)	0			0		(1,667	)		(16,728	)	(1,327	)		(13,623	)
Other Classes	(9,864	)		(97,336	)	(338	)		(3,556	)	(15,339	)		(153,308	)	(8,131	)		(83,702	)
Net increase resulting from Fund share transactions	16,169		$	164,820		4,599		$	48,388		12,451		$	124,269		3,681		$	37,681

46 PIMCO Funds

    
March 31, 2008

	New York Municipal Bond Fund										Short Duration Municipal Income Fund
	Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Year Ended 01/0/1900
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Class A	812		$	8,738		400		$	4,348		4,628		$	45,344		3,620		$	36,103
Class B	0			0		0			0		0			0		0			0
Class C	0			0		0			0		492			4,845		623			6,221
Other Classes	2,874			30,915		3,070			33,399		11,834			116,131		21,227			211,653
Issued as reinvestment of distributions
Class A	44			468		35			385		183			1,788		233			2,325
Class B	0			0		0			0		0			0		0			0
Class C	0			0		0			0		37			361		49			486
Other Classes	163			1,752		85			925		483			4,757		552			5,499
Cost of shares redeemed
Class A	(464	)		(4,990	)	(332	)		(3,600	)	(6,992	)		(68,498	)	(7,184	)		(71,624	)
Class B	0			0		0			0		0			0		0			0
Class C	0			0		0			0		(1,077	)		(10,636	)	(1,597	)		(15,927	)
Other Classes	(2,397	)		(25,720	)	(328	)		(3,571	)	(19,959	)		(196,757	)	(14,320	)		(142,639	)
Net increase (decrease) resulting from Fund share transactions	1,032		$	11,163		2,930		$	31,886		(10,371	)	$	(102,665	)	3,203		$	32,097

10.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.) (PIMCO’s parent company), and certain of their affiliates, including PIMCO Funds (a complex of mutual funds managed by PIMCO) and Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series) (a complex of mutual funds managed by affiliates of PIMCO), certain trustees of PIMCO Funds, and certain employees of PIMCO have been named as defendants in eleven lawsuits filed in various jurisdictions. These lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of PIMCO Funds and Allianz Funds during specified periods, or as derivative actions on behalf of PIMCO Funds and Allianz Funds. These lawsuits seek, among other things, unspecified compensatory damages plus interest and in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

These actions generally allege that certain hedge funds were allowed to engage in “market timing” in certain funds of PIMCO Funds and Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, certain trustees of PIMCO Funds, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; however, the plaintiffs continue to assert claims on behalf of the shareholders of PIMCO Funds or on behalf of PIMCO Funds itself against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where PIMCO Funds were named, in the complaint, as a nominal defendant. Thus, at present PIMCO Funds is not a party to any “market timing” lawsuit.

Two nearly identical class action civil complaints were filed in August 2005, in the Northern District of Illinois Eastern Division, alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO and PIMCO Funds strongly believe the complaint is without merit and intend to vigorously defend themselves.

In April 2006, certain registered investment companies and other funds managed by PIMCO were served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. In July 2004, PIMCO was named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain registered investment companies and other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders – including certain registered investment companies and other funds managed by PIMCO – were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis. To date, no briefs have been filed. This matter is not expected to have a material adverse effect on either the relevant registered investment companies and other funds or PIMCO.

Annual Report March 31, 2008 47

Notes to Financial Statements  (Cont.)

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Funds. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Funds or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Funds.

11.  FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under sub-chapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The FASB issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109” (“FIN 48”), in June 2006. FIN 48 permits the recognition of tax benefits of an uncertain tax position only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Funds adopted the provisions of FIN 48 on April 1, 2007. Management has reviewed the Fund’s tax positions for all open tax years, and concluded that adoption had no effect on the Fund’s financial position or results of operations. As of March 31, 2008, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U. S. tax returns. While the statute of limitations remains open to examine the Funds’ U. S. tax returns filed for the fiscal years from 2004-2007, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

As of March 31, 2008, the components of distributable taxable earnings are as follows (amounts in thousands):

	Undistributed Tax Exempt Income		Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Net Tax Basis Unrealized Appreciation/ (Depreciation) (1)			Other Book-to-Tax Accounting Differences (2)			Accumulated Capital Losses (3)			Post- October Deferral (4)
California Intermediate Municipal Bond Fund	$	277	$	211	$	0	$	(1,240	)	$	(41	)	$	(6,262	)	$	(311	)
California Short Duration Municipal Income Fund		0		22		0		(50	)		(1	)		0			(4	)
High Yield Municipal Bond Fund		14		92		0		(17,960	)		(118	)		(3,645	)		(4,126	)
Municipal Bond Fund		0		921		0		(12,855	)		(238	)		(6,829	)		(3,771	)
New York Municipal Bond Fund		0		10		0		(817	)		(27	)		(39	)		0
Short Duration Municipal Income Fund		0		140		0		(3,462	)		(141	)		(8,105	)		(10,385	)

⁽¹⁾ Adjusted for open wash sale loss deferrals and accelerated recognition of unrealized gain on certain futures and options for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain/loss on swap contracts.

⁽²⁾ Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for distributions payable at fiscal year-end.

⁽³⁾ Capital losses available to offset future net capital gains expire in varying amounts in the years shown below.

⁽⁴⁾ Capital losses realized during the period November 1, 2007 through March 31, 2008 which the Fund elected to defer to the following taxable year pursuant to federal income tax regulations.

As of March 31, 2008, the Funds had accumulated capital losses expiring in the following years (amounts in thousands). The Funds will resume capital gain distributions in the future to the extent gains are realized in excess of accumulated capital losses.

	Expiration of Accumulated Capital Losses (amounts in thousands)
	2011		2012		2013		2014		2015		2016
California Intermediate Municipal Bond Fund	$	2	$	1,829	$	1,546	$	1,180	$	229	$	1,476
High Yield Municipal Bond Fund		0		0		0		0		0		3,645
Municipal Bond Fund		4,660		419		570		1,180		0		0
New York Municipal Bond Fund		0		0		0		0		0		39
Short Duration Municipal Income Fund		0		2,228		4,137		1,740		0		0

As of March 31, 2008, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation) (5)
California Intermediate Municipal Bond Fund	$	143,063	$	1,948	$	(3,185	)	$	(1,237	)
California Short Duration Municipal Income Fund		20,969		25		(75	)		(50	)
High Yield Municipal Bond Fund		195,176		268		(18,218	)		(17,950	)
Municipal Bond Fund		522,286		6,496		(19,042	)		(12,546	)
New York Municipal Bond Fund		73,407		976		(1,794	)		(818	)
Short Duration Municipal Income Fund		199,462		1,612		(4,974	)		(3,362	)

⁽⁵⁾ Primary differences between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals.

48 PIMCO Funds

    
March 31, 2008

For the fiscal years ended March 31, 2008 and March 31, 2007, respectively, the Funds made the following tax basis distributions (amounts in thousands):

	March 31, 2008						March 31, 2007
	Tax-Exempt Income Distributions		Ordinary Income Distributions (6)		Long-Term Capital Gain Distributions		Tax-Exempt Income Distributions		Ordinary Income Distributions (6)		Long-Term Capital Gain Distributions
California Intermediate Municipal Bond Fund	$	5,298	$	237	$	0	$	5,337	$	209	$	0
California Short Duration Municipal Income Fund		431		47		0		64		0		0
High Yield Municipal Bond Fund		6,650		324		0		416		71		0
Municipal Bond Fund		17,499		1,169		0		15,074		817		0
New York Municipal Bond Fund		2,085		446		39		1,393		225		38
Short Duration Municipal Income Fund		8,318		594		0		9,787		827		0

⁽⁶⁾ Includes short-term capital gains, if any, distributed.

Annual Report March 31, 2008 49

GLOSSARY: (abbreviations that may be used in the preceding statements)

Counterparty Abbreviations:
ABN	ABN AMRO Bank, N.V.	CSFB	Credit Suisse First Boston	NAB	National Australia Bank Limited
AIG	AIG International, Inc.	DUB	Deutsche Bank AG	RBC	Royal Bank of Canada
BOA	Bank of America	GSC	Goldman Sachs & Co.	RBS	Royal Bank of Scotland Group PLC
BCLY	Barclays Bank PLC	HSBC	HSBC Bank USA	SOG	Societe Generale
BEAR	Bear Stearns & Co., Inc.	JPM	JPMorgan Chase & Co.	UBS	UBS Warburg LLC
BNP	BNP Paribas Bank	LEH	Lehman Brothers, Inc.	WAC	Wachovia Bank N.A.
CITI	Citibank N.A.	MLP	Merrill Lynch & Co., Inc.
CBA	Commonwealth Bank of Australia	MSC	Morgan Stanley
Currency Abbreviations:
AED	UAE Dirham	HUF	Hungarian Forint	PHP	Philippines Peso
AUD	Australian Dollar	IDR	Indonesian Rupiah	PLN	Polish Zloty
BRL	Brazilian Real	ILS	Israeli Shekel	RON	Romanian Leu
CAD	Canadian Dollar	INR	Indian Rupee	RUB	Russian Ruble
CLP	Chilean Peso	JPY	Japanese Yen	SAR	Saudi Riyal
CNY	Chinese Yuan Renminbi	KRW	South Korean Won	SEK	Swedish Krona
COP	Colombia Peso	KZT	Kazakhstan Tenge	SGD	Singapore Dollar
CZK	Czech Koruna	KWD	Kuwaiti Dinar	SKK	Slovakian Koruna
DKK	Danish Krone	MXN	Mexican Peso	TRY	Turkish Lira
EGP	Egyptian Pound	MYR	Mexican Peso	TWD	Taiwan Dollar
EUR	Euro	NOK	Norwegian Krone	USD	United States Dollar
GBP	British Pound Sterling	NZD	New Zealand Dollar	UYU	Uruguay Peso
HKD	Hong Kong Dollar	PEN	Peruvian Nuevo Sol	ZAR	South African Rand
Exchange Abbreviations:
AMEX	American Stock Exchange	LMEX	London Metal Exchange
CBOT	Chicago Board of Trade	NYBEX	New York Board of Trade
CME	Chicago Mercantile Exchange	NYMEX	New York Mercantile Exchange
FTSE	Financial Times Stock Exchange	OTC	Over-the-Counter
ICEX	Iceland Stock Exchange
Index Abbreviations:
CDI	Credit Default Swap Index	GSCI	Goldman Sachs Commodity Index Total Return
CDX	Credit Derivatives Index	HICP	Harmonized Index of Consumer Prices
CMBX	Commercial Mortgage-Backed Index	LCDX	Liquid Credit Derivative Index
CPI	Consumer Price Index	RPI	Retail Price Index
DJAIGCI	Dow Jones-AIG Commodity Index	UKRPI	United Kingdom Retail Price Index
DJAIGTR	Dow Jones-AIG Commodity Index Total Return	USSP	USD Swap Spread
EAFE	Europe, Australasia, and Far East Index
Municipal Bond or Agency Abbreviations:
ACA	American Capital Access Holding Ltd.	HUD	U.S. Department of Housing and Urban Development
AGC	Assured Guaranty Corp.	IBC	Insured Bond Certificate
AMBAC	American Municipal Bond Assurance Corp.	MAIA	Michigan Association of Insurance Agents
CA	California Mortgage	MBIA	Municipal Bond Investors Assurance
FGIC	Financial Guaranty Insurance Co.	PSF	Public School Fund
FHA	Federal Housing Administration	Q-SBLF	Qualified School Bond Loan Fund
FHLMC	Federal Home Loan Mortgage Corporation	Radian	Radian Guaranty, Inc.
FNMA	Federal National Mortgage Association	ST	State
FSA	Financial Security Assurance, Inc.	VA	Department of Veterans Affairs
GNMA	Government National Mortgage Association	XLCA	XL Capital Assurance
GTD	Guaranteed
Other Abbreviations:
ABS	Asset-Backed Security	IG	Investment Grade
CMBS	Collateralized Mortgage-Backed Security	LIBOR	London Interbank Offered Rate
CMM	Constant Maturity Mortgage Rate	MBS	Mortgage-Backed Security
CMO	Collateralized Mortgage Obligation	MSCI	Morgan Stanley Capital International
EM	Emerging Markets	REIT	Real Estate Investment Trust
EURIBOR	Euro Interbank Offered Rate	SPDR	Standard & Poor’s Depository Receipts
HVOL	High Volatility	TIIE	Tasa de Interés Interbancaria de Equilibrio
HY	High Yield	WTI	West Texas Intermediate

50 PIMCO Funds

Report of Independent Registered Public Accounting Firm

To the Trustees and Class A, Class B, and Class C Shareholders of the PIMCO Funds

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights for the Class A, Class B and Class C shares present fairly, in all material respects, the financial position of the California Intermediate Municipal Bond Fund, California Short Duration Municipal Income Fund, High Yield Municipal Bond Fund, Municipal Bond Fund, New York Municipal Bond Fund, and Short Duration Municipal Income Fund, six of the seventy Funds constituting the PIMCO Funds, (hereafter referred to as the “Funds”) at March 31, 2008, the results of each of their operations for the year then ended, the changes in each of their net assets and the financial highlights of the Funds for the Class A, Class B, and Class C shares for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2008 by correspondence with the custodian and counterparties, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Kansas City, Missouri

May 28, 2008

Annual Report March 31, 2008 51

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Trust's fiscal year end (March 31, 2008) regarding the status of dividend received deduction, qualified dividend income, qualified interest income, and qualified short-term capital gain.

Dividend Received Deduction.  Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Fund's dividend distribution that qualifies under tax law. The percentage of each Fund's fiscal 2008 ordinary income dividends that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income.  Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "Act"), the following percentages of ordinary dividends paid during the fiscal year ended March 31, 2008 are designated as "qualified dividend income", as defined in the Act, subject to reduced tax rates.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only).  Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2008 are considered to be derived from “qualified interest income,” as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2008 are considered to be derived from “qualified short-term capital gain,” as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

	Dividend Received Deduction %	Qualified Dividend Income %	Qualified Interest Income (000s)		Qualified Short-Term Capital Gain (000s)
High Yield Municipal Bond Fund	0.00%	0.00%	$	0	$	16
New York Municipal Bond Fund	0.00%	0.00%		0		42

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2009, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2008.

52 PIMCO Funds

Management of the Trust (Unaudited)

The chart below identifies the Trustees and Officers of the Trust. Each “interested” Trustee as defined by the 1940 Act, is indicated by an asterisk (*). Unless otherwise indicated, the address of all persons below is 840 Newport Center Drive, Newport Beach, CA 92660.

The Funds’ Statement of Additional Information includes more information about the Trustees. To request a free copy, call PIMCO at 1-800-927-4648.

Trustees of the Trust

Name, Age and Position Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Interested Trustees
Brent R. Harris* (48) Chairman of the Board and Trustee	02/1992 to Present	Managing Director and member of Executive Committee, PIMCO. Formerly, Director, PCM Fund, Inc.	101	Chairman and Trustee, PIMCO Variable Insurance Trust; Director and Vice President, StocksPLUS® Management Inc.; and member of Board of Governors and Executive Committee, Investment Company Institute.
R. Wesley Burns* (48) Trustee	11/1997 to Present	Consulting Managing Director, PIMCO. Formerly, Managing Director, PIMCO. Formerly, Director, PCM Fund, Inc.	102	Trustee, PIMCO Variable Insurance Trust; Chairman and Director, PIMCO Strategic Global Government Fund, Inc.; and Director PS Business Parks, Inc. (a Real Estate Investment Trust).
Independent Trustees
E. Philip Cannon (67) Trustee	05/2000 to Present	Proprietor, Cannon & Company (an investment firm). Formerly, President, Houston Zoo (until 2005). Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust. Formerly, Trustee, Allianz Funds (formerly, PIMCO Funds: Multi-Manager Series).
Vern O. Curtis (73) Trustee	02/1995 to Present	Private Investor. Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust.
J. Michael Hagan (68) Trustee	05/2000 to Present	Private Investor and Business Adviser (primarily for manufacturing companies). Formerly, Director, Remedy Temp (staffing). Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust; Director, Ameron International (manufacturing); and Director, Fleetwood Enterprises (manufacturer of housing and recreational vehicles).
William J. Popejoy (70) Trustee	07/1993 to 02/1995 and 08/1995 to Present	Private Investor. Formerly, Director, New Century Financial Corporation (mortgage banking). Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust.

* Each of Mr. Harris and Mr. Burns is an “interested person” of the Trust (as the term is defined in the 1940 Act) because of his affiliations with PIMCO.

** Trustees serve until their successors are duly elected and qualified.

Annual Report March 31, 2008 53

Management of the Trust  (Cont.)

Executive Officers

Name, Age and Position Held with Trust	Term of Office*** and Length of Time Served	Principal Occupation(s) During Past 5 Years
Ernest L. Schmider (50) President	05/2005 to Present	Managing Director, PIMCO.
David C. Flattum (43) Chief Legal Officer	11/2006 to Present	Executive Vice President and General Counsel, PIMCO. Formerly, Managing Director, Chief Operating Officer and General Counsel, Allianz Global Investors of America L.P. and Partner at Latham and Watkins LLP.
Jennifer E. Durham (37) Chief Compliance Officer	07/2004 to Present	Senior Vice President, PIMCO. Formerly, Vice President and Legal/Compliance Manager, PIMCO.
William H. Gross (63) Senior Vice President	04/1987 to Present	Managing Director and Chief Investment Officer, PIMCO.
Jeffrey M. Sargent (45) Senior Vice President	02/1993 to Present (since 02/1999 as Senior Vice President)	Executive Vice President, PIMCO. Formerly, Senior Vice President, PIMCO.
William S. Thompson, Jr. (62) Senior Vice President	11/1993 to Present (since 02/2003 as Senior Vice President)	Chief Executive Officer and Managing Director, PIMCO.
J. Stephen King, Jr. (45) Vice President - Senior Counsel and Secretary	05/2005 to Present	Senior Vice President and Attorney, PIMCO. Formerly, Vice President, PIMCO; and Associate, Dechert LLP.
Joshua D. Ratner (31) Assistant Secretary	10/2007 to Present	Vice President and Attorney, PIMCO. Formerly, Associate, Skadden, Arps, Slate, Meagher & Flom LLP.
Henrik P. Larsen (38) Vice President	02/1999 to Present	Senior Vice President, PIMCO. Formerly, Vice President, PIMCO.
John P. Hardaway (50) Treasurer	08/1990 to Present	Executive Vice President, PIMCO. Formerly, Senior Vice President, PIMCO.
Erik C. Brown (40) Assistant Treasurer	02/2001 to Present	Senior Vice President, PIMCO. Formerly, Vice President, PIMCO.
Trent W. Walker (33) Assistant Treasurer	05/2007 to Present	Senior Vice President, PIMCO. Formerly, Vice President, PIMCO; Senior Manager, PricewaterhouseCoopers LLP.
Stacie D. Anctil (38) Assistant Treasurer	11/2003 to Present	Vice President, PIMCO. Formerly, Specialist, PIMCO.

*** The Officers of the Trust are re-appointed annually by the Board of Trustees.

54 PIMCO Funds

Privacy Policy (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet websites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Funds’ Distributor may also retain non-affiliated companies to market the Funds’ shares or products which use the Funds’ shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

Annual Report March 31, 2008 55

PIMCO Funds

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, CA 92660

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, NY 10105-4800

Custodian

State Street Bank and Trust Company

801 Pennsylvania

Kansas City, MO 64105

Shareholder Servicing Agent and Transfer Agent

PFPC, Inc.

P.O. Box 9688

Providence, RI 02940

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, MO 64105

For Account Information

For PIMCO Funds account information contact your financial advisor, or if you receive account statements information directly from Allianz Global Investors, you can also call 1-800-426-0107. Telephone representatives are available Monday-Friday 8:30 am to 8:00 pm Eastern Time. Or visit our website, www.allianzinvestors.com.

Allianz Global Investors is one of the world’s largest asset management companies, with over $1 trillion under management. Our investment solutions—including the PIMCO Funds and Allianz Funds, separately managed accounts and closed-end funds—offer access to a premier group of institutional investment firms, carefully assembled by Allianz to represent a broad spectrum of asset classes and investment styles.

n    PIMCO	n    Cadence Capital Management	n    Nicholas-Applegate
n    NFJ Investment Group	n    RCM	n    Oppenheimer Capital

www.allianzinvestors.com

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

Assets under management as of 3/31/08. Allianz Global Investors Fund Management LLC serves as the investment manager for the Allianz Funds and for the closed-end funds. PIMCO is the investment manager for the PIMCO Funds. Managed accounts are available through Allianz Global Investors Managed Accounts LLC. The PIMCO Funds and Allianz Funds are distributed by Allianz Global Investors Distributors LLC. © 2008. For information about any product, contact your financial advisor.         AZ002AR_21166

PIMCO Funds

Annual Report

MARCH 31, 2008

Municipal Bond Funds

Share Class

NATIONAL SHORT DURATION TAX-EXEMPT

PIMCO Short Duration Municipal Income Fund

NATIONAL

PIMCO High Yield Municipal Bond Fund

PIMCO Municipal Bond Fund

STATE-SPECIFIC

PIMCO California Intermediate Municipal Bond Fund

PIMCO California Short Duration Municipal Income Fund

PIMCO New York Municipal Bond Fund

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectus. Investors should consider the investment objectives, risks, charges and expenses of each Fund carefully before investing. This and other information is contained in the Funds’ prospectus. Please read the prospectus carefully before you invest or send money.

Table of Contents

		Page
Chairman’s Letter		3
Important Information About the Funds		4
Benchmark Descriptions		12
Financial Highlights		32
Statements of Assets and Liabilities		34
Statements of Operations		35
Statements of Changes in Net Assets		36
Notes to Financial Statements		38
Glossary		48
Report of Independent Registered Public Accounting Firm		49
Federal Income Tax Information		50
Management of the Trust		51
Privacy Policy		53
FUND	Fund Summary	Schedule of Investments
California Intermediate Municipal Bond Fund	6	13
California Short Duration Municipal Income Fund	7	16
High Yield Municipal Bond Fund	8	18
Municipal Bond Fund	9	22
New York Municipal Bond Fund	10	27
Short Duration Municipal Income Fund	11	29

Chairman’s Letter

Dear PIMCO Funds Shareholder:

It is our pleasure to present to you the annual report for the PIMCO Municipal Bond Funds covering the twelve-month period ended March 31, 2008. At the end of the period, net assets for the overall PIMCO Funds family stood at over $251 billion.

Highlights of the financial markets during the period include:

· Credit markets worldwide experienced an exceptionally severe loss of liquidity brought on by declining U.S. residential property values, the continuing subprime mortgage debacle, and a rare de-leveraging of financial markets. In response, global central banks injected substantial liquidity into the banking system and reversed monetary policy from earlier in the period to either a neutral or an easing bias.

· The Federal Reserve reduced the Federal Funds Rate six times from 5.25% to 2.25% and reduced the discount rate eight times from 6.25% to 2.50%. Additionally, the Federal Reserve expanded its securities lending program to include the exchange of U.S. Treasuries for mortgage-linked bonds, opened its lending window to investment banks and participated in the bailout of a major U.S. brokerage firm. The Bank of England reduced its key-lending rate twice from 5.75% to 5.25% after raising the rate two times earlier in the fiscal period. The European Central Bank raised the overnight rate in June to 4.00%, but then paused, while the Bank of Japan kept its policy rate unchanged at 0.50% for the period.

· Municipal bond returns lagged their taxable counterparts and municipal bond yields remained at historically high levels compared to U.S. Treasuries amid continued pressure on the demand side of the municipal bond market. Additionally, the absence of institutional investor support for the municipal bond asset class, such as from hedge funds and Wall Street trading firms, added to problems in the municipal bond market as demand from these entities lagged during the period due to balance sheet constraints and the margin calls faced by leveraged investors. The Lehman Brothers General Municipal Bond Index returned 1.90% for the period.

· Government bond yields declined worldwide as investors moved into higher-quality assets due to the credit and liquidity crisis, which has gripped financial markets since the second half of 2007 and intensified during the latter part of the period. The yield on the ten-year U.S. Treasury declined by 1.24% to end the period at 3.41%. The Lehman Brothers U.S. Aggregate Index, a widely used index comprised of U.S. Treasury, investment-grade corporate and mortgage-backed securities, returned 7.67% for the period.

On the following pages, please find specific details as to each Fund’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs. If you have any questions regarding your PIMCO Funds investment, please contact your financial advisor, or call Allianz Global Investors at 1-800-426-0107. We also invite you to visit www.allianzinvestors.com.

Sincerely,

Brent R. Harris

Chairman of the Board, PIMCO Funds

April 29, 2008

Annual Report March 31, 2008 3

Important Information About the Funds

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities held by a Fund are likely to decrease in value. The price volatility of fixed-income securities can also increase during periods of rising interest rates resulting in increased losses to a Fund.

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 or funds with shorter durations.

The Funds may be subject to various risks as described in each Fund’s prospectus. Some of these risks may include, but are not limited to, the following: interest rate risk, credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, mortgage-related and other asset-backed risk, issuer non-diversification risk, leveraging risk, management risk, California state-specific risk, New York state specific risk, municipal project-specific risk and short sale risk. A complete description of these and other risks is contained in the Funds’ prospectus. The Funds may use derivative instruments for hedging purposes or as part of an 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. Funds investing in derivatives could lose more than the principal amount invested in these instruments. 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. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified fund. Shareholders of a municipal bond fund will, at times, incur a tax liability, as income from these funds may be subject to state and local taxes and, where applicable, the alternative minimum tax. The credit quality of a particular security or group of securities does not ensure the stability or safety of the overall portfolio.

The inception date on each Fund’s performance page is the inception date of the Fund’s oldest share class. Unless otherwise indicated, the actual share class D is the Fund’s oldest share class. The oldest share class for the following Funds is the Institutional share class, and the class D shares were first offered in (month/year): PIMCO Municipal Bond Fund (4/98), PIMCO California Intermediate Municipal Bond Fund (1/00), PIMCO New York Municipal Bond Fund (1/00), and PIMCO Short Duration Municipal Income Fund (1/00). Returns measure performance from the inception of the oldest share class to the present, so some returns predate the inception of the actual share class. Those returns are calculated by adjusting the returns of the oldest share class to reflect the indicated share class’s different charges and expenses. Total return performance assumes that all dividend and capital gain distributions were reinvested on the payable date. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Cumulative Returns charts assume the initial investment of $10,000 was made at the beginning of the first full month following the class’ inception. The charts and Average Annual Total Return tables reflect any sales load that would have applied at the time of purchase or any contingent deferred sales charge that would have applied if a full redemption occurred on the last business day of the most recent fiscal year. Results assume that all dividends and capital gain distributions were reinvested. Results assume fees and expenses and results do not take into account the effect of taxes. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

In addition to its benchmark, each Fund measures its performance against a Lipper Average, which is calculated by Lipper, Inc. (“Lipper”), a Reuters Company, and represents the total return performance averages of funds that are tracked by Lipper that have the same Fund Classification. Lipper does not take into account fees, expenses or taxes.

An investment in a Fund is not a deposit of a bank and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Funds.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by PIMCO Funds as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606, on the Allianz Global Investors Distributors’ website at www.allianzinvestors.com, and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

4 PIMCO Funds

PIMCO Funds files a complete schedule of each Fund’s portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Funds’ Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Funds’ website at www.pimco-funds.com. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

The following disclosure provides important information regarding each Fund’s Expense Example, which appears on each Fund’s individual page in this Annual Report. Please refer to this information when reviewing the Expense Example for a Fund.

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption and exchange fees; and (2) ongoing costs, including advisory and administrative fees, distribution and/or service (12b-1) fees, and other Fund expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, from 10/1/07 to 3/31/08.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Accounts with a balance of $2,500 or less may be charged an additional fee at an annual rate of $16.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical Performance (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the information under the heading “Hypothetical Performance (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary from period to period because of various factors such as an increase in expenses that are not covered by the advisory and administrative fees such as fees and expenses of the trustees and their counsel, extraordinary expenses and interest expense.

Annual Report March 31, 2008 5

PIMCO California Intermediate Municipal Bond Fund Class D: PCIDX

Portfolio Insights

Ÿ The Fund seeks high current income exempt from federal and California income tax with capital appreciation as a secondary objective, by investing under normal circumstances at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from regular federal income tax and California income tax.

Ÿ The Fund’s average credit quality was A+ at the end of the twelve-month period versus the benchmark’s average of AA1/AA2.

Ÿ Municipals underperformed U.S. Treasuries and the taxable debt sector; the Lehman Brothers Municipal Bond Index returned 1.90%, while the Lehman Brothers U.S. Aggregate and the Lehman Brothers Treasury Indices returned 7.67% and 12.21%, respectively.

Ÿ The Fund’s effective duration was managed above that of its benchmark index throughout the period, which detracted from performance as municipal bond yields increased across all intermediate to long maturities.

Ÿ The Fund’s Class D SEC yield after fees at March 31, 2008 was 3.76%. The yield was 6.37% on a fully tax adjusted basis assuming a federal tax rate of 35.0% and an effective CA state tax rate of 6.05%, or 4.22% assuming a federal tax rate of 10.0% and an effective CA state tax rate of 1.0%. An investor’s tax adjusted yield may differ depending on such investor’s tax bracket.

Ÿ Yield curve positioning enhanced performance as the yield curve steepened over the period.

Ÿ California municipal bonds underperformed the broader national market for the period. Yield premiums continued to widen over the twelve-month period.

Ÿ Exposure to zero coupon municipal bonds detracted from performance as intermediate and longer-duration zero coupons decreased in value over the period.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	Fund Inception (08/31/99)
	PIMCO California Intermediate Municipal Bond Fund Class D	-0.95%	2.19%	3.81%
	Lehman Brothers California Intermediate Municipal Bond Index	4.96%	3.92%	5.14%
	Lipper California Intermediate Municipal Dept Funds Average	1.94%	2.73%	4.38%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class D shares is 0.775%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

California	78.9%
Puerto Rico	10.0%
Short-Term Instruments	4.5%
Virgin Islands	3.0%
Other	3.6%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class D		Class D
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	994.27	$	1,021.10
Expenses Paid During Period†	$	3.89	$	3.94

^† Expenses are equal to the net annualized expense ratio of 0.775% for Class D, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Effective October 1, 2007, the Fund’s administrative fee was reduced by 0.05% to 0.30% per annum.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

6 PIMCO Funds

PIMCO California Short Duration Municipal Income Fund Class D: PCDDX

Portfolio Insights

Ÿ The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing under normal circumstances at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal and California income tax.

Ÿ The Fund’s average credit quality was AA+ at the end of the twelve-month period versus the benchmark’s average of AA1/AA2.

Ÿ Municipals underperformed U.S. Treasuries and the taxable debt sector; the Lehman Brothers Municipal Bond Index returned 1.90%, while the Lehman Brothers U.S. Aggregate and the Lehman Brothers Treasury Indices returned 7.67% and 12.21%, respectively.

Ÿ The Fund’s effective duration was managed above that of its benchmark throughout the period, which contributed to relative performance, as municipal yields in California decreased for shorter maturities.

Ÿ The Fund’s Class D SEC yield after fees at March 31, 2008 was 3.21%. The yield was 5.45% on a fully tax adjusted basis assuming a federal tax rate of 35.0% and an effective CA state tax rate of 6.05%, or 3.61% assuming a federal tax rate of 10.0% and an effective CA state tax rate of 1.0%. An investor’s tax adjusted yield may differ depending on such investor’s tax bracket.

Ÿ Municipal bonds within California underperformed the broader national market for the period as issuance within the state was the largest nationwide.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	Fund Inception (08/31/06)
	PIMCO California Short Duration Municipal Income Fund Class D	2.60%	2.99%
	Lehman Brothers California 1 Year Municipal Bond Index	5.04%	4.48%
	Lipper California Short Intermediate Municipal Debt Funds Average	1.87%	2.43%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class D shares is 0.75%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

California	94.1%
Short-Term Instruments	4.5%
Corporate Bonds & Notes	1.4%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class D		Class D
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,015.51	$	1,021.25
Expenses Paid During Period†	$	3.78	$	3.79

^† The actual expenses are equal to the net annualized expense ratio of 0.75% for Class D, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Effective October 1, 2007, the Fund’s administrative fee was reduced by 0.05% to 0.30% per annum.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

Annual Report March 31, 2008 7

PIMCO High Yield Municipal Bond Fund
	Class D:	PYMDX

Portfolio Insights

Ÿ The Fund seeks high current income exempt from federal income tax with total return as a secondary objective, by investing under normal circumstances at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax.

Ÿ Municipal bonds underperformed U.S. Treasuries and the taxable debt sector; the Lehman Brothers Municipal Bond Index returned 1.90%, while the Lehman Brothers U.S. Aggregate and the Lehman Brothers Treasury Indices returned 7.67% and 12.21%, respectively.

Ÿ Exposure to higher-yielding municipal bonds detracted from performance as high-yield municipal bonds underperformed investment-grade municipal bonds.

Ÿ The Fund’s Class D SEC yield after fees at March 31, 2008 was 5.59%. The yield was 8.61% on a fully tax adjusted basis assuming a federal tax rate of 35.0%, or 6.22% assuming a federal tax rate of 10.0%. An investor’s tax adjusted yield may differ depending on such investor’s tax bracket.

Ÿ The Fund’s effective duration was managed above that of its benchmark throughout the period, which detracted from performance as municipal yields increased across longer maturities.

Ÿ An overweight to the airline sector detracted from performance as the airline sector underperformed during the period.

Ÿ Exposure to the tobacco sector detracted from performance as the Tobacco Bond Index underperformed the general Municipal Bond Index.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	Fund Inception (07/31/06)
	PIMCO High Yield Municipal Bond Fund Class D	-10.94%	-1.43%
	60% Lehman Brothers High Yield Municipal Bond Index/40% Lehman Brothers Municipal Bond Index	-3.20%	1.17%
	Lipper High Yield Municipal Debt Funds Average	-6.78%	-1.28%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 30 days of acquisition. Performance shown does not reflect any applicable any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. For performance current to the most recent month-end, visit www.allianzinvestors.com. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class D shares is 0.85%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

Illinois	10.9%
Texas	8.6%
Michigan	6.9%
Pennsylvania	6.0%
Colorado	5.2%
California	5.0%
Florida	5.0%
Other	52.4%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class D		Class D
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	924.30	$	1,021.05
Expenses Paid During Period†	$	3.80	$	3.99

^† The actual expenses are equal to the net annualized expense ratio of 0.79% for Class D, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The annualized expense ratio of 0.79% reflects net annualized expenses after application of an expense reduction of 0.06%. Effective October 1, 2007, the Fund’s administrative fee was reduced by 0.10% to 0.30% per annum.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

8 PIMCO Funds

PIMCO Municipal Bond Fund Class D: PMBDX

Portfolio Insights

Ÿ The Fund seeks high current income exempt from federal income tax, consistent with preservation of capital with capital appreciation as a secondary objective, by investing under normal circumstances at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax.

Ÿ The Fund’s average credit quality was AA at the end of the twelve-month period versus the benchmark’s average of AA1/AA2.

Ÿ Municipals underperformed U.S. Treasuries and the taxable debt sector; the Lehman Brothers Municipal Bond Index returned 1.90%, while the Lehman Brothers U.S. Aggregate and the Lehman Brothers Treasury Indices returned 7.67% and 12.21%, respectively.

Ÿ The Fund’s effective duration was managed below its benchmark throughout the period, which benefited performance as municipal bond yields increased across all maturities longer than ten years.

Ÿ The Fund’s Class D SEC yield after fees at March 31, 2008 was 4.09%. The yield was 6.29% on a fully tax adjusted basis assuming a federal tax rate of 35.0%, or 4.55% assuming a federal tax rate of 10.0%. An investor’s tax adjusted yield may differ depending on such investor’s tax bracket.

Ÿ Yield curve positioning detracted from performance as the yield curve steepened over the period.

Ÿ Exposure to long-dated municipal bonds detracted from performance as the Long Municipal Index underperformed the front end of the municipal bond yield curve by over 2.00%.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	10 Years	Fund Inception (12/31/97)
	PIMCO Municipal Bond Fund Class D	-2.37%	2.74%	3.95%	3.92%
	Lehman Brothers Municipal Bond Index	1.90%	3.92%	4.99%	4.99%
	Lipper General Municipal Debt Funds Average	-0.85%	3.07%	3.83%	3.83%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class D shares is 0.835%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

California	22.2%
Texas	9.8%
New York	7.7%
Illinois	6.5%
Short-Term Instruments	5.6%
New Jersey	5.1%
Other	43.1%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance			Hypothetical Performance
				(5% return before expenses)
	Class D			Class D
Beginning Account Value (10/01/07)	$	1,000.00		$	1,000.00
Ending Account Value (03/31/08)	$	971.71		$	1,021.10
Expenses Paid During Period(a)	$	4.36	(c)	$	4.47	(c)
Expenses Paid During Period, Excluding Interest Expense for Floating Rate Notes(b)	$	3.97		$	4.07

^(a) The actual expenses are equal to the net annualized expense ratio of 0.885% for Class D shares, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Effective October 1, 2007, the Fund’s administrative fee was reduced by 0.05% to 0.30% per annum.

^(b) The actual expenses are equal to the net annualized expense ratio of 0.805% for Class D shares, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

^(c) Includes non-cash interest expense of $0.39 for Actual Performance and $0.40 for Hypothetical Performance. The additional non-cash interest expense does not reflect actual expenses paid by the Fund, but instead is offset by additional interest income recorded by the Fund in an inverse floating rate transaction accounted for as a secured borrowing. Refer to Note 2(i) in the Notes to Financial Statements for additional information regarding inverse floating rate transactions.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

Annual Report March 31, 2008 9

PIMCO New York Municipal Bond Fund
	Class D:	PNYDX

Portfolio Insights

Ÿ The Fund seeks high current income exempt from federal and New York income tax with capital appreciation as a secondary objective, by investing under normal circumstances at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from regular federal income tax and New York income tax.

Ÿ The Fund’s average credit quality was AA at the end of the twelve-month period versus the benchmark’s average of AAA/AAA.

Ÿ Municipals underperformed U.S. Treasuries and the taxable debt sector; the Lehman Brothers Municipal Bond Index returned 1.90%, while the Lehman Brothers U.S. Aggregate and the Lehman Brothers Treasury Indices returned 7.67% and 12.21%, respectively.

Ÿ The Fund’s effective duration was managed above that of its benchmark throughout the period, which benefited performance as municipal bond yields increased across all maturities ten years and higher.

Ÿ The Fund’s Class D SEC yield after fees at March 31, 2008 was 2.91%. The yield was 4.85% on a fully tax adjusted basis assuming a federal tax rate of 35.0% and an effective NY state tax rate of 5.01%, or 5.00% for a New York City resident assuming an effective tax rate of 6.82%. The yield was 3.36% on a fully tax adjusted basis assuming a federal tax rate of 10.0% and an effective NY state tax rate of 3.60%, or 4.94% for a New York City resident assuming an effective tax rate of 6.21%. An investor’s tax adjusted yield may differ depending on such investor’s tax bracket.

Ÿ Municipal bonds within New York underperformed the broader national market for the period.

Ÿ Exposure to zero coupon municipal bonds detracted from performance as intermediate and longer duration zero coupons decreased in value over the period.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	Fund Inception (08/31/99)
	PIMCO New York Municipal Bond Fund Class D	1.74%	3.37%	5.25%
	Lehman Brothers New York Insured Municipal Bond Index	1.82%	3.89%	5.62%
	Lipper New York Municipal Debt Funds Average	-0.45%	3.14%	4.43%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class D shares is 0.815%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

New York	72.0%
Short-Term Instruments	11.2%
Puerto Rico	7.9%
California	2.2%
Other	6.7%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class D		Class D
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,013.15	$	1,021.10
Expenses Paid During Period†	$	3.93	$	3.94

^† The actual expenses are equal to the net annualized expense ratio of 0.775% for Class D shares, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Effective October 1, 2007, the Fund’s administrative fee was reduced by 0.05% to 0.30% per annum.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

10 PIMCO Funds

PIMCO Short Duration Municipal Income Fund Class D: PSDDX

Portfolio Insights

Ÿ The Fund seeks high current income exempt from federal income tax, consistent with preservation of capital, by investing under normal circumstances at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax.

Ÿ The Fund’s average credit quality was AA+ at the end of the twelve-month period versus the benchmark’s average of AAA/AA1.

Ÿ Municipals underperformed U.S. Treasuries and the taxable debt sector; the Lehman Brothers Municipal Bond Index returned 1.90%, while the Lehman Brothers U.S. Aggregate and the Lehman Brothers Treasury Indices returned 7.67% and 12.21%, respectively.

Ÿ The Fund’s effective duration was managed above that of its benchmark throughout the period, which benefited performance as shorter municipal bond yields declined.

Ÿ The Fund’s Class D SEC yield after fees at March 31, 2008 was 3.64%. The yield was 5.60% on a fully tax adjusted basis assuming a federal tax rate of 35.0%, or 4.04% assuming a federal tax rate of 10.0%. An investor’s tax adjusted yield may differ depending on such investor’s tax bracket.

Ÿ Yield curve positioning enhanced performance as municipal bond yield curves steepened over the period.

Ÿ An overweight to zero coupon municipal bonds at the end of the twelve-month period detracted from performance as zero coupon municipal bonds underperformed the broader municipal bond index.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	Fund Inception (08/31/99)
	PIMCO Short Duration Municipal Income Fund Class D	-0.77%	1.51%	2.47%
	Lehman Brothers 1 Year Municipal Bond Index	5.21%	2.61%	3.43%
	Lipper Short Municipal Debt Funds Average	2.84%	2.14%	3.08%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class D shares is 0.80%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

New York	14.4%
Texas	14.2%
Massachusetts	9.6%
Short-Term Instruments	7.8%
Washington	7.1%
California	7.0%
Wisconsin	6.2%
Other	33.7%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class D		Class D
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	983.79	$	1,021.25
Expenses Paid During Period†	$	3.72	$	3.79

^† The actual expenses are equal to the net annualized expense ratio of 0.75% for Class D shares, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Effective October 1, 2007, the Fund’s administrative fee was reduced by 0.05% to 0.30% per annum.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

Annual Report March 31, 2008 11

Benchmark Descriptions

Index	Description
60% Lehman Brothers High Yield Municipal Bond Index/40% Lehman Brothers Municipal Bond Index	The benchmark is a blend of 60% Lehman Brothers High Yield Municipal Bond Index and 40% Lehman Brothers Municipal Bond Index. The Lehman Brothers High Yield Municipal Bond Index is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year. Lehman Brothers General Municipal Bond Index consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 30 years. It is an unmanaged index representative of the tax-exempt bond market. The index is made up of all investment-grade municipal bonds issued after 12/31/90 having a remaining maturity of at least one year. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers 1 Year Municipal Bond Index	Lehman Brothers 1 Year Municipal Bond Index is an unmanaged index comprised of national municipal bond issues having a maturity of at least one year and less than two years. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers U.S. Aggregate Index	Lehman Brothers U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. It is not possible to invest directly in an unmanaged index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers California 1 Year Municipal Bond Index	Lehman Brothers California 1 Year Municipal Bond Index is an unmanaged index comprised of California Municipal Bond Issues having a maturity of at least one year and less than two years. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers California Intermediate Municipal Bond Index	Lehman Brothers California Intermediate Municipal Bond Index is an unmanaged index comprised of California Municipal Bond Issues having maturities of at least five years and less than ten years and consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 30 years. The index is made up of all investment grade municipal bonds issued after 12/31/90 having a remaining maturity of at least one year. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers Municipal Bond Index	Lehman Brothers Municipal Bond Index consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 30 years. It is an unmanaged index representative of the tax-exempt bond market. The index is made up of all investment grade municipal bonds issued after 12/31/90 having a remaining maturity of at least one year. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers New York Insured Municipal Bond Index	Lehman Brothers New York Insured Municipal Bond Index is an unmanaged index comprised of a broad selection of insured general obligation and revenue bonds of New York issuers with remaining maturities ranging from one year to 30 years. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers Treasury Index	Lehman Brothers Treasury Index consists of public obligations of the U. S. Treasury with a remaining maturity of one year or more. It is not possible to invest directly in an unmanaged index. The index does not reflect deductions for fees, expenses or taxes.

12 PIMCO Funds

Schedule of Investments  California Intermediate Municipal Bond Fund       
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 1.4%
Bank of America Corp.
8.000% due 12/29/2049	$	2,000	$	2,006
Total Corporate Bonds & Notes (Cost $2,000)				2,006
MUNICIPAL BONDS & NOTES 92.9%
CALIFORNIA 77.8%
Alameda, California Business Park Assessment Revenue Bonds, Series 1998
5.500% due 09/02/2012		1,180		1,206
Anaheim, California Public Financing Authority Revenue Bonds, (FSA Insured), Series 1997
0.000% due 09/01/2022		2,000		1,043
Antioch, California Public Financing Authority Revenue Notes, Series 1998
5.500% due 09/02/2008		465		470
Azusa, California Unified School District Certificates of Participation Bonds, (FSA Insured), Series 2004
2.100% due 06/01/2038		500		500
Bay Area, California Toll Authority Revenue Bonds, (AMBAC Insured), Series 2001
3.250% due 04/01/2029		1,800		1,800
Bay Area, California Toll Authority Revenue Bonds, (AMBAC Insured), Series 2006
4.500% due 04/01/2045		1,000		1,000
Burbank, California Community Facilities District Special Tax Notes, Series 2006
4.000% due 12/01/2009		100		101
California State Association of Bay Area Governments Financing Authority for Non-Profit Corporations Certificates of Participation Bonds, (AMBAC Insured), Series 1993
5.000% due 08/01/2023		1,665		1,665
California State Association of Bay Area Governments Financing Authority for Non-Profit Corporations Revenue Bonds, (CM Insured), Series 2001
5.250% due 04/01/2026		2,000		2,061
California State Association of Bay Area Governments Financing Authority for Non-Profit Corporations Revenue Bonds, Series 2003
5.200% due 11/15/2022		2,000		2,035
California State Department of Water Resources Revenue Bonds, Series 1997
5.000% due 12/01/2022		60		60
California State Educational Facilities Authority Revenue Bonds, (MBIA Insured), Series 2001
0.000% due 10/01/2014		500		389
California State Educational Facilities Authority Revenue Notes, Series 2005
5.000% due 10/01/2012		540		580
5.000% due 10/01/2013		570		616
California State Educational Facilities Authority Revenue Notes, Series 2006
5.000% due 11/01/2014		750		803
California State Encinitas Union School District General Obligation Bonds, (MBIA Insured), Series 1996
0.000% due 08/01/2018		1,500		930
California State for Precious Veterans General Obligation Bonds, Series 2000
5.700% due 12/01/2032		160		158

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
California State Health Facilities Financing Authority Revenue Bonds, (MBIA Insured), Series 1988
3.250% due 07/01/2020	$	1,800	$	1,800
California State Health Facilities Financing Authority Revenue Notes, (CM Insured), Series 2000
5.000% due 09/01/2010		350		360
California State Health Facilities Financing Authority Revenue Notes, Series 2005
5.000% due 07/01/2010		500		516
California State Housing Finance Agency Revenue Bonds, (AMBAC/FHA Insured), Series 1996
5.950% due 02/01/2011		35		35
California State Housing Finance Agency Revenue Notes, (FGIC Insured), Series 2006
4.500% due 08/01/2012		1,400		1,422
California State Mobilehome Park Financing Authority Revenue Bonds, Series 2006
5.500% due 12/15/2041		165		139
California State Mountain House Public Financing Authority Revenue Notes, Series 2007
5.000% due 12/01/2015		640		687
California State M-S-R Public Power Agency Revenue Bonds, (MBIA Insured), Series 1997
5.000% due 07/01/2022		1,450		1,450
California State Pollution Control Financing Authority Revenue Bonds, (FGIC Insured), Series 2004
4.750% due 12/01/2023		3,000		2,671
California State Pollution Control Financing Authority Revenue Bonds, Series 2002
5.000% due 01/01/2022		2,000		1,755
California State Public Works Board Lease Revenue Bonds, Series 2005
5.000% due 04/01/2017		2,000		2,131
California State Public Works Board Lease Revenue Notes, (FGIC Insured), Series 2006
5.000% due 10/01/2016		2,500		2,710
California State Sierra Kings Health Care District Revenue Bonds, Series 2006
6.000% due 12/01/2036		540		461
California State Tobacco Securitization Agency Revenue Bonds, Series 2002
6.125% due 06/01/2043		1,000		962
California State Tobacco Securitization Agency Revenue Bonds, Series 2006
0.000% due 06/01/2028 (a)		4,500		3,451
California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2001
5.000% due 10/01/2018		2,000		2,022
California Statewide Communities Development Authority Revenue Bonds, (XLCA Insured), Series 2006
4.100% due 04/01/2028		1,000		996
California Statewide Communities Development Authority Revenue Bonds, Series 1998
5.100% due 05/15/2025		2,000		2,012
5.250% due 05/15/2025		1,000		1,006
California Statewide Communities Development Authority Revenue Bonds, Series 2002
5.500% due 08/15/2034		1,000		1,007
6.750% due 07/01/2032 (d)		1,300		1,348
California Statewide Communities Development Authority Revenue Bonds, Series 2005
5.000% due 03/01/2018		125		126
California Statewide Communities Development Authority Revenue Bonds, Series 2006
4.875% due 11/15/2036		400		327

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
California Statewide Communities Development Authority Revenue Bonds, Series 2007
5.150% due 07/01/2030	$	650	$	551
5.500% due 11/01/2038		500		461
California Statewide Communities Development Authority Revenue Notes, Series 2005
5.000% due 07/01/2013		850		893
California Statewide Financing Authority Revenue Notes, Series 2002
4.600% due 05/01/2012		1,030		1,036
Campbell, California Redevelopment Agency Tax Allocation Notes, Series 2002
4.700% due 10/01/2011		505		525
Capistrano, California Unified School District Special Tax Bonds, Series 2003
5.250% due 09/01/2016		700		682
5.375% due 09/01/2017		800		779
Chino, California Basin Regional Financing Authority Revenue Bonds, (AMBAC Insured), Series 2002
3.750% due 06/01/2032		2,000		2,000
Chula Vista, California Special Tax Bonds, Series 2000
6.350% due 09/01/2017		230		239
6.400% due 09/01/2018		120		125
Contra Costa County, California Public Financing Authority Tax Allocation Bonds, Series 2003
5.625% due 08/01/2033		2,000		2,206
Corona, California Community Facilities District Special Tax Bonds, Series 1998
5.875% due 09/01/2023		1,000		983
Desert Sands, California Unified School District General Obligation Notes, (AMBAC Insured), Series 2006
0.000% due 06/01/2014		3,000		2,365
El Monte, California School District General Obligation Notes, (FGIC Insured), Series 2005
0.000% due 05/01/2012		1,555		1,343
El Monte, California School District General Obligation Notes, (FGIC Insured), Series 2006
0.000% due 06/01/2013		1,195		985
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2003
5.000% due 06/01/2021		535		537
6.250% due 06/01/2033		2,000		2,182
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.125% due 06/01/2047		2,650		2,106
Inland Empire, California Tobacco Securitization Authority Revenue Bonds, Series 2007
4.625% due 06/01/2021		1,000		911
Long Beach, California Bond Finance Authority Revenue Bonds, Series 2007
5.000% due 11/15/2029		1,000		854
5.250% due 11/15/2018		1,000		995
Los Angeles, California Department of Airports Revenue Notes, (MBIA Insured), Series 2006
5.000% due 05/15/2016		1,000		1,057
Los Angeles, California Unified School District General Obligation Bonds, (MBIA Insured), Series 1999
4.750% due 07/01/2010		30		31
Lucia Mar, California Unified School District General Obligation Bonds, (FSA Insured), Series 2002
5.000% due 08/01/2022		1,215		1,257
Modesto, California Irrigation District Certificates of Participation Notes, (AMBAC Insured), Series 2006
5.000% due 10/01/2015		3,545		3,868

See Accompanying Notes Annual Report March 31, 2008 13

Schedule of Investments  California Intermediate Municipal Bond Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Moreno Valley, California Unified School District General Obligation Bonds, (MBIA Insured), Series 2007
0.000% due 08/01/2023	$	1,000	$	433
Morgan Hill, California Unified School District General Obligation Notes, (AMBAC Insured), Series 2006
0.000% due 08/01/2016		500		350
Murrieta Valley, California Unified School District Public Financing Authority Special Tax Bonds, (AGC Insured), Series 2006
4.750% due 09/01/2036		2,100		1,957
Orange County, California Community Facilities District Special Tax Bonds, Series 2000
5.600% due 08/15/2011		455		461
5.700% due 08/15/2012		485		492
5.800% due 08/15/2013		600		609
Orange County, California Local Transportation Authority Revenue Bonds, (AMBAC Insured), Series 1992
6.200% due 02/14/2011		3,250		3,532
Poway, California Unified School District Special Tax Bonds, Series 2005
5.125% due 09/01/2028		500		450
Redding, California Redevelopment Agency Tax Allocation Bonds, Series 2006
5.000% due 09/01/2036		1,250		1,088
Rio Vista, California Community Facilities District Special Tax Notes, Series 2006
4.000% due 09/01/2009		170		171
Riverbank Redevelopment Agency of California State Tax Allocation Notes, Series 2007
4.100% due 08/01/2013		255		255
Riverside, California Revenue Bonds, (AMBAC Insured), Series 1998
5.375% due 10/01/2009		500		513
Sacramento, California County Sanitation District Revenue Bonds, (FGIC Insured), Series 2006
5.000% due 12/01/2017		1,000		1,081
Sacramento, California Municipal Utility District Revenue Bonds, Series 1983
9.000% due 04/01/2013		675		774
San Diego County, California Certificates of Participation Notes, Series 2006
5.000% due 09/01/2013		1,340		1,338
San Fernando, California Redevelopment Agency Tax Allocation Bonds, Series 2006
4.500% due 09/15/2017		1,425		1,404
San Francisco, California City & County Airports Commission Revenue Bonds, (FGIC Insured), Series 2006
5.250% due 05/01/2019		1,460		1,545
San Francisco, California City & County Airports Commission Revenue Bonds, (FSA Insured), Series 1998
5.500% due 05/01/2015		300		303
San Francisco, California City & County Unified School District General Obligation Notes, (FSA Insured), Series 2005
5.000% due 06/15/2015		1,100		1,195
San Joaquin, California Delta Community College District General Obligation Notes, (AMBAC Insured), Series 2006
0.000% due 08/01/2014		2,000		1,560
San Jose, California Multi-Family Housing Revenue Bonds, Series 1999
4.950% due 06/01/2039		930		938

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
San Jose, California Redevelopment Agency Tax Allocation Bonds, (MBIA Insured), Series 2002
5.000% due 08/01/2022	$	2,000	$	2,146
San Jose, California Redevelopment Agency Tax Allocation Bonds, (MBIA Insured), Series 2005
5.000% due 08/01/2017		1,000		1,057
San Luin Obispo County, California Financing Authority Revenue Bonds, (MBIA Insured), Series 2007
5.000% due 09/01/2018		750		810
San Pablo, California Redevelopment Agency Revenue Bonds, Series 1979
8.000% due 10/01/2011		70		75
San Ramon Valley, California Unified School District General Obligation Bonds, (FGIC Insured), Series 1998
0.000% due 07/01/2018		6,500		4,006
Santa Clara, California Valley Transportation Authority Revenue Bonds, (AMBAC Insured), Series 2005
3.750% due 06/01/2026		2,000		2,000
Sonoma County, California Junior College District General Obligation Bonds, (MBIA Insured), Series 2007
5.000% due 08/01/2018		1,250		1,359
Turlock, California Certificates of Participation Notes, Series 2007
5.000% due 10/15/2010		360		367
University of California Regents Medical Center Revenue Bonds, (MBIA Insured), Series 2007
4.750% due 05/15/2031		1,000		957
University of California Revenue Bonds, (FGIC Insured), Series 2007
5.000% due 05/15/2041		1,000		986
University of California Revenue Bonds, (FSA Insured), Series 2005
5.000% due 05/15/2016		3,240		3,476
University of California Revenue Bonds, Series 2008
5.000% due 05/15/2018		350		380
				111,850
LOUISIANA 0.7%
Louisiana State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2001
5.875% due 05/15/2039		1,000		931
MONTANA 0.4%
Hardin, Montana Rocky Mountain Power, Inc. Tax Allocation Bonds, Series 2006
0.000% due 09/01/2031 (a)		830		516
NEW JERSEY 0.2%
New Jersey State Economic Development Authority Revenue Bonds, Series 1998
6.800% due 04/01/2018		240		255
NEW YORK 0.7%
New York City, New York Industrial Development Agency Revenue Bonds, Series 2005
5.500% due 01/01/2016		1,000		1,063
PUERTO RICO 9.9%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Revenue Bonds, Series 2008
6.000% due 07/01/2038		1,025		1,053

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Commonwealth of Puerto Rico General Obligation Bonds, (AGC Insured), Series 2006
5.231% due 07/01/2020	$	1,000	$	938
Commonwealth of Puerto Rico General Obligation Bonds, Series 2006
5.000% due 07/01/2035		190		172
Commonwealth of Puerto Rico Government Development Bank Revenue Notes, Series 2006
5.000% due 12/01/2014		2,500		2,633
Commonwealth of Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2007
5.500% due 07/01/2021		2,500		2,615
Commonwealth of Puerto Rico Infrastructure Financing Authority Revenue Bonds, (AMBAC Insured), Series 1998
5.250% due 07/01/2010		150		152
Commonwealth of Puerto Rico Public Buildings Authority Revenue Bonds, (Commonwealth-GTD), Series 2004
5.000% due 07/01/2028		2,150		2,216
Commonwealth of Puerto Rico Public Finance Corporations Revenue Bonds, Series 2004
5.750% due 08/01/2027		3,250		3,420
Puerto Rico Children’s Trust Fund Revenue Notes, Series 2002
5.000% due 05/15/2009		1,000		1,013
				14,212
TEXAS 0.2%
Arlington, Texas Independent School District General Obligation Bonds, (PSF-GTD), Series 2000
7.560% due 02/15/2024		250		252
Houston, Texas Apartment System Revenue Bonds, Series 1997
6.125% due 07/15/2017		100		91
				343
VIRGIN ISLANDS 3.0%
Virgin Islands Public Finance Authority Revenue Bonds, Series 1998
5.500% due 10/01/2008		3,000		3,045
Virgin Islands Public Finance Authority Revenue Bonds, Series 2003
6.125% due 07/01/2022		1,250		1,253
				4,298
Total Municipal Bonds & Notes (Cost $134,711)				133,468
SHORT-TERM INSTRUMENTS 4.4%
REPURCHASE AGREEMENTS 4.4%
State Street Bank and Trust Co.
1.900% due 04/01/2008		6,352		6,352
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 4.375% due 09/17/2010 valued at $6,480. Repurchase proceeds are $6,352.)
Total Short-Term Instruments (Cost $6,352)				6,352
Total Investments 98.7% (Cost $143,063)			$	141,826
Other Assets and Liabilities (Net) 1.3%				1,914
Net Assets 100.0%			$	143,740

14 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Security becomes interest bearing at a future date.

(b) Cash of $320 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	75	$	(303	)

(c) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount	Unrealized (Depreciation)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MSC	$    1,200	$	(3	)

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

(d) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
California Statewide Communities Development Authority Revenue Bonds, Series 2002	6.750%	07/01/2032	02/07/2002	$	1,300	$	1,348	0.94%

See Accompanying Notes Annual Report March 31, 2008 15

Schedule of Investments  California Short Duration Municipal Income Fund  

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 1.4%
Bank of America Corp.
8.000% due 12/29/2049	$	300	$	301
Total Corporate Bonds & Notes (Cost $300)				301
MUNICIPAL BONDS & NOTES 93.5%
CALIFORNIA 93.5%
Alameda County, California Certificates of Participation Bonds, (AMBAC Insured), Series 2007
5.000% due 12/01/2017		495		528
Brentwood Union School District, California General Obligation Bonds, (FGIC Insured), Series 2007
5.250% due 08/01/2017		110		121
Brentwood Union School District, California General Obligation Notes, (FGIC Insured), Series 2007
5.250% due 08/01/2016		135		150
California State Association of Bay Area Governments Financing Authority for Non-Profit Corporations Certificates of Participation Bonds, (AMBAC Insured), Series 1993
5.000% due 08/01/2023		500		500
California State Bay Area Toll Authority Revenue Bonds, (AMBAC Insured), Series 2007
3.386% due 04/01/2047		500		500
California State Department of Water Resources Revenue Bonds, (FSA Insured), Series 2005
1.750% due 05/01/2016		400		400
California State Department of Water Resources Revenue Notes, Series 2005
1.980% due 05/01/2011		100		100
California State Educational Facilities Authority Revenue Bonds, (MBIA Insured), Series 2002
3.350% due 02/01/2032		600		600
California State Educational Facilities Authority Revenue Bonds, Series 1995
1.550% due 10/01/2015 (c)		500		500
California State Health Facilities Financing Authority Revenue Bonds, (MBIA Insured), Series 1998
1.850% due 09/01/2015		750		750
1.850% due 09/01/2028		500		500
California State Health Facilities Financing Authority Revenue Bonds, Series 2004
1.770% due 07/01/2033		500		500
1.920% due 07/01/2033		100		100
California State Housing Finance Agency Revenue Bonds, (FSA/FHA/VA Private Insured), Series 2000
1.600% due 08/01/2015		100		100
California State Infrastructure & Economic Development Bank Revenue Bonds, Series 2001
1.800% due 11/15/2037		500		500
California State M-S-R Public Power Agency Revenue Bonds, (MBIA Insured), Series 1998
2.050% due 07/01/2022		2,100		2,100
California State Public Works Board Lease Revenue Bonds, (FGIC Insured), Series 2006
5.250% due 10/01/2017		380		418

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
California Statewide Communities Development Authority Revenue Bonds, (FSA Insured), Series 2007
5.250% due 07/01/2018	$	250	$	272
California Statewide Communities Development Authority Revenue Bonds, Series 2007
5.150% due 07/01/2030		100		85
California Statewide Communities Development Authority Revenue Notes, (MBIA Insured), Series 2005
5.000% due 05/01/2015		150		164
Dublin-San Ramon Services District, California Certificates of Participation Bonds, (MBIA Insured), Series 2000
3.000% due 08/01/2035		1,000		1,000
Golden State, California Tobacco Securitization Corporations Revenue Bonds, (FGIC Insured), Series 2003
5.625% due 06/01/2038		100		110
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2003
6.250% due 06/01/2033		500		546
6.750% due 06/01/2039		710		822
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.125% due 06/01/2047		200		159
Hesperia, California Unified School District Certificates of Participation Bonds, (FSA Insured), Series 2004
2.150% due 02/01/2028		250		250
Lincoln, California Unified School District Special Tax Notes, (AMBAC Insured), Series 2006
5.000% due 09/01/2015		185		202
Los Angeles, California Department of Water & Power Revenue Bonds, Series 2001
1.750% due 07/01/2034		500		500
Metropolitan Water District of Southern California State Revenue Bonds, Series 2001
0.800% due 07/01/2036		100		100
Morgan Hill, California Redevelopment Agency Tax Allocation Bonds, Series 2008
2.000% due 09/01/2033		500		500
Orange County, California Sanitation District Certificates of Participation Bonds, (AMBAC Insured), Series 1993
2.100% due 08/01/2016		600		600
Orange County, California Sanitation District Certificates of Participation Bonds, Series 2000
1.100% due 08/01/2030		795		795
Pasadena, California Certificates of Participation Bonds, (AMBAC Insured), Series 2003
4.750% due 02/01/2033		490		490
Pittsburg, California Redevelopment Agency Tax Allocation Bonds, (MBIA Insured), Series 2002
5.250% due 08/01/2013		100		110
Pleasanton, California Unified School District General Obligation Bonds, (MBIA Insured), Series 2004
5.000% due 08/01/2015		150		165
Rancho, California Water District Financing Authority Revenue Notes, Series 2008
4.000% due 08/01/2009 (a)		500		512

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Rio Vista, California Community Facilities District Special Tax Notes, Series 2006
4.000% due 09/01/2009	$	100	$	100
Riverbank Redevelopment Agency of California State Tax Allocation Notes, Series 2007
4.000% due 08/01/2012		145		145
Roseville, California Natural Gas Finance Authority Revenue Notes, Series 2007
5.000% due 02/15/2012		100		101
San Francisco, California General Obligation Bonds, (MBIA Insured), Series 2005
3.350% due 06/15/2030		1,300		1,300
San Luin Obispo County, California Financing Authority Revenue Bonds, (MBIA Insured), Series 2007
5.000% due 09/01/2018		250		270
Santa Ana, California Certificates of Participation Bonds, (AMBAC Insured), Series 2003
5.000% due 06/01/2015		195		207
Santa Clara County, California Financing Authority Revenue Bonds, Series 1994
1.750% due 11/15/2025		500		500
Santa Clara Valley, California Water District Certificates of Participation Notes, Series 2007
5.000% due 02/01/2016		150		164
Santa Clara, California Valley Transportation Authority Revenue Bonds, (AMBAC Insured), Series 2005
2.500% due 06/01/2026		500		500
Santa Monica, California Community College District General Obligation Notes, (FGIC Insured), Series 2007
0.000% due 08/01/2013		225		184
Turlock, California Scertificates of Participation Notes, Series 2007
5.000% due 10/15/2008		355		357
Upland, California Sate Public Financing Authority Revenue Bonds, (AMBAC Insured), Series 2002
4.600% due 10/01/2016		100		104
Total Municipal Bonds & Notes (Cost $19,732)				19,681
SHORT-TERM INSTRUMENTS 4.5%
REPURCHASE AGREEMENTS 4.5%
State Street Bank and Trust Co.
1.900% due 04/01/2008		937		937
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 3.875% due 08/22/2008 valued at $960. Repurchase proceeds are $937.)
Total Short-Term Instruments (Cost $937)				937
Total Investments 99.4% (Cost $20,969)			$	20,919
Other Assets and Liabilities (Net) 0.6%				120
Net Assets 100.0%			$	21,039

16 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Notes to Schedule of Investments (amounts in thousands*):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) When-issued security.

(b) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty		Notional Amount	Unrealized (Depreciation)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MSC	$	200	$	0

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

(c) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
California State Educational Facilities Authority Revenue Bonds, Series 1995	1.550%	10/01/2015	08/10/2007	$	500	$	500	2.38%

See Accompanying Notes Annual Report March 31, 2008 17

Schedule of Investments  High Yield Municipal Bond Fund

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 1.9%
Bank of America Corp.
8.000% due 12/29/2049	$	3,600	$	3,612
Total Corporate Bonds & Notes (Cost $3,600)				3,612
MUNICIPAL BONDS & NOTES 90.1%
ALABAMA 1.4%
Butler, Alabama Industrial Development Board Revenue Bonds, Series 1993
5.900% due 12/01/2012		50		48
Colbert County, Alabama Health Care Authority Revenue Bonds, Series 2003
5.750% due 06/01/2027		670		631
Montgomery, Alabama Medical Clinic Board Revenue Bonds, Series 2006
5.250% due 03/01/2031		250		221
5.250% due 03/01/2036		500		433
Tuscaloosa, Alabama Educational Building Authority Revenue Bonds, Series 2007
5.000% due 06/01/2026		1,500		1,251
				2,584
ALASKA 0.6%
Alaska State Industrial Development & Export Authority Revenue Bonds, Series 2007
6.000% due 12/01/2036		1,400		1,229
ARIZONA 3.2%
Arizona State Health Facilities Authority Revenue Bonds, Series 2007
5.200% due 10/01/2037		1,250		961
Arizona State Salt Verde Financial Corporation Revenue Bonds, Series 2007
5.000% due 12/01/2037		1,000		845
Pima County, Arizona Industrial Development Authority Revenue Bonds, Series 2006
6.375% due 06/01/2036		1,500		1,401
Pima County, Arizona Industrial Development Authority Revenue Bonds, Series 2007
5.625% due 07/01/2038		1,000		883
Pima County, Arizona Industrial Development Authority Revenue Bonds, Series 2008
6.375% due 09/01/2029		1,850		1,845
				5,935
CALIFORNIA 4.7%
California State Municipal Finance Authority Certificates of Participation Bonds, Series 2007
5.250% due 02/01/2037		1,000		842
California State Municipal Finance Authority Revenue Bonds, Series 2008
5.875% due 10/01/2034		750		746
California State Sierra Kings Health Care District Revenue Bonds, Series 2006
6.000% due 12/01/2036		195		166
California Statewide Communities Development Authority Revenue Bonds, Series 2007
5.500% due 11/01/2038		1,500		1,384
9.000% due 11/01/2017		500		533
Dinuba, California Financing Authority Revenue Bonds, Series 2007
5.375% due 09/01/2038		200		175

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2033	$	1,000	$	832
5.125% due 06/01/2047		5,000		3,973
Los Angeles, California Regional Airports Improvement Corp. Revenue Bonds, Series 2002
7.500% due 12/01/2024		250		252
				8,903
COLORADO 4.9%
Colorado State Educational & Cultural Facilities Authority Revenue Bonds, Series 2007
5.700% due 05/01/2037		800		692
5.750% due 05/15/2037		855		755
5.750% due 12/01/2037		1,000		881
Colorado State Health Facilities Authority Revenue Bonds, Series 2007
5.300% due 07/01/2037		2,350		1,884
5.900% due 08/01/2037		1,000		869
Colorado State Housing & Finance Authority Revenue Bonds, Series 2007
5.875% due 06/01/2037		1,500		1,365
Confluence Metropolitan District, Colorado Revenue Bonds, Series 2007
5.400% due 12/01/2027		500		424
5.450% due 12/01/2034		1,000		822
Copperleaf, Colorado Metropolitan District No. 2 General Obligation Bonds, Series 2006
5.950% due 12/01/2036		500		398
Madre, Colorado Metropolitan District No. 2 General Obligation Bonds, Series 2007
5.500% due 12/01/2036		900		697
Tallyns Reach, Colorado Metropolitan District No. 3 General Obligation Bonds, Series 2007
5.200% due 12/01/2036		500		386
				9,173
CONNECTICUT 1.1%
Connecticut State Health & Educational Facility Authority Revenue Bonds, (MBIA Insured), Series 2007
1.850% due 07/01/2037		2,000		2,000
FLORIDA 4.7%
Beacon Lakes, Florida Community Development District Special Assessment Bonds, Series 2007
6.000% due 05/01/2038		500		425
Brevard County, Florida Health Facilities Authority Revenue Bonds, Series 2005
5.000% due 04/01/2036		1,700		1,523
Florida State Development Finance Corp. Revenue Bonds, Series 2007
6.000% due 02/15/2037		250		226
Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2007
5.125% due 05/15/2037		1,000		841
Jacksonville, Florida Economic Development Commission Revenue Bonds, Series 2007
5.300% due 05/01/2037		2,500		2,035
Lee County, Florida Industrial Development Authority Revenue Bonds, Series 2007
5.375% due 06/15/2037		1,500		1,233
Sarasota County, Florida Health Facility Authority Revenue Bonds, Series 2007
5.750% due 07/01/2037		1,680		1,429

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
University Square, Florida Community Development District Special Assessment Bonds, Series 2007
5.875% due 05/01/2038	$	1,250	$	1,088
				8,800
GEORGIA 0.7%
Fulton County, Georgia Revenue Bonds, Series 2006
5.125% due 07/01/2042		250		193
Georgia State Medical Center Hospital Authority Revenue Bonds, Series 2007
5.250% due 07/01/2037		1,500		1,127
				1,320
ILLINOIS 10.3%
Belleville, Illinois Frank Scott Parkway Redevelopment Authority Tax Allocation Bonds, Series 2007
5.700% due 05/01/2036		1,000		868
Chicago, Illinois O’Hare International Airport Revenue Bonds, (FGIC Insured), Series 2005
5.000% due 01/01/2033		2,000		1,958
Granite City, Illinois Revenue Bonds, Series 2007
5.125% due 04/01/2027		1,645		1,436
Illinois State Finance Authority Revenue Bonds, Series 2006
5.875% due 02/15/2038		200		173
Illinois State Finance Authority Revenue Bonds, Series 2007
5.000% due 12/01/2036		250		206
5.375% due 11/15/2039		1,600		1,296
5.500% due 05/15/2037		750		645
6.100% due 12/01/2041		1,650		1,451
7.000% due 12/01/2037		1,000		942
Illinois State Finance Authority Revenue Bonds, Series 2008
6.250% due 08/15/2035		1,000		925
Illinois State Finance Authority Sports Facilities Revenue Bonds, Series 2007
6.000% due 03/01/2037		1,775		1,552
Illinois State Health Facilities Authority Revenue Bonds, (MBIA Insured), Series 1994
1.750% due 08/15/2026		4,000		4,000
Illinois State Health Facilities Authority Revenue Bonds, (MBIA Insured), Series 1998
2.050% due 08/01/2026		1,755		1,755
Southwestern Illinois State Development Authority Revenue Bonds, Series 2007
5.350% due 03/01/2031		1,250		1,124
6.625% due 06/01/2037		1,000		932
				19,263
INDIANA 1.3%
East Chicago, Indiana Revenue Bonds, Series 1999
6.375% due 08/01/2029		100		95
Indiana State Health & Educational Facilities Financing Authority Revenue Bonds, Series 2007
5.500% due 03/01/2037		1,000		864
Vigo County, Indiana Hospital Authority Revenue Bonds, Series 2007
5.700% due 09/01/2037		1,650		1,447
				2,406

18 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
IOWA 2.0%
Iowa State Finance Authority Revenue Bonds, Series 2006
5.450% due 11/01/2026	$	175	$	154
Iowa State Finance Authority Revenue Bonds, Series 2007
5.500% due 11/15/2027		900		773
5.500% due 11/15/2037		1,150		935
5.625% due 12/01/2045		2,150		1,771
Iowa State Higher Education Loan Authority Revenue Bonds, Series 2006
5.100% due 10/01/2036		200		176
				3,809
KANSAS 1.4%
Labette County, Kansas Revenue Bonds, Series 2007
5.750% due 09/01/2037		1,100		1,015
Lenexa, Kansas Revenue Bonds, Series 2007
5.500% due 05/15/2039		1,000		835
Manhattan, Kansas Revenue Bonds, Series 2007
5.125% due 05/15/2037		250		200
5.125% due 05/15/2042		250		195
5.500% due 08/01/2021		250		224
Olathe, Kansas Tax Allocation Bonds, Series 2007
5.500% due 09/01/2026		200		182
				2,651
KENTUCKY 0.3%
Ohio County, Kentucky Revenue Bonds, (AMBAC Insured), Series 2001
12.000% due 10/01/2022		500		500
MARYLAND 2.4%
Maryland State Economic Development Corp. Revenue Bonds, Series 2006
5.000% due 12/01/2031		850		666
Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, Series 2007
5.000% due 07/01/2037		850		730
5.300% due 01/01/2037		800		625
Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, Series 2008
5.750% due 01/01/2038		1,000		950
6.000% due 01/01/2043		1,600		1,561
				4,532
MASSACHUSETTS 1.3%
Massachusetts State Development Finance Agency Revenue Bonds, Series 2007
5.750% due 11/15/2042		1,500		1,279
6.750% due 10/15/2037		1,250		1,122
				2,401
MICHIGAN 6.5%
Corner Creek Academy East, Michigan Revenue Bonds, Series 2007
5.250% due 11/01/2036		250		205
Crescent Academy, Michigan Certificates of Participation Bonds, Series 2006
5.750% due 12/01/2036		500		417
Doctor Charles Drew Academy, Michigan State Certificates of Participation Bonds, Series 2006
5.700% due 11/01/2036		450		378
East Lansing, Michigan Economic Corp. Revenue Bonds, Series 2007
5.250% due 07/01/2037		800		654

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Garden City, Michigan Hospital Finance Authority Revenue Bonds, Series 2007
5.000% due 08/15/2038	$	250	$	187
Hillsdale, Michigan Hospital Finance Authority Revenue Bonds, Series 1998
5.000% due 05/15/2013		100		101
Meridian, Michigan Economic Development Corp. Revenue Bonds, Series 2007
5.250% due 07/01/2026		995		887
Michigan State Grand Traverse Academy Revenue Bonds, Series 2007
5.000% due 11/01/2036		900		730
Michigan State Hospital Finance Authority Revenue Bonds, Series 2006
5.000% due 11/15/2038		1,000		908
Michigan State Public Educational Facilities Authority Revenue Bonds, Series 2007
5.000% due 09/01/2036		2,500		2,098
6.500% due 09/01/2037		1,000		925
Michigan State Tobacco Settlement Finance Authority Revenue Bonds, Series 2007
6.000% due 06/01/2048		750		687
Royal Oak, Michigan Hospital Finance Authority Revenue Bonds, (AMBAC Insured), Series 2006
2.000% due 01/01/2020		2,000		2,000
3.500% due 01/01/2020		2,000		2,000
				12,177
MINNESOTA 2.2%
Falcon Heights, Minnesota Revenue Bonds, Series 2007
6.000% due 11/01/2037		400		359
Minneapolis, Minnesota Revenue Bonds, Series 2007
5.400% due 04/01/2028		725		642
5.750% due 10/01/2037		1,500		1,321
Minneapolis, Minnesota Tax Allocation Bonds, Series 2006
5.350% due 02/01/2030		200		176
North Oaks, Minnesota Revenue Bonds, Series 2007
6.125% due 10/01/2039		250		238
St. Paul, Minnesota Housing & Redevelopment Authority Revenue Bonds, Series 2007
5.375% due 05/01/2043		650		511
Stillwater, Minnesota Revenue Bonds, Series 2007
5.375% due 02/01/2032		500		430
Washington County, Minnesota Housing & Redevelopment Authority Revenue Bonds, Series 2007
5.625% due 06/01/2037		500		421
				4,098
MISSOURI 2.2%
Branson, Missouri Regional Airport Transportation Development District Revenue Bonds, Series 2007
6.000% due 07/01/2025		1,900		1,718
6.000% due 07/01/2037		750		660
Cottleville, Missouri Certificates of Participation Bonds, Series 2006
5.250% due 08/01/2031		250		238
Grindstone Plaza, Missouri Transportation Development District Sales Tax Revenue Bonds, Series 2006
5.500% due 10/01/2031		250		226
5.550% due 10/01/2036		45		40

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Joplin, Missouri Industrial Development Authority Revenue Bonds, Series 2007
5.750% due 05/15/2031	$	1,485	$	1,316
				4,198
MONTANA 0.3%
Hardin, Montana Rocky Mountain Power, Inc. Tax Allocation, Series 2006
0.000% due 09/01/2031 (b)		830		516
NEVADA 1.0%
Clark County, Nevada Revenue Bonds, (AMBAC Insured), Series 2007
5.000% due 07/01/2040		2,000		1,926
NEW JERSEY 3.6%
Middlesex County, New Jersey Improvement Authority Revenue Bonds, Series 2005
6.125% due 01/01/2025		1,900		1,785
New Jersey State Economic Development Authority Revenue Bonds, Series 2000
7.000% due 11/15/2030		60		57
New Jersey State Economic Development Authority Revenue Bonds, Series 2006
5.375% due 11/01/2036		1,750		1,432
New Jersey State Health Care Facilities Financing Authority Revenue Bonds, Series 2007
5.750% due 07/01/2037		1,000		959
New Jersey State Health Care Facilities Financing Authority Revenue Bonds, Series 2008
5.250% due 01/01/2036 (a)		900		904
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2041		2,000		1,612
				6,749
NEW MEXICO 0.5%
New Mexico State Hospital Equipment Loan Council Revenue Bonds, Series 2007
5.250% due 08/15/2026		500		429
Otero County, New Mexico Revenue Bonds, Series 2007
6.000% due 04/01/2028		650		588
				1,017
NEW YORK 1.4%
Erie County, New York Industrial Development Agency Revenue Bonds, Series 2006
6.000% due 11/15/2036		150		133
Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2007
6.500% due 01/01/2027		395		388
6.700% due 01/01/2043		1,500		1,471
New York City, New York Industrial Development Agency Revenue Bonds, Series 2005
7.625% due 08/01/2025		500		506
7.750% due 08/01/2031		150		152
				2,650
NORTH CAROLINA 1.2%
Charlotte, North Carolina Revenue Bonds, Series 1998
5.600% due 07/01/2027		150		122
Charlotte, North Carolina Revenue Bonds, Series 2000
7.750% due 02/01/2028		60		61

See Accompanying Notes Annual Report March 31, 2008 19

Schedule of Investments  High Yield Municipal Bond Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
North Carolina State Medical Care Commission Revenue Bonds, Series 2006
5.100% due 10/01/2030	$	50	$	43
North Carolina State Medical Care Commission Revenue Bonds, Series 2007
5.250% due 01/01/2032		1,000		798
North Carolina State Medical Care Commission Revenue Bonds, Series 2008
6.000% due 04/01/2038		500		460
Surry County, North Carolina Northern Hospital District Revenue Bonds, Series 2008
6.250% due 10/01/2038 (a)		800		788
				2,272
OHIO 3.3%
Ohio State Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2007
5.875% due 06/01/2047		5,500		4,846
6.000% due 06/01/2042		1,520		1,397
				6,243
OREGON 1.0%
Oregon State Health Housing Educational & Cultural Facilities Authority Revenue Bonds, (MBIA Insured), Series 1998
3.250% due 12/01/2028		1,885		1,885
PENNSYLVANIA 5.7%
Allegheny County, Pennsylvania Hospital Development Authority Revenue Bonds, Series 2007
5.375% due 11/15/2040		3,500		2,800
Cumberland County, Pennsylvania Municipal Authority Revenue Bonds, Series 2008
6.000% due 07/01/2035		500		479
Harrisburg, Pennsylvania Authority Revenue Bonds, Series 2007
6.000% due 09/01/2036		500		466
Lancaster County, Pennsylvania Hospital Authority Revenue Bonds, Series 2008
6.250% due 07/01/2026		250		248
6.375% due 07/01/2030		1,000		988
Montgomery County, Pennsylvania Higher Education & Health Authority Revenue Bonds, Series 2006
5.250% due 01/01/2036		150		130
Pennsylvania State Economic Development Financing Authority Revenue Bonds, Series 2001
6.750% due 12/01/2036		3,600		3,591
Pennsylvania State Economic Development Financing Authority Revenue Bonds, Series 2003
6.750% due 12/01/2036		250		249
Philadelphia, Pennsylvania Hospitals & Higher Education Facilities Authority Revenue Bonds, Series 2007
5.000% due 07/01/2034		1,000		841
Philadelphia, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2007
5.500% due 09/15/2037		450		394
Washington County, Pennsylvania Redevelopment Authority Tax Allocation Bonds, Series 2006
5.450% due 07/01/2035		550		476
				10,662

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
PUERTO RICO 1.2%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Revenue Bonds, Series 2008
6.000% due 07/01/2038	$	2,250	$	2,312
RHODE ISLAND 0.1%
Rhode Island State Health & Educational Building Corporations Revenue Bonds, Series 1998
5.400% due 07/01/2013		185		186
Rhode Island State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2002
6.125% due 06/01/2032		100		95
				281
SOUTH CAROLINA 1.9%
South Carolina State Jobs-Economic Development Authority Revenue Bonds, Series 2007
5.500% due 05/01/2028		1,900		1,626
6.000% due 11/15/2037		2,000		1,793
South Carolina State Tobacco Settlement Revenue Management Authority Revenue Bonds, Series 2001
6.375% due 05/15/2030		145		141
				3,560
TENNESSEE 0.7%
Maury County, Tennessee Industrial Development Board Revenue Bonds, Series 1994
6.500% due 09/01/2024		150		141
Sumner County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, Series 2007
5.500% due 11/01/2037		1,250		1,137
				1,278
TEXAS 8.2%
Alliance, Texas Airport Authority Revenue Bonds, Series 2007
5.250% due 12/01/2029		2,500		1,579
Fort Bend County, Texas General Obligation Bonds, (MBIA Insured), Series 2007
4.750% due 03/01/2031		500		457
Guadalupe-Blanco, Texas River Authority Revenue Notes, Series 2008
5.625% due 10/01/2017 (a)		275		277
Gulf Coast, Texas Industrial Development Authority Revenue Bonds, Series 2006
7.000% due 12/01/2036		500		456
Gulf Coast, Texas Waste Disposal Authority Revenue Bonds, Series 2003
5.200% due 05/01/2028		1,000		821
HFDC of Central Texas, Inc. Revenue Bonds, Series 2006
5.500% due 02/15/2037		500		401
Houston, Texas Airport Systems Revenue Bonds, Series 1997
6.125% due 07/15/2027		45		38
Houston, Texas Airport Systems Revenue Bonds, Series 2001
6.750% due 07/01/2021		100		94
Houston, Texas Apartment System Revenue Bonds, Series 1997
6.125% due 07/15/2017		100		90
Lubbock, Texas Health Facilities Development Corp. Revenue Bonds, Series 2005
6.625% due 07/01/2036		265		257

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Lubbock, Texas State Educational Facilities Authority Revenue Bonds, Series 2007
5.250% due 11/01/2037	$	1,500	$	1,313
Lufkin, Texas Health Facilities Development Corp. Revenue Bonds, Series 2007
5.500% due 02/15/2037		750		677
Maverick County, Texas Public Facility Corp. Revenue Bonds, Series 2007
6.250% due 02/01/2024		635		579
6.375% due 02/01/2029		220		197
North Texas State Tollway Authority Revenue Bonds, Series 2008
5.625% due 01/01/2033 (a)		1,500		1,493
Parmer County, Texas Hospital District General Obligation Bonds, Series 2007
5.500% due 02/15/2027		345		329
San Leanna, Texas Educational Facilities Corp. Revenue Bonds, Series 2007
4.750% due 06/01/2032		1,000		845
Texas State Public Finance Authority Revenue Bonds, Series 2007
5.375% due 02/15/2037		3,115		2,629
Texas State Water Development Board Revenue Bonds, Series 2007
4.500% due 07/15/2023		500		497
Trinity River Authority, Texas Revenue Bonds, Series 2000
6.250% due 05/01/2028		50		43
Tyler, Texas Health Facilities Development Corporations Revenue Bonds, Series 2007
5.375% due 11/01/2037		1,750		1,504
Willacy County, Texas Revenue Bonds, Series 2007
6.875% due 09/01/2028		750		763
				15,339
UTAH 4.3%
Carbon County, Utah Revenue Bonds, (AMBAC Insured), Series 1994
6.000% due 11/01/2024		2,365		2,365
Spanish Fork City, Utah Revenue Bonds, Series 2006
5.550% due 11/15/2026		500		452
5.700% due 11/15/2036		1,000		882
Utah County, Utah General Obligation Bonds, Series 2007
5.875% due 06/15/2037		1,650		1,494
Utah County, Utah Revenue Bonds, Series 2007
5.625% due 07/15/2037		2,550		2,230
Utah State Charter School Finance Authority Revenue Bonds, Series 2007
6.000% due 07/15/2037		675		619
				8,042
VIRGINIA 1.7%
Bedford County, Virginia Industrial Development Authority Revenue Bonds, Series 1999
6.550% due 12/01/2025		100		91
Fauquier County, Virginia Industrial Development Authority Revenue Bonds, Series 2008
5.250% due 10/01/2037		500		448
James City County, Virginia Economic Development Authority Revenue Bonds, Series 2007
5.500% due 07/01/2037		750		631
Lewistown, Virginia Commerce Center Community Development Authority Revenue Bonds, Series 2007
6.050% due 03/01/2027		1,150		1,028

20 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Peninsula Town Center, Virginia Community Development Authority Revenue Bonds, Series 2007
6.450% due 09/01/2037	$	1,000	$	922
				3,120
WASHINGTON 1.0%
King County, Washington Public Hospital District No. 1 General Obligation Bonds, Series 2008
5.250% due 12/01/2037		1,150		1,118
Washington State Housing Finance Commission Revenue Bonds, Series 2007
5.625% due 01/01/2038		850		722
				1,840
WEST VIRGINIA 0.5%
West Virginia State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
7.467% due 06/01/2047		1,000		955

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
WISCONSIN 1.3%
Janesville, Wisconsin Revenue Bonds, Series 1984
5.550% due 04/01/2009	$	1,000	$	987
Milwaukee, Wisconsin Redevelopment Authority Revenue Bonds, Series 2007
5.650% due 08/01/2037		1,150		1,001
Waukesha, Wisconsin Redevelopment Authority Revenue Bonds, Series 2006
5.250% due 07/01/2026		150		140
Wisconsin State Health & Educational Facilities Authority Revenue Bonds, Series 2007
5.000% due 09/01/2033		250		218
				2,346
Total Municipal Bonds & Notes (Cost $186,762)				168,972

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INSTRUMENTS 2.5%
REPURCHASE AGREEMENTS 2.5%
State Street Bank and Trust Co.
1.900% due 04/01/2008	$	4,642	$	4,642
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 3.875% due 08/22/2008 valued at $4,737. Repurchase proceeds are $4,642.)
Total Short-Term Instruments (Cost $4,642)				4,642
Total Investments 94.5% (Cost $195,004)			$	177,226
Other Assets and Liabilities (Net) 5.5%				10,293
Net Assets 100.0%			$	187,519

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) When-issued security.

(b) Security becomes interest bearing at a future date.

(c) Cash of $635 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	211	$	(272	)

(d) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty		Notional Amount	Unrealized (Depreciation)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MSC	$	3,900	$	(9	)

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

See Accompanying Notes Annual Report March 31, 2008 21

Schedule of Investments  Municipal Bond Fund

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 1.3%
Bank of America Corp.
8.000% due 12/29/2049	$	7,000	$	7,023
Total Corporate Bonds & Notes (Cost $7,000)				7,023
MUNICIPAL BONDS & NOTES 88.4%
ALABAMA 1.0%
Alabama State 21st Century Authority Revenue Bonds, Series 2001
5.750% due 12/01/2018		2,295		2,376
Jefferson County, Alabama Limited Obligation Revenue Bonds, Series 2004
5.250% due 01/01/2019		3,300		2,934
				5,310
ALASKA 0.4%
Alaska State Housing Finance Corporations Revenue Bonds, (MBIA Insured), Series 2002
5.250% due 06/01/2032		540		509
Anchorage, Alaska General Obligation Bonds, (FGIC Insured), Series 2006
5.000% due 10/01/2018		1,480		1,583
				2,092
ARIZONA 1.5%
Arizona State Salt River Project Agricultural Improvement and Power District Revenue Bonds, Series 2005
4.750% due 01/01/2035		2,000		1,924
Arizona State Salt Verde Financial Corporation Revenue Bonds, Series 2007
5.000% due 12/01/2037		6,000		5,072
Phoenix, Arizona Industrial Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2000
5.875% due 06/01/2016		10		10
Pima County, Arizona Industrial Development Authority Revenue Bonds, (HUD Sector 8 Insured), Series 1998
5.375% due 06/01/2010		855		884
				7,890
ARKANSAS 0.4%
Jefferson County, Arkansas Pollution Revenue Bonds, Series 2006
4.600% due 10/01/2017		2,000		1,967
CALIFORNIA 21.1%
Anaheim, California Public Financing Authority Revenue Bonds, (FSA Insured), Series 1997
0.000% due 09/01/2035		4,000		972
Bakersfield, California Certificates of Participation Bonds, Series 1991
0.000% due 04/15/2021		5,000		2,684
Bakersfield, California Revenue Bonds, (FSA Insured), Series 2007
5.000% due 09/15/2019		2,000		2,125
California State Association of Bay Area Governments Financing Authority for Non-Profit Corporations Revenue Bonds, Series 2003
5.200% due 11/15/2022		2,565		2,610

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
California State General Obligation Bonds, Series 2007
5.000% due 06/01/2032	$	9,000	$	8,851
5.000% due 06/01/2037		5,300		5,165
5.000% due 11/01/2037		16,200		15,784
5.000% due 12/01/2037		4,200		4,092
Culver, California Redevelopment Agency Tax Allocation Bonds, (AMBAC Insured), Series 2005
5.000% due 11/01/2023		630		640
Foothill, California Eastern Transportation Corridor Agency Revenue Bonds, (MBIA-IBC Insured), Series 1999
0.000% due 01/15/2026 (a)		1,565		1,516
Foothill, California Eastern Transportation Corridor Agency Revenue Bonds, Series 1995
0.000% due 01/01/2026		1,000		420
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2003
6.250% due 06/01/2033		39,370		42,958
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2033		5,000		4,158
5.125% due 06/01/2047		2,000		1,589
Imperial, California Community College District General Obligation Bonds, (XLCA Insured), Series 2006
0.000% due 08/01/2031		3,010		736
Indian Wells, California Redevelopment Agency Tax Allocation Bonds, (AMBAC Insured), Series 2006
4.750% due 09/01/2034		5,850		5,235
Metropolitan Water District of Southern California State Revenue Bonds, Series 2006
4.750% due 07/01/2036		3,000		2,927
Morgan Hill, California Unified School District General Obligation Notes, (AMBAC Insured), Series 2006
0.000% due 08/01/2015		2,890		2,143
0.000% due 08/01/2016		1,400		979
Poway, California Unified School District Special Tax Bonds, Series 2005
4.700% due 09/01/2016		940		898
4.800% due 09/01/2017		875		835
Poway, California Unified School District Special Tax Notes, Series 2005
4.600% due 09/01/2015		420		403
San Ramon Valley, California Unified School District General Obligation Bonds, (FGIC Insured), Series 1998
0.000% due 07/01/2018		2,385		1,470
Southern California State Public Power Authority Revenue Bonds, Series 2007
5.250% due 11/01/2020		4,000		3,982
				113,172
COLORADO 0.5%
Colorado State Health Facilities Authority Revenue Bonds, Series 2006
5.250% due 06/01/2036		1,000		937
Colorado State Housing & Finance Authority Revenue Bonds, (FHA/VA Insured), Series 2000
5.700% due 10/01/2022		35		35
Colorado State Housing & Finance Authority Revenue Bonds, Series 2000
6.700% due 10/01/2016		25		26
6.750% due 04/01/2015		40		41

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Denver, Colorado Health & Hospital Authority Revenue Bonds, Series 1998
5.000% due 12/01/2009	$	1,390	$	1,433
				2,472
CONNECTICUT 1.2%
Connecticut State General Obligation Notes, Series 2001
7.094% due 06/15/2010		5,000		6,130
DISTRICT OF COLUMBIA 1.7%
District of Columbia Revenue Bonds, (FGIC Insured), Series 2006
5.000% due 02/01/2035		10,085		9,107
FLORIDA 2.3%
Florida State Board of Education General Obligation Bonds, (ST-GTD), Series 2005
4.750% due 06/01/2035		2,270		2,138
Miami-Dade County, Florida Revenue Bonds, (MBIA Insured), Series 2005
0.000% due 10/01/2035 (a)		10,200		9,035
Orange County, Florida Health Facilities Authority Revenue Bonds, (MBIA Insured), Series 1996
6.250% due 10/01/2011		290		319
Tampa, Florida Guaranteed Entitlement Revenue Bonds, (AMBAC Insured), Series 2001
6.000% due 10/01/2018		800		930
				12,422
GEORGIA 0.0%
Georgia State Municipal Electric Authority Revenue Bonds, (MBIA-IBC Insured), Series 1997
6.500% due 01/01/2012		165		178
HAWAII 0.2%
Honolulu, Hawaii City & County General Obligation Bonds, (MBIA-IBC Insured), Series 1993
5.450% due 09/11/2008		1,000		1,016
ILLINOIS 6.2%
Chicago, Illinois Board of Education General Obligation Bonds, (FGIC Insured), Series 1998
0.000% due 12/01/2020		1,000		531
Chicago, Illinois Board of Education General Obligation Bonds, (FGIC Insured), Series 1999
0.000% due 12/01/2031		1,000		251
Chicago, Illinois General Obligation Bonds, (MBIA Insured), Series 2001
0.000% due 01/01/2020 (a)		1,290		1,209
Chicago, Illinois O’Hare International Airport Revenue Bonds, (FGIC Insured), Series 2005
5.250% due 01/01/2023		5,000		5,115
Chicago, Illinois Waste & Water Revenue Bonds, (MBIA Insured), Series 1998
0.000% due 01/01/2021		2,000		1,047
Cook County, Illinois Community School District No. 97-Oak Park General Obligation Bonds, (FGIC Insured), Series 1999
9.000% due 12/01/2012		1,000		1,249
Cook County, Illinois School District No. 122-Oak Lawn General Obligation Bonds, (FGIC Insured), Series 2000
0.000% due 12/01/2016		2,570		1,775

22 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Cook County, Illinois Township High School District No. 225-Northfield General Obligation Bonds, Series 2002
0.000% due 12/01/2012	$	135	$	113
0.000% due 12/01/2014		255		193
0.000% due 12/01/2015		1,885		1,347
Cook County, Illinois Township High School District No. 225-Northfield General Obligation Notes, Series 2002
0.000% due 12/01/2011		125		110
Illinois State Finance Authority Revenue Bonds, (AMBAC Insured), Series 2004
5.000% due 11/15/2023		5,935		5,909
Illinois State Health Facilities Authority Revenue Bonds, (MBIA Insured), Series 1992
6.250% due 09/01/2021		695		817
Illinois State Northern Municipal Power Agency Revenue Bonds, (MBIA Insured), Series 2007
5.000% due 01/01/2018		1,000		1,073
Kane, McHenry, Cook & De Kalb Counties, Illinois Unit School District No. 300 General Obligation Bonds, (AMBAC Insured), Series 2002
0.000% due 12/01/2020		1,290		691
Kendall, Kane & Will Counties, Illinois High School Districts General Obligation Notes, (FSA Insured), Series 2003
0.000% due 10/01/2012		3,000		2,558
Lake County, Illinois Community High School District No.127-Grayslake General Obligation Bonds, (FGIC Insured), Series 2002
0.000% due 02/01/2017		5,420		3,672
Lake County, Illinois Community High School District No.127-Grayslake General Obligation Notes, (FGIC Insured), Series 2002
9.000% due 02/01/2009		650		686
9.000% due 02/01/2011		690		804
9.000% due 02/01/2012		1,065		1,288
Sangamon County, Illinois School District No. 186 Springfield General Obligation Notes, (FGIC Insured), Series 2004
0.000% due 10/01/2009		1,000		956
Will County, Illinois Community Unit School District No. 365 Valley View General Obligation Bonds, (FSA Insured), Series 2002
0.000% due 11/01/2019		3,400		1,992
				33,386
INDIANA 2.7%
Brownsburg, Indiana 1999 School Building Corporations Revenue Bonds, (AMBAC Insured), Series 2002
5.375% due 02/01/2023		1,395		1,520
Danville, Indiana Multi-School Building Corporation Revenue Bonds, (FSA Insured), Series 2001
4.400% due 01/15/2012		170		177
4.500% due 01/15/2013		190		197
4.650% due 01/15/2014		210		218
4.750% due 01/15/2015		235		243
4.850% due 01/15/2016		295		305
Danville, Indiana Multi-School Building Corporation Revenue Notes, (FSA Insured), Series 2001
4.250% due 07/15/2011		290		303
4.750% due 07/15/2009		200		205
5.000% due 07/15/2010		180		188
Hamilton, Indiana Southeastern Consolidated School Building Revenue Notes, (FSA Insured), Series 2001
5.000% due 07/15/2010		760		791

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Indiana State Development Finance Authority Revenue Bonds, Series 2005
5.000% due 06/01/2022	$	1,590	$	1,637
Indiana State Health & Educational Facilities Financing Authority Revenue Bonds, Series 2006
5.250% due 02/15/2040		5,000		4,692
Indianapolis, Indiana Local Public Improvement Revenue Bonds, Series 1992
6.750% due 02/01/2014		1,000		1,124
Mishawaka, Indiana School Building Corporations Revenue Bonds, (FSA Insured), Series 2006
4.250% due 01/15/2026		1,325		1,171
South Bend, Indiana Redevelopment Authority Revenue Bonds, Series 2000
5.100% due 02/01/2011		405		431
5.200% due 02/01/2012		230		243
5.500% due 02/01/2015		180		190
Tri-Creek School Building Corporation, Indiana Revenue Bonds, (FSA Insured), Series 2007
4.250% due 07/15/2020		1,000		975
				14,610
KANSAS 0.1%
Lenexa, Kansas Revenue Notes, Series 2007
5.125% due 05/15/2015		575		565
KENTUCKY 0.1%
Kentucky State Development Finance Authority Hospital Revenue Bonds, Series 1989
6.000% due 10/01/2019		645		657
LOUISIANA 2.6%
Louisiana State General Obligation Bonds, (FGIC Insured), Series 2002
5.000% due 04/01/2018 (b)		5,000		5,395
5.000% due 04/01/2019 (b)		700		717
Louisiana State Local Government Environmental Facilities & Community Development Authority Revenue Bonds, (MBIA Insured), Series 2000
5.700% due 01/01/2010		95		99
Louisiana State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2001
5.875% due 05/15/2039 (b)		8,430		7,846
				14,057
MARYLAND 0.7%
Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, Series 2007
5.000% due 07/01/2027		4,000		3,623
MASSACHUSETTS 1.9%
Commonwealth of Massachusetts General Obligation Bonds, (FSA Insured), Series 2006
5.063% due 11/01/2019		5,090		5,023
5.170% due 11/01/2020		2,595		2,440
Commonwealth of Massachusetts Revenue Bonds, (FGIC Insured), Series 2004
5.802% due 01/01/2017		1,000		1,054
Massachusetts State Development Finance Agency Revenue Bonds, (ACA Insured), Series 2005
5.000% due 03/01/2035		1,000		846
Massachusetts State Development Finance Agency Revenue Bonds, Series 1998
4.800% due 11/01/2008		90		91

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Massachusetts State Development Finance Agency Revenue Notes, (ACA Insured), Series 1999
4.600% due 03/01/2009	$	85	$	86
Massachusetts State Health & Educational Facilities Authority Revenue Bonds, Series 2001
6.000% due 07/01/2014		500		539
				10,079
MICHIGAN 1.0%
Lake Fenton, Michigan Community Schools General Obligation Bonds, (Q-SBLF Insured), Series 2002
5.000% due 05/01/2022		2,720		2,939
Michigan State Hospital Finance Authority Revenue Bonds, Series 1999
6.125% due 11/15/2026		50		54
Michigan State Public Power Agency Revenue Bonds, (AMBAC Insured), Series 2001
5.250% due 01/01/2015		1,000		1,067
Michigan State Tobacco Settlement Finance Authority Revenue Bonds, Series 2007
5.125% due 06/01/2022		1,350		1,275
				5,335
MISSOURI 2.5%
Lees Summit, Missouri Strother Interchange Transportation Development District Revenue Bonds, Series 2006
5.000% due 05/01/2024		500		443
Missouri State Development Finance Board Revenue Bonds, Series 2007
5.000% due 11/01/2022		2,000		1,961
Missouri State Development Finance Board Revenue Notes, Series 2007
5.000% due 11/01/2014		1,035		1,103
5.000% due 11/01/2015		540		575
Missouri State Environmental Improvement & Energy Resources Revenue Bonds, Series 2000
5.750% due 07/01/2014		350		370
Missouri State Housing Development Commission Revenue Bonds, (FHA Insured), Series 2001
5.250% due 12/01/2016		295		301
Springfield, Missouri Revenue Bonds, (FGIC Insured), Series 2006
4.750% due 08/01/2034		8,200		7,635
St. Louis County, Missouri Industrial Development Authority Revenue Bonds, Series 2005
5.000% due 11/01/2024		1,250		1,113
				13,501
NEVADA 0.5%
Clark County, Nevada Revenue Bonds, (AMBAC Insured), Series 2007
5.000% due 07/01/2040		2,750		2,648
NEW JERSEY 4.8%
Camden County, New Jersey Improvement Authority Revenue Notes, Series 2005
5.250% due 02/15/2009		550		556
5.250% due 02/15/2010		570		581
New Jersey State Economic Development Authority Revenue Bonds, Series 1998
0.000% due 04/01/2013		1,595		1,335
5.600% due 01/01/2012		820		822
6.000% due 11/01/2028		3,500		3,146
6.375% due 04/01/2018		1,500		1,757
6.500% due 04/01/2031		2,115		2,169
6.800% due 04/01/2018		710		754

See Accompanying Notes Annual Report March 31, 2008 23

Schedule of Investments  Municipal Bond Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
New Jersey State Economic Development Authority Revenue Bonds, Series 1999
6.625% due 09/15/2012	$	3,500	$	3,383
New Jersey State General Obligation Bonds, Series 1992
6.000% due 02/15/2011		510		558
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2003
6.125% due 06/01/2024		3,500		3,743
6.375% due 06/01/2032		1,000		1,131
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2041		7,350		5,924
				25,859
NEW YORK 7.3%
Long Island, New York Power Authority Revenue Notes, (MBIA Insured), Series 2006
4.846% due 09/01/2015		3,000		2,860
New York City, New York General Obligation Bonds, (MBIA Insured), Series 2001
5.250% due 11/01/2015		2,000		2,136
New York City, New York General Obligation Bonds, (MBIA Insured), Series 2005
5.000% due 08/01/2018		1,150		1,223
New York City, New York General Obligation Bonds, Series 2007
5.000% due 10/01/2019		4,300		4,519
New York City, New York Industrial Development Agency Revenue Bonds, (FGIC Insured), Series 2006
5.000% due 03/01/2031		7,000		6,723
5.070% due 03/01/2020		3,900		3,432
5.120% due 03/01/2022		3,500		3,287
New York City, New York Industrial Development Agency Revenue Bonds, (MBIA Insured), Series 2006
5.000% due 03/01/2036		4,900		4,820
New York State Dormitory Authority Revenue Bonds, (ACA Insured), Series 2000
5.850% due 07/01/2010		630		650
New York State Dormitory Authority Revenue Bonds, (FHA Insured), Series 2004
6.250% due 08/15/2015		2,325		2,476
New York State Dormitory Authority Revenue Bonds, Series 2002
6.000% due 11/15/2029		3,800		4,196
New York State Urban Development Corporations Revenue Bonds, Series 2002
5.500% due 01/01/2017		2,790		2,965
				39,287
NORTH CAROLINA 0.7%
Durham, North Carolina General Obligation Bonds, Series 2002
5.000% due 04/01/2021		550		570
North Carolina State Medical Care Commission Revenue Bonds, Series 2006
5.000% due 11/01/2039		3,000		2,881
				3,451
OHIO 2.6%
Ohio State American Municipal Power, Inc. Revenue Notes, Series 2007
5.000% due 02/01/2013		4,700		4,736

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Ohio State Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2007
5.750% due 06/01/2034	$	450	$	403
5.875% due 06/01/2047		6,600		5,816
Ohio State Water Development Authority Revenue Bonds, Series 2002
5.375% due 12/01/2020		1,100		1,206
5.375% due 12/01/2021		1,750		1,919
				14,080
OKLAHOMA 0.0%
Oklahoma State Housing Finance Agency Single-Family Revenue Bonds, Series 2001
0.000% due 09/01/2032		770		160
PENNSYLVANIA 0.3%
Allegheny County, Pennsylvania Hospital Development Authority Revenue Notes, Series 2005
4.500% due 04/01/2015		790		755
Delaware County, Pennsylvania Authority Hospital Revenue Bonds, Series 1998
4.900% due 12/01/2008		100		100
Philadelphia, Pennsylvania Hospitals & Higher Education Facilities Authority Revenue Bonds, Series 2007
5.000% due 07/01/2022		1,000		921
				1,776
PUERTO RICO 1.2%
Puerto Rico Children’s Trust Fund Revenue Bonds, Series 2000
6.000% due 07/01/2026		150		162
Puerto Rico Children’s Trust Fund Revenue Notes, Series 2000
5.750% due 07/01/2010		750		808
Puerto Rico Sales Tax Financing Corporations Revenue Bonds, (AMBAC Insured), Series 2007
0.000% due 08/01/2047		50,000		4,871
0.000% due 08/01/2054		10,000		615
				6,456
RHODE ISLAND 1.5%
Rhode Island State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2002
6.125% due 06/01/2032		2,300		2,196
6.250% due 06/01/2042		6,025		5,662
				7,858
SOUTH CAROLINA 0.5%
Greenville County, South Carolina School District Revenue Bonds, (FSA Insured), Series 2006
5.000% due 12/01/2020		2,395		2,545
TENNESSEE 2.9%
Shelby County, Tennessee General Obligation Bonds, Series 2001
5.000% due 04/01/2023		1,000		1,072
Sullivan County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, Series 2002
6.250% due 09/01/2022		1,000		1,140
Sullivan County, Tennessee Industrial Development Board Revenue Bonds, (GNMA Insured), Series 1995
6.250% due 07/20/2015		605		611

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Tennessee State Energy Acquisition Corporations Revenue Bonds, Series 2006
5.000% due 02/01/2023	$	7,800	$	7,178
5.000% due 02/01/2024		1,400		1,278
5.000% due 02/01/2027		5,000		4,442
				15,721
TEXAS 9.3%
Alliance, Texas Airport Authority Revenue Bonds, Series 2006
4.850% due 04/01/2021		1,000		876
Bastrop, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2002
5.650% due 02/15/2035		90		94
Bexar County, Texas Housing Finance Corporations Multi-Family Revenue Bonds, Series 2001
4.875% due 06/15/2011		465		479
Birdville, Texas Independent School District General Obligations Bonds, (PSF-GTD Insured), Series 2007
0.000% due 02/15/2024		2,260		946
Denton, Texas Independent School District General Obligations Bonds, (PSF-GTD Insured), Series 2006
0.000% due 08/15/2025		5,800		2,230
Ennis, Texas Independent School District 903 General Obligation Bonds, (PSF-GTD Insured), Series 2006
0.000% due 08/15/2033		9,155		2,023
Fort Bend County, Texas General Obligation Bonds, (MBIA Insured), Series 2007
4.750% due 03/01/2031		400		366
Houston, Texas Airport Systems Revenue Bonds, (FGIC Insured), Series 2000
2.740% due 07/01/2025		2,500		2,105
Houston, Texas Airport Systems Revenue Bonds, Series 2001
6.750% due 07/01/2029		1,000		907
Houston, Texas Higher Education Finance Corp. Revenue Bonds, Series 2007
4.750% due 05/15/2037		1,790		1,698
Houston, Texas Independent School District General Obligation Notes, (PSF-GTD Insured), Series 2005
0.000% due 02/15/2015		8,640		6,636
Houston, Texas Water & Sewer System Revenue Bonds, (FSA Insured), Series 2001
5.500% due 12/01/2017		1,000		1,071
Lower Colorado River Authority, Texas Revenue Bonds, (MBIA Insured), Series 2006
4.750% due 05/15/2029		8,000		7,660
Midlothian, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 1999
0.000% due 02/15/2018		20		11
North Central Texas State Health Facility Development Corporations Revenue Bonds, (AMBAC Insured), Series 2002
5.500% due 08/15/2017		1,000		1,081
North Texas State Health Facilities Development Corp. Revenue Bonds, (FSA Insured), Series 2007
5.000% due 09/01/2020		895		941
Pasadena, Texas General Obligation Bonds, (FGIC Insured), Series 2002
5.125% due 04/01/2024		1,750		1,879
Red River, Texas Education Finance Revenue Bonds, Series 2000
5.750% due 05/15/2017		750		803

24 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Sabine River Authority, Texas Revenue Bonds, Series 2001
5.500% due 05/01/2022	$	1,000	$	946
San Antonio, Texas Electricity & Gas Revenue Bonds, Series 1997
5.500% due 02/01/2015		975		1,101
San Jacinto, Texas Community College District General Obligation Bonds, (FGIC Insured), Series 2001
5.000% due 02/15/2021		225		240
Tarrant County, Texas Cultural Education Facilities Finance Corporations Revenue Bonds, Series 2007
5.000% due 02/15/2026		6,425		6,298
Texas State Leander Independent School District General Obligation Bonds, (FGIC Insured), Series 2005
0.000% due 08/15/2023		1,195		513
Texas State SA Energy Acquisition Public Facility Corp. Revenue Bonds, Series 2007
5.500% due 08/01/2027		2,000		1,892
Texas State Transportation Commission Revenue Bonds, Series 2006
4.750% due 04/01/2024 (b)		5,000		5,016
Travis County, Texas Health Facilities Development Corporations Revenue Bonds, Series 1993
6.000% due 11/15/2022 (e)		1,400		1,528
Waxahachie, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2002
0.000% due 08/15/2022		1,000		493
				49,833
UTAH 1.4%
Utah State Transit Authority Revenue Bonds, (MBIA Insured), Series 2007
0.000% due 06/15/2023		10,000		4,515
0.000% due 06/15/2029		10,000		3,019
				7,534
VIRGIN ISLANDS 0.3%
Virgin Islands Public Finance Authority Revenue Bonds, Series 2003
6.125% due 07/01/2022		1,500		1,504

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
VIRGINIA 0.2%
Virginia State Housing Development Authority Revenue Bonds, (MBIA Insured), Series 2001
5.350% due 07/01/2031	$	1,000	$	997
WASHINGTON 4.5%
King County, Washington Public Hospital District No. 1 General Obligation Bonds, Series 2008
5.250% due 12/01/2037		5,000		4,861
Snohomish County, Washington School District No. 2 Everett General Obligation Bonds, (FGIC Insured), Series 2006
5.000% due 12/01/2017		1,845		1,984
Washington State General Obligation Bonds, (AMBAC Insured), Series 2004
0.000% due 12/01/2019		2,520		1,444
Washington State General Obligation Notes, (AMBAC Insured), Series 2004
0.000% due 12/01/2011		5,435		4,827
Washington State Higher Education Facilities Authority Revenue Bonds, (AMBAC Insured), Series 2007
5.250% due 11/01/2032		5,000		4,925
Washington State Tobacco Settlement Authority Revenue Bonds, Series 2002
6.625% due 06/01/2032		5,000		5,050
Yakima County, Washington School District No. 208 General Obligation Bonds, (FSA Insured), Series 2007
5.000% due 12/01/2023		1,220		1,264
				24,355
WEST VIRGINIA 0.6%
Berkeley Brooke & Fayette Counties, West Virginia Revenue Bonds, Series 1983
0.000% due 12/01/2014		4,115		3,221
WISCONSIN 1.7%
Hudson, Wisconsin School District General Obligation Bonds, (FGIC Insured), Series 2002
5.000% due 10/01/2017		1,420		1,545
5.000% due 10/01/2019		1,040		1,132

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
South Milwaukee, Wisconsin School District General Obligation Notes, (FGIC Insured), Series 2002
3.750% due 04/01/2011	$	385	$	395
Wisconsin State Clean Water Revenue Bonds, Series 2002
5.000% due 06/01/2018		100		105
5.000% due 06/01/2019		100		104
5.000% due 06/01/2020		100		103
5.100% due 06/01/2021		100		104
5.100% due 06/01/2022		100		103
5.100% due 06/01/2023		100		103
5.250% due 06/01/2016		50		55
5.250% due 06/01/2017		50		55
Wisconsin State Housing & Economic Development Authority Revenue Bonds, (MBIA Insured), Series 2002
4.700% due 05/01/2012		1,580		1,618
4.700% due 11/01/2012		790		813
5.350% due 11/01/2022		3,045		3,075
				9,310
Total Municipal Bonds & Notes (Cost $486,779)				474,164
SHORT-TERM INSTRUMENTS 5.3%
REPURCHASE AGREEMENTS 5.3%
State Street Bank and Trust Co.
1.900% due 04/01/2008		28,553		28,553
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 4.375% due 09/17/2010 valued at $29,124. Repurchase proceeds are $28,555.)
Total Short-Term Instruments (Cost $28,553)				28,553
Total Investments 95.0% (Cost $522,332)			$	509,740
Other Assets and Liabilities (Net) 5.0%				26,933
Net Assets 100.0%			$	536,673

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Security becomes interest bearing at a future date.

(b) Securities represent fixed-rate municipal bonds transferred to a trust in a financing transaction in which the Fund acquired Residual Interest Municipal Bonds. Refer to Note 2 (i) in the Notes to Financial Statements for additional information.

(c) Cash of $3,802 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	70	$	276
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	923		(1,186	)
				$	(910	)

(d) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Sell Protection (1)	Receive Fixed Rate	Expiration Date	Counterparty		Notional Amount	Unrealized Appreciation
State of California General Obligation Notes, Series 2005, 5.000% due 03/01/2018	Sell	0.710%	03/20/2018	GSC	$	7,000	$	22

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

See Accompanying Notes Annual Report March 31, 2008 25

Schedule of Investments  Municipal Bond Fund  (Cont.)

(e) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Travis County, Texas Health Facilities Development Corporations Revenue Bonds, Series 1993	6.000%	11/15/2022	09/20/2002	$	1,498	$	1,528	0.28%

26 PIMCO Funds See Accompanying Notes

Schedule of Investments  New York Municipal Bond Fund       
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 1.2%
Bank of America Corp.
8.000% due 12/29/2049	$	900	$	903
Total Corporate Bonds & Notes (Cost $900)				903
MUNICIPAL BONDS & NOTES 87.0%
ALABAMA 0.8%
Montgomery, Alabama Medical Clinic Board Revenue Bonds, Series 2006
4.750% due 03/01/2036		750		592
ARKANSAS 0.4%
University of Arkansas Revenue Bonds, (MBIA Insured), Series 2004
5.000% due 11/01/2034		250		251
CALIFORNIA 2.2%
California Statewide Communities Development Authority Revenue Bonds, Series 2007
9.000% due 11/01/2017		300		320
Imperial, California Community College District General Obligation Bonds, (XLCA Insured), Series 2006
0.000% due 08/01/2029		1,490		415
Indian Wells, California Redevelopment Agency Tax Allocation Bonds, (AMBAC Insured), Series 2006
4.750% due 09/01/2034		1,000		895
				1,630
ILLINOIS 0.7%
Will County, Illinois Community Unit School District No. 365 Valley View General Obligation Bonds, (FSA Insured), Series 2002
0.000% due 11/01/2019		900		527
INDIANA 0.6%
Mishawaka, Indiana School Building Corp. Revenue Bonds, (FSA Insured), Series 2006
4.250% due 01/15/2026		500		442
NEW JERSEY 1.1%
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2041		1,000		806
NEW YORK 71.4%
Buffalo, New York Fiscal Stability Authority Revenue Notes, (MBIA Insured), Series 2005
5.000% due 09/01/2014		1,040		1,141
Buffalo, New York Municipal Water Systems Finance Authority Revenue Bonds, (FSA Insured), Series 2002
5.000% due 07/01/2027		500		545
East Rochester, New York Housing Authority Revenue Bonds, Series 2006
5.500% due 08/01/2033		100		86
Erie County, New York Industrial Development Agency Revenue Bonds, (FSA Insured), Series 2004
5.750% due 05/01/2025		1,000		1,066
Liberty, New York Development Corporations Revenue Bonds, Series 2005
5.250% due 10/01/2035		525		530

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Liberty, New York Development Corporations Revenue Bonds, Series 2007
5.500% due 10/01/2037	$	250	$	260
Long Island, New York Power Authority Revenue Notes, (MBIA Insured), Series 2006
4.846% due 09/01/2015		500		477
New York City, New York General Obligation Bonds, (MBIA Insured), Series 2005
5.000% due 08/01/2018		500		532
New York City, New York General Obligation Bonds, Series 2006
5.000% due 08/01/2022		1,000		1,027
New York City, New York General Obligation Bonds, Series 2007
5.000% due 08/01/2019		1,000		1,051
5.000% due 10/01/2019		2,300		2,417
New York City, New York General Obligation Notes, (MBIA-IBC Insured), Series 2002
5.750% due 08/01/2011		250		274
New York City, New York General Obligation Notes, Series 2005
5.000% due 04/01/2011		250		264
New York City, New York Industrial Development Agency Revenue Bonds, (AMBAC Insured), Series 2006
5.000% due 02/01/2036		500		493
5.000% due 01/01/2046		1,500		1,458
New York City, New York Industrial Development Agency Revenue Bonds, (FGIC Insured), Series 2006
5.000% due 03/01/2031		1,000		960
5.120% due 03/01/2022		1,400		1,315
New York City, New York Industrial Development Agency Revenue Bonds, Series 2001
5.500% due 07/01/2028		250		226
New York City, New York Industrial Development Agency Revenue Bonds, Series 2002
6.450% due 07/01/2032		245		236
New York City, New York Industrial Development Agency Revenue Bonds, Series 2005
5.000% due 09/01/2035		35		30
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2002
5.000% due 08/01/2024		525		534
5.250% due 02/01/2029		500		525
New York City, New York Transitional Finance Authority Revenue Notes, Series 2002
5.250% due 11/01/2011		600		653
New York City, New York Transitional Finance Authority Revenue Notes, Series 2003
5.000% due 08/01/2010		395		420
New York State Dormitory Authority Revenue Bonds, (FHA Insured), Series 2004
6.250% due 08/15/2015		235		250
New York State Dormitory Authority Revenue Bonds, (MBIA Insured), Series 2000
6.980% due 08/15/2022		250		254
New York State Dormitory Authority Revenue Bonds, (MBIA Insured), Series 2002
5.000% due 10/01/2030		750		757
New York State Dormitory Authority Revenue Bonds, (MBIA Insured), Series 2006
2.750% due 07/01/2027		2,000		2,000
New York State Dormitory Authority Revenue Bonds, Series 2000
6.000% due 07/01/2010		150		156

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
New York State Dormitory Authority Revenue Bonds, Series 2002
6.000% due 11/15/2029	$	400	$	442
New York State Dormitory Authority Revenue Bonds, Series 2005
5.000% due 03/15/2035		750		751
New York State Dormitory Authority Revenue Bonds, Series 2006
5.000% due 12/15/2017		1,000		1,093
5.000% due 07/01/2026		500		452
New York State Dormitory Authority Revenue Bonds, Series 2007
5.000% due 07/01/2021		1,000		1,045
5.000% due 02/15/2037		1,000		977
New York State Dormitory Authority Revenue Notes, (FGIC/FHA Insured), Series 2005
5.000% due 02/01/2013		965		1,033
New York State Dormitory Authority Revenue Notes, (FSA Insured), Series 1998
4.750% due 07/01/2008		150		151
New York State Dormitory Authority Revenue Notes, (FSA Insured), Series 2001
5.000% due 07/01/2011		455		489
New York State Dormitory Authority Revenue Notes, (MBIA Insured), Series 2002
5.000% due 10/01/2012		500		542
New York State Dormitory Authority Revenue Notes, (MBIA Insured), Series 2003
5.000% due 07/01/2011		250		268
New York State Dormitory Authority Revenue Notes, Series 2001
5.250% due 07/01/2010		860		886
New York State Dormitory Authority Revenue Notes, Series 2007
4.000% due 08/15/2014		1,765		1,775
New York State Dormitory Authority Revenue Notes, Series 2008
5.000% due 12/15/2016		2,000		2,215
New York State Environmental Facilities Corporations Revenue Bonds, Series 2002
4.550% due 05/01/2012		1,000		978
5.000% due 06/15/2014		400		430
New York State Environmental Facilities Corporations Revenue Bonds, Series 2006
5.000% due 06/15/2024		3,200		3,297
New York State Environmental Facilities Corporations Revenue Notes, Series 2002
5.000% due 06/15/2012		500		543
New York State Housing Finance Agency Revenue Bonds, (FGIC Insured), Series 2005
5.000% due 09/15/2030		1,000		992
New York State Local Government Assistance Corporations Revenue Bonds, (MBIA Insured), Series 1997
5.125% due 04/01/2013		150		152
New York State Local Government Assistance Corporations Revenue Bonds, Series 1993
6.000% due 04/01/2014		320		357
New York State Metropolitan Transportation Authority Revenue Bonds, (FGIC Insured), Series 2003
5.000% due 11/15/2032		200		197
New York State Metropolitan Transportation Authority Revenue Bonds, Series 2006
5.000% due 11/15/2035		1,000		979

See Accompanying Notes Annual Report March 31, 2008 27

Schedule of Investments  New York Municipal Bond Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
New York State Mortgage Agency Homeowner Mortgage Revenue Bonds, Series 2006
4.700% due 10/01/2031	$	500	$	435
New York State Power Authority Revenue Bonds, (FGIC Insured), Series 2006
5.000% due 11/15/2020		500		525
New York State Sales Tax Asset Receivables Corporations Revenue Bonds, (MBIA Insured), Series 2004
5.250% due 10/15/2018		1,000		1,084
New York State Thruway Authority Highway & Bridge Trust Revenue Notes, (FSA Insured), Series 2003
5.000% due 04/01/2010		250		264
New York State Thruway Authority Highway & Bridge Trust Revenue Notes, (FSA Insured), Series 2005
5.000% due 04/01/2014		500		549
5.000% due 04/01/2015		500		551
New York State Thruway Authority Highway & Bridge Trust Revenue Notes, (MBIA Insured), Series 2002
5.250% due 04/01/2011		500		537
New York State Thruway Authority Revenue Bonds, (FSA Insured), Series 2005
4.750% due 01/01/2030		1,000		984
New York State Triborough Bridge & Tunnel Authority Revenue Notes, (MBIA-IBC Insured), Series 2002
5.000% due 11/15/2010		500		533
New York State TSASC, Inc. Revenue Bonds, Series 2002
5.000% due 07/15/2014		750		815
New York State Urban Development Corporations Revenue Bonds, (FSA Insured), Series 2007
5.000% due 01/01/2019		2,000		2,163
New York State Urban Development Corporations Revenue Bonds, Series 2002
5.500% due 01/01/2017		500		532
New York State Urban Development Corporations Revenue Notes, Series 2003
5.000% due 03/15/2011		495		528
Niagara County, New York Industrial Development Agency Revenue Bonds, (GNMA/FHA Insured), Series 2006
5.000% due 07/20/2038		500		442

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Orange County, New York General Obligation Notes, Series 2005
5.000% due 07/15/2013	$	500	$	548
Saratoga County, New York Industrial Development Agency Revenue Notes, Series 2007
5.000% due 12/01/2017		400		405
Schenectady, New York Industrial Development Agency Revenue Bonds, (AMBAC Insured), Series 2001
5.500% due 07/01/2016		500		554
Spencerport, New York Central School District General Obligation Bonds, (MBIA Insured), Series 2002
5.000% due 06/15/2019		250		269
Troy, New York Industrial Development Agency Revenue Bonds, Series 2002
5.500% due 09/01/2015		500		538
				52,237
PUERTO RICO 7.9%
Commonwealth of Puerto Rico Aqueduct & Sewer Authority Revenue Bonds, Series 2008
6.000% due 07/01/2038		1,200		1,233
Commonwealth of Puerto Rico General Obligation Bonds, (AGC Insured), Series 2006
5.231% due 07/01/2020		1,000		938
Commonwealth of Puerto Rico General Obligation Bonds, Series 2006
5.000% due 07/01/2035		250		259
Commonwealth of Puerto Rico Government Development Bank Revenue Notes, Series 2006
5.000% due 12/01/2008		1,000		1,015
Commonwealth of Puerto Rico Highway & Transportation Authority Revenue Bonds, (FGIC Insured), Series 2003
5.500% due 07/01/2013		200		213
Commonwealth of Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2002
5.750% due 07/01/2041		1,000		1,113
Commonwealth of Puerto Rico Public Finance Corporations Revenue Bonds, Series 2004
5.750% due 08/01/2027		550		579

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Puerto Rico Children’s Trust Fund Revenue Bonds, Series 2000
6.000% due 07/01/2026	$	100	$	108
Puerto Rico Sales Tax Financing Corp. Revenue Bonds, (AMBAC Insured), Series 2007
0.000% due 08/01/2054		5,000		308
				5,766
TEXAS 1.5%
Coppell, Texas Independent School District General Obligation Bonds, (PSF-GTD), Series 2001
0.000% due 08/15/2016		805		564
Houston, Texas Utility System Revenue Bonds, (FSA Insured), Series 2005
4.750% due 11/15/2030		400		383
Waco, Texas Independent School District General Obligation Bonds, (PSF-GTD), Series 2001
5.000% due 08/15/2021		120		130
				1,077
VIRGIN ISLANDS 0.4%
Virgin Islands Public Finance Authority Revenue Bonds, Series 2003
6.125% due 07/01/2022		250		251
Total Municipal Bonds & Notes (Cost $64,400)				63,579

SHORT-TERM INSTRUMENTS 11.1%
REPURCHASE AGREEMENTS 11.1%
State Street Bank and Trust Co.
1.900% due 04/01/2008	8,107		8,107
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 4.375% due 09/17/2010 valued at $8,273. Repurchase proceeds are $8,107.)
Total Short-Term Instruments (Cost $8,107)			8,107
Total Investments 99.3% (Cost $73,407)		$	72,589
Other Assets and Liabilities (Net) 0.7%			543
Net Assets 100.0%		$	73,132

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Cash of $190 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	30	$	27

28 PIMCO Funds See Accompanying Notes

Schedule of Investments  Short Duration Municipal Income Fund       
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 2.2%
Bank of America Corp.
8.000% due 12/29/2049	$	2,900	$	2,909
General Electric Capital Corp.
6.375% due 11/15/2067		900		883
Rabobank Capital Funding Trust
5.254% due 12/29/2049		900		749
Total Corporate Bonds & Notes (Cost $4,657)				4,541
MUNICIPAL BONDS & NOTES 84.0%
ARIZONA 3.8%
Arizona State Greater Arizona Development Authority Infrastructure Revenue Notes, (MBIA Insured), Series 2005
5.000% due 08/01/2011		2,195		2,357
5.000% due 08/01/2012		2,305		2,495
Maricopa, Arizona Hospital Revenue Notes, Series 2005
5.000% due 04/01/2010		2,000		2,036
Nogales, Arizona Revenue Bonds, Series 2006
3.750% due 10/01/2046		1,000		1,011
				7,899
CALIFORNIA 6.5%
Bakersfield, California Revenue Bonds, (FSA Insured), Series 2007
5.000% due 09/15/2019		1,175		1,249
Culver, California Redevelopment Agency Tax Allocation Bonds, (AMBAC Insured), Series 2005
5.000% due 11/01/2023		620		630
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2003
5.000% due 06/01/2021		895		899
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2033		3,000		2,495
Imperial, California Community College District General Obligation Bonds, (XLCA Insured), Series 2006
0.000% due 08/01/2030		2,275		593
Morgan Hill, California Unified School District General Obligation Notes, (AMBAC Insured), Series 2006
0.000% due 08/01/2014		3,595		2,814
Southern California State Public Power Authority Revenue Bonds, Series 2007
5.250% due 11/01/2020		2,275		2,264
University of California Revenue Bonds, (FGIC Insured), Series 2007
5.000% due 05/15/2041		2,850		2,809
				13,753
FLORIDA 0.6%
Collier, Florida Multi-Family Housing Finance Authority Revenue Notes, Series 2002
4.600% due 08/15/2011		590		607
Gulf Breeze, Florida Revenue Bonds, (MBIA Insured), Series 1997
5.494% due 12/01/2017		500		502
Hillsborough County, Florida Utility Revenue Bonds, Series 1978
6.200% due 12/01/2008		80		81
				1,190

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
ILLINOIS 3.6%
De Kalb County, Illinois Community Unit School District No. 424 General Obligation Bonds, (AMBAC Insured), Series 2001
0.000% due 01/01/2018	$	2,000	$	1,277
Illinois State Finance Authority Revenue Notes, Series 2004
5.250% due 11/15/2012		1,000		1,060
Kane County, Illinois Community Unit School District No. 304 Geneva General Obligation Notes, (FGIC Insured), Series 2004
0.000% due 01/01/2014		1,000		800
Kendall, Kane & Will Counties, Illinois High School Districts General Obligation Notes, (FSA Insured), Series 2003
0.000% due 10/01/2012		2,000		1,705
McHenry & Kane Counties, Illinois Community Consolidated School District No. 158 General Obligation Notes, (FGIC Insured), Series 2004
0.000% due 01/01/2009		1,390		1,365
Melrose Park, Illinois General Obligation Bonds, (MBIA Insured), Series 2004
6.750% due 12/15/2016		100		122
Sangamon County, Illinois School District No. 186 Springfield General Obligation Notes, (FGIC Insured), Series 2004
0.000% due 10/01/2008		1,225		1,210
0.000% due 10/01/2010		15		14
				7,553
INDIANA 0.6%
Indiana State Health Facility Financing Authority Revenue Bonds, Series 2005
5.000% due 11/01/2027		1,200		1,257
KANSAS 0.2%
Wichita, Kansas Water & Sewer Utility Revenue Notes, (FGIC Insured), Series 2003
5.000% due 10/01/2010		355		377
LOUISIANA 2.4%
Louisiana State Jefferson Parish Finance Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2007
5.700% due 06/01/2039		5,000		5,135
MASSACHUSETTS 8.9%
Commonwealth of Massachusetts General Obligation Bonds, (FSA Insured), Series 2004
5.500% due 12/01/2017		1,600		1,822
Commonwealth of Massachusetts General Obligation Bonds, (FSA Insured), Series 2006
5.063% due 11/01/2019		3,000		2,961
5.170% due 11/01/2020		1,000		940
Commonwealth of Massachusetts General Obligation Bonds, (MBIA-IBC Insured), Series 1996
6.000% due 11/01/2011		1,500		1,667
Commonwealth of Massachusetts Revenue Bonds, (FGIC Insured), Series 2004
5.841% due 01/01/2016		3,200		3,371
Massachusetts State Bay Transportation Authority Revenue Bonds, Series 2004
4.884% due 07/01/2020		7,005		6,949
Massachusetts State Port Authority Revenue Bonds, (FSA Insured), Series 1998
5.500% due 07/01/2014		1,000		1,015
				18,725

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
MICHIGAN 2.2%
Clintondale, Michigan Community Schools General Obligation Notes, (FGIC/Q-SBLF Insured), Series 2004
5.000% due 05/01/2011	$	960	$	1,022
Michigan State General Obligation Bonds, Series 1992
6.250% due 11/01/2012		2,750		2,961
Michigan State Tobacco Settlement Finance Authority Revenue Bonds, Series 2007
5.125% due 06/01/2022		600		567
				4,550
MISSOURI 2.9%
Springfield, Missouri Revenue Bonds, (FGIC Insured), Series 2006
4.750% due 08/01/2034		6,500		6,052
NEVADA 2.0%
Clark County, Nevada General Obligation Bonds, (AMBAC Insured), Series 2004
5.000% due 12/01/2015		3,910		4,265
NEW JERSEY 1.0%
New Jersey State Economic Development Authority Revenue Bonds, Series 1998
6.375% due 04/01/2018		500		586
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2003
6.125% due 06/01/2024		1,500		1,604
				2,190
NEW YORK 13.5%
Long Island, New York Power Authority Revenue Notes, (MBIA Insured), Series 2006
4.846% due 09/01/2015		5,000		4,767
New York City, New York General Obligation Bonds, (FGIC Insured), Series 1998
5.250% due 08/01/2010		2,505		2,553
New York City, New York General Obligation Bonds, Series 2007
5.000% due 10/01/2019		8,400		8,828
New York City, New York Industrial Development Agency Revenue Bonds, (FGIC Insured), Series 2006
5.070% due 03/01/2020		1,500		1,320
5.120% due 03/01/2022		8,000		7,513
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2002
5.500% due 11/01/2026		100		107
New York State Dormitory Authority Revenue Bonds, Series 2002
6.000% due 11/15/2029		800		884
New York State Dormitory Authority Revenue Bonds, Series 2007
5.000% due 02/15/2037		1,500		1,466
New York State Local Government Assistance Corporations Revenue Notes, (FSA Insured), Series 2003
5.000% due 04/01/2012		500		541
New York State Tobacco Settlement Financing Corporations Revenue Notes, Series 2003
5.250% due 06/01/2012		140		140

See Accompanying Notes Annual Report March 31, 2008 29

Schedule of Investments  Short Duration Municipal Income Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
New York State Urban Development Corporations Revenue Bonds, Series 2002
5.500% due 01/01/2017	$	140	$	151
				28,270
OHIO 2.6%
Ohio State Air Quality Development Authority Revenue Bonds, Series 1995
5.000% due 11/01/2015		1,000		1,025
Ohio State American Municipal Power, Inc. Revenue Notes, Series 2007
5.000% due 02/01/2013		2,800		2,821
Ohio State Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2007
5.750% due 06/01/2034		600		537
5.875% due 06/01/2030		1,200		1,110
				5,493
OKLAHOMA 3.0%
Oklahoma City, Oklahoma General Obligation Bonds, Series 1999
5.000% due 07/01/2011		100		104
Oklahoma State Development Finance Authority Revenue Bonds, Series 1999
5.625% due 08/15/2029		5,900		6,204
				6,308
OREGON 0.6%
Oregon State Facilities Authority Revenue Notes, Series 2005
5.000% due 10/01/2011		795		839
5.000% due 10/01/2012		435		460
				1,299
PENNSYLVANIA 0.3%
Philadelphia, Pennsylvania Hospitals & Higher Education Facilities Authority Revenue Notes, Series 2007
5.000% due 07/01/2012		550		553
PUERTO RICO 0.1%
Puerto Rico Children’s Trust Fund Revenue Notes, Series 2000
5.750% due 07/01/2010		250		269
TENNESSEE 3.0%
Nashville & Davidson Counties, Tennessee Health & Educational Facilities Revenue Bonds, Series 1977
6.100% due 07/01/2010		210		218
Tennessee State Energy Acquisition Corporations Revenue Bonds, Series 2006
5.000% due 02/01/2023		1,625		1,495

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Tennessee State Energy Acquisition Corporations Revenue Notes, Series 2006
5.000% due 09/01/2015	$	4,600	$	4,569
				6,282
TEXAS 13.3%
Birdville, Texas Independent School District General Obligations Bonds, (PSF-GTD Insured), Series 2007
0.000% due 02/15/2023		3,510		1,629
Ennis, Texas Independent School District 903 General Obligation Bonds, (PSF-GTD Insured), Series 2006
0.000% due 08/15/2032		4,055		954
Houston, Texas Independent School District General Obligation Notes, (PSF-GTD Insured), Series 2005
0.000% due 02/15/2015		16,000		12,289
Houston, Texas Water Conveyance System Certificates of Participation Bonds, (AMBAC Insured), Series 1993
6.800% due 12/15/2011		3,000		3,413
Lower Colorado River Authority, Texas Revenue Bonds, (FSA Insured), Series 1999
6.000% due 05/15/2010		400		420
Lower Colorado River Authority, Texas Revenue Bonds, (MBIA Insured), Series 2006
4.750% due 05/15/2029		5,665		5,424
Sabine River Authority, Texas Revenue Bonds, Series 2001
5.500% due 05/01/2022		1,000		946
Southeast Texas State Hospital Financing Agency Revenue Bonds, Series 1979
7.500% due 12/01/2009		320		338
Texas State Municipal Power Agency Revenue Bonds, (AMBAC Insured), Series 1989
0.000% due 09/01/2008		10		10
Texas State Municipal Power Agency Revenue Bonds, (MBIA Insured), Series 1993
0.000% due 09/01/2016		3,380		2,363
				27,786
VIRGINIA 0.4%
Virginia State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2005
5.250% due 06/01/2019		750		795
WASHINGTON 6.7%
Everett, Washington Water & Sewer Revenue Notes, (MBIA Insured), Series 2003
4.500% due 07/01/2011		1,495		1,576
Washington State Energy Northwest Revenue Notes, (AMBAC Insured), Series 2004
5.250% due 07/01/2009		150		156

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Washington State General Obligation Bonds, (AMBAC Insured), Series 2004
0.000% due 12/01/2019	$	2,960	$	1,697
Washington State General Obligation Bonds, Series 2001
5.000% due 01/01/2012		2,000		2,107
Washington State Tobacco Settlement Authority Revenue Notes, Series 2002
5.250% due 06/01/2010		8,245		8,451
				13,987
WEST VIRGINIA 0.0%
Kanawha County, West Virginia Residential Mortgage Revenue Bonds, (FGIC Insured), Series 1979
7.375% due 09/01/2010		70		74
WISCONSIN 5.8%
Badger, Wisconsin Tobacco Asset Securitization Corporations Revenue Notes, Series 2002
5.000% due 06/01/2008		2,240		2,245
Wisconsin State Housing & Economic Development Authority Revenue Bonds, (MBIA Insured), Series 2002
4.500% due 05/01/2010		1,655		1,681
4.500% due 11/01/2010		1,335		1,371
5.350% due 11/01/2022		5,765		5,821
Wisconsin State Petroleum Revenue Notes, (FSA Insured), Series 2004
5.000% due 07/01/2012		1,000		1,047
				12,165
Total Municipal Bonds & Notes (Cost $179,473)				176,227
SHORT-TERM INSTRUMENTS 7.3%
REPURCHASE AGREEMENTS 7.3%
State Street Bank and Trust Co.
1.900% due 04/01/2008		15,332		15,332
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 4.375% due 09/17/2010 valued at $15,640. Repurchase proceeds are $15,333.)
Total Short-Term Instruments (Cost $15,332)				15,332
Total Investments 93.5% (Cost $199,462)			$	196,100
Other Assets and Liabilities (Net) 6.5%				13,596
Net Assets 100.0%			$	209,696

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Cash of $3,560 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	84	$	330
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	750		(1,257	)
				$	(927	)

30 PIMCO Funds See Accompanying Notes

    
March 31, 2008

(b) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	Receive Fixed Rate	Expiration Date	Counterparty		Notional Amount	Unrealized Appreciation
State of California General Obligation Notes, Series 2005, 5.000% due 03/01/2018	Sell	0.710%	03/20/2018	GSC	$	3,000	$	10

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security.

See Accompanying Notes Annual Report March 31, 2008 31

Financial Highlights  

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income (a)		Net Realized/ Unrealized Gain (Loss) on Investments			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
California Intermediate Municipal Bond Fund
Class D
03/31/2008	$	9.93	$	0.38	$	(0.47	)	$	(0.09	)	$	(0.37	)	$	0.00
03/31/2007		9.83		0.36		0.10			0.46			(0.36	)		0.00
03/31/2006		9.96		0.35		(0.13	)		0.22			(0.35	)		0.00
03/31/2005		10.22		0.38		(0.26	)		0.12			(0.38	)		0.00
03/31/2004		10.22		0.38		0.00			0.38			(0.38	)		0.00
California Short Duration Municipal Income Fund
Class D
03/31/2008	$	10.04	$	0.29	$	(0.03	)	$	0.26		$	(0.31	)	$	0.00
08/31/2006 - 03/31/2007		10.00		0.17		0.04			0.21			(0.17	)		0.00
High Yield Municipal Bond Fund
Class D
03/31/2008	$	10.63	$	0.46	$	(1.59	)	$	(1.13	)	$	(0.47	)	$	0.00
07/31/2006 - 03/31/2007		10.00		0.31		0.64			0.95			(0.31	)		(0.01	)
Municipal Bond Fund
Class D
03/31/2008	$	10.31	$	0.40	$	(0.64	)	$	(0.24	)	$	(0.40	)	$	0.00
03/31/2007		10.18		0.38		0.13			0.51			(0.38	)		0.00
03/31/2006		10.14		0.37		0.02			0.39			(0.35	)		0.00
03/31/2005		10.32		0.39		(0.19	)		0.20			(0.38	)		0.00
03/31/2004		10.18		0.38		0.14			0.52			(0.38	)		0.00
New York Municipal Bond Fund
Class D
03/31/2008	$	10.88	$	0.37	$	(0.18	)	$	0.19		$	(0.37	)	$	(0.02	)
03/31/2007		10.76		0.37		0.14			0.51			(0.37	)		(0.02	)
03/31/2006		10.77		0.33		0.00			0.33			(0.33	)		(0.01	)
03/31/2005		10.87		0.33		(0.10	)		0.23			(0.33	)		0.00
03/31/2004		10.68		0.32		0.22			0.54			(0.33	)		(0.02	)
Short Duration Municipal Income Fund
Class D
03/31/2008	$	9.95	$	0.34	$	(0.41	)	$	(0.07	)	$	(0.34	)	$	0.00
03/31/2007		9.96		0.31		(0.01	)		0.30			(0.31	)		0.00
03/31/2006		9.95		0.31		0.01			0.32			(0.31	)		0.00
03/31/2005		10.17		0.24		(0.22	)		0.02			(0.24	)		0.00
03/31/2004		10.16		0.19		(0.01	)		0.18			(0.17	)		0.00

* Annualized

^(a) Per share amounts based on average number of shares outstanding during the year or period.

^(b) PIMCO and the Distributor have contractually agreed to waive 0.05% of the Fund’s administrative fee and distribution and/or service/12b-1 Fees.

^(c) Effective October 1, 2005, the Fund’s advisory fee was reduced by 0.025% to 0.225%.

^(d) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 2.21%.

^(e) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.59%.

^(f) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 0.90%.

^(g) Effective October 1, 2007, the administrative expense was reduced by 0.05% to 0.30%.

^(h) Effective October 1, 2007, the administrative expense was reduced by 0.10% to 0.30%.

32 PIMCO Funds See Accompanying Notes

Tax Basis Return of Capital		Total Distributions			Net Asset Value End of Year or Period		Total Return		Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Expenses to Average Net Assets Excluding Interest Expense		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	0.00	$	(0.37	)	$	9.47	(0.95	)%	$	1,961	0.795	%(g)	0.795	%(g)	3.87	%	37	%
	0.00		(0.36	)		9.93	4.74			2,358	0.825		0.825		3.63		59
	0.00		(0.35	)		9.83	2.26			2,402	0.94	(c)	0.84	(c)	3.57		131
	0.00		(0.38	)		9.96	1.20			4,078	1.01		0.85		3.77		43
	0.00		(0.38	)		10.22	3.78			4,449	0.85		0.85		3.74		137
$	0.00	$	(0.31	)	$	9.99	2.60	%	$	871	0.77	%(g)	0.77	%(g)	2.88	%	92	%
	0.00		(0.17	)		10.04	2.12			10	0.70	*(d)	0.70	*(d)	2.92	*	83
$	0.00	$	(0.47	)	$	9.03	(10.94	)%	$	7,605	0.84	%(f)(h)	0.84	%(f)(h)	4.65	%	160	%
	0.00		(0.32	)		10.63	9.61			3,426	0.95	*(e)	0.95	*(e)	4.42	*	94
$	0.00	$	(0.40	)	$	9.67	(2.37	)%	$	44,413	0.885	%(g)	0.805	%(g)	3.96	%	64	%
	0.00		(0.38	)		10.31	5.12			45,707	0.885		0.825		3.69		76
	0.00		(0.35	)		10.18	3.94			36,022	1.07	(c)	0.84	(c)	3.64		63
	0.00		(0.38	)		10.14	2.03			25,132	1.03		0.85		3.88		56
	0.00		(0.38	)		10.32	5.20			24,732	0.85		0.85		3.70		115
$	0.00	$	(0.39	)	$	10.68	1.74	%	$	15,386	0.795	%(g)	0.795	%(g)	3.41	%	44	%
	0.00		(0.39	)		10.88	4.81			11,583	0.865		0.825		3.43		29
	0.00		(0.34	)		10.76	3.08			5,625	0.84	(c)	0.84	(c)	3.02		48
	0.00		(0.33	)		10.77	2.17			3,348	0.85		0.85		3.07		42
	0.00		(0.35	)		10.87	5.09			3,032	0.85		0.85		3.00		147
$	0.00	$	(0.34	)	$	9.54	(0.77	)%	$	28,867	0.77	%(g)	0.77	%(g)	3.42	%	35	%
	0.00		(0.31	)		9.95	3.09			30,392	0.75	(b)	0.70	(b)	3.15		71
	0.00		(0.31	)		9.96	3.24			28,517	0.80	(b)	0.70	(b)	3.09		79
	0.00		(0.24	)		9.95	0.22			33,141	0.78	(b)	0.78	(b)	2.41		104
	0.00		(0.17	)		10.17	1.83			42,004	0.80		0.80		1.83		226

Annual Report March 31, 2008 33

Statements of Assets and Liabilities March 31, 2008

(Amounts in thousands, except per share amounts)	California Intermediate Municipal Bond Fund			California Short Duration Municipal Income Fund			High Yield Municipal Bond Fund			Municipal Bond Fund			New York Municipal Bond Fund			Short Duration Municipal Income Fund
Assets:
Investments, at value	$	135,474		$	19,982		$	172,584		$	481,187		$	64,482		$	180,768
Repurchase agreements, at value		6,352			937			4,642			28,553			8,107			15,332
Cash		1,806			1			0			3,355			0			2,754
Deposits with counterparty		320			10			635			3,802			190			3,560
Receivable for investments sold		0			500			3,900			20,206			0			0
Receivable for Fund shares sold		748			200			8,169			31,714			745			8,915
Interest and dividends receivable		1,659			117			2,876			6,435			776			2,235
Variation margin receivable		2			0			0			673			0			539
Swap premiums paid		9			2			31			0			0			0
Unrealized appreciation on swap agreements		0			0			0			22			0			10
Other assets		1			0			0			6			0			0
		146,371			21,749			192,837			575,953			74,300			214,113
Liabilities:
Payable for investments purchased	$	2,318		$	512		$	4,395		$	26,183		$	1,056		$	1,315
Payable for floating rate notes issued		0			0			0			9,632			0			0
Payable for Fund shares redeemed		192			188			317			1,779			42			2,041
Dividends payable		41			1			119			238			28			141
Overdraft due to custodian		0			0			321			0			0			0
Accrued investment advisory fee		23			3			41			90			12			31
Accrued administrative fee		25			4			36			105			15			36
Accrued distribution fee		0			0			11			38			0			5
Accrued servicing fee		7			2			13			39			7			22
Variation margin payable		22			0			56			901			8			717
Unrealized depreciation on swap agreements		3			0			9			0			0			0
Other liabilities		0			0			0			275			0			109
		2,631			710			5,318			39,280			1,168			4,417
Net Assets	$	143,740		$	21,039		$	187,519		$	536,673		$	73,132		$	209,696
Net Assets Consist of:
Paid in capital	$	151,107		$	21,071		$	213,262		$	559,445		$	74,005		$	231,649
Undistributed (overdistributed) net investment income		446			9			(14	)		681			(17	)		(2	)
Accumulated undistributed net realized gain (loss)		(6,270	)		9			(7,670	)		(9,643	)		(65	)		(17,672	)
Net unrealized (depreciation)		(1,543	)		(50	)		(18,059	)		(13,810	)		(791	)		(4,279	)
	$	143,740		$	21,039		$	187,519		$	536,673		$	73,132		$	209,696
Net Assets:
Class D	$	1,961		$	871		$	7,605		$	44,413		$	15,386		$	28,867
Other Classes		141,779			20,168			179,914			492,260			57,746			180,829
Shares Issued and Outstanding:
Class D		207			87			842			4,594			1,441			3,025
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Class D	$	9.47		$	9.99		$	9.03		$	9.67		$	10.68		$	9.54
Cost of Investments Owned	$	136,711		$	20,032		$	190,362		$	493,779		$	65,300		$	184,130
Cost of Repurchase Agreements Owned	$	6,352		$	937		$	4,642		$	28,553		$	8,107		$	15,332

34 PIMCO Funds See Accompanying Notes

Statements of Operations

Year Ended March 31, 2008
(Amounts in thousands)	California Intermediate Municipal Bond Fund			California Short Duration Municipal Income Fund			High Yield Municipal Bond Fund			Municipal Bond Fund			New York Municipal Bond Fund			Short Duration Municipal Income Fund
Investment Income:
Interest	$	6,424		$	550		$	7,948		$	22,222		$	2,879		$	10,377
Miscellaneous income		0			0			7			0			1			0
Total Income		6,424			550			7,955			22,222			2,880			10,377
Expenses:
Investment advisory fees		307			29			428			1,028			154			493
Administrative fees		337			30			409			1,273			187			590
Servicing fees - Class D		5			0			16			114			34			74
Distribution and/or servicing fees - Other Classes		85			13			203			922			53			305
Trustees’ fees		1			0			0			1			0			1
Interest expense		0			0			0			373			0			0
Miscellaneous expense		0			1			7			1			0			0
Total Expenses		735			73			1,063			3,712			428			1,463
Reimbursement by Manager		0			0			(47	)		0			0			0
Net Expenses		735			73			1,016			3,712			428			1,463
Net Investment Income		5,689			477			6,939			18,510			2,452			8,914
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		159			25			(5,261	)		2,215			(267	)		(126	)
Net realized gain (loss) on futures contracts, written options and swaps		(1,220	)		(9	)		(2,381	)		(3,874	)		218			(2,276	)
Net change in unrealized (depreciation) on investments		(5,051	)		(59	)		(18,242	)		(25,936	)		(1,174	)		(3,176	)
Net change in unrealized appreciation (depreciation) on futures contracts, written options and swaps		(398	)		(1	)		(304	)		(3,909	)		10			(3,794	)
Net (Loss)		(6,510	)		(44	)		(26,188	)		(31,504	)		(1,213	)		(9,372	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(821	)	$	433		$	(19,249	)	$	(12,994	)	$	1,239		$	(458	)

Annual Report March 31, 2008 35

Statements of Changes in Net Assets

	California Intermediate Municipal bond Fund						California Short Duration Municipal Income Fund						High Yield Municipal Bond Fund
(Amounts in thousands)	Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Period from August 31, 2006 to March 31, 2007			Year Ended March 31, 2008			Period from July 31, 2006 to March 31, 2007
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	5,689		$	5,548		$	477		$	64		$	6,939		$	472
Net realized gain (loss)		(1,061	)		(672	)		16			1			(7,642	)		14
Net change in unrealized appreciation (depreciation)		(5,449	)		2,256			(60	)		10			(18,546	)		487
Net increase (decrease) resulting from operations		(821	)		7,132			433			75			(19,249	)		973
Distributions to Shareholders:
From net investment income
Class D		(80	)		(101	)		(5	)		0			(302	)		(38	)
Other Classes		(5,455	)		(5,445	)		(473	)		(64	)		(6,646	)		(433	)
From net realized capital gains
Class D		0			0			0			0			(1	)		(1	)
Other Classes		0			0			0			0			(25	)		(15	)
Total Distributions		(5,535	)		(5,546	)		(478	)		(64	)		(6,974	)		(487	)
Fund Share Transactions:
Receipts for shares sold
Class D		835			1,206			865			10			13,266			3,525
Other Classes		60,446			29,385			27,816			5,731			291,114			49,553
Issued as reinvestment of distributions
Class D		76			75			4			0			289			38
Other Classes		4,882			4,715			459			62			5,338			334
Cost of shares redeemed
Class D		(1,202	)		(1,356	)		(3	)		0			(8,314	)		(182	)
Other Classes		(55,006	)		(39,625	)		(13,421	)		(450	)		(136,873	)		(4,880	)
Net increase (decrease) resulting from Fund share transactions		10,031			(5,600	)		15,720			5,353			164,820			48,388
Fund Redemption Fee		1			0			0			0			26			22
Total Increase (Decrease) in Net Assets		3,676			(4,014	)		15,675			5,364			138,623			48,896
Net Assets:
Beginning of year or period		140,064			144,078			5,364			0			48,896			0
End of year or period*	$	143,740		$	140,064		$	21,039		$	5,364		$	187,519		$	48,896
*Including undistributed (overdistributed) net investment income of:	$	446		$	292		$	9		$	0		$	(14	)	$	1

36 PIMCO Funds See Accompanying Notes

Municipal Bond Fund						New York Municipal Bond Fund						Short Duration Municipal Income Fund
Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007
$	18,510		$	15,722		$	2,452		$	1,566		$	8,914		$	10,616
	(1,659	)		2,223			(49	)		150			(2,402	)		(4,225	)
	(29,845	)		3,401			(1,164	)		292			(6,970	)		3,608
	(12,994	)		21,346			1,239			2,008			(458	)		9,999
	(1,832	)		(1,588	)		(461	)		(274	)		(1,016	)		(948	)
	(16,836	)		(14,303	)		(1,981	)		(1,304	)		(7,896	)		(9,666	)
	0			0			(25	)		(13	)		0			0
	0			0			(103	)		(65	)		0			0
	(18,668	)		(15,891	)		(2,570	)		(1,656	)		(8,912	)		(10,614	)
	13,534			19,113			9,079			6,797			6,428			5,723
	312,017			134,968			30,574			30,950			159,892			248,254
	1,729			749			451			258			260			247
	13,961			11,480			1,769			1,052			6,646			8,063
	(13,618	)		(10,726	)		(5,475	)		(1,164	)		(6,985	)		(4,051	)
	(203,354	)		(117,903	)		(25,235	)		(6,007	)		(268,906	)		(226,139	)
	124,269			37,681			11,163			31,886			(102,665	)		32,097
	10			13			0			0			1			9
	92,617			43,149			9,832			32,238			(112,034	)		31,491
	444,056			400,907			63,300			31,062			321,730			290,239
$	536,673		$	444,056		$	73,132		$	63,300		$	209,696		$	321,730
$	681		$	450		$	(17	)	$	(19	)	$	(2	)	$	(7	)

Annual Report March 31, 2008 37

Notes to Financial Statements

1.  ORGANIZATION

PIMCO Funds (the “Trust”) was established as a Massachusetts business trust on February 19, 1987. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the Class D of the six funds (the “Funds”) offered by the Trust. Certain detailed financial information for the Institutional, Administrative, A, B and C Classes (the “Other Classes”) is provided separately and is available upon request.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures on the financial statements. Actual results could differ from those estimates.

(a) Determination of Net Asset Value  The Net Asset Value (“NAV”) of a Fund’s shares is valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (the “NYSE Close”) on each day that the New York Stock Exchange (“NYSE”) is open. Information that becomes known to a Fund or its agents after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day.

(b) Security Valuation  For purposes of calculating the NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services.

Domestic and foreign fixed income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. With respect to any portion of a Fund’s assets that are invested in one or more open-end management investment companies, a Fund’s NAV will be calculated based upon the NAVs of such investments. A Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a

day that the NYSE is closed and the NAV may change on days when an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. For instance, certain securities or investments for which daily market quotes are not readily available may be valued, pursuant to guidelines established by the Board of Trustees, with reference to other securities or indices. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading for the entire day and no other market prices are available. The Board of Trustees has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events.

When a Fund uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. Fair value pricing may require subjective determinations about the value of a security. While the Trust’s policy is intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Board of Trustees or persons acting at their direction would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold.

(c) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statements of Operations.

38 PIMCO Funds

    
March 31, 2008

(d) When-Issued Transactions  Certain Funds may purchase or sell securities on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. A commitment by a Fund is made regarding these transactions to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

(e) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may change the fiscal year when income and capital items are recognized for tax and U.S. GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported on each Fund’s annual financial statements presented under U.S. GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

(f) Multiclass Operations  Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). For daily dividend Funds, income and non-class specific expenses are allocated daily to each class on the basis of the relative value of settled shares. For non-daily dividend Funds, income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains and losses of each class are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

(g) Futures Contracts  Certain Funds may enter into futures contracts. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are

marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities.

(h) Repurchase Agreements  Each Fund may engage in repurchase transactions. Under the terms of a typical repurchase agreement, a Fund takes possession of an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. The underlying securities for all repurchase agreements are held in safekeeping at the Fund’s custodian or designated subcustodians under tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on the Statements of Assets and Liabilities. Generally, in the event of counterparty default, a Fund has the right to use the collateral to offset losses incurred. If the counterparty should default, a Fund will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

(i) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  Certain Funds may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are

Annual Report March 31, 2008 39

Notes to Financial Statements  (Cont.)

recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a Fund records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statements of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Fund accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Fund’s Statements of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Fund records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Fund. Thus, while a Fund’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, NAV or total return.

(j) Restricted Securities  Certain Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve.

(k) Swap Agreements  Certain Funds may invest in swap transactions, including, but not limited to, swap agreements on interest rates, security or commodity indexes, specific securities and commodities, and credit and event-linked swaps. To the extent a Fund may invest in foreign currency denominated securities, it also may invest in currency exchange rate swap agreements. Swap transactions are privately negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. A Fund may enter into interest rate, total return, cross-currency, credit default and other forms of swap agreements to manage its exposure to interest rates, currency and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum

levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the expiration date, or (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.

Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, only for exchanging interest cash flows.

Credit default swap agreements on corporate issues or sovereign issues of an emerging country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default. A Fund may use credit default swaps on corporate issues or sovereign issues of an emerging country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the reference obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. As a seller of protection, a Fund will generally receive from the buyer of protection an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of the reference entity or underlying securities comprising the reference entity index. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, a Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the reference entities comprising the credit index. A credit index is a list of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but is not limited to, credit default swaps on investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap

40 PIMCO Funds

    
March 31, 2008

references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index.

The treatment of credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. If the U.S. Internal Revenue Service were to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by a Fund from such investments might be subject to U.S. excise or income taxes.

Variance swap agreements involve two parties agreeing to exchange cash flows based on the measured variance (or square of volatility) of a specified underlying asset. One party agrees to exchange a “fixed rate” or strike price payment for the “floating rate” or realized price variance on the underlying asset with respect to the notional amount. At inception, the strike price is generally chosen such that the fair value of the swap is zero. At the expiration date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price variance of the underlying asset and the strike price multiplied by the notional amount. As a receiver of the realized price variance, the Fund would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the variance is less than the strike. As a payer of the realized price variance, the Fund would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike. This type of agreement is essentially a forward contract on the future realized price variance of the underlying asset.

Swaps are marked to market daily based upon values from third party vendors or quotations from market makers to the extent available and the change in value, if any, is recorded as unrealized gain or loss on the Statements of Operations. In the event that market quotations are not readily available or deemed reliable, certain swap agreements may be valued, pursuant to guidelines established by the Board of Trustees, with reference to other securities or indices. In the event that market quotes are not readily available, and the swap cannot be valued pursuant to one of the valuation methods, the value of the swap will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO. Payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by the Funds are included as part of realized gain or loss on the Statements of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(l) U.S. Government Agencies or Government-Sponsored Enterprises   Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government

National Mortgage Association (“GNMA” or “Ginnie Mae”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

(m) New Accounting Pronouncements  In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Funds and will provide additional information in relation to the Statement in the Funds’ semiannual financial statements for the period ending September 30, 2008.

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“SFAS 161”). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 may require enhanced disclosures about Funds’ derivative and hedging activities. Management is currently evaluating the impact the adoption of SFAS 161 will have on the Funds’ financial statement disclosures.

3.  MARKET AND CREDIT RISK

In the normal course of business the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (credit risk). Similar to credit risk, the Funds may be exposed to counterparty risk, or the risk that an institution or other entity with which the Funds have unsettled or open transactions will default. The potential loss could exceed the value of the financial assets recorded in the financial statements. Financial assets, which potentially expose the Funds to credit risk, consist principally of cash due from counterparties and investments. The extent of the Funds’ exposure to credit and counterparty risks in respect to these financial assets approximates their carrying value as recorded in the Funds’ Statements of Assets and Liabilities.

4.  FEES AND EXPENSES

(a) Investment Advisory Fee  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate as noted in the following table.

Annual Report March 31, 2008 41

Notes to Financial Statements  (Cont.)

(b) Administrative Fee  PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on each share class’s average daily net assets. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory and Administrative Fees for all classes are charged at an annual rate as noted in the following table:

	Investment Advisory Fee		Administrative Fee
Fund Name	All Classes		Institutional Class	Administrative Class	A, B and C Classes		Class D		Class R
California Intermediate Municipal Bond Fund	0.225%		0.22%	0.22%	0.30%	(1)	0.30%	(1)	N/A
California Short Duration Municipal Income Fund	0.20%		0.15%	N/A	0.30%	(1)	0.30%	(1)	N/A
High Yield Municipal Bond Fund	0.30%	(3)	0.25%	N/A	0.30%	(2)(4)	0.30%	(2)(4)	N/A
Municipal Bond Fund	0.225%		0.24%	0.24%	0.30%	(1)	0.30%	(1)	N/A
New York Municipal Bond Fund	0.225%		0.22%	N/A	0.30%	(1)	0.30%	(1)	N/A
Short Duration Municipal Income Fund	0.20%		0.15%	0.15%	0.30%	(1)	0.30%	(1)	N/A

⁽¹⁾ Effective October 1, 2007, the Fund’s administrative fee was reduced by 0.05% to 0.30 % per annum.

⁽²⁾ Effective October 1, 2007, the Fund’s administrative fee was reduced by 0.10% to 0.30 % per annum.

⁽³⁾ PIMCO has contractually agreed (ending March 31, 2008) to waive 0.01% of the advisory fees to 0.29%.

⁽⁴⁾ PIMCO has contractually agreed (ending March 31, 2008) to waive 0.05% of the administrative fees to 0.25%

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (the “Distributor”) of the Trust’s shares. The Trust is permitted to reimburse AGID on a quarterly basis, out of the Administrative Class assets of each Fund offering Administrative Class Shares in an amount up to 0.25% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Fund shares as their funding medium. Unreimbursed costs may be carried forward for reimbursement for up to twelve months beyond the date in which it is incurred, subject always to the limit that not more than 0.25% of the average daily net assets attributable to an Administrative Class may be expensed. The effective rate paid to AGID was 0.25% during the current fiscal year with no unreimbursed costs to be carried forward as of March 31, 2008.

Pursuant to the Distribution and Servicing Plans adopted by the A, B, C, D and R Classes of the Trust, the Trust compensates AGID or an affiliate for services provided and expenses incurred in connection with assistance rendered in the sale of shares and services rendered to shareholders and for maintenance of shareholder accounts of the A, B, C, D and R Classes. The Trust paid AGID distribution and servicing fees at effective rates as set forth in the following table (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Allowable Rate
	Distribution Fee	Servicing Fee
Class A
All Funds	—	0.25%
Class B
All Funds	0.75%	0.25%
Class C
Municipal Bond Fund	0.50%	0.25%
Short Duration Municipal Income Fund	0.30%	0.25%
All other Funds	0.75%	0.25%
Class D
All Funds	—	0.25%
Class R
All Funds	N/A	N/A

AGID also receives the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the Money Market Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of A, B and C Class shares. For the period ended March 31, 2008, AGID received $234,845 representing commissions (sales charges) and contingent deferred sales charges.

(d) Redemption Fees  Shareholders of each Fund in the Trust, except for Money Market Fund, were subject to a Redemption Fee on redemptions and exchanges of 2.00% of the NAV of the Fund shares redeemed or exchanged. From October 1, 2006 to July 30, 2007, Redemption Fees were charged on shares redeemed or exchanged within 7 days, 30 days, or 60 days (depending on the length of the applicable Fund’s holding period) after their acquisition, including shares acquired through exchanges. Effective July 31, 2007, the holding periods for certain Funds were reduced to 7 days or 30 days, or were no longer subject to a Redemption Fee. Actual redemption fees charged are reported on the Statements of Changes in Net Assets.

(e) Fund Expenses  The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) the costs of borrowing money, including interest expenses and bank overdraft charges; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organization expenses and (viii) any expenses

42 PIMCO Funds

    
March 31, 2008

allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust’s Multiple Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of the California Short Duration Municipal Income and High Yield Municipal Bond Funds’ administrative fees, to the extent that the payment of each Fund’s pro rata share of organizational expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.0049% as set forth below (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

Fund Name	Inst’l Class	Admin Class	Class A	Class B	Class C	Class D
California Short Duration Municipal Income Fund	0.35%	—	0.75%	—	—	0.75%
High Yield Municipal Bond Fund	0.54%	—	0.79%	—	1.54%	0.79%

PIMCO may be reimbursed for these waived amounts in future periods in the Funds’ first year of operations, not to exceed thirty-six months after the waiver. Expenses that have been waived may still be reimbursed by the Administrator, to the extent the Funds’ annualized total portfolio operating expenses plus the amount so reimbursed does not exceed the operating expense limitation. The recoverable amounts to the Administrator at March 31, 2008, were as follows (amounts in thousands):

Fund Name	Recoverable Amounts
California Short Duration Municipal Income Fund	$	36
High Yield Municipal Bond Fund		68

Each unaffiliated Trustee receives an annual retainer of $100,000, plus $9,500 for each Board of Trustees meeting attended in person, $750 ($1,000 in the case of the audit committee chair) for each committee meeting attended and $1,500 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $15,000 and each other committee chair receives an additional annual retainer of $1,500.

These expenses are allocated on a pro-rata basis to each Fund of the Trust (excluding the All Asset, All Asset All Authority, RealRetirement^™ 2010, RealRetirement^™ 2020, RealRetirement^™ 2030, RealRetirement^™ 2040, and RealRetirement^™ 2050 Funds, which do not bear such expenses) according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

5.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by SFAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 4.

6.  GUARANTEES AND INDEMNIFICATIONS

Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust’s investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and believes the risk of loss to be remote.

7.  PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2008, were as follows (amounts in thousands):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
California Intermediate Municipal Bond Fund	$	0	$	0	$	50,906	$	49,436
California Short Duration Municipal Income Fund		0		0		28,226		12,241
High Yield Municipal Bond Fund		0		0		371,284		221,418
Municipal Bond Fund		19,506		20,206		304,355		270,454
New York Municipal Bond Fund		0		0		37,467		26,637
Short Duration Municipal Income Fund		0		0		84,151		215,270

Annual Report March 31, 2008 43

Notes to Financial Statements  (Cont.)

8.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except for number of contracts):

	California Intermediate Municipal Bond Fund					California Short Duration Municipal Income Fund
	# of Contracts		Premium			# of Contracts		Premium
Balance at 03/31/2007	0		$	0		0		$	0
Sales	50			16		2			1
Closing Buys	0			0		0			0
Expirations	(50	)		(16	)	0			0
Exercised	0			0		(2	)		(1	)
Balance at 03/31/2008	0		$	0		0		$	0

9.  SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	California Intermediate Municipal Bond Fund										California Short Duration Municipal Income Fund
	Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Period from 08/31/2006 to 03/31/2007
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Class D	86		$	835		122		$	1,206		86		$	865		1		$	10
Other Classes	6,281			60,446		2,970			29,385		2,779			27,816		573			5,731
Issued as reinvestment of distributions
Class D	8			76		8			75		0			4		0			0
Other Classes	505			4,882		477			4,715		46			459		6			62
Cost of shares redeemed
Class D	(124	)		(1,202	)	(137	)		(1,356	)	0			(3	)	0			0
Other Classes	(5,680	)		(55,006	)	(3,994	)		(39,625	)	(1,340	)		(13,421	)	(45	)		(450	)
Net increase (decrease) resulting From Fund share transactions	1,076		$	10,031		(554	)	$	(5,600	)	1,571		$	15,720		535		$	5,353

	High Yield Municipal Bond Fund										Municipal Bond Fund
	Year Ended 03/31/2008					Period from 07/31/2006 to 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Class D	1,331		$	13,266		336		$	3,525		1,344		$	13,534		1,867		$	19,113
Other Classes	29,010			291,114		4,707			49,553		31,203			312,017		13,137			134,968
Issued as reinvestment of distributions
Class D	29			289		3			38		173			1,729		73			749
Other Classes	549			5,338		32			334		1,396			13,961		1,116			11,480
Cost of shares redeemed
Class D	(840	)		(8,314	)	(17	)		(182	)	(1,355	)		(13,618	)	(1,046	)		(10,726	)
Other Classes	(13,910	)		(136,873	)	(462	)		(4,880	)	(20,310	)		(203,354	)	(11,466	)		(117,903	)
Net increase resulting From Fund share transactions	16,169		$	164,820		4,599		$	48,388		12,451		$	124,269		3,681		$	37,681

44 PIMCO Funds

    
March 31, 2008

	New York Municipal Bond Fund										Short Duration Municipal Income Fund
	Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Class D	844		$	9,079		625		$	6,797		655		$	6,428		574		$	5,723
Other Classes	2,842			30,574		2,845			30,950		16,299			159,892		24,896			248,254
Issued as reinvestment of distributions
Class D	42			451		24			258		26			260		25			247
Other Classes	165			1,769		96			1,052		677			6,646		809			8,063
Cost of shares redeemed
Class D	(510	)		(5,475	)	(107	)		(1,164	)	(712	)		(6,985	)	(407	)		(4,051	)
Other Classes	(2,351	)		(25,235	)	(553	)		(6,007	)	(27,316	)		(268,906	)	(22,694	)		(226,139	)
Net increase (decrease) resulting from Fund share transactions	1,032		$	11,163		2,930		$	31,886		(10,371	)	$	(102,665	)	3,203		$	32,097

10.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.) (PIMCO’s parent company), and certain of their affiliates, including PIMCO Funds (a complex of mutual funds managed by PIMCO) and Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series) (a complex of mutual funds managed by affiliates of PIMCO), certain trustees of PIMCO Funds, and certain employees of PIMCO have been named as defendants in eleven lawsuits filed in various jurisdictions. These lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of PIMCO Funds and Allianz Funds during specified periods, or as derivative actions on behalf of PIMCO Funds and Allianz Funds. These lawsuits seek, among other things, unspecified compensatory damages plus interest and in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

These actions generally allege that certain hedge funds were allowed to engage in “market timing” in certain funds of PIMCO Funds and Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, certain trustees of PIMCO Funds, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; however, the plaintiffs continue to assert claims on behalf of the shareholders of PIMCO Funds or on behalf of PIMCO Funds itself against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where PIMCO Funds were named, in the complaint, as a nominal defendant. Thus, at present PIMCO Funds is not a party to any “market timing” lawsuit.

Two nearly identical class action civil complaints were filed in August 2005, in the Northern District of Illinois Eastern Division, alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO and PIMCO Funds strongly believe the complaint is without merit and intend to vigorously defend themselves.

In April 2006, certain registered investment companies and other funds managed by PIMCO were served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. In July 2004, PIMCO was named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain registered investment companies and other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain registered investment companies and other funds managed by PIMCO—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis. To date, no briefs have been filed. This matter is not expected to have a material adverse effect on either the relevant registered investment companies and other funds or PIMCO.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Funds. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Funds or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Funds.

11.  FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under sub-chapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

Annual Report March 31, 2008 45

Notes to Financial Statements  (Cont.)

The FASB issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109” (“FIN 48”), in June 2006. FIN 48 permits the recognition of tax benefits of an uncertain tax position only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Funds adopted the provisions of FIN 48 on April 1, 2007. Management has reviewed the Fund’s tax positions for all open tax years, and concluded that adoption had no effect on the Fund’s financial position or results of operations. As of March 31, 2008, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the fiscal years from 2004-2007, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

As of March 31, 2008, the components of distributable taxable earnings are as follows (amounts in thousands):

	Undistributed Tax Exempt Income		Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Net Tax Basis Unrealized Appreciation/ (Depreciation) (1)			Other Book-to-Tax Accounting Differences (2)			Accumulated Capital Losses (3)			Post-October Deferral (4)
California Intermediate Municipal Bond Fund	$	277	$	211	$	0	$	(1,240	)	$	(41	)	$	(6,262	)	$	(311	)
California Short Duration Municipal Income Fund		0		22		0		(50	)		(1	)		0			(4	)
High Yield Municipal Bond Fund		14		92		0		(17,960	)		(118	)		(3,645	)		(4,126	)
Municipal Bond Fund		0		921		0		(12,855	)		(238	)		(6,829	)		(3,771	)
New York Municipal Bond Fund		0		10		0		(817	)		(27	)		(39	)		0
Short Duration Municipal Income Fund		0		140		0		(3,462	)		(141	)		(8,105	)		(10,385	)

⁽¹⁾ Adjusted for open wash sale loss deferrals and accelerated recognition of unrealized gain on certain futures and options for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain/loss on swap contracts.

⁽²⁾ Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for distributions payable at fiscal year-end.

⁽³⁾ Capital losses available to offset future net capital gains expire in varying amounts in the years shown below.

⁽⁴⁾ Capital losses realized during the period November 1, 2007 through March 31, 2008 which the Fund elected to defer to the following taxable year pursuant to federal income tax regulations.

As of March 31, 2008, the Funds had accumulated capital losses expiring in the following years (amounts in thousands). The Funds will resume capital gain distributions in the future to the extent gains are realized in excess of accumulated capital losses.

	Expiration of Accumulated Capital Losses (amounts in thousands)
	2011		2012		2013		2014		2015		2016
California Intermediate Municipal Bond Fund	$	2	$	1,829	$	1,546	$	1,180	$	229	$	1,476
High Yield Municipal Bond Fund		0		0		0		0		0		3,645
Municipal Bond Fund		4,660		419		570		1,180		0		0
New York Municipal Bond Fund		0		0		0		0		0		39
Short Duration Municipal Income Fund		0		2,228		4,137		1,740		0		0

As of March 31, 2008, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation) (5)
California Intermediate Municipal Bond Fund	$	143,063	$	1,948	$	(3,185	)	$	(1,237	)
California Short Duration Municipal Income Fund		20,969		25		(75	)		(50	)
High Yield Municipal Bond Fund		195,176		268		(18,218	)		(17,950	)
Municipal Bond Fund		522,286		6,496		(19,042	)		(12,546	)
New York Municipal Bond Fund		73,407		976		(1,794	)		(818	)
Short Duration Municipal Income Fund		199,462		1,612		(4,974	)		(3,362	)

⁽⁵⁾ Primary differences between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals.

46 PIMCO Funds

    
March 31, 2008

For the fiscal years ended March 31, 2008 and March 31, 2007, respectively, the Funds made the following tax basis distributions (amounts in thousands):

	March 31, 2008						March 31, 2007
	Tax-Exempt Income Distributions		Ordinary Income Distributions (6)		Long-Term Capital Gain Distributions		Tax-Exempt Income Distributions		Ordinary Income Distributions (6)		Long-Term Capital Gain Distributions
California Intermediate Municipal Bond Fund	$	5,298	$	237	$	0	$	5,337	$	209	$	0
California Short Duration Municipal Income Fund		431		47		0		64		0		0
High Yield Municipal Bond Fund		6,650		324		0		416		71		0
Municipal Bond Fund		17,499		1,169		0		15,074		817		0
New York Municipal Bond Fund		2,085		446		39		1,393		225		38
Short Duration Municipal Income Fund		8,318		594		0		9,787		827		0

⁽⁶⁾ Includes short-term capital gains, if any, distributed.

Annual Report March 31, 2008 47

GLOSSARY: (abbreviations that may be used in the preceding statements)

Counterparty Abbreviations:
ABN	ABN AMRO Bank, N.V.	CSFB	Credit Suisse First Boston	NAB	National Australia Bank Limited
AIG	AIG International, Inc.	DUB	Deutsche Bank AG	RBC	Royal Bank of Canada
BOA	Bank of America	GSC	Goldman Sachs & Co.	RBS	Royal Bank of Scotland Group PLC
BCLY	Barclays Bank PLC	HSBC	HSBC Bank USA	SOG	Societe Generale
BEAR	Bear Stearns & Co., Inc.	JPM	JPMorgan Chase & Co.	UBS	UBS Warburg LLC
BNP	BNP Paribas Bank	LEH	Lehman Brothers, Inc.	WAC	Wachovia Bank N.A.
CITI	Citibank N.A.	MLP	Merrill Lynch & Co., Inc.
CBA	Commonwealth Bank of Australia	MSC	Morgan Stanley
Currency Abbreviations:
AED	UAE Dirham	HUF	Hungarian Forint	PHP	Philippines Peso
AUD	Australian Dollar	IDR	Indonesian Rupiah	PLN	Polish Zloty
BRL	Brazilian Real	ILS	Israeli Shekel	RON	Romanian Leu
CAD	Canadian Dollar	INR	Indian Rupee	RUB	Russian Ruble
CLP	Chilean Peso	JPY	Japanese Yen	SAR	Saudi Riyal
CNY	Chinese Yuan Renminbi	KRW	South Korean Won	SEK	Swedish Krona
COP	Colombia Peso	KZT	Kazakhstan Tenge	SGD	Singapore Dollar
CZK	Czech Koruna	KWD	Kuwaiti Dinar	SKK	Slovakian Koruna
DKK	Danish Krone	MXN	Mexican Peso	TRY	Turkish Lira
EGP	Egyptian Pound	MYR	Mexican Peso	TWD	Taiwan Dollar
EUR	Euro	NOK	Norwegian Krone	USD	United States Dollar
GBP	British Pound Sterling	NZD	New Zealand Dollar	UYU	Uruguay Peso
HKD	Hong Kong Dollar	PEN	Peruvian Nuevo Sol	ZAR	South African Rand
Exchange Abbreviations:
AMEX	American Stock Exchange	LMEX	London Metal Exchange
CBOT	Chicago Board of Trade	NYBEX	New York Board of Trade
CME	Chicago Mercantile Exchange	NYMEX	New York Mercantile Exchange
FTSE	Financial Times Stock Exchange	OTC	Over-the-Counter
ICEX	Iceland Stock Exchange
Index Abbreviations:
CDI	Credit Default Swap Index	GSCI	Goldman Sachs Commodity Index Total Return
CDX	Credit Derivatives Index	HICP	Harmonized Index of Consumer Prices
CMBX	Commercial Mortgage-Backed Index	LCDX	Liquid Credit Derivative Index
CPI	Consumer Price Index	RPI	Retail Price Index
DJAIGCI	Dow Jones-AIG Commodity Index	UKRPI	United Kingdom Retail Price Index
DJAIGTR	Dow Jones-AIG Commodity Index Total Return	USSP	USD Swap Spread
EAFE	Europe, Australasia, and Far East Index
Municipal Bond or Agency Abbreviations:
ACA	American Capital Access Holding Ltd.	HUD	U.S. Department of Housing and Urban Development
AGC	Assured Guaranty Corp.	IBC	Insured Bond Certificate
AMBAC	American Municipal Bond Assurance Corp.	MAIA	Michigan Association of Insurance Agents
CA	California Mortgage	MBIA	Municipal Bond Investors Assurance
FGIC	Financial Guaranty Insurance Co.	PSF	Public School Fund
FHA	Federal Housing Administration	Q-SBLF	Qualified School Bond Loan Fund
FHLMC	Federal Home Loan Mortgage Corporation	Radian	Radian Guaranty, Inc.
FNMA	Federal National Mortgage Association	ST	State
FSA	Financial Security Assurance, Inc.	VA	Department of Veterans Affairs
GNMA	Government National Mortgage Association	XLCA	XL Capital Assurance
GTD	Guaranteed
Other Abbreviations:
ABS	Asset-Backed Security	IG	Investment Grade
CMBS	Collateralized Mortgage-Backed Security	LIBOR	London Interbank Offered Rate
CMM	Constant Maturity Mortgage Rate	MBS	Mortgage-Backed Security
CMO	Collateralized Mortgage Obligation	MSCI	Morgan Stanley Capital International
EM	Emerging Markets	REIT	Real Estate Investment Trust
EURIBOR	Euro Interbank Offered Rate	SPDR	Standard & Poor’s Depository Receipts
HVOL	High Volatility	TIIE	Tasa de Interés Interbancaria de Equilibrio
HY	High Yield	WTI	West Texas Intermediate

48 PIMCO Funds

Report of Independent Registered Public Accounting Firm

To the Trustees and Class D Shareholders of the PIMCO Funds

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights for the Class D shares present fairly, in all material respects, the financial position of the California Intermediate Municipal Bond Fund, California Short Duration Municipal Income Fund, High Yield Municipal Bond Fund, Municipal Bond Fund, New York Municipal Bond Fund, and Short Duration Municipal Income Fund, six of the seventy Funds constituting the PIMCO Funds, (hereafter referred to as the “Funds”) at March 31, 2008, the results of each of their operations for the year then ended, the changes in each of their net assets and the financial highlights of the Funds for the Class D shares for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2008 by correspondence with the custodian and counterparties, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Kansas City, Missouri

May 28, 2008

Annual Report March 31, 2008 49

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code (“Code”) and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Trust’s fiscal year end (March 31, 2008) regarding the status of dividend received deduction, qualified dividend income, qualified interest income, and qualified short-term capital gain.

Dividend Received Deduction.  Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Fund’s dividend distribution that qualifies under tax law. The percentage of each Fund’s fiscal 2008 ordinary income dividends that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income.  Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), the following percentages of ordinary dividends paid during the fiscal year ended March 31, 2008 are designated as “qualified dividend income”, as defined in the Act, subject to reduced tax rates.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only).  Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2008 are considered to be derived from “qualified interest income,” as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2008 are considered to be derived from “qualified short-term capital gain,” as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

	Dividend Received Deduction %	Qualified Dividend Income %	Qualified Interest Income (000s)		Qualified Short-Term Capital Gain (000s)
High Yield Municipal Bond Fund	0.00%	0.00%	$	0	$	16
New York Municipal Bond Fund	0.00%	0.00%		0		42

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2009, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2008.

50 PIMCO Funds

Management of the Trust (Unaudited)

The chart below identifies the Trustees and Officers of the Trust. Each “interested” Trustee as defined by the 1940 Act, is indicated by an asterisk (*). Unless otherwise indicated, the address of all persons below is 840 Newport Center Drive, Newport Beach, CA 92660.

The Funds’ Statement of Additional Information includes more information about the Trustees. To request a free copy, call PIMCO at 1-800-927-4648.

Trustees of the Trust

Name, Age and Position Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Interested Trustees
Brent R. Harris* (48) Chairman of the Board and Trustee	02/1992 to Present	Managing Director and member of Executive Committee, PIMCO. Formerly, Director, PCM Fund, Inc.	101	Chairman and Trustee, PIMCO Variable Insurance Trust; Director and Vice President, StocksPLUS® Management Inc.; and member of Board of Governors and Executive Committee, Investment Company Institute.
R. Wesley Burns* (48) Trustee	11/1997 to Present	Consulting Managing Director, PIMCO. Formerly, Managing Director, PIMCO. Formerly, Director, PCM Fund, Inc.	102	Trustee, PIMCO Variable Insurance Trust; Chairman and Director, PIMCO Strategic Global Government Fund, Inc.; and Director PS Business Parks, Inc. (a Real Estate Investment Trust).
Independent Trustees
E. Philip Cannon (67) Trustee	05/2000 to Present	Proprietor, Cannon & Company (an investment firm). Formerly, President, Houston Zoo (until 2005). Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust. Formerly, Trustee, Allianz Funds (formerly, PIMCO Funds: Multi-Manager Series).
Vern O. Curtis (73) Trustee	02/1995 to Present	Private Investor. Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust.
J. Michael Hagan (68) Trustee	05/2000 to Present	Private Investor and Business Adviser (primarily for manufacturing companies). Formerly, Director, Remedy Temp (staffing). Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust; Director, Ameron International (manufacturing); and Director, Fleetwood Enterprises (manufacturer of housing and recreational vehicles).
William J. Popejoy (70) Trustee	07/1993 to 02/1995 and 08/1995 to Present	Private Investor. Formerly, Director, New Century Financial Corporation (mortgage banking). Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust.

* Each of Mr. Harris and Mr. Burns is an “interested person” of the Trust (as the term is defined in the 1940 Act) because of his affiliations with PIMCO.

** Trustees serve until their successors are duly elected and qualified.

Annual Report March 31, 2008 51

Management of the Trust  (Cont.)

Executive Officers

Name, Age and Position Held with Trust	Term of Office*** and Length of Time Served	Principal Occupation(s) During Past 5 Years
Ernest L. Schmider (50) President	05/2005 to Present	Managing Director, PIMCO.
David C. Flattum (43) Chief Legal Officer	11/2006 to Present	Executive Vice President and General Counsel, PIMCO. Formerly, Managing Director, Chief Operating Officer and General Counsel, Allianz Global Investors of America L.P. and Partner at Latham and Watkins LLP.
Jennifer E. Durham (37) Chief Compliance Officer	07/2004 to Present	Senior Vice President, PIMCO. Formerly, Vice President and Legal/Compliance Manager, PIMCO.
William H. Gross (63) Senior Vice President	04/1987 to Present	Managing Director and Chief Investment Officer, PIMCO.
Jeffrey M. Sargent (45) Senior Vice President	02/1993 to Present (since 02/1999 as Senior Vice President)	Executive Vice President, PIMCO. Formerly, Senior Vice President, PIMCO.
William S. Thompson, Jr. (62) Senior Vice President	11/1993 to Present (since 02/2003 as Senior Vice President)	Chief Executive Officer and Managing Director, PIMCO.
J. Stephen King, Jr. (45) Vice President - Senior Counsel and Secretary	05/2005 to Present	Senior Vice President and Attorney, PIMCO. Formerly, Vice President, PIMCO; and Associate, Dechert LLP.
Joshua D. Ratner (31) Assistant Secretary	10/2007 to Present	Vice President and Attorney, PIMCO. Formerly, Associate, Skadden, Arps, Slate, Meagher & Flom LLP.
Henrik P. Larsen (38) Vice President	02/1999 to Present	Senior Vice President, PIMCO. Formerly, Vice President, PIMCO.
John P. Hardaway (50) Treasurer	08/1990 to Present	Executive Vice President, PIMCO. Formerly, Senior Vice President, PIMCO.
Erik C. Brown (40) Assistant Treasurer	02/2001 to Present	Senior Vice President, PIMCO. Formerly, Vice President, PIMCO.
Trent W. Walker (33) Assistant Treasurer	05/2007 to Present	Senior Vice President, PIMCO. Formerly, Vice President, PIMCO; Senior Manager, PricewaterhouseCoopers LLP.
Stacie D. Anctil (38) Assistant Treasurer	11/2003 to Present	Vice President, PIMCO. Formerly, Specialist, PIMCO.

*** The Officers of the Trust are re-appointed annually by the Board of Trustees.

52 PIMCO Funds

Privacy Policy (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet websites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Funds’ Distributor may also retain non-affiliated companies to market the Funds’ shares or products which use the Funds’ shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

Annual Report March 31, 2008 53

PIMCO Funds

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, CA 92660

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, NY 10105-4800

Custodian

State Street Bank and Trust Company

801 Pennsylvania

Kansas City, MO 64105

Shareholder Servicing Agent and Transfer Agent

PFPC, Inc.

P.O. Box 9688

Providence, RI 02940

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, MO 64105

For Account Information

For PIMCO Funds account information contact your financial advisor, or if you receive account statements information directly from Allianz Global Investors, you can also call 1-800-426-0107. Telephone representatives are available Monday-Friday 8:30 am to 8:00 pm Eastern Time. Or visit our website, www.allianzinvestors.com.

Allianz Global Investors is one of the world’s largest asset management companies, with over $1 trillion under management. Our investment solutions—including the PIMCO Funds and Allianz Funds, separately managed accounts and closed-end funds—offer access to a premier group of institutional investment firms, carefully assembled by Allianz to represent a broad spectrum of asset classes and investment styles.

n   PIMCO	n   Cadence Capital Management	n   Nicholas-Applegate
n   NFJ Investment Group	n   RCM	n   Oppenheimer Capital

www.allianzinvestors.com

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

Assets under management as of 3/31/08. Allianz Global Investors Fund Management LLC serves as the investment manager for the Allianz Funds and for the closed-end funds. PIMCO is the investment manager for the PIMCO Funds. Managed accounts are available through Allianz Global Investors Managed Accounts LLC. The PIMCO Funds and Allianz Funds are distributed by Allianz Global Investors Distributors LLC. ^© 2008. For information about any product, contact your financial advisor.                                AZ022AR_21167

PIMCO Funds

Annual Report

MARCH 31, 2008

Share Class

CORE BOND

PIMCO Total Return Fund

SHORT-DURATION BOND

PIMCO Short-Term Fund

PIMCO Low Duration Fund

INCOME

PIMCO Income Fund

CREDIT STRATEGY

PIMCO High Yield Fund

INTERNATIONAL BOND

PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)

REAL RETURN STRATEGY

PIMCO Real Return Fund

EQUITY-RELATED

PIMCO StocksPLUS^® Fund

ASSET ALLOCATION

PIMCO All Asset Fund

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectus. Investors should consider the investment objectives, risks, charges and expenses of this Fund carefully before investing. This and other information is contained in the Funds’ prospectus. Please read the prospectus carefully before you invest or send money.

Table of Contents

		Page
Chairman’s Letter		3
Important Information About the Funds		4
Benchmark Descriptions		15
Financial Highlights		92
Statements of Assets and Liabilities		96
Statements of Operations		98
Statements of Changes in Net Assets		100
Statement of Cash Flows		103
Notes to Financial Statements		104
Glossary		119
Report of Independent Registered Public Accounting Firm		120
Federal Income Tax Information		121
Management of the Trust		122
Privacy Policy		124
FUND	Fund Summary	Schedule of Investments
All Asset Fund	6	16
Foreign Bond Fund (U.S. Dollar-Hedged)	7	17
High Yield Fund	8	30
Income Fund	9	39
Low Duration Fund	10	45
Real Return Fund	11	53
Short-Term Fund	12	64
StocksPLUS® Fund	13	72
Total Return Fund	14	79

* This report incorporates a Summary Schedule of Investments for the Total Return Fund. A complete Schedule of Investments for the Total Return Fund may be obtained, without charge, upon request, by contacting a PIMCO Funds representative at (866)744-2606 and on the Securities and Exchange Commission’s website at http://www.sec.gov.

Chairman’s Letter

Dear PIMCO Funds Shareholder:

It is our pleasure to present to you the annual report for the PIMCO Funds covering the twelve-month period ended March 31, 2008. At the end of the period, net assets for the overall PIMCO Funds family stood at over $251 billion.

Highlights of the financial markets during the period include:

· Credit markets worldwide experienced an exceptionally severe loss of liquidity brought on by declining U.S. residential property values, the continuing subprime mortgage debacle, and a rare de-leveraging of financial markets. In response, global central banks injected substantial liquidity into the banking system and reversed monetary policy from earlier in the period to either a neutral or an easing bias.

· The Federal Reserve reduced the Federal Funds Rate six times from 5.25% to 2.25% and reduced the discount rate eight times from 6.25% to 2.50%. Additionally, the Federal Reserve expanded its securities lending program to include the exchange of U.S. Treasuries for mortgage-linked bonds, opened its lending window to investment banks and participated in the bailout of a major U.S. brokerage firm. The Bank of England reduced its key-lending rate twice from 5.75% to 5.25% after raising the rate two times earlier in the fiscal period. The European Central Bank raised the overnight rate in June to 4.00%, but then paused, while the Bank of Japan kept its policy rate unchanged at 0.50% for the period.

· Government bond yields declined worldwide as investors moved into higher-quality assets due to the credit and liquidity crisis, which has gripped financial markets since the second half of 2007 and intensified during the latter part of the period. The yield on the ten-year U.S. Treasury declined by 1.24% to end the period at 3.41%. Yields on Japanese, European, and U.K. government bonds declined at a more measured pace than in the U.S. The Lehman Brothers U.S. Aggregate Index, a widely used index comprised of U.S. Treasury, investment-grade corporate and mortgage-backed securities, returned 7.67% for the period.

· Global and foreign bond yields generally lagged the comparable U.S. bond market on a hedged basis, while generally outperforming the comparable U.S. bond market on an unhedged basis due to a depreciating U.S. dollar.

· Returns of high-quality mortgage-backed securities (“MBS”) issued by the major mortgage agencies (Freddie Mac, Fannie Mae and Ginnie Mae) lagged U.S. Treasuries on a like-duration basis, but generally fared better than most non-U.S. Treasury sectors, amid a global repricing of risk caused by subprime losses and balance sheet constraints. Mortgage yield premiums rose to historically wide levels as liquidity was withdrawn due to unprecedented balance sheet problems, initiating a wave of margin calls and forced selling by leveraged institutions.

· Treasury Inflation-Protected Securities (“TIPS”), as represented by the Lehman Brothers U.S. TIPS Index, returned 14.54% for the period, while U.S. equities, as measured by the S&P 500 Index, declined 5.08%.

On the following pages, please find specific details as to each Fund’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs. If you have any questions regarding your PIMCO Funds investment, please contact your financial advisor, or call Allianz Global Investors at 1-800-426-0107. We also invite you to visit www.allianzinvestors.com.

Sincerely,

Brent R. Harris

Chairman of the Board, PIMCO Funds

April 29, 2008

Annual Report March 31, 2008 3

Important Information About the Funds

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities held by a Fund are likely to decrease in value. The price volatility of fixed-income securities can also increase during periods of rising interest rates resulting in increased losses to a Fund.

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 or funds with shorter durations.

The Funds may be subject to various risks as described in each Fund’s prospectus. Some of those risks may include, but are not limited to, the following: interest rate risk, credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, commodity risk, equity risk, mortgage-related and other asset-backed risk, foreign (non-U.S.) investment risk, emerging markets risk, real estate risk, currency risk, issuer non-diversification risk, leveraging risk, smaller company risk, management risk, California state-specific risk, New York state specific risk, tax risk, subsidiary risk, municipal project-specific risk, short sale risk, allocation risk and underlying fund risks. A complete description of these and other risks is contained in the Funds’ prospectus. The Funds may use derivative instruments for hedging purposes or as part of an 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, leverage risk and the risk that a fund could not close out a position when it would be most advantageous to do so. Funds investing in derivatives could lose more than the principal amount invested in these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. 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. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified fund. The credit quality of a particular security or group of securities does not ensure the stability or safety of the overall portfolio.

The PIMCO All Asset Fund invests in a portfolio of mutual funds. The cost of investing in this Fund will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds.

The inception date on each Fund’s performance page is the inception date of the Fund’s oldest share class or classes. For each Fund, the oldest share class is the Institutional share class with the exception of PIMCO Real Return Fund and PIMCO Income Fund (Class A Shares). The R Shares for each Fund were first offered in 12/02 except PIMCO All Asset Fund, which was first offered in 1/06 and PIMCO Income Fund, which was first offered in 3/07. Returns measure performance from the inception of the oldest share class to the present, so some returns predate the inception of the R Share class. Those returns are calculated by adjusting the returns of the oldest share class to reflect the R shares’ different charges and expenses. Total return performance assumes that all dividend and capital gain distributions were reinvested on the payable date. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Cumulative Returns charts assume the initial investment of $10,000 was made at the beginning of the first full month following the class’ inception. The charts and Average Annual Total Return tables reflect any sales load that would have applied at the time of purchase or any contingent deferred sales charge that would have applied if a full redemption occurred on the last business day of the most recent fiscal year. Results assume that all dividends and capital gain distributions were reinvested. Results assume fees and expenses and results do not take into account the effect of taxes. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

In addition to its benchmark, each Fund measures its performance against a Lipper Average, which is calculated by Lipper, Inc. (“Lipper”), a Reuters Company, and represents the total return performance averages of funds that are tracked by Lipper that have the same Fund Classification. Lipper does not take into account fees, expenses or taxes.

This report incorporates a Summary Schedule of Investments for the Total Return Fund. A complete Schedule of Investments for the Total Return Fund may be obtained, without charge, upon request, by contacting a PIMCO Funds representative at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

An investment in a Fund is not a deposit of a bank and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Funds.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by PIMCO Funds as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606, on the Allianz Global Investors Distributors’ website at www.allianzinvestors.com, and on the SEC’s website at http://www.sec.gov.

4 PIMCO Funds

PIMCO Funds files a complete schedule of each Fund’s portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Funds’ Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Funds’ website at www.pimco-funds.com. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

The following disclosure provides important information regarding each Fund’s Expense Example, which appears on each Fund’s individual page in this Annual Report. Please refer to this information when reviewing the Expense Example for a Fund.

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption and exchange fees, and (2) ongoing costs, including advisory and administrative fees, distribution and/or service (12b-1) fees, and other Fund expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, from 10/1/07 to 3/31/08.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the first column in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Accounts with a minimum balance of $1,000 or less may be charged a fee of $16.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical Performance (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the information under the heading “Hypothetical Performance (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary from period to period because of various factors such as an increase in expenses that are not covered by the advisory and administrative fees such as fees and expenses of the trustees and their counsel, extraordinary expenses and interest expense.

Annual Report March 31, 2008 5

PIMCO All Asset Fund
	Class R:	PATRX

Portfolio Insights

Ÿ The Fund seeks maximum real return, consistent with preservation of real capital and prudent investment management, by investing under normal circumstances substantially all of its assets in Institutional Class shares of the Underlying Funds (i.e., any of the PIMCO Funds, except the PIMCO All Asset All Authority Fund, PIMCO RealRetirement 2010 Fund, PIMCO RealRetirement 2020 Fund, PIMCO RealRetirement 2030 Fund, PIMCO RealRetirement 2040 Fund, and PIMCO RealRetirement 2050 Fund).

Ÿ Significant exposure to U.S. Treasury Inflation-Protected Securities (“TIPS”), through inflation-related strategies such as the PIMCO Real Return Fund, benefited performance as U.S. TIPS posted strong gains over the period.

Ÿ Exposure to emerging market currencies and locally-issued emerging market bonds, through the PIMCO Developing Local Markets Fund and PIMCO Emerging Local Bond Fund, benefited performance as most emerging market currencies appreciated versus the U.S. dollar.

Ÿ Exposure to commodities, through the PIMCO CommodityRealReturn Strategy Fund^®, benefited performance as the PIMCO CommodityRealReturn Strategy Fund^® posted a net of fees return of 34.08% over the period.

Ÿ Exposure to equity strategies, primarily through the PIMCO Fundamental IndexPLUS^™ TR Fund and PIMCO International StocksPLUS^® TR Strategy Fund (U.S. Dollar-Hedged), detracted from performance as both U.S. and international equities declined.

Ÿ Significant exposure to short-term strategies, particularly through the PIMCO Floating Income Fund, detracted from performance as the PIMCO Floating Income Fund posted a negative return during the period.

Ÿ Exposure to Real Estate Investment Trusts, through the PIMCO RealEstateRealReturn Strategy Fund, detracted from returns, though the total exposure was negligible.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	Fund Inception (07/31/02)
	PIMCO All Asset Fund Class R	5.60%	8.08%	9.67%
	Lehman Brothers U.S. TIPS: 1-10 Year Index	14.71%	6.25%	7.10%
	Consumer Price Index + 500 Basis points	9.28%	8.26%	8.31%
	Lipper Flexible Portfolio Funds Average	1.94%	11.66%	10.09%

All Fund returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 7 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class R shares is 1.755%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

PIMCO Funds Allocation^‡

Real Return Fund	12.4%
Real Return Asset Fund	12.2%
Developing Local Markets Fund	10.0%
Emerging Local Bond Fund	8.6%
Floating Income Fund	8.2%
Emerging Markets Bond Fund	7.0%
Total Return Fund	6.9%
Low Duration Fund	5.6%
Other	29.1%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class R		Class R
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,014.28	$	1,019.45
Expenses Paid During Period†	$	5.59	$	5.61

^† Expenses are equal to the net annualized expense ratio of 1.111% for Class R, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The expense ratio excludes the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund. The Underlying Fund expenses attributable to advisory and administrative fees are currently capped at 0.64% of the total assets invested in underlying Funds. The annualized expense ratio of 1.111% for Class R reflects net annualized expenses after application of an Advisory Fee waiver of 0.01%.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

6 PIMCO Funds

PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)
	Class R:	PFRRX

Portfolio Insights

Ÿ The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing under normal circumstances at least 80% of its assets in fixed-income instruments that are economically tied to foreign (non U.S.) countries, representing at least three foreign countries, which may be represented by futures contracts (including related options) with respect to such securities, and options on such securities.

Ÿ An overweight to U.S. duration and a curve-steepening bias from March 2007 through February 2008 contributed to returns as U.S. yields declined and the yield curve steepened over that time frame.

Ÿ An overweight to U.K. duration in September 2007 through March 2008 and a curve- steepening bias for the entire year benefited performance as U.K. yields declined and the curve steepened.

Ÿ An overweight to Eurozone duration from November 2007 through March 2008 benefited performance as Eurozone yields declined.

Ÿ Exposure to U.K. swap spreads throughout the year detracted from performance as U.K. swap spreads widened versus U.K. Gilts.

Ÿ An overweight to mortgage-backed securities detracted from performance as mortgages underperformed U.S. Treasuries over the year.

Ÿ An allocation to bank capital securities from October 2007 to March 2008 detracted from performance as their spreads widened versus U.S. Treasuries.

Ÿ A long position in foreign currencies, such as the Australian dollar, the Brazilian real, the Malaysia ringgit and the Russian ruble, versus the U.S dollar added to returns as these currencies appreciated versus the U.S. dollar over the fiscal year.

Ÿ A short position in the British pound and a long position in the Korean won detracted from returns as the British pound appreciated versus the U.S. dollar while the Korean won declined for the period.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	10 Years	Fund Inception   (12/02/92)*
	PIMCO Foreign Bond Fund (U.S. Dollar-Hedged) Class R	5.25%	3.93%	5.21%	7.13%
	JPMorgan GBI Global ex-U.S. Index Hedged in USD	6.37%	4.35%	5.69%	7.18%
	Lipper International Income Funds Average	14.70%	6.97%	6.10%	6.50%

All Fund returns are net of fees and expenses.

* The Fund began operations on 12/02/92. Index comparisons began on 11/30/92.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 30 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class R shares is 1.20%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

United States	50.1%
Japan	18.2%
Germany	8.2%
France	5.3%
Short-Term Instruments	4.2%
Other	14.0%

^‡ % of Total Investments as of 03/31/2008

	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class R		Class R
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,045.88	$	1,015.60
Expenses Paid During Period†	$	9.62	$	9.47

^† Expenses are equal to the net annualized expense ratio of 1.88% for Class R, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

Annual Report March 31, 2008 7

PIMCO High Yield Fund
	Class R:	PHYRX

Portfolio Insights

Ÿ The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing under normal circumstances at least 80% of its assets in a diversified portfolio of high-yield securities (“junk bonds”), which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements, rated below investment-grade but rated at least Caa by Moody’s, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality, subject to a maximum of 5% of its total assets in securities rated Caa by Moody’s, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality.

Ÿ As the home construction and building products sectors underperformed the high-yield market, an underweight to both industry categories was a significant contributor to relative performance.

Ÿ Security selection in the energy sector benefited performance as pipelines outperformed the broader sector by nearly 1.00%.

Ÿ An overweight to healthcare, one of the best performing sectors over the twelve-month period, added to returns.

Ÿ An underweight to consumer non-cyclicals, which outperformed the pharmaceuticals sector, detracted from performance.

Ÿ As the metals and mining sector posted relatively strong returns, alongside a rally in commodities, an underweight to the sector detracted from relative returns.

Ÿ Exposure to BBB-rated issues, which outperformed all lower-quality tiers of the corporate market, benefited performance.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	10 Years	Fund Inception    (12/15/92)*
	PIMCO High Yield Fund Class R	-0.96%	7.49%	5.02%	7.50%
	Merrill Lynch U.S. High Yield, BB-B Rated, Constrained Index	-1.55%	7.83%	5.03%	7.26%
	Lipper High Current Yield Funds Average	-4.56%	7.40%	3.32%	6.04%

All Fund returns are net of fees and expenses

* The Fund began operations on 12/15/92. Index comparisons began on 12/31/92.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares maybe worth more or less than original cost when redeemed. Current performance maybe lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 30 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class R shares is 1.15%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

Corporate Bonds & Notes	62.4%
Short-Term Instruments	12.2%
U.S. Government Agencies	9.8%
Bank Loan Obligations	6.0%
Foreign Currency-Denominated Issues	3.6%
Other	6.0%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class R		Class R
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	982.50	$	1,019.25
Expenses Paid During Period†	$	5.70	$	5.81

^† Expenses are equal to the net annualized expense ratio of 1.15% for Class R, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

8 PIMCO Funds

PIMCO Income Fund
	Class R:	PONRX

Portfolio Insights

Ÿ The Fund seeks to maximize current income by investing under normal circumstances at least 65% of its total assets in a multi-sector portfolio of fixed-income instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements.

Ÿ The Fund’s above-benchmark duration in the first nine months delivered positive returns. However, the Fund’s lower than index duration during the first quarter of 2008 detracted from performance as rates declined substantially.

Ÿ Curve steepening strategies benefited returns as the yield curve steepened during the period.

Ÿ An overweight to mortgage-backed securities was the primary detractor to Fund performance as spreads widened significantly during the period.

Ÿ An overweight to corporates detracted from performance as spreads widened.

Ÿ Positions in high yield and emerging markets detracted from performance as spreads widened.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	Fund Inception    (03/30/07)*
	PIMCO Income Fund Class R	4.41%	4.40%
	Lehman Brothers U.S. Aggregate Index	7.67%	7.65%
	Lipper Multi-Sector Income Funds Average	1.81%	1.81%

All Fund returns are net of fees and expenses.

* The Fund began operations on 03/30/07. Index comparisons began on 03/31/07.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 7 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class R shares is 1.17%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Government Agencies	65.4%
Corporate Bonds & Notes	12.3%
Mortgage-Backed Securities	9.5%
Short-Term Instruments	6.2%
Asset-Backed Securities	4.1%
Other	2.5%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class R		Class R
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,023.83	$	1,015.75
Expenses Paid During Period†	$	9.36	$	9.32

^† Expenses are equal to the net annualized expense ratio of 1.85% for Class R, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The annualized expense ratio of 1.85% for Class R reflects net annualized expenses after application of an expense reduction of 2.64%.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

Annual Report March 31, 2008 9

PIMCO Low Duration Fund
	Class R:	PLDRX

Portfolio Insights

Ÿ The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing under normal circumstances at least 65% of its total assets in a diversified portfolio of fixed-income instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements.

Ÿ Above-benchmark duration exposure benefited performance as interest rates declined during the period.

Ÿ An emphasis on the shorter end of the yield curve added to returns as the yield curve steepened during the period.

Ÿ An emphasis on mortgage-backed securities detracted from returns as mortgage-backed securities underperformed U.S. Treasuries.

Ÿ Exposure to the high-yield and corporate sectors detracted from performance as these sectors underperformed U.S. Treasuries.

Ÿ A small exposure to emerging markets detracted from performance as the sector underperformed like-duration U.S. Treasuries.

Ÿ Tactical exposure to non-U.S. issues, with a focus on shorter-maturity U.K. securities, detracted from returns as these positions underperformed comparable U.S. Treasuries.

Ÿ Exposure to a basket of currencies contributed to performance as the U.S. dollar weakened during the period.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	10 Years	Fund Inception    (05/11/87)*
	PIMCO Low Duration Fund Class R	6.93%	2.97%	4.42%	6.02%
	Merrill Lynch 1-3 Year U.S. Treasury Index	8.99%	3.61%	4.91%	6.14%
	Lipper Short Investment Grade Debt Funds Average	2.16%	2.50%	4.08%	5.49%

All Fund returns are net of fees and expenses.

* The Fund began operations on 05/11/87. Index comparisons began on 04/30/87.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class R shares is 1.10%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Government Agencies	34.6%
Corporate Bonds & Notes	25.3%
Short-Term Instruments	16.0%
Mortgage-Backed Securities	13.4%
Asset-Backed Securities	7.6%
Other	3.1%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class R		Class R
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,037.77	$	1,019.50
Expenses Paid During Period†	$	5.60	$	5.55

^† Expenses are equal to the net annualized expense ratio of 1.10% for Class R, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

10 PIMCO Funds

PIMCO Real Return Fund
	Class R:	PRRRX

Portfolio Insights

Ÿ The Fund seeks maximum real return, consistent with preservation of real capital and prudent investment management, by investing under normal circumstances at least 80% of its net assets in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities, and corporations, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements.

Ÿ An overweight to U.S. Treasury Inflation-Protected Securities (“TIPS) versus U.S. nominal bonds in July 2007 through November 2007 benefited performance as U.S. TIPS outperformed nominal bonds over the period.

Ÿ Positioning for a steeper U.S. nominal yield curve benefited performance as the two-year U.S. Treasury yield fell more than the 30-year U.S. Treasury yield over the period.

Ÿ A U.K. nominal yield curve steepening bias benefited performance as the two-year U.K. Gilt yield fell more than the 30-year yield over the period.

Ÿ Exposure to emerging market currencies benefited performance as most emerging market currencies appreciated versus the U.S. dollar.

Ÿ Holdings of U.S. mortgage-backed securities detracted from performance as they underperformed like-duration U.S. Treasuries.

Ÿ An emphasis on nominal bonds in Europe versus inflation-linked bonds (“ILBs”) detracted from performance as ILBs outperformed their nominal counterparts in the region.

Ÿ Modest allocations to Japanese ILBs versus nominal bonds in August 2007 through March 2008 detracted from performance as ILBs underperformed their nominal counterparts in Japan.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	10 Years	Fund Inception    (01/29/97)*
	PIMCO Real Return Fund Class R	14.05%	6.29%	7.88%	7.40%
	Lehman Brothers U.S. TIPS Index	14.54%	6.75%	7.96%	7.37%
	Lipper Treasury Inflation Protected Securities Funds Average	12.62%	5.94%	7.20%	6.93%

All Fund returns are net of fees and expenses

* The Fund began operations on 01/29/97. Index comparisons began on 01/31/97

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class R shares is 1.15%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Treasury Obligations	51.5%
U.S. Government Agencies	20.8%
Short-Term Instruments	18.6%
Corporate Bonds & Notes	4.3%
Foreign Currency-Denominated Issues	2.4%
Other	2.4%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class R		Class R
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,106.84	$	1,019.25
Expenses Paid During Period†	$	6.06	$	5.81

^† Expenses are equal to the net annualized expense ratio of 1.15% for Class R, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

Annual Report March 31, 2008 11

PIMCO Short-Term Fund
	Class R:	PTSRX

Portfolio Insights

Ÿ The Fund seeks maximum current income, consistent with preservation of capital and daily liquidity, by investing under normal circumstances at least 65% of its total assets in a diversified portfolio of fixed-income instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements.

Ÿ An above-benchmark U.S. duration slightly benefited returns as interest rates declined across the yield curve during the period.

Ÿ Curve steepening strategies added to returns as the yield curve steepened during the period.

Ÿ Exposure to U.K. short-term rates during the first quarter of 2008 modestly benefited performance as rates declined.

Ÿ Positions in spread sectors, including mortgage-backed securities and corporate bonds, were the primary drivers of underperformance as spreads widened significantly.

Ÿ Exposure to a basket of foreign currencies added to returns as the U.S. dollar depreciated versus emerging market currencies during the period.

Average Annual Total Return for the period ended March 31, 2008

	1 Year	5 Years	10 Years	Fund Inception    (10/07/87)*
PIMCO Short-Term Fund Class R	3.07%	2.43%	3.56%	4.84%
Citigroup 3-Month Treasury Bill Index	4.19%	3.03%	3.56%	4.61%
Lipper Ultra-Short Obligations Funds Average	-0.24%	2.05%	3.49%	4.61%

All Fund returns are net of fees and expenses.

* The Fund began operations on 10/07/87. Index comparisons began on 09/30/87.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class R shares is 1.05%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Government Agencies	48.9%
Corporate Bonds & Notes	22.7%
Mortgage-Backed Securities	11.3%
Asset-Backed Securities	8.7%
Short-Term Instruments	5.8%
Other	2.6%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class R		Class R
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,011.93	$	1,019.65
Expenses Paid During Period†	$	5.38	$	5.40

^† Expenses are equal to the net annualized expense ratio of 1.07% for Class R, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

12 PIMCO Funds

PIMCO StocksPLUS® Fund
	Class R:	PSPRX

Portfolio Insights

Ÿ The Fund seeks total return, which exceeds that of the S&P 500 Index, by investing under normal circumstances substantially all of its assets in S&P 500 Index derivatives, backed by a short duration portfolio of fixed-income instruments.

Ÿ The S&P 500 Index posted a total return of -5.08% for the twelve-month period ended March 31, 2008, led by a significant decline in stocks within the financial sector. This detracted from total return performance of the Fund through the Fund’s derivative exposure to the Index.

Ÿ U.S. duration exposure benefited performance as U.S. Treasury rates declined substantially, amid the Federal Reserve’s reduction of the Federal Funds Rate, totaling 3.00% for the period.

Ÿ Curve steepening strategies added to returns as the two- to 30-year U.S. Treasury yield curve steepened during the period.

Ÿ Exposure to U.K. short-maturity rates during the first quarter of 2008 benefited returns as the relevant rates declined during this period.

Ÿ Positions in spread sectors, including mortgage-backed securities and corporates, were a significant detractor from performance as spreads widened.

Ÿ Exposure to a basket of emerging market currencies added to returns as emerging market currencies generally appreciated versus the U.S. dollar.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	10 Years	Fund Inception    (05/13/93)*
	PIMCO StocksPLUS® Fund Class R	-5.56%	9.95%	2.99%	9.40%
	S&P 500 Index	-5.08%	11.32%	3.50%	9.69%
	Lipper Large-Cap Core Funds Average	-5.54%	10.13%	2.74%	8.50%

All Fund returns are net of fees and expenses.

* The Fund began operations on 05/13/93. Index comparisons began on 04/30/93.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.allianzinvestors.com. A redemption fee of 2% may apply to shares that are redeemed or exchanged within 7 days of acquisition. Performance shown does not reflect any applicable redemption fees and would be lower if it did. Redemption fees are paid to and retained by the Fund and are not sales charges. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class R shares is 1.15%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

Corporate Bonds & Notes	34.1%
Short-Term Instruments	21.6%
U.S. Government Agencies	18.6%
Mortgage-Backed Securities	11.8%
Asset-Backed Securities	7.3%
Other	6.6%

^‡ % of Total Investments as of 03/31/2008

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class R		Class R
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	870.76	$	1,018.05
Expenses Paid During Period†	$	6.50	$	7.01

^† Expenses are equal to the net annualized expense ratio of 1.39% for Class R, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). Effective October 1, 2007, the Fund’s advisory fee was reduced by 0.05% to 0.25 % per annum.

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

Annual Report March 31, 2008 13

PIMCO Total Return Fund
	Class R:	PTRRX

Portfolio Insights

Ÿ The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing under normal circumstances at least 65% of its total assets in a diversified portfolio of fixed-income instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements.

Ÿ Tactical management of duration, which was primarily underweight versus the benchmark, detracted from performance as the ten-year U.S. Treasury yield was volatile during the period and as yields declined.

Ÿ A curve steepening bias in the U.S. and U.K. benefited performance as yield curves steepened dramatically in these countries, as measured by the difference between two- and 30-year yields.

Ÿ An overweight to mortgage-backed securities detracted from returns as this sector underperformed like-duration U.S. Treasuries.

Ÿ An underweight to corporate securities benefited performance as this sector underperformed like-duration U.S. Treasuries.

Ÿ A modest allocation to high-yield corporate bonds detracted from performance as they underperformed U.S. Treasuries.

Ÿ Exposure to emerging market bonds detracted from returns as the sector trailed like-duration U.S. Treasuries.

Ÿ Substituting real return bonds for nominal U.S. Treasuries benefited performance as U.S. Treasury Inflation-Protected Securities outperformed conventional, non-inflation linked U.S. Treasuries.

Ÿ Exposure to a variety of foreign currencies, with an emphasis on the Brazilian real and a basket of Asian currencies, benefited returns as these currencies appreciated relative to the U.S. dollar.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	10 Years	Fund Inception    (05/11/87)*
	PIMCO Total Return Fund Class R	10.02%	4.81%	6.14%	7.65%
	Lehman Brothers U.S. Aggregate Index	7.67%	4.58%	6.04%	7.53%
	Lipper Intermediate Investment Grade Debt Funds Average	3.73%	3.58%	5.09%	6.83%

All Fund returns are net of fees and expenses.

* The Fund began operations on 05/11/87. Index comparisons began on 04/30/87.

Performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. The Fund’s gross expense ratio for Class R shares is 1.15%. Expense ratio information is as of the Fund’s current prospectus dated 10/1/07, as supplemented to date.

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Government Agencies±	60.4%
Corporate Bonds & Notes	23.1%
Short-Term Instruments	5.7%
Mortgage-Backed Securities	3.0%
Foreign Currency-Denominated Issues	3.0%
Other	4.8%

^‡ % of Total Investments as of 03/31/2008

^± Includes mortgage-backed securities of U.S. Government Agencies not backed by the full faith and credit of the U.S. Government.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
	Class R		Class R
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,069.90	$	1,018.75
Expenses Paid During Period†	$	6.47	$	6.31

^† Expenses are equal to the net annualized expense ratio of 1.25% for Class R, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 5 herein for an explanation of the information presented in the above Expense Example.

14 PIMCO Funds

Benchmark Descriptions

Index	Description
Citigroup 3-Month Treasury Bill Index	Citigroup 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Consumer Price Index + 500 Basis Points	CPI + 500 Basis Points benchmark is created by adding 5% to the annual percentage change in the Consumer Price Index (“CPI”). This index reflects non-seasonally adjusted returns. The Consumer Price Index is an unmanaged index representing the rate of inflation of the 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. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
JPMorgan GBI Global ex-U.S. Index Hedged in USD	JPMorgan GBI Global ex-U.S. Index Hedged in USD is an unmanaged index market representative of the total return performance in U.S. dollars of major non-U.S. bond markets. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers U.S. Aggregate Index	Lehman Brothers U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers U.S. TIPS Index	Lehman Brothers U.S. TIPS Index is an unmanaged market index comprised of all U.S. Treasury Inflation Protected Securities rated investment grade (Baa3 or better), have at least one year to final maturity, and at least $250 million par amount outstanding. Performance data for this index prior to 10/97 represents returns of the Lehman Inflation Notes Index. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers U.S. TIPS: 1-10 Year Index	Lehman Brothers U.S. TIPS: 1-10 Year Index is an unmanaged index market comprised of U.S. Treasury Inflation Protected Securities having a maturity of at least 1 year and less than 10 years. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Merrill Lynch 1-3 Year U.S. Treasury Index	Merrill Lynch 1-3 Year U.S. Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least 1 year and less than 3 years. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Merrill Lynch U.S. High Yield, BB-B Rated, Constrained Index	Merrill Lynch U.S. High Yield, BB-B Rated, Constrained Index tracks the performance of BB-B Rated U.S. Dollar-denominated corporate bonds publicly issued in the U.S. domestic market. Qualifying bonds are capitalization-weighted provided the total allocation to an individual issuer (defined by Bloomberg tickers) does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro rata basis. Similarly, the face value of bonds of all other issuers that fall below the 2% cap are increased on a pro rata basis. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
S&P 500 Index	S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The Index focuses on the large-cap segment of the U.S. equities market. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.

Annual Report March 31, 2008 15

Schedule of Investments  All Asset Fund

	SHARES		VALUE (000S)
PIMCO FUNDS (a)(b) 99.9%
CommodityRealReturn Strategy Fund®	25,287,579	$	463,269
Convertible Fund	20,381,801		266,390
Developing Local Markets Fund	138,163,026		1,493,542
Diversified Income Fund	43,384,168		464,645
Emerging Local Bond Fund	129,842,384		1,281,544
Emerging Markets Bond Fund	97,503,971		1,041,342
Floating Income Fund	135,431,353		1,225,654
Foreign Bond Fund (Unhedged)	4,727,129		54,551
Fundamental Advantage Total Return Strategy Fund	31,727,003		317,270
Fundamental IndexPLUS™ Fund	24,389,495		232,188
Fundamental IndexPLUS™ TR Fund	37,330,049		351,649
Global Bond Fund (Unhedged)	2,581,618		28,372
GNMA Fund	10,933,722		124,316
High Yield Fund	36,789,403		338,463
Income Fund	20,109,208		199,483
International StocksPLUS® TR Strategy Fund (Unhedged)	5,437,138		51,925
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)	18,396,867		189,672
Long Duration Total Return Fund	9,631,209		101,224
Long-Term U.S. Government Fund	43,771,739		494,621
Low Duration Fund	82,746,290		839,047
Mortgage-Backed Securities Fund	19,203,489		208,934
Real Return Asset Fund	150,781,186		1,816,913
Real Return Fund	160,638,777		1,839,314
RealEstateRealReturn Strategy Fund	56,538,088		342,055
Short-Term Fund	2,413,583		23,677
Small Cap StocksPLUS® TR Strategy Fund	1,332,281		12,084
StocksPLUS® Fund	1,291,881		12,854
StocksPLUS® Total Return Fund	5,385,322		53,961
Total Return Fund	93,987,532		1,025,404
Total PIMCO Funds (Cost $14,775,605)			14,894,363
Total Investments 99.9% (Cost $14,775,605)		$	14,894,363
Other Assets and Liabilities (Net) 0.1%			9,822
Net Assets 100.0%		$	14,904,185

Notes to Schedule of Investments:

(a) The All Asset Fund is investing in shares of affiliated Funds.

(b) Institutional Class Shares of each PIMCO Fund.

16 PIMCO Funds See Accompanying Notes

Schedule of Investments  Foreign Bond Fund (U.S. Dollar-Hedged)     
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
ARUBA 0.3%
Mizuho Finance Aruba AEC
2.560% due 05/29/2049	JPY	500,000	$	5,039
Mizuho Trust & Banking Co. Ltd.
2.405% due 04/27/2009		200,000		2,038
Total Aruba (Cost $6,115)				7,077
AUSTRALIA 1.5%
National Australia Bank Ltd.
2.769% due 06/19/2017	$	500		467
2.926% due 06/29/2016		5,600		5,251
New South Wales Treasury Corp.
6.000% due 05/01/2012	AUD	3,350		2,969
Queensland Treasury Corp.
6.000% due 06/14/2011		30,000		26,815
Seven Media Group
9.392% due 02/07/2013		1,524		1,288
9.402% due 02/07/2013		6,095		5,153
9.835% due 02/07/2013		191		161
Total Australia (Cost $40,847)				42,104
AUSTRIA 0.8%
Austria Government Bond
5.000% due 07/15/2012	EUR	12,700		20,988
Total Austria (Cost $13,683)				20,988
BELGIUM 0.3%
Belgium Government Bond
7.500% due 07/29/2008	EUR	6,100		9,732
Total Belgium (Cost $5,564)				9,732
CANADA 2.7%
Canada Housing Trust No. 1
4.550% due 12/15/2012	CAD	49,400		50,297
Glacier Credit Card Trust
5.027% due 02/20/2013		6,400		6,315
Province of Ontario Canada
6.200% due 06/02/2031		2,200		2,625
Province of Quebec Canada
5.000% due 12/01/2038		9,900		9,981
5.750% due 12/01/2036		2,600		2,914
Rogers Wireless, Inc.
7.625% due 12/15/2011		1,950		2,099
Total Canada (Cost $73,996)				74,231
CAYMAN ISLANDS 1.9%
Foundation Re II Ltd.
9.820% due 11/26/2010	$	1,650		1,685
Green Valley Ltd.
8.376% due 01/10/2011	EUR	2,400		3,819
Longpoint Re Ltd.
8.050% due 05/08/2010	$	2,900		2,940
Mizuho Finance Cayman Ltd.
1.060% due 09/28/2049	JPY	400,000		4,012
1.466% due 12/31/2049		300,000		3,042
Mizuho Financial Group Cayman Ltd.
8.375% due 01/29/2049	$	4,300		4,285

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUFG Capital Finance 1 Ltd.
6.346% due 07/29/2049	$	10,700	$	8,735
MUFG Capital Finance 2 Ltd.
4.850% due 07/29/2049	EUR	3,300		3,695
Mystic Re Ltd.
9.390% due 12/05/2008	$	750		744
Pylon Ltd.
8.517% due 12/29/2008	EUR	1,350		2,142
Residential Reinsurance 2005 Ltd.
8.526% due 06/06/2008	$	1,000		1,000
Residential Reinsurance 2007 Ltd.
10.826% due 06/07/2010		6,300		6,420
SHL Corp. Ltd.
1.666% due 12/25/2024	JPY	5,833		58
SMFG Preferred Capital USD 1 Ltd.
6.078% due 01/29/2049	$	6,000		4,734
STB Finance Cayman
1.644% due 08/12/2049	JPY	300,000		2,996
Vita Capital III Ltd.
5.829% due 01/01/2011	$	4,000		3,913
Total Cayman Islands (Cost $55,800)				54,220
DENMARK 0.8%
Nordea Kredit Realkreditaktieselskab
6.000% due 07/01/2029	DKK	804		176
Nykredit Realkredit A/S
4.000% due 01/01/2010		2,000		420
5.000% due 10/01/2038		11,997		2,393
6.000% due 10/01/2029		1,410		308
Realkredit Danmark A/S
5.000% due 10/01/2038		98,079		19,596
Total Denmark (Cost $19,590)				22,893
FRANCE 8.3%
AXA S.A.
3.750% due 01/01/2017	EUR	828		1,648
Caisse Nationale des Caisses d’Epargne et de Prevoyance
6.117% due 10/29/2049		6,500		8,728
Credit Agricole S.A.
3.090% due 05/28/2009	$	2,700		2,703
6.637% due 05/29/2049		6,400		4,967
France Government Bond
4.000% due 04/25/2009	EUR	5,185		8,203
4.000% due 10/25/2009		30,070		47,686
4.000% due 04/25/2014		38,275		60,964
4.000% due 10/25/2014		11,200		17,802
4.000% due 10/25/2038		4,000		5,644
4.000% due 04/25/2055		600		836
4.750% due 04/25/2035		1,000		1,602
5.250% due 04/25/2008		26,800		42,333
5.750% due 10/25/2032		11,800		21,560
6.000% due 10/25/2025		3,400		6,314
Total France (Cost $227,602)				230,990
GERMANY 12.8%
Deutsche Bank AG
5.375% due 10/12/2012	$	6,200		6,489
6.000% due 09/01/2017		5,700		5,949
LRP Landesbank Rheinland-Pfalz
4.750% due 04/04/2008	EUR	1,430		2,258

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Republic of Germany
3.750% due 01/04/2017	EUR	11,300	$	17,627
4.000% due 01/04/2037		3,900		5,627
4.750% due 07/04/2034		4,300		6,981
5.000% due 07/04/2011		100		165
5.375% due 01/04/2010		4,100		6,664
5.500% due 01/04/2031		23,150		41,297
5.625% due 01/04/2028		26,770		48,233
6.250% due 01/04/2024		7,600		14,512
6.250% due 01/04/2030		5,512		10,688
6.500% due 07/04/2027		95,560		189,172
Total Germany (Cost $345,744)				355,662
ICELAND 0.2%
Glitnir Banki HF
4.421% due 01/18/2012	$	3,700		2,801
Landsbanki Islands HF
3.792% due 08/25/2009		2,400		2,177
Total Iceland (Cost $6,120)				4,978
IRELAND 0.8%
Atlas Reinsurance PLC
8.690% due 01/10/2010	EUR	2,000		3,213
Celtic Residential Irish Mortgage Securitisation
4.535% due 06/13/2035		1,349		2,066
Emerald Mortgages PLC
4.569% due 04/15/2028		1,106		1,745
4.569% due 02/15/2035		332		506
Immeo Residential Finance PLC
4.766% due 12/15/2016		4,301		6,098
Osiris Capital PLC
9.258% due 01/15/2010	$	1,000		1,011
SC Germany Auto
4.333% due 08/11/2015	EUR	4,661		7,234
Total Ireland (Cost $19,689)				21,873
ITALY 0.3%
Italy Buoni Poliennali Del Tesoro
5.250% due 08/01/2011	EUR	3,400		5,593
5.500% due 11/01/2010		1,700		2,794
Total Italy (Cost $7,815)				8,387
JAPAN 28.4%
Bank of Tokyo-Mitsubishi UFJ Ltd.
3.500% due 12/16/2015	EUR	300		442
Development Bank of Japan
4.250% due 06/09/2015	$	7,300		7,504
Japan Government Bond
1.100% due 09/20/2012	JPY	5,920,000		60,431
1.500% due 03/20/2011		4,130,000		42,465
1.500% due 03/20/2014		6,760,000		70,617
1.600% due 06/20/2014		2,540,000		26,701
1.800% due 06/20/2017		10,700,000		113,064
2.300% due 06/20/2035		7,380,000		73,196
2.400% due 03/20/2034		2,470,000		25,108
2.500% due 09/20/2035		4,570,000		47,223
2.500% due 06/20/2036		4,490,000		46,214
2.500% due 09/20/2036		4,840,000		49,789
2.500% due 09/20/2037		40,000		411
Japanese Government CPI Linked Bond
0.800% due 12/10/2015		1,087,560		10,718
1.000% due 06/10/2016		3,491,140		34,722

See Accompanying Notes Annual Report March 31, 2008 17

Schedule of Investments  Foreign Bond Fund (U.S. Dollar-Hedged)  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
1.100% due 12/10/2016	JPY	6,092,160	$	61,051
1.200% due 03/10/2017		50,250		507
1.200% due 06/10/2017		10,211,100		102,494
1.200% due 12/10/2017		120,240		1,205
Resona Bank Ltd.
5.850% due 09/29/2049	$	5,700		4,745
Sumitomo Mitsui Banking Corp.
1.746% due 12/31/2049	JPY	400,000		4,020
1.850% due 09/29/2049		100,000		1,006
1.880% due 12/01/2049		600,000		6,065
5.625% due 07/29/2049	$	1,300		1,102
Total Japan (Cost $704,165)				790,800
JERSEY, CHANNEL ISLANDS 0.3%
Haus Ltd.
4.512% due 12/10/2037	EUR	1,825		2,852
Lloyds TSB Capital
7.375% due 12/29/2049		500		796
UBS Capital Ltd.
7.152% due 12/29/2049		4,100		5,711
Total Jersey, Channel Islands (Cost $8,237)				9,359
LIBERIA 0.1%
Royal Caribbean Cruises Ltd.
8.000% due 05/15/2010	$	1,700		1,737
Total Liberia (Cost $1,764)				1,737
LUXEMBOURG 0.0%
Unicredit Luxembourg Finance S.A.
3.768% due 10/24/2008	$	900		899
Total Luxembourg (Cost $900)				899
MEXICO 0.1%
C10 Capital SPV Ltd.
6.722% due 12/31/2049	$	3,200		2,967
Total Mexico (Cost $3,200)				2,967
NETHERLANDS 0.8%
Delphinus BV
4.568% due 04/25/2093	EUR	1,500		2,336
Deutsche Telekom International Finance BV
8.250% due 06/15/2030	$	1,900		2,286
Dutch Mortgage Portfolio Loans BV
4.608% due 11/20/2035	EUR	936		1,416
Dutch Mortgage-Backed Securities BV
4.970% due 10/02/2079		2,432		3,755
Generali Finance BV
5.479% due 02/28/2049		2,300		3,157
Holland Euro-Denominated Mortgage-Backed Series
4.779% due 04/18/2012		589		918
Netherlands Government Bond
3.750% due 07/15/2014		2,500		3,940
Siemens Financieringsmaatschappij NV
3.118% due 08/14/2009	$	4,400		4,405
Total Netherlands (Cost $19,701)				22,213

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
NETHERLANDS ANTILLES 0.1%
BTM Curacao Holdings NV
1.020% due 12/31/2049	JPY	200,000	$	2,012
Total Netherlands Antilles (Cost $1,703)				2,012
NEW ZEALAND 0.1%
New Zealand Government CPI Linked Bond
4.500% due 02/15/2016	NZD	2,006		2,105
Total New Zealand (Cost $1,232)				2,105
RUSSIA 0.3%
Gaz Capital S.A.
5.875% due 06/01/2015	EUR	700		993
Gazstream S.A. for OAO Gazprom
5.625% due 07/22/2013	$	4,733		4,726
VTB Capital S.A.
6.875% due 12/11/2008		1,400		1,420
Total Russia (Cost $6,973)				7,139
SPAIN 1.1%
Santander Perpetual S.A. Unipersonal
6.671% due 10/29/2049	$	6,700		6,050
Spain Government Bond
4.200% due 07/30/2013	EUR	2,200		3,529
4.200% due 01/31/2037		2,300		3,325
5.350% due 10/31/2011		11,100		18,381
Total Spain (Cost $23,649)				31,285
SUPRANATIONAL 0.0%
European Investment Bank
6.250% due 04/15/2014	GBP	500		1,074
Total Supranational (Cost $1,057)				1,074
SWITZERLAND 0.2%
UBS AG
5.875% due 12/20/2017	$	6,000		6,149
Total Switzerland (Cost $5,993)				6,149
TUNISIA 0.2%
Banque Centrale de Tunisie
4.500% due 06/22/2020	EUR	4,600		6,200
Total Tunisia (Cost $5,565)				6,200
UNITED KINGDOM 7.3%
Barclays Bank PLC
6.050% due 12/04/2017	$	19,650		19,214
7.434% due 09/29/2049		3,300		2,989
Bauhaus Securities Ltd.
4.698% due 10/30/2052	EUR	1,570		2,466
HBOS PLC
5.920% due 09/29/2049	$	14,000		10,317
HSBC Holdings PLC
6.500% due 05/02/2036		12,400		12,034
National Grid PLC
4.980% due 06/22/2011 (j)	CAD	4,900		4,797

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Royal Bank of Scotland Group PLC
7.092% due 10/29/2049	EUR	4,300	$	6,072
Tate & Lyle International Finance PLC
5.000% due 11/15/2014	$	1,500		1,396
United Kingdom Gilt
4.000% due 03/07/2009	GBP	14,900		29,556
4.750% due 06/07/2010		26,860		54,257
5.000% due 03/07/2012		12,830		26,487
8.000% due 09/27/2013		14,100		33,438
Total United Kingdom (Cost $201,051)				203,023
UNITED STATES 78.3%
ASSET-BACKED SECURITIES 1.0%
Amortizing Residential Collateral Trust
2.889% due 07/25/2032	$	9		8
Amresco Residential Securities Mortgage Loan Trust
3.539% due 06/25/2029		221		211
Bear Stearns Asset-Backed Securities Trust
2.929% due 10/25/2032		100		86
2.999% due 10/27/2032		166		155
Citicorp Residential Mortgage Securities, Inc.
2.689% due 03/25/2037		7,611		7,285
Countrywide Asset-Backed Certificates
2.699% due 09/25/2047		9,828		9,319
CS First Boston Mortgage Securities Corp.
3.219% due 01/25/2032		89		80
First Alliance Mortgage Loan Trust
2.766% due 12/20/2027		16		16
Mesa Trust Asset-Backed Certificates
2.999% due 12/25/2031		400		396
Residential Asset Securities Corp.
3.099% due 07/25/2032		287		261
SLM Student Loan Trust
3.321% due 10/27/2014		3,880		3,862
3.800% due 12/15/2038		3,000		2,933
Wells Fargo Home Equity Trust
2.829% due 10/25/2035		3,698		3,561
				28,173
BANK LOAN OBLIGATIONS 1.1%
Daimler Finance North America LLC
6.800% due 08/03/2012		18,408		15,311
Ford Motor Co.
5.800% due 12/15/2013		2,173		1,786
Georgia-Pacific Corp.
4.446% due 12/20/2012		376		349
4.740% due 12/20/2012		4,048		3,760
4.835% due 12/20/2012		476		442
HCA, Inc.
4.946% due 11/16/2013		4,752		4,377
Metro-Goldwyn-Mayer, Inc.
2.941% due 10/03/2011		100		80
3.468% due 10/03/2011		100		80
MGM Mirage
2.904% due 10/03/2011		200		178
3.414% due 10/03/2011		200		178
4.405% due 10/03/2011		100		89
6.494% due 10/03/2011		300		267
NRG Energy, Inc.
4.196% due 02/01/2013		948		890
TXU Technology
6.596% due 10/10/2014		3,000		2,731
				30,518

18 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMODITY INDEX-LINKED NOTES 0.3%
Morgan Stanley (GSCI)
2.546% due 07/07/2008	$	7,000	$	6,954
CORPORATE BONDS & NOTES 14.8%
ACE INA Holdings, Inc.
5.875% due 06/15/2014		1,400		1,448
American Express Co.
7.000% due 03/19/2018		13,900		14,629
American International Group, Inc.
4.875% due 03/15/2067	EUR	5,500		6,562
5.850% due 01/16/2018	$	6,400		6,297
Amgen, Inc.
3.170% due 11/28/2008		2,700		2,697
Anadarko Petroleum Corp.
6.125% due 03/15/2012		2,600		2,763
AT&T, Inc.
3.278% due 11/14/2008		500		500
5.500% due 02/01/2018		16,200		15,898
6.300% due 01/15/2038		11,100		10,771
AutoZone, Inc.
5.875% due 10/15/2012		2,000		2,027
Bank of America Corp.
3.155% due 11/06/2009		7,500		7,448
4.750% due 05/23/2017	EUR	12,700		18,843
Bear Stearns Cos., Inc.
6.950% due 08/10/2012	$	12,000		12,021
BellSouth Corp.
5.200% due 09/15/2014		3,000		3,000
Boston Scientific Corp.
6.400% due 06/15/2016		4,300		4,031
Charter One Bank N.A.
3.294% due 04/24/2009		13,550		13,472
CIT Group, Inc.
3.190% due 08/17/2009		7,800		6,555
Citigroup Capital XXI
8.300% due 12/21/2057		18,600		18,382
Citigroup, Inc.
6.000% due 08/15/2017		7,000		6,919
CNA Financial Corp.
6.000% due 08/15/2011		3,600		3,703
Consumers Energy Co.
5.000% due 02/15/2012		1,500		1,522
CSX Corp.
6.750% due 03/15/2011		2,500		2,644
CVS Caremark Corp.
5.750% due 08/15/2011		900		943
Daimler Finance North America LLC
3.218% due 03/13/2009		6,600		6,520
4.875% due 06/15/2010		1,000		1,007
5.750% due 09/08/2011		1,500		1,534
EchoStar DBS Corp.
5.750% due 10/01/2008		410		409
6.375% due 10/01/2011		700		674
Exelon Corp.
6.750% due 05/01/2011		900		951
Ford Motor Credit Co. LLC
5.625% due 10/01/2008		400		393
5.800% due 01/12/2009		600		572
6.625% due 06/16/2008		2,300		2,274
Freeport-McMoRan Copper & Gold, Inc.
8.394% due 04/01/2015		1,100		1,083
GATX Financial Corp.
5.125% due 04/15/2010		500		506

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
General Electric Capital Corp.
2.941% due 12/12/2008	$	4,800	$	4,810
4.625% due 09/15/2066	EUR	700		960
6.375% due 11/15/2067	$	7,900		7,747
Genworth Financial, Inc.
1.600% due 06/20/2011	JPY	520,000		4,910
GMAC LLC
4.750% due 09/14/2009	EUR	2,300		3,002
6.000% due 04/01/2011	$	6,700		5,198
6.000% due 12/15/2011		4,300		3,219
6.750% due 12/01/2014		2,800		1,985
7.000% due 02/01/2012		3,200		2,437
Goldman Sachs Group, Inc.
3.049% due 03/22/2016		2,900		2,525
5.375% due 02/15/2013	EUR	2,000		3,039
6.250% due 09/01/2017	$	700		706
HCP, Inc.
5.950% due 09/15/2011		1,000		971
Humana, Inc.
6.300% due 08/01/2018		1,800		1,794
International Lease Finance Corp.
5.350% due 03/01/2012		2,900		2,859
5.400% due 02/15/2012		2,700		2,667
JPMorgan & Co., Inc. CPI Linked Bond
5.886% due 02/15/2012		4,670		4,811
JPMorgan Chase & Co.
3.125% due 05/07/2010		8,900		8,790
6.000% due 01/15/2018		10,000		10,455
JPMorgan Chase Bank N.A.
4.375% due 11/30/2021	EUR	2,500		3,119
6.000% due 10/01/2017	$	7,400		7,732
JPMorgan Chase Capital XX
6.550% due 09/29/2036		4,800		4,213
JPMorgan Chase Capital XXII
6.450% due 02/02/2037		3,000		2,597
Kinder Morgan Energy Partners LP
5.950% due 02/15/2018		3,000		2,979
6.950% due 01/15/2038		9,000		8,860
Lehman Brothers Holdings, Inc.
5.625% due 01/24/2013		6,800		6,622
Lennar Corp.
5.950% due 10/17/2011		900		765
Loews Corp.
5.250% due 03/15/2016		1,200		1,202
Macys Retail Holdings, Inc.
4.800% due 07/15/2009		900		890
Marriott International, Inc.
6.375% due 06/15/2017		4,300		4,279
Marsh & McLennan Cos., Inc.
5.150% due 09/15/2010		2,200		2,198
Masco Corp.
5.875% due 07/15/2012		1,000		1,009
Merrill Lynch & Co., Inc.
3.158% due 08/14/2009		3,800		3,723
Mizuho JGB Investment LLC
9.870% due 12/29/2049		1,200		1,205
Mizuho Preferred Capital Co. LLC
8.790% due 12/29/2049		1,400		1,407
Morgan Stanley
3.212% due 05/07/2009		6,400		6,295
4.738% due 10/15/2015		5,100		4,136
6.250% due 08/28/2017		1,300		1,296
NGPL Pipe Co. LLC
7.768% due 12/15/2037		6,600		6,803

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
NiSource Finance Corp.
5.400% due 07/15/2014	$	1,200	$	1,188
Omnicom Group, Inc.
5.900% due 04/15/2016		1,000		996
Prudential Financial, Inc.
6.625% due 12/01/2037		7,000		6,936
Qwest Communications International, Inc.
6.565% due 02/15/2009		200		199
Rabobank Capital Funding Trust
5.254% due 12/29/2049		3,900		3,246
Reed Elsevier Capital, Inc.
4.625% due 06/15/2012		1,200		1,186
Reynolds American, Inc.
3.500% due 06/15/2011		800		752
6.750% due 06/15/2017		700		712
Ryder System, Inc.
3.500% due 03/15/2009		900		905
SB Treasury Co. LLC
9.400% due 12/29/2049		6,600		6,687
Southwest Airlines Co.
6.500% due 03/01/2012		500		517
Sprint Capital Corp.
8.750% due 03/15/2032		800		677
SUPERVALU, Inc.
7.500% due 11/15/2014		400		406
Time Warner, Inc.
3.300% due 11/13/2009		3,400		3,257
Tokai Preferred Capital Co. LLC
9.980% due 12/29/2049		3,530		3,547
U.S. Bancorp
2.708% due 04/28/2009		8,200		8,155
U.S. Bank N.A.
4.375% due 02/28/2017	EUR	2,000		2,881
UnitedHealth Group, Inc.
6.000% due 02/15/2018	$	14,700		14,436
6.875% due 02/15/2038		1,800		1,725
Verizon Communications, Inc.
6.400% due 02/15/2038		15,000		14,655
Viacom, Inc.
5.750% due 04/30/2011		6,100		6,171
Wells Fargo & Co.
4.375% due 01/31/2013		5,600		5,580
Xerox Corp.
9.750% due 01/15/2009		2,600		2,702
				410,729
MORTGAGE-BACKED SECURITIES 8.5%
Adjustable Rate Mortgage Trust
5.133% due 09/25/2035		733		712
American Home Mortgage Assets Trust
5.246% due 11/25/2046		3,051		2,432
Banc of America Funding Corp.
6.142% due 01/20/2047		956		829
Banc of America Mortgage Securities, Inc.
5.000% due 05/25/2034		4,621		4,250
BCAP LLC Trust
2.769% due 01/25/2037		11,662		8,228
Bear Stearns Adjustable Rate Mortgage Trust
4.125% due 03/25/2035		15,729		15,044
4.409% due 05/25/2034		1,645		1,618
4.488% due 02/25/2034		178		166
4.550% due 08/25/2035		12,631		12,186
4.641% due 10/25/2033		976		934
4.641% due 05/25/2034		914		890

See Accompanying Notes Annual Report March 31, 2008 19

Schedule of Investments  Foreign Bond Fund (U.S. Dollar-Hedged)  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Bear Stearns Alt-A Trust
5.706% due 09/25/2035	$	5,156	$	4,241
5.808% due 11/25/2036		7,091		5,556
5.936% due 02/25/2036		9,036		6,685
Bear Stearns Commercial Mortgage Securities
5.700% due 06/11/2050		6,100		6,012
Bear Stearns Structured Products, Inc.
2.806% due 01/26/2037		10,707		10,171
Citigroup Mortgage Loan Trust, Inc.
4.248% due 08/25/2035		3,787		3,598
4.748% due 08/25/2035		4,222		4,196
4.900% due 10/25/2035		15,090		14,409
4.900% due 12/25/2035		718		684
Citigroup/Deutsche Bank Commercial Mortgage Trust
5.322% due 12/11/2049		12,800		12,381
Commercial Mortgage Asset Trust
6.975% due 01/17/2032		2,800		2,939
Countrywide Alternative Loan Trust
5.250% due 06/25/2035		1,075		942
6.000% due 01/25/2037		3,903		3,153
Countrywide Home Loan Mortgage Pass-Through Trust
2.919% due 03/25/2035		62		46
4.800% due 11/25/2034		1,459		1,371
6.136% due 08/25/2034		428		383
CS First Boston Mortgage Securities Corp.
4.099% due 08/25/2033		822		764
4.938% due 12/15/2040		434		432
5.104% due 07/25/2033		164		158
5.638% due 05/25/2032		69		69
First Horizon Asset Securities, Inc.
4.398% due 12/25/2033		1,023		985
4.749% due 07/25/2033		212		211
5.370% due 08/25/2035		690		650
GE Capital Commercial Mortgage Corp.
5.333% due 11/10/2045		3,300		3,321
GMAC Mortgage Corp. Loan Trust
4.323% due 06/25/2034		162		130
5.500% due 09/25/2034		2,926		2,878
Greenpoint Mortgage Funding Trust
2.869% due 11/25/2045		396		328
Greenpoint Mortgage Pass-Through Certificates
4.386% due 10/25/2033		183		175
Greenwich Capital Commercial Funding Corp.
5.444% due 03/10/2039		4,100		3,998
GSR Mortgage Loan Trust
4.513% due 03/25/2033		1,184		1,114
4.539% due 09/25/2035		1,928		1,817
Harborview Mortgage Loan Trust
2.749% due 01/19/2038		2,936		2,236
5.076% due 05/19/2033		1,585		1,536
5.137% due 07/19/2035		302		289
Impac CMB Trust
4.135% due 07/25/2033		171		161
Indymac Index Mortgage Loan Trust
5.051% due 12/25/2034		384		350
JPMorgan Alternative Loan Trust
5.500% due 11/25/2036		2,433		2,174
JPMorgan Chase Commercial Mortgage Securities Corp.
5.429% due 12/12/2043		4,000		3,927
6.465% due 11/15/2035		10,100		10,380
JPMorgan Mortgage Trust
4.389% due 11/25/2033		994		946
5.023% due 02/25/2035		2,460		2,239

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
LB-UBS Commercial Mortgage Trust
4.990% due 11/15/2030	$	431	$	430
MASTR Adjustable Rate Mortgages Trust
4.139% due 07/25/2034		1,400		1,342
MASTR Asset Securitization Trust
5.500% due 11/25/2017		756		745
Merrill Lynch Countrywide Commercial Mortgage Trust
5.378% due 08/12/2048		2,700		2,618
5.414% due 07/12/2046		7,200		7,079
5.957% due 08/12/2049		6,000		6,066
Merrill Lynch Mortgage Investors, Inc.
2.849% due 08/25/2036		726		496
6.852% due 02/25/2033		580		580
MLCC Mortgage Investors, Inc.
3.198% due 03/15/2025		472		381
4.250% due 10/25/2035		7,428		6,980
Residential Accredit Loans, Inc.
2.779% due 06/25/2046		7,702		6,291
Residential Funding Mortgage Securities I
5.212% due 09/25/2035		716		606
6.500% due 03/25/2032		302		289
Structured Adjustable Rate Mortgage Loan Trust
4.180% due 02/25/2034		688		616
4.590% due 04/25/2034		924		874
Structured Asset Mortgage Investments, Inc.
2.809% due 05/25/2046		1,619		1,227
WaMu Mortgage Alternative Pass-Through Certificates
5.266% due 07/25/2046		1,521		971
WaMu Mortgage Pass-Through Certificates
2.859% due 11/25/2045		1,104		892
2.909% due 01/25/2045		1,323		1,056
3.139% due 12/25/2027		4,150		3,770
4.208% due 06/25/2033		453		452
5.220% due 02/27/2034		1,254		1,193
5.718% due 05/25/2041		25		23
Wells Fargo Mortgage-Backed Securities Trust
4.615% due 06/25/2035		15,440		14,742
4.950% due 03/25/2036		11,581		11,040
5.773% due 04/25/2036		1,216		976
				237,059
MUNICIPAL BONDS & NOTES 1.5%
California State General Obligation Bonds, (AMBAC Insured), Series 2007
4.500% due 08/01/2028		10,600		9,742
California State General Obligation Bonds, Series 2007
5.000% due 11/01/2032		4,100		4,031
5.000% due 06/01/2037		1,000		974
5.000% due 11/01/2037		700		682
Chicago, Illinois General Obligation Notes, (FSA Insured), Series 2006
9.248% due 01/01/2014		830		659
District of Columbia Tobacco Settlement Financing Corporations Revenue Bonds, Series 2001
6.500% due 05/15/2033		1,115		1,101
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.750% due 06/01/2047		1,200		1,061
Harris County, Texas Revenue Bonds, Series 2003
5.000% due 08/01/2033		820		829
Illinois State Educational Facilities Authority Revenue Bonds, Series 2003
5.000% due 07/01/2033		1,435		1,436

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Illinois State Regional Transportation Authority Revenue Bonds, (FSA Insured), Series 1999
5.750% due 06/01/2014	$	20	$	23
Iowa State Tobacco Settlement Authority Revenue Bonds, Series 2001
5.300% due 06/01/2025		3,105		3,310
Iowa State Tobacco Settlement Authority Revenue Bonds, Series 2005
6.500% due 06/01/2023		1,725		1,690
Louisville & Jefferson Counties, Kentucky Metropolitan Sewer District Revenue Bonds, (MBIA Insured), Series 2001
5.000% due 05/15/2036		200		200
Metropolitan Water District of Southern California State Revenue Bonds, (FGIC Insured), Series 2003
5.000% due 10/01/2036		530		532
New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2006
9.248% due 12/15/2013		600		506
New York State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2003
5.500% due 06/01/2014		300		306
5.500% due 06/01/2017		600		622
New York State Tobacco Settlement Financing Corporations Revenue Notes, Series 2003
5.250% due 06/01/2013		3,500		3,511
Puerto Rico Sales Tax Financing Corp. Revenue Bonds, (AMBAC Insured), Series 2007
0.000% due 08/01/2054		1,980		122
Washington State General Obligation Bonds, (AMBAC Insured), Series 2004
0.000% due 12/01/2025		8,300		3,206
West Virginia State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
7.467% due 06/01/2047		6,200		5,919
				40,462
		SHARES
PREFERRED STOCKS 0.2%
DG Funding Trust
4.946% due 12/31/2049		640		6,672
		PRINCIPAL AMOUNT (000S)
U.S. GOVERNMENT AGENCIES 48.7%
Fannie Mae
2.719% due 03/25/2034	$	237		228
4.196% due 11/01/2034		8,737		8,823
4.933% due 12/01/2034		1,654		1,664
5.000% due 05/11/2017 - 04/01/2038		23,003		23,989
5.000% due 08/01/2035 - 03/01/2036 (e)		25,318		25,100
5.500% due 01/01/2023 - 04/01/2038		468,450		473,402
5.500% due 11/01/2028 - 09/01/2037 (e)		263,564		266,528
5.627% due 04/01/2032		141		144
5.825% due 01/01/2023		60		61
6.000% due 07/01/2034 - 07/01/2037 (e)		64,857		66,596
6.000% due 11/01/2034 - 07/25/2044		269,616		276,384
6.500% due 02/01/2026 - 04/01/2038		62,524		64,785
6.500% due 12/01/2028 - 07/01/2037 (e)		11,116		11,540
6.915% due 11/01/2022		18		19
6.950% due 08/01/2023		170		174
7.149% due 12/01/2030		25		25

20 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Freddie Mac
3.048% due 02/15/2019	$	16,989	$	16,884
3.168% due 12/15/2030		967		946
4.361% due 09/01/2035		712		716
5.000% due 03/15/2016 - 08/15/2035		10,000		9,497
5.125% due 11/17/2017		16,000		17,218
5.500% due 08/23/2017 - 04/01/2038		52,000		55,156
5.722% due 10/25/2044		7,061		6,994
7.141% due 06/01/2022		287		294
9.050% due 06/15/2019		4		4
Ginnie Mae
5.125% due 11/20/2021 - 11/20/2030		272		272
5.625% due 07/20/2022 - 08/20/2027		638		643
6.000% due 08/20/2034		6,710		6,869
6.375% due 05/20/2022 - 05/20/2030		1,243		1,271
Small Business Administration
5.980% due 05/01/2022		4,924		5,219
6.344% due 08/01/2011		952		983
6.640% due 02/01/2011		384		399

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Tennessee Valley Authority
5.880% due 04/01/2036	$	8,145	$	9,278
5.980% due 04/01/2036		1,855		2,095
				1,354,200
U.S. TREASURY OBLIGATIONS 2.2%
U.S. Treasury Bonds
8.125% due 05/15/2021		2,601		3,685
U.S. Treasury Notes
2.750% due 02/28/2013		57,000		58,028
				61,713
Total United States (Cost $2,182,417)				2,176,480
SHORT-TERM INSTRUMENTS 6.6%
COMMERCIAL PAPER 1.3%
Bank of America Corp.
2.920% due 08/26/2008	$	26,600		26,303
UBS Finance Delaware LLC
2.940% due 06/06/2008		3,800		3,780
3.035% due 06/02/2008		5,700		5,673
				35,756

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS 2.6%
Deutsche Bank AG
1.200% due 04/01/2008	$	73,200	$	73,200
(Dated 03/31/2008. Collateralized by U.S. Treasury Inflation Protected Securities 3.875% due 04/15/2029 valued at $74,797. Repurchase proceeds are $73,202.)
U.S. TREASURY BILLS 2.7%
1.310% due 05/29/2008 - 06/12/2008 (a)(b)(c)(f)		74,996		74,656
Total Short-Term Instruments (Cost $183,753)				183,612
PURCHASED OPTIONS (h) 1.6%
(Cost $20,509)				43,925
Total Investments 156.2% (Cost $4,194,434)			$	4,344,114
Written Options (i) (1.0%) (Premiums $19,581)				(29,227	)
Other Assets and Liabilities (Net) (55.2%)				(1,533,895	)
Net Assets (d) 100.0%			$	2,780,992

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

(b) Securities with an aggregate market value of $48,010 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(c) Securities with an aggregate market value of $4,164 have been pledged as collateral for delayed-delivery securities on March 31, 2008.

(d) As of March 31, 2008, portfolio securities with an aggregate value of $7,012 and derivative instruments with an aggregate depreciation of ($9,478) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(e) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $372,889 at a weighted average interest rate of 4.516%. On March 31, 2008, securities valued at $369,718 were pledged as collateral for reverse repurchase agreements.

(f) Securities with an aggregate market value of $3,660 and cash of $37,213 have been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Euribor December Futures	Short	12/2008	284	$	466
90-Day Euribor June Futures	Long	06/2008	317		(189	)
90-Day Euribor March Futures	Short	03/2009	143		91
90-Day Euribor March Futures	Short	03/2010	47		10
90-Day Euribor September Futures	Long	09/2008	74		(87	)
90-Day Eurodollar December Futures	Long	12/2009	6,069		2,385
90-Day Eurodollar June Futures	Long	06/2008	9		55
90-Day Eurodollar June Futures	Short	06/2009	500		(142	)
90-Day Eurodollar March Futures	Long	03/2010	535		105
90-Day Eurodollar September Futures	Long	09/2008	100		55
90-Day Eurodollar September Futures	Long	09/2009	1,470		953
Australia Government 10-Year Bond June Futures	Short	06/2008	385		(89	)
Canada Government 10-Year Bond June Futures	Short	06/2008	68		(260	)
Euro-Bobl June Futures	Short	06/2008	2,343		3,531
Euro-Bobl June Futures Call Options Strike @ EUR 119.000	Long	06/2008	791		0
Euro-Bobl June Futures Call Options Strike @ EUR 120.000	Long	06/2008	358		0
Euro-Bobl June Futures Call Options Strike @ EUR 122.000	Long	06/2008	931		0
Euro-Bund 10-Year Bond June Futures	Long	06/2008	3,288		(3,323	)
Euro-Bund June Futures Put Options Strike @ EUR 105.000	Long	06/2008	1,607		0
Euro-Bund June Futures Put Options Strike @ EUR 106.000	Long	06/2008	1,097		0
Euro-Bund May Futures Call Options Strike @ EUR 119.000	Short	05/2008	200		128
Euro-Schatz June Futures	Short	06/2008	2,991		2,515
Euro-Schatz June Futures Put Options Strike @ EUR 109.000	Long	06/2008	1,601		0
Euro-Schatz June Futures Put Options Strike @ EUR 109.500	Long	06/2008	41		0
Euro-Schatz June Futures Put Options Strike @ EUR 110.000	Long	06/2008	1,349		0
U.S. Treasury 2-Year Note June Futures	Short	06/2008	1,083		(15	)
U.S. Treasury 5-Year Note June Futures	Short	06/2008	4,067		(1,790	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	7,667		17,275

See Accompanying Notes Annual Report March 31, 2008 21

Schedule of Investments  Foreign Bond Fund (U.S. Dollar-Hedged)  (Cont.)

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures	Short	06/2008	802	$	(539	)
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	839		(1,277	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Short	12/2008	105		72
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	359		(61	)
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Short	03/2009	46		(13	)
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	844		(173	)
United Kingdom Government 10-Year Bond June Futures	Short	06/2008	215		(601	)
				$	19,082

(g) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Ace INA Holdings, Inc. 5.875% due 06/15/2014	Buy	(0.390%	)	06/20/2014	DUB	$	1,400	$	22
Akzo Nobel NV 4.250% due 06/14/2011	Buy	(0.290%	)	06/20/2012	DUB	EUR	1,700		27
American International Group, Inc. 4.250% due 05/15/2013	Sell	0.070%		06/20/2008	UBS	$	11,700		(51	)
Anadarko Petroleum Corp. 6.125% due 03/15/2012	Buy	(0.330%	)	03/20/2012	BCLY		2,600		36
AutoZone, Inc. 5.875% due 10/15/2012	Buy	(0.680%	)	12/20/2012	CITI		2,100		38
AutoZone, Inc. 5.875% due 10/15/2012	Buy	(0.600%	)	06/20/2017	BOA		2,000		84
AutoZone, Inc. 5.875% due 10/15/2012	Buy	(0.600%	)	06/20/2017	JPM		1,100		46
Barclays Bank PLC 4.566% due 10/27/2015	Sell	1.480%		03/20/2013	LEH	EUR	4,300		153
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	0.160%		06/20/2008	DUB	$	6,500		(46	)
BellSouth Corp. 5.200% due 09/15/2014	Buy	(0.325%	)	09/20/2014	LEH		3,000		50
Boston Scientific Corp. 6.400% due 06/15/2016	Buy	(2.060%	)	06/20/2016	UBS		4,300		127
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.280%		08/20/2011	LEH		29,600		(29	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.340%		08/20/2011	MLP		15,600		16
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.345%		08/20/2011	JPM		19,900		23
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.370%		08/20/2011	LEH		8,100		16
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.380%		08/20/2011	MSC		21,700		50
Carnival Corp. 6.650% due 01/15/2028	Buy	(0.210%	)	06/20/2012	GSC		2,500		92
CNA Financial Corp. 6.000% due 08/15/2011	Buy	(0.440%	)	09/20/2011	BEAR		3,800		81
Compass Group PLC 6.375% due 05/29/2012	Buy	(0.390%	)	06/20/2012	MLP	EUR	1,800		39
Consumers Energy Co. 5.000% due 02/15/2012	Buy	(0.090%	)	03/20/2012	BOA	$	1,500		79
CSX Corp. 6.750% due 03/15/2011	Buy	(0.165%	)	03/20/2011	BEAR		2,700		53
CVS Caremark Corp. 5.750% due 08/15/2011	Buy	(0.240%	)	09/20/2011	RBS		1,000		9
Daimler Finance N.A. LLC 4.875% due 06/15/2010	Buy	(0.520%	)	06/20/2010	BEAR		1,000		3
Daimler Finance N.A. LLC 5.750% due 09/08/2011	Buy	(0.620%	)	09/20/2011	RBS		1,500		10
Deutsche Bank AG 5.500% due 05/18/2011	Buy	(0.930%	)	06/20/2013	CITI		4,900		(11	)
Diamond Offshore Drilling, Inc. 4.875% due 07/01/2015	Buy	(0.495%	)	06/20/2017	MSC		1,200		20
Diamond Offshore Drilling, Inc. 4.875% due 07/01/2015	Buy	(0.470%	)	06/20/2017	BCLY		1,100		20
Exelon Corp. 6.750% due 05/01/2011	Buy	(0.330%	)	06/20/2011	BOA		900		23
Fannie Mae 5.500% due 06/09/2033	Buy	(0.520%	)	06/20/2013	LEH		11,700		5
Ford Motor Credit Co. LLC 7.250% due 10/25/2011	Sell	7.300%		03/20/2009	JPM		6,300		(123	)
Ford Motor Credit Co. LLC 7.250% due 10/25/2011	Sell	7.500%		03/20/2009	CITI		11,400		(202	)
Ford Motor Credit Co. LLC 7.250% due 10/25/2011	Sell	3.950%		12/20/2012	UBS		3,000		(470	)
GATX Financial Corp. 5.125% due 04/15/2010	Buy	(0.160%	)	06/20/2010	BEAR		500		6
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	1.320%		03/20/2013	RBS		12,500		33
Glitnir Banki HF floating rate based on 3-Month USD-LIBOR plus 0.470% due 01/18/2012	Buy	(0.365%	)	03/20/2012	DUB		500		128
Glitnir Banki HF floating rate based on 3-Month USD-LIBOR plus 0.470% due 01/18/2012	Buy	(0.290%	)	03/20/2012	RBS		3,200		828
GlobalSantaFe Corp. 5.000% due 02/15/2013	Buy	(0.520%	)	06/20/2012	WAC		1,500		(7	)
GMAC LLC 6.000% due 04/01/2011	Buy	(1.290%	)	06/20/2011	MLP		6,700		1,774
GMAC LLC 6.875% due 08/28/2012	Sell	8.650%		03/20/2009	CITI		1,300		(75	)
GMAC LLC 6.875% due 08/28/2012	Sell	8.850%		03/20/2009	BOA		700		(39	)
GMAC LLC 6.875% due 08/28/2012	Sell	9.500%		03/20/2009	JPM		6,100		(305	)
GMAC LLC 6.875% due 08/28/2012	Sell	4.900%		09/20/2012	LEH		4,800		(972	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.120%		06/20/2008	DUB		8,200		(22	)
Goldman Sachs Group, Inc. floating rate based on 3-Month USD-LIBOR plus 0.450% due 03/22/2016	Buy	(0.330%	)	03/20/2016	BEAR		2,900		221
HCP, Inc. 5.950% due 09/15/2011	Buy	(0.610%	)	09/20/2011	JPM		1,000		110
Humana, Inc. 6.300% due 08/01/2018	Buy	(1.050%	)	09/20/2018	BCLY		1,800		144
ICI Wilmington, Inc. 5.625% due 12/01/2013	Buy	(0.340%	)	06/20/2012	GSC	EUR	1,900		5
International Lease Finance Corp. 5.350% due 03/01/2012	Buy	(0.130%	)	03/20/2012	MLP	$	2,900		175
International Lease Finance Corp. 5.400% due 02/15/2012	Buy	(0.170%	)	03/20/2012	BCLY		2,700		159
International Paper Co. 5.850% due 10/30/2012	Buy	(0.500%	)	06/20/2012	DUB		1,600		123
International Paper Co. 5.850% due 10/30/2012	Buy	(0.475%	)	06/20/2012	MSC		1,000		78
International Paper Co. 5.850% due 10/30/2012	Buy	(0.700%	)	06/20/2017	DUB		2,600		358
JC Penney Corp., Inc. 8.000% due 03/01/2010	Sell	0.990%		09/20/2010	GSC		500		(11	)
JPMorgan Chase & Co. 6.000% due 01/15/2018	Buy	(0.730%	)	03/20/2018	LEH		5,000		124
JPMorgan Chase & Co. 6.000% due 01/15/2018	Buy	(0.730%	)	03/20/2018	UBS		3,500		87
JPMorgan Chase & Co. 6.000% due 01/15/2018	Buy	(0.720%	)	03/20/2018	BOA		5,000		128
JPMorgan Chase & Co. 6.000% due 01/15/2018	Buy	(0.720%	)	03/20/2018	DUB		1,500		38

22 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Koninklijke DSM NV 4.000% due 11/10/2015	Buy	(0.365%	)	06/20/2012	GSC	EUR	1,800	$	33
Landsbanki Islands HF floating rate based on 3-Month USD-LIBOR plus 0.700% due 08/25/2009	Buy	(0.330%	)	09/20/2009	RBS	$	2,400		257
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.150%		06/20/2008	BOA		7,700		(67	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.160%		06/20/2008	DUB		10,400		(90	)
Lennar Corp. 5.950% due 10/17/2011	Buy	(5.750%	)	12/20/2012	MLP		900		30
Loews Corp. 5.250% due 03/15/2016	Buy	(0.330%	)	03/20/2016	BEAR		1,150		27
Macy’s Retail Holdings, Inc. 4.800% due 07/15/2009	Buy	(0.190%	)	09/20/2009	BOA		900		21
Marriott International, Inc. 6.375% due 06/15/2017	Buy	(1.730%	)	06/20/2017	BOA		4,300		177
Masco Corp. 5.875% due 07/15/2012	Buy	(0.580%	)	09/20/2012	MSC		1,000		90
MeadWestvaco Corp. 6.850% due 04/01/2012	Buy	(0.520%	)	06/20/2012	BEAR		1,000		44
MeadWestvaco Corp. 6.850% due 04/01/2012	Buy	(0.520%	)	06/20/2012	LEH		2,000		88
MeadWestvaco Corp. 6.850% due 04/01/2012	Buy	(1.080%	)	06/20/2017	BOA		2,100		114
Merrill Lynch & Co., Inc. 6.000% due 02/17/2009	Sell	0.150%		06/20/2008	BOA		6,500		(45	)
Morgan Stanley 6.600% due 04/01/2012	Sell	0.140%		06/20/2008	DUB		10,600		(47	)
Morgan Stanley 6.600% due 04/01/2012	Buy	(1.850%	)	06/20/2013	RBS		700		0
Morgan Stanley 6.600% due 04/01/2012	Buy	(1.800%	)	06/20/2013	JPM		1,900		4
Morgan Stanley floating rate based on 3-Month USD-LIBOR plus 0.480% due 10/15/2015	Buy	(0.295%	)	12/20/2015	RBS		2,600		234
Morgan Stanley floating rate based on 3-Month USD-LIBOR plus 0.480% due 10/15/2015	Buy	(0.285%	)	12/20/2015	BEAR		2,500		227
Multiple Reference Entities of Gazprom	Sell	1.250%		12/20/2008	HSBC		2,400		(2	)
Multiple Reference Entities of Gazprom	Sell	1.300%		12/20/2008	HSBC		7,300		1
Multiple Reference Entities of Gazprom	Sell	1.320%		12/20/2008	MSC		500		0
Multiple Reference Entities of Gazprom	Sell	1.330%		12/20/2008	CSFB		4,400		1
Multiple Reference Entities of Gazprom	Sell	1.330%		12/20/2008	MSC		2,400		0
Multiple Reference Entities of Gazprom	Sell	1.910%		04/20/2009	MSC		800		0
Multiple Reference Entities of Gazprom	Sell	0.610%		05/20/2012	MLP		1,200		(95	)
National Grid PLC 5.000% due 07/02/2018	Buy	(0.208%	)	06/20/2011	BCLY		4,300		78
NiSource Finance Corp. 5.400% due 07/15/2014	Buy	(0.620%	)	09/20/2014	BEAR		1,150		79
Noble Corp. 5.875% due 06/01/2013	Buy	(0.542%	)	06/20/2012	BOA		800		2
Noble Corp. 5.875% due 06/01/2013	Buy	(0.530%	)	06/20/2012	BCLY		600		2
Nucor Corp. 4.875% due 10/01/2012	Buy	(0.150%	)	06/20/2012	MSC		2,500		52
Omnicom Group, Inc. 5.900% due 04/15/2016	Buy	(0.940%	)	06/20/2016	CITI		1,000		9
Progress Energy, Inc. 5.625% due 01/15/2016	Buy	(0.105%	)	06/20/2012	MSC		2,100		30
Reed Elsevier Capital, Inc. 4.625% due 06/15/2012	Buy	(0.280%	)	06/20/2012	DUB	EUR	1,600		68
Reed Elsevier Capital, Inc. 4.625% due 06/15/2012	Buy	(0.280%	)	06/20/2012	MSC	$	1,200		33
Royal Bank of Scotland Group PLC 5.000% due 12/06/2020	Sell	1.650%		03/20/2013	BCLY	EUR	3,000		72
Royal Caribbean Cruises Ltd. 8.000% due 05/15/2010	Buy	(0.480%	)	06/20/2010	BOA	$	1,700		103
RSHB Capital S.A. for OJSC Russian Agricultural Bank 7.175% due 05/16/2013	Sell	0.740%		06/20/2012	BCLY		1,900		(195	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.245%		06/20/2008	MSC		1,200		0
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.630%		12/20/2008	GSC		6,200		10
Ryder System, Inc. 3.500% due 03/15/2009	Buy	(0.150%	)	03/20/2009	DUB		900		3
SCA Finans AB 4.500% due 07/15/2015	Buy	(0.250%	)	06/20/2012	GSC	EUR	1,900		120
SLM Corp. 5.125% due 08/27/2012	Sell	3.200%		12/20/2008	BNP	$	4,600		(211	)
SLM Corp. 5.125% due 08/27/2012	Sell	3.050%		03/20/2009	DUB		1,900		(117	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.300%		03/20/2009	CITI		1,300		(65	)
SLM Corp. 5.125% due 08/27/2012	Sell	3.150%		06/20/2009	BOA		3,400		(256	)
SLM Corp. 5.125% due 08/27/2012	Sell	0.700%		06/20/2012	GSC		1,600		(385	)
Southwest Airlines Co. 6.500% due 03/01/2012	Buy	(0.420%	)	03/20/2012	DUB		500		24
Spain Government Bond 5.500% due 07/30/2017	Sell	0.270%		03/20/2013	GSC		31,000		(115	)
Spain Government Bond 5.500% due 07/30/2017	Sell	0.270%		03/20/2013	JPM		51,700		(192	)
Spain Government Bond 5.500% due 07/30/2017	Sell	0.435%		03/20/2013	GSC		11,200		45
Spain Government Bond 5.500% due 07/30/2017	Sell	0.465%		03/20/2013	HSBC		8,400		46
SUPERVALU, Inc. 7.500% due 05/15/2012	Sell	2.450%		09/20/2012	RBS		1,600		3
Tate & Lyle International Finance PLC 5.000% due 11/15/2014	Buy	(0.510%	)	12/20/2014	DUB		1,400		86
Turkey Government International Bond 11.875% due 01/15/2030	Buy	(2.700%	)	09/20/2010	MSC		400		(5	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.730%		04/20/2009	HSBC		700		(4	)
United Utilities PLC 6.875% due 08/15/2028	Buy	(0.235%	)	06/20/2012	DUB	EUR	1,900		91
Viacom, Inc. 5.750% due 04/30/2011	Buy	(0.640%	)	06/20/2011	MSC	$	1,000		29
Viacom, Inc. 5.750% due 04/30/2011	Buy	(0.470%	)	06/20/2011	UBS		2,400		4
VTB Capital S.A. 6.250% due 06/30/2035	Sell	1.700%		12/20/2008	DUB		3,300		4
Weyerhaeuser Co. 6.750% due 03/15/2012	Buy	(0.550%	)	06/20/2012	RBS		5,000		230
Weyerhaeuser Co. 6.750% due 03/15/2012	Buy	(0.990%	)	06/20/2017	LEH		1,100		60
Wolters Kluwer NV 5.125% due 01/27/2014	Buy	(0.330%	)	06/20/2012	DUB	EUR	1,600		45
WPP Group PLC 6.000% due 06/18/2008	Buy	(0.260%	)	06/20/2012	GSC		1,600		102
Xerox Corp. 9.750% due 01/15/2009	Buy	(0.290%	)	03/20/2009	MSC	$	2,800		22
								$	4,187

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the reference entity. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

See Accompanying Notes Annual Report March 31, 2008 23

Schedule of Investments  Foreign Bond Fund (U.S. Dollar-Hedged)  (Cont.)

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (2)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
CMBX N.A. AAA 3 Index	Buy	(0.080%	)	12/13/2049	LEH	$	8,200	$	(17	)
CMBX N.A. AAA 3 Index	Sell	0.080%		12/13/2049	MSC		8,200		429
Dow Jones CDX N.A. HY8 Index	Sell	2.090%		06/20/2012	MLP		600		(52	)
Dow Jones CDX N.A. HY8 Index	Sell	2.100%		06/20/2012	LEH		22,900		(2,029	)
Dow Jones CDX N.A. HY8 Index	Sell	3.297%		06/20/2012	CITI		3,000		(129	)
Dow Jones CDX N.A. HY8 Index	Sell	3.884%		06/20/2012	MLP		2,400		(49	)
Dow Jones CDX N.A. HY8 Index	Sell	4.221%		06/20/2012	DUB		7,200		(55	)
Dow Jones CDX N.A. IG3 Index	Sell	0.500%		03/20/2010	MLP		2,976		(53	)
Dow Jones CDX N.A. IG3 Index	Sell	0.500%		03/20/2010	MSC		15,872		(281	)
Dow Jones CDX N.A. IG7 Index	Buy	(0.650%	)	12/20/2016	BCLY		2,400		162
Dow Jones CDX N.A. IG7 Index	Buy	(0.650%	)	12/20/2016	GSC		43,700		2,948
Dow Jones CDX N.A. IG7 Index	Buy	(0.650%	)	12/20/2016	LEH		9,300		619
Dow Jones CDX N.A. IG7 Index	Buy	(0.650%	)	12/20/2016	MSC		15,000		1,010
Dow Jones CDX N.A. IG7 Index	Buy	(0.650%	)	12/20/2016	UBS		12,000		807
Dow Jones CDX N.A. IG8 Index	Buy	(0.350%	)	06/20/2012	GSC		341,100		11,399
Dow Jones CDX N.A. IG8 Index	Sell	0.350%		06/20/2012	LEH		20,900		(91	)
Dow Jones CDX N.A. IG8 Index	Buy	(0.600%	)	06/20/2017	BCLY		14,500		710
Dow Jones CDX N.A. IG8 Index	Buy	(0.600%	)	06/20/2017	BOA		38,400		2,305
Dow Jones CDX N.A. IG8 Index	Buy	(0.600%	)	06/20/2017	GSC		76,600		3,465
Dow Jones CDX N.A. IG8 Index	Buy	(0.600%	)	06/20/2017	JPM		68,900		3,824
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	DUB		12,100		69
Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016	BCLY	EUR	11,300		1,297
Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016	BNP		5,200		599
Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016	DUB		900		102
Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016	HSBC		1,800		207
Dow Jones iTraxx Europe HV6 Index	Buy	(0.850%	)	12/20/2016	JPM		6,300		713
								$	27,909

⁽²⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of underlying securities comprising the reference entity index. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month Australian Bank Bill	6.500%	01/15/2009	CITI	AUD	109,100	$	(992	)
Pay	3-Month Australian Bank Bill	6.500%	01/15/2009	DUB		97,490		(877	)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	BCLY		3,500		(13	)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	JPM		3,500		(11	)
Pay	3-Month Australian Bank Bill	7.500%	03/15/2010	LEH		78,000		361
Receive	3-Month Canadian Bank Bill	5.000%	06/15/2015	CITI	CAD	2,700		(84	)
Receive	3-Month Canadian Bank Bill	5.000%	06/20/2017	DUB		3,300		(286	)
Receive	3-Month Canadian Bank Bill	5.500%	06/20/2017	RBC		3,700		(103	)
Pay	3-Month Canadian Bank Bill	5.500%	06/15/2035	DUB		1,900		140
Pay	3-Month USD-LIBOR	4.000%	06/18/2009	BCLY	$	105,000		1,158
Pay	3-Month USD-LIBOR	4.000%	06/18/2009	BOA		31,000		346
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	DUB		61,400		175
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		209,600		1,107
Pay	3-Month USD-LIBOR	4.000%	06/17/2011	CITI		158,000		1,639
Pay	3-Month USD-LIBOR	4.000%	06/17/2011	GSC		313,900		3,919
Pay	3-Month USD-LIBOR	4.000%	06/17/2011	MSC		457,300		5,531
Pay	3-Month USD-LIBOR	4.000%	06/17/2011	RBS		303,400		3,506
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	JPM		4,000		147
Receive	3-Month USD-LIBOR	5.000%	06/18/2015	DUB		257,800		(10,976	)
Receive	3-Month USD-LIBOR	5.000%	06/20/2017	BCLY		16,700		(1,306	)
Receive	3-Month USD-LIBOR	5.000%	06/20/2017	BOA		4,400		(413	)
Receive	3-Month USD-LIBOR	5.000%	06/20/2017	CITI		8,200		(584	)
Receive	3-Month USD-LIBOR	5.000%	06/20/2017	CSFB		29,700		(2,243	)
Receive	3-Month USD-LIBOR	5.000%	06/20/2017	JPM		24,500		(1,804	)
Receive	3-Month USD-LIBOR	5.000%	06/20/2017	LEH		56,200		(4,813	)
Receive	3-Month USD-LIBOR	5.000%	06/20/2017	MLP		9,900		(979	)
Receive	3-Month USD-LIBOR	5.000%	06/20/2017	MSC		21,700		(1,786	)
Receive	3-Month USD-LIBOR	5.000%	06/20/2017	RBS		149,300		(13,926	)
Receive	3-Month USD-LIBOR	5.000%	06/20/2017	UBS		15,500		(1,375	)
Pay	3-Month USD-LIBOR	5.000%	06/18/2018	MSC		81,200		4,773
Pay	3-Month USD-LIBOR	5.000%	06/18/2018	RBS		125,300		5,883
Receive	3-Month USD-LIBOR	5.000%	06/18/2023	CITI		10,400		19
Receive	3-Month USD-LIBOR	5.000%	06/18/2023	RBS		55,300		64
Receive	3-Month USD-LIBOR	5.000%	12/20/2026	UBS		18,000		(2,741	)
Receive	3-Month USD-LIBOR	5.000%	06/20/2037	BCLY		800		(146	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	CITI		15,700		(668	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	DUB		129,800		(9,612	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	MSC		34,100		(2,950	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		15,600		(809	)

24 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Interest Rate Swaps (Cont.)
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.090%	10/15/2010	BNP	EUR	16,000	$	97
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.103%	10/15/2010	BCLY		19,000		206
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.146%	10/15/2010	UBS		20,500		152
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	BCLY		7,100		(153	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.965%	03/15/2012	LEH		3,600		(79	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.995%	03/15/2012	GSC		9,100		(179	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.940%	04/10/2012	BNP		1,300		(33	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958%	04/10/2012	JPM		6,500		(159	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.980%	04/30/2012	BCLY		1,300		(30	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.080%	06/15/2012	GSC		20,500		(333	)
Pay	6-Month Australian Bank Bill	6.000%	06/15/2010	CITI	AUD	70,250		(2,563	)
Pay	6-Month Australian Bank Bill	6.000%	06/15/2010	UBS		40,700		(1,454	)
Pay	6-Month Australian Bank Bill	7.000%	06/15/2010	DUB		174,900		(902	)
Pay	6-Month Australian Bank Bill	7.000%	06/15/2010	MSC		91,800		(502	)
Pay	6-Month Australian Bank Bill	7.500%	03/15/2011	UBS		287,500		2,818
Pay	6-Month Australian Bank Bill	7.250%	06/16/2011	DUB		113,900		342
Pay	6-Month Australian Bank Bill	7.250%	06/16/2011	UBS		57,900		231
Pay	6-Month Australian Bank Bill	6.000%	06/15/2012	DUB		9,800		(363	)
Pay	6-Month Australian Bank Bill	6.000%	06/15/2012	HSBC		9,000		(337	)
Pay	6-Month Australian Bank Bill	7.250%	06/15/2013	CSFB		20,500		25
Receive	6-Month Australian Bank Bill	6.000%	06/15/2015	CITI		39,700		2,771
Receive	6-Month Australian Bank Bill	6.000%	06/15/2015	UBS		27,400		1,966
Receive	6-Month Australian Bank Bill	6.000%	06/15/2017	DUB		5,600		349
Receive	6-Month Australian Bank Bill	6.000%	06/15/2017	HSBC		5,200		327
Receive	6-Month Australian Bank Bill	6.500%	06/15/2017	MSC		100,400		851
Receive	6-Month Australian Bank Bill	7.000%	03/15/2019	LEH		11,000		(210	)
Receive	6-Month Australian Bank Bill	7.000%	03/15/2019	UBS		32,900		(461	)
Pay	6-Month EUR-LIBOR	4.000%	12/15/2009	BCLY	EUR	33,000		(277	)
Pay	6-Month EUR-LIBOR	4.000%	03/19/2010	BCLY		71,600		434
Pay	6-Month EUR-LIBOR	4.000%	03/19/2010	JPM		80,000		(1,240	)
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	GSC		15,000		93
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	MSC		97,700		614
Pay	6-Month EUR-LIBOR	4.000%	06/17/2010	BCLY		2,300		(146	)
Pay	6-Month EUR-LIBOR	4.000%	06/17/2010	JPM		4,770		(265	)
Pay	6-Month EUR-LIBOR	4.000%	06/17/2010	MLP		700		(45	)
Pay	6-Month EUR-LIBOR	4.000%	06/17/2010	MSC		3,100		(174	)
Pay	6-Month EUR-LIBOR	4.000%	06/17/2010	UBS		85,200		(2,317	)
Pay	6-Month EUR-LIBOR	3.500%	09/17/2010	CITI		55,000		(635	)
Pay	6-Month EUR-LIBOR	4.000%	12/15/2011	DUB		139,200		2,459
Receive	6-Month EUR-LIBOR	5.000%	12/15/2011	GSC		69,300		(1,113	)
Receive	6-Month EUR-LIBOR	5.000%	06/17/2012	CITI		46,100		2,679
Receive	6-Month EUR-LIBOR	5.000%	06/17/2012	JPM		29,500		1,715
Pay	6-Month EUR-LIBOR	4.000%	09/19/2012	DUB		20,100		557
Pay	6-Month EUR-LIBOR	4.000%	09/19/2012	LEH		87,300		2,421
Pay	6-Month EUR-LIBOR	4.000%	09/17/2013	DUB		71,800		(394	)
Pay	6-Month EUR-LIBOR	4.000%	09/17/2013	GSC		109,000		35
Pay	6-Month EUR-LIBOR	4.000%	09/17/2013	JPM		141,100		(1,100	)
Pay	6-Month EUR-LIBOR	4.000%	12/15/2014	MSC		20,300		273
Receive	6-Month EUR-LIBOR	4.000%	12/15/2014	DUB		91,330		325
Receive	6-Month EUR-LIBOR	4.000%	12/15/2014	GSC		16,900		477
Receive	6-Month EUR-LIBOR	4.000%	12/15/2014	HSBC		13,620		33
Receive	6-Month EUR-LIBOR	4.000%	12/15/2014	LEH		9,400		189
Receive	6-Month EUR-LIBOR	4.000%	06/15/2017	CSFB		37,050		1,871
Receive	6-Month EUR-LIBOR	4.000%	06/15/2017	MSC		66,750		3,116
Pay	6-Month EUR-LIBOR	5.000%	09/19/2017	BCLY		20,600		1,082
Receive	6-Month EUR-LIBOR	5.000%	03/19/2018	BCLY		8,400		(296	)
Receive	6-Month EUR-LIBOR	4.435%	06/18/2034	DUB		6,900		769
Pay	6-Month EUR-LIBOR	4.500%	06/18/2034	DUB		6,600		(126	)
Pay	6-Month EUR-LIBOR	4.500%	06/18/2034	MSC		31,900		31
Pay	6-Month EUR-LIBOR	5.000%	06/18/2034	JPM		24,500		377
Pay	6-Month EUR-LIBOR	4.000%	06/21/2036	GSC		1,500		(64	)
Receive	6-Month EUR-LIBOR	5.000%	03/19/2038	DUB		14,400		(1,503	)
Receive	6-Month EUR-LIBOR	5.000%	03/19/2038	GSC		23,200		(2,370	)
Receive	6-Month EUR-LIBOR	5.000%	09/17/2038	BCLY		10,000		270
Receive	6-Month EUR-LIBOR	5.000%	09/17/2038	JPM		22,000		627
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	MSC	GBP	10,000		(59	)
Receive	6-Month GBP-LIBOR	5.000%	06/15/2009	CITI		11,200		22
Pay	6-Month GBP-LIBOR	6.000%	06/19/2009	RBS		5,000		97
Receive	6-Month GBP-LIBOR	5.322%	09/14/2009	RBS		100		0
Pay	6-Month GBP-LIBOR	5.300%	03/14/2010	GSC		20,000		165
Pay	6-Month GBP-LIBOR	5.300%	03/14/2010	RBS		76,000		627
Pay	6-Month GBP-LIBOR	5.350%	03/14/2010	GSC		5,600		56
Receive	6-Month GBP-LIBOR	5.000%	03/20/2010	GSC		43,500		333
Pay	6-Month GBP-LIBOR	5.000%	09/15/2010	MSC		8,150		565
Pay	6-Month GBP-LIBOR	4.500%	09/17/2010	BCLY		31,000		(156	)

See Accompanying Notes Annual Report March 31, 2008 25

Schedule of Investments  Foreign Bond Fund (U.S. Dollar-Hedged)  (Cont.)

Interest Rate Swaps (Cont.)
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	6-Month GBP-LIBOR	5.000%	03/20/2013	CITI	GBP	2,800	$	95
Pay	6-Month GBP-LIBOR	5.000%	03/20/2013	DUB		28,500		1,083
Pay	6-Month GBP-LIBOR	5.000%	03/20/2013	GSC		32,300		1,288
Pay	6-Month GBP-LIBOR	5.000%	03/20/2013	MSC		2,400		99
Pay	6-Month GBP-LIBOR	5.500%	03/20/2013	GSC		69,000		2,821
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	GSC		45,800		286
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	HSBC		46,200		(29	)
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	MSC		9,000		(5	)
Pay	6-Month GBP-LIBOR	5.000%	09/15/2015	BCLY		800		7
Pay	6-Month GBP-LIBOR	5.000%	09/15/2015	CITI		3,500		5
Pay	6-Month GBP-LIBOR	5.000%	09/15/2015	DUB		6,600		27
Pay	6-Month GBP-LIBOR	5.000%	09/15/2015	GSC		36,300		695
Pay	6-Month GBP-LIBOR	5.000%	09/15/2015	HSBC		3,700		(5	)
Pay	6-Month GBP-LIBOR	5.000%	09/15/2015	JPM		10,500		47
Pay	6-Month GBP-LIBOR	5.000%	09/15/2015	RBS		19,300		210
Pay	6-Month GBP-LIBOR	5.000%	03/20/2018	MLP		6,600		308
Pay	6-Month GBP-LIBOR	5.000%	03/20/2018	MSC		10,400		409
Pay	6-Month GBP-LIBOR	5.000%	06/18/2034	DUB		6,100		(150	)
Pay	6-Month GBP-LIBOR	5.000%	06/18/2034	HSBC		5,600		(283	)
Receive	6-Month GBP-LIBOR	4.250%	06/12/2036	BCLY		6,900		749
Receive	6-Month GBP-LIBOR	4.250%	06/12/2036	DUB		4,300		488
Receive	6-Month GBP-LIBOR	4.250%	06/12/2036	GSC		21,900		817
Receive	6-Month GBP-LIBOR	5.500%	12/15/2036	RBS		8,500		(1,088	)
Pay	6-Month JPY-LIBOR	1.000%	09/18/2008	MSC	JPY	200,000		1
Receive	6-Month JPY-LIBOR	1.000%	06/24/2011	JPM		500,000		(66	)
Receive	6-Month JPY-LIBOR	1.300%	09/21/2011	GSC		2,008,000		(258	)
Pay	6-Month JPY-LIBOR	1.500%	12/20/2012	BCLY		7,570,000		294
Pay	6-Month JPY-LIBOR	1.500%	12/20/2012	DUB		5,740,000		624
Pay	6-Month JPY-LIBOR	1.500%	12/20/2012	MSC		14,000,000		1,390
Pay	6-Month JPY-LIBOR	1.500%	12/20/2012	UBS		13,390,000		1,490
Pay	6-Month JPY-LIBOR	1.500%	06/20/2015	RBS		10,680,000		2,063
Pay	6-Month JPY-LIBOR	1.500%	06/20/2015	UBS		5,440,000		1,138
Receive	6-Month JPY-LIBOR	1.980%	09/27/2016	MSC		4,800,000		(2,591	)
Receive	6-Month JPY-LIBOR	2.000%	06/20/2017	BCLY		2,830,000		(790	)
Receive	6-Month JPY-LIBOR	2.000%	06/20/2017	DUB		3,490,000		(964	)
Receive	6-Month JPY-LIBOR	2.000%	06/20/2017	GSC		11,560,000		(3,210	)
Receive	6-Month JPY-LIBOR	2.250%	06/20/2036	MSC		2,500,000		4
Receive	6-Month JPY-LIBOR	2.500%	06/20/2036	MSC		4,840,000		(3,593	)
Receive	6-Month JPY-LIBOR	3.000%	06/20/2036	GSC		2,480,000		(3,108	)
Receive	30-Day USD-CMM Rate	5.500%	05/21/2009	MLP	$	24,000		(859	)
Pay	BRL-CDI-Compounded	10.115%	01/02/2012	MSC	BRL	160,500		(5,599	)
Pay	BRL-CDI-Compounded	10.150%	01/02/2012	GSC		27,200		(997	)
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		41,900		(1,502	)
Pay	BRL-CDI-Compounded	10.680%	01/02/2012	BCLY		16,300		(520	)
Pay	USSP Semi 2-Year Index	0.710%	02/05/2009	BNP	$	62,000		(75	)
							$	(27,574	)

(h) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 2-Year Note June Futures	$	110.500	04/25/2008	1,527	$	28	$	24
Call - CBOT U.S. Treasury 5-Year Note June Futures		125.000	05/23/2008	6,802		123		53
Call - CBOT U.S. Treasury 10-Year Note June Futures		134.000	05/23/2008	6,034		110		94
Call - CBOT U.S. Treasury 10-Year Note June Futures		142.000	05/23/2008	104		1		2
Call - CBOT U.S. Treasury 30-Year Bond June Futures		148.000	05/23/2008	176		3		3
Call - CBOT U.S. Treasury 30-Year Bond June Futures		156.000	05/23/2008	1,500		27		23
Put - CBOT U.S. Treasury 10-Year Note June Futures		83.000	05/23/2008	929		9		14
Put - CBOT U.S. Treasury 10-Year Note June Futures		91.000	05/23/2008	392		7		6
Put - CBOT U.S. Treasury 10-Year Note June Futures		94.000	05/23/2008	4,747		86		74
Put - CBOT U.S. Treasury 10-Year Note June Futures		96.000	05/23/2008	1,066		19		17
Put - CBOT U.S. Treasury 10-Year Note June Futures		98.000	05/23/2008	308		6		5
Put - CBOT U.S. Treasury 30-Year Bond June Futures		90.000	05/23/2008	183		3		3
Put - CME 90-Day Eurodollar June Futures		92.000	06/15/2009	92		1		0
					$	423	$	318

26 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	JPM	6-Month EUR-LIBOR	Pay	4.000%	09/14/2009	EUR	122,000	$	649	$	1,135
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500%	02/02/2009	$	30,100		292		503
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	5.000%	08/28/2009		66,400		651		2,223
Call - OTC 2-Year Interest Rate Swap	MLP	3-Month USD-LIBOR	Pay	5.000%	08/28/2009		134,600		1,351		4,505
Call - OTC 2-Year Interest Rate Swap	MSC	3-Month USD-LIBOR	Pay	4.250%	07/06/2009		259,500		3,043		6,122
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.500%	08/03/2009		813,800		8,433		11,068
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	5.000%	08/28/2009		34,100		347		1,141
								$	14,766	$	26,697

Foreign Currency Options
Description	Exercise Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC Euro versus U.S. dollar	$	1.367	05/19/2010	EUR	5,300	$	254	$	985
Put - OTC Euro versus U.S. dollar		1.367	05/19/2010		5,300		254		169
Call - OTC Euro versus U.S. dollar		1.375	05/21/2010		4,300		202		770
Put - OTC Euro versus U.S. dollar		1.375	05/21/2010		4,300		202		144
Call - OTC U.S. dollar versus Japanese yen	JPY	115.950	06/09/2008	$	40,000		1,063		70
Put - OTC U.S. dollar versus Japanese yen		115.950	06/09/2008		40,000		1,063		6,750
Call - OTC U.S. dollar versus Japanese yen		118.150	06/23/2008		39,100		1,029		74
Put - OTC U.S. dollar versus Japanese yen		118.150	06/23/2008		39,100		1,029		7,490
Call - OTC U.S. dollar versus Japanese yen		104.000	03/17/2010		1,000		48		20
Put - OTC U.S. dollar versus Japanese yen		104.000	03/17/2010		1,000		37		93
						$	5,181	$	16,565

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Republic of Germany 6.500% due 07/04/2027	EUR	102.000	05/22/2008	EUR	50,000	$	8	$	0
Call - OTC Fannie Mae 5.000% due 04/01/2038	$	106.000	04/07/2008	$	25,000		3		0
Call - OTC Fannie Mae 5.000% due 06/01/2038		105.313	06/05/2008		258,500		30		0
Call - OTC Fannie Mae 5.500% due 04/01/2038		104.875	04/07/2008		88,500		11		0
Call - OTC Treasury Inflation Protected Securities 2.000% due 02/15/2010		103.250	06/20/2008		100,000		12		0
Call - OTC Treasury Inflation Protected Securities 3.250% due 12/15/2009		104.237	07/11/2008		73,500		9		28
Call - OTC Treasury Inflation Protected Securities 4.250% due 11/15/2013		122.781	06/27/2008		37,400		4		0
Call - OTC Treasury Inflation Protected Securities 4.250% due 11/15/2014		125.375	06/20/2008		25,100		3		0
Call - OTC U.S. Treasury Notes 3.000% due 02/15/2009		101.699	07/11/2008		16,300		2		3
Call - OTC U.S. Treasury Notes 3.500% due 12/15/2009		105.094	06/27/2008		75,000		9		0
Call - OTC U.S. Treasury Notes 4.000% due 04/15/2010		107.031	07/11/2008		25,000		3		4
Call - OTC U.S. Treasury Notes 4.250% due 08/15/2013		123.000	06/20/2008		54,000		4		0
Call - OTC U.S. Treasury Notes 4.625% due 07/31/2012		118.531	07/11/2008		15,000		2		0
Put - OTC Fannie Mae 5.500% due 06/01/2038		86.375	06/05/2008		66,300		8		47
Put - OTC Fannie Mae 6.000% due 04/01/2038		93.000	04/07/2008		35,000		4		0
Put - OTC Fannie Mae 6.000% due 05/01/2038		93.000	05/06/2008		28,000		3		16
Put - OTC Fannie Mae 6.000% due 06/01/2038		92.188	06/05/2008		87,000		10		207
Put - OTC Fannie Mae 6.500% due 05/01/2038		94.000	06/05/2008		36,925		4		27
Put - OTC Freddie Mac 5.500% due 06/01/2038		86.000	06/05/2008		19,000		2		13
Put - OTC Treasury Inflation Protected Securities 2.375% due 01/15/2027		81.000	05/28/2008		17,600		4		0
Put - OTC Treasury Inflation Protected Securities 2.625% due 07/15/2017		91.000	04/08/2008		18,600		4		0
						$	139	$	345

(i) Written options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note June Futures	$	119.500	04/25/2008	1,254	$	954	$	1,117
Call - CBOT U.S. Treasury 10-Year Note June Futures		120.000	04/25/2008	765		571		538
Call - CBOT U.S. Treasury 10-Year Note June Futures		118.500	05/23/2008	148		154		273
Call - CBOT U.S. Treasury 10-Year Note June Futures		121.000	05/23/2008	320		290		270
Call - CBOT U.S. Treasury 10-Year Note June Futures		121.500	05/23/2008	282		181		203
Put - CBOT U.S. Treasury 10-Year Note June Futures		113.000	04/25/2008	333		223		5
Put - CBOT U.S. Treasury 10-Year Note June Futures		114.500	04/25/2008	359		275		23
Put - CBOT U.S. Treasury 10-Year Note June Futures		117.000	04/25/2008	364		259		142
Put - CBOT U.S. Treasury 10-Year Note June Futures		117.500	04/25/2008	300		229		159
Put - CBOT U.S. Treasury 10-Year Note June Futures		118.000	04/25/2008	273		213		192
Put - CBOT U.S. Treasury 10-Year Note June Futures		113.000	05/23/2008	148		170		21
Put - CBOT U.S. Treasury 10-Year Note June Futures		116.000	05/23/2008	277		262		147
					$	3,781	$	3,090

See Accompanying Notes Annual Report March 31, 2008 27

Schedule of Investments  Foreign Bond Fund (U.S. Dollar-Hedged)  (Cont.)

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 7-Year Interest Rate Swap	JPM	6-Month EUR-LIBOR	Receive	4.230%	09/14/2009	EUR	39,300	$	577	$	959
Call - OTC 5-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.300%	02/02/2009	$	13,100		286		506
Call - OTC 7-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	5.320%	08/28/2009		22,100		584		1,631
Call - OTC 7-Year Interest Rate Swap	MLP	3-Month USD-LIBOR	Receive	5.320%	08/28/2009		43,600		1,182		3,218
Call - OTC 7-Year Interest Rate Swap	MSC	3-Month USD-LIBOR	Receive	4.900%	07/06/2009		86,500		2,910		5,006
Put - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.075%	05/29/2008		168,400		474		148
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.300%	08/03/2009		353,800		8,487		12,175
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	5.320%	08/28/2009		11,400		316		842
								$	14,816	$	24,485

Foreign Currency Options
Description	Exercise Price		Expiration Date	Notional Amount		Premium		Value
Put - OTC Australian dollar versus U.S. dollar	$	0.903	04/03/2008	AUD	44,600	$	349	$	98
Put - OTC U.S. dollar versus Brazilian Real	BRL	1.670	04/15/2008	$	18,700		138		61
Put - OTC U.S. dollar versus Japanese yen	JPY	104.000	06/09/2008		17,400		138		963
Put - OTC U.S. dollar versus Japanese yen		80.000	08/21/2008		10,000		51		56
Call - OTC U.S. dollar versus Japanese yen		104.000	03/17/2010		400		21		8
Put - OTC U.S. dollar versus Japanese yen		104.000	03/17/2010		400		21		37
						$	718	$	1,223
Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Premium		Value
Call - OTC Fannie Mae 5.500% due 05/01/2038	$	101.000	05/01/2008	$	54,000	$	266	$	429

(j) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
National Grid PLC	4.980%	06/22/2011	11/03/2006	$	4,378	$	4,797	0.17%

(k) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (3)
Fannie Mae	5.000%	02/13/2017	$	42,000	$	43,202	$	45,532
Fannie Mae	5.000%	05/11/2017		17,000		17,831		18,136
Fannie Mae	5.000%	04/01/2038		152,500		148,118		150,951
Fannie Mae	5.500%	04/01/2038		358,000		361,428		361,412
Freddie Mac	5.125%	11/17/2017		16,000		16,448		17,123
Freddie Mac	5.500%	08/23/2017		33,000		35,745		36,474
U.S. Treasury Notes	2.000%	02/28/2010		100,000		100,788		101,348
U.S. Treasury Notes	2.750%	02/28/2013		57,000		57,343		58,255
U.S. Treasury Notes	3.000%	02/15/2009		16,300		16,614		16,577
U.S. Treasury Notes	3.250%	12/31/2009		73,500		75,454		76,239
U.S. Treasury Notes	4.000%	04/15/2010		25,000		26,158		26,225
U.S. Treasury Notes	4.000%	02/15/2015		7,600		8,110		8,245
U.S. Treasury Notes	4.125%	05/15/2015		5,000		5,198		5,489
U.S. Treasury Notes	4.250%	08/15/2013		50,400		54,429		55,397
U.S. Treasury Notes	4.250%	11/15/2013		37,400		40,130		41,556
U.S. Treasury Notes	4.250%	11/15/2014		25,100		27,182		27,965
U.S. Treasury Notes	4.500%	02/15/2016		25,700		27,827		28,500
U.S. Treasury Notes	4.625%	07/31/2012		15,000		16,089		16,531
U.S. Treasury Notes	4.625%	11/15/2016		119,800		131,729		134,949
U.S. Treasury Notes	4.625%	02/15/2017		84,000		88,920		92,803
U.S. Treasury Notes	4.875%	08/15/2016		292,200		324,935		330,724
U.S. Treasury Notes	5.125%	05/15/2016		79,590		89,858		92,551
					$	1,713,536	$	1,742,982

⁽³⁾ Market value includes $12,844 of interest payable on short sales.

28 PIMCO Funds See Accompanying Notes

    
March 31, 2008

(l) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Sell	AUD	37,777	04/2008	$	0	$	(212	)	$	(212	)
Buy	BRL	118,221	07/2008		2,300		0			2,300
Sell		85,111	07/2008		619		(573	)		46
Buy		48,642	12/2008		694		0			694
Sell		34,443	12/2008		375		(75	)		300
Sell	CAD	28,991	04/2008		873		0			873
Buy	CLP	499,300	12/2008		95		0			95
Buy	CNY	132,545	04/2008		635		0			635
Sell		132,545	04/2008		0		(390	)		(390	)
Buy		205,361	07/2008		1,866		0			1,866
Sell		205,361	07/2008		0		(1,748	)		(1,748	)
Sell	DKK	114,960	06/2008		0		(890	)		(890	)
Buy	EUR	2,335	04/2008		0		(2	)		(2	)
Sell		169,834	04/2008		0		(3,232	)		(3,232	)
Buy	GBP	234	04/2008		0		(1	)		(1	)
Sell		72,006	04/2008		52		(367	)		(315	)
Sell	HKD	990	05/2008		0		0			0
Buy	INR	622,291	05/2008		285		0			285
Buy		28,658	08/2008		0		(16	)		(16	)
Sell	JPY	85,458,411	04/2008		0		(43,494	)		(43,494	)
Buy		24,444,028	05/2008		1,739		(1,108	)		631
Sell		86,475,330	05/2008		2,812		0			2,812
Buy	KRW	25,356,787	05/2008		0		(1,851	)		(1,851	)
Sell		7,221,340	05/2008		608		0			608
Buy		5,362,966	08/2008		0		(283	)		(283	)
Sell		13,888,691	08/2008		592		0			592
Buy	MXN	12,004	07/2008		34		0			34
Sell		13,828	07/2008		0		(40	)		(40	)
Buy	MYR	160,499	05/2008		2,016		0			2,016
Sell	NZD	2,375	04/2008		35		0			35
Buy	PHP	210,992	05/2008		0		(202	)		(202	)
Buy	PLN	484	07/2008		39		0			39
Buy	RUB	31,606	07/2008		83		0			83
Buy		353,753	11/2008		519		0			519
Sell		8,346	11/2008		0		(9	)		(9	)
Buy	SGD	1,263	05/2008		30		0			30
Buy		2,734	08/2008		59		0			59
Buy		14,176	11/2008		276		0			276
Buy	TWD	166,214	09/2008		89		0			89
				$	16,725	$	(54,493	)	$	(37,768	)

See Accompanying Notes Annual Report March 31, 2008 29

Schedule of Investments  High Yield Fund

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 6.7%
AES Corp.
0.750% due 04/30/2010	$	1,728	$	1,642
7.320% due 04/30/2010		600		570
7.750% due 04/30/2010		3,672		3,502
Allison Transmission, Inc.
5.740% due 08/07/2014		1,779		1,568
5.750% due 08/07/2014		3,221		2,839
Amadeus Global Travel Distribution S.A.
6.846% due 04/08/2013		1,902		1,632
7.096% due 04/08/2014		1,693		1,448
7.142% due 04/08/2012		3,478		3,060
7.886% due 04/08/2014		186		159
Biomet, Inc.
7.857% due 03/25/2015		1,244		1,198
Centennial Communications Corp.
5.085% due 01/20/2011		216		207
6.830% due 02/09/2011		2,789		2,681
Community Health Systems, Inc.
4.000% due 07/02/2014		622		575
4.000% due 07/25/2014		96		88
5.335% due 07/25/2014		14,062		12,993
CSC Holdings, Inc.
4.750% due 03/30/2013		2,500		2,343
Daimler Finance North America LLC
6.800% due 08/03/2012		64,725		53,838
Delphi Corp.
6.250% due 07/01/2008		1,000		987
6.750% due 07/01/2008		11,000		10,827
Ferrellgas Partners LP
7.240% due 08/01/2010 (k)		26,000		25,482
First Data Corp.
5.349% due 09/24/2014		6,051		5,462
7.580% due 09/24/2014		446		403
Ford Motor Co.
5.800% due 12/15/2013		29,378		24,150
Georgia-Pacific Corp.
4.446% due 12/20/2012		228		210
4.740% due 12/20/2012		5,478		5,089
4.835% due 12/20/2012		292		271
HCA, Inc.
4.946% due 11/16/2013		20,528		18,910
Headwaters, Inc.
4.610% due 04/30/2011		1,791		1,638
HealthSouth Corp.
5.210% due 02/02/2013		25		23
5.500% due 03/10/2013		10,956		10,151
Hertz Corp.
2.599% due 12/21/2012		795		744
4.320% due 12/21/2012		237		222
4.390% due 12/21/2012		2,431		2,276
4.500% due 12/21/2012		1,727		1,617
Idearc, Inc.
4.700% due 11/17/2014		8,000		6,437
Ineos Group Holdings PLC
4.635% due 10/07/2012		12,136		10,639
Intelsat Bermuda Ltd.
5.611% due 02/01/2014		20,750		20,715
Las Vegas Sands Corp.
3.000% due 05/15/2014		335		297
4.450% due 05/23/2014		1,665		1,475
Metro-Goldwyn-Mayer, Inc.
5.946% due 04/08/2012		15,760		12,539
Mylan Laboratories, Inc.
5.938% due 10/02/2014		3,228		3,120
6.250% due 10/02/2014		5,002		4,834

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Northwest Airlines, Inc.
4.870% due 08/22/2008	$	4,455	$	3,656
NRG Energy, Inc.
4.196% due 02/01/2013		2,726		2,558
4.346% due 02/01/2013		1,105		1,037
6.580% due 02/01/2013		668		627
NTL Investment
6.055% due 01/06/2013		1,832		1,620
Nuveen Investments, Inc.
5.654% due 11/01/2014		2,464		2,226
7.830% due 11/13/2014		3,628		3,278
7.858% due 11/01/2014		907		820
Nycomed
7.013% due 12/20/2014		4,432		3,432
7.873% due 12/20/2015		4,432		3,460
RH Donnelley Corp.
4.750% due 06/30/2011		1,500		1,396
Roundy’s Supermarket, Inc.
5.690% due 10/27/2011		10,509		9,853
SandRidge Energy, Inc.
8.354% due 04/01/2014		2,000		1,870
8.625% due 04/01/2015		59,100		58,435
Telesat Canada
8.370% due 10/31/2008		6,200		5,921
9.000% due 10/31/2008		8,200		7,831
Thompson Learning, Inc.
5.200% due 06/27/2014		28,556		24,630
Tribune Co.
5.542% due 05/30/2014		13,445		9,044
7.396% due 05/30/2009		10,337		9,297
TXU Technology
6.478% due 10/10/2014		1,030		938
6.596% due 10/10/2014		4,415		4,020
6.596% due 10/10/2014		6,542		5,957
Univision Communications, Inc.
5.375% due 09/15/2014		510		404
5.494% due 09/15/2014		17,852		14,126
6.250% due 09/15/2014		638		504
Verso Paper Holdings LLC and Verson Paper, Inc.
9.489% due 02/01/2013		2,200		1,967
VNU/Nielson Finance LLC
5.346% due 08/09/2013		5,431		4,915
Weather Investments II SARL
11.319% due 10/26/2014		3,000		2,980
West Corp.
7.000% due 10/24/2013		3,000		2,607
Wind Acquisition Finance S.A.
11.201% due 12/21/2011		7,387		7,338
Total Bank Loan Obligations (Cost $498,216)				455,608
CORPORATE BONDS & NOTES 70.2%
BANKING & FINANCE 17.6%
AES Ironwood LLC
8.857% due 11/30/2025		44,683		48,704
AES Red Oak LLC
8.540% due 11/30/2019		13,937		14,007
American Express Co.
7.000% due 03/19/2018		61,950		65,200
American General Finance Corp.
6.900% due 12/15/2017		8,200		8,033
American International Group, Inc.
5.850% due 01/16/2018		18,900		18,595

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Bank of America Corp.
8.000% due 12/29/2049	$	106,025	$	106,366
Barclays Bank PLC
6.050% due 12/04/2017		28,950		28,308
7.434% due 09/29/2049		5,100		4,620
Buffalo Thunder Development Authority
9.375% due 12/15/2014		2,650		2,001
C10 Capital SPV Ltd.
6.722% due 12/31/2049		5,000		4,636
Citigroup Capital XXI
8.300% due 12/21/2057		17,075		16,875
Citigroup Funding, Inc.
2.080% due 08/31/2012		8,000		7,815
Consolidated Communications Holdings, Inc.
9.750% due 04/01/2012		33		35
Ford Motor Credit Co. LLC
7.000% due 10/01/2013		5,325		4,159
7.375% due 02/01/2011		6,950		5,804
7.800% due 06/01/2012		28,184		23,275
7.875% due 06/15/2010		3,725		3,251
8.000% due 12/15/2016		47,695		37,411
8.625% due 11/01/2010		1,550		1,352
Forest City Enterprises, Inc.
7.625% due 06/01/2015		8,450		8,070
General Electric Capital Corp.
5.875% due 01/14/2038		4,000		3,869
GMAC LLC
5.276% due 12/01/2014		500		335
6.000% due 04/01/2011		9,412		7,302
6.625% due 05/15/2012		11,850		8,975
6.750% due 12/01/2014		4,690		3,324
6.875% due 08/28/2012		23,890		18,177
7.250% due 03/02/2011		16,415		12,945
8.000% due 11/01/2031		19,010		13,653
Goldman Sachs Group, Inc.
5.950% due 01/18/2018		13,050		12,956
6.750% due 10/01/2037		42,700		39,847
Hexion U.S. Finance Corp.
9.750% due 11/15/2014		15,700		16,917
KRATON Polymers LLC
8.125% due 01/15/2014		21,795		18,199
Lehman Brothers Holdings, Inc.
5.625% due 01/24/2013		4,175		4,066
6.750% due 12/28/2017		20,200		19,466
LVB Acquisition Merger Sub, Inc.
10.000% due 10/15/2017		33,942		35,724
10.375% due 10/15/2017 (b)		38,250		39,876
11.625% due 10/15/2017		69,912		70,262
Mirage Resorts, Inc.
7.250% due 08/01/2017		8,625		7,784
Morgan Stanley
5.950% due 12/28/2017		53,100		51,449
NSG Holdings LLC
7.750% due 12/15/2025		13,340		13,005
Petroleum Export Ltd. II
6.340% due 06/20/2011		13,554		13,922
Petroplus Finance Ltd.
6.750% due 05/01/2014		5,650		5,184
7.000% due 05/01/2017		4,770		4,281
Prudential Financial, Inc.
5.150% due 01/15/2013		1,800		1,800
Rabobank Capital Funding Trust
5.254% due 12/29/2049		8,035		6,687
Residential Capital LLC
8.125% due 11/21/2008		16,600		11,537

30 PIMCO Funds See Accompanying Notes

March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Royal Bank of Scotland Group PLC
7.640% due 03/31/2049	$	36,825	$	31,774
Santander Perpetual S.A. Unipersonal
6.671% due 10/29/2049		23,200		20,950
SLM Corp.
3.491% due 07/26/2010		5,950		4,688
3.541% due 07/25/2008		10,575		10,395
5.000% due 04/15/2015		2,000		1,427
5.000% due 06/15/2018		1,000		641
Tenneco, Inc.
8.125% due 11/15/2015		12,875		12,843
8.625% due 11/15/2014		9,749		9,627
10.250% due 07/15/2013		4,287		4,566
TNK-BP Finance S.A.
6.625% due 03/20/2017		9,200		7,981
7.500% due 07/18/2016		14,750		13,773
TransCapitalInvest Ltd. for OJSC AK Transneft
5.670% due 03/05/2014		4,125		3,865
6.103% due 06/27/2012		7,000		6,988
UBS AG
5.875% due 12/20/2017		15,800		16,191
UBS Preferred Funding Trust V
6.243% due 05/29/2049		9,200		7,709
Universal City Development Partners
11.750% due 04/01/2010		3,000		3,090
Universal City Florida Holding Co. I
7.989% due 05/01/2010		1,133		1,105
8.375% due 05/01/2010		7,900		7,782
Ventas Realty LP
6.750% due 04/01/2017		12,710		12,488
7.125% due 06/01/2015		9,475		9,451
Wachovia Corp.
7.980% due 02/28/2049		115,400		113,731
Washington Mutual, Inc.
8.250% due 04/01/2010		18,175		15,819
Wilmington Trust Co.
10.732% due 01/01/2013 (k)		4,960		5,598
Wind Acquisition Finance S.A.
10.750% due 12/01/2015		14,570		14,934
				1,187,474
INDUSTRIALS 41.6%
Actuant Corp.
6.875% due 06/15/2017		14,100		13,994
Allied Waste North America, Inc.
7.250% due 03/15/2015		34,906		35,037
Allison Transmission, Inc.
11.000% due 11/01/2015		10,805		9,454
11.250% due 11/01/2015 (b)		8,700		7,352
American Stores Co.
8.000% due 06/01/2026		30,090		30,607
AmeriGas Partners LP
7.125% due 05/20/2016		32,745		32,254
7.250% due 05/20/2015		19,670		19,473
ARAMARK Corp.
8.500% due 02/01/2015		48,480		48,844
Arco Chemical Co.
10.250% due 11/01/2010		1,445		1,474
ArvinMeritor, Inc.
8.125% due 09/15/2015		32,265		26,457
8.750% due 03/01/2012		21,235		19,536
Berry Plastics Holding Corp.
6.675% due 09/15/2014		2,365		1,880
8.875% due 09/15/2014		33,080		29,028

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Bombardier, Inc.
8.000% due 11/15/2014	$	3,280	$	3,395
Bon-Ton Department Stores, Inc.
10.250% due 03/15/2014		39,585		26,621
Buhrmann U.S., Inc.
7.875% due 03/01/2015		13,790		12,963
8.250% due 07/01/2014		14,890		14,071
C8 Capital SPV Ltd.
6.640% due 12/29/2049		4,500		4,178
CanWest MediaWorks LP
9.250% due 08/01/2015		5,751		5,320
Cascades, Inc.
7.250% due 02/15/2013		22,210		19,711
CCO Holdings LLC
8.750% due 11/15/2013		74,801		64,329
Celestica, Inc.
7.625% due 07/01/2013		11,815		11,224
7.875% due 07/01/2011		42,609		42,076
Chart Industries, Inc.
9.125% due 10/15/2015		8,865		8,732
Charter Communications Operating LLC
8.000% due 04/30/2012		1,200		1,107
8.375% due 04/30/2014		3,000		2,715
Chemtura Corp.
6.875% due 06/01/2016		19,420		17,381
Chesapeake Energy Corp.
6.875% due 01/15/2016		6,210		6,179
7.000% due 08/15/2014		6,305		6,352
7.500% due 06/15/2014		6,550		6,746
Choctaw Resort Development Enterprise
7.250% due 11/15/2019		4,883		4,273
Citic Resources Finance Ltd.
6.750% due 05/15/2014		2,975		2,685
Community Health Systems, Inc.
8.875% due 07/15/2015		70,142		70,756
Compagnie Générale de Géophysique-Veritas
7.500% due 05/15/2015		7,100		7,242
7.750% due 05/15/2017		9,455		9,644
Continental Airlines, Inc.
6.920% due 04/02/2013 (k)		16,537		16,552
7.373% due 06/15/2017		1,048		948
7.566% due 09/15/2021		2,835		2,609
Cooper-Standard Automotive, Inc.
7.000% due 12/15/2012		21,345		18,463
Crown Americas LLC & Crown Americas Capital Corp.
7.625% due 11/15/2013		2,625		2,691
7.750% due 11/15/2015		20,045		20,696
CSC Holdings, Inc.
6.750% due 04/15/2012		12,425		12,052
7.625% due 04/01/2011		37,370		37,136
7.625% due 07/15/2018		28,650		26,286
DaVita, Inc.
7.250% due 03/15/2015		37,815		37,059
Delta Air Lines, Inc.
7.779% due 07/02/2013		7,855		7,305
Dex Media West LLC
9.875% due 08/15/2013		15,786		13,773
Dynegy Holdings, Inc.
7.125% due 05/15/2018		9,860		8,923
7.500% due 06/01/2015		13,100		12,347
7.625% due 10/15/2026		3,985		3,397
7.750% due 06/01/2019		12,190		11,459
8.375% due 05/01/2016		2,315		2,303
Dynegy Roseton/Danskammer Pass-Through Trust Series B
7.670% due 11/08/2016		20,010		20,048

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
EchoStar DBS Corp.
7.000% due 10/01/2013	$	3,550	$	3,364
7.125% due 02/01/2016		68,185		63,923
El Paso Corp.
7.000% due 06/15/2017		39,780		41,127
7.420% due 02/15/2037		1,375		1,348
7.800% due 08/01/2031		29,497		30,440
8.050% due 10/15/2030		7,310		7,673
Enterprise Products Operating LP
7.034% due 01/15/2068		4,840		4,117
8.375% due 08/01/2066		10,625		10,360
Ferrellgas Partners LP
7.120% due 08/01/2008 (k)		11,000		11,164
8.750% due 06/15/2012		11,920		12,173
8.870% due 08/01/2009 (k)		7,300		7,798
First Data Corp.
9.875% due 09/24/2015		69,420		57,185
Ford Motor Co.
7.125% due 11/15/2025		8,722		5,800
7.500% due 08/01/2026		19,800		12,771
9.215% due 09/15/2021		1,225		971
Freeport-McMoRan Copper & Gold, Inc.
8.250% due 04/01/2015		12,325		13,034
8.375% due 04/01/2017		42,080		44,763
Freescale Semiconductor, Inc.
8.875% due 12/15/2014		42,970		33,839
9.125% due 12/15/2014 (b)		12,075		8,875
Fresenius Medical Care Capital Trust
7.875% due 06/15/2011		26,550		27,678
General Motors Corp.
7.400% due 09/01/2025		600		405
7.700% due 04/15/2016		7,355		5,388
8.250% due 07/15/2023		26,630		18,774
8.800% due 03/01/2021		1,000		762
Georgia-Pacific LLC
7.000% due 01/15/2015		2,690		2,535
7.125% due 01/15/2017		12,800		11,904
7.250% due 06/01/2028		12,525		10,270
7.375% due 12/01/2025		33,410		27,897
7.700% due 06/15/2015		2,525		2,386
8.000% due 01/15/2024		58,820		52,056
Goodyear Tire & Rubber Co.
9.000% due 07/01/2015		21,738		23,097
Harrah’s Operating Co., Inc.
10.750% due 02/01/2016		31,143		26,394
HCA, Inc.
6.750% due 07/15/2013		10,393		9,250
7.190% due 11/15/2015		26,422		22,544
8.750% due 09/01/2010		2,853		2,867
9.000% due 12/15/2014		7,936		7,390
9.250% due 11/15/2016		134,875		140,270
9.625% due 11/15/2016 (b)		3,575		3,718
Health Management Associates, Inc.
6.125% due 04/15/2016		11,800		10,030
Herbst Gaming, Inc.
8.125% due 06/01/2012		3,970		744
Hertz Corp.
8.875% due 01/01/2014		56,911		54,208
Ineos Group Holdings PLC
8.500% due 02/15/2016		42,031		32,889
Ingles Markets, Inc.
8.875% due 12/01/2011		18,110		18,382
Intelsat Corp.
9.000% due 08/15/2014		3,830		3,878
9.000% due 06/15/2016		950		962
Intelsat Jackson Holdings Ltd.
9.250% due 06/15/2016		22,200		22,478

See Accompanying Notes Annual Report March 31, 2008 31

Schedule of Investments  High Yield Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Intelsat Subsidiary Holding Co. Ltd.
8.250% due 01/15/2013	$	4,890	$	4,951
8.625% due 01/15/2015		15,065		15,253
Jefferson Smurfit Corp. U.S.
7.500% due 06/01/2013		3,350		2,898
8.250% due 10/01/2012		2,626		2,380
JET Equipment Trust
7.630% due 08/15/2012 (a)		1,431		477
9.410% due 06/15/2010 (a)		745		633
10.000% due 06/15/2012 (a)		5,628		4,897
Kansas City Southern de Mexico S.A. de C.V.
9.375% due 05/01/2012		13,164		13,658
Legrand France S.A.
8.500% due 02/15/2025		16,900		19,102
MGM Mirage
6.625% due 07/15/2015		5,998		5,248
6.875% due 04/01/2016		24,510		21,569
7.500% due 06/01/2016		18,900		17,104
Nalco Co.
8.875% due 11/15/2013		24,340		25,131
New Albertson’s, Inc.
6.570% due 02/23/2028		500		402
7.450% due 08/01/2029		24,275		22,479
7.750% due 06/15/2026		900		853
Norampac Industries, Inc.
6.750% due 06/01/2013		13,879		11,919
Nordic Telephone Co. Holdings ApS
8.875% due 05/01/2016		21,010		20,485
Nortel Networks Ltd.
8.508% due 07/15/2011		18,785		16,202
10.125% due 07/15/2013		40,755		37,495
10.750% due 07/15/2016		5,045		4,635
Northwest Airlines, Inc.
7.691% due 10/01/2018		2,762		2,541
Northwest Pipeline Corp.
7.125% due 12/01/2025		4,300		4,386
Novelis, Inc.
7.250% due 02/15/2015		5,906		5,256
OPTI Canada, Inc.
8.250% due 12/15/2014		20,545		20,442
Quebecor Media, Inc.
7.750% due 03/15/2016		43,245		39,677
Quiksilver, Inc.
6.875% due 04/15/2015		15,310		12,401
Qwest Communications International, Inc.
7.500% due 02/15/2014		107,399		101,492
Reynolds American, Inc.
7.750% due 06/01/2018		4,555		4,814
RH Donnelley Corp.
6.875% due 01/15/2013		9,125		5,612
8.875% due 01/15/2016		82,470		52,575
8.875% due 10/15/2017		35,605		22,431
Rockwood Specialties Group, Inc.
7.500% due 11/15/2014		10,840		10,569
Roseton
7.270% due 11/08/2010		28,609		28,609
Royal Caribbean Cruises Ltd.
7.250% due 03/15/2018		14,250		12,665
Sanmina-SCI Corp.
8.125% due 03/01/2016		26,185		23,305
SemGroup LP
8.750% due 11/15/2015		44,050		40,526
Sensata Technologies BV
8.000% due 05/01/2014		45,525		40,290

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Service Corp. International
7.375% due 10/01/2014	$	2,095	$	2,108
7.625% due 10/01/2018		5,880		5,939
Smurfit Capital Funding PLC
7.500% due 11/20/2025		5,300		4,690
Smurfit Kappa Funding PLC
7.750% due 04/01/2015		1,650		1,452
Smurfit-Stone Container Enterprises, Inc.
8.000% due 03/15/2017		8,855		7,483
8.375% due 07/01/2012		2,460		2,239
Sonat, Inc.
7.000% due 02/01/2018		7,109		7,283
Station Casinos, Inc.
6.875% due 03/01/2016		13,175		7,740
7.750% due 08/15/2016		34,945		28,305
Suburban Propane Partners LP
6.875% due 12/15/2013		14,977		14,677
Sungard Data Systems, Inc.
9.125% due 08/15/2013		51,586		52,360
Superior Essex Communications LLC
9.000% due 04/15/2012		9,195		8,896
SUPERVALU, Inc.
7.500% due 11/15/2014		9,350		9,490
Tenet Healthcare Corp.
7.375% due 02/01/2013		5,439		4,882
Terex Corp.
8.000% due 11/15/2017		5,380		5,380
Tesoro Corp.
6.500% due 06/01/2017		7,950		7,155
6.625% due 11/01/2015		600		558
Tesoro Petroleum Corp.
7.466% due 07/17/2012 (k)		10,000		10,054
TRW Automotive, Inc.
7.000% due 03/15/2014		24,000		22,260
7.250% due 03/15/2017		18,695		17,106
U.S. Airways Group, Inc.
9.330% due 01/01/2049 (a)		3,121		0
United Airlines, Inc.
6.071% due 03/01/2013		2,084		2,064
6.201% due 09/01/2008		1,536		1,521
6.602% due 03/01/2015		1,937		1,927
7.032% due 10/01/2010		1,229		1,217
Unity Media GmbH
10.375% due 02/15/2015		11,350		10,272
Verso Paper Holdings LLC and Verson Paper, Inc.
9.125% due 08/01/2014		35,570		34,503
West Corp.
9.500% due 10/15/2014		21,560		19,404
11.000% due 10/15/2016		6,500		5,525
Williams Cos., Inc.
6.375% due 10/01/2010		5,610		5,778
7.625% due 07/15/2019		9,340		10,017
7.875% due 09/01/2021		2,649		2,884
Williams Partners LP
7.250% due 02/01/2017		6,100		6,161
Wynn Las Vegas Capital Corp.
6.625% due 12/01/2014		31,205		30,191
				2,813,900
UTILITIES 11.0%
AES Corp.
8.000% due 10/15/2017		4,285		4,360
Cincinnati Bell Telephone Co.
6.300% due 12/01/2028		2,000		1,610

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Cincinnati Bell, Inc.
7.000% due 02/15/2015	$	900	$	819
7.250% due 07/15/2013		4,635		4,577
8.375% due 01/15/2014		23,359		22,016
Citizens Communications Co.
7.000% due 11/01/2025		1,650		1,203
7.125% due 03/15/2019		39,445		34,712
7.450% due 07/01/2035		5,460		3,986
7.875% due 01/15/2027		1,875		1,617
9.000% due 08/15/2031		20,660		18,181
Edison Mission Energy
7.200% due 05/15/2019		2,945		2,923
7.750% due 06/15/2016		7,770		8,042
Energy Future Holdings Corp.
10.875% due 11/01/2017		87,390		88,701
Hawaiian Telcom Communications, Inc.
9.750% due 05/01/2013		28,385		15,470
10.318% due 05/01/2013		6,225		3,268
Homer City Funding LLC
8.734% due 10/01/2026		11,737		12,559
Idearc, Inc.
8.000% due 11/15/2016		22,700		14,812
Kinder Morgan Finance Co. ULC
5.700% due 01/05/2016		24,955		23,770
Knight, Inc.
5.150% due 03/01/2015		750		694
6.500% due 09/01/2012		2,852		2,906
MetroPCS Wireless, Inc.
9.250% due 11/01/2014		18,215		16,849
Midwest Generation LLC
8.560% due 01/02/2016		60,151		65,264
Nevada Power Co.
6.650% due 04/01/2036		525		497
Nextel Communications, Inc.
7.375% due 08/01/2015		10,280		7,921
NGPL Pipe Co. LLC
7.119% due 12/15/2017		23,550		24,412
NRG Energy, Inc.
7.250% due 02/01/2014		9,450		9,355
7.375% due 02/01/2016		61,340		60,267
7.375% due 01/15/2017		16,275		15,868
PSEG Energy Holdings LLC
8.500% due 06/15/2011		47,705		50,712
Qwest Corp.
7.200% due 11/10/2026		9,976		8,455
7.500% due 06/15/2023		17,555		15,405
8.875% due 03/15/2012		18,720		19,188
Reliant Energy, Inc.
6.750% due 12/15/2014		56,224		57,489
7.625% due 06/15/2014		11,185		11,157
7.875% due 06/15/2017		18,855		18,855
Rural Cellular Corp.
9.875% due 02/01/2010		23,665		24,434
Sierra Pacific Resources
6.750% due 08/15/2017		5,905		5,726
7.803% due 06/15/2012		1,062		1,121
Sprint Nextel Corp.
6.000% due 12/01/2016		1,950		1,518
Tenaska Alabama Partners LP
7.000% due 06/30/2021		19,729		18,505
Time Warner Telecom Holdings, Inc.
9.250% due 02/15/2014		36,089		36,630
UBS Luxembourg S.A. for OJSC Vimpel Communications
8.250% due 05/23/2016		4,500		4,444

32 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Wilmington Trust Co. - Tucson Electric
10.732% due 01/01/2013 (k)	$	3,046	$	3,439
				743,737
Total Corporate Bonds & Notes (Cost $5,052,550)				4,745,112
CONVERTIBLE BONDS & NOTES 1.6%
Advanced Micro Devices, Inc.
6.000% due 05/01/2015		11,950		7,573
ArvinMeritor, Inc.
4.000% due 02/15/2027		1,350		1,046
Chesapeake Energy Corp.
2.500% due 05/15/2037		10,425		13,188
2.750% due 11/15/2035		4,375		5,863
Citigroup Funding, Inc.
1.080% due 08/31/2012		5,000		4,741
CMS Energy Corp.
2.875% due 12/01/2024		14,290		16,219
Deutsche Bank AG
0.000% due 07/14/2008		4,900		2,425
0.000% due 09/29/2008		3,425		1,720
0.000% due 10/24/2008		4,525		2,386
0.450% due 08/31/2012		8,000		9,942
LifePoint Hospitals, Inc.
3.500% due 05/15/2014		1,000		845
Morgan Stanley
1.700% due 10/15/2012		7,200		8,609
Nortel Networks Corp.
1.750% due 04/15/2012		3,500		2,380
2.125% due 04/15/2014		11,900		7,452
NovaMed, Inc.
1.000% due 06/15/2012		200		159
Pride International, Inc.
3.250% due 05/01/2033		2,500		3,419
Qwest Communications International, Inc.
3.500% due 11/15/2025		12,375		12,777
Ventas, Inc.
3.875% due 11/15/2011		4,300		4,778
Total Convertible Bonds & Notes (Cost $120,037)				105,522
MUNICIPAL BONDS & NOTES 0.0%
Puerto Rico Sales Tax Financing Corp. Revenue Bonds, (AMBAC Insured), Series 2007
0.000% due 08/01/2054		3,200		197
Total Municipal Bonds & Notes (Cost $271)				197
U.S. GOVERNMENT AGENCIES 11.0%
Fannie Mae
5.000% due 10/01/2033		18		18
5.500% due 09/01/2017 - 05/01/2038		402,573		406,184
6.000% due 04/01/2038		288,800		295,885
Freddie Mac
5.500% due 04/01/2038		40,000		40,394
Total U.S. Government Agencies (Cost $730,567)				742,481
MORTGAGE-BACKED SECURITIES 0.3%
American Home Mortgage Assets Trust
5.246% due 11/25/2046		5,762		4,594

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BCAP LLC Trust
2.769% due 01/25/2037	$	2,464	$	1,738
Merrill Lynch Mortgage Investors, Inc.
4.863% due 12/25/2032		1,938		1,922
Residential Accredit Loans, Inc.
2.779% due 06/25/2046		11,317		9,244
Structured Asset Mortgage Investments, Inc.
2.809% due 05/25/2046		2,882		2,184
WaMu Mortgage Pass-Through Certificates
4.039% due 09/25/2033		1,365		1,299
Total Mortgage-Backed Securities (Cost $20,301)				20,981
ASSET-BACKED SECURITIES 0.3%
Carrington Mortgage Loan Trust
2.719% due 02/25/2037		2,622		2,472
Credit-Based Asset Servicing & Securitization LLC
2.709% due 04/25/2036		5,240		5,105
GSAMP Trust
3.255% due 03/25/2047		3,156		2,936
Novastar Home Equity Loan
2.699% due 03/25/2037		5,820		5,527
Residential Asset Securities Corp.
2.709% due 04/25/2037		3,398		3,185
Total Asset-Backed Securities (Cost $19,554)				19,225
FOREIGN CURRENCY-DENOMINATED ISSUES 4.0%
Amadeus Global Travel Distribution S.A.
6.245% due 04/08/2013	EUR	2,022		2,736
6.862% due 04/08/2014		460		625
6.959% due 04/08/2013		3,228		4,368
6.959% due 04/08/2013		460		623
7.209% due 04/08/2014		5,250		7,135
Bombardier, Inc.
7.250% due 11/15/2016		15,225		22,895
General Motors Corp.
8.375% due 07/05/2033		5,000		5,310
Lighthouse International Co. S.A.
8.000% due 04/30/2014		8,000		9,915
M&G Finance Luxembourg S.A.
7.500% due 03/29/2049		5,000		4,578
Nordic Telephone Co. Holdings ApS
6.050% due 11/30/2013		3,385		5,033
6.300% due 11/30/2014		6,251		9,360
8.250% due 05/01/2016		18,275		27,409
OI European Group BV
6.875% due 03/31/2017		2,000		2,984
Prosieben Media AG
7.000% due 05/09/2015		4,000		5,230
Residential Capital LLC
8.149% due 09/27/2010		1,500		1,095
Rockwood Specialties Group, Inc.
7.625% due 11/15/2014		9,900		14,535
Royal Bank of Scotland Group PLC
10.280% due 04/06/2011	GBP	7,130		11,322
Sensata Technologies BV
8.883% due 10/27/2013	EUR	14,000		18,898
Telenet Bidco
6.929% due 07/31/2015		20,000		30,943

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
UPC Broadband Holding BV
6.361% due 12/31/2014	EUR	13,916	$	18,688
7.752% due 12/31/2014		5,500		7,386
UPC Holding BV
7.750% due 01/15/2014		8,025		11,292
8.625% due 01/15/2014		18,550		26,613
Virgin Media Finance PLC
8.750% due 04/15/2014		18,000		24,510
Total Foreign Currency-Denominated Issues (Cost $261,029)				273,483
		SHARES
COMMON STOCKS 0.0%
Reliant Resources, Inc. - Warrants Exp. 08/25/2008 (k)		65,885		1,212
U.S. Airways Group, Inc. ‘A’		12,224		0
Total Common Stocks (Cost $0)				1,212
CONVERTIBLE PREFERRED STOCKS 1.2%
Bank of America Corp.
7.250% due 12/31/2049		39,325		40,623
Chesapeake Energy Corp.
4.500% due 12/31/2049		37,600		4,428
5.000% due 12/31/2049		40,200		5,306
Citigroup, Inc.
6.500% due 12/31/2049		121,000		5,732
El Paso Corp.
4.990% due 12/31/2049		5,250		7,140
Fannie Mae
5.375% due 12/31/2049		9		604
Freeport-McMoRan Copper & Gold, Inc.
6.750% due 05/01/2010		45,800		6,452
General Motors Corp.
5.250% due 03/06/2032		606,635		9,934
Washington Mutual Capital Trust
5.375% due 05/03/2041		134,200		3,811
Total Convertible Preferred Stocks (Cost $82,755)				84,030
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 13.7%
COMMERCIAL PAPER 7.2%
ABN AMRO N.A. Finance
4.520% due 04/04/2008	$	5,000		4,998
DnB NOR Bank ASA
3.100% due 04/30/2008		29,100		29,027
3.110% due 05/02/2008		182,500		182,011
Federal Home Loan Bank
1.500% due 04/01/2008		4,000		4,000
Royal Bank of Scotland Group PLC
3.170% due 04/28/2008		41,600		41,501
Skandinaviska Enskilda Banken AB
4.550% due 04/07/2008		74,500		74,444
Swedbank AB
4.550% due 04/03/2008		11,400		11,397
UBS Finance Delaware LLC
2.940% due 06/06/2008		45,100		44,871
Unicredito Italiano SpA
3.220% due 04/29/2008		97,200		96,957
				489,206

See Accompanying Notes Annual Report March 31, 2008 33

Schedule of Investments  High Yield Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS 5.3%
Deutsche Bank AG
1.200% due 04/01/2008	$	315,300	$	315,300
(Dated 03/31/2008. Collateralized by U.S. Treasury Inflation Protected Securities 3.875% due 04/15/2029 valued at $322,178. Repurchase proceeds are $315,311.)
Fixed Income Clearing Corp.
1.900% due 04/01/2008		39,477		39,477
(Dated 03/31/2008. Collateralized by Freddie Mac 0.000% due 06/09/2008 valued at $40,268. Repurchase proceeds are $39,479.)
				354,777

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. TREASURY BILLS 1.2%
1.276% due 05/29/2008 - 06/12/2008 (c)(d)	$	80,250	$	79,845
Total Short-Term Instruments (Cost $924,025)				923,828
PURCHASED OPTIONS (i) 3.4%
(Cost $59,539)				227,562
Total Investments 112.4% (Cost $7,768,844)			$	7,599,241
Written Options (j) (2.5%) (Premiums $57,388)				(166,803	)
Other Assets and Liabilities (Net) (10.0%)				(672,816	)
Net Assets (e) 100.0%			$	6,759,622

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security is in default.

(b) Payment in-kind bond security.

(c) Coupon represents a weighted average rate.

(d) Securities with an aggregate market value of $69,879 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(e) As of March 31, 2008, portfolio securities with an aggregate value of $97,415 and derivative instruments with an aggregate depreciation of $3,154 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(f) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $37,870 at a weighted average interest rate of 5.095%. On March 31, 2008, there were no open reverse repurchase agreements.

(g) Cash of $10,640 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2008	27	$	(20	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	777		(20	)
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	975		(1,228	)
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	1,675		5,373
				$	4,105

(h) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
ARAMARK Corp. 8.500 due 02/01/2015	Sell	1.300%		09/20/2008	BOA	$	4,800	$	(39	)
ARAMARK Corp. 8.500 due 02/01/2015	Sell	2.150%		09/20/2008	LEH		2,500		(9	)
ARAMARK Corp. 8.500 due 02/01/2015	Sell	2.300%		06/20/2012	CITI		7,000		(708	)
ARAMARK Corp. 8.500 due 02/01/2015	Sell	2.302%		06/20/2012	BOA		2,700		(273	)
ARAMARK Corp. 8.500 due 02/01/2015	Sell	3.150%		09/20/2012	GSC		5,000		(387	)
ArvinMeritor, Inc. 8.750% due 03/01/2012	Sell	2.350%		12/20/2009	LEH		2,000		(143	)
Biomet, Inc. 0.000% due 09/25/2013	Sell	3.550%		03/20/2013	MSC		1,500		7
Bon-Ton Stores, Inc. 10.250% due 03/15/2014	Sell	3.500%		09/20/2008	LEH		5,000		(207	)
Celestica, Inc. 7.625% due 07/01/2013	Sell	4.250%		09/20/2012	LEH		1,000		(29	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	2.000%		03/20/2013	LEH		12,000		(272	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	3.000%		03/20/2013	BOA		2,500		57
Chrysler Financial 9.360% due 08/03/2012	Sell	5.250%		09/20/2012	DUB		3,500		(439	)
Community Health Systems, Inc. 8.875% due 07/15/2015	Sell	2.800%		09/20/2012	BCLY		3,000		(259	)
Community Health Systems, Inc. 8.875% due 07/15/2015	Sell	2.830%		09/20/2012	BOA		5,000		(426	)
Community Health Systems, Inc. 8.875% due 07/15/2015	Sell	2.850%		09/20/2012	BOA		2,350		(199	)
Community Health Systems, Inc. 8.875% due 07/15/2015	Sell	4.660%		03/20/2013	MLP		3,700		(82	)
Community Health Systems, Inc. 8.875% due 07/15/2015	Sell	6.050%		03/20/2013	MSC		1,900		67
CSC Holdings, Inc. 0.000% due 05/02/2012	Sell	3.650%		03/20/2013	MSC		1,500		20
CSC Holdings, Inc. 7.625% due 04/01/2011	Sell	2.010%		06/20/2012	MSC		1,000		(98	)
CSC Holdings, Inc. 7.625% due 07/15/2018	Sell	1.250%		09/20/2008	BCLY		4,675		12
CSC Holdings, Inc. 7.625% due 07/15/2018	Sell	2.080%		06/20/2012	MLP		5,500		(526	)
CSC Holdings, Inc. 7.625% due 07/15/2018	Sell	2.520%		09/20/2012	LEH		1,000		(86	)
Dynegy Holdings, Inc. 6.875% due 04/01/2011	Sell	1.800%		09/20/2008	MLP		2,700		(1	)
Flextronics International Ltd. 6.500% due 05/15/2013	Buy	(3.250%	)	06/20/2013	GSC		5,000		(16	)

34 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Ford Motor Co. 7.450% due 07/16/2031	Buy	(2.850%	)	12/20/2008	MLP	$	18,000	$	596
Ford Motor Co. 7.450% due 07/16/2031	Sell	4.850%		12/20/2010	MLP		18,000		(2,458	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	1.450%		12/20/2008	CSFB		12,000		(654	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	1.800%		12/20/2008	CITI		10,000		(520	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.870%		09/20/2011	BCLY		5,000		(767	)
Ford Motor Credit Co. LLC 7.250% due 10/25/2011	Sell	4.000%		12/20/2008	LEH		1,000		(37	)
Forest Oil Corp. 7.750% due 05/01/2014	Sell	2.250%		12/20/2012	CITI		12,200		(303	)
Freescale Semiconductor, Inc. 8.875% due 12/15/2014	Sell	2.400%		09/20/2008	LEH		4,875		(96	)
Freescale Semiconductor, Inc. 8.875% due 12/15/2014	Sell	2.750%		09/20/2008	LEH		2,750		(49	)
Freescale Semiconductor, Inc. 8.875% due 12/15/2014	Sell	3.500%		06/20/2012	CITI		4,900		(1,052	)
Freescale Semiconductor, Inc. 8.875% due 12/15/2014	Sell	3.620%		06/20/2012	BCLY		2,700		(570	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.250%		09/20/2008	CITI		1,600		(22	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.750%		09/20/2012	CITI		2,000		(306	)
General Motors Corp. 7.125% due 07/15/2013	Sell	7.100%		09/20/2012	CITI		20,000		(2,307	)
General Motors Corp. 7.125% due 07/15/2013	Sell	6.700%		12/20/2012	GSC		3,000		(392	)
General Motors Corp. 7.125% due 07/15/2013	Sell	6.700%		12/20/2012	MLP		6,150		(803	)
General Motors Corp. 7.125% due 07/15/2013	Sell	6.750%		12/20/2012	BOA		3,000		(387	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.000%		03/20/2013	LEH		3,200		(101	)
Georgia-Pacific Corp. 0.000% due 12/20/2008	Sell	3.800%		03/20/2013	MSC		1,500		21
Georgia-Pacific LLC 7.750% due 11/15/2029	Sell	3.400%		12/20/2012	MLP		3,000		(221	)
Georgia-Pacific LLC 7.750% due 11/15/2029	Sell	3.600%		12/20/2012	MLP		5,000		(329	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.650%		09/20/2008	LEH		2,000		(87	)
GMAC LLC 6.875% due 08/28/2012	Sell	5.000%		09/20/2008	MLP		2,000		(74	)
GMAC LLC 6.875% due 08/28/2012	Sell	1.120%		12/20/2008	CITI		10,650		(983	)
GMAC LLC 6.875% due 08/28/2012	Sell	6.800%		12/20/2008	LEH		5,000		(263	)
GMAC LLC 6.875% due 08/28/2012	Sell	6.850%		12/20/2008	DUB		3,650		(190	)
GMAC LLC 6.875% due 08/28/2012	Sell	5.000%		03/20/2009	BOA		1,850		75
GMAC LLC 6.875% due 08/28/2012	Sell	5.000%		03/20/2010	MLP		1,500		(79	)
GMAC LLC 6.875% due 08/28/2012	Sell	2.110%		03/20/2012	JPM		10,000		(2,619	)
GMAC LLC 6.875% due 08/28/2012	Sell	7.280%		06/20/2012	CITI		15,500		(2,218	)
GMAC LLC 6.875% due 08/28/2012	Sell	6.150%		09/20/2012	DUB		5,250		(902	)
GMAC LLC 6.875% due 08/28/2012	Sell	6.300%		12/20/2012	MLP		30,500		(5,181	)
GMAC LLC 6.875% due 08/28/2012	Sell	6.350%		12/20/2012	DUB		3,650		(615	)
GMAC LLC 6.875% due 08/28/2012	Sell	6.560%		12/20/2012	MSC		11,500		(1,878	)
GMAC LLC 6.875% due 08/28/2012	Sell	6.800%		12/20/2012	GSC		5,000		(786	)
GMAC LLC 6.875% due 08/28/2012	Sell	7.000%		12/20/2012	BOA		2,500		(380	)
GMAC LLC 6.875% due 08/28/2012	Sell	7.000%		12/20/2012	MLP		25,000		(3,805	)
GMAC LLC 6.875% due 08/28/2012	Sell	8.000%		12/20/2012	LEH		1,000		(127	)
GMAC LLC 6.875% due 08/28/2012	Sell	6.050%		09/20/2017	LEH		5,000		(786	)
Goodyear Tire & Rubber Co. 9.000% due 07/01/2015	Sell	3.650%		06/20/2013	CITI		3,800		(6	)
HCA, Inc. 6.950% due 05/01/2012	Sell	3.040%		09/20/2012	LEH		3,000		(244	)
HCA, Inc. 7.858% due 11/16/2012	Sell	1.250%		09/20/2008	LEH		4,900		(30	)
HCA, Inc. 8.750% due 09/01/2010	Buy	(3.730%	)	09/01/2010	BOA		5,500		30
HCA, Inc. 9.125% due 11/15/2014	Sell	2.000%		09/20/2012	CITI		4,400		(301	)
Intelsat Ltd. 6.500% due 11/01/2013	Buy	(1.300%	)	03/20/2010	BCLY		8,000		1,127
Lyondell Chemical Co. 10.500% due 06/01/2013	Sell	2.950%		12/20/2009	MLP		5,000		(378	)
NAK Naftogaz Ukrainy 8.125% due 09/30/2009	Sell	2.900%		04/20/2008	HSBC		10,000		124
NAK Naftogaz Ukrainy 8.125% due 09/30/2009	Sell	3.000%		04/20/2008	HSBC		10,000		56
Nortel Networks Corp. 4.250% due 09/01/2008	Sell	1.400%		09/20/2008	LEH		4,450		(80	)
Nortel Networks Corp. 4.250% due 09/01/2008	Buy	(1.520%	)	06/20/2010	LEH		4,400		548
Nortel Networks Corp. 4.250% due 09/01/2008	Sell	2.050%		06/20/2011	CITI		4,400		(754	)
Nortel Networks Corp. 4.250% due 09/01/2008	Sell	5.000%		03/20/2013	CITI		24,000		170
NRG Energy, Inc. 7.250% due 02/01/2014	Sell	1.500%		09/20/2008	RBS		4,950		(11	)
NRG Energy, Inc. 7.250% due 02/01/2014	Sell	4.850%		03/20/2013	CITI		1,875		47
Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	3.000%		12/20/2012	LEH		400		(40	)
Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	3.100%		12/20/2012	CSFB		5,000		(483	)
Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	3.290%		12/20/2014	BOA		3,000		(421	)
Qwest Capital Funding, Inc. 7.750% due 02/15/2031	Sell	3.350%		12/20/2012	CITI		5,600		(488	)
RadioShack Corp. 7.375% due 05/15/2011	Buy	(1.750%	)	06/20/2013	GSC		3,000		13
Reliant Energy, Inc. 6.750% due 12/15/2014	Sell	2.200%		06/20/2012	MSC		6,050		(400	)
Reliant Energy, Inc. 6.750% due 12/15/2014	Sell	5.100%		03/20/2013	GSC		3,200		82
Reliant Energy, Inc. 6.750% due 12/15/2014	Sell	5.200%		03/20/2013	BOA		2,400		76
Reliant Energy, Inc. 6.750% due 12/15/2014	Sell	5.750%		03/20/2013	BOA		2,000		103
RH Donnelley Corp. 8.875% due 01/15/2016	Sell	5.000%		03/20/2009	GSC		3,000		(81	)
RH Donnelley Corp. 8.875% due 01/15/2016	Sell	5.000%		03/20/2009	LEH		2,750		(142	)
RH Donnelley Corp. 8.875% due 01/15/2016	Sell	3.450%		09/20/2012	LEH		3,000		(1,168	)
RSHB Capital S.A. for OJSC Russian Agricultural Bank 7.175% due 05/16/2013	Sell	0.740%		03/20/2009	BCLY		12,500		(224	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.245%		06/20/2008	MSC		4,900		0
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.760%		02/20/2009	BCLY		21,500		(149	)
Sanmina-SCI Corp. 8.125% due 03/01/2016	Sell	3.000%		09/20/2008	LEH		2,000		(3	)
Sanmina-SCI Corp. 8.125% due 03/01/2016	Sell	4.220%		09/20/2012	CSFB		1,000		(85	)
Sanmina-SCI Corp. 8.125% due 03/01/2016	Sell	5.450%		09/20/2012	LEH		1,000		(39	)
SLM Corp. 5.125% due 08/27/2012	Sell	1.730%		06/20/2012	BOA		9,000		(1,881	)
Sprint Nextel Corp. 6.000% due 12/01/2016	Sell	7.150%		06/20/2009	BCLY		7,000		199

See Accompanying Notes Annual Report March 31, 2008 35

Schedule of Investments  High Yield Fund  (Cont.)

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Sungard Data Systems, Inc. 6.511% due 08/11/2011	Sell	3.800%		03/20/2013	MSC	$	1,500	$	5
Sungard Data Systems, Inc. 9.125% due 08/15/2013	Sell	2.600%		06/20/2012	BCLY		2,700		(221	)
Sungard Data Systems, Inc. 9.125% due 08/15/2013	Sell	5.750%		03/20/2013	CITI		4,000		86
Tenet Healthcare Corp. 7.375% due 02/01/2013	Buy	(1.150%	)	03/20/2009	UBS		500		14
Tribune Co. 7.358% due 05/17/2013	Sell	3.000%		03/20/2011	LEH		5,000		(380	)
TRW Automotive, Inc. 9.375% due 02/15/2013	Sell	0.950%		09/20/2008	LEH		1,975		(13	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	2.360%		01/20/2013	BCLY		25,550		(457	)
Williams Cos., Inc. 6.375% due 10/01/2010	Buy	(0.770%	)	10/01/2010	CITI		5,000		10
								$	(41,480	)

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the reference entity. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (2)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Dow Jones CDX N.A. HY9 Index	Sell	1.550%	12/20/2010	MLP	$	9,589	$	52
Dow Jones CDX N.A. HY9 Index	Sell	1.670%	12/20/2010	MLP		8,347		(907	)
Dow Jones CDX N.A. HY9 Index	Sell	4.000%	12/20/2010	DUB		3,000		22
Dow Jones CDX N.A. HY9 Index	Sell	4.530%	12/20/2010	MLP		51,800		1,041
Dow Jones CDX N.A. HY9 Index	Sell	3.230%	12/20/2012	MLP		35,600		(3,887	)
Dow Jones CDX N.A. HY9 Index	Sell	3.330%	12/20/2012	LEH		24,900		(2,616	)
Dow Jones CDX N.A. HY9 Index	Sell	3.750%	12/20/2012	BCLY		3,960		53
Dow Jones CDX N.A. HY9 Index	Sell	3.750%	12/20/2012	GSC		1,980		24
Dow Jones CDX N.A. HY9 Index	Sell	3.750%	12/20/2012	LEH		3,960		51
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MLP		16,600		(65	)
Dow Jones CDX N.A. IG9 Index	Sell	0.600%	12/20/2012	GSC		36,000		408
Dow Jones CDX N.A. IG9 Index	Sell	0.600%	12/20/2012	JPM		100,100		886
Dow Jones CDX N.A. IG9 Index	Sell	0.758%	12/20/2012	BCLY		9,000		95
Dow Jones CDX N.A. IG9 Index	Sell	0.760%	12/20/2012	DUB		12,000		135
LCDX N.A. Series 9 Index	Sell	2.250%	12/20/2012	LEH		5,000		(208	)
							$	(4,916	)

⁽²⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of underlying securities comprising the reference entity index. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	MSC	$	46,100	$	(716	)
Pay	3-Month USD-LIBOR	5.000%	06/18/2018	MSC		124,400		4,843
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	MLP		17,100		8
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	MSC		35,400		56
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		13,800		326
Pay	6-Month GBP-LIBOR	4.500%	09/17/2011	GSC	GBP	79,300		(47	)
Pay	28-Day Mexico Interbank TIIE Banxico	7.910%	05/14/2009	CITI	MXN	373,000		126
Pay	28-Day Mexico Interbank TIIE Banxico	7.910%	05/14/2009	MSC		455,000		153
Pay	BRL-CDI-Compounded	10.115%	01/02/2012	MSC	BRL	478,100		(20,089	)
Pay	BRL-CDI-Compounded	10.150%	01/02/2012	GSC		45,100		(1,642	)
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		2,600		(89	)
Pay	BRL-CDI-Compounded	10.680%	01/02/2012	BCLY		370,500		(12,312	)
							$	(29,383	)

Total Return Swaps
Pay/Receive Total Return on Reference Entity	Reference Entity	Rate (3)	Expiration Date	Counterparty	# of Shares	Unrealized Appreciation/ (Depreciation)
Receive	Financial Select Sector SPDR Fund	3.581%	04/23/2008	MLP	665,000	$	(2,019	)
Receive	Motorola, Inc.	3.581%	04/23/2008	MLP	146,500		(113	)
Receive	NRG Energy, Inc.	3.581%	04/23/2008	MLP	255,400		402
Receive	SandRidge Energy, Inc.	3.581%	04/23/2008	MLP	402,600		3,496
						$	1,766

⁽³⁾ Represents floating rate as of March 31, 2008

36 PIMCO Funds See Accompanying Notes

March 31, 2008

(i) Purchased options outstanding on March 31, 2008:

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	4.720%	12/31/2008	$	447,000	$	3,654	$	16,697
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	4.750%	09/08/2009		1,356,000		12,068		39,720
Call - OTC 2-Year Interest Rate Swap	CSFB	3-Month USD-LIBOR	Pay	4.750%	09/08/2009		244,800		2,678		7,171
Call - OTC 2-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Pay	4.250%	07/06/2009		885,100		8,873		20,880
Call - OTC 2-Year Interest Rate Swap	MLP	3-Month USD-LIBOR	Pay	4.750%	09/22/2008		1,223,000		9,234		50,784
Call - OTC 2-Year Interest Rate Swap	MSC	3-Month USD-LIBOR	Pay	4.250%	07/06/2009		699,300		6,678		16,497
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750%	09/22/2008		1,381,000		9,564		57,345
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750%	09/08/2009		630,500		6,790		18,468
								$	59,539	$	227,562

(j) Written options outstanding on March 31, 2008:

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 7-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	5.220%	12/31/2008	$	149,000	$	3,472	$	11,920
Call - OTC 7-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	5.150%	09/08/2009		452,000		11,707		29,909
Call - OTC 7-Year Interest Rate Swap	CSFB	3-Month USD-LIBOR	Receive	5.150%	09/08/2009		68,100		2,109		4,506
Call - OTC 7-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Receive	4.900%	07/06/2009		311,500		8,804		18,027
Call - OTC 7-Year Interest Rate Swap	MLP	3-Month USD-LIBOR	Receive	5.230%	09/22/2008		408,000		8,674		34,940
Call - OTC 7-Year Interest Rate Swap	MSC	3-Month USD-LIBOR	Receive	4.900%	07/06/2009		233,100		6,574		13,490
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	5.230%	09/22/2008		460,300		8,815		39,419
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	5.150%	09/08/2009		210,500		6,507		13,929
								$	56,662	$	166,140

Credit Default Swaptions
Description	Counterparty	Reference Entity	Buy/Sell Protection (4)	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC Dow Jones CDX N.A. IG10 Index	BCLY	Dow Jones CDX N.A. IG10 Index	Buy	0.500%	09/20/2008	$	3,200	$	61	$	49
Put - OTC Dow Jones CDX N.A. IG10 Index	BCLY	Dow Jones CDX N.A. IG10 Index	Buy	1.500%	09/20/2008		3,200		61		61
Call - OTC Dow Jones CDX N.A. IG10 Index	CSFB	Dow Jones CDX N.A. IG10 Index	Buy	1.500%	09/20/2008		16,000		312		246
Put - OTC Dow Jones CDX N.A. IG10 Index	CSFB	Dow Jones CDX N.A. IG10 Index	Sell	1.830%	09/20/2008		16,000		292		307
								$	726	$	663

⁽⁴⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

(k) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Continental Airlines, Inc.	6.920%	04/02/2013	07/01/2003	$	15,161	$	16,297	0.24%
Ferrellgas Partners LP	7.120%	08/01/2008	04/30/2002 - 01/15/2004		11,012		11,165	0.16%
Ferrellgas Partners LP	8.870%	08/01/2009	06/30/2003		7,538		7,798	0.12%
Ferrellgas Partners LP	7.240%	08/01/2010	10/17/2001 - 04/24/2006		25,984		25,482	0.38%
Reliant Resources, Inc. - Warrants Exp. 08/25/2008	N/A	08/25/2008	07/15/2004		0		1,212	0.02%
Tesoro Petroleum Corp.	7.466%	07/17/2012	11/17/2004		9,968		10,054	0.15%
Wilmington Trust Co.	10.732%	01/01/2013	01/07/1993 - 05/16/2003		4,886		5,598	0.08%
Wilmington Trust Co. - Tucson Electric	10.732%	01/01/2013	05/09/1995 - 05/16/2003		3,032		3,438	0.05%
				$	77,581	$	81,044	1.20%

See Accompanying Notes Annual Report March 31, 2008 37

Schedule of Investments  High Yield Fund  (Cont.)

(l) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	164,576	07/2008	$	8,021	$	0		$	8,021
Sell		140,283	07/2008		649		(1,106	)		(457	)
Buy		54,437	12/2008		799		0			799
Sell		44,716	12/2008		621		0			621
Buy	CHF	697	06/2008		33		0			33
Buy	EUR	4,897	04/2008		0		(12	)		(12	)
Sell		177,378	04/2008		12		(3,318	)		(3,306	)
Sell	GBP	34,553	04/2008		0		(180	)		(180	)
Buy	INR	3,215,148	05/2008		713		0			713
Buy	JPY	506,416	05/2008		112		0			112
Buy	KRW	46,200,305	05/2008		0		(2,849	)		(2,849	)
Buy		25,138,685	08/2008		0		(2,250	)		(2,250	)
Buy	MXN	301,854	07/2008		998		0			998
Sell		301,854	07/2008		0		(768	)		(768	)
Buy	MYR	126,985	08/2008		575		0			575
Buy	PHP	1,597,876	08/2008		0		(1,290	)		(1,290	)
Buy	RUB	487,266	07/2008		1,230		0			1,230
Buy		2,458,528	11/2008		2,932		0			2,932
				$	16,695	$	(11,773	)	$	4,922

38 PIMCO Funds See Accompanying Notes

Schedule of Investments  Income Fund March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.2%
Daimler Finance North America LLC
6.800% due 08/03/2012	$	498	$	414
Telesat Canada
9.000% due 10/31/2008		100		95
Total Bank Loan Obligations (Cost $574)				509
CORPORATE BONDS & NOTES 16.0%
BANKING & FINANCE 5.4%
American Express Co.
7.000% due 03/19/2018		325		342
American International Group, Inc.
5.850% due 01/16/2018		2,100		2,066
Bank of America Corp.
6.000% due 09/01/2017		500		527
8.000% due 12/29/2049		3,550		3,561
Barclays Bank PLC
6.050% due 12/04/2017		150		147
7.434% due 09/29/2049		100		91
Bear Stearns Cos., Inc.
6.400% due 10/02/2017		1,000		990
6.950% due 08/10/2012		137		137
Chukchansi Economic Development Authority
8.000% due 11/15/2013		25		23
Citigroup Capital XXI
8.300% due 12/21/2057		175		173
Citigroup, Inc.
6.000% due 08/15/2017		500		494
Ferrellgas Escrow LLC
6.750% due 05/01/2014		67		66
Ford Motor Credit Co. LLC
7.250% due 10/25/2011		615		506
7.800% due 06/01/2012		125		103
8.625% due 11/01/2010		150		131
GMAC LLC
6.750% due 12/01/2014		70		50
6.875% due 08/28/2012		900		685
8.000% due 11/01/2031		160		115
Goldman Sachs Group, Inc.
5.950% due 01/18/2018		75		74
6.250% due 09/01/2017		500		504
6.750% due 10/01/2037		200		187
KRATON Polymers LLC
8.125% due 01/15/2014		50		42
Lehman Brothers Holdings, Inc.
5.625% due 01/24/2013		25		24
6.750% due 12/28/2017		100		96
LVB Acquisition Merger Sub, Inc.
10.000% due 10/15/2017		390		411
10.375% due 10/15/2017 (a)		100		104
11.625% due 10/15/2017		365		367
Morgan Stanley
5.950% due 12/28/2017		300		291
Petroplus Finance Ltd.
7.000% due 05/01/2017		30		27
Royal Bank of Scotland Group PLC
7.640% due 03/31/2049		400		345
Santander Perpetual S.A. Unipersonal
6.671% due 10/29/2049		100		90
SLM Corp.
3.491% due 07/26/2010		50		39
3.541% due 07/25/2008		50		49
Tenneco, Inc.
8.125% due 11/15/2015		150		150

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
TransCapitalInvest Ltd. for OJSC AK Transneft
5.670% due 03/05/2014	$	125	$	117
UBS AG
5.875% due 12/20/2017		1,775		1,819
UBS Preferred Funding Trust V
6.243% due 05/29/2049		100		84
Universal City Florida Holding Co. I
8.375% due 05/01/2010		50		49
Ventas Realty LP
6.750% due 04/01/2017		150		147
Wachovia Corp.
7.980% due 02/28/2049		600		591
				15,814
INDUSTRIALS 8.3%
Actuant Corp.
6.875% due 06/15/2017		90		89
Allied Waste North America, Inc.
7.250% due 03/15/2015		90		90
Allison Transmission, Inc.
11.000% due 11/01/2015		75		66
11.250% due 11/01/2015 (a)		25		21
American Stores Co.
8.000% due 06/01/2026		250		254
AmeriGas Partners LP
7.125% due 05/20/2016		225		222
Anadarko Petroleum Corp.
5.950% due 09/15/2016		500		518
ARAMARK Corp.
8.500% due 02/01/2015		305		307
ArvinMeritor, Inc.
8.125% due 09/15/2015		300		246
Berry Plastics Holding Corp.
8.875% due 09/15/2014		190		167
Bombardier, Inc.
8.000% due 11/15/2014		170		176
Bon-Ton Department Stores, Inc.
10.250% due 03/15/2014		150		101
Buhrmann U.S., Inc.
7.875% due 03/01/2015		25		24
Canadian Natural Resources Ltd.
5.700% due 05/15/2017		500		507
CanWest MediaWorks LP
9.250% due 08/01/2015		100		92
Cascades, Inc.
7.250% due 02/15/2013		25		22
Celestica, Inc.
7.875% due 07/01/2011		285		281
Charter Communications Operating LLC
8.000% due 04/30/2012		350		323
8.375% due 04/30/2014		150		136
Chemtura Corp.
6.875% due 06/01/2016		100		90
Chesapeake Energy Corp.
7.000% due 08/15/2014		250		252
Comcast Corp.
5.900% due 03/15/2016		500		497
Community Health Systems, Inc.
8.875% due 07/15/2015		470		474
Compagnie Générale de Géophysique-Veritas
7.750% due 05/15/2017		140		143
Cooper-Standard Automotive, Inc.
7.000% due 12/15/2012		125		108

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Crown Americas LLC & Crown Americas Capital Corp.
7.625% due 11/15/2013	$	85	$	87
CSC Holdings, Inc.
6.750% due 04/15/2012		85		83
7.625% due 07/15/2018		350		321
DaVita, Inc.
7.250% due 03/15/2015		125		122
Delhaize America, Inc.
8.050% due 04/15/2027		25		26
Devon Financing Corp. ULC
6.875% due 09/30/2011		500		547
Dex Media West LLC
8.500% due 08/15/2010		150		147
Dynegy Holdings, Inc.
7.125% due 05/15/2018		175		158
7.500% due 06/01/2015		375		353
Eaton Vance Corp.
6.500% due 10/02/2017		1,000		1,069
EchoStar DBS Corp.
7.000% due 10/01/2013		100		95
7.125% due 02/01/2016		265		248
El Paso Corp.
6.875% due 06/15/2014		50		51
7.000% due 06/15/2017		140		145
7.800% due 08/01/2031		325		335
8.050% due 10/15/2030		25		26
Enterprise Products Operating LP
7.034% due 01/15/2068		50		43
8.375% due 08/01/2066		170		166
Ferrellgas Partners LP
8.750% due 06/15/2012		100		102
First Data Corp.
9.875% due 09/24/2015		395		325
Ford Motor Co.
9.215% due 09/15/2021		25		20
Freeport-McMoRan Copper & Gold, Inc.
8.250% due 04/01/2015		25		26
8.375% due 04/01/2017		300		319
Freescale Semiconductor, Inc.
6.675% due 12/15/2014		25		17
8.875% due 12/15/2014		50		39
10.125% due 12/15/2016		160		109
General Motors Corp.
7.700% due 04/15/2016		170		125
8.250% due 07/15/2023		75		53
Georgia-Pacific LLC
7.000% due 01/15/2015		510		481
7.700% due 06/15/2015		125		118
Goodyear Tire & Rubber Co.
9.000% due 07/01/2015		32		34
HCA, Inc.
9.250% due 11/15/2016		1,025		1,066
Health Management Associates, Inc.
6.125% due 04/15/2016		150		128
Hertz Corp.
8.875% due 01/01/2014		325		310
Ineos Group Holdings PLC
8.500% due 02/15/2016		275		215
Intelsat Corp.
9.000% due 08/15/2014		50		51
Intelsat Jackson Holdings Ltd.
9.250% due 06/15/2016		25		25
Intelsat Subsidiary Holding Co. Ltd.
8.250% due 01/15/2013		200		202
8.625% due 01/15/2015		50		51

See Accompanying Notes Annual Report March 31, 2008 39

Schedule of Investments  Income Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Jefferson Smurfit Corp. U.S.
7.500% due 06/01/2013	$	75	$	65
Kinder Morgan Energy Partners LP
6.000% due 02/01/2017		500		499
MGM Mirage
6.625% due 07/15/2015		325		284
Nalco Co.
8.875% due 11/15/2013		75		77
New Albertson’s, Inc.
7.450% due 08/01/2029		125		116
Nordic Telephone Co. Holdings ApS
8.875% due 05/01/2016		280		273
Nortel Networks Ltd.
8.508% due 07/15/2011		525		453
10.125% due 07/15/2013		50		46
NPC International, Inc.
9.500% due 05/01/2014		100		91
OPTI Canada, Inc.
8.250% due 12/15/2014		75		75
President and Fellows of Harvard College
5.625% due 10/01/2038		1,000		1,012
Quebecor Media, Inc.
7.750% due 03/15/2016		350		321
Qwest Communications International, Inc.
7.500% due 02/15/2014		275		260
RH Donnelley Corp.
8.875% due 01/15/2016		495		316
8.875% due 10/15/2017		435		274
Sanmina-SCI Corp.
8.125% due 03/01/2016		155		138
Seagate Technology HDD Holdings
5.569% due 10/01/2009		300		291
SemGroup LP
8.750% due 11/15/2015		260		239
Sensata Technologies BV
8.000% due 05/01/2014		200		177
Smurfit-Stone Container Enterprises, Inc.
8.000% due 03/15/2017		50		42
Station Casinos, Inc.
7.750% due 08/15/2016		300		243
Suburban Propane Partners LP
6.875% due 12/15/2013		30		29
Sungard Data Systems, Inc.
9.125% due 08/15/2013		240		244
Superior Essex Communications LLC
9.000% due 04/15/2012		80		77
Terex Corp.
8.000% due 11/15/2017		45		45
Tesoro Corp.
6.500% due 06/01/2017		100		90
Time Warner Cable, Inc.
5.850% due 05/01/2017		500		480
TRW Automotive, Inc.
7.000% due 03/15/2014		25		23
7.250% due 03/15/2017		300		274
United Airlines, Inc.
7.730% due 01/01/2012		106		105
UnitedHealth Group, Inc.
6.000% due 02/15/2018		3,300		3,241
Valero Energy Corp.
6.125% due 06/15/2017		500		506

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Verso Paper Holdings LLC and Verson Paper, Inc.
9.125% due 08/01/2014	$	195	$	189
West Corp.
9.500% due 10/15/2014		150		135
Williams Cos., Inc.
7.625% due 07/15/2019		50		54
Wynn Las Vegas Capital Corp.
6.625% due 12/01/2014		140		136
XTO Energy, Inc.
6.250% due 08/01/2017		500		534
				24,498
UTILITIES 2.3%
AES Corp.
8.000% due 10/15/2017		375		382
AT&T Corp.
8.000% due 11/15/2031		250		293
Cincinnati Bell, Inc.
7.000% due 02/15/2015		120		109
8.375% due 01/15/2014		25		24
Citizens Communications Co.
7.125% due 03/15/2019		350		308
Deutsche Telekom International Finance BV
8.250% due 06/15/2030		250		301
Edison Mission Energy
7.000% due 05/15/2017		75		75
7.200% due 05/15/2019		385		382
7.750% due 06/15/2016		25		26
Energy Future Holdings Corp.
10.875% due 11/01/2017		500		507
Exelon Generation Co. LLC
6.200% due 10/01/2017		590		586
Hawaiian Telcom Communications, Inc.
9.750% due 05/01/2013		25		14
Idearc, Inc.
8.000% due 11/15/2016		145		95
Kinder Morgan Finance Co. ULC
5.700% due 01/05/2016		225		214
Knight, Inc.
5.150% due 03/01/2015		50		46
NGPL Pipe Co. LLC
7.119% due 12/15/2017		100		104
7.768% due 12/15/2037		1,000		1,031
NRG Energy, Inc.
7.375% due 02/01/2016		400		393
7.375% due 01/15/2017		100		98
PSEG Energy Holdings LLC
8.500% due 06/15/2011		250		266
Qwest Corp.
6.500% due 06/01/2017		450		408
7.875% due 09/01/2011		100		100
Reliant Energy, Inc.
6.750% due 12/15/2014		100		102
7.875% due 06/15/2017		510		510
Tenaska Alabama Partners LP
7.000% due 06/30/2021		46		43
Time Warner Telecom Holdings, Inc.
9.250% due 02/15/2014		170		172
				6,589
Total Corporate Bonds & Notes (Cost $48,266)				46,901

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CONVERTIBLE BONDS & NOTES 0.1%
Chesapeake Energy Corp.
2.500% due 05/15/2037	$	100	$	127
Total Convertible Bonds & Notes (Cost $106)				127
U.S. GOVERNMENT AGENCIES 85.1%
Fannie Mae
2.719% due 03/25/2034		37		36
2.749% due 08/25/2034		25		24
2.799% due 10/27/2037		4,000		3,789
2.830% due 03/25/2022		32		32
2.860% due 04/25/2023		20		20
2.880% due 09/25/2022		17		17
2.930% due 01/25/2022		99		99
2.949% due 11/25/2032 - 03/25/2044		149		147
2.999% due 06/25/2029 - 09/25/2032		98		97
3.025% due 11/25/2021		22		22
3.075% due 07/25/2021		37		37
3.175% due 04/18/2028 - 09/18/2031		35		35
3.325% due 08/25/2022		16		17
3.425% due 05/25/2022		18		18
3.445% due 10/25/2008		8		8
3.475% due 05/25/2018 - 10/25/2020		69		69
3.525% due 04/25/2021 - 10/25/2021		142		142
3.825% due 01/25/2024		50		51
3.925% due 11/25/2021		71		70
4.046% due 08/01/2033		331		335
4.052% due 04/01/2033		24		24
4.244% due 03/01/2034		119		123
4.301% due 12/01/2033		245		249
4.332% due 01/01/2035		723		730
4.470% due 09/25/2022		18		18
4.507% due 11/01/2033		187		192
4.549% due 11/01/2034		68		69
4.614% due 09/01/2035		91		92
4.687% due 01/01/2035		317		324
4.707% due 10/01/2035		539		559
4.713% due 10/01/2034		642		652
4.822% due 04/01/2018		142		144
4.870% due 10/25/2008		16		16
4.945% due 02/01/2032		80		82
5.000% due 01/01/2016 - 08/25/2033		401		361
5.200% due 07/01/2018		13		13
5.295% due 10/01/2017		65		67
5.317% due 10/01/2033		23		23
5.322% due 11/01/2020		86		86
5.375% due 07/01/2025		64		66
5.383% due 03/01/2034		242		245
5.420% due 04/01/2017		8		8
5.422% due 07/01/2017 - 12/01/2027		259		259
5.428% due 05/01/2018		54		53
5.438% due 02/01/2032		317		325
5.447% due 03/01/2020		14		14
5.483% due 09/01/2017 - 03/01/2033		146		146
5.500% due 08/01/2018 - 10/01/2037		4,492		4,538
5.500% due 03/01/2037 - 06/01/2037 (e)		13,638		13,782
5.517% due 01/01/2018		11		11
5.520% due 10/25/2008		12		12
5.589% due 03/01/2016		10		10
5.594% due 02/01/2033		70		71
5.682% due 05/01/2034		495		503
5.722% due 10/01/2044		28		28

40 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.724% due 08/01/2017	$	31	$	31
5.750% due 09/01/2016 - 09/01/2017		87		88
5.761% due 11/01/2028		1,058		1,075
5.783% due 01/01/2018		11		11
5.799% due 07/01/2017		10		10
5.858% due 01/01/2027		18		18
5.863% due 02/01/2033		94		96
5.883% due 11/01/2018		3		3
5.896% due 09/01/2017		19		19
5.899% due 01/01/2019		13		13
5.922% due 02/01/2032 - 10/01/2040		424		424
5.945% due 01/01/2029		233		235
5.974% due 08/01/2017 - 02/01/2033		79		81
5.988% due 10/01/2036		150		152
5.998% due 12/01/2035		44		45
6.000% due 09/01/2035 - 04/01/2038		108,562		111,001
6.000% due 09/01/2036 - 11/01/2037 (e)		14,947		15,329
6.089% due 09/01/2024		10		10
6.105% due 11/01/2020		17		17
6.107% due 12/01/2034		503		510
6.108% due 02/01/2028		5		5
6.188% due 05/01/2019		16		16
6.212% due 12/01/2035		27		27
6.234% due 12/01/2027		8		8
6.240% due 11/01/2032		45		46
6.243% due 01/01/2033		129		132
6.250% due 11/01/2032		127		129
6.251% due 11/01/2029		104		106
6.254% due 07/01/2032		699		718
6.258% due 01/01/2028 - 03/01/2036		87		90
6.267% due 05/01/2028		19		20
6.271% due 01/01/2033		156		159
6.297% due 12/01/2035		43		45
6.307% due 12/01/2031		49		50
6.336% due 06/01/2032		383		393
6.366% due 03/01/2036		747		758
6.395% due 09/01/2031		171		175
6.416% due 12/01/2032		184		189
6.437% due 10/01/2032		84		85
6.446% due 12/01/2032		117		120
6.469% due 07/01/2019		132		135
6.482% due 08/01/2036		36		36
6.500% due 06/25/2028 - 10/25/2031		798		837
6.509% due 10/01/2025		99		102
6.510% due 09/01/2022		33		34
6.526% due 12/01/2032		48		49
6.571% due 05/01/2033		723		739
6.581% due 04/01/2028		28		29
6.586% due 01/01/2018		91		92
6.604% due 04/01/2027		145		153
6.626% due 09/01/2033		84		87
6.642% due 09/01/2030		156		162
6.649% due 06/01/2025		6		6
6.650% due 02/25/2022		6		6
6.739% due 04/01/2033		120		124
6.758% due 05/01/2038		437		445
6.765% due 08/01/2032		137		138
6.777% due 08/01/2031		315		321
6.810% due 11/01/2029		111		115
6.817% due 03/01/2033		476		487
6.819% due 05/01/2018		57		58
6.838% due 04/01/2024		22		23
6.850% due 12/18/2027		58		62
6.854% due 03/01/2038		15		15
6.858% due 04/01/2032		154		157
6.900% due 05/25/2023 - 07/01/2033		341		361
6.905% due 08/01/2036		429		440
6.943% due 07/01/2025		4		4
6.953% due 11/01/2033		130		132

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
7.000% due 07/25/2022 - 08/01/2036	$	8,792	$	9,254
7.005% due 07/01/2036		107		110
7.040% due 09/01/2031		5		5
7.044% due 10/01/2025 - 09/01/2033		55		56
7.060% due 05/01/2033		82		83
7.061% due 07/01/2032		49		50
7.075% due 01/01/2018 - 08/01/2032		433		443
7.077% due 09/01/2024		97		99
7.080% due 10/01/2032		568		580
7.095% due 07/01/2032 - 07/01/2035		522		528
7.185% due 08/01/2032		27		28
7.195% due 08/01/2032		63		64
7.220% due 05/01/2024		125		128
7.248% due 05/01/2032		4		4
7.250% due 09/01/2024		222		228
7.275% due 09/01/2032		39		40
7.290% due 06/01/2019		24		24
7.310% due 07/01/2032		144		148
7.315% due 05/01/2024		55		56
7.500% due 11/15/2021 - 06/25/2042		999		1,068
7.548% due 10/01/2025		5		5
7.660% due 05/01/2015		963		1,083
8.000% due 04/25/2021 - 07/25/2022		164		173
8.600% due 08/25/2019		441		486
Freddie Mac
2.999% due 08/25/2036		71		68
4.000% due 02/15/2017		217		219
4.033% due 09/01/2033		850		869
4.384% due 01/01/2035		22		22
4.960% due 08/01/2017		15		15
5.160% due 11/01/2017		53		53
5.240% due 04/01/2036		94		96
5.268% due 02/01/2036		171		174
5.474% due 04/01/2032		178		188
5.483% due 03/01/2017		16		16
5.500% due 02/01/2037 - 07/01/2037		1,580		1,597
5.500% due 05/01/2037 - 01/01/2038 (e)		12,187		12,320
5.537% due 09/01/2037		72		73
5.543% due 04/01/2036		123		126
5.550% due 05/01/2035		458		461
5.571% due 09/01/2037		30		31
5.593% due 05/01/2037		110		112
5.625% due 08/01/2018 - 01/01/2020		57		58
5.633% due 06/01/2019		49		49
5.699% due 07/01/2037		876		892
5.717% due 06/01/2037		14		14
5.764% due 12/01/2037		42		42
5.797% due 05/01/2019		11		11
5.804% due 09/01/2037		34		34
5.827% due 08/01/2037		29		29
5.844% due 01/01/2037		594		603
5.845% due 02/01/2015		86		88
5.864% due 11/01/2036		21		21
5.872% due 11/01/2031		163		166
5.873% due 08/01/2037		15		15
5.893% due 08/01/2037		10		10
5.902% due 09/01/2034		476		484
5.922% due 07/25/2044		50		49
5.935% due 08/01/2036		37		37
5.968% due 02/01/2018		58		59
5.969% due 09/01/2036		24		24
5.974% due 01/01/2035		455		460
5.995% due 09/01/2037		69		71
6.000% due 03/15/2017 - 12/01/2037		4,833		5,022
6.000% due 07/01/2036 - 09/01/2037 (e)		8,408		8,630

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
6.208% due 06/01/2019	$	76	$	76
6.276% due 07/01/2034		488		498
6.442% due 05/01/2019		595		601
6.488% due 01/01/2033		42		43
6.491% due 03/01/2025		3		3
6.500% due 11/15/2021 - 03/15/2024		524		555
6.522% due 10/01/2035		664		675
6.524% due 02/01/2037		133		137
6.588% due 01/01/2035		535		539
6.617% due 12/01/2034		107		109
6.633% due 01/01/2033		40		41
6.671% due 03/01/2025		99		104
6.704% due 02/01/2033		12		12
6.724% due 10/01/2032		279		284
6.750% due 01/15/2024		62		65
6.754% due 10/01/2026		10		10
6.799% due 09/01/2037		2,236		2,273
6.867% due 09/01/2018		46		48
6.873% due 06/01/2033		86		88
6.875% due 04/01/2017		490		495
6.888% due 08/01/2034		7		7
6.894% due 02/01/2026		137		140
7.000% due 10/15/2013 - 12/01/2047		4,250		4,449
7.001% due 05/01/2029		200		202
7.015% due 08/01/2034		364		370
7.025% due 09/01/2033		71		72
7.028% due 08/01/2024		38		38
7.033% due 11/01/2031		132		133
7.105% due 03/01/2032		1,084		1,102
7.110% due 04/01/2033		8		9
7.113% due 08/01/2030		64		65
7.117% due 12/01/2033		656		682
7.120% due 07/01/2025		137		140
7.125% due 07/01/2017		50		51
7.131% due 09/01/2023		51		53
7.135% due 05/01/2033		64		65
7.162% due 07/01/2033		79		81
7.230% due 09/01/2031		368		375
7.250% due 09/01/2032		222		226
7.267% due 11/01/2029		856		870
7.268% due 07/01/2033		340		347
7.278% due 03/01/2031		200		203
7.310% due 09/01/2024		54		56
7.379% due 08/01/2035		41		42
7.455% due 05/15/2023		87		90
7.500% due 09/01/2011 - 10/01/2024		1,300		1,355
7.563% due 11/01/2035		442		455
7.637% due 07/01/2024		41		41
8.500% due 06/15/2031		602		701
9.000% due 09/15/2020 - 02/15/2021		498		539
9.500% due 03/15/2020		33		33
Ginnie Mae
5.000% due 10/20/2030 - 01/20/2035		359		360
5.125% due 10/20/2025 - 12/20/2026		40		39
5.500% due 04/20/2037		53		48
5.625% due 08/20/2027 - 10/20/2029		299		301
5.750% due 01/20/2032 - 03/20/2032		531		536
6.100% due 06/15/2028 - 03/15/2029		2,478		2,561
6.125% due 08/20/2033		49		49
6.250% due 02/20/2029		61		62
6.375% due 06/20/2022 - 06/20/2032		1,168		1,191
6.490% due 01/15/2028 - 01/15/2029		2,344		2,452
Small Business Administration
5.160% due 02/01/2028		2,500		2,535
5.170% due 01/01/2028		5,000		5,046

See Accompanying Notes Annual Report March 31, 2008 41

Schedule of Investments  Income Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Vendee Mortgage Trust
6.500% due 09/15/2024	$	338	$	368
Total U.S. Government Agencies (Cost $247,335)				249,995
U.S. TREASURY OBLIGATIONS 2.4%
U.S. Treasury Notes
4.625% due 02/29/2012		1,000		1,092
4.750% due 08/15/2017		5,400		5,977
Total U.S. Treasury Obligations (Cost $6,487)				7,069
MORTGAGE-BACKED SECURITIES 12.3%
Banc of America Commercial Mortgage, Inc.
4.772% due 07/11/2043		402		400
5.634% due 07/10/2046		500		499
6.186% due 06/11/2035		255		260
Banc of America Funding Corp.
4.113% due 05/25/2035		118		102
4.622% due 02/20/2036		158		152
5.663% due 06/20/2035		195		157
Banc of America Mortgage Securities, Inc.
2.999% due 03/25/2034		215		206
3.049% due 01/25/2034		89		85
4.145% due 07/25/2034		175		176
4.709% due 04/25/2035		270		270
7.235% due 07/20/2032		59		57
Bear Stearns Adjustable Rate Mortgage Trust
4.625% due 10/25/2035		1,932		1,831
4.650% due 01/25/2035		170		169
Bear Stearns Commercial Mortgage Securities
6.440% due 06/16/2030		198		198
7.000% due 05/20/2030		396		434
CC Mortgage Funding Corp.
2.729% due 05/25/2048		385		313
Citigroup Mortgage Loan Trust, Inc.
4.682% due 08/25/2035		290		282
Citigroup/Deutsche Bank Commercial Mortgage Trust
5.322% due 12/11/2049		500		484
Countrywide Alternative Loan Trust
5.636% due 07/20/2035		239		214
Countrywide Home Loan Mortgage Pass-Through Trust
2.829% due 05/25/2035		123		97
2.869% due 03/25/2035		270		237
2.919% due 03/25/2035		340		255
5.250% due 02/20/2036		218		180
6.097% due 07/19/2033		497		480
6.603% due 02/25/2034		326		318
6.748% due 05/19/2033		357		357
CS First Boston Mortgage Securities Corp.
4.940% due 12/15/2035		500		484
5.167% due 03/25/2034		286		271
5.603% due 07/15/2035		500		499
5.750% due 04/22/2033		1,524		1,417
Downey Savings & Loan Association Mortgage Loan Trust
2.959% due 11/19/2044		170		130
6.816% due 07/19/2044		114		116
First Horizon Asset Securities, Inc.
3.099% due 03/25/2018		216		215
6.184% due 03/25/2033		251		245
First Republic Mortgage Loan Trust
3.068% due 11/15/2030		138		125
3.168% due 11/15/2031		56		52
GMAC Commercial Mortgage Securities, Inc.
5.713% due 10/15/2038		500		502

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Greenpoint Mortgage Funding Trust
2.859% due 10/25/2045	$	69	$	50
GSAA Trust
6.000% due 04/01/2034		950		944
GSR Mortgage Loan Trust
3.730% due 04/25/2032		82		82
4.539% due 09/25/2035		428		400
4.754% due 09/25/2034		259		252
5.250% due 11/25/2035		494		442
6.673% due 08/25/2034		505		507
Harborview Mortgage Loan Trust
2.649% due 01/19/2038		660		622
2.869% due 08/19/2045		67		52
Indymac Index Mortgage Loan Trust
7.353% due 10/25/2034		412		413
JPMorgan Chase Commercial Mortgage Securities Corp.
5.376% due 07/12/2037		500		504
LB-UBS Commercial Mortgage Trust
5.347% due 11/15/2038		500		489
5.430% due 02/15/2040		500		486
MASTR Adjustable Rate Mortgages Trust
3.786% due 11/21/2034		800		788
3.817% due 04/21/2034		78		78
MASTR Alternative Loans Trust
7.000% due 06/25/2034		138		138
MASTR Reperforming Loan Trust
6.000% due 08/25/2034		211		205
Mellon Residential Funding Corp.
3.188% due 09/15/2030		258		250
3.561% due 12/15/2030		59		57
Merrill Lynch Mortgage Investors, Inc.
7.209% due 09/25/2033		78		78
MLCC Mortgage Investors, Inc.
2.939% due 04/25/2028		131		117
5.028% due 01/25/2030		110		100
7.056% due 01/25/2029		419		411
Morgan Stanley Capital I
5.223% due 11/14/2042		500		505
5.328% due 11/12/2041		580		567
Nomura Asset Acceptance Corp.
5.500% due 05/25/2033		106		100
6.000% due 05/25/2033		70		68
7.000% due 04/25/2033		11		11
Provident Funding Mortgage Loan Trust
4.035% due 04/25/2034		244		245
Residential Accredit Loans, Inc.
2.779% due 06/25/2046		1,965		1,605
6.000% due 08/25/2035		2,991		2,770
Residential Asset Mortgage Products, Inc.
7.000% due 11/25/2031		575		597
Sequoia Mortgage Trust
2.886% due 07/20/2033		135		129
2.916% due 10/20/2027		56		49
2.916% due 04/20/2033		205		199
2.936% due 10/20/2027		273		250
2.986% due 12/20/2032		233		230
Structured Asset Mortgage Investments, Inc.
2.829% due 07/25/2046		140		87
2.899% due 05/19/2035		251		224
7.017% due 05/25/2045		92		88
Thornburg Mortgage Securities Trust
2.719% due 07/25/2036		2,902		2,680
2.869% due 03/25/2044		246		221
2.969% due 09/25/2044		198		190

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
WaMu Mortgage Pass-Through Certificates
2.889% due 12/25/2045	$	215	$	170
2.909% due 01/25/2045		48		38
3.139% due 12/25/2027		412		374
3.525% due 10/25/2044		244		218
3.565% due 11/25/2034		241		216
3.796% due 06/25/2034		55		55
4.054% due 10/25/2033		1,500		1,498
4.334% due 06/25/2033		251		250
5.326% due 02/25/2046		379		295
5.526% due 11/25/2042		19		18
5.572% due 07/25/2046		1,295		876
Wells Fargo Mortgage-Backed Securities Trust
4.015% due 12/25/2034		164		159
4.232% due 09/25/2034		174		166
4.368% due 09/25/2034		264		259
4.490% due 01/25/2035		300		300
4.541% due 02/25/2035		423		421
5.500% due 12/25/2033		63		63
6.607% due 10/25/2034		353		342
Total Mortgage-Backed Securities (Cost $37,518)				36,267
ASSET-BACKED SECURITIES 5.3%
ACE Securities Corp.
5.849% due 04/25/2035		650		46
American Express Credit Account Master Trust
3.318% due 02/15/2012		124		121
Ameriquest Mortgage Securities, Inc.
6.124% due 11/25/2032		238		24
8.224% due 02/25/2033		200		38
Amortizing Residential Collateral Trust
2.889% due 07/25/2032		69		61
Bear Stearns Asset-Backed Securities Trust
2.799% due 09/25/2034		64		64
2.929% due 10/25/2032		130		113
2.929% due 01/25/2036		563		548
2.999% due 10/27/2032		83		78
3.089% due 06/25/2036		400		313
3.599% due 10/25/2037		208		187
Bear Stearns Second Lien Trust
2.819% due 12/25/2036		1,783		1,337
Chase Funding Mortgage Loan Asset- Backed Certificates
3.239% due 11/25/2031		135		135
Citibank Omni Master Trust
3.699% due 12/23/2013		2,000		2,004
Countrywide Asset-Backed Certificates
2.699% due 09/25/2047		599		568
First Franklin Mortgage Loan Asset- Backed Certificates
2.649% due 11/25/2036		589		533
Green Tree Financial Corp.
6.110% due 09/01/2023		667		681
6.870% due 01/15/2029		520		523
Greenpoint Manufactured Housing
8.300% due 10/15/2026		1,500		1,473
GSAA Trust
2.869% due 06/25/2035		822		581
HFC Home Equity Loan Asset-Backed Certificates
2.826% due 01/20/2034		2,156		1,750
3.336% due 11/20/2036		597		593
Home Equity Asset Trust
2.659% due 08/25/2036		22		22
HSI Asset Securitization Corp. Trust
2.649% due 10/25/2036		579		533
2.649% due 12/25/2036		334		311

42 PIMCO Funds See Accompanying Notes

March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Irwin Home Equity Corp.
3.139% due 07/25/2032	$	10	$	8
JPMorgan Mortgage Acquisition Corp.
2.649% due 10/25/2036		547		510
Morgan Stanley ABS Capital I
3.679% due 12/27/2032		268		248
New Century Home Equity Loan Trust
2.969% due 08/25/2034		57		50
Renaissance Home Equity Loan Trust
3.099% due 12/25/2033		284		263
SBI HELOC Trust
2.769% due 08/25/2036		202		194
Soundview Home Equity Loan Trust
3.399% due 10/25/2037		488		478
Structured Asset Securities Corp.
4.900% due 04/25/2035		1,143		1,057
TABS Ltd.
4.335% due 02/12/2047		280		12
Truman Capital Mortgage Loan Trust
2.939% due 01/25/2034		89		87
Total Asset-Backed Securities (Cost $16,616)				15,544

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN CURRENCY-DENOMINATED ISSUES 0.5%
Argon Capital PLC for Royal Bank of Scotland
8.162% due 10/29/2049	GBP	800	$	1,531
Japanese Government CPI Linked Bond
1.188% due 02/28/2016	JPY	8,467		84
Total Foreign Currency-Denominated Issues (Cost $1,684)				1,615
		SHARES
CONVERTIBLE PREFERRED STOCKS 0.1%
Bank of America Corp.
7.250% due 12/31/2049		225		232
General Motors Corp.
5.250% due 03/06/2032		2,000		33
Total Convertible Preferred Stocks (Cost $267)				265
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 8.1%
COMMERCIAL PAPER 1.8%
Barclays U.S. Funding Corp.
3.125% due 04/23/2008	$	700		699

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Federal Home Loan Bank
1.500% due 04/01/2008	$	3,800	$	3,800
Unicredito Italiano SpA
3.850% due 05/02/2008		900		897
				5,396
REPURCHASE AGREEMENTS 0.4%
State Street Bank and Trust Co.
1.900% due 04/01/2008		1,022		1,022
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 3.875% due 08/22/2008 valued at $1,050. Repurchase proceeds are $1,022.)
U.S. TREASURY BILLS 5.9%
1.017% due 04/17/2008 - 07/24/2008 (b)(c)		17,300		17,228
Total Short-Term Instruments (Cost $23,683)				23,646
Total Investments 130.1% (Cost $382,536)			$	381,938
Other Assets and Liabilities (Net) (30.1%)				(88,259	)
Net Assets (d) 100.0%			$	293,679

Notes to Schedule of Investments (amounts in thousands*):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Payment in-kind bond security.

(b) Coupon represents a weighted average rate.

(c) Securities with an aggregate market value of $6,963 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(d) As of March 31, 2008, portfolio securities with an aggregate value of $33,324 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(e) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $27,075 at a weighted average interest rate of 4.497%. On March 31, 2008, securities valued at $49,840 were pledged as collateral for reverse repurchase agreements.

(f) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
American International Group, Inc. 6.250% due 05/01/2036	Sell	2.100%		03/20/2013	DUB	$	3,000	$	34
ARAMARK Corp. 8.500 due 02/01/2015	Sell	1.300%		09/20/2008	BOA		50		0
ARAMARK Corp. 8.500 due 02/01/2015	Sell	2.680%		09/20/2012	MSC		50		(5	)
Bear Stearns Cos., Inc. 6.400% due 10/02/2017	Buy	(3.000%	)	12/20/2017	GSC		1,000		(109	)
Bear Stearns Cos., Inc. 6.950% due 08/10/2012	Buy	(4.050%	)	12/20/2012	CITI		137		(12	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	3.000%		03/20/2013	BOA		50		1
Community Health Systems, Inc. 8.875% due 07/15/2015	Sell	2.850%		09/20/2012	BOA		50		(4	)
CSC Holdings, Inc. 7.625% due 04/01/2011	Sell	2.010%		06/20/2012	MSC		50		(5	)
CSC Holdings, Inc. 7.625% due 07/15/2018	Sell	1.250%		09/20/2008	BCLY		25		0
Fannie Mae 5.500% due 06/09/2033	Sell	0.660%		12/20/2012	HSBC		1,000		9
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.520%		09/20/2008	MLP		25		(1	)
Freddie Mac 5.080% due 02/07/2019	Sell	0.670%		12/20/2012	MSC		1,000		8
General Motors Corp. 7.125% due 07/15/2013	Sell	4.250%		09/20/2008	CITI		50		(1	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.000%		03/20/2013	LEH		100		(3	)
Georgia-Pacific LLC 7.750% due 11/15/2029	Sell	2.220%		09/20/2012	CITI		50		(6	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.650%		09/20/2008	LEH		100		(4	)
HCA, Inc. 7.858% due 11/16/2012	Sell	1.250%		09/20/2008	LEH		100		(1	)
Multiple Reference Entities of Gazprom	Sell	1.380%		12/20/2008	MSC		3,000		3
Nalco Co. 7.750% due 11/15/2011	Sell	0.820%		09/20/2008	CSFB		75		0
New Century Home Equity Loan Trust floating rate based on 1-Month USD-LIBOR plus 1.750% due 06/25/2035	Buy	(5.000%	)	06/25/2035	BOA		2,500		893
New Century Home Equity Loan Trust floating rate based on 1-Month USD-LIBOR plus 1.750% due 06/25/2035	Sell	5.500%		06/25/2035	JPM		2,500		(880	)
Nortel Networks Corp. 4.250% due 09/01/2008	Sell	1.400%		09/20/2008	LEH		50		(1	)
NRG Energy, Inc. 7.250% due 02/01/2014	Sell	1.500%		09/20/2008	RBS		50		0
Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	3.000%		12/20/2012	LEH		100		(10	)
SLM Corp. 5.125% due 08/27/2012	Sell	3.050%		03/20/2009	DUB		2,000		(123	)

See Accompanying Notes Annual Report March 31, 2008 43

Schedule of Investments  Income Fund  (Cont.)

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Sprint Nextel Corp. 6.000% due 12/01/2016	Sell	7.150%	06/20/2009	BCLY	$	100	$	3
Sungard Data Systems, Inc. 9.125% due 08/15/2013	Sell	2.920%	09/20/2012	CITI		50		(4	)
TRW Automotive, Inc. 9.375% due 02/15/2013	Sell	0.950%	09/20/2008	LEH		25		0
							$	(218	)

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the reference entity. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (2)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Dow Jones CDX N.A. EM8 Index	Sell	1.750%	12/20/2012	BCLY	$	1,000	$	(32	)
Dow Jones CDX N.A. EM8 Index	Sell	1.750%	12/20/2012	MSC		7,000		(216	)
Dow Jones CDX N.A. HY9 Index	Sell	1.550%	12/20/2010	MLP		50		0
Dow Jones CDX N.A. HY9 Index	Sell	1.140%	12/20/2012	MLP		1,987		(51	)
Dow Jones CDX N.A. HY9 Index	Sell	1.443%	12/20/2012	MLP		9,937		(142	)
Dow Jones CDX N.A. HY9 Index	Sell	3.750%	12/20/2012	MLP		3,861		(397	)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	DUB		2,000		(8	)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MLP		300		(1	)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MSC		10,100		(23	)
Dow Jones CDX N.A. IG9 Index	Sell	0.560%	12/20/2012	DUB		10,000		(166	)
Dow Jones CDX N.A. IG9 Index	Sell	0.600%	12/20/2012	JPM		500		5
Home Equity Index A Rating 2006-1	Sell	0.540%	07/25/2045	CSFB		4,000		(673	)
Home Equity Index AA Rating 2006-2	Sell	0.170%	05/25/2046	BEAR		2,000		(320	)
Home Equity Index AA Rating 2007-1	Sell	0.150%	08/25/2037	BEAR		3,000		(549	)
Home Equity Index AA Rating 2007-1	Sell	0.150%	08/25/2037	CSFB		1,000		(423	)
Home Equity Index AA Rating 2007-2	Sell	1.920%	01/25/2038	BEAR		3,000		(520	)
Home Equity Index AAA Rating 2006-1	Sell	0.180%	07/25/2045	CSFB		4,799		(161	)
Home Equity Index AAA Rating 2006-1	Sell	0.180%	07/25/2045	DUB		4,797		137
Home Equity Index AAA Rating 2006-2	Sell	0.110%	05/25/2046	CSFB		1,800		85
							$	(3,455	)

⁽²⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of underlying securities comprising the reference entity index. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	BCLY	$	100	$	2
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		17,500		41
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	BCLY		5,100		223
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	JPM		1,800		66
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	RBS		33,900		1,618
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	MSC		4,000		(62	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	RBS		4,100		(22	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		1,100		26
							$	1,892

(g) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized (Depreciation)
Sell	GBP	800	04/2008	$	0	$	(4	)	$	(4	)
Sell	JPY	10,000	05/2008		0		(2	)		(2	)
				$	0	$	(6	)	$	(6	)

44 PIMCO Funds See Accompanying Notes

Schedule of Investments  Low Duration Fund March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.6%
Daimler Finance North America LLC
6.800% due 08/03/2012	$	47,760	$	39,727
Idearc, Inc.
4.700% due 11/17/2014		36,759		29,577
Total Bank Loan Obligations (Cost $82,433)				69,304
CORPORATE BONDS & NOTES 25.2%
BANKING & FINANCE 21.8%
American Express Bank FSB
2.596% due 10/20/2009		23,800		23,640
American Express Centurion Bank
3.075% due 05/07/2008		21,000		20,996
American Express Credit Corp.
3.118% due 11/09/2009		32,600		31,917
American Honda Finance Corp.
3.085% due 08/05/2008		18,670		18,673
ANZ National International Ltd.
3.168% due 08/07/2009		5,700		5,690
Bank of America Corp.
2.681% due 09/25/2009		61,900		61,302
3.155% due 11/06/2009		3,200		3,178
8.000% due 12/29/2049		188,900		189,508
Bank of America N.A.
2.901% due 06/12/2009		12,000		11,940
Bank of Ireland
2.589% due 12/19/2008		4,100		4,097
Bank of New York Mellon Corp.
3.495% due 02/05/2010		63,300		63,333
Bear Stearns Cos., Inc.
2.786% due 03/30/2009		20,800		19,776
3.160% due 08/21/2009		9,200		8,706
3.190% due 05/18/2010		64,800		60,302
Calabash Re Ltd.
11.200% due 01/08/2010		4,700		4,769
13.700% due 01/08/2010		4,500		4,643
Capital One Financial Corp.
3.270% due 09/10/2009		100,770		91,329
Caterpillar Financial Services Corp.
3.314% due 10/28/2008		1,800		1,800
CIT Group, Inc.
2.729% due 12/19/2008		31,200		28,121
3.100% due 06/08/2009		1,350		1,118
3.190% due 08/17/2009		48,100		40,422
3.215% due 08/15/2008		2,000		1,846
3.302% due 05/23/2008		9,200		9,017
Citigroup Funding, Inc.
2.599% due 04/23/2009		76,520		75,597
2.606% due 06/26/2009		17,975		17,723
2.980% due 12/08/2008		23,100		22,885
Citigroup, Inc.
2.701% due 12/28/2009		22,100		21,645
3.162% due 05/02/2008		33,000		32,988
5.100% due 09/29/2011		1,500		1,501
Countrywide Financial Corp.
4.786% due 01/05/2009		5,000		4,681
Credit Agricole S.A.
3.090% due 05/28/2009		17,600		17,619
3.140% due 05/28/2010		24,400		24,420
DnB NOR Bank ASA
4.447% due 10/13/2009		18,900		18,924
Enron Credit Linked Notes Trust
8.000% due 08/15/2005 (a)		8,300		7,055

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Ford Motor Credit Co. LLC
5.800% due 01/12/2009	$	9,200	$	8,766
7.250% due 10/25/2011		900		740
7.375% due 10/28/2009		13,000		11,857
7.375% due 02/01/2011		600		501
General Electric Capital Corp.
2.840% due 03/16/2009		10,000		9,986
2.931% due 03/12/2010		35,400		35,225
3.689% due 02/01/2011		63,300		62,852
3.964% due 01/20/2010		39,800		39,544
4.686% due 01/05/2009		24,400		24,382
4.706% due 10/06/2010		12,200		12,005
General Motors Acceptance Corp.
7.430% due 12/01/2021		92		93
GMAC LLC
6.000% due 12/15/2011		3,500		2,620
Goldman Sachs Group, Inc.
2.689% due 12/22/2008		36,400		36,146
2.689% due 06/23/2009		14,200		14,020
2.746% due 03/30/2009		20,800		20,597
3.186% due 11/10/2008		31,800		31,636
3.406% due 07/29/2008		21,600		21,550
4.178% due 07/23/2009		600		595
HSBC Bank USA N.A.
3.130% due 06/10/2009		9,200		9,174
HSBC Capital Funding LP
9.547% due 12/29/2049		20,046		21,596
HSBC Finance Capital Trust IX
5.911% due 11/30/2035		1,100		894
HSBC Finance Corp.
2.930% due 09/15/2008		16,600		16,443
8.000% due 07/15/2010		12,000		12,677
ICICI Bank Ltd.
4.917% due 01/12/2010		32,200		30,825
John Deere Capital Corp.
4.500% due 08/25/2008		900		904
Lehman Brothers Holdings, Inc.
2.788% due 04/03/2009		10,900		10,394
3.170% due 08/21/2009		43,100		41,290
3.232% due 05/25/2010		1,400		1,253
3.346% due 11/10/2009		15,000		13,590
3.984% due 10/22/2008		29,970		29,188
5.625% due 01/24/2013		5,300		5,161
Longpoint Re Ltd.
8.050% due 05/08/2010		8,500		8,617
Merrill Lynch & Co., Inc.
3.138% due 12/04/2009		21,000		20,472
3.158% due 08/14/2009		23,000		22,536
3.531% due 07/25/2011		32,700		29,766
3.888% due 10/23/2008		25,500		25,415
Morgan Stanley
2.639% due 11/21/2008		16,460		16,363
3.206% due 02/09/2009		30,000		29,664
4.348% due 01/15/2010		30,900		29,555
Mystic Re Ltd.
9.390% due 12/05/2008		26,900		26,674
13.090% due 06/07/2011		6,400		6,608
National Australia Bank Ltd.
2.979% due 09/11/2009		23,500		23,489
3.578% due 02/08/2010		109,600		109,653
Osiris Capital PLC
7.108% due 01/15/2010		11,000		10,936
Phoenix Quake Ltd.
5.148% due 07/03/2008		6,500		6,500
Phoenix Quake Wind I Ltd.
7.152% due 07/03/2008		6,400		6,401

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Phoenix Quake Wind II Ltd.
6.198% due 07/03/2008	$	3,000	$	2,958
PNC Bank N.A.
3.689% due 02/01/2010		73,400		73,300
Pricoa Global Funding I
2.981% due 09/12/2008		10,000		10,000
3.136% due 03/03/2009		22,000		21,992
Regions Financial Corp.
4.500% due 08/08/2008		19,318		19,397
Residential Reinsurance 2007 Ltd.
13.326% due 06/07/2010		1,800		1,842
Royal Bank of Scotland Group PLC
3.944% due 07/21/2008		49,100		49,022
9.118% due 03/31/2049		37,207		37,560
Santander U.S. Debt S.A. Unipersonal
3.024% due 11/20/2008		4,700		4,686
3.205% due 02/06/2009		200		199
SLM Corp.
3.471% due 07/27/2009		16,200		13,634
3.491% due 07/26/2010		5,200		4,097
Tokai Preferred Capital Co. LLC
9.980% due 12/29/2049		9,945		9,992
U.S. Bancorp
3.512% due 02/04/2010		37,820		37,568
VTB Capital S.A.
3.839% due 08/01/2008		20,500		20,295
Wachovia Bank N.A.
2.639% due 03/23/2009		17,850		17,686
Wachovia Corp.
3.126% due 12/01/2009		25,600		24,926
3.301% due 10/28/2008		21,900		21,777
7.980% due 02/28/2049		176,000		173,454
Wells Fargo & Co.
3.674% due 01/29/2010		70,100		69,778
4.477% due 01/12/2011		6,600		6,468
Westpac Banking Corp.
3.040% due 06/06/2008		13,300		13,298
				2,484,243
INDUSTRIALS 1.5%
Anadarko Petroleum Corp.
3.200% due 09/15/2009		4,700		4,613
Cisco Systems, Inc.
3.158% due 02/20/2009		2,400		2,400
Citigroup Global Markets Deutschland AG for OAO Gazprom
10.500% due 10/21/2009		7,000		7,610
Daimler Finance North America LLC
3.218% due 03/13/2009		28,600		28,253
3.562% due 08/03/2009		23,000		22,650
4.050% due 06/04/2008		80		80
El Paso Corp.
7.625% due 09/01/2008		1,075		1,090
General Mills, Inc.
4.024% due 01/22/2010		17,700		17,333
Pemex Project Funding Master Trust
9.375% due 12/02/2008		4,492		4,694
Time Warner, Inc.
3.300% due 11/13/2009		17,400		16,668
Transocean, Inc.
3.214% due 09/05/2008		23,000		22,888
Wal-Mart Stores, Inc.
2.700% due 06/16/2008		47,000		47,005
				175,284

See Accompanying Notes Annual Report March 31, 2008 45

Schedule of Investments  Low Duration Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
UTILITIES 1.9%
AT&T, Inc.
3.195% due 02/05/2010	$	11,700	$	11,595
BellSouth Corp.
3.165% due 08/15/2008		38,950		38,903
Pacific Gas & Electric Co.
4.200% due 03/01/2011		5,000		5,025
Public Service Electric & Gas Co.
3.776% due 03/12/2010		51,300		51,259
Qwest Capital Funding, Inc.
7.000% due 08/03/2009		31,600		31,600
Southern California Edison Co.
3.212% due 02/02/2009		20,470		19,769
Telecom Italia Capital S.A.
4.561% due 07/18/2011		24,000		21,442
Telefonica Emisones SAU
2.842% due 06/19/2009		33,000		32,152
				211,745
Total Corporate Bonds & Notes (Cost $2,926,671)				2,871,272
COMMODITY INDEX-LINKED NOTES 0.2%
Morgan Stanley (GSCI)
2.546% due 07/07/2008		28,000		27,817
Total Commodity Index-Linked Notes (Cost $28,000)				27,817
U.S. GOVERNMENT AGENCIES 34.3%
Fannie Mae
0.950% due 03/25/2009 (b)		201		1
2.666% due 12/25/2036		10,465		10,055
2.799% due 10/27/2037		107,300		101,647
2.949% due 03/25/2044		884		873
2.999% due 05/25/2031 - 06/25/2032		3,152		3,049
3.199% due 05/25/2030		732		731
3.225% due 04/25/2022		17		16
3.249% due 05/25/2030		732		732
4.000% due 05/01/2011		220		223
4.250% due 05/25/2033		9,449		9,341
4.500% due 06/01/2011 - 08/01/2035		4,704		4,780
4.532% due 09/01/2035		10,837		10,912
4.535% due 04/01/2034		2,150		2,154
4.623% due 07/01/2035		11,844		11,989
4.642% due 07/01/2035		13,844		14,014
4.665% due 05/01/2035		9,727		9,843
4.669% due 01/01/2035		16,114		16,308
4.712% due 03/01/2035		1,835		1,862
4.747% due 03/01/2035		20,070		20,488
4.929% due 10/01/2035		7,955		8,127
5.000% due 12/01/2013 - 03/01/2038		1,189,837		1,204,643
5.029% due 06/01/2035		4,266		4,338
5.039% due 03/01/2035		6,314		6,475
5.320% due 06/01/2017		16		16
5.379% due 09/01/2032		1,997		2,009
5.420% due 08/01/2017		7		7
5.422% due 07/01/2018 - 02/01/2028		141		141
5.424% due 12/01/2017		26		26
5.498% due 11/01/2017		37		36
5.500% due 10/01/2008 - 04/01/2038		1,009,383		1,022,501
5.625% due 07/01/2017		57		57
5.632% due 04/01/2018		1,039		1,037
5.697% due 07/01/2017		55		56
5.722% due 07/01/2042 - 07/01/2044		14,924		14,847

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.772% due 09/01/2041	$	22,097	$	21,879
5.922% due 10/01/2030 - 11/01/2039		1,990		1,986
6.000% due 03/01/2009 - 04/01/2038		184,703		189,783
6.002% due 01/01/2021		35		35
6.076% due 01/01/2024		153		156
6.206% due 11/01/2017		64		64
6.270% due 08/01/2029		963		988
6.292% due 07/25/2017		542		572
6.295% due 11/01/2018		5		4
6.371% due 01/01/2024		11		11
6.500% due 03/25/2009 (b)		48		2
6.500% due 08/01/2029 - 12/25/2042		120,506		125,728
6.863% due 04/01/2024		235		241
6.961% due 11/01/2027		111		112
6.977% due 06/01/2022		8		8
7.000% due 05/01/2012 - 01/01/2032		1,282		1,289
7.132% due 02/01/2028		298		302
7.257% due 07/01/2023		92		93
7.436% due 10/01/2024		184		188
7.500% due 02/01/2013		4		4
8.000% due 04/01/2030 - 11/01/2031		3,231		3,502
8.500% due 02/01/2017 - 04/01/2025		153		168
8.800% due 01/25/2019		98		108
9.000% due 03/25/2021 - 01/01/2025		350		390
9.250% due 10/25/2018		6		7
9.500% due 03/25/2020 - 11/01/2025		787		876
10.000% due 10/01/2009 - 05/01/2022		32		34
10.500% due 07/01/2014 - 07/01/2021		4		4
11.000% due 11/01/2020		4		5
11.250% due 10/01/2015		7		8
11.500% due 11/01/2019 - 02/01/2020		3		3
11.750% due 02/01/2016		10		12
13.000% due 07/01/2015		3		3
13.250% due 09/01/2011		2		2
15.500% due 10/01/2012 - 12/01/2012		1		1
15.750% due 12/01/2011		2		2
16.000% due 09/01/2012 - 12/01/2012		2		2
Federal Housing Administration
7.430% due 11/01/2019 - 11/01/2025		4,775		4,819
Freddie Mac
2.859% due 08/25/2031		4,427		4,358
2.879% due 09/25/2031		7,402		7,398
2.968% due 07/15/2019 - 10/15/2020		327,326		316,699
3.000% due 02/15/2023		34		34
3.048% due 02/15/2019		108,955		108,278
3.118% due 05/15/2036		16,972		16,383
3.168% due 12/15/2030		14,259		13,945
3.218% due 06/15/2018		4,620		4,564
3.268% due 11/15/2030		12		12
3.825% due 10/15/2020		62		62
3.875% due 03/15/2021		35		35
4.000% due 09/15/2015		195		197
4.000% due 01/15/2024 (b)		3,904		525
4.458% due 03/01/2035		6,181		6,233
4.500% due 02/15/2015 - 06/01/2018		47,763		48,470
4.599% due 04/01/2035		13,334		13,329
4.630% due 04/01/2035		10,205		10,225
4.701% due 06/01/2035		52,587		53,479
4.704% due 08/01/2035		90,442		91,106
4.729% due 03/01/2035		10,400		10,430

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
4.792% due 08/01/2035	$	20,484	$	20,646
4.883% due 04/01/2035		2,559		2,599
4.909% due 07/01/2035		23,732		24,124
4.960% due 03/01/2035		2,503		2,544
5.000% due 04/01/2013 - 07/15/2024		65,789		66,684
5.048% due 04/01/2035		4,735		4,837
5.500% due 02/15/2014 - 03/01/2037		73,643		74,852
5.591% due 08/15/2032		831		826
5.922% due 07/25/2044		848		828
6.000% due 03/01/2011 - 11/01/2037		35,512		36,526
6.365% due 01/01/2024		100		102
6.373% due 11/01/2022		282		287
6.500% due 01/01/2017 - 07/25/2043		62,282		65,102
6.602% due 02/01/2020		324		335
6.926% due 10/01/2027		30		30
7.000% due 01/01/2030 - 04/01/2032		79		83
7.022% due 06/01/2024		74		75
7.024% due 01/01/2024		127		129
7.046% due 11/01/2023		46		47
7.065% due 07/01/2018		56		57
7.119% due 10/01/2023		131		133
7.130% due 12/01/2022		45		46
7.152% due 09/01/2023		21		22
7.250% due 02/01/2023		2		1
7.335% due 03/01/2024		1		1
7.500% due 07/15/2030		618		626
8.000% due 01/01/2012 - 12/01/2024		401		428
8.500% due 06/01/2009 - 11/01/2025		870		964
9.000% due 12/15/2020 - 08/01/2022		323		341
9.500% due 03/01/2010 - 09/01/2021		106		115
9.750% due 11/01/2008		5		5
10.000% due 03/01/2016 - 05/15/2020		49		53
10.500% due 10/01/2010 - 05/01/2014		1		1
10.750% due 09/01/2009 - 08/01/2011		8		8
14.000% due 09/01/2012 - 04/01/2016		2		2
15.000% due 08/01/2011 - 12/01/2011		1		1
Ginnie Mae
3.368% due 12/16/2025		154		152
5.125% due 10/20/2023 - 12/20/2027		3,130		3,126
5.625% due 08/20/2022 - 07/20/2030		4,247		4,282
6.000% due 01/15/2029 - 06/15/2037		6,119		6,260
6.375% due 04/20/2016 - 05/20/2030		6,894		7,057
6.500% due 03/20/2019 - 05/15/2034		299		308
7.000% due 03/15/2011 - 10/15/2011		16		16
7.500% due 03/15/2022 - 09/15/2031		270		291
8.000% due 05/15/2016 - 06/20/2031		2,328		2,537
8.500% due 12/15/2021 - 08/15/2030		72		79
9.000% due 03/15/2017 - 11/15/2030		286		315
9.500% due 10/15/2016 - 06/15/2025		26		29
9.750% due 08/15/2017		21		24

46 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
10.000% due 10/15/2013 - 11/15/2020	$	6	$	7
10.500% due 11/15/2019 - 02/15/2021		1		1
11.000% due 09/15/2010		1		1
11.500% due 08/15/2018		4		5
11.750% due 08/15/2013		4		4
12.000% due 06/20/2015		1		1
13.000% due 10/15/2013		4		4
13.500% due 11/15/2012		5		5
16.000% due 02/15/2012		6		7
Small Business Administration
7.640% due 03/10/2010		164		171
Vendee Mortgage Trust
6.500% due 05/15/2029		41,881		45,498
Total U.S. Government Agencies (Cost $3,891,126)				3,916,127
U.S. TREASURY OBLIGATIONS 0.0%
U.S. Treasury Notes
3.375% due 12/15/2008		3,000		3,042
Total U.S. Treasury Obligations (Cost $3,038)				3,042
MORTGAGE-BACKED SECURITIES 13.3%
American Home Mortgage Investment Trust
4.290% due 10/25/2034		52,959		47,776
4.390% due 02/25/2045		14,802		13,526
4.440% due 02/25/2045		50,323		45,290
Arran Residential Mortgages Funding PLC
2.955% due 04/12/2036		2,175		2,174
Banc of America Funding Corp.
4.113% due 05/25/2035		260,898		247,964
Banc of America Mortgage Securities, Inc.
4.362% due 05/25/2033		509		498
6.500% due 10/25/2031		7,683		7,482
Bear Stearns Adjustable Rate Mortgage Trust
4.125% due 03/25/2035		15,361		14,710
4.625% due 10/25/2035		57,275		54,273
4.750% due 10/25/2035		164,675		155,551
4.760% due 01/25/2034		15,444		14,834
5.031% due 04/25/2033		9,882		9,617
5.437% due 04/25/2033		24,917		23,200
5.550% due 02/25/2033		2,049		1,897
6.099% due 11/25/2030		136		131
6.764% due 02/25/2033		1,335		1,255
Bear Stearns Alt-A Trust
5.229% due 03/25/2035		31,990		27,191
5.371% due 05/25/2035		32,480		28,146
5.706% due 09/25/2035		8,705		7,159
Bear Stearns Mortgage Funding Trust
2.669% due 02/25/2037		33,491		29,328
Bear Stearns Structured Products, Inc.
2.806% due 01/26/2037		2,133		2,026
5.681% due 01/26/2036		17,636		14,927
Citicorp Mortgage Securities, Inc.
5.500% due 12/25/2019		9		9
Commercial Mortgage Pass-Through Certificates
6.455% due 05/15/2032		10,357		10,358
Countrywide Alternative Loan Trust
2.779% due 05/25/2047		13,526		10,269
2.879% due 02/25/2037		14,153		11,133
6.500% due 06/25/2033		1,477		1,481
Countrywide Home Loan Mortgage Pass-Through Trust
2.889% due 04/25/2035		4,649		3,677
4.723% due 02/20/2035		30,140		29,220
4.800% due 11/25/2034		17,137		16,098

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.250% due 02/20/2036	$	29,424	$	23,869
CS First Boston Mortgage Securities Corp.
4.938% due 12/15/2040		13,508		13,463
5.215% due 03/25/2032		2,836		2,563
6.556% due 06/25/2032		64		63
Deutsche ALT-A Securities, Inc. Alternate Loan Trust
2.679% due 03/25/2037		10,214		9,851
DLJ Acceptance Trust
11.000% due 08/01/2019		68		71
DLJ Commercial Mortgage Corp.
7.300% due 06/10/2032		184		187
Drexel Burnham Lambert CMO Trust
3.869% due 05/01/2016		3		3
First Horizon Alternative Mortgage Securities
4.713% due 06/25/2034		19,605		17,507
First Horizon Asset Securities, Inc.
4.749% due 07/25/2033		8,495		8,458
Greenpoint Mortgage Funding Trust
2.679% due 10/25/2046		18,343		16,528
2.679% due 01/25/2047		19,435		18,458
GS Mortgage Securities Corp. II
3.170% due 03/06/2020		9,902		9,154
GSR Mortgage Loan Trust
4.539% due 09/25/2035		97,953		92,342
4.749% due 09/25/2035		12,272		11,568
6.000% due 03/25/2032		1,136		1,088
Harborview Mortgage Loan Trust
5.137% due 07/19/2035		14,222		13,601
Impac Secured Assets CMN Owner Trust
2.679% due 01/25/2037		9,322		8,781
Imperial Savings Association
6.503% due 02/25/2018		39		39
Indymac Index Mortgage Loan Trust
2.689% due 11/25/2046		11,495		10,708
JPMorgan Mortgage Trust
5.023% due 02/25/2035		23,763		21,630
LB-UBS Commercial Mortgage Trust
4.990% due 11/15/2030		17,901		17,875
Lehman Brothers Floating Rate Commercial Mortgage Trust
2.898% due 09/15/2021		4,391		4,131
MASTR Adjustable Rate Mortgages Trust
3.786% due 11/21/2034		27,135		26,389
MASTR Asset Securitization Trust
5.500% due 09/25/2033		25,735		24,733
Mellon Residential Funding Corp.
3.601% due 06/15/2030		21,700		20,652
Merrill Lynch Mortgage Investors, Inc.
2.809% due 02/25/2036		14,439		11,604
4.489% due 02/25/2035		32,529		29,767
6.033% due 05/25/2033		16,695		15,478
MLCC Mortgage Investors, Inc.
2.849% due 11/25/2035		2,848		2,573
4.250% due 10/25/2035		15,389		14,856
Morgan Stanley Capital I
2.878% due 10/15/2020		5,788		5,384
Prime Mortgage Trust
2.999% due 02/25/2019		1,388		1,313
2.999% due 02/25/2034		7,004		6,328
Prudential-Bache CMO Trust
8.400% due 03/20/2021		184		184
RAAC Series 2005-SP1
5.000% due 09/25/2034		1,955		1,908

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Resecuritization Mortgage Trust
2.856% due 04/26/2021	$	35	$	35
Salomon Brothers Mortgage Securities VII, Inc.
8.000% due 09/25/2030		20		19
Sears Mortgage Securities
12.000% due 02/25/2014		8		8
Structured Asset Mortgage Investments, Inc.
2.809% due 07/19/2035		7,249		5,376
2.879% due 02/25/2036		7,239		5,673
2.889% due 09/19/2032		6,841		6,237
9.515% due 06/25/2029		605		658
Structured Asset Securities Corp.
6.150% due 07/25/2032		155		144
7.108% due 01/25/2032		165		158
Thornburg Mortgage Securities Trust
2.709% due 11/25/2046		19,115		18,129
Wachovia Bank Commercial Mortgage Trust
2.898% due 06/15/2020		32,261		29,735
2.908% due 09/15/2021		16,331		15,348
WaMu Mortgage Pass-Through Certificates
2.889% due 10/25/2045		6,547		5,230
2.909% due 01/25/2045		433		346
4.229% due 03/25/2034		6,253		6,241
5.056% due 01/25/2047		10,204		8,395
5.136% due 12/25/2046		46,780		36,386
5.220% due 02/27/2034		11,978		11,392
5.526% due 11/25/2042		2,525		2,400
5.726% due 06/25/2042		4,969		4,519
5.726% due 08/25/2042		3,448		3,174
5.826% due 09/25/2046		16,828		13,847
Washington Mutual MSC Mortgage Pass-Through Certificates
7.000% due 02/25/2033		304		303
7.020% due 02/25/2033		111		109
Wells Fargo Mortgage-Backed Securities Trust
4.706% due 12/25/2033		6,865		6,260
4.950% due 03/25/2036		33,099		31,554
5.387% due 08/25/2035		8,017		7,688
Total Mortgage-Backed Securities (Cost $1,632,589)				1,513,671
ASSET-BACKED SECURITIES 7.5%
ACE Securities Corp.
2.649% due 12/25/2036		6,225		5,978
Amortizing Residential Collateral Trust
2.889% due 07/25/2032		744		659
Argent Securities, Inc.
2.649% due 09/25/2036		6,309		6,170
Asset-Backed Funding Certificates
2.659% due 10/25/2036		5,744		5,574
2.659% due 01/25/2037		10,063		9,427
Asset-Backed Securities Corp. Home Equity
2.649% due 12/25/2036		2,532		2,435
3.338% due 06/15/2031		7		6
BA Credit Card
3.521% due 08/15/2011		82,800		82,784
BA Credit Card Trust
3.890% due 04/15/2013		14,900		14,754
Bear Stearns Asset-Backed Securities Trust
2.659% due 01/25/2037		4,864		4,567
2.679% due 10/25/2036		7,308		6,948
2.799% due 09/25/2034		409		408
3.049% due 03/25/2043		5,169		5,025
3.599% due 10/25/2037		35,179		31,701
Carrington Mortgage Loan Trust
2.699% due 06/25/2037		1,635		1,543
2.919% due 10/25/2035		18,953		16,291

See Accompanying Notes Annual Report March 31, 2008 47

Schedule of Investments  Low Duration Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Chase Funding Mortgage Loan Asset-Backed Certificates
3.239% due 11/25/2031	$	1,524	$	1,514
Chase Issuance Trust
2.808% due 07/15/2011		1,300		1,287
2.828% due 02/15/2011		2,300		2,286
CIT Group Home Equity Loan Trust
2.869% due 06/25/2033		994		920
Citibank Credit Card Issuance Trust
3.770% due 05/18/2011		85,700		85,767
Citigroup Mortgage Loan Trust, Inc.
2.699% due 10/25/2036		16,595		15,040
Community Program Loan Trust
4.500% due 10/01/2018		4,425		4,406
Countrywide Asset-Backed Certificates
2.649% due 05/25/2037		11,625		11,201
2.649% due 12/25/2046		5,041		4,901
2.649% due 03/25/2047		11,031		10,814
Credit-Based Asset Servicing & Securitization LLC
2.689% due 12/25/2037		2,901		2,827
Daimler Chrysler Auto Trust
3.908% due 10/08/2010		41,000		40,894
4.980% due 02/08/2011		16,000		16,196
Equity One Asset-Backed Securities, Inc.
3.159% due 11/25/2032		10,642		9,935
First Franklin Mortgage Loan Asset-Backed Certificates
2.649% due 11/25/2036		36,143		32,720
2.649% due 12/25/2036		3,000		2,845
2.659% due 06/25/2036		7,941		7,647
Ford Credit Auto Owner Trust
3.418% due 07/15/2010		32,900		32,795
4.360% due 06/15/2010		4,050		4,078
5.292% due 10/15/2008		11,613		11,641
Fremont Home Loan Trust
2.659% due 01/25/2037		10,850		9,873
2.669% due 02/25/2037		5,428		5,307
2.699% due 05/25/2036		12,383		11,788
GSAMP Trust
2.639% due 10/25/2046		8,412		8,027
2.669% due 09/25/2036		5,266		5,105
2.669% due 12/25/2036		17,637		16,932
HFC Home Equity Loan Asset-Backed Certificates
2.806% due 01/20/2035		3,455		2,875
2.826% due 01/20/2034		17,467		14,178
2.886% due 09/20/2033		7,867		7,479
HSI Asset Securitization Corp. Trust
2.649% due 10/25/2036		1,416		1,303
2.649% due 12/25/2036		10,033		9,328
Indymac Residential Asset-Backed Trust
2.659% due 04/25/2037		9,308		8,936
JPMorgan Mortgage Acquisition Corp.
2.649% due 07/25/2036		3,978		3,754
2.649% due 08/25/2036		6,863		6,631
2.669% due 11/25/2036		4,674		4,457
Lehman XS Trust
2.669% due 05/25/2046		4,468		4,240
Long Beach Mortgage Loan Trust
2.639% due 11/25/2036		10,465		9,948
2.659% due 10/25/2036		4,705		4,544
2.689% due 01/25/2046		614		612
2.879% due 10/25/2034		589		533
MASTR Asset-Backed Securities Trust
2.639% due 08/25/2036		8,949		8,618
Morgan Stanley ABS Capital I
2.639% due 10/25/2036		6,726		6,536

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
2.639% due 01/25/2037	$	14,363	$	13,787
2.649% due 10/25/2036		6,159		5,983
Morgan Stanley IXIS Real Estate Capital Trust
2.649% due 11/25/2036		2,680		2,539
Option One Mortgage Loan Trust
2.649% due 01/25/2037		17,478		16,454
Renaissance Home Equity Loan Trust
3.299% due 08/25/2032		40		36
Residential Asset Mortgage Products, Inc.
2.669% due 11/25/2036		5,113		4,940
2.699% due 09/25/2045		1,318		1,312
Residential Asset Securities Corp.
2.639% due 08/25/2036		5,746		5,666
2.669% due 11/25/2036		22,852		21,786
3.059% due 06/25/2031		4		3
Saxon Asset Securities Trust
2.659% due 10/25/2046		5,022		4,842
Securitized Asset-Backed Receivables LLC Trust
2.649% due 09/25/2036		5,048		4,806
2.659% due 12/25/2036		25,404		23,063
2.729% due 05/25/2037		3,986		3,736
SLM Student Loan Trust
3.470% due 01/26/2015		6,400		6,366
4.237% due 07/25/2013		14,100		14,109
4.487% due 10/25/2017		40,400		39,308
Soundview Home Equity Loan Trust
2.659% due 11/25/2036		9,076		8,756
Specialty Underwriting & Residential Finance
2.644% due 11/25/2037		3,514		3,328
2.659% due 01/25/2038		9,713		9,296
Structured Asset Securities Corp.
2.649% due 10/25/2036		16,593		16,086
2.889% due 01/25/2033		754		682
4.930% due 01/25/2035		863		847
Wells Fargo Home Equity Trust
2.649% due 01/25/2037		8,372		8,082
WMC Mortgage Loan Pass-Through Certificates
3.498% due 05/15/2030		226		224
Total Asset-Backed Securities (Cost $892,311)				861,025
SOVEREIGN ISSUES 0.0%
Korea Development Bank
3.358% due 11/22/2012		2,200		2,134
Total Sovereign Issues (Cost $2,200)				2,134
FOREIGN CURRENCY-DENOMINATED ISSUES 0.4%
Countrywide Home Loans, Inc.
4.823% due 11/24/2008	EUR	20,000		28,733
Sumitomo Mitsui Banking Corp.
1.151% due 06/02/2049	JPY	1,300,000		12,852
Total Foreign Currency-Denominated Issues (Cost $39,503)				41,585
		SHARES
CONVERTIBLE PREFERRED STOCKS 0.6%
Bank of America Corp.
7.250% due 12/31/2049		63,000		65,079
Total Convertible Preferred Stocks (Cost $63,000)				65,079

		SHARES		VALUE (000S)
PREFERRED STOCKS 0.9%
DG Funding Trust
4.946% due 12/31/2049		10,229	$	106,637
Total Preferred Stocks (Cost $107,856)				106,637
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 15.8%
CERTIFICATES OF DEPOSIT 2.5%
Abbey National Treasury Services PLC
3.069% due 07/02/2008	$	13,900		13,860
Bank of Ireland
4.298% due 01/15/2010		5,000		4,916
Calyon Financial, Inc.
4.035% due 01/16/2009		37,700		37,676
Citibank New York N.A.
3.100% due 05/07/2008		75,000		75,000
Dexia Credit Local S.A.
2.654% due 09/29/2008		21,800		21,806
Fortis Bank NY
2.622% due 04/28/2008		7,400		7,399
2.649% due 06/30/2008		15,400		15,395
HSBC Bank USA N.A.
3.294% due 07/28/2008		22,400		22,424
Nordea Bank Finland PLC
3.028% due 05/28/2008		16,800		16,809
3.046% due 04/09/2009		42,600		42,574
Skandinaviska Enskilda Banken AB
3.060% due 02/13/2009		11,000		10,997
Wachovia Bank N.A.
2.668% due 10/03/2008		21,300		21,215
				290,071
COMMERCIAL PAPER 11.9%
ABN AMRO N.A. Finance
3.000% due 05/13/2008		6,200		6,178
4.500% due 04/07/2008		42,100		42,068
ASB Finance Ltd.
4.550% due 04/21/2008		500		499
Banco Santander Central Hispano S.A.
3.000% due 05/01/2008		1,000		997
4.340% due 04/09/2008		4,600		4,596
Bank of America Corp.
2.920% due 05/14/2008		400		399
Barclays U.S. Funding Corp.
3.095% due 05/05/2008		11,300		11,267
3.125% due 04/23/2008		1,600		1,597
Calyon Financial, Inc.
3.010% due 04/25/2008		3,400		3,393
3.030% due 04/04/2008		9,400		9,398
3.050% due 04/04/2008		68,200		68,183
4.300% due 04/07/2008		11,200		11,192
CBA (de) Finance
2.980% due 05/01/2008		6,100		6,085
2.980% due 05/14/2008		49,500		49,324
3.020% due 04/07/2008		1,700		1,699
3.030% due 04/09/2008		600		600
3.090% due 04/17/2008		37,700		37,648
4.510% due 04/02/2008		3,400		3,400
Danske Corp.
3.075% due 04/01/2008		104,600		104,600
Federal Home Loan Bank
1.500% due 04/01/2008		139,000		139,000

48 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
HSBC Bank USA N.A.
2.870% due 06/06/2008	$	200	$	199
3.100% due 04/25/2008		23,025		22,977
ING Funding LLC
2.990% due 04/14/2008		1,500		1,498
3.000% due 04/09/2008		7,400		7,395
3.160% due 04/18/2008		9,450		9,436
4.450% due 04/04/2008		1,900		1,899
Nordea N.A., Inc.
3.020% due 04/15/2008		3,000		2,996
Royal Bank of Scotland Group PLC
3.000% due 05/14/2008		2,900		2,890
3.020% due 04/28/2008		10,900		10,875
3.040% due 05/22/2008		4,700		4,680
3.050% due 04/14/2008		5,000		4,994
3.070% due 04/24/2008		12,100		12,076
3.100% due 04/30/2008		3,400		3,392
4.420% due 04/09/2008		500		500
4.520% due 04/02/2008		200		200
San Paolo U.S. Financial Co.
3.020% due 04/04/2008		13,900		13,897
3.030% due 04/30/2008		400		399
3.810% due 04/07/2008		200		200
Stadshypotek, Inc.
3.040% due 04/04/2008		3,300		3,299
Svenska Handelsbanken AB
3.015% due 04/17/2008		700		699

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
3.020% due 04/17/2008	$	5,100	$	5,093
3.050% due 04/08/2008		70,800		70,758
4.500% due 04/02/2008		14,772		14,770
Swedbank AB
4.450% due 04/08/2008		6,000		5,995
UBS Finance Delaware LLC
2.940% due 06/06/2008		10,000		9,949
3.010% due 04/23/2008		300		299
3.070% due 04/23/2008		249,300		248,832
3.110% due 04/30/2008		79,300		79,101
Unicredito Italiano SpA
3.100% due 05/05/2008		12,300		12,264
Westpac Banking Corp.
3.070% due 05/06/2008		305,000		304,090
Westpac Trust Securities NZ Ltd.
4.615% due 04/04/2008		1,200		1,200
				1,358,975
REPURCHASE AGREEMENTS 0.9%
Deutsche Bank AG
1.200% due 04/01/2008		90,400		90,400
(Dated 03/31/2008. Collateralized by U.S. Treasury Notes 4.500% due 03/31/2009 valued at $92,308. Repurchase proceeds are $90,403.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Fixed Income Clearing Corp.
1.900% due 04/01/2008	$	9,182	$	9,182
(Dated 03/31/2008. Collateralized by Freddie Mac 0.000% due 06/09/2008 valued at $9,370. Repurchase proceeds are $9,182.)
				99,582
U.S. TREASURY BILLS 0.5%
1.346% due 05/29/2008 - 06/12/2008 (c)(d)		60,550		60,244
Total Short-Term Instruments (Cost $1,809,222)				1,808,872
PURCHASED OPTIONS (h) 0.4%
(Cost $10,365)				40,040
Total Investments 99.2% (Cost $11,488,314)			$	11,326,605
Written Options (i) (0.3%) (Premiums $10,094)				(31,150	)
Other Assets and Liabilities (Net) 1.1%				121,756
Net Assets (e) 100.0%			$	11,417,211

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security is in default.

(b) Interest only security.

(c) Coupon represents a weighted average rate.

(d) Securities with an aggregate market value of $52,733 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(e) As of March 31, 2008, portfolio securities with an aggregate value of $161,075 and derivative instruments with an aggregate depreciation of ($1,688) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(f) Cash of $55,350 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2008	18,716	$	126,467
90-Day Eurodollar December Futures	Long	12/2009	865		(16	)
90-Day Eurodollar June Futures	Long	06/2008	11,393		72,402
90-Day Eurodollar June Futures	Long	06/2009	865		63
90-Day Eurodollar March Futures	Long	03/2009	9,569		46,908
90-Day Eurodollar September Futures	Long	09/2008	4,979		38,824
90-Day Eurodollar September Futures	Long	09/2009	1,824		2,624
U.S. Treasury 2-Year Note June Futures	Short	06/2008	1,757		(776	)
U.S. Treasury 5-Year Note June Futures	Short	06/2008	3,978		(4,393	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	1,118		2,042
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	3,575		(4,097	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	1,155		2,858
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2009	233		100
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	6,259		4,351
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2009	704		1,894
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	1,319		4,128
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	4,778		8,559
				$	301,938

(g) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.970%	03/20/2013	DUB	$	17,000	$	93
American International Group, Inc. 6.250% due 05/01/2036	Sell	2.100%	03/20/2013	BCLY		20,500		261

See Accompanying Notes Annual Report March 31, 2008 49

Schedule of Investments  Low Duration Fund  (Cont.)

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
American International Group, Inc. 6.250% due 05/01/2036	Sell	2.125%	03/20/2013	LEH	$	5,000	$	61
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	0.290%	06/20/2009	BCLY		43,300		(173	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.850%	09/20/2012	GSC		4,500		(744	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.900%	09/20/2012	JPM		7,500		(1,230	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.950%	09/20/2012	JPM		10,000		(1,629	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.620%	09/20/2012	MLP		2,000		(247	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.650%	09/20/2012	DUB		2,200		(270	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.750%	09/20/2012	JPM		1,000		(120	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.800%	09/20/2012	BCLY		1,300		(155	)
Ford Motor Credit Co. LLC 7.250% due 10/25/2011	Sell	7.250%	03/20/2009	DUB		1,000		(20	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	1.250%	03/20/2013	BNP		2,000		(1	)
General Motors Corp. 7.125% due 07/15/2013	Sell	7.200%	06/20/2008	LEH		2,000		8
General Motors Corp. 7.125% due 07/15/2013	Sell	7.570%	06/20/2008	MSC		5,000		24
General Motors Corp. 7.125% due 07/15/2013	Sell	4.500%	12/20/2012	BOA		3,300		(639	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.550%	12/20/2012	JPM		700		(135	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.600%	12/20/2012	DUB		1,800		(343	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.630%	12/20/2012	MSC		800		(152	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.800%	12/20/2012	BNP		600		(104	)
General Motors Corp. 7.125% due 07/15/2013	Sell	8.150%	03/20/2013	BCLY		10,000		(919	)
General Motors Corp. 7.125% due 07/15/2013	Sell	8.150%	03/20/2013	GSC		10,000		(919	)
General Motors Corp. 7.125% due 07/15/2013	Sell	8.150%	03/20/2013	UBS		1,100		(101	)
GMAC LLC 6.875% due 08/28/2012	Sell	5.000%	03/20/2009	CITI		15,900		644
GMAC LLC 6.875% due 08/28/2012	Sell	8.500%	03/20/2009	LEH		7,200		(423	)
GMAC LLC 6.875% due 08/28/2012	Sell	5.000%	06/20/2009	MLP		7,200		(367	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.200%	09/20/2012	DUB		5,500		(1,343	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.200%	09/20/2012	GSC		4,300		(1,050	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.250%	09/20/2012	JPM		7,500		(1,823	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.370%	09/20/2012	JPM		10,000		(2,401	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.650%	09/20/2012	BCLY		2,000		(466	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.670%	09/20/2012	JPM		13,000		(3,026	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.720%	09/20/2012	CITI		2,800		(648	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.750%	09/20/2012	JPM		2,000		(462	)
GMAC LLC 6.875% due 08/28/2012	Sell	4.850%	09/20/2012	JPM		8,300		(1,691	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.320%	09/20/2008	BCLY		84,200		(405	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.810%	09/20/2012	BNP		10,000		(231	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.820%	09/20/2012	BEAR		3,500		(86	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.820%	09/20/2012	BNP		25,000		(565	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.820%	09/20/2012	JPM		5,000		(123	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400%	12/20/2008	LEH		7,200		(34	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.438%	06/20/2009	RBS		43,300		(408	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.450%	06/20/2009	RBS		6,000		(56	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.310%	12/20/2011	RBS		4,900		(119	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.300%	09/20/2008	RBS		3,600		(61	)
Multiple Reference Entities of Gazprom	Sell	1.000%	11/20/2008	CSFB		3,200		(4	)
Multiple Reference Entities of Gazprom	Sell	0.850%	11/20/2011	LEH		4,900		(293	)
Multiple Reference Entities of Gazprom	Sell	0.860%	11/20/2011	MSC		38,400		(2,285	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.750%	01/20/2012	MSC		500		(13	)
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.250%	05/20/2009	HSBC		6,000		(12	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.245%	06/20/2008	MSC		20,000		1
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.305%	12/20/2008	MSC		6,000		(10	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.275%	06/20/2009	BCLY		43,300		(246	)
SLM Corp. 5.125% due 08/27/2012	Sell	5.050%	03/20/2013	BNP		6,200		(661	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.700%	12/20/2008	LEH		6,000		(24	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.710%	12/20/2008	BCLY		8,000		(31	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.700%	04/20/2009	HSBC		4,300		(29	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.490%	06/20/2009	HSBC		43,300		(611	)
							$	(26,816	)

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the reference entity. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (2)	Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
CMBX N.A. AAA 3 Index	Sell	0.080%	12/13/2049	MSC	$	133,500	$	6,678
Dow Jones CDX N.A. HY8 Index	Sell	0.355%	06/20/2012	CITI		38,554		(1,561	)
Dow Jones CDX N.A. HY8 Index	Sell	0.360%	06/20/2012	CITI		8,943		(361	)
Dow Jones CDX N.A. HY8 Index	Sell	0.401%	06/20/2012	CITI		10,334		(402	)
Dow Jones CDX N.A. HY8 Index	Sell	1.833%	06/20/2012	MLP		5,500		(543	)
Dow Jones CDX N.A. HY8 Index	Sell	1.846%	06/20/2012	CITI		2,800		(275	)
Dow Jones CDX N.A. HY8 Index	Sell	1.847%	06/20/2012	MLP		1,900		(187	)
Dow Jones CDX N.A. HY8 Index	Sell	2.070%	06/20/2012	MLP		3,900		(350	)

50 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Credit Default Swaps on Credit Indices (Cont.)
Reference Entity	Buy/Sell Protection (2)	Receive Fixed Rate	Expiration Date	Counterparty		Notional Amount	Unrealized Appreciation/ (Depreciation)
Dow Jones CDX N.A. HY8 Index	Sell	2.080%	06/20/2012	MSC	$	3,000	$	(268	)
Dow Jones CDX N.A. HY8 Index	Sell	2.127%	06/20/2012	MLP		1,700		(149	)
Dow Jones CDX N.A. HY8 Index	Sell	2.140%	06/20/2012	MSC		4,700		(409	)
Dow Jones CDX N.A. HY8 Index	Sell	2.144%	06/20/2012	CITI		2,800		(243	)
Dow Jones CDX N.A. HY8 Index	Sell	2.170%	06/20/2012	MSC		1,800		(155	)
Dow Jones CDX N.A. HY8 Index	Sell	2.179%	06/20/2012	CITI		1,800		(154	)
Dow Jones CDX N.A. IG9 Index	Sell	0.701%	12/20/2012	DUB		22,200		199
Dow Jones CDX N.A. IG9 Index	Sell	0.710%	12/20/2012	DUB		40,300		377
							$	2,197

⁽²⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of underlying securities comprising the reference entity index. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	DUB	$	307,400	$	935
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		839,400		4,232
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	BCLY		99,200		(2,072	)
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	DUB		141,400		(953	)
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	RBS		318,300		(3,699	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	BOA		8,500		(581	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.090%	10/15/2010	BNP	EUR	23,900		111
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.146%	10/15/2010	UBS		9,100		78
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	JPM		25,800		(565	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.955%	03/28/2012	RBS		7,000		(153	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.950%	03/30/2012	RBS		7,100		(159	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	03/30/2012	GSC		7,600		(170	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	04/05/2012	BCLY		3,500		(79	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958%	04/10/2012	JPM		25,100		(611	)
Pay	6-Month Australian Bank Bill	7.500%	03/15/2011	UBS	AUD	123,800		214
Pay	6-Month EUR-LIBOR	4.000%	03/20/2009	GSC	EUR	31,000		(153	)
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	JPM		44,900		390
Pay	6-Month GBP-LIBOR	6.000%	12/20/2008	BCLY	GBP	77,900		166
Pay	6-Month GBP-LIBOR	6.000%	12/20/2008	DUB		46,700		86
Pay	6-Month GBP-LIBOR	6.000%	03/20/2009	BCLY		43,200		55
Pay	6-Month GBP-LIBOR	6.000%	03/20/2009	RBS		40,200		32
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	CSFB		8,800		89
Pay	6-Month GBP-LIBOR	4.500%	09/20/2009	LEH		98,400		(1,978	)
Pay	6-Month GBP-LIBOR	6.000%	12/19/2009	GSC		17,300		674
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	DUB		53,200		(3,123	)
Receive	6-Month GBP-LIBOR	5.000%	12/19/2037	GSC		2,200		(336	)
Pay	28-Day Mexico Interbank TIIE Banxico	7.780%	04/03/2012	GSC	MXN	125,800		100
Pay	28-Day Mexico Interbank TIIE Banxico	8.720%	09/05/2016	MLP		48,800		164
Pay	BRL-CDI-Compounded	11.360%	01/04/2010	BCLY	BRL	49,200		(714	)
Pay	BRL-CDI-Compounded	11.430%	01/04/2010	MLP		32,100		(439	)
Pay	BRL-CDI-Compounded	11.465%	01/04/2010	GSC		12,800		(170	)
Pay	BRL-CDI-Compounded	12.780%	01/04/2010	MSC		21,200		3
Pay	BRL-CDI-Compounded	12.948%	01/04/2010	MLP		19,300		52
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	UBS		58,100		(419	)
Pay	USSP Semi 2-Year Index	0.710%	02/05/2009	BNP	$	40,200		(65	)
Pay	USSP Semi 5-Year Index	0.763%	02/05/2009	RBS		250,800		(722	)
							$	(9,780	)

(h) Purchased options outstanding on March 31, 2008:

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500%	02/02/2009	$	177,300	$	1,862	$	2,963
Call - OTC 2-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		647,000		3,065		26,733
Call - OTC 2-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		91,800		326		3,793
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	12/15/2008		268,100		2,357		3,475
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.000%	02/02/2009		74,000		766		796
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	02/02/2009		184,200		1,989		2,280
								$	10,365	$	40,040

See Accompanying Notes Annual Report March 31, 2008 51

Schedule of Investments  Low Duration Fund  (Cont.)

(i) Written options outstanding on March 31, 2008:

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.300%	02/02/2009	$	39,700	$	868	$	1,535
Call - OTC 7-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.600%	02/02/2009		28,700		921		1,436
Call - OTC 5-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		281,000		3,091		18,800
Call - OTC 5-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		39,900		339		2,670
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.300%	12/15/2008		89,400		2,229		3,505
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	3.950%	02/02/2009		32,000		795		940
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.250%	02/02/2009		61,400		1,851		2,264
								$	10,094	$	31,150

(j) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (3)
Fannie Mae	5.000%	04/01/2023	$	435,010	$	436,792	$	439,156
Fannie Mae	5.000%	04/01/2038		20,000		19,755		19,797
Fannie Mae	5.500%	04/01/2023		101,200		102,923		103,303
Fannie Mae	5.500%	04/01/2038		542,000		546,337		547,166
Fannie Mae	6.000%	04/01/2038		55,000		55,283		56,349
Freddie Mac	5.500%	04/01/2038		54,000		52,928		54,532
Ginnie Mae	6.000%	04/01/2038		1,100		1,132		1,135
U.S. Treasury Notes	3.125%	11/30/2009		64,300		65,822		66,805
U.S. Treasury Notes	3.250%	12/31/2009		252,300		258,791		262,064
					$	1,539,763	$	1,550,307

⁽³⁾ Market value includes $3,437 of interest payable on short sales.

(k) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AED	7,651	05/2008	$	0	$	(19	)	$	(19	)
Buy	AUD	4,379	04/2008		24		0			24
Buy	BRL	271,091	07/2008		5,029		0			5,029
Sell		16,725	07/2008		255		0			255
Buy		181,937	12/2008		2,292		0			2,292
Buy	CLP	2,743,870	12/2008		529		0			529
Sell	EUR	22,053	04/2008		0		(424	)		(424	)
Sell	GBP	110,428	04/2008		207		(448	)		(241	)
Buy	INR	882,114	05/2008		972		0			972
Buy		326,924	08/2008		0		(152	)		(152	)
Sell	JPY	235,570	04/2008		8		0			8
Buy		2,265,009	05/2008		178		(390	)		(212	)
Sell		5,672,259	05/2008		450		0			450
Buy	KRW	22,114,474	05/2008		0		(1,633	)		(1,633	)
Buy		33,054,898	08/2008		0		(1,812	)		(1,812	)
Buy	KWD	578	05/2008		69		0			69
Buy	MXN	371,486	07/2008		869		0			869
Sell		125,232	07/2008		0		(165	)		(165	)
Buy	MYR	55,663	05/2008		884		0			884
Buy	PHP	161,107	05/2008		342		0			342
Buy	PLN	90,015	07/2008		7,112		0			7,112
Sell		90,015	07/2008		0		(4,102	)		(4,102	)
Buy	RUB	1,535,725	07/2008		3,783		0			3,783
Sell		1,320,793	07/2008		0		(2,775	)		(2,775	)
Buy		388,164	11/2008		449		0			449
Buy	SAR	7,838	05/2008		0		(17	)		(17	)
Buy	SEK	55,848	06/2008		340		0			340
Buy	SGD	64,158	05/2008		3,744		0			3,744
Buy		14,822	11/2008		288		0			288
Buy	ZAR	11,656	07/2008		0		(297	)		(297	)
				$	27,824	$	(12,234	)	$	15,590

52 PIMCO Funds See Accompanying Notes

Schedule of Investments  Real Return Fund     
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.6%
Daimler Finance North America LLC
6.800% due 08/03/2012	$	60,198	$	50,073
Ford Motor Co.
5.800% due 12/15/2013		4,938		4,059
Georgia-Pacific Corp.
4.446% due 12/20/2012		1,053		978
4.740% due 12/20/2012		11,333		10,529
4.835% due 12/20/2012		1,333		1,239
Shackleton Re Ltd.
10.750% due 08/01/2008		9,000		8,685
11.250% due 08/01/2008		3,000		2,895
Tribune Co.
7.396% due 05/30/2009		10,000		8,994
Total Bank Loan Obligations (Cost $98,018)				87,452
CORPORATE BONDS & NOTES 8.0%
BANKING & FINANCE 5.9%
Allstate Life Global Funding Trusts CPI Linked Bond
5.130% due 03/01/2010		9,708		9,628
American Express Bank FSB
6.000% due 09/13/2017		25,600		25,019
American Express Centurion Bank
6.000% due 09/13/2017		26,600		25,867
American Express Co.
7.000% due 03/19/2018		25,830		27,185
8.150% due 03/19/2038		7,270		8,081
American International Group, Inc.
5.850% due 01/16/2018		10,300		10,134
Bank of America Corp.
8.000% due 12/29/2049		15,500		15,550
Barclays Bank PLC
5.450% due 09/12/2012		70,800		72,616
6.050% due 12/04/2017		19,600		19,166
7.434% due 09/29/2049		8,700		7,881
Bear Stearns Cos., Inc.
6.950% due 08/10/2012		38,270		38,339
7.250% due 02/01/2018		17,000		17,611
C10 Capital SPV Ltd.
6.722% due 12/31/2049		6,000		5,563
Calabash Re Ltd.
11.200% due 01/08/2010		4,900		4,972
13.700% due 01/08/2010		2,500		2,579
Capital One Financial Corp.
6.750% due 09/15/2017		28,000		26,623
CIT Group, Inc.
5.000% due 11/24/2008		25,000		22,983
Citigroup Capital XXI
8.300% due 12/21/2057		15,100		14,923
Citigroup Funding, Inc.
2.599% due 04/23/2009		6,300		6,224
Citigroup, Inc.
3.162% due 05/02/2008		14,100		14,095
3.291% due 01/30/2009		9,600		9,516
Danske Bank A/S
5.914% due 12/29/2049		7,000		6,473
Foundation Re Ltd.
7.170% due 11/24/2008		7,250		7,089
Foundation Re II Ltd.
9.820% due 11/26/2010		10,300		10,519
General Electric Capital Corp.
2.941% due 12/12/2008		12,700		12,727

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
3.344% due 07/28/2008	$	3,500	$	3,502
5.875% due 01/14/2038		20,000		19,343
GMAC LLC
3.749% due 09/23/2008		200		189
Goldman Sachs Group, Inc.
5.950% due 01/18/2018		7,500		7,446
6.750% due 10/01/2037		65,400		61,029
HSBC Finance Corp. CPI Linked Bond
5.620% due 02/10/2009		2,000		2,009
JPMorgan Chase & Co.
2.679% due 06/25/2010		500		487
Kamp Re 2005 Ltd.
2.961% due 12/14/2010 (a)		4,217		2
Lehman Brothers Holdings, Inc.
5.625% due 01/24/2013		10,000		9,738
6.200% due 09/26/2014		3,900		3,853
7.000% due 09/27/2027		4,500		4,170
Longpoint Re Ltd.
8.050% due 05/08/2010		11,200		11,354
Marsh & McLennan Cos., Inc.
5.750% due 09/15/2015		2,500		2,453
Merna Reinsurance Ltd.
3.346% due 07/07/2010 (n)		28,400		25,807
Merrill Lynch & Co., Inc.
3.138% due 12/04/2009		500		487
5.450% due 02/05/2013		8,000		7,882
6.400% due 08/28/2017		26,900		26,610
Metropolitan Life Global Funding I
3.110% due 05/17/2010		1,700		1,666
Morgan Stanley
3.212% due 05/07/2009		1,100		1,082
Mystic Re Ltd.
9.390% due 12/05/2008		6,900		6,842
12.090% due 12/05/2008		3,300		3,269
Nuveen Investments, Inc.
10.500% due 11/15/2015		22,300		19,234
Osiris Capital PLC
9.258% due 01/15/2010		1,700		1,718
Parametric Re Ltd.
9.661% due 05/19/2008		1,500		1,500
Pearson Dollar Finance PLC
5.700% due 06/01/2014		3,000		3,070
Phoenix Quake Ltd.
5.148% due 07/03/2008		50,550		50,550
Phoenix Quake Wind I Ltd.
7.152% due 07/03/2008		9,000		9,002
Phoenix Quake Wind II Ltd.
6.198% due 07/03/2008		10,750		10,601
Prudential Financial, Inc.
6.100% due 06/15/2017		2,000		2,051
Rabobank Nederland
4.278% due 01/15/2009		11,300		11,296
Residential Reinsurance 2007 Ltd.
10.326% due 06/07/2010		5,200		5,297
13.326% due 06/07/2010		20,000		20,464
Royal Bank of Scotland Group PLC
9.118% due 03/31/2049		6,200		6,259
Santander Perpetual S.A. Unipersonal
6.671% due 10/29/2049		9,900		8,940
UBS AG
5.875% due 12/20/2017		13,900		14,244
Unicredit Luxembourg Finance S.A.
3.768% due 10/24/2008		22,000		21,980

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Ventas Realty LP
8.750% due 05/01/2009	$	2,000	$	2,040
Vita Capital Ltd.
5.602% due 01/01/2010		3,500		3,422
6.102% due 01/01/2010		5,000		4,921
Vita Capital III Ltd.
5.822% due 01/01/2012		7,900		7,625
VTB Capital S.A.
3.839% due 08/01/2008		20,100		19,899
Wachovia Bank N.A.
3.146% due 12/02/2010		30,500		29,131
Wachovia Corp.
7.980% due 02/28/2049		8,100		7,983
Wells Fargo & Co.
4.375% due 01/31/2013		17,100		17,038
5.625% due 12/11/2017		1,200		1,231
Wells Fargo Capital X
5.950% due 12/15/2036		15,000		13,562
				913,641
INDUSTRIALS 1.3%
Amgen, Inc.
3.170% due 11/28/2008		2,000		1,998
Burlington Northern Santa Fe Corp.
5.650% due 05/01/2017		2,500		2,510
C8 Capital SPV Ltd.
6.640% due 12/29/2049		7,100		6,573
Computer Sciences Corp.
6.500% due 03/15/2018		2,500		2,546
ConocoPhillips Australia Funding Co.
4.643% due 04/09/2009		1,140		1,137
Con-way, Inc.
7.250% due 01/15/2018		10,000		10,501
CSC Holdings, Inc.
7.250% due 07/15/2008		3,510		3,519
CSX Corp.
6.250% due 03/15/2018		5,000		4,947
EchoStar DBS Corp.
5.750% due 10/01/2008		13,100		13,067
6.375% due 10/01/2011		2,000		1,925
Enterprise Products Operating LLC
6.500% due 01/31/2019 (b)		15,300		15,279
Erac USA Finance Co.
6.375% due 10/15/2017		5,000		4,478
General Electric Co.
3.030% due 12/09/2008		6,000		6,003
General Mills, Inc.
4.024% due 01/22/2010		600		588
HJ Heinz Co.
6.428% due 12/01/2020		20,000		20,342
Home Depot, Inc.
5.400% due 03/01/2016		2,500		2,355
Hospira, Inc.
5.900% due 06/15/2014		2,500		2,542
Kraft Foods, Inc.
6.000% due 02/11/2013		13,200		13,667
6.125% due 02/01/2018		19,200		19,237
Kroger Co.
6.400% due 08/15/2017		5,000		5,290
Ltd. Brands, Inc.
6.900% due 07/15/2017		2,000		1,786

See Accompanying Notes Annual Report March 31, 2008 53

Schedule of Investments  Real Return Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Macys Retail Holdings, Inc.
7.450% due 07/15/2017	$	3,000	$	2,932
Mandalay Resort Group
9.500% due 08/01/2008		3,700		3,718
Motorola, Inc.
6.000% due 11/15/2017		4,000		3,434
New Albertson’s, Inc.
6.950% due 08/01/2009		1,000		1,015
Nucor Corp.
5.750% due 12/01/2017		4,000		4,151
Target Corp.
6.000% due 01/15/2018		6,000		6,158
Time Warner, Inc.
3.300% due 11/13/2009		1,600		1,533
Transocean, Inc.
3.214% due 09/05/2008		500		498
UnitedHealth Group, Inc.
4.875% due 02/15/2013		2,300		2,275
6.875% due 02/15/2038		3,750		3,594
Viacom, Inc.
6.125% due 10/05/2017		4,000		3,909
6.250% due 04/30/2016		2,500		2,438
Wal-Mart Stores, Inc.
5.800% due 02/15/2018		16,100		16,918
Whirlpool Corp.
6.500% due 06/15/2016		6,000		6,233
				199,096
UTILITIES 0.8%
AT&T, Inc.
6.300% due 01/15/2038		1,100		1,067
BellSouth Corp.
4.240% due 04/26/2021		8,700		8,705
Cleveland Electric Illuminating Co.
6.860% due 10/01/2008		7,000		7,101
CMS Energy Corp.
7.750% due 08/01/2010		7,845		8,247
Embarq Corp.
7.082% due 06/01/2016		4,600		4,363
Enel Finance International S.A.
5.700% due 01/15/2013		60,100		62,297
Midwest Generation LLC
8.300% due 07/02/2009		8,004		8,165
Ohio Edison Co.
4.000% due 05/01/2008		10,000		10,000
Qwest Capital Funding, Inc.
7.000% due 08/03/2009		10,000		10,000
Qwest Corp.
5.625% due 11/15/2008		200		200
Verizon Communications, Inc.
5.500% due 04/01/2017		5,000		4,937
				125,082
Total Corporate Bonds & Notes (Cost $1,254,070)				1,237,819
MUNICIPAL BONDS & NOTES 0.8%
Badger, Wisconsin Tobacco Asset Securitization Corporations Revenue Bonds, Series 2002
6.375% due 06/01/2032		1,000		1,005
California State General Obligation Bonds, (AMBAC Insured), Series 2007
4.500% due 08/01/2028		2,500		2,298

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
California State General Obligation Bonds, Series 2007
5.000% due 06/01/2037	$	2,500	$	2,436
California State Tobacco Securitization Agency Revenue Bonds, Series 2002
5.625% due 06/01/2023		3,380		3,378
Chicago, Illinois General Obligation Notes, (FSA Insured), Series 2006
9.248% due 01/01/2014		1,570		1,247
9.249% due 01/01/2014		930		684
District of Columbia Tobacco Settlement Financing Corporations Revenue Bonds, Series 2001
6.250% due 05/15/2024		8,125		8,168
Florida State Board of Education General Obligation Bonds, Series 2008
4.750% due 06/01/2037		6,700		6,161
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2033		4,100		3,410
5.125% due 06/01/2047		700		556
5.750% due 06/01/2047		6,400		5,660
Harris County, Texas Flood Control District General Obligation Bonds, Series 2006
4.750% due 10/01/2029		4,200		4,057
Los Angeles, California Community College District General Obligation Bonds, (FGIC Insured), Series 2007
5.000% due 08/01/2032		1,100		1,101
Los Angeles, California Community College District General Obligation Bonds, (FSA Insured), Series 2006
5.000% due 08/01/2031		200		201
Los Angeles, California Unified School District General Obligation Bonds, (FSA Insured), Series 2007
4.500% due 07/01/2022		1,200		1,212
4.500% due 07/01/2024		2,000		1,991
Los Angeles, California Unified School District General Obligation Bonds, (MBIA Insured), Series 2007
4.500% due 07/01/2025		1,400		1,364
4.500% due 01/01/2028		1,700		1,613
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2006
4.750% due 06/15/2038		400		379
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2007
5.000% due 06/15/2037		1,200		1,193
5.000% due 06/15/2038		8,100		8,049
New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2006
9.248% due 12/15/2013		1,570		1,324
Ohio State Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2007
5.875% due 06/01/2047		10,100		8,899
6.000% due 06/01/2042		8,900		8,178
Puerto Rico Sales Tax Financing Corp. Revenue Bonds, (AMBAC Insured), Series 2007
0.000% due 08/01/2054		46,600		2,867
Rhode Island State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2002
6.000% due 06/01/2023		1,750		1,716
6.125% due 06/01/2032		740		706
San Bernardino, California Community College District General Obligation Bonds, (FSA Insured), Series 2006
5.000% due 08/01/2031		1,000		997
Texas State General Obligation Bonds, Series 2008
4.750% due 04/01/2037		6,900		6,557

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Texas State Turnpike Authority Revenue Bonds, (AMBAC Insured), Series 2002
0.000% due 08/15/2021	$	4,500	$	2,210
Washington State Tobacco Settlement Authority Revenue Bonds, Series 2002
6.500% due 06/01/2026		400		412
West Orange Cove, Texas Consolidated Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2008
4.750% due 02/15/2038		17,600		16,531
West Virginia State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
7.467% due 06/01/2047		13,500		12,887
Will County, Illinois Community Unit School District No. 201 General Obligation Bonds, (FGIC Insured), Series 2004
0.000% due 11/01/2022		9,990		4,485
Total Municipal Bonds & Notes (Cost $126,388)				123,932
COMMODITY INDEX-LINKED NOTES 0.4%
Morgan Stanley (GSCI)
2.546% due 07/07/2008		61,000		60,601
Total Commodity Index-Linked Notes (Cost $61,000)				60,601
U.S. GOVERNMENT AGENCIES 38.8%
Fannie Mae
2.729% due 03/25/2036		3,276		3,241
2.799% due 10/27/2037		6,300		5,968
2.949% due 05/25/2042		22		21
4.275% due 08/01/2035		399		408
4.500% due 07/15/2020		2,000		1,969
4.540% due 07/01/2035		510		518
4.665% due 05/01/2035		1,348		1,365
4.668% due 05/25/2035		200		201
4.669% due 01/01/2035		50		51
4.723% due 04/01/2035		1,069		1,077
4.858% due 06/01/2033		310		316
5.000% due 06/25/2027 - 04/01/2038		361,529		358,171
5.244% due 04/01/2033		1,278		1,301
5.500% due 11/01/2021 - 04/01/2038		2,391,098		2,416,591
5.722% due 06/01/2043 - 10/01/2044		5,682		5,665
5.723% due 03/01/2044		256		254
5.798% due 04/01/2032		165		168
5.950% due 02/25/2044		54		56
6.000% due 07/01/2031 - 04/01/2038		1,981,314		2,031,132
6.500% due 06/25/2028 - 04/01/2038		294,849		305,420
6.704% due 04/01/2027		136		137
6.927% due 10/01/2031		427		437
Federal Housing Administration
7.430% due 12/01/2020		68		69
Freddie Mac
2.879% due 09/25/2031		1,603		1,602
2.968% due 07/15/2019 - 10/15/2020		865		837
3.088% due 01/15/2037		448		433
3.168% due 12/15/2030		6,057		5,924
5.000% due 01/15/2024 - 06/01/2037		3,127		3,148
5.250% due 08/15/2011		3,118		3,170
5.300% due 01/09/2012		30,000		30,659
5.464% due 03/01/2034		2,846		2,858
5.500% due 05/15/2016 - 04/01/2038		196,080		198,318

54 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.722% due 10/25/2044	$	8,403	$	8,323
5.922% due 07/25/2044		672		657
6.000% due 01/01/2034 - 11/01/2037		575,110		590,482
6.500% due 01/25/2028		65		69
6.625% due 01/01/2034		1,284		1,297
7.000% due 10/15/2030		273		280
7.100% due 06/01/2033		1,035		1,045
7.254% due 01/01/2034		1,543		1,576
Ginnie Mae
3.218% due 06/16/2031 - 03/16/2032		160		158
4.750% due 12/20/2035		2,409		2,407
5.500% due 12/15/2036 - 09/15/2037		5,087		5,195
5.625% due 07/20/2035		139		139
6.000% due 06/20/2034		181		184
6.500% due 05/15/2028 - 04/15/2031		1,056		1,105
Small Business Administration
5.490% due 03/01/2028		4,100		4,198
5.902% due 02/10/2018		6,100		6,261
Total U.S. Government Agencies (Cost $5,880,106)				6,004,861
U.S. TREASURY OBLIGATIONS 95.9%
Treasury Inflation Protected Securities (d)
0.875% due 04/15/2010		1,070,478		1,095,818
1.625% due 01/15/2015		353,169		374,249
1.625% due 01/15/2018		493,618		517,721
1.750% due 01/15/2028		538,326		533,322
1.875% due 07/15/2013		1,277,176		1,377,355
1.875% due 07/15/2015		609,051		656,776
2.000% due 04/15/2012		84,414		90,870
2.000% due 01/15/2014		864,843		936,057
2.000% due 07/15/2014		500,752		543,473
2.000% due 01/15/2016		152,942		165,644
2.000% due 01/15/2026		624,737		643,430
2.375% due 04/15/2011		78,048		83,859
2.375% due 01/15/2017		1,265		1,410
2.375% due 01/15/2025		1,261,038		1,371,182
2.375% due 01/15/2027		255,123		278,263
2.500% due 07/15/2016		141,684		159,406
2.625% due 07/15/2017		619,990		705,820
3.000% due 07/15/2012		1,062,174		1,190,300
3.375% due 01/15/2012		112,095		126,160
3.375% due 04/15/2032		37,200		48,849
3.500% due 01/15/2011		674,492		746,157
3.625% due 04/15/2028		994,764		1,288,841
3.875% due 04/15/2029		827,690		1,118,286
4.250% due 01/15/2010		650,413		705,597
U.S. Treasury Bonds
4.375% due 02/15/2038		86,400		87,521
Total U.S. Treasury Obligations (Cost $14,829,399)				14,846,366
MORTGAGE-BACKED SECURITIES 1.7%
Banc of America Funding Corp.
4.622% due 02/20/2036		42,420		40,640
6.142% due 01/20/2047		521		452
BCAP LLC Trust
2.769% due 01/25/2037		15,316		10,806
Bear Stearns Adjustable Rate Mortgage Trust
4.125% due 03/25/2035		42,121		40,291
4.488% due 02/25/2034		533		498
4.550% due 08/25/2035		21,868		21,028
4.617% due 01/25/2034		3,616		3,378
4.760% due 01/25/2034		2,084		2,002
4.862% due 01/25/2035		8,152		7,902
6.099% due 11/25/2030		339		328

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Bear Stearns Alt-A Trust
5.371% due 05/25/2035	$	234	$	203
5.706% due 09/25/2035		333		274
Chase Mortgage Finance Corp.
4.353% due 02/25/2037		885		875
Citigroup Mortgage Loan Trust, Inc.
4.098% due 08/25/2035		2,321		2,316
4.248% due 08/25/2035		9,694		9,210
4.748% due 08/25/2035		10,267		10,204
4.900% due 12/25/2035		2,274		2,167
Countrywide Alternative Loan Trust
2.716% due 02/20/2047		79		60
6.000% due 01/25/2037		8,760		7,076
Countrywide Home Loan Mortgage Pass-Through Trust
2.939% due 06/25/2035		11,604		10,228
First Republic Mortgage Loan Trust
3.118% due 08/15/2032		142		137
Greenpoint Mortgage Funding Trust
2.869% due 11/25/2045		28		23
GSR Mortgage Loan Trust
4.539% due 09/25/2035		32,698		30,826
Harborview Mortgage Loan Trust
2.799% due 03/19/2037		1,991		1,501
2.876% due 06/20/2035		1,024		798
Indymac Index Mortgage Loan Trust
2.689% due 11/25/2046		54		51
JPMorgan Mortgage Trust
5.023% due 02/25/2035		670		609
Lehman XS Trust
2.679% due 07/25/2046		4,394		4,264
MASTR Adjustable Rate Mortgages Trust
4.666% due 12/25/2033		525		497
5.037% due 12/25/2033		477		459
Mellon Residential Funding Corp.
3.168% due 11/15/2031		47		43
3.561% due 12/15/2030		626		603
3.991% due 10/20/2029		327		316
Merrill Lynch Floating Trust
2.888% due 06/15/2022		3,030		2,837
Merrill Lynch Mortgage Investors, Inc.
2.809% due 02/25/2036		764		614
MLCC Mortgage Investors, Inc.
2.849% due 11/25/2035		107		94
3.198% due 03/15/2025		148		119
3.599% due 10/25/2035		61		53
Residential Accredit Loans, Inc.
2.779% due 06/25/2046		21,612		17,654
Sequoia Mortgage Trust
2.909% due 10/19/2026		40		38
Structured Adjustable Rate Mortgage Loan Trust
5.540% due 08/25/2035		174		146
5.726% due 01/25/2035		18		17
Structured Asset Mortgage Investments, Inc.
2.669% due 08/25/2036		38		37
2.719% due 08/25/2036		14,766		11,048
2.809% due 07/19/2035		593		483
2.809% due 05/25/2046		10,049		7,617
2.889% due 10/19/2034		16		14
Thornburg Mortgage Securities Trust
2.699% due 03/25/2037		899		834
2.719% due 09/25/2046		76		71
Wachovia Bank Commercial Mortgage Trust
2.908% due 09/15/2021		137		129
WaMu Mortgage Pass-Through Certificates
2.859% due 11/25/2045		7,087		5,721

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
2.889% due 10/25/2045	$	184	$	147
3.027% due 08/25/2033		6,000		6,000
3.139% due 12/25/2027		791		718
4.229% due 03/25/2034		750		748
5.220% due 02/27/2034		3,216		3,058
5.526% due 11/25/2042		6		5
5.572% due 07/25/2046		65		44
Total Mortgage-Backed Securities (Cost $276,603)				268,311
ASSET-BACKED SECURITIES 0.4%
ACE Securities Corp.
2.679% due 10/25/2036		413		401
BA Credit Card Trust
3.890% due 04/15/2013		33,300		32,975
Bear Stearns Asset-Backed Securities Trust
2.929% due 01/25/2036		1,108		1,078
3.049% due 03/25/2043		149		145
Bravo Mortgage Asset Trust
2.729% due 07/25/2036		951		935
Equity One Asset-Backed Securities, Inc.
2.899% due 04/25/2034		162		140
First USA Credit Card Master Trust
2.935% due 04/18/2011		2,000		1,998
Ford Credit Auto Owner Trust
5.292% due 10/15/2008		380		381
GSAMP Trust
2.719% due 12/25/2035		900		894
GSR Mortgage Loan Trust
2.699% due 11/25/2030		328		325
IXIS Real Estate Capital Trust
2.659% due 08/25/2036		886		881
Lehman XS Trust
2.679% due 04/25/2046		16		16
2.679% due 11/25/2046		52		50
2.689% due 05/25/2046		1,277		1,241
Long Beach Mortgage Loan Trust
2.689% due 01/25/2046		198		197
Merrill Lynch Mortgage Investors, Inc.
2.629% due 05/25/2037		5,551		5,445
2.649% due 05/25/2037		316		312
2.659% due 04/25/2037		507		501
Morgan Stanley ABS Capital I
2.639% due 07/25/2036		424		415
2.669% due 03/25/2036		473		471
Nelnet Student Loan Trust
2.616% due 12/22/2014		272		272
New Century Home Equity Loan Trust
2.669% due 08/25/2036		4,464		4,401
Nomura Asset Acceptance Corp.
2.739% due 01/25/2036		12		11
Popular ABS Mortgage Pass-Through Trust
2.689% due 06/25/2047		80		74
Residential Asset Securities Corp.
2.639% due 06/25/2036		44		43
2.669% due 07/25/2036		3,606		3,571
SACO I, Inc.
2.659% due 05/25/2036		2,375		1,801
SLM Student Loan Trust
3.331% due 01/25/2018		755		754
Soundview Home Equity Loan Trust
2.659% due 12/25/2036		584		562
Specialty Underwriting & Residential Finance
2.679% due 12/25/2036		968		962

See Accompanying Notes Annual Report March 31, 2008 55

Schedule of Investments  Real Return Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
USAA Auto Owner Trust
4.160% due 04/16/2012	$	1,700	$	1,714
Total Asset-Backed Securities (Cost $64,232)				62,966
SOVEREIGN ISSUES 0.1%
Export-Import Bank of Korea
4.901% due 10/04/2011		17,150		17,179
Total Sovereign Issues (Cost $17,133)				17,179
FOREIGN CURRENCY-DENOMINATED ISSUES 4.5%
Brazil Notas do Tesouro Nacional Series F
10.000% due 01/01/2012	BRL	50,049		25,849
Brazilian Government International Bond
10.250% due 01/10/2028		10,000		5,334
Brazilian Government International CPI Linked Bond
6.000% due 08/15/2010		5,400		5,042
Canadian Government Bond
3.000% due 12/01/2036 (d)	CAD	20,952		26,952
Canadian Government CPI Linked Bond
4.250% due 12/01/2021		2,692		3,472
France Government Bond
1.600% due 07/25/2011 (d)	EUR	6,508		10,312
1.600% due 07/25/2015 (d)		3,233		5,121
3.150% due 07/25/2032 (d)		6,909		12,889
General Electric Capital Corp.
4.625% due 09/15/2066		4,450		6,104
5.500% due 09/15/2066	GBP	12,450		22,617
5.500% due 09/15/2067	EUR	500		748
6.500% due 09/15/2067	GBP	30,600		58,310
Green Valley Ltd.
8.376% due 01/10/2011	EUR	5,100		8,115
Italy Buoni Poliennali Del Tesoro
2.150% due 09/15/2014 (d)		2,215		3,580
4.250% due 08/01/2014		1,700		2,724
Japanese Government CPI Linked Bond
0.800% due 12/10/2015	JPY	3,010,930		29,673
1.100% due 12/10/2016		10,681,320		107,040
1.200% due 06/10/2017		14,335,868		144,121
1.200% due 12/10/2017		1,748,700		17,526
Network Rail Infrastructure Finance PLC UKRPI Linked Bond
1.375% due 11/22/2037	GBP	100		218
New Zealand Government CPI Linked Bond
4.500% due 02/15/2016	NZD	10,000		10,495
Pylon Ltd.
6.117% due 12/29/2008	EUR	21,850		34,368
8.517% due 12/29/2008		40,700		64,576
Royal Bank of Scotland Group PLC
7.092% due 10/29/2049		5,000		7,061
Sweden Government CPI Linked Bond
3.500% due 12/01/2028	SEK	9,600		2,442
4.000% due 12/01/2008		37,000		7,618
United Kingdom Gilt Inflation Linked Bond
2.000% due 01/26/2035	GBP	100		310
2.500% due 05/20/2009		12,200		65,345
2.500% due 08/16/2013		2,500		12,527
Total Foreign Currency-Denominated Issues (Cost $620,493)				700,489

		SHARES		VALUE (000S)
CONVERTIBLE PREFERRED STOCKS 0.1%
Bank of America Corp.
7.250% due 12/31/2049		16,000	$	16,528
Total Convertible Preferred Stocks (Cost $16,000)				16,528
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 34.5%
CERTIFICATES OF DEPOSIT 1.3%
Abbey National Treasury Services PLC
3.069% due 07/02/2008	$	96,900		96,623
Citibank New York N.A.
3.100% due 05/07/2008		100,000		100,000
Nordea Bank Finland PLC
3.081% due 12/01/2008		5,500		5,497
Societe Generale NY
2.626% due 06/30/2008		1,500		1,497
				203,617
COMMERCIAL PAPER 25.2%
ANZ National International Ltd.
2.770% due 06/05/2008		28,800		28,656
3.070% due 05/21/2008		32,800		32,660
Banco Santander Central Hispano S.A.
2.770% due 06/09/2008		11,300		11,240
Bank of America Corp.
2.770% due 05/01/2008		32,100		32,026
2.950% due 04/07/2008		400,800		400,603
2.950% due 04/23/2008		14,850		14,823
Barclays U.S. Funding Corp.
2.790% due 06/11/2008		98,200		97,663
BNP Paribas Finance, Inc.
2.694% due 04/14/2008		54,800		54,747
Calyon Financial, Inc.
3.000% due 04/04/2008		186,500		186,453
CBA (de) Finance
2.760% due 06/13/2008		2,500		2,486
2.920% due 06/06/2008		2,100		2,089
3.080% due 05/01/2008		30,600		30,522
Danske Corp.
2.790% due 04/14/2008		118,100		117,981
2.790% due 04/15/2008		233,400		233,147
2.800% due 04/14/2008		5,800		5,794
DnB NOR Bank ASA
4.560% due 04/04/2008		36,800		36,786
Fortis Funding LLC
3.040% due 04/03/2008		20,000		19,997
HSBC Bank USA N.A.
2.760% due 07/07/2008		5,300		5,261
2.880% due 06/06/2008		17,600		17,510
ING Funding LLC
2.980% due 04/04/2008		15,400		15,396
Intesa Funding LLC
2.760% due 06/16/2008		162,100		161,152
Lloyds TSB Bank PLC
2.950% due 04/08/2008		378,200		377,983
Nordea N.A., Inc.
2.950% due 04/09/2008		33,200		33,178
2.980% due 04/04/2008		52,500		52,487
2.980% due 04/08/2008		347,500		347,299

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Rabobank USA Financial Corp.
3.000% due 04/08/2008	$	350,800	$	350,595
Royal Bank of Scotland Group PLC
2.750% due 05/21/2008		10,400		10,360
3.020% due 05/14/2008		24,500		24,412
3.070% due 04/24/2008		182,400		182,042
3.800% due 04/14/2008		95,200		95,069
San Paolo U.S. Financial Co.
2.730% due 04/11/2008		46,100		46,065
2.770% due 06/13/2008		111,100		110,476
2.850% due 04/30/2008		1,200		1,197
Skandinaviska Enskilda Banken AB
3.810% due 04/17/2008		44,400		44,325
Societe General N.A.
2.770% due 06/16/2008		414,900		412,473
Svenska Handelsbanken AB
2.990% due 05/19/2008		7,200		7,171
UBS Finance Delaware LLC
2.940% due 06/06/2008		92,200		91,731
3.020% due 04/04/2008		128,200		128,168
Unicredito Italiano SpA
2.830% due 06/16/2008		26,000		25,848
3.000% due 04/08/2008		1,300		1,299
3.100% due 05/05/2008		14,200		14,158
3.850% due 05/02/2008		40,900		40,764
				3,904,092
REPURCHASE AGREEMENTS 0.3%
Credit Suisse Securities (USA) LLC
1.200% due 04/01/2008		42,000		42,000
(Dated 03/31/2008. Collateralized by U.S. Treasury Notes 3.625% due 10/31/2009 valued at $43,042. Repurchase proceeds are $42,001.)
Fixed Income Clearing Corp.
1.900% due 04/01/2008		8,005		8,005
(Dated 03/31/2008. Collateralized by Fannie Mae 0.000% due 06/13/2008 valued at $2,117 and Freddie Mac 0.000% due 06/09/2008 valued at $6,052. Repurchase proceeds are $8,005.)
				50,005
U.S. TREASURY BILLS 7.7%
1.131% due 04/15/2008 - 09/11/2008 (c)(e)(f)(g)		1,197,186		1,187,786
Total Short-Term Instruments (Cost $5,351,156)				5,345,500
PURCHASED OPTIONS (l) 0.4%
(Cost $19,633)				56,059
Total Investments 186.1% (Cost $28,614,231)			$	28,828,063
Written Options (m) (0.7%) (Premiums $68,414)				(115,533	)
Other Assets and Liabilities (Net) (85.4%)				(13,227,487	)
Net Assets (h) 100.0%			$	15,485,043

56 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security is in default.

(b) When-issued security.

(c) Coupon represents a weighted average rate.

(d) Principal amount of security is adjusted for inflation.

(e) Securities with an aggregate market value of $118,107 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(f) Securities with an aggregate market value of $212,065 have been pledged as collateral for delayed-delivery securities on March 31, 2008.

(g) Securities with an aggregate market value of $597 have been pledged as collateral for delayed-delivery mortgage-backed securities on March 31, 2008.

(h) As of March 31, 2008, portfolio securities with an aggregate value of $72,900 and derivative instruments with an aggregate depreciation of ($15,035) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(i) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $59,864 at a weighted average interest rate of 5.354%. On March 31, 2008, there were no open reverse repurchase agreements.

(j) Cash of $83,880 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Euribor December Futures	Long	12/2008	738	$	1,218
90-Day Euribor December Futures	Long	12/2009	852		1,342
90-Day Euribor June Futures	Short	06/2008	400		28
90-Day Euribor June Futures	Long	06/2009	1,187		1,800
90-Day Euribor March Futures	Long	03/2009	674		758
90-Day Euribor September Futures	Long	09/2008	373		(244	)
90-Day Euribor September Futures	Long	09/2009	1,192		1,576
90-Day Eurodollar December Futures	Short	12/2008	258		(92	)
90-Day Eurodollar December Futures	Long	12/2009	164		49
90-Day Eurodollar June Futures	Long	06/2009	1,383		7,709
90-Day Eurodollar September Futures	Short	09/2008	5		(1	)
90-Day Eurodollar September Futures	Long	09/2009	1,596		7,703
Canada Government 10-Year Bond June Futures	Long	06/2008	22		91
Euro-Bund 10-Year Bond June Futures	Short	06/2008	2,270		2,249
Euro-Schatz June Futures	Long	06/2008	227		(230	)
U.S. Treasury 2-Year Note June Futures	Short	06/2008	368		32
U.S. Treasury 5-Year Note June Futures	Short	06/2008	2,120		(2,396	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	17,625		54,921
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	16,252		(21,953	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	2,206		1,634
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2009	120		21
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	4,757		1,914
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2009	1,095		1,696
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	1,039		1,347
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	3,153		3,292
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2009	120		39
United Kingdom Government 10-Year Bond June Futures	Short	06/2008	95		(265	)
				$	64,238

(k) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.992%		03/20/2013	DUB	$	17,100	$	110
AutoZone, Inc. 5.875% due 10/15/2012	Buy	(0.529%	)	12/20/2012	GSC		4,100		101
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	0.720%		09/20/2012	CITI		5,800		(284	)
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	0.720%		09/20/2012	JPM		8,600		(421	)
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Buy	(1.780%	)	12/20/2012	GSC		8,500		34
Bear Stearns Cos., Inc. 7.250% due 02/01/2018	Buy	(2.180%	)	03/20/2018	BNP		17,000		(850	)
Black & Decker Corp. 7.125% due 06/01/2011	Buy	(0.680%	)	12/20/2012	BOA		800		31
Burlington Northern Santa Fe Corp. 5.650% due 05/01/2017	Buy	(0.720%	)	06/20/2017	BCLY		2,500		(9	)
Capital One Financial Corp. 6.250% due 11/15/2013	Buy	(1.210%	)	09/20/2012	BEAR		7,200		602
Capital One Financial Corp. 6.250% due 11/15/2013	Buy	(1.200%	)	09/20/2012	RBS		10,000		840
Capital One Financial Corp. 6.250% due 11/15/2013	Buy	(1.200%	)	09/20/2012	UBS		10,000		840
Capital One Financial Corp. 6.250% due 11/15/2013	Buy	(1.150%	)	09/20/2012	JPM		800		69
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	0.970%		06/20/2012	CSFB		3,200		(161	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.010%		06/20/2012	CSFB		3,100		(151	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.020%		06/20/2012	CSFB		9,000		(436	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.040%		06/20/2012	CSFB		3,700		(176	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.370%		09/20/2012	CITI		5,000		(201	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.370%		09/20/2012	MSC		1,800		(73	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.380%		09/20/2012	GSC		2,000		(80	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	1.150%		12/20/2012	DUB		1,100		(60	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	2.100%		03/20/2013	CITI		1,300		(24	)

See Accompanying Notes Annual Report March 31, 2008 57

Schedule of Investments  Real Return Fund  (Cont.)

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Clorox Co. 6.125% due 02/01/2011	Buy	(0.470%	)	12/20/2012	CITI	$	2,300	$	33
Computer Sciences Corp. 6.500% due 03/15/2018	Buy	(1.360%	)	03/20/2018	LEH		2,500		(34	)
ConAgra Foods, Inc. 7.000% due 10/01/2028	Buy	(0.299%	)	12/20/2012	GSC		4,600		81
Con-way, Inc. 7.250% due 01/15/2018	Buy	(1.834%	)	03/20/2018	BOA		10,000		(6	)
CSX Corp. 6.250% due 03/15/2018	Buy	(1.050%	)	03/20/2018	CSFB		5,000		75
Erac USA Finance Co, 6.375% due 10/15/2017	Buy	(2.700%	)	12/20/2017	GSC		5,000		224
Fannie Mae 5.250% due 08/01/2012	Sell	1.401%		03/20/2013	BNP		20,000		91
Fannie Mae 5.250% due 08/01/2012	Sell	1.580%		03/20/2013	BNP		2,500		32
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	2.560%		06/20/2012	UBS		1,500		(286	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.800%		09/20/2012	BCLY		2,500		(416	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.800%		09/20/2012	MSC		8,600		(1,431	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.850%		09/20/2012	JPM		3,600		(595	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	1.010%		03/20/2013	BCLY		4,700		(58	)
GMAC LLC 6.875% due 08/28/2012	Buy	(5.200%	)	09/20/2008	GSC		6,200		224
GMAC LLC 6.875% due 08/28/2012	Buy	(4.250%	)	09/20/2008	DUB		2,900		118
GMAC LLC 6.875% due 08/28/2012	Sell	3.400%		06/20/2011	GSC		1,100		(244	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.620%		06/20/2011	UBS		5,000		(1,040	)
GMAC LLC 6.875% due 08/28/2012	Sell	6.850%		06/20/2012	MSC		5,700		(874	)
GMAC LLC 6.875% due 08/28/2012	Buy	(4.800%	)	09/20/2012	RBS		10,000		2,050
GMAC LLC 6.875% due 08/28/2012	Sell	3.050%		09/20/2012	BCLY		3,200		(793	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.050%		09/20/2012	GSC		11,300		(2,802	)
GMAC LLC 6.875% due 08/28/2012	Sell	5.100%		09/20/2012	BOA		15,000		(2,965	)
GMAC LLC 6.875% due 08/28/2012	Sell	5.400%		09/20/2012	JPM		3,100		(590	)
GMAC LLC 6.875% due 08/28/2012	Sell	5.450%		09/20/2012	JPM		3,100		(586	)
GMAC LLC 6.875% due 08/28/2012	Sell	6.300%		09/20/2012	BOA		1,200		(202	)
GMAC LLC 6.875% due 08/28/2012	Sell	6.300%		09/20/2012	MLP		18,600		(3,129	)
GMAC LLC 6.875% due 08/28/2012	Sell	6.310%		09/20/2012	GSC		9,300		(1,562	)
GMAC LLC 6.875% due 08/28/2012	Sell	7.000%		09/20/2012	BOA		7,000		(1,057	)
Goldman Sachs Group, Inc. 5.950% due 01/18/2018	Buy	(0.970%	)	03/20/2018	BNP		7,500		327
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.110%		06/20/2008	CITI		26,100		(70	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.720%		09/20/2012	LEH		8,000		(230	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.740%		09/20/2012	CSFB		9,600		(268	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.750%		09/20/2012	MLP		5,000		(138	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.750%		09/20/2012	MSC		2,100		(58	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.770%		09/20/2012	BCLY		7,000		(187	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.780%		09/20/2012	RBS		2,000		(53	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.800%		09/20/2012	BEAR		600		(15	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Buy	(0.400%	)	12/20/2012	CITI		4,400		194
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Buy	(0.390%	)	12/20/2012	BNP		5,700		254
Home Depot, Inc. 5.400% due 03/01/2016	Buy	(1.750%	)	03/20/2016	LEH		2,500		10
Hospira, Inc. 5.900% due 06/15/2014	Buy	(1.030%	)	06/20/2014	MSC		2,500		(27	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400%		12/20/2008	LEH		4,000		(19	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.510%		12/20/2008	DUB		36,500		(140	)
Kimberly-Clark Corp. 6.875% due 02/15/2014	Buy	(0.320%	)	12/20/2012	BEAR		1,000		7
Kraft Foods, Inc. 6.125% due 02/01/2018	Buy	(1.130%	)	03/20/2018	RBS		2,000		27
Kraft Foods, Inc. 6.125% due 02/01/2018	Buy	(0.860%	)	03/20/2018	GSC		4,000		139
Kroger Co. 6.400% due 08/15/2017	Buy	(0.900%	)	09/20/2017	BOA		5,000		(25	)
Lehman Brothers Holdings, Inc. 5.625% due 01/24/2013	Buy	(1.420%	)	03/20/2013	JPM		9,000		564
Lehman Brothers Holdings, Inc. 5.625% due 01/24/2013	Buy	(1.420%	)	03/20/2013	RBS		1,000		63
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.660%		09/20/2012	RBS		7,000		(633	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.700%		09/20/2012	JPM		8,700		(773	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	1.120%		09/20/2012	BNP		3,200		(233	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	1.200%		09/20/2012	BNP		3,200		(223	)
Limited Brands, Inc. 6.900% due 07/15/2017	Buy	(3.113%	)	09/20/2017	MSC		2,000		43
Macys Retail Holdings, Inc. 7.450% due 07/15/2017	Buy	(2.110%	)	09/20/2017	DUB		2,000		69
Macys Retail Holdings, Inc. 7.450% due 07/15/2017	Buy	(2.100%	)	09/20/2017	DUB		1,000		35
Marriott International, Inc. 4.625% due 06/15/2012	Buy	(0.640%	)	12/20/2012	GSC		2,100		139
Marsh & McLennan Cos., Inc. 5.750% due 09/15/2015	Buy	(1.180%	)	09/20/2015	BOA		2,500		(23	)
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Buy	(0.950%	)	12/20/2012	BOA		1,600		115
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Buy	(0.930%	)	12/20/2012	BCLY		9,800		715
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Buy	(0.930%	)	12/20/2012	JPM		5,400		394
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Buy	(0.920%	)	12/20/2012	UBS		1,100		81
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Buy	(0.900%	)	12/20/2012	LEH		5,000		371
Merrill Lynch & Co., Inc. 5.450% due 02/05/2013	Buy	(1.380%	)	03/20/2013	BNP		8,000		448
Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.670%		01/20/2017	LEH		5,700		(335	)
Motorola, Inc. 6.000% due 11/15/2017	Buy	(1.020%	)	12/20/2017	LEH		4,000		581
Multiple Reference Entities of Gazprom	Sell	1.000%		11/20/2008	CSFB		11,700		(14	)
Newell Rubbermaid, Inc. 6.350% until 07/15/2008 and variable thereafter, due 07/15/2028	Buy	(0.319%	)	12/20/2012	GSC		4,200		92
Nucor Corp. 5.750% due 12/01/2017	Buy	(0.486%	)	12/20/2017	CSFB		4,000		103
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.250%		12/20/2008	DUB		4,000		(14	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%		12/20/2008	BCLY		26,300		(77	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%		12/20/2008	MSC		8,900		(26	)
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.290%		12/20/2008	BCLY		7,000		0
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.320%		12/20/2008	LEH		4,000		(1	)
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.350%		12/20/2008	BCLY		17,900		1

58 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Peru Government International Bond 9.125% due 02/21/2012	Sell	0.370%		12/20/2008	LEH	$	17,300	$	5
Prudential Financial, Inc. 6.100% due 06/15/2017	Buy	(0.870%	)	06/20/2017	BCLY		2,000		104
RH Donnelley Corp. 8.875% due 01/15/2016	Sell	3.400%		09/20/2012	CITI		100		(39	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.325%		12/20/2008	DUB		19,000		(29	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.330%		12/20/2008	BCLY		17,900		(26	)
SLM Corp. 5.125% due 08/27/2012	Sell	3.800%		03/20/2009	GSC		8,000		(435	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.000%		03/20/2009	BCLY		5,000		(263	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.750%		03/20/2009	UBS		25,000		(970	)
Staples, Inc. 7.375% due 10/01/2012	Buy	(0.700%	)	12/20/2012	MSC		400		14
Target Corp. 6.000% due 01/15/2018	Buy	(1.200%	)	03/20/2018	MSC		7,000		23
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.780%		12/20/2008	BCLY		17,900		(56	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.790%		12/20/2008	DUB		19,000		(58	)
Verizon Communications, Inc. 5.500% due 04/01/2017	Buy	(0.550%	)	06/20/2017	LEH		5,000		254
VF Corp. 8.500% due 10/01/2010	Buy	(0.449%	)	12/20/2012	LEH		3,100		44
Viacom, Inc. 6.125% due 10/05/2017	Buy	(1.110%	)	12/20/2017	BOA		4,000		220
Viacom, Inc. 6.250% due 04/30/2016	Buy	(1.250%	)	06/20/2016	LEH		2,500		94
Vnesheconom 0.000% due 07/12/2009	Sell	0.650%		11/20/2008	BCLY		11,000		(80	)
Whirlpool Corp. 6.500% due 06/15/2016	Buy	(1.060%	)	06/20/2016	GSC		6,000		(15	)
								$	(16,064	)

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the reference entity. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (2)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
CMBX N.A. AAA 3 Index	Sell	0.080%		12/13/2049	MSC	$	84,990	$	5,104
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	BCLY		11,484		652
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	BEAR		48,520		3,375
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	BOA		137,264		9,595
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	DUB		2,178		125
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	LEH		24,552		1,254
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	MLP		89,397		5,447
Dow Jones CDX N.A. HY8 Index	Buy	(2.750%	)	06/20/2012	UBS		31,779		1,881
Dow Jones CDX N.A. HY9 Index	Sell	3.330%		12/20/2012	LEH		43,400		(4,560	)
Dow Jones CDX N.A. HY9 Index	Sell	6.385%		12/20/2012	GSC		10,800		107
Dow Jones CDX N.A. HY9 Index	Sell	6.450%		12/20/2012	JPM		15,000		386
Dow Jones CDX N.A. HY9 Index	Sell	6.510%		12/20/2012	MLP		10,600		184
Dow Jones CDX N.A. HY9 Index	Sell	6.570%		12/20/2012	MSC		2,800		57
Dow Jones CDX N.A. HY9 Index	Sell	6.690%		12/20/2012	MLP		8,200		203
Dow Jones CDX N.A. IG8 Index	Buy	(0.350%	)	06/20/2012	BCLY		26,400		923
Dow Jones CDX N.A. IG8 Index	Buy	(0.350%	)	06/20/2012	BOA		13,000		468
Dow Jones CDX N.A. IG9 Index	Buy	(0.600%	)	12/20/2012	LEH		71,300		1,862
Dow Jones CDX N.A. IG9 Index	Buy	(0.600%	)	12/20/2012	MLP		143,200		6,045
Dow Jones CDX N.A. IG9 Index	Buy	(0.600%	)	12/20/2012	MSC		61,300		2,588
Dow Jones CDX N.A. IG9 Index	Sell	0.600%		12/20/2012	DUB		15,000		60
Dow Jones CDX N.A. IG9 Index	Sell	0.600%		12/20/2012	GSC		153,200		1,026
Dow Jones CDX N.A. IG9 Index	Sell	0.600%		12/20/2012	JPM		37,300		(1,228	)
Dow Jones CDX N.A. IG9 Index	Sell	0.990%		12/20/2012	DUB		6,500		18
Dow Jones CDX N.A. IG9 Index	Sell	1.130%		12/20/2012	MSC		4,800		47
Dow Jones CDX N.A. IG9 Index	Buy	(6.550%	)	12/20/2017	GSC		22,700		1,145
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	BCLY		224,400		7,896
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	BOA		38,200		1,482
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	GSC		62,700		2,431
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	JPM		17,600		679
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	LEH		34,200		1,308
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	MSC		151,800		4,609
Dow Jones CDX N.A. XO8 Index	Buy	(1.400%	)	06/20/2012	BOA		6,400		383
Home Equity Index A Rating 2007-1	Sell	0.640%		08/25/2037	LEH		4,100		(916	)
								$	54,636

⁽²⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of underlying securities comprising the reference entity index. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month Australian Bank Bill	7.000%	06/15/2009	CITI	AUD	145,000	$	(765	)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	CITI		15,900		(6	)
Pay	3-Month Australian Bank Bill	7.500%	03/15/2010	UBS		468,200		1,636

See Accompanying Notes Annual Report March 31, 2008 59

Schedule of Investments  Real Return Fund  (Cont.)

Interest Rate Swaps (Cont.)
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month Canadian Bank Bill	5.000%	06/20/2012	BOA	CAD	13,100	$	402
Receive	3-Month Canadian Bank Bill	5.500%	06/20/2017	BOA		2,800		(49	)
Receive	3-Month Canadian Bank Bill	5.500%	06/20/2017	RBC		5,200		(140	)
Pay	3-Month Canadian Bank Bill	4.500%	06/15/2025	HSBC		7,000		16
Pay	3-Month Canadian Bank Bill	4.500%	06/15/2025	JPM		3,300		64
Pay	3-Month Canadian Bank Bill	4.500%	06/15/2025	MLP		9,000		123
Pay	3-Month Canadian Bank Bill	4.500%	06/15/2025	UBS		4,700		89
Pay	3-Month SEK-LIBOR	4.500%	06/17/2008	BCLY	SEK	168,000		(164	)
Pay	3-Month SEK-LIBOR	4.500%	06/17/2008	JPM		46,000		(54	)
Pay	3-Month USD-LIBOR	4.000%	06/18/2009	DUB	$	784,700		8,823
Pay	3-Month USD-LIBOR	5.000%	06/18/2009	UBS		1,276,300		38,082
Receive	3-Month USD-LIBOR	4.000%	06/18/2010	MLP		282,800		(1,119	)
Receive	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		51,885		(251	)
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	BCLY		299,000		13,067
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	MSC		22,400		983
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	RBS		430,500		20,551
Receive	3-Month USD-LIBOR	5.000%	06/20/2014	GSC		264,300		(20,941	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2015	DUB		37,900		(1,614	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2015	RBS		80,400		(4,363	)
Receive	3-Month USD-LIBOR	5.000%	06/20/2017	BCLY		51,100		(4,068	)
Pay	3-Month USD-LIBOR	5.000%	06/18/2018	MSC		49,400		278
Pay	3-Month USD-LIBOR	5.000%	06/18/2018	RBS		44,500		1,488
Receive	3-Month USD-LIBOR	5.000%	12/20/2021	DUB		114,500		(15,672	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2023	MLP		15,200		(1,066	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2023	RBS		50,000		(1,382	)
Receive	3-Month USD-LIBOR	5.000%	12/20/2026	DUB		146,500		(22,295	)
Receive	3-Month USD-LIBOR	5.000%	12/20/2026	UBS		59,600		(9,070	)
Pay	3-Month USD-LIBOR	5.000%	06/20/2027	BOA		46,000		4,060
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	CITI		31,100		(539	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	DUB		2,100		(10	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	JPM		84,300		(520	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		105,600		(1,122	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.040%	03/15/2010	BCLY	EUR	50,000		237
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.103%	09/14/2010	BNP		60,000		314
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.090%	10/15/2010	BNP		52,200		358
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.103%	10/15/2010	BCLY		8,800		89
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.146%	10/15/2010	UBS		22,700		183
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.040%	02/21/2011	BNP		33,900		(100	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.100%	03/13/2011	DUB		4,800		15
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.028%	10/15/2011	JPM		31,400		(113	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.095%	10/15/2011	UBS		27,800		(10	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.973%	12/15/2011	JPM		6,900		(138	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.976%	12/15/2011	GSC		40,900		(640	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.988%	12/15/2011	BNP		72,600		(1,148	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	BCLY		5,900		(131	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	JPM		12,600		(278	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.983%	03/15/2012	BNP		5,200		(115	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.995%	03/15/2012	GSC		62,000		(1,145	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.955%	03/28/2012	RBS		5,900		(128	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	03/30/2012	GSC		6,900		(154	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	04/05/2012	BCLY		3,000		(68	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958%	04/10/2012	JPM		42,300		(1,031	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.980%	04/30/2012	BCLY		9,200		(213	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.238%	06/20/2012	BCLY		17,000		(70	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.098%	09/28/2012	BNP		33,000		(540	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.150%	01/19/2016	BNP		75,000		(266	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.350%	10/15/2016	UBS		33,100		54
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.353%	10/15/2016	JPM		30,000		123
Pay	6-Month Australian Bank Bill	7.000%	12/15/2009	BCLY	AUD	162,100		(435	)
Pay	6-Month Australian Bank Bill	7.000%	12/15/2009	MSC		169,500		(461	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	CITI		53,500		(752	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	DUB		209,600		(2,904	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	JPM		35,800		(506	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	RBC		21,900		(298	)
Pay	6-Month Australian Bank Bill	7.000%	06/15/2010	DUB		614,500		(3,573	)
Receive	6-Month Australian Bank Bill	6.500%	06/15/2017	CITI		20,900		575
Receive	6-Month Australian Bank Bill	6.500%	06/15/2017	DUB		14,300		368
Receive	6-Month Australian Bank Bill	6.750%	12/15/2017	BCLY		20,200		438
Receive	6-Month Australian Bank Bill	6.750%	12/15/2017	MSC		21,200		468
Receive	6-Month Australian Bank Bill	7.000%	03/15/2019	UBS		28,600		(98	)
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	DUB	EUR	169,800		1,507
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	MSC		146,800		1,303
Receive	6-Month EUR-LIBOR	4.000%	06/15/2017	MSC		104,450		5,287
Receive	6-Month EUR-LIBOR	5.000%	03/19/2018	BCLY		500		(18	)
Pay	6-Month EUR-LIBOR	4.500%	06/18/2034	MSC		56,600		(67	)
Pay	6-Month EUR-LIBOR	5.000%	06/18/2034	JPM		15,927		261
Pay	6-Month GBP-LIBOR	5.000%	06/15/2008	BCLY	GBP	13,000		(48	)
Pay	6-Month GBP-LIBOR	5.000%	06/15/2008	JPM		27,000		(180	)

60 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Interest Rate Swaps (Cont.)
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	6-Month GBP-LIBOR	5.000%	06/15/2008	UBS	GBP	20,000	$	(69	)
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	BCLY		277,600		(1,246	)
Pay	6-Month GBP-LIBOR	5.000%	12/19/2009	MSC		327,600		2,656
Receive	6-Month GBP-LIBOR	5.000%	03/20/2010	BCLY		2,900		13
Pay	6-Month GBP-LIBOR	6.000%	03/20/2010	DUB		95,200		1,631
Pay	6-Month GBP-LIBOR	5.000%	09/15/2010	BCLY		54,200		(744	)
Pay	6-Month GBP-LIBOR	5.000%	09/15/2010	CSFB		48,500		1,436
Pay	6-Month GBP-LIBOR	5.000%	03/20/2013	DUB		28,900		(256	)
Pay	6-Month GBP-LIBOR	5.000%	03/20/2013	GSC		39,200		(278	)
Pay	6-Month GBP-LIBOR	5.000%	03/20/2013	JPM		35,000		119
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	GSC		5,000		(11	)
Receive	6-Month GBP-LIBOR	5.000%	09/15/2015	GSC		45,200		(1,851	)
Receive	6-Month GBP-LIBOR	5.000%	03/20/2018	BCLY		30,600		(2,534	)
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	BCLY		42,400		2,498
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	CSFB		19,300		1,154
Receive	6-Month GBP-LIBOR	4.250%	06/12/2036	HSBC		35,600		3,846
Pay	6-Month JPY-LIBOR	1.000%	03/18/2009	MSC	JPY	33,800,000		867
Receive	6-Month JPY-LIBOR	2.000%	06/20/2017	BCLY		12,790,000		(3,571	)
Receive	6-Month JPY-LIBOR	2.000%	06/20/2017	RBS		7,040,000		(2,273	)
Pay	28-Day Mexico Interbank TIIE Banxico	8.720%	09/05/2016	BCLY	MXN	210,000		1,157
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	CITI		584,200		1,146
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	GSC		11,800		28
Pay	28-Day Mexico Interbank TIIE Banxico	8.330%	02/14/2017	BCLY		132,800		419
Pay	BRL-CDI-Compounded	12.410%	01/04/2010	UBS	BRL	163,000		(938	)
Pay	BRL-CDI-Compounded	10.115%	01/02/2012	MSC		47,600		(1,757	)
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		277,300		(9,931	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	BCLY		6,000		(17	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	LEH		3,600		(29	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	MLP		427,200		(1,644	)
Pay	BRL-CDI-Compounded	12.540%	01/02/2012	MSC		40,800		(199	)
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA Index	2.275%	10/15/2016	UBS	EUR	33,900		55
Pay	U.S. CPI Urban Consumers NSA Index	2.538%	01/16/2013	BCLY	$	45,000		(381	)
Pay	U.S. CPI Urban Consumers NSA Index	2.790%	10/07/2015	BNP		50,000		(84	)
Pay	U.S. CPI Urban Consumers NSA Index	2.710%	01/08/2018	BNP		40,000		(97	)
Pay	U.S. CPI Urban Consumers NSA Index	2.970%	03/05/2018	GSC		39,000		633
Pay	U.S. CPI Urban Consumers NSA Index	2.980%	03/06/2018	MSC		6,900		91
Pay	United Kingdom RPI Index	3.100%	11/14/2016	BCLY	GBP	40,000		(1,895	)
Pay	United Kingdom RPI Index	3.250%	12/14/2017	BCLY		3,000		(48	)
Pay	United Kingdom RPI Index	3.183%	12/19/2017	RBS		11,900		(224	)
Pay	United Kingdom RPI Index	3.110%	01/03/2018	GSC		34,800		(1,123	)
Pay	United Kingdom RPI Index	3.381%	06/14/2027	RBS		13,600		(917	)
Pay	United Kingdom RPI Index	3.440%	09/10/2027	RBS		17,000		(870	)
Pay	United Kingdom RPI Index	3.425%	10/17/2027	BCLY		5,250		(323	)
							$	(15,157	)

(l) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 2-Year Note June Futures	$	110.500	05/23/2008	6,154	$	386	$	96
Call - CBOT U.S. Treasury 5-Year Note June Futures		125.000	05/23/2008	2,922		53		23
Call - CBOT U.S. Treasury 5-Year Note June Futures		132.000	05/23/2008	27		0		0
Call - CBOT U.S. Treasury 30-Year Bond June Futures		141.000	05/23/2008	22		1		0
Call - CBOT U.S. Treasury 30-Year Bond June Futures		142.000	05/23/2008	195		4		3
Call - CBOT U.S. Treasury 30-Year Bond June Futures		144.000	05/23/2008	3,075		56		48
Call - CBOT U.S. Treasury 30-Year Bond June Futures		145.000	05/23/2008	3,400		62		53
Call - CBOT U.S. Treasury 30-Year Bond June Futures		153.000	05/23/2008	1,800		17		28
Call - CBOT U.S. Treasury 30-Year Bond June Futures		154.000	05/23/2008	5,500		52		86
Call - CBOT U.S. Treasury 30-Year Bond June Futures		155.000	05/23/2008	1,014		10		16
Put - CBOT U.S. Treasury 10-Year Note June Futures		84.000	05/23/2008	4,233		40		66
Put - CBOT U.S. Treasury 10-Year Note June Futures		85.000	05/23/2008	1,500		14		24
Put - CBOT U.S. Treasury 10-Year Note June Futures		86.000	05/23/2008	3,500		33		55
Put - CBOT U.S. Treasury 10-Year Note June Futures		88.000	05/23/2008	9		0		0
					$	728	$	498

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500%	02/02/2009	$	170,800	$	1,879	$	2,855
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		116,500		588		4,813
								$	2,467	$	7,668

See Accompanying Notes Annual Report March 31, 2008 61

Schedule of Investments  Real Return Fund  (Cont.)

Foreign Currency Options
Description	Exercise Price	Expiration Date	Notional Amount		Cost		Value
Call - OTC Euro versus U.S. dollar	$        1.392	07/08/2010	EUR	55,100	$	2,903	$	9,142
Put - OTC Euro versus U.S. dollar	1.392	07/08/2010		55,100		2,903		2,105
Call - OTC U.S. dollar versus Japanese yen	JPY    118.150	06/23/2008	$	182,600		4,807		347
Put - OTC U.S. dollar versus Japanese yen	118.150	06/23/2008		182,600		4,807		34,978
Call - OTC U.S. dollar versus Japanese yen	111.000	12/01/2008		32,000		579		74
					$	15,999	$	46,646

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Treasury Inflation Protected Securities 0.875% due 04/15/2010	$	100.000	04/14/2008	$	850,000	$	67	$	204
Put - OTC Treasury Inflation Protected Securities 1.875% due 07/15/2013		102.000	04/14/2008		1,000,000		78		10
Put - OTC Treasury Inflation Protected Securities 2.000% due 01/15/2014		101.000	04/07/2008		600,000		47		1
Put - OTC Treasury Inflation Protected Securities 2.000% due 04/15/2012		96.500	05/05/2008		40,000		9		0
Put - OTC Treasury Inflation Protected Securities 2.375% due 01/15/2025		95.000	04/04/2008		1,100,000		86		1
Put - OTC Treasury Inflation Protected Securities 3.000% due 07/15/2012		107.000	04/14/2008		1,000,000		78		1,030
Put - OTC Treasury Inflation Protected Securities 3.625% due 04/15/2028		115.000	04/14/2008		950,000		74		1
						$	439	$	1,247

(m) Written options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note June Futures	$	118.000	05/23/2008	3,017	$	3,364	$	6,411
Call - CBOT U.S. Treasury 10-Year Note June Futures		118.500	05/23/2008	1,000		1,076		1,844
Call - CBOT U.S. Treasury 10-Year Note June Futures		119.000	05/23/2008	1,158		1,406		1,864
Call - CBOT U.S. Treasury 10-Year Note June Futures		121.000	05/23/2008	1,309		1,486		1,104
Call - CBOT U.S. Treasury 30-Year Bond June Futures		122.000	05/23/2008	1,581		2,543		1,828
Put - CBOT U.S. Treasury 10-Year Note June Futures		112.000	05/23/2008	1,444		1,552		113
Put - CBOT U.S. Treasury 10-Year Note June Futures		114.000	05/23/2008	1,474		1,816		322
Put - CBOT U.S. Treasury 10-Year Note June Futures		115.000	05/23/2008	1,000		1,450		344
					$	14,693	$	13,830

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 10-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	5.250%	09/15/2008	$	72,000	$	1,917	$	6,492
Put - OTC 10-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	5.250%	09/15/2008		72,000		1,917		416
Call - OTC 5-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.300%	02/02/2009		74,000		1,950		2,861
Call - OTC 30-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Receive	5.670%	08/07/2008		27,300		1,317		4,484
Put - OTC 30-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Pay	5.670%	08/07/2008		27,300		996		178
Call - OTC 30-Year Interest Rate Swap	CITI	3-Month USD-LIBOR	Receive	5.670%	08/07/2008		34,300		1,434		5,634
Put - OTC 30-Year Interest Rate Swap	CITI	3-Month USD-LIBOR	Pay	5.670%	08/07/2008		34,300		1,447		223
Call - OTC 10-Year Interest Rate Swap	GSC	3-Month USD-LIBOR	Receive	5.250%	09/15/2008		132,900		3,336		11,983
Put - OTC 10-Year Interest Rate Swap	GSC	3-Month USD-LIBOR	Pay	5.250%	09/15/2008		132,900		3,216		767
Call - OTC 7-Year Interest Rate Swap	GSC	3-Month USD-LIBOR	Receive	5.365%	09/20/2010		66,000		2,122		4,210
Put - OTC 7-Year Interest Rate Swap	GSC	3-Month USD-LIBOR	Pay	5.365%	09/20/2010		66,000		2,122		1,568
Call - OTC 30-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Receive	5.670%	08/07/2008		58,800		2,062		9,657
Put - OTC 30-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Pay	5.670%	08/07/2008		58,800		2,889		383
Call - OTC 10-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Receive	5.250%	09/15/2008		112,900		3,342		10,180
Put - OTC 10-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Pay	5.250%	09/15/2008		112,900		2,269		652
Call - OTC 10-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	5.250%	09/15/2008		94,400		2,369		8,512
Put - OTC 10-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	5.250%	09/15/2008		94,400		2,285		545
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		51,000		576		3,412
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	5.365%	09/20/2010		194,000		5,568		12,373
Put - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	5.365%	09/20/2010		194,000		6,882		4,610
								$	50,016	$	89,140

Foreign Currency Options
Description	Exercise Price	Expiration Date	Notional Amount		Premium		Value
Call - OTC U.S. dollar versus Japanese yen	JPY    118.150	06/23/2008	$	54,400	$	681	$	104
Put - OTC U.S. dollar versus Japanese yen	118.150	06/23/2008		54,400		2,494		10,421
Put - OTC U.S. dollar versus Japanese yen	100.000	12/01/2008		32,000		530		2,038
					$	3,705	$	12,563

62 PIMCO Funds See Accompanying Notes

    
March 31, 2008

(n) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Merna Reinsurance Ltd.	3.346%	07/07/2010	09/21/2007	$	28,165	$	25,807	0.17%

(o) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (3)
Fannie Mae	5.000%	04/01/2038	$	344,300	$	329,534	$	340,803
Fannie Mae	5.500%	04/01/2023		5,000		5,089		5,104
Fannie Mae	5.500%	04/01/2038		297,900		301,684		300,739
Fannie Mae	6.000%	04/01/2038		819,400		826,562		839,501
Freddie Mac	5.000%	04/01/2038		200		192		198
Freddie Mac	5.500%	04/01/2038		11,000		11,100		11,108
Freddie Mac	6.000%	04/01/2038		627,800		630,462		643,790
Ginnie Mae	5.500%	04/01/2038		6,000		6,131		6,117
U.S. Treasury Bonds	4.750%	02/15/2037		107,800		112,886		116,971
U.S. Treasury Bonds	5.375%	02/15/2031		700		803		819
U.S. Treasury Notes	2.000%	02/28/2010		150,000		151,181		152,021
U.S. Treasury Notes	3.125%	09/15/2008		177,200		178,128		179,451
U.S. Treasury Notes	3.250%	12/31/2009		93,300		95,911		96,852
U.S. Treasury Notes	3.500%	02/15/2018		19,900		20,023		20,130
U.S. Treasury Notes	3.625%	12/31/2012		30,710		32,178		32,795
U.S. Treasury Notes	3.625%	05/15/2013		21,700		22,794		23,312
U.S. Treasury Notes	3.875%	10/31/2012		5,000		5,280		5,325
U.S. Treasury Notes	4.125%	08/31/2012		123,600		130,100		133,242
U.S. Treasury Notes	4.250%	08/15/2014		3,700		3,925		4,073
U.S. Treasury Notes	4.250%	11/15/2017		106,910		112,841		116,077
U.S. Treasury Notes	4.500%	02/15/2016		108,600		117,589		120,432
U.S. Treasury Notes	4.750%	05/15/2014		201,500		224,615		230,895
U.S. Treasury Notes	4.750%	08/15/2017		110,300		119,239		122,853
U.S. Treasury Notes	4.875%	08/15/2016		223,550		246,280		252,541
U.S. Treasury Notes	5.125%	05/15/2016		71,300		80,498		82,911
					$	3,765,025	$	3,838,060

⁽³⁾ Market value includes $16,549 of interest payable on short sales.

(p) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	330,774	07/2008	$	6,571	$	0		$	6,571
Sell		167,186	07/2008		2,437		0			2,437
Buy		217,373	12/2008		1,672		0			1,672
Sell		119,627	12/2008		1,765		0			1,765
Sell	CAD	25,618	04/2008		771		0			771
Sell	CHF	10,851	06/2008		0		(511	)		(511	)
Sell	EUR	130,595	04/2008		0		(2,512	)		(2,512	)
Sell	GBP	171,732	04/2008		7		(893	)		(886	)
Sell	JPY	4,402,460	04/2008		0		(1,536	)		(1,536	)
Buy		5,482,596	05/2008		1,168		0			1,168
Sell		43,596,357	05/2008		33		(12,380	)		(12,347	)
Buy	KRW	36,683,036	05/2008		0		(2,234	)		(2,234	)
Buy		6,423,533	08/2008		0		(274	)		(274	)
Buy	MXN	2,483,735	07/2008		7,426		0			7,426
Sell		2,295,481	07/2008		0		(3,906	)		(3,906	)
Buy	MYR	82,503	05/2008		819		(79	)		740
Buy		313	08/2008		1		0			1
Sell	NZD	8,951	04/2008		131		0			131
Buy	PHP	670,219	08/2008		0		(616	)		(616	)
Buy	PLN	130,931	07/2008		11,192		0			11,192
Buy	RUB	17,945	07/2008		47		0			47
Buy		2,071,529	11/2008		2,349		0			2,349
Sell		748,678	11/2008		0		(1,380	)		(1,380	)
Sell	SEK	66,896	06/2008		0		(407	)		(407	)
Buy	SGD	66,745	05/2008		3,886		0			3,886
Buy		3,017	11/2008		59		0			59
				$	40,334	$	(26,728	)	$	13,606

See Accompanying Notes Annual Report March 31, 2008 63

Schedule of Investments  Short-Term Fund

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.7%
CSC Holdings, Inc.
4.750% due 03/30/2013	$	2,500	$	2,342
Daimler Finance North America LLC
6.800% due 08/03/2012		15,860		13,193
HCA, Inc.
4.946% due 11/16/2013		3,666		3,377
Metro-Goldwyn-Mayer, Inc.
2.941% due 10/03/2011		900		716
3.468% due 10/03/2011		900		716
MGM Mirage
2.904% due 10/03/2011		1,800		1,599
3.414% due 10/03/2011		1,800		1,599
4.405% due 10/03/2011		900		800
6.494% due 10/03/2011		2,700		2,399
NRG Energy, Inc.
4.196% due 02/01/2013		493		463
4.346% due 02/01/2013		281		263
6.580% due 02/01/2013		191		179
Total Bank Loan Obligations (Cost $30,701)				27,646
CORPORATE BONDS & NOTES 23.5%
BANKING & FINANCE 16.3%
American Express Bank FSB
2.659% due 06/22/2009		3,000		2,929
2.955% due 06/12/2009		12,700		12,635
American Express Credit Corp.
3.179% due 03/02/2009		900		895
American Honda Finance Corp.
3.085% due 08/05/2008		3,100		3,100
American International Group, Inc.
2.599% due 06/23/2008		6,300		6,272
3.346% due 01/29/2010		26,800		26,748
Bank of America N.A.
2.901% due 06/12/2009		12,700		12,636
Bank of Ireland
2.589% due 12/19/2008		12,800		12,789
2.814% due 12/18/2009		5,200		5,187
Bear Stearns Cos., Inc.
3.182% due 02/23/2010		17,200		16,371
4.325% due 07/16/2009		12,300		11,885
6.950% due 08/10/2012		10,000		10,018
Calabash Re Ltd.
13.700% due 01/08/2010		2,300		2,373
CIT Group, Inc.
3.401% due 01/30/2009		19,100		16,627
Citigroup, Inc.
2.695% due 12/26/2008		9,700		9,688
3.162% due 05/02/2008		5,300		5,298
3.291% due 01/30/2009		21,000		20,816
Credit Agricole S.A.
3.090% due 05/28/2009		14,300		14,316
Danske Bank A/S
2.506% due 08/19/2008		19,200		19,202
Ford Motor Credit Co. LLC
7.250% due 10/25/2011		3,050		2,509
7.800% due 06/01/2012		250		206
General Electric Capital Corp.
2.900% due 06/15/2009		2,000		1,999
3.135% due 08/15/2011		1,300		1,271
3.156% due 05/10/2010		16,500		16,190
4.706% due 10/06/2010		13,800		13,579

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Glitnir Banki HF
4.154% due 04/20/2010	$	6,000	$	5,127
GMAC LLC
3.749% due 09/23/2008		2,600		2,453
4.315% due 05/15/2009		5,900		5,044
Goldman Sachs Group, Inc.
2.639% due 12/23/2008		900		894
2.689% due 12/22/2008		5,200		5,164
2.689% due 06/23/2009		41,910		41,380
2.971% due 06/28/2010		5,260		5,128
4.178% due 07/23/2009		1,000		991
HSBC Finance Corp.
2.930% due 09/15/2008		10,280		10,183
2.981% due 03/12/2010		3,200		3,076
3.154% due 12/05/2008		1,600		1,590
3.350% due 11/16/2009		4,000		3,819
3.954% due 10/21/2009		5,000		4,828
John Deere Capital Corp.
2.779% due 09/25/2008		14,100		14,096
JPMorgan Chase & Co.
3.125% due 05/07/2010		19,100		18,864
Lehman Brothers Holdings, Inc.
2.728% due 11/24/2008		700		683
2.809% due 12/23/2010		9,700		8,279
Longpoint Re Ltd.
8.050% due 05/08/2010		3,300		3,345
MBNA Corp.
3.525% due 05/05/2008		6,320		6,325
Merrill Lynch & Co., Inc.
3.395% due 02/06/2009		2,660		2,631
6.050% due 08/15/2012		10,400		10,577
Metropolitan Life Global Funding I
3.110% due 05/17/2010		19,100		18,714
Morgan Stanley
3.206% due 02/09/2009		12,100		11,965
3.212% due 05/07/2009		9,700		9,541
Mystic Re Ltd.
13.090% due 06/07/2011		700		723
National Australia Bank Ltd.
2.979% due 09/11/2009		8,900		8,896
3.578% due 02/08/2010		31,400		31,415
4.729% due 10/01/2008		2,000		1,999
Rabobank Nederland
4.278% due 01/15/2009		14,800		14,794
4.646% due 04/06/2009		6,700		6,694
Residential Reinsurance 2007 Ltd.
13.326% due 06/07/2010		3,400		3,479
Rockies Express Pipeline LLC
4.250% due 08/20/2009		20,900		20,913
Royal Bank of Scotland Group PLC
4.452% due 04/11/2008		4,100		4,100
Santander U.S. Debt S.A. Unipersonal
2.659% due 09/19/2008		6,000		5,984
3.205% due 02/06/2009		19,200		19,128
Unicredit Luxembourg Finance S.A.
3.768% due 10/24/2008		13,570		13,558
Ventas Realty LP
6.750% due 06/01/2010		4,960		4,991
8.750% due 05/01/2009		3,000		3,060
Vita Capital III Ltd.
5.829% due 01/01/2011		2,200		2,152
VTB Capital S.A.
3.839% due 08/01/2008		17,200		17,028

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Wachovia Bank N.A.
2.639% due 03/23/2009	$	3,300	$	3,270
3.092% due 02/23/2009		7,900		7,854
Williams Cos., Inc. Credit Linked Certificate Trust
6.750% due 04/15/2009		1,000		1,022
World Savings Bank FSB
2.592% due 06/20/2008		2,000		2,000
				613,296
INDUSTRIALS 3.8%
Comcast Corp.
4.677% due 07/14/2009		2,100		2,044
CSC Holdings, Inc.
7.250% due 07/15/2008		2,800		2,807
CVS Caremark Corp.
3.376% due 06/01/2010		7,800		7,585
Daimler Finance North America LLC
3.218% due 03/13/2009		3,800		3,754
EchoStar DBS Corp.
5.750% due 10/01/2008		6,700		6,683
6.375% due 10/01/2011		5,800		5,582
El Paso Corp.
6.500% due 06/01/2008		3,000		3,021
Forest Oil Corp.
8.000% due 06/15/2008		4,900		4,943
Fresenius Medical Care Capital Trust
7.875% due 06/15/2011		1,525		1,590
General Mills, Inc.
4.024% due 01/22/2010		8,000		7,834
HCA, Inc.
9.250% due 11/15/2016		1,400		1,456
HJ Heinz Co.
6.428% due 12/01/2020		13,500		13,731
Honeywell International, Inc.
3.294% due 07/27/2009		20,600		20,524
Mandalay Resort Group
6.500% due 07/31/2009		1,500		1,502
New Albertson’s, Inc.
6.950% due 08/01/2009		2,100		2,133
Reynolds American, Inc.
3.500% due 06/15/2011		9,600		9,024
Sungard Data Systems, Inc.
3.750% due 01/15/2009		3,400		3,340
SUPERVALU, Inc.
7.500% due 11/15/2014		5,200		5,278
Transcontinental Gas Pipe Line Corp.
5.538% due 04/15/2008		1,650		1,640
Transocean, Inc.
3.214% due 09/05/2008		4,500		4,478
Trinity Industries Leasing Co.
7.755% due 02/15/2009		1,539		1,592
Wal-Mart Stores, Inc.
2.700% due 06/16/2008		6,500		6,501
Weyerhaeuser Co.
3.599% due 09/24/2009		10,300		10,156
Williams Cos., Inc.
6.375% due 10/01/2010		7,000		7,210
Xerox Corp.
3.514% due 12/18/2009		2,000		1,972
9.750% due 01/15/2009		6,415		6,667
				143,047

64 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
UTILITIES 3.4%
AT&T, Inc.
3.195% due 02/05/2010	$	11,900	$	11,794
3.278% due 11/14/2008		2,000		2,001
BellSouth Corp.
3.165% due 08/15/2008		1,400		1,398
4.240% due 04/26/2021		9,300		9,306
Enel Finance International S.A.
5.700% due 01/15/2013		19,900		20,627
Entergy Gulf States, Inc.
3.600% due 06/01/2008		5,635		5,621
3.740% due 12/08/2008		9,600		9,627
Florida Power Corp.
3.468% due 11/14/2008		17,400		17,389
Midwest Generation LLC
8.300% due 07/02/2009		5,682		5,795
Ohio Edison Co.
4.000% due 05/01/2008		22,678		22,677
Ohio Power Co.
4.826% due 04/05/2010		2,000		1,951
Qwest Capital Funding, Inc.
6.375% due 07/15/2008		3,400		3,408
Qwest Corp.
5.625% due 11/15/2008		5,000		5,000
Sprint Nextel Corp.
3.071% due 06/28/2010		14,200		12,118
				128,712
Total Corporate Bonds & Notes (Cost $898,592)				885,055
MUNICIPAL BONDS & NOTES 0.0%
Palomar, California Community College District General Obligation Bonds, (FSA Insured), Series 2007
4.750% due 05/01/2032		500		478
Wisconsin State Revenue Bonds, Series 2003
9.950% due 05/01/2032		1,325		1,325
Total Municipal Bonds & Notes (Cost $1,808)				1,803
COMMODITY INDEX-LINKED NOTES 0.3%
Morgan Stanley (GSCI)
2.546% due 07/07/2008		10,000		9,935
Total Commodity Index-Linked Notes (Cost $10,000)				9,935
U.S. GOVERNMENT AGENCIES 50.5%
Fannie Mae
2.666% due 12/25/2036 - 07/25/2037		6,195		5,725
2.719% due 03/25/2034		151		146
2.729% due 03/25/2036		922		912
2.749% due 08/25/2034		944		916
2.899% due 03/25/2036		4,290		4,221
2.949% due 05/25/2042 - 03/25/2044		2,586		2,557
2.999% due 06/25/2032 - 09/25/2032		154		153
3.049% due 10/25/2030		25		26
3.125% due 02/25/2022 - 12/25/2022		16		16
3.199% due 10/25/2017		341		338
3.225% due 08/25/2022		9		9
3.275% due 12/25/2022		8		8

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
3.499% due 04/25/2032	$	13	$	13
4.500% due 09/25/2025		185		186
4.634% due 09/01/2035		911		913
4.768% due 11/01/2035		1,552		1,554
4.989% due 06/01/2035		992		1,013
5.000% due 01/25/2017 - 01/01/2038		6,743		6,693
5.018% due 01/01/2036		486		500
5.320% due 02/01/2018		29		29
5.322% due 05/01/2021 - 04/01/2029		253		251
5.407% due 05/01/2036		15,049		15,147
5.422% due 11/01/2025		25		25
5.433% due 05/01/2036		274		276
5.483% due 07/01/2034		38		39
5.497% due 01/01/2032		1,006		1,024
5.500% due 02/01/2014 - 04/01/2038		1,011,087		1,021,860
5.500% due 09/01/2036 (e)		32,393		32,744
5.590% due 06/01/2034		22		22
5.722% due 06/01/2043 - 10/01/2044		7,002		6,972
5.723% due 03/01/2044		9,117		9,065
5.820% due 12/01/2036		197		200
5.894% due 12/01/2036		207		211
6.000% due 08/01/2032 - 04/01/2038		530,470		543,935
6.000% due 10/01/2036 - 04/01/2037 (e)		26,450		27,130
6.467% due 07/01/2029		268		275
6.500% due 10/25/2023 (a)		32		1
6.500% due 11/01/2028 - 10/25/2042		1,086		1,168
6.735% due 08/01/2029		1,949		1,979
6.970% due 08/01/2026		19		19
6.991% due 12/01/2040		511		521
7.000% due 03/01/2013		47		49
7.155% due 10/01/2023		37		37
8.888% due 06/25/2032		700		748
Federal Home Loan Bank
4.000% due 04/20/2009		1,300		1,324
4.020% due 06/30/2009		2,000		2,044
4.330% due 03/16/2010		2,500		2,598
4.500% due 06/22/2010		12,400		12,989
Federal Housing Administration
6.896% due 07/01/2020		369		371
7.350% due 04/01/2019		166		167
7.430% due 07/01/2021 - 09/01/2022		162		164
7.435% due 02/01/2019		192		194
Freddie Mac
2.639% due 12/25/2036		29,508		29,088
3.000% due 12/15/2021		183		182
3.048% due 02/15/2019		78,720		78,231
3.168% due 12/15/2030 - 06/15/2031		421		408
3.218% due 06/15/2031		409		411
3.268% due 12/15/2031		13		13
3.625% due 03/15/2023		9		9
4.000% due 04/15/2022 - 11/15/2022		2,893		2,895
4.467% due 08/01/2035		1,002		1,013
4.500% due 12/15/2025		1,080		1,090
5.000% due 01/15/2018 - 03/15/2026		914		925
5.500% due 05/01/2013 - 09/01/2037		40,446		41,120
5.722% due 10/25/2044 - 02/25/2045		12,595		12,396
5.922% due 07/25/2044		13,048		12,745
6.500% due 08/15/2008 - 07/25/2043		894		914
6.750% due 08/15/2023		646		671

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Ginnie Mae
2.936% due 06/20/2030	$	9	$	9
3.318% due 02/16/2030		245		242
3.418% due 02/16/2030		154		153
3.468% due 02/16/2030		297		295
3.486% due 03/20/2031		1,138		1,130
5.125% due 10/20/2017 - 10/20/2027		994		992
5.625% due 07/20/2022 - 09/20/2029		3,348		3,368
6.000% due 01/15/2032 - 03/15/2032		2,646		2,731
6.250% due 03/20/2029 - 03/20/2030		1,121		1,144
6.375% due 05/20/2021 - 05/20/2030		5,144		5,258
6.500% due 02/20/2019		23		24
7.500% due 02/20/2030		167		176
8.000% due 12/15/2030 - 03/15/2032		179		197
8.500% due 06/20/2027		183		201
Small Business Administration
7.540% due 08/10/2009		86		89
Total U.S. Government Agencies (Cost $1,881,389)				1,907,597
MORTGAGE-BACKED SECURITIES 11.6%
American Home Mortgage Investment Trust
2.749% due 09/25/2035		17		17
4.290% due 10/25/2034		3,195		2,882
4.440% due 02/25/2045		93		84
5.000% due 09/25/2035		2,100		1,914
Arran Residential Mortgages Funding PLC
2.955% due 04/12/2036		431		431
Banc of America Funding Corp.
4.622% due 02/20/2036		9,735		9,327
Banc of America Mortgage Securities, Inc.
6.500% due 09/25/2033		1,122		1,108
7.235% due 07/20/2032		239		233
Bear Stearns Adjustable Rate Mortgage Trust
4.125% due 03/25/2035		12,774		12,228
4.617% due 01/25/2034		784		732
4.750% due 10/25/2035		23,938		23,112
4.760% due 01/25/2034		395		379
5.662% due 11/25/2034		19,441		18,814
5.950% due 11/25/2034		2,912		2,884
6.099% due 11/25/2030		339		328
Bear Stearns Alt-A Trust
2.759% due 02/25/2034		2,521		1,988
5.371% due 05/25/2035		702		608
5.706% due 09/25/2035		8,649		7,113
5.808% due 11/25/2036		5,416		4,244
5.882% due 01/25/2036		5,829		4,592
Bear Stearns Commercial Mortgage Securities
6.440% due 06/16/2030		856		856
Bear Stearns Mortgage Funding Trust
2.669% due 02/25/2037		8,123		7,113
Bear Stearns Structured Products, Inc.
2.806% due 01/26/2037		19,599		18,619
5.681% due 01/26/2036		19,512		16,514
5.783% due 12/26/2046		8,530		7,069
CC Mortgage Funding Corp.
2.729% due 05/25/2048		4,906		3,987
2.849% due 08/25/2035		964		772
Citigroup Commercial Mortgage Trust
2.888% due 08/15/2021		7		6
Citigroup Mortgage Loan Trust, Inc.
4.682% due 08/25/2035		2,463		2,400

See Accompanying Notes Annual Report March 31, 2008 65

Schedule of Investments  Short-Term Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Countrywide Alternative Loan Trust
2.616% due 09/20/2046	$	249	$	243
2.686% due 05/20/2046		242		220
2.716% due 02/20/2047		9,030		6,792
2.759% due 02/25/2047		454		346
2.779% due 05/25/2047		6,932		5,263
2.879% due 02/25/2037		7,799		6,134
5.236% due 02/25/2036		964		718
Countrywide Home Loan Mortgage Pass-Through Trust
2.829% due 05/25/2035		647		510
2.919% due 03/25/2035		1,083		810
2.939% due 06/25/2035		14,643		12,907
3.839% due 11/19/2033		205		206
5.750% due 07/19/2031		6		6
CS First Boston Mortgage Securities Corp.
5.215% due 03/25/2032		203		183
5.638% due 05/25/2032		5		5
Deutsche ALT-A Securities, Inc. Alternate Loan Trust
2.669% due 01/25/2047		1,464		1,364
2.679% due 02/25/2037		2,205		2,067
2.689% due 08/25/2037		2,773		2,709
First Republic Mortgage Loan Trust
3.079% due 06/25/2030		641		578
3.118% due 08/15/2032		7,000		6,751
3.168% due 11/15/2031		471		437
Greenpoint Mortgage Funding Trust
2.679% due 10/25/2046		8,055		7,258
2.679% due 01/25/2047		7,037		6,683
2.819% due 06/25/2045		883		664
2.829% due 06/25/2045		411		309
2.869% due 11/25/2045		1,019		842
Greenwich Capital Acceptance, Inc.
8.141% due 06/25/2024		11		11
GS Mortgage Securities Corp. II
3.170% due 03/06/2020		6,189		5,721
GSR Mortgage Loan Trust
4.539% due 09/25/2035		12,423		11,711
6.000% due 03/25/2032		3		3
GSRPM Mortgage Loan Trust
2.999% due 11/25/2031		2,453		2,430
3.299% due 01/25/2032		470		461
Harborview Mortgage Loan Trust
2.649% due 01/19/2038		220		207
2.729% due 04/19/2038		2,419		1,834
2.779% due 05/19/2035		3,346		2,637
2.799% due 03/19/2037		7,962		6,004
2.929% due 02/19/2034		804		768
Impac CMB Trust
3.499% due 10/25/2033		115		108
Impac Secured Assets CMN Owner Trust
2.679% due 01/25/2037		3,685		3,472
Indymac ARM Trust
6.395% due 01/25/2032		8		8
6.446% due 01/25/2032		3		3
Indymac Index Mortgage Loan Trust
2.689% due 11/25/2046		4,121		3,839
2.699% due 01/25/2037		311		298
JPMorgan Mortgage Trust
5.023% due 02/25/2035		2,076		1,889
Lehman Brothers Floating Rate Commercial Mortgage Trust
2.898% due 09/15/2021		366		344
MASTR Asset Securitization Trust
5.500% due 09/25/2033		1,632		1,568
MASTR Seasoned Securities Trust
6.206% due 09/25/2017		617		625
Mellon Residential Funding Corp.
3.561% due 12/15/2030		3,054		2,942
3.991% due 10/20/2029		4,091		3,951

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Merrill Lynch Floating Trust
2.888% due 06/15/2022	$	3,366	$	3,153
Merrill Lynch Mortgage Investors, Inc.
2.809% due 02/25/2036		7,311		5,876
MLCC Mortgage Investors, Inc.
2.849% due 11/25/2035		6,415		5,709
3.198% due 03/15/2025		561		453
4.250% due 10/25/2035		8,617		8,097
Morgan Stanley Capital I
2.878% due 10/15/2020		6,077		5,653
RAAC Series 2005-SP1
5.000% due 09/25/2034		726		709
Residential Accredit Loans, Inc.
2.699% due 09/25/2046		1,098		1,014
2.809% due 04/25/2046		490		373
2.899% due 08/25/2035		2,336		1,815
5.686% due 09/25/2045		1,450		1,234
Residential Funding Mortgage Securities I
6.500% due 03/25/2032		249		238
Sequoia Mortgage Trust
2.886% due 07/20/2033		4,369		4,170
2.916% due 10/20/2027		2,853		2,510
4.080% due 04/20/2035		1,719		1,574
Structured Adjustable Rate Mortgage Loan Trust
5.726% due 01/25/2035		142		135
Structured Asset Mortgage Investments, Inc.
2.699% due 09/25/2047		1,306		1,240
2.729% due 03/25/2037		2,076		1,629
2.809% due 07/19/2035		12,316		10,227
2.819% due 05/25/2036		13,202		10,013
2.829% due 05/25/2045		1,210		934
2.879% due 02/25/2036		69		54
2.889% due 09/19/2032		105		96
2.909% due 03/19/2034		1,058		948
Structured Asset Securities Corp.
2.649% due 05/25/2036		721		688
5.463% due 10/25/2035		1,443		1,379
6.039% due 02/25/2032		312		288
6.150% due 07/25/2032		253		235
7.108% due 01/25/2032		17		17
TBW Mortgage-Backed Pass-Through Certificates
2.699% due 09/25/2036		24		24
2.709% due 01/25/2037		4,368		4,160
Thornburg Mortgage Securities Trust
2.709% due 11/25/2046		8,513		8,074
2.719% due 03/25/2046		3,500		3,452
Wachovia Bank Commercial Mortgage Trust
2.908% due 09/15/2021		19,350		18,186
5.681% due 04/15/2034		202		202
WaMu Mortgage Pass-Through Certificates
2.869% due 12/25/2045		572		456
2.889% due 10/25/2045		1,214		970
3.139% due 12/25/2027		7,905		7,181
3.239% due 12/25/2027		3,842		3,640
4.039% due 09/25/2033		3,641		3,463
5.056% due 01/25/2047		1,020		840
5.136% due 12/25/2046		3,935		3,061
5.326% due 02/25/2046		5,353		4,166
5.326% due 08/25/2046		24,731		17,273
5.470% due 05/25/2046		329		254
5.526% due 11/25/2042		1,125		1,069
5.572% due 07/25/2046		557		376
5.572% due 08/25/2046		14,253		11,682
5.572% due 12/25/2046		2,239		2,129
5.726% due 06/25/2042		1,783		1,622
5.726% due 08/25/2042		1,603		1,476
5.826% due 09/25/2046		1,043		858
5.826% due 11/25/2046		398		330
5.939% due 09/25/2036		128		125

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Washington Mutual MSC Mortgage Pass-Through Certificates
7.020% due 02/25/2033	$	209	$	205
Wells Fargo Mortgage-Backed Securities Trust
3.988% due 12/25/2034		8,740		8,206
4.110% due 06/25/2035		230		229
Total Mortgage-Backed Securities (Cost $495,436)				439,363
ASSET-BACKED SECURITIES 9.1%
Aames Mortgage Investment Trust
2.749% due 08/25/2035		132		129
Accredited Mortgage Loan Trust
2.649% due 02/25/2037		1,239		1,180
ACE Securities Corp.
2.649% due 06/25/2036		292		288
2.649% due 12/25/2036		1,319		1,267
2.659% due 10/25/2036		225		214
2.679% due 02/25/2036		34		34
2.679% due 10/25/2036		1,908		1,853
2.689% due 06/25/2037		2,386		2,252
2.729% due 10/25/2036		2,400		2,129
American Express Credit Account Master Trust
2.818% due 01/18/2011		2,300		2,300
Amortizing Residential Collateral Trust
2.889% due 07/25/2032		57		50
2.949% due 08/25/2032		452		424
3.299% due 10/25/2031		510		480
Argent Securities, Inc.
2.639% due 06/25/2036		86		86
2.649% due 10/25/2036		2,057		2,011
2.659% due 05/25/2036		23		23
Asset-Backed Funding Certificates
2.659% due 10/25/2036		1,065		1,034
2.659% due 11/25/2036		1,788		1,652
2.659% due 01/25/2037		3,143		2,945
Asset-Backed Securities Corp. Home Equity
2.649% due 11/25/2036		1,098		1,066
2.679% due 05/25/2037		1,500		1,456
2.874% due 09/25/2034		445		396
Bank One Issuance Trust
2.928% due 12/15/2010		2,000		2,000
Bear Stearns Asset-Backed Securities Trust
2.649% due 11/25/2036		1,157		1,081
2.669% due 12/25/2036		1,391		1,252
2.679% due 10/25/2036		502		477
2.689% due 04/25/2036		119		118
2.929% due 10/25/2032		1,515		1,310
2.929% due 01/25/2036		150		146
2.999% due 10/27/2032		279		260
3.049% due 03/25/2043		1,336		1,300
3.099% due 11/25/2042		150		133
3.599% due 10/25/2037		5,262		4,742
Brazos Student Finance Corp.
2.780% due 06/01/2023		1,263		1,248
Carrington Mortgage Loan Trust
2.639% due 05/25/2036		48		48
2.649% due 01/25/2037		168		157
2.919% due 10/25/2035		1,972		1,695
Chase Credit Card Master Trust
2.928% due 02/15/2011		3,700		3,685
2.988% due 09/15/2011		18,800		18,652
Chase Funding Mortgage Loan Asset-Backed Certificates
3.239% due 08/25/2032		76		72
CIT Group Home Equity Loan Trust
2.869% due 06/25/2033		59		54

66 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Citigroup Mortgage Loan Trust, Inc.
2.639% due 12/25/2036	$	1,737	$	1,633
2.649% due 10/25/2036		1,119		1,093
2.649% due 11/25/2036		945		923
2.659% due 01/25/2037		899		886
2.659% due 05/25/2037		2,457		2,332
2.669% due 01/25/2037		3,758		3,506
2.709% due 08/25/2036		1,500		1,392
2.709% due 03/25/2037		879		823
Contimortgage Home Equity Trust
3.498% due 03/15/2027		3		2
Countrywide Asset-Backed Certificates
2.629% due 01/25/2046		136		133
2.649% due 01/25/2037		99		98
2.649% due 03/25/2037		171		164
2.649% due 05/25/2037		10,119		9,764
2.649% due 07/25/2037		3,052		2,915
2.649% due 03/25/2047		775		760
2.659% due 03/25/2037		1,428		1,396
2.659% due 09/25/2046		568		556
2.669% due 06/25/2036		37		37
2.669% due 07/25/2036		25		25
2.669% due 06/25/2037		2,208		2,143
2.679% due 06/25/2037		2,629		2,455
2.679% due 10/25/2037		1,487		1,393
2.699% due 08/25/2037		11,400		9,582
2.699% due 09/25/2037		1,500		1,422
2.699% due 09/25/2047		2,303		2,184
2.709% due 10/25/2046		1,550		1,500
2.759% due 02/25/2036		643		593
2.779% due 09/25/2036		2,777		2,598
2.789% due 06/25/2036		1,858		1,688
3.079% due 12/25/2031		77		69
3.265% due 07/25/2036		25		25
3.339% due 05/25/2032		239		216
3.459% due 05/25/2033		47		46
Countrywide Home Equity Loan Trust
2.958% due 01/15/2037		213		179
Credit-Based Asset Servicing & Securitization LLC
2.659% due 11/25/2036		1,377		1,317
2.689% due 12/25/2037		1,819		1,773
2.719% due 07/25/2037		507		478
Delta Funding Home Equity Loan Trust
3.638% due 09/15/2029		34		31
EMC Mortgage Loan Trust
2.969% due 05/25/2040		175		160
Equity One Asset-Backed Securities, Inc.
2.899% due 04/25/2034		627		540
3.159% due 11/25/2032		947		884
Fieldstone Mortgage Investment Corp.
2.679% due 05/25/2036		48		48
First Franklin Mortgage Loan Asset-Backed Certificates
2.629% due 05/25/2036		2,012		1,978
2.639% due 01/25/2038		2,711		2,569
2.649% due 11/25/2036		5,432		4,917
2.649% due 12/25/2036		1,048		993
2.669% due 12/25/2037		1,469		1,386
2.689% due 01/25/2036		66		66
2.969% due 12/25/2034		79		62
First USA Credit Card Master Trust
2.935% due 04/18/2011		6,800		6,792
Fremont Home Loan Trust
2.649% due 10/25/2036		1,655		1,632
2.659% due 01/25/2037		2,210		2,011
2.669% due 02/25/2037		1,718		1,679
Greenpoint Home Equity Loan Trust
3.178% due 01/15/2030		664		570
GSAA Trust
2.709% due 06/25/2035		59		59

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
GSAMP Trust
2.669% due 09/25/2036	$	1,109	$	1,075
2.669% due 10/25/2036		418		382
2.669% due 12/25/2036		3,346		3,212
2.699% due 01/25/2047		2,517		2,412
2.719% due 12/25/2035		121		120
2.889% due 03/25/2034		1,051		1,030
HFC Home Equity Loan Asset-Backed Certificates
2.606% due 03/20/2036		1,002		967
Home Equity Asset Trust
2.659% due 05/25/2037		1,421		1,359
2.679% due 05/25/2036		147		146
3.519% due 02/25/2033		1		1
HSBC Asset Loan Obligation
2.659% due 12/25/2036		2,615		2,503
HSI Asset Securitization Corp. Trust
2.649% due 12/25/2036		11,170		10,385
2.659% due 05/25/2037		423		400
2.679% due 12/25/2035		113		113
2.709% due 03/25/2036		6,700		6,588
Indymac Residential Asset-Backed Trust
2.639% due 08/25/2036		136		135
2.649% due 11/25/2036		601		591
2.659% due 04/25/2037		2,300		2,208
2.679% due 07/25/2037		1,593		1,504
2.729% due 04/25/2037		991		955
Irwin Home Equity Corp.
3.139% due 07/25/2032		367		299
IXIS Real Estate Capital Trust
2.659% due 08/25/2036		79		79
JPMorgan Mortgage Acquisition Corp.
2.639% due 08/25/2036		77		75
2.649% due 07/25/2036		1,790		1,689
2.649% due 08/25/2036		1,193		1,153
2.649% due 10/25/2036		3,525		3,285
2.659% due 04/01/2037		1,037		957
2.669% due 11/25/2036		944		900
2.679% due 03/25/2037		1,400		1,350
Lehman ABS Mortgage Loan Trust
2.689% due 06/25/2037		1,699		1,633
Lehman XS Trust
2.669% due 05/25/2046		836		794
2.679% due 04/25/2046		96		95
2.679% due 06/25/2046		1,228		1,172
2.679% due 08/25/2046		560		547
2.679% due 11/25/2046		3,198		3,030
2.689% due 05/25/2046		75		73
2.719% due 11/25/2036		365		350
2.749% due 04/25/2037		5,537		5,237
Long Beach Mortgage Loan Trust
2.629% due 06/25/2036		204		203
2.639% due 11/25/2036		1,534		1,458
2.659% due 10/25/2036		52		51
2.689% due 01/25/2046		51		51
2.779% due 08/25/2035		107		103
2.879% due 10/25/2034		359		324
3.825% due 03/25/2032		123		105
MASTR Asset-Backed Securities Trust
2.649% due 03/25/2036		113		112
2.649% due 11/25/2036		1,829		1,699
2.649% due 01/25/2037		976		937
2.659% due 10/25/2036		19		19
2.659% due 11/25/2036		2,333		2,206
2.679% due 01/25/2036		100		99
2.679% due 05/25/2037		1,311		1,225
MBNA Credit Card Master Note Trust
2.918% due 12/15/2011		2,000		1,980
Merrill Lynch First Franklin Mortgage Loan Trust
2.659% due 07/25/2037		3,193		2,927

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Merrill Lynch Mortgage Investors, Inc.
2.629% due 05/25/2037	$	1,535	$	1,506
2.629% due 06/25/2037		999		982
2.659% due 04/25/2037		375		370
2.669% due 08/25/2036		4,860		4,639
2.669% due 02/25/2037		245		243
2.669% due 07/25/2037		213		204
2.679% due 09/25/2037		162		156
2.719% due 02/25/2037		2,453		2,261
Morgan Stanley ABS Capital I
2.629% due 06/25/2036		365		361
2.639% due 06/25/2036		542		535
2.639% due 07/25/2036		812		795
2.639% due 09/25/2036		96		93
2.639% due 10/25/2036		2,655		2,581
2.639% due 01/25/2037		2,517		2,416
2.649% due 10/25/2036		2,896		2,813
2.649% due 11/25/2036		5,192		4,971
2.659% due 05/25/2037		5,989		5,743
2.699% due 09/25/2036		125		106
3.399% due 07/25/2037		558		535
Morgan Stanley Home Equity Loans
2.649% due 12/25/2036		1,733		1,663
Morgan Stanley IXIS Real Estate Capital Trust
2.649% due 11/25/2036		1,466		1,389
Nationstar Home Equity Loan Trust
2.659% due 03/25/2037		1,175		1,118
New Century Home Equity Loan Trust
2.659% due 05/25/2036		68		68
2.669% due 08/25/2036		619		610
2.779% due 05/25/2036		1,600		1,321
2.859% due 06/25/2035		88		84
Option One Mortgage Loan Trust
2.639% due 02/25/2037		797		761
2.649% due 07/25/2036		485		478
2.649% due 01/25/2037		3,376		3,178
2.659% due 07/25/2037		1,572		1,483
3.139% due 06/25/2032		69		64
3.139% due 08/25/2032		291		271
Park Place Securities, Inc.
2.859% due 09/25/2035		617		596
Popular ABS Mortgage Pass-Through Trust
2.689% due 06/25/2047		2,787		2,608
Renaissance Home Equity Loan Trust
2.959% due 11/25/2034		619		554
3.039% due 08/25/2033		1,307		1,224
3.099% due 12/25/2033		807		750
Residential Asset Mortgage Products, Inc.
2.669% due 11/25/2036		831		803
2.679% due 10/25/2036		205		196
2.699% due 08/25/2046		978		933
3.159% due 06/25/2032		10		10
Residential Asset Securities Corp.
2.639% due 06/25/2036		913		897
2.659% due 01/25/2037		1,413		1,340
2.669% due 07/25/2036		484		479
2.669% due 11/25/2036		7,299		6,959
2.669% due 02/25/2037		1,396		1,306
2.679% due 10/25/2036		1,289		1,250
2.709% due 04/25/2037		2,243		2,102
Residential Funding Mortgage Securities II, Inc.
2.719% due 05/25/2037		2,324		2,143
SACO I, Inc.
2.659% due 05/25/2036		671		509
Salomon Brothers Mortgage Securities VII, Inc.
2.899% due 03/25/2032		139		135
Saxon Asset Securities Trust
2.659% due 10/25/2046		1,363		1,314
3.139% due 01/25/2032		28		28

See Accompanying Notes Annual Report March 31, 2008 67

Schedule of Investments  Short-Term Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Sears Credit Account Master Trust
3.038% due 04/16/2013	$	700	$	687
Securitized Asset-Backed Receivables LLC Trust
2.639% due 01/25/2037		1,191		1,128
2.659% due 03/25/2036		792		782
SLC Student Loan Trust
3.045% due 02/15/2015		5,931		5,899
SLM Student Loan Trust
3.311% due 04/25/2014		3,362		3,349
3.321% due 10/27/2014		2,570		2,558
3.321% due 10/25/2016		1,567		1,561
3.321% due 07/25/2017		2,173		2,160
3.800% due 12/15/2038		3,800		3,714
Soundview Home Equity Loan Trust
2.639% due 11/25/2036		355		353
2.659% due 12/25/2036		584		562
2.679% due 01/25/2037		2,080		1,986
2.679% due 06/25/2037		2,268		2,146
2.699% due 10/25/2036		50		49
Specialty Underwriting & Residential Finance
2.629% due 06/25/2037		658		645
2.644% due 11/25/2037		190		180
2.659% due 01/25/2038		1,713		1,639
2.679% due 12/25/2036		227		226
2.939% due 01/25/2034		90		84
Structured Asset Investment Loan Trust
2.649% due 07/25/2036		901		858
Structured Asset Securities Corp.
2.649% due 10/25/2036		493		477
2.679% due 01/25/2037		1,281		1,164
2.699% due 01/25/2037		1,453		1,390
2.709% due 04/25/2036		2,400		2,318
2.889% due 01/25/2033		1,775		1,605
4.900% due 04/25/2035		4,000		3,698
Truman Capital Mortgage Loan Trust
2.939% due 01/25/2034		178		174
Washington Mutual Asset-Backed Certificates
2.649% due 01/25/2037		2,493		2,335
2.659% due 10/25/2036		856		773
2.669% due 04/25/2036		56		56
Wells Fargo Home Equity Trust
2.649% due 01/25/2037		1,052		1,016
2.699% due 03/25/2037		696		678
2.839% due 10/25/2035		7,287		7,075
WFS Financial Owner Trust
3.590% due 10/19/2009		8		8
Total Asset-Backed Securities (Cost $358,342)				341,745

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN CURRENCY-DENOMINATED ISSUES 0.6%
Atlas Reinsurance PLC
8.690% due 01/10/2010	EUR	2,300	$	3,694
BTM Curacao Holdings NV
1.570% due 11/29/2049	JPY	100,000		1,001
Mizuho Bank Ltd.
1.432% due 12/31/2049		700,000		6,989
Sumitomo Mitsui Banking Corp.
1.580% due 06/29/2049		600,000		6,088
1.745% due 11/26/2049		200,000		2,018
1.850% due 09/29/2049		100,000		1,006
Total Foreign Currency-Denominated Issues (Cost $17,399)				20,796
		SHARES
PREFERRED STOCKS 0.1%
DG Funding Trust
4.946% due 12/31/2049		328		3,419
Total Preferred Stocks (Cost $3,489)				3,419
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 6.0%
CERTIFICATES OF DEPOSIT 5.6%
Abbey National Treasury Services PLC
2.653% due 07/02/2008	$	6,800		6,781
ABN AMRO N.A. Finance
5.405% due 07/11/2008		12,100		12,100
Bank of Ireland
4.298% due 01/15/2010		16,800		16,516
Barclays Bank PLC
3.206% due 08/10/2009		9,600		9,615
Calyon Financial, Inc.
2.731% due 06/29/2010		700		698
4.035% due 01/16/2009		16,900		16,889
Calyon N.A. LLC
2.802% due 01/16/2009		5,600		5,594
Dexia Credit Local S.A.
2.654% due 09/29/2008		8,000		8,002
Fortis Bank NY
2.481% due 05/20/2008		3,000		2,999
2.622% due 04/28/2008		800		800
2.646% due 09/30/2008		3,700		3,695
2.649% due 06/30/2008		20,700		20,694

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
HSBC Bank USA N.A.
3.294% due 07/28/2008	$	1,200	$	1,201
Nordea Bank Finland PLC
2.671% due 12/01/2008		1,700		1,699
3.046% due 04/09/2009		33,800		33,780
3.080% due 02/06/2009		3,500		3,497
Skandinaviska Enskilda Banken AB
3.056% due 01/05/2009		8,000		7,992
3.060% due 02/13/2009		30,800		30,792
Societe Generale NY
2.652% due 06/30/2008		8,400		8,386
Svenska Handelsbanken AB
2.544% due 06/19/2009		4,000		4,004
Unicredito Italiano NY
3.085% due 05/29/2008		2,200		2,201
3.135% due 05/06/2008		5,000		4,999
Wachovia Bank N.A.
2.668% due 10/03/2008		7,100		7,072
				210,006
COMMERCIAL PAPER 0.0%
Royal Bank of Scotland Group PLC
2.900% due 04/24/2008		1,000		998
REPURCHASE AGREEMENTS 0.3%
Deutsche Bank AG
1.200% due 04/01/2008		10,500		10,500
(Dated 03/31/2008. Collateralized by U.S. Treasury Inflation Protected Securities 2.375% due 01/15/2025 valued at $10,718. Repurchase proceeds are $10,500.)
U.S. TREASURY BILLS 0.1%
1.378% due 05/29/2008 - 06/12/2008 (b)(c)		5,000		4,973
Total Short-Term Instruments (Cost $226,831)				226,477
PURCHASED OPTIONS (h) 1.0%
(Cost $13,512)				39,451
Total Investments 103.4% (Cost $3,937,499)			$	3,903,287
Written Options (i) (0.5%) (Premiums $8,112)				(20,263	)
Other Assets and Liabilities (Net) (2.9%)				(109,127	)
Net Assets (d) 100.0%			$	3,773,897

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Interest only security.

(b) Coupon represents a weighted average rate.

(c) Securities with an aggregate market value of $4,724 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(d) As of March 31, 2008, portfolio securities with an aggregate value of $14,147 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(e) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $134,441 at a weighted average interest rate of 4.240%. On March 31, 2008, securities valued at $52,157 were pledged as collateral for reverse repurchase agreements.

68 PIMCO Funds See Accompanying Notes

    
March 31, 2008

(f) Cash of $31,230 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar March Futures	Long	03/2009	459	$	2,576
90-Day Eurodollar March Futures	Short	03/2009	459		(2,370	)
Euro-Schatz June Futures	Short	06/2008	2,490		2,466
U.S. Treasury 10-Year Note June Futures	Long	06/2008	2,580		815
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	6,158		(8,606	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	5,530		1,346
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	11		3
				$	(3,770	)

(g) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Diamond Offshore Drilling, Inc. 0.000% due 06/06/2020	Buy	(0.230%	)	06/20/2012	DUB	$	3,800	$	47
Enbridge Energy Partners LP 4.750% due 06/01/2013	Sell	0.280%		06/20/2012	MLP		3,800		(128	)
Energy Transfer Partners LP 5.950% due 02/01/2015	Sell	0.330%		06/20/2012	BOA		3,800		(207	)
Fannie Mae 5.250% due 08/01/2012	Sell	0.950%		12/20/2012	RBS		5,000		(75	)
Glitnir Banki HF floating rate based on 3-Month USD-LIBOR plus 0.260% due 04/20/2010	Buy	(0.170%	)	06/20/2010	BOA		6,000		1,155
GlobalSantaFe Corp. 5.000% due 02/15/2013	Buy	(0.500%	)	06/20/2012	DUB		3,800		(14	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.850%		09/20/2012	JPM		7,600		(178	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400%		12/20/2008	LEH		4,000		(19	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400%		12/20/2008	RBS		4,200		(20	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.420%		12/20/2008	DUB		1,600		(7	)
Kinder Morgan Energy Partners LP 6.750% due 03/15/2011	Sell	0.290%		06/20/2012	MLP		3,800		(131	)
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Sell	0.800%		09/20/2012	RBS		4,700		(356	)
Morgan Stanley 6.600% due 04/01/2012	Sell	0.800%		09/20/2012	BEAR		10,000		(429	)
Morgan Stanley 6.600% due 04/01/2012	Sell	0.870%		09/20/2012	BOA		2,800		(112	)
Nabors Industries, Inc. 5.375% due 08/15/2012	Buy	(0.480%	)	06/20/2012	CITI		3,800		50
Noble Corp. 5.875% due 06/01/2013	Buy	(0.510%	)	06/20/2012	DUB		3,800		13
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.250%		12/20/2008	DUB		2,200		(8	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.260%		12/20/2008	BCLY		1,600		(5	)
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.290%		12/20/2008	BCLY		4,000		0
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.290%		12/20/2008	LEH		1,700		0
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.320%		12/20/2008	LEH		4,000		(1	)
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.330%		12/20/2008	DUB		1,600		0
Plains All American Pipeline LP 7.750% due 10/15/2012	Sell	0.320%		06/20/2012	BOA		3,800		(143	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.310%		12/20/2008	LEH		1,700		(3	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.710%		12/20/2008	BCLY		3,900		(15	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.720%		12/20/2008	BCLY		1,400		(5	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.720%		12/20/2008	DUB		3,900		(15	)
Valero Energy Corp. 6.875% due 04/15/2012	Sell	0.320%		06/20/2012	BOA		3,800		(121	)
								$	(727	)

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the reference entity. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (2)	Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation
Dow Jones CDX N.A. IG9 Index	Sell	0.600%	12/20/2012	JPM	$	50,500	$	328
Dow Jones CDX N.A. IG9 Index	Sell	0.701%	12/20/2012	DUB		11,000		99
Dow Jones CDX N.A. IG9 Index	Sell	0.705%	12/20/2012	GSC		700		6
							$	433

⁽²⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of underlying securities comprising the reference entity index. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	CITI	AUD	77,900	$	(236	)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	UBS		13,200		(41	)
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	BCLY	$	16,700		(349	)
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	DUB		9,100		(48	)

See Accompanying Notes Annual Report March 31, 2008 69

Schedule of Investments  Short-Term Fund  (Cont.)

Interest Rate Swaps (Cont.)
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	RBS	$	62,900	$	(1,039	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	MSC		56,800		(3,775	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	RBS		48,400		(2,384	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.983%	03/15/2012	BNP	EUR	3,400		(75	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.995%	03/15/2012	GSC		9,900		(189	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	DUB	AUD	40,500		(199	)
Pay	6-Month Australian Bank Bill	7.500%	03/15/2011	JPM		10,700		13
Pay	6-Month Australian Bank Bill	7.500%	03/15/2011	UBS		53,700		111
Pay	6-Month EUR-LIBOR	4.000%	09/19/2009	GSC	EUR	50,200		(216	)
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	JPM		38,300		42
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	LEH		53,100		167
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	MSC		104,200		269
Pay	6-Month GBP-LIBOR	6.000%	06/19/2009	BCLY	GBP	44,100		348
Pay	6-Month GBP-LIBOR	6.000%	06/19/2009	RBC		12,400		98
Pay	6-Month GBP-LIBOR	6.000%	06/19/2009	RBS		85,900		704
Pay	6-Month GBP-LIBOR	5.000%	09/15/2010	BCLY		22,500		620
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	BCLY		8,800		570
							$	(5,609	)

(h) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CME 90-Day Eurodollar June Futures	$	96.375	06/16/2008	3,817	$	2,729	$	12,930
Call - CME 90-Day Eurodollar June Futures		96.875	06/16/2008	7,837		5,194		16,801
					$	7,923	$	29,731

Foreign Currency Options
Description	Exercise Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Euro versus U.S. dollar	$	1.355	05/21/2008	EUR	16,400	$	488	$	11
Call - OTC Euro versus Japanese yen	JPY	148.300	05/20/2010		8,100		464		817
Put - OTC Euro versus Japanese yen		148.300	05/20/2010		8,100		464		912
Call - OTC Euro versus U.S. dollar	$	1.375	05/21/2010		9,000		443		1,612
Put - OTC Euro versus U.S. dollar		1.375	05/21/2010		9,000		443		302
Call - OTC Euro versus U.S. dollar		1.372	06/03/2010		6,800		331		1,232
Put - OTC Euro versus U.S. dollar		1.372	06/03/2010		6,800		331		226
Call - OTC Euro versus U.S. dollar		1.375	06/03/2010		11,600		556		2,077
Put - OTC Euro versus U.S. dollar		1.375	06/03/2010		11,600		556		392
Call - OTC U.S. dollar versus Japanese yen	JPY	105.200	03/31/2010	$	5,000		210		82
Put - OTC U.S. dollar versus Japanese yen		105.200	03/31/2010		5,000		211		509
Call - OTC U.S. dollar versus Japanese yen		105.400	03/31/2010		13,000		546		206
Put - OTC U.S. dollar versus Japanese yen		105.400	03/31/2010		13,000		546		1,342
						$	5,589	$	9,720

(i) Written options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CME 90-Day Eurodollar June Futures	$	96.875	06/13/2008	3,817	$	2,906	$	7,920
Call - CME 90-Day Eurodollar June Futures		97.125	06/13/2008	7,837		5,206		12,343
					$	8,112	$	20,263

(j) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (3)
Fannie Mae	5.000%	04/01/2038	$	2,000	$	1,977	$	1,980
U.S. Treasury Bonds	5.500%	05/15/2009		1,425		1,486		1,526
U.S. Treasury Notes	4.250%	11/15/2014		60,200		65,193		67,071
U.S. Treasury Notes	4.250%	08/15/2015		76,115		81,343		83,667
U.S. Treasury Notes	4.500%	02/15/2016		1,300		1,408		1,442
					$	151,407	$	155,686

⁽³⁾ Market value includes $1,990 of interest payable on short sales.

70 PIMCO Funds See Accompanying Notes

    
March 31, 2008

(k) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Sell	AUD	280	04/2008	$	0	$	(2	)	$	(2	)
Buy	BRL	30,010	07/2008		629		0			629
Sell		21,784	07/2008		313		0			313
Buy		26,159	12/2008		205		0			205
Sell		12,051	12/2008		197		0			197
Buy	CLP	2,447,604	07/2008		665		0			665
Buy		63,745	12/2008		12		0			12
Sell	EUR	14,628	04/2008		0		(281	)		(281	)
Sell	GBP	47,552	04/2008		0		(248	)		(248	)
Buy	JPY	1,561,698	05/2008		347		0			347
Buy	KRW	1,673,550	05/2008		0		(103	)		(103	)
Buy		26,952,122	08/2008		0		(1,593	)		(1,593	)
Buy	MXN	343,073	07/2008		1,008		0			1,008
Buy	NOK	57,384	06/2008		211		0			211
Buy	PLN	83,640	07/2008		4,090		0			4,090
Buy	RUB	491,838	07/2008		1,333		0			1,333
Buy		1,299,698	11/2008		1,981		0			1,981
Buy	SGD	43,579	05/2008		1,782		0			1,782
Buy	ZAR	1,750	07/2008		0		(22	)		(22	)
Buy		22,036	12/2008		0		(174	)		(174	)
				$	12,773	$	(2,423	)	$	10,350

See Accompanying Notes Annual Report March 31, 2008 71

Schedule of Investments  StocksPLUS^® Fund

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 0.8%
Allied Waste North America, Inc.
4.060% due 03/28/2014	$	25	$	24
4.080% due 03/28/2014		29		27
4.570% due 03/28/2014		53		50
4.590% due 03/28/2014		4		4
Fresenius Medical Care Capital Trust
3.954% due 03/22/2013		198		190
4.071% due 03/22/2013		610		584
4.460% due 03/22/2013		57		54
5.818% due 03/22/2013		28		27
Goodyear Tire & Rubber Co.
6.430% due 04/20/2014		2,000		1,810
Metro-Goldwyn-Mayer, Inc.
5.946% due 04/08/2012		1,290		1,027
Sensata Technologies, Inc.
5.056% due 04/27/2013		2,475		2,153
5.058% due 04/27/2013		6		6
Total Bank Loan Obligations (Cost $6,793)				5,956
CORPORATE BONDS & NOTES 39.5%
BANKING & FINANCE 28.7%
American Express Bank FSB
2.596% due 10/20/2009		2,100		2,086
2.659% due 06/22/2009		2,500		2,441
American Express Centurion Bank
2.955% due 06/12/2009		1,900		1,894
3.075% due 05/07/2008 (f)		1,900		1,900
American Express Credit Corp.
3.118% due 11/09/2009		2,100		2,056
American International Group, Inc.
2.599% due 06/23/2008 (f)		8,600		8,562
Bank of America Corp.
3.155% due 11/06/2009 (f)		500		496
8.000% due 12/29/2049		6,000		6,019
Bank of America N.A.
2.764% due 12/18/2008		800		798
2.901% due 06/12/2009		2,000		1,990
3.080% due 06/15/2016		2,300		1,992
Bank of Ireland
2.814% due 12/18/2009 (f)		5,900		5,885
Bear Stearns Cos., Inc.
3.160% due 08/21/2009		3,000		2,839
3.190% due 05/18/2010		4,800		4,467
3.250% due 03/25/2009		1,600		1,518
3.551% due 01/30/2009		2,300		2,130
Capital One Financial Corp.
3.270% due 09/10/2009 (f)		1,800		1,631
Caterpillar Financial Services Corp.
3.314% due 10/28/2008		400		400
CIT Group, Inc.
2.729% due 12/19/2008		1,500		1,352
5.000% due 11/24/2008		1,700		1,563
Citigroup Funding, Inc.
2.606% due 06/26/2009 (f)		11,200		11,043
Citigroup Global Markets Holdings, Inc.
2.900% due 03/17/2009		2,000		1,976
Credit Agricole S.A.
3.090% due 05/28/2009		1,700		1,702
3.140% due 05/28/2010		2,000		2,002
DnB NOR Bank ASA
4.447% due 10/13/2009		1,800		1,802
East Lane Re Ltd.
9.239% due 05/06/2011		9,500		9,579

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Enron Credit Linked Notes Trust
8.000% due 08/15/2005 (a)	$	1,100	$	935
Ford Motor Credit Co. LLC
5.625% due 10/01/2008		1,600		1,573
5.800% due 01/12/2009		300		286
6.625% due 06/16/2008		10,500		10,382
7.375% due 10/28/2009		600		547
Foundation Re II Ltd.
9.820% due 11/26/2010		2,500		2,553
General Electric Capital Corp.
3.135% due 08/15/2011		6,300		6,160
4.686% due 01/05/2009		100		100
4.706% due 10/06/2010		2,400		2,362
GMAC LLC
3.749% due 09/23/2008		7,400		6,982
Goldman Sachs Group, Inc.
2.639% due 12/23/2008		500		497
2.746% due 03/30/2009		1,300		1,287
4.178% due 07/23/2009		2,500		2,479
International Lease Finance Corp.
4.950% due 02/01/2011 (f)		6,000		5,926
JPMorgan Chase & Co.
2.656% due 06/26/2009		1,500		1,490
3.202% due 05/07/2010		2,800		2,762
Lehman Brothers Holdings, Inc.
2.649% due 12/23/2008		200		194
2.809% due 12/23/2010		2,500		2,134
3.170% due 08/21/2009		1,700		1,629
3.346% due 11/10/2009		1,300		1,178
Merrill Lynch & Co., Inc.
3.138% due 12/04/2009		2,300		2,242
Metropolitan Life Global Funding I
3.110% due 05/17/2010		3,700		3,625
Morgan Stanley
3.206% due 02/09/2009		2,800		2,769
3.212% due 05/07/2009		1,400		1,377
4.201% due 01/18/2011		3,300		3,084
4.348% due 01/15/2010		1,400		1,339
Osiris Capital PLC
7.108% due 01/15/2010		5,000		4,971
Phoenix Quake Ltd.
5.148% due 07/03/2008		500		500
Phoenix Quake Wind I Ltd.
7.152% due 07/03/2008		600		600
Prudential Financial, Inc.
3.018% due 06/13/2008		4,400		4,395
Residential Capital LLC
6.178% due 05/22/2009		2,300		1,322
Rockies Express Pipeline LLC
4.250% due 08/20/2009		2,800		2,802
Royal Bank of Scotland Group PLC
3.944% due 07/21/2008		1,600		1,597
Santander U.S. Debt S.A. Unipersonal
2.659% due 09/19/2008 (f)		6,500		6,483
SB Treasury Co. LLC
9.400% due 12/29/2049 (f)		2,200		2,229
SLM Corp.
2.940% due 12/15/2008		1,700		1,639
3.471% due 07/27/2009 (f)		1,700		1,431
3.531% due 01/26/2009		300		269
3.541% due 07/25/2008		700		688
4.131% due 01/26/2009		2,100		2,013
Spinnaker Capital Ltd.
14.300% due 06/15/2008		2,500		2,539

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Tokai Preferred Capital Co. LLC
9.980% due 12/29/2049	$	9,400	$	9,444
Unicredit Luxembourg Finance S.A.
3.768% due 10/24/2008		9,900		9,891
VTB Capital S.A.
3.839% due 08/01/2008		1,900		1,881
4.812% due 11/02/2009		3,100		3,102
Wachovia Corp.
4.388% due 10/15/2011		5,700		5,281
Westpac Banking Corp.
3.040% due 06/06/2008 (f)		1,200		1,200
				210,292
INDUSTRIALS 5.8%
America Movil SAB de C.V.
2.755% due 06/27/2008		2,700		2,680
Anadarko Petroleum Corp.
3.200% due 09/15/2009		2,000		1,963
BP AMI Leasing, Inc.
2.616% due 06/26/2009		3,900		3,903
Citigroup Global Markets Deutschland AG for OAO Gazprom
10.500% due 10/21/2009		600		652
Daimler Finance North America LLC
3.298% due 03/13/2009		3,500		3,455
Home Depot, Inc.
2.925% due 12/16/2009		1,300		1,240
Hospira, Inc.
3.176% due 03/30/2010		2,400		2,335
JC Penney Corp., Inc.
7.375% due 08/15/2008		700		706
Pemex Project Funding Master Trust
3.676% due 12/03/2012		3,600		3,509
Reynolds American, Inc.
3.500% due 06/15/2011		1,400		1,316
Time Warner, Inc.
3.300% due 11/13/2009		3,900		3,736
Transcontinental Gas Pipe Line Corp.
5.538% due 04/15/2008		5,400		5,366
Transocean, Inc.
3.214% due 09/05/2008		2,400		2,388
UnitedHealth Group, Inc.
4.462% due 02/07/2011 (f)		5,200		5,208
Wal-Mart Stores, Inc.
2.700% due 06/16/2008		4,400		4,401
				42,858
UTILITIES 5.0%
AT&T, Inc.
3.278% due 11/14/2008		2,000		2,001
Dominion Resources, Inc.
3.248% due 11/14/2008 (f)		4,460		4,438
Entergy Gulf States, Inc.
3.740% due 12/08/2008		3,000		3,008
Florida Power Corp.
3.468% due 11/14/2008		1,900		1,899
NiSource Finance Corp.
3.662% due 11/23/2009		600		583
Progress Energy, Inc.
4.708% due 01/15/2010		1,500		1,495
Qwest Capital Funding, Inc.
6.375% due 07/15/2008		2,900		2,907

72 PIMCO Funds See Accompanying Notes

    
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Qwest Corp.
5.625% due 11/15/2008	$	2,700	$	2,700
6.050% due 06/15/2013		3,400		3,077
Sierra Pacific Power Co.
8.000% due 06/01/2008		8,593		8,691
Southern California Edison Co.
3.212% due 02/02/2009		2,000		1,932
Telecom Italia Capital S.A.
3.719% due 02/01/2011		1,300		1,197
Telefonica Emisones SAU
2.842% due 06/19/2009		2,600		2,533
				36,461
Total Corporate Bonds & Notes (Cost $296,047)				289,611
COMMODITY INDEX-LINKED NOTES 0.4%
Morgan Stanley (GSCI)
2.546% due 07/07/2008		3,000		2,980
Total Commodity Index-Linked Notes (Cost $3,000)				2,980
U.S. GOVERNMENT AGENCIES 21.6%
Fannie Mae
2.719% due 03/25/2034 (f)		1,207		1,166
2.999% due 05/25/2031 - 11/25/2032 (f)		5,365		5,218
4.634% due 09/01/2035 (f)		6,486		6,497
4.695% due 12/01/2033 (f)		1,608		1,614
4.765% due 04/01/2035 (f)		6,249		6,320
5.000% due 02/25/2017 - 04/25/2033 (f)		28,523		28,840
5.000% due 04/01/2023 - 05/01/2038		11,000		10,910
5.322% due 04/01/2018 (f)		51		51
5.422% due 12/01/2023 - 02/01/2027		10		10
5.422% due 11/01/2027 - 11/01/2028 (f)		260		260
5.500% due 09/01/2033 - 06/01/2036 (f)		20,648		20,896
5.500% due 04/01/2038		1,000		1,010
5.689% due 08/01/2029 (f)		31		31
5.722% due 07/01/2044 (f)		370		369
5.973% due 09/01/2034 (f)		1,707		1,726
6.000% due 01/01/2017 - 05/01/2037 (f)		4,019		4,130
6.000% due 10/01/2033		7		7
6.089% due 12/01/2036 (f)		1,726		1,747
6.442% due 11/01/2035 (f)		854		879
6.500% due 09/25/2008 (b)		1		0
7.000% due 02/01/2015 - 03/01/2015 (f)		1,077		1,133
7.043% due 05/01/2022		8		8
7.500% due 09/01/2015 - 05/01/2016 (f)		820		858
8.000% due 03/01/2030 - 07/01/2031 (f)		133		145
8.000% due 04/01/2030 - 05/01/2031		23		25
Freddie Mac
2.968% due 07/15/2019 - 10/15/2020 (f)		20,613		19,934
3.048% due 02/15/2019 (f)		12,008		11,934
3.168% due 12/15/2030 (f)		1,220		1,193
3.218% due 06/15/2018 (f)		457		451
4.701% due 06/01/2035 (f)		4,990		5,075
5.000% due 07/15/2024 (f)		3,699		3,754
5.500% due 08/15/2030 - 11/01/2037 (f)		4,890		4,944
5.722% due 02/25/2045		1,889		1,831

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
6.000% due 03/01/2016 - 09/01/2037 (f)	$	8,266	$	8,511
6.000% due 09/01/2028		4		4
6.087% due 07/01/2019 (f)		584		601
6.500% due 10/25/2043		2,267		2,372
6.704% due 12/01/2022 (f)		41		42
6.963% due 06/01/2022 (f)		21		21
8.500% due 04/01/2025		7		8
8.500% due 06/01/2025 (f)		17		19
Ginnie Mae
2.936% due 09/20/2030		4		4
5.125% due 12/20/2022 - 12/20/2027 (f)		389		389
5.625% due 07/20/2018 - 07/20/2027 (f)		1,960		1,977
6.375% due 02/20/2026 - 02/20/2028 (f)		904		925
8.000% due 04/20/2030 (f)		189		207
Total U.S. Government Agencies (Cost $156,869)				158,046
MORTGAGE-BACKED SECURITIES 13.6%
Banc of America Funding Corp.
4.113% due 05/25/2035		2,018		1,918
Banc of America Mortgage Securities, Inc.
6.500% due 10/25/2031		787		767
Bank Mart
4.567% due 03/01/2019 (k)		576		541
Bear Stearns Adjustable Rate Mortgage Trust
4.617% due 01/25/2034		2,175		2,032
4.750% due 10/25/2035		6,226		6,011
4.777% due 11/25/2034		939		911
5.031% due 04/25/2033		653		636
5.072% due 11/25/2034		2,846		2,764
6.764% due 02/25/2033		114		107
6.851% due 01/25/2034		145		139
Bear Stearns Alt-A Trust
2.759% due 02/25/2034		1,538		1,212
5.706% due 09/25/2035		610		502
Bear Stearns Structured Products, Inc.
2.806% due 01/26/2037		4,537		4,310
5.681% due 01/26/2036		2,006		1,698
5.783% due 12/26/2046		1,113		922
Citigroup Commercial Mortgage Trust
2.888% due 08/15/2021		163		152
Citigroup Mortgage Loan Trust, Inc.
4.900% due 12/25/2035		1,675		1,597
Countrywide Alternative Loan Trust
2.779% due 05/25/2047		1,606		1,220
6.000% due 10/25/2033		1,209		1,180
Countrywide Home Loan Mortgage Pass-Through Trust
4.723% due 02/20/2035		3,176		3,079
4.800% due 11/25/2034		1,775		1,667
CS First Boston Mortgage Securities Corp.
5.215% due 03/25/2032		453		409
6.466% due 06/25/2032		37		37
6.556% due 06/25/2032		10		10
Fund America Investors Corp. II
6.459% due 06/25/2023		14		13
Greenpoint Mortgage Funding Trust
2.679% due 10/25/2046		1,666		1,502
2.869% due 11/25/2045		736		608
GS Mortgage Securities Corp. II
3.170% due 03/06/2020		2,158		1,995
GSR Mortgage Loan Trust
2.949% due 01/25/2034		325		275
Harborview Mortgage Loan Trust
2.749% due 01/19/2038		3,968		3,022

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.137% due 07/19/2035	$	1,451	$	1,387
Impac CMB Trust
3.359% due 10/25/2033		91		75
4.135% due 07/25/2033		1,619		1,520
Impac Secured Assets CMN Owner Trust
2.679% due 01/25/2037		1,010		951
Indymac Index Mortgage Loan Trust
2.689% due 11/25/2046		1,084		1,010
JPMorgan Mortgage Trust
5.023% due 02/25/2035		1,339		1,219
Lehman Brothers Floating Rate Commercial Mortgage Trust
2.898% due 09/15/2021		299		282
MASTR Adjustable Rate Mortgages Trust
3.786% due 11/21/2034		1,606		1,586
MASTR Asset Securitization Trust
5.500% due 09/25/2033		2,105		2,023
Mellon Residential Funding Corp.
3.601% due 06/15/2030		3,951		3,760
Merrill Lynch Floating Trust
2.888% due 06/15/2022		6,312		5,911
Merrill Lynch Mortgage Investors, Inc.
2.809% due 02/25/2036		798		641
4.910% due 12/25/2032		692		660
MLCC Mortgage Investors, Inc.
2.849% due 11/25/2035		258		233
3.599% due 10/25/2035		427		370
6.944% due 01/25/2029		1,180		1,151
Morgan Stanley Capital I
2.878% due 10/15/2020		543		505
Prime Mortgage Trust
2.999% due 02/25/2019		147		139
2.999% due 02/25/2034		710		642
Resecuritization Mortgage Trust
2.856% due 04/26/2021		1		1
Residential Funding Mortgage Securities I
6.500% due 03/25/2032		565		540
Salomon Brothers Mortgage Securities VII, Inc.
7.167% due 12/25/2030		624		604
Structured Adjustable Rate Mortgage Loan Trust
4.940% due 03/25/2034		1,343		1,238
Structured Asset Mortgage Investments, Inc.
2.809% due 07/19/2035		1,697		1,409
2.879% due 02/25/2036		896		702
9.515% due 06/25/2029		764		831
TBW Mortgage-Backed Pass-Through Certificates
2.709% due 01/25/2037		5,006		4,767
Thornburg Mortgage Securities Trust
2.709% due 11/25/2046		1,528		1,449
3.265% due 06/25/2037		2,485		2,337
Wachovia Bank Commercial Mortgage Trust
2.898% due 06/15/2020		2,844		2,621
2.908% due 09/15/2021		5,283		4,966
WaMu Mortgage Pass-Through Certificates
2.869% due 12/25/2045		930		741
2.889% due 10/25/2045		515		411
5.220% due 02/27/2034		1,945		1,850
5.326% due 02/25/2046		4,832		3,761
5.526% due 11/25/2042		236		224
5.726% due 06/25/2042		1,028		935
Wells Fargo Mortgage-Backed Securities Trust
4.947% due 01/25/2035		2,311		2,172
4.950% due 03/25/2036		3,208		3,058
Total Mortgage-Backed Securities (Cost $108,501)				99,918

See Accompanying Notes Annual Report March 31, 2008 73

Schedule of Investments  StocksPLUS^® Fund(Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES 8.4%
AFC Home Equity Loan Trust
3.149% due 06/25/2028	$	393	$	252
Asset-Backed Funding Certificates
2.659% due 01/25/2037		1,100		1,031
Asset-Backed Securities Corp. Home Equity
2.759% due 05/25/2035		183		163
Bear Stearns Asset-Backed Securities Trust
2.689% due 06/25/2047		1,022		976
Chase Funding Mortgage Loan Asset-Backed Certificates
3.339% due 10/25/2032		277		235
Citibank Credit Card Issuance Trust
2.900% due 05/17/2010		2,700		2,700
Citigroup Mortgage Loan Trust, Inc.
2.649% due 11/25/2036		389		380
2.659% due 05/25/2037		16,617		15,797
Countrywide Asset-Backed Certificates
2.669% due 06/25/2037		3,766		3,656
CS First Boston Mortgage Securities Corp.
3.219% due 01/25/2032		337		304
First NLC Trust
2.669% due 08/25/2037		4,524		4,335
First USA Credit Card Master Trust
2.935% due 04/18/2011		4,800		4,794
Fremont Home Loan Trust
2.649% due 10/25/2036		3,059		3,017
GSAMP Trust
2.719% due 12/25/2035		529		525
GSR Mortgage Loan Trust
2.699% due 11/25/2030		132		131
HFC Home Equity Loan Asset-Backed Certificates
2.806% due 01/20/2035		1,831		1,524
HSI Asset Securitization Corp. Trust
2.649% due 12/25/2036		870		808
JPMorgan Mortgage Acquisition Corp.
2.659% due 04/01/2037		1,915		1,767
2.669% due 11/25/2036		404		386
Lehman XS Trust
2.669% due 05/25/2046		406		385
Long Beach Mortgage Loan Trust
2.689% due 01/25/2046		59		59
2.879% due 10/25/2034		50		45
Merrill Lynch Mortgage Investors, Inc.
2.669% due 08/25/2036		2,933		2,800

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Morgan Stanley ABS Capital I
2.639% due 10/25/2036	$	664	$	645
Residential Asset Securities Corp.
2.669% due 11/25/2036		1,329		1,266
Saxon Asset Securities Trust
2.659% due 10/25/2046		584		563
Sears Credit Account Master Trust
3.038% due 04/16/2013		9,200		9,023
SLM Student Loan Trust
3.331% due 10/25/2016		1,816		1,801
Specialty Underwriting & Residential Finance
2.629% due 06/25/2037		1,526		1,494
Wells Fargo Home Equity Trust
2.649% due 01/25/2037		813		785
Total Asset-Backed Securities (Cost $64,081)				61,647
SOVEREIGN ISSUES 1.6%
Export-Import Bank of Korea
3.166% due 06/01/2009		2,400		2,405
3.310% due 11/16/2010		5,900		5,924
Hydro Quebec
2.677% due 09/29/2049		1,200		1,046
Korea Development Bank
3.358% due 11/22/2012		2,200		2,134
Total Sovereign Issues (Cost $11,529)				11,509
FOREIGN CURRENCY-DENOMINATED ISSUES 1.5%
New Zealand Government CPI Linked Bond
4.500% due 02/15/2016	NZD	9,750		10,233
Sumitomo Mitsui Banking Corp.
1.151% due 06/02/2049	JPY	100,000		989
Total Foreign Currency-Denominated Issues (Cost $7,527)				11,222
		SHARES
CONVERTIBLE PREFERRED STOCKS 1.6%
Bank of America Corp.
7.250% due 12/31/2049		11,000		11,363
Total Convertible Preferred Stocks (Cost $11,000)				11,363

		SHARES		VALUE (000S)
PREFERRED STOCKS 1.3%
DG Funding Trust
4.946% due 12/31/2049		913	$	9,518
Total Preferred Stocks (Cost $9,564)				9,518
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 24.9%
COMMERCIAL PAPER 3.8%
Federal Home Loan Bank
1.500% due 04/01/2008	$	3,000		3,000
Royal Bank of Scotland Group PLC
3.070% due 04/24/2008		3,800		3,792
Westpac Banking Corp.
3.070% due 05/06/2008		21,500		21,436
				28,228
REPURCHASE AGREEMENTS 0.8%
Fixed Income Clearing Corp.
1.900% due 04/01/2008		5,675		5,675
(Dated 03/31/2008. Collateralized by Freddie Mac 3.000% due 05/13/2008 valued at $5,791. Repurchase proceeds are $5,675.)
U.S. TREASURY BILLS 20.3%
0.819% due 04/17/2008 - 07/17/2008 (c)(d)		149,550		148,939
Total Short-Term Instruments (Cost $183,198)				182,842
PURCHASED OPTIONS (i) 0.5%
(Cost $2,299)				3,328
Total Investments 115.7% (Cost $860,408)			$	847,940
Written Options (j) (0.4%) (Premiums $2,119)				(3,234	)
Other Assets and Liabilities (Net) (15.3%)				(111,722	)
Net Assets (e) 100.0%			$	732,984

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security is in default.

(b) Interest only security.

(c) Coupon represents a weighted average rate.

(d) Securities with an aggregate market value of $6,471 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(e) As of March 31, 2008, portfolio securities with an aggregate value of $8,162 and derivative instruments with an aggregate depreciation of ($189) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(f) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $119,451 at a weighted average interest rate of 3.317%. On March 31, 2008, securities valued at $198,289 were pledged as collateral for reverse repurchase agreements.

74 PIMCO Funds See Accompanying Notes

    
March 31, 2008

(g) Cash of $57,720 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2008	625	$	4,150
90-Day Eurodollar December Futures	Long	12/2009	11		(1	)
90-Day Eurodollar June Futures	Long	06/2008	153		949
90-Day Eurodollar June Futures	Long	06/2009	11		0
90-Day Eurodollar March Futures	Long	03/2009	190		1,049
90-Day Eurodollar September Futures	Long	09/2009	21		16
E-mini S&P 500 Index June Futures	Long	06/2008	10,195		(5,508	)
S&P 500 Index June Futures	Long	06/2008	31		188
U.S. Treasury 2-Year Note June Futures	Short	06/2008	167		15
U.S. Treasury 5-Year Note June Futures	Short	06/2008	246		(267	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	36		48
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	365		(335	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	99		263
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2009	14		7
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	456		315
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2009	61		174
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	117		401
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	337		594
				$	2,058

(h) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	Receive Fixed Rate	Expiration Date	Counterparty		Notional Amount	Unrealized Appreciation/ (Depreciation)
American Express Co. 4.875% due 07/15/2013	Sell	1.950%	03/20/2013	CITI	$	1,600	$	16
American Express Co. 4.875% due 07/15/2013	Sell	2.060%	03/20/2013	DUB		800		12
American International Group, Inc. 4.250% due 05/15/2013	Sell	0.780%	12/20/2012	RBS		600		(27	)
American International Group, Inc. 4.250% due 05/15/2013	Sell	0.910%	12/20/2012	BOA		600		(24	)
American International Group, Inc. 4.250% due 05/15/2013	Sell	0.930%	12/20/2012	BOA		1,000		(39	)
American International Group, Inc. 5.600% due 10/18/2016	Sell	0.065%	06/20/2008	GSC		6,200		(28	)
Berkshire Hathaway Finance Corp. 4.625% due 10/15/2013	Sell	0.850%	03/20/2013	CSFB		1,500		1
Berkshire Hathaway Finance Corp. 4.625% due 10/15/2013	Sell	0.870%	03/20/2013	RBS		1,500		3
Berkshire Hathaway Finance Corp. 4.625% due 10/15/2013	Sell	0.930%	03/20/2013	DUB		1,800		9
Berkshire Hathaway Finance Corp. 4.625% due 10/15/2013	Sell	1.000%	03/20/2013	BCLY		600		5
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	0.980%	01/20/2012	DUB		1,300		(19	)
California State General Obligation Bonds 5.250% due 02/01/2018	Sell	0.470%	12/20/2017	LEH		600		(9	)
CIT Group, Inc. 7.750% due 04/02/2012	Sell	5.750%	03/20/2013	JPM		1,500		(128	)
Citigroup, Inc. 6.500% due 01/18/2011	Sell	0.530%	09/20/2012	JPM		3,000		(140	)
Fannie Mae 5.250% due 08/01/2012	Sell	0.670%	12/20/2012	LEH		900		(24	)
Fannie Mae 5.250% due 08/01/2012	Sell	0.675%	12/20/2012	LEH		400		(11	)
Fannie Mae 5.250% due 08/01/2012	Sell	0.700%	12/20/2012	RBS		900		(23	)
Fannie Mae 5.250% due 08/01/2012	Sell	0.785%	12/20/2012	RBS		1,600		(35	)
Fannie Mae 5.250% due 08/01/2012	Sell	0.840%	12/20/2012	RBS		3,200		(63	)
Fannie Mae 5.250% due 08/01/2012	Sell	0.950%	12/20/2012	RBS		900		(14	)
Fannie Mae 5.500% due 06/09/2033	Sell	0.440%	12/20/2012	LEH		600		(2	)
Fannie Mae 5.500% due 06/09/2033	Sell	0.445%	12/20/2012	LEH		800		(2	)
Fannie Mae 5.500% due 06/09/2033	Sell	0.510%	12/20/2012	RBS		1,600		1
Fannie Mae 5.500% due 06/09/2033	Sell	0.520%	03/20/2013	RBS		2,800		1
Fannie Mae 5.500% due 06/09/2033	Sell	0.615%	03/20/2013	LEH		2,400		11
Ford Motor Credit Co. LLC 7.250% due 10/25/2011	Sell	4.000%	12/20/2008	LEH		200		(7	)
Ford Motor Credit Co. LLC 7.250% due 10/25/2011	Sell	4.300%	12/20/2008	LEH		200		(7	)
Freddie Mac 5.080% due 02/07/2019	Sell	0.615%	03/20/2013	LEH		3,000		15
Freddie Mac 5.080% due 02/07/2019	Sell	0.730%	03/20/2013	RBS		1,500		16
Freddie Mac 5.080% due 02/07/2019	Sell	0.860%	03/20/2013	BCLY		1,500		25
Freddie Mac 5.875% due 03/21/2011	Sell	0.850%	12/20/2012	CSFB		600		(10	)
Gannett Co., Inc. 6.375% due 04/01/2012	Sell	1.800%	03/20/2013	UBS		600		(14	)
Gannett Co., Inc. 6.375% due 04/01/2012	Sell	1.968%	03/20/2013	BCLY		1,500		(24	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.750%	03/20/2013	MSC		2,300		(55	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.770%	03/20/2013	BNP		1,400		(32	)
General Motors Corp. 7.125% due 07/15/2013	Sell	1.810%	09/20/2008	BEAR		5,100		(133	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.500%	09/20/2008	RBS		3,100		(39	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.000%	09/20/2009	DUB		3,800		(201	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.850%	12/20/2012	BCLY		1,800		(330	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.880%	12/20/2012	MLP		1,400		(256	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.900%	12/20/2012	UBS		1,000		(170	)
GMAC LLC 6.875% due 08/28/2012	Sell	1.350%	06/20/2008	LEH		3,000		(51	)
GMAC LLC 6.875% due 08/28/2012	Sell	5.000%	03/20/2009	DUB		1,600		(106	)
GMAC LLC 6.875% due 08/28/2012	Sell	1.850%	09/20/2009	MLP		1,000		(165	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.130%	06/20/2008	DUB		5,000		(13	)
HSBC Finance Corp. 7.000% due 05/15/2012	Sell	1.800%	03/20/2010	RBS		1,400		(14	)

See Accompanying Notes Annual Report March 31, 2008 75

Schedule of Investments  StocksPLUS^® Fund(Cont.)

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.000%	03/20/2009	CITI	$	6,000	$	0
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.300%	09/20/2008	RBS		700		(12	)
MBIA, Inc.	Sell	2.800%	12/20/2012	BOA		600		(83	)
MBIA, Inc.	Sell	3.400%	12/20/2012	DUB		600		(75	)
MBIA, Inc. 6.625% due 10/01/2028	Sell	4.000%	12/20/2012	BOA		600		(98	)
MBIA, Inc. 6.625% due 10/01/2028	Sell	5.050%	12/20/2012	WAC		600		(79	)
Merrill Lynch & Co., Inc. 6.000% due 02/17/2009	Sell	0.120%	06/20/2008	DUB		1,500		(11	)
MetLife, Inc. 5.000% due 06/15/2015	Sell	1.700%	03/20/2013	JPM		1,000		13
MetLife, Inc. 5.000% due 06/15/2015	Sell	1.720%	03/20/2013	LEH		2,200		31
MetLife, Inc. 5.000% due 06/15/2015	Sell	2.260%	03/20/2013	LEH		1,800		70
Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.270%	03/20/2009	BCLY		3,000		0
Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.390%	01/20/2012	BCLY		5,000		(123	)
Michigan State General Obligation Bonds, Series 2003 5.250% due 05/01/2020	Sell	0.400%	12/20/2017	LEH		600		(6	)
Multiple Reference Entities of Gazprom	Sell	1.430%	12/20/2008	JPM		3,500		6
Multiple Reference Entities of Gazprom	Sell	0.360%	05/20/2009	HSBC		1,000		(17	)
Multiple Reference Entities of Gazprom	Sell	1.000%	10/20/2011	DUB		3,200		(166	)
Multiple Reference Entities of Gazprom	Sell	0.740%	01/20/2012	BCLY		1,800		(123	)
New York City, New York General Obligation Bonds, Series 2007 5.000% due 01/01/2026	Sell	0.420%	12/20/2017	LEH		600		(6	)
New York City, New York General Obligation Notes, Series 2007 5.000% due 01/01/2017	Sell	0.450%	03/20/2018	GSC		1,400		(10	)
Ohio State General Obligation Bonds, Series 2007 5.000% due 09/01/2020	Sell	0.300%	12/20/2017	LEH		600		(7	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.600%	03/20/2009	LEH		6,400		(14	)
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.290%	12/20/2008	LEH		1,200		0
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.320%	03/20/2009	LEH		2,200		(2	)
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	1.800%	03/20/2013	BCLY		1,500		10
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	1.870%	03/20/2013	CSFB		900		9
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	1.900%	03/20/2013	RBS		600		6
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	1.960%	03/20/2013	CSFB		2,500		30
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	2.350%	03/20/2013	JPM		1,600		50
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	2.350%	03/20/2013	RBS		600		19
Residential Capital LLC 6.500% due 04/17/2013	Sell	1.150%	06/20/2009	LEH		6,000		(2,140	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.310%	12/20/2008	LEH		1,200		(2	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.670%	03/20/2009	GSC		2,800		1
SLM Corp. 5.125% due 08/27/2012	Sell	3.000%	12/20/2008	BCLY		1,300		(61	)
SLM Corp. 5.125% due 08/27/2012	Sell	3.000%	12/20/2008	BOA		1,400		(66	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.500%	03/20/2009	BNP		1,400		(67	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.550%	03/20/2010	JPM		600		(50	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.600%	03/20/2010	MLP		800		(66	)
SLM Corp. 5.125% due 08/27/2012	Sell	2.860%	12/20/2012	BOA		1,400		(256	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.930%	03/20/2013	JPM		1,500		(169	)
SLM Corp. 5.125% due 08/27/2012	Sell	5.025%	03/20/2013	BOA		1,300		(141	)
State of California General Obligation Notes, Series 2005 5.000% due 03/01/2018	Sell	0.530%	03/20/2018	GSC		1,400		(14	)
State of Michigan General Obligation Notes, Series 2003 5.250% due 05/01/2017	Sell	0.440%	03/20/2018	GSC		1,400		(10	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.370%	05/20/2008	MSC		6,000		1
Wachovia Corp. 3.625% due 02/17/2009	Sell	1.630%	03/20/2013	UBS		600		(3	)
Wachovia Corp. 3.625% due 02/17/2009	Sell	1.700%	03/20/2013	BNP		5,700		(10	)
Wachovia Corp. 3.625% due 02/17/2009	Sell	1.700%	03/20/2013	RBS		3,000		(5	)
							$	(5,746	)

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the reference entity. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (2)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Dow Jones CDX N.A. EM8 Index	Sell	1.750%	06/20/2013	DUB	$	200	$	(7	)
Dow Jones CDX N.A. EM9 Index	Sell	2.650%	06/20/2013	BCLY		1,700		(7	)
Dow Jones CDX N.A. EM9 Index	Sell	2.650%	06/20/2013	MSC		300		(2	)
Dow Jones CDX N.A. HY8 Index	Sell	0.360%	06/20/2012	CITI		4,968		(200	)
Dow Jones CDX N.A. HY8 Index	Sell	0.401%	06/20/2012	CITI		1,192		(47	)
Dow Jones CDX N.A. HY8 Index	Sell	1.833%	06/20/2012	MLP		1,100		(109	)
Dow Jones CDX N.A. HY8 Index	Sell	2.080%	06/20/2012	MSC		1,100		(98	)
Dow Jones CDX N.A. HY8 Index	Sell	2.144%	06/20/2012	CITI		600		(52	)
Dow Jones CDX N.A. HY8 Index	Sell	2.170%	06/20/2012	MSC		500		(43	)
Dow Jones CDX N.A. IG9 Index	Sell	0.708%	12/20/2012	DUB		4,000		37
							$	(528	)

⁽²⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of underlying securities comprising the reference entity index. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

76 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	BCLY	$	12,600	$	129
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	DUB		6,900		19
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		16,900		92
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	BCLY		4,700		(98	)
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	DUB		2,500		(13	)
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	RBS		5,900		(87	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.090%	10/15/2010	BNP	EUR	2,300		11
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.146%	10/15/2010	UBS		1,000		9
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	JPM		1,200		(27	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.995%	03/15/2012	GSC		32,700		(609	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	03/30/2012	GSC		700		(16	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	04/05/2012	BCLY		300		(7	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958%	04/10/2012	JPM		300		(7	)
Pay	6-Month GBP-LIBOR	6.000%	03/20/2009	RBS	GBP	3,500		3
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	CSFB		19,700		109
Pay	6-Month GBP-LIBOR	4.500%	09/20/2009	LEH		800		(30	)
Pay	6-Month GBP-LIBOR	6.000%	12/19/2009	GSC		1,600		72
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	CSFB		2,400		81
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	DUB		4,000		(240	)
Receive	6-Month GBP-LIBOR	5.000%	12/19/2037	GSC		200		(31	)
Receive	30-Day USD-CMM Rate	5.000%	02/20/2009	MLP	$	5,900		(38	)
Pay	BRL-CDI-Compounded	11.360%	01/04/2010	BCLY	BRL	4,400		(64	)
Pay	BRL-CDI-Compounded	11.430%	01/04/2010	MLP		2,900		(40	)
Pay	BRL-CDI-Compounded	11.465%	01/04/2010	GSC		1,100		(15	)
Pay	BRL-CDI-Compounded	12.780%	01/04/2010	MSC		2,000		0
Pay	BRL-CDI-Compounded	12.948%	01/04/2010	MLP		1,800		5
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		2,100		(37	)
Pay	USSP Semi 2-Year Index	0.710%	02/05/2009	BNP	$	2,700		(4	)
							$	(833	)

Total Return Swaps
Pay/Receive Total Return on Reference Entity	Reference Entity	Rate	Expiration Date	Counterparty	# of Contracts	Unrealized Appreciation
Receive	S&P 500 Index	1-Month USD-LIBOR less 0.030%	05/15/2008	MLP	18,260	$	827

(i) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 2-Year Note June Futures	$	110.500	04/25/2008	179	$	3	$	3
Call - CBOT U.S. Treasury 5-Year Note June Futures		125.000	05/23/2008	391		7		3
Call - CBOT U.S. Treasury 10-Year Note June Futures		132.000	05/23/2008	30		0		0
Call - CBOT U.S. Treasury 30-Year Bond June Futures		147.000	05/23/2008	265		5		4
Call - CBOT U.S. Treasury 30-Year Bond June Futures		149.000	05/23/2008	100		1		2
Put - CME S&P 500 Index June Futures		600.000	06/19/2008	100		3		0
Put - CME S&P 500 Index June Futures		625.000	06/19/2008	95		3		0
Put - CME S&P 500 Index June Futures		675.000	06/19/2008	650		19		0
Put - CME S&P 500 Index June Futures		700.000	06/19/2008	1,150		33		14
					$	74	$	26

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500%	02/02/2009	$	36,900	$	411	$	617
Call - OTC 2-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		3,500		18		144
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		3,600		13		149
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	12/15/2008		101,300		890		1,313
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	02/02/2009		70,200		758		869
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.600%	07/02/2009		13,800		133		209
								$	2,223	$	3,301

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC Treasury Inflation Protected Securities 3.125% due 11/15/2009	$	104.250	06/20/2008	$	4,900	$	1	$	0
Call - OTC Treasury Inflation Protected Securities 3.250% due 12/15/2009		104.750	06/20/2008		2,100		0		0
Put - OTC Fannie Mae 5.000% due 05/01/2023		84.000	05/12/2008		2,000		0		1
Put - OTC Fannie Mae 5.000% due 05/01/2038		78.000	05/06/2008		9,000		1		0
						$	2	$	1

See Accompanying Notes Annual Report March 31, 2008 77

Schedule of Investments  StocksPLUS^® Fund(Cont.)

(j) Written options outstanding on March 31, 2008:

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.300%	02/02/2009	$	1,900	$	42	$	74
Call - OTC 7-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.600%	02/02/2009		11,400		366		570
Call - OTC 5-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		1,500		18		100
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		1,600		13		107
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.300%	12/15/2008		33,800		842		1,325
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.250%	02/02/2009		23,400		705		863
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.200%	07/02/2009		6,000		133		195
								$	2,119	$	3,234

(k) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Bank Mart	4.567%	03/01/2019	07/07/1995 - 06/12/1997	$	577	$	541	0.07%

(l) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (3)
Freddie Mac	5.500%	04/01/2038	$	5,200	$	5,097	$	5,251
U.S. Treasury Notes	3.125%	11/30/2009		4,900		5,016		5,091
U.S. Treasury Notes	3.250%	12/31/2009		3,100		3,173		3,216
					$	13,286	$	13,558

⁽³⁾ Market value includes $93 of interest payable on short sales.

(m) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AED	699	05/2008	$	0	$	(2	)	$	(2	)
Buy	AUD	331	04/2008		2		0			2
Buy	BRL	59,384	07/2008		3,375		0			3,375
Sell		39,958	07/2008		658		0			658
Buy		17,677	12/2008		17		0			17
Sell		10,366	12/2008		123		0			123
Sell	GBP	6,743	04/2008		0		(35	)		(35	)
Buy	IDR	7,056,000	05/2008		0		(38	)		(38	)
Buy	INR	76,489	05/2008		88		0			88
Buy		22,858	08/2008		0		(11	)		(11	)
Sell	JPY	18,770	04/2008		1		0			1
Buy		59,039	05/2008		0		(16	)		(16	)
Sell		255,761	05/2008		22		0			22
Buy	KRW	1,461,334	05/2008		0		(109	)		(109	)
Buy		4,952,780	08/2008		0		(345	)		(345	)
Buy	KWD	53	05/2008		6		0			6
Buy	MXN	50,265	07/2008		145		0			145
Sell		33,827	07/2008		0		(45	)		(45	)
Buy	MYR	9,670	05/2008		136		0			136
Sell	NZD	12,853	04/2008		188		0			188
Buy	PHP	104,141	05/2008		212		0			212
Buy	PLN	17,125	07/2008		1,383		0			1,383
Sell		17,125	07/2008		0		(780	)		(780	)
Buy	RUB	114,786	07/2008		280		0			280
Sell		113,646	07/2008		0		(226	)		(226	)
Buy		65,045	11/2008		86		0			86
Sell		26,637	11/2008		0		(53	)		(53	)
Buy	SAR	717	05/2008		0		(2	)		(2	)
Buy	SGD	8,259	05/2008		485		0			485
Buy		1,643	11/2008		32		0			32
Buy	ZAR	965	07/2008		0		(26	)		(26	)
				$	7,239	$	(1,688	)	$	5,551

78 PIMCO Funds See Accompanying Notes

Summary Schedule of Investments  Total Return Fund       
March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)	% OF NET ASSETS
BANK LOAN OBLIGATIONS
Total Bank Loan Obligations (Cost $912,672) (i)			$	807,535	0.6	%
CORPORATE BONDS & NOTES
BANKING & FINANCE
Deutsche Bank AG
6.000% due 09/01/2017	$	361,100		376,894	0.3	%
General Electric Capital Corp.
2.619% - 8.310% due 05/19/2008 - 11/15/2067		2,458,324		2,423,392	1.9	%
Goldman Sachs Group, Inc.
2.639% - 7.350% due 07/29/2008 - 10/01/2037		2,018,459		1,989,910	1.6	%
Morgan Stanley
3.206% - 6.750% due 04/01/2008 - 08/09/2026		1,053,740		1,043,936	0.9	%
Other Banking & Finance (b)(i)(o)				19,024,788	15.1	%
Total Banking & Finance				24,858,920	19.8	%
INDUSTRIALS
Total Industrials (i)(o)				5,052,853	4.0	%
UTILITIES
Total Utilities (i)(o)				2,166,776	1.7	%
Total Corporate Bonds & Notes (Cost $32,685,653)				32,078,549	25.5	%
MUNICIPAL BONDS & NOTES
Total Municipal Bonds & Notes (Cost $1,592,391) (b)(i)(o)				1,524,285	1.2	%
COMMODITY INDEX-LINKED NOTES
Morgan Stanley (GSCI)
2.546% due 07/07/2008		297,000		295,060	0.2	%
Total Commodity Index-Linked Notes (Cost $297,000)				295,060	0.2	%
U.S. GOVERNMENT AGENCIES
Fannie Mae
5.000% due 08/01/2035		897,304		889,558	0.7	%
5.000% due 10/01/2035		6,958		6,898	0.0	%
5.000% due 10/01/2035 (j)		1,452,271		1,439,733	1.1	%
5.000% due 02/01/2036		703,720		697,645	0.6	%
5.000% due 03/01/2036		1,853,922		1,837,914	1.5	%
5.000% due 03/01/2036 (j)		1,436,084		1,423,685	1.1	%
5.000% due 02/01/2037		539,936		534,933	0.4	%
5.000% due 03/01/2037		669,099		662,914	0.5	%
5.000% due 04/01/2037		546,467		541,386	0.4	%
5.000% due 05/01/2037		957,281		948,374	0.8	%
5.000% due 05/01/2038		1,721,200		1,699,954	1.4	%
5.500% due 04/01/2034		684,247		693,078	0.6	%
5.500% due 05/01/2034		165,400		167,421	0.1	%
5.500% due 05/01/2034 (j)		1,683,103		1,704,830	1.4	%
5.500% due 09/01/2034		1,094,006		1,107,327	0.9	%
5.500% due 11/01/2034		104,926		106,206	0.1	%
5.500% due 11/01/2034 (j)		1,034,581		1,047,177	0.8	%
5.500% due 01/01/2035		1,237,067		1,252,054	1.0	%
5.500% due 02/01/2035		2,047,135		2,071,818	1.6	%
5.500% due 02/01/2035 (g)		286,152		289,846	0.2	%
5.500% due 03/01/2035		980,452		991,989	0.8	%
5.500% due 04/01/2035		1,138,015		1,151,340	0.9	%
5.500% due 05/01/2035		1,335,621		1,351,209	1.1	%
5.500% due 06/01/2035		885,121		895,442	0.7	%
5.500% due 07/01/2035		712,847		721,171	0.6	%
5.500% due 08/01/2035		665,439		673,197	0.5	%
5.500% due 09/01/2035		705,151		713,372	0.6	%
5.500% due 10/01/2035		544,162		550,506	0.4	%
5.500% due 01/01/2036		89,926		90,969	0.1	%
5.500% due 01/01/2036 (j)		1,614,672		1,653,232	1.3	%

		PRINCIPAL AMOUNT (000S)		VALUE (000S)	% OF NET ASSETS
5.500% due 04/01/2036	$	797,736	$	806,482	0.6	%
5.500% due 11/01/2036		614,336		621,025	0.5	%
5.500% due 12/01/2036		790,946		799,532	0.6	%
5.500% due 01/01/2037		559,281		565,334	0.5	%
5.500% due 02/01/2037		654,862		661,830	0.5	%
5.500% due 03/01/2037		1,674,460		1,692,250	1.3	%
5.500% due 04/01/2037		1,924,634		1,945,003	1.5	%
5.500% due 05/01/2037		2,790,827		2,820,335	2.2	%
5.500% due 06/01/2037		1,356,769		1,371,110	1.1	%
5.500% due 07/01/2037		901,080		910,601	0.7	%
5.500% due 04/01/2038		4,960,137		5,007,424	4.0	%
5.500% due 05/01/2038		1,633,816		1,645,303	1.3	%
6.000% due 08/01/2037		669,547		686,599	0.5	%
6.000% due 09/01/2037		2,025,178		2,076,752	1.7	%
6.000% due 10/01/2037		1,535,743		1,574,853	1.3	%
6.000% due 11/01/2037		2,254,271		2,311,680	1.8	%
6.000% due 12/01/2037		2,298,228		2,356,755	1.9	%
6.000% due 01/01/2038		826,919		847,977	0.7	%
0.000% - 1122.425% due 05/01/2008 - 01/25/2048 (a)(c)		17,887,853		18,158,653	14.4	%
Freddie Mac
5.500% due 02/01/2037		565,529		571,843	0.5	%
5.500% due 05/01/2037		594,942		601,441	0.5	%
5.500% due 01/01/2038		1,340,003		1,354,623	1.1	%
2.859% - 1007.500% due 04/01/2008 - 02/25/2045 (a)		5,789,514		5,903,127	4.7	%
Other U.S. Government Agencies (a)(i)				839,395	0.7	%
Total U.S. Government Agencies (Cost $82,637,877)				84,045,105	66.8	%
U.S. TREASURY OBLIGATIONS
Total U.S. Treasury Obligations (Cost $822,660) (d)(i)				824,462	0.7	%
MORTGAGE-BACKED SECURITIES
Total Mortgage-Backed Securities (Cost $4,422,529) (a)(i)(o)				4,224,982	3.4	%
ASSET-BACKED SECURITIES
Total Asset-Backed Securities (Cost $1,686,404) (b)(i)(o)				1,623,875	1.3	%
SOVEREIGN ISSUES
Total Sovereign Issues (Cost $156,452) (i)				158,518	0.1	%
FOREIGN CURRENCY-DENOMINATED ISSUES
Brazil Notas do Tesouro Nacional Series F
10.000% due 01/01/2012	BRL	4,810,676		2,484,947	2.0	%
10.000% due 01/01/2017		1,518,624		722,714	0.5	%
10.000% due 01/01/2013		190,000		96,360	0.1	%
General Electric Capital Corp.
4.625% - 5.500% due 09/15/2066 - 09/15/2067	EUR	161,800		240,759	0.2	%
Other Foreign Currency-Denominated Issues (i)				637,523	0.5	%
Total Foreign Currency-Denominated Issues (Cost $4,083,170)				4,182,303	3.3	%
SHORT-TERM INSTRUMENTS
CERTIFICATES OF DEPOSIT
Nordea Bank Finland PLC
3.028% - 3.046% due 05/28/2008 - 04/09/2009	$	587,500		587,321	0.5	%
Other Certificates of Deposit (i)				1,829,795	1.4	%
Total Certificates of Deposit				2,417,116	1.9	%

See Accompanying Notes Annual Report March 31, 2008 79

Summary Schedule of Investments  Total Return Fund  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)	% OF NET ASSETS
COMMERCIAL PAPER
Fannie Mae
1.350% - 2.498% due 04/01/2008 - 06/04/2008	$	276,800	$	276,712	0.2	%
Freddie Mac
2.272% - 2.690% due 04/03/2008 - 06/09/2008		3,200		3,191	0.0	%
Other Commercial Paper (i)				2,609,728	2.1	%
Total Commercial Paper				2,889,631	2.3	%
REPURCHASE AGREEMENTS
Credit Suisse Securities (USA) LLC
1.200% due 04/01/2008 (Dated 03/31/2008. Collateralized by U.S. Treasury Notes 4.875% due 06/30/2009 valued at $1,538. Repurchase proceeds are $1,500.)		1,500		1,500	0.0	%
Deutsche Bank AG
1.200% due 04/01/2008 (Dated 03/31/2008. Collateralized by U.S. Treasury Bills 1.460% due 05/08/2008 valued at $1,093,180. Repurchase proceeds are $1,071,436.)		1,071,400		1,071,400	0.9	%
Fixed Income Clearing Corp.
1.900% due 04/01/2008 (Dated 03/31/2008. Collateralized by Federal Home Loan Bank 0.000% due 05/30/2008 valued at $49,812 and Freddie Mac 0.000% - 3.000% due 05/13/2008 - 06/09/2008 valued at $95,898. Repurchase proceeds are $142,859.)		142,851		142,851	0.1	%
Total Repurchase Agreements				1,215,751	1.0	%

		PRINCIPAL AMOUNT (000S)		VALUE (000S)		% OF NET ASSETS
U.S. TREASURY BILLS
U.S. Treasury Bills
0.250% - 2.125% due 04/10/2008 - 08/07/2008 (e)(f)	$	1,351,240	$	1,348,093		1.1	%
Total U.S. Treasury Bills				1,348,093		1.1	%
Total Short-Term Instruments (Cost $7,877,364)				7,870,591		6.3	%
PURCHASED OPTIONS (m)
(Cost $412,709)				1,474,509		1.2	%
Total Investments (Cost $137,586,881)			$	139,109,774		110.6	%
Written Options (n) (Premiums $575,863)				(1,325,068	)	(1.0	%)
Other Assets and Liabilities (Net)				(12,016,751	)	(9.6	%)
Net Assets (h)			$	125,767,955		100.0	%

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) The grouping contains Interest only securities.

(b) The grouping contains When-issued securities.

(c) The grouping contains Principal only securities.

(d) The grouping contains securities with principal amounts adjusted for inflation.

(e) Securities with an aggregate market value of $268,202 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(f) Securities with an aggregate market value of $15,966 have been pledged as collateral for delayed-delivery securities on March 31, 2008.

(g) Securities with an aggregate market value of $289,846 and cash of $113,000 have been pledged as collateral for delayed-delivery mortgage-backed securities on March 31, 2008.

(h) As of March 31, 2008, portfolio securities with an aggregate value of $828,083 and derivative instruments with an aggregate depreciation of ($46,261) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(i) Represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of March 31, 2008.

(j) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $3,249,403 at a weighted average interest rate of 4.090%. On March 31, 2008, securities valued at $5,318,188 were pledged as collateral for reverse repurchase agreements.

(k) Cash of $984,271 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2008	168,937	$	1,195,105
90-Day Eurodollar December Futures	Long	12/2009	8,261		2,219
90-Day Eurodollar June Futures	Long	06/2008	104,756		646,660
90-Day Eurodollar June Futures	Long	06/2009	7,903		541
90-Day Eurodollar March Futures	Long	03/2009	45,418		200,204
90-Day Eurodollar March Futures	Long	03/2010	358		2,242
90-Day Eurodollar September Futures	Long	09/2008	38,167		254,442
90-Day Eurodollar September Futures	Long	09/2009	14,534		10,761
Euro-Bobl June Futures	Long	06/2008	2,413		(7,200	)
Euro-Schatz June Futures	Short	06/2008	7,998		5,621
U.S. Treasury 2-Year Note June Futures	Short	06/2008	35,845		(18,607	)
U.S. Treasury 5-Year Note June Futures	Short	06/2008	117,464		(103,112	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	80,338		135,287

80 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	37	$	(137	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	26,137		46,710
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2009	2,016		870
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	54,869		28,556
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2009	12,624		37,922
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	29,184		94,008
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	42,890		52,758
				$	2,584,850

(l) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
ABX Financing Co. 5.750% due 10/15/2016	Buy	(0.530%	)	12/20/2016	BEAR	$	10,000	$	265
American International Group, Inc. 0.000% convertible until 11/09/2031	Sell	0.195%		03/20/2010	BOA		50,000		(1,711	)
American International Group, Inc. 5.600% due 10/18/2016	Sell	0.250%		09/20/2008	GSC		90,000		(787	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.900%		06/20/2009	DUB		25,000		(40	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.730%		03/20/2013	DUB		25,000		(102	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.750%		03/20/2013	JPM		10,000		(31	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.780%		03/20/2013	DUB		10,000		(19	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.790%		03/20/2013	CSFB		10,000		(14	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.790%		03/20/2013	DUB		25,000		(36	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.800%		03/20/2013	BCLY		18,900		(19	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.800%		03/20/2013	CSFB		10,000		(10	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.800%		03/20/2013	DUB		20,000		(20	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.800%		03/20/2013	GSC		10,000		(10	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.810%		03/20/2013	BCLY		30,000		(17	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.810%		03/20/2013	CSFB		20,000		(11	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.815%		03/20/2013	BCLY		25,000		(8	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.820%		03/20/2013	DUB		20,000		(2	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	2.020%		03/20/2013	DUB		10,000		87
American International Group, Inc. 6.250% due 05/01/2036	Sell	2.030%		03/20/2013	CSFB		20,000		183
American International Group, Inc. 6.250% due 05/01/2036	Sell	2.050%		03/20/2013	BOA		20,000		201
American International Group, Inc. 6.250% due 05/01/2036	Sell	2.150%		03/20/2013	CITI		9,600		143
American International Group, Inc. 6.250% due 05/01/2036	Sell	2.210%		03/20/2013	LEH		24,700		438
American International Group, Inc. 6.250% due 05/01/2036	Sell	2.250%		03/20/2013	UBS		25,000		446
American International Group, Inc. 6.250% due 05/01/2036	Sell	2.270%		03/20/2013	CSFB		15,000		281
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.800%		06/20/2013	DUB		25,000		(52	)
AmerisourceBergen Corp. 5.625% due 09/15/2012	Buy	(0.600%	)	09/20/2012	MSC		10,000		263
Anadarko Finance Co. 6.750% due 05/01/2011	Buy	(0.260%	)	06/20/2011	LEH		10,600		130
AutoZone, Inc. 5.500% due 11/15/2015	Buy	(0.810%	)	12/20/2015	RBS		10,000		225
Avon Products, Inc. 5.125% due 01/15/2011	Buy	(0.160%	)	03/20/2011	CSFB		10,000		40
Bank of America Corp. 6.250% due 04/15/2012	Sell	0.850%		03/20/2013	BNP		25,000		27
Bank of America Corp. 6.250% due 04/15/2012	Sell	0.920%		03/20/2013	CITI		10,000		38
Bank of America Corp. 6.250% due 04/15/2012	Sell	0.925%		03/20/2013	MSC		20,000		81
Bank of America Corp. 6.250% due 04/15/2012	Sell	0.950%		03/20/2013	RBS		10,000		52
Bank of America Corp. 6.250% due 04/15/2012	Sell	0.970%		03/20/2013	BNP		10,000		61
Bank of America Corp. 6.250% due 04/15/2012	Sell	0.980%		03/20/2013	UBS		10,000		66
Bank of America Corp. floating rate based on 3-Month USD-LIBOR plus 0.260% due 10/14/2016	Buy	(0.170%	)	12/20/2016	MLP		5,000		258
Bank of America Corp. floating rate based on 3-Month USD-LIBOR plus 0.260% due 10/14/2016	Buy	(0.170%	)	12/20/2016	UBS		35,000		1,806
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	0.740%		09/20/2012	RBS		10,000		(481	)
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	1.130%		09/20/2012	LEH		10,000		(327	)
BellSouth Corp. 4.200% due 09/15/2009	Buy	(0.140%	)	09/20/2009	BEAR		5,000		17
BellSouth Corp. 5.200% due 09/15/2014	Buy	(0.325%	)	09/20/2014	LEH		35,000		577
BHP Billiton Finance Ltd. 5.125% due 03/29/2012	Buy	(0.135%	)	03/20/2012	BOA		10,000		322
Boston Scientific Corp. 6.000% due 06/15/2011	Buy	(0.500%	)	06/20/2011	UBS		10,000		589
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.430%		10/20/2011	LEH		25,000		189
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.120%		11/20/2011	LEH		2,500		(15	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.140%		11/20/2011	LEH		50,000		(261	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.140%		11/20/2011	MSC		50,000		(261	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	0.980%		01/20/2012	BCLY		15,000		(222	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	0.980%		01/20/2012	DUB		7,500		(111	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.620%		03/20/2013	BCLY		20,900		(119	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.660%		03/20/2013	MSC		47,000		(183	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.710%		05/20/2013	MLP		15,000		38
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.720%		05/20/2013	LEH		30,000		91
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.210%		01/20/2014	LEH		25,000		(800	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.920%		03/20/2016	LEH		25,000		(261	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.980%		03/20/2016	LEH		6,900		(45	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.950%		04/20/2016	MLP		300		0

See Accompanying Notes Annual Report March 31, 2008 81

Summary Schedule of Investments  Total Return Fund  (Cont.)

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	2.090%		05/20/2016	CSFB	$	10,000	$	68
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.520%		01/20/2017	MSC		6,000		(245	)
California State General Obligation Bonds, Series 2003 5.250% due 02/01/2018	Sell	0.560%		03/20/2018	LEH		25,000		(196	)
Canadian Natural Resources Ltd. 5.450% due 10/01/2012	Buy	(0.380%	)	12/20/2012	BOA		10,000		271
Capital One Financial Corp. 5.700% due 09/15/2011	Buy	(0.350%	)	09/20/2011	UBS		7,000		670
Cardinal Health, Inc. 5.800% due 10/15/2016	Buy	(0.420%	)	12/20/2016	BCLY		13,000		427
CBS Corp. 5.625% due 08/15/2012	Buy	(0.590%	)	09/20/2012	BEAR		15,000		684
CenterPoint Energy, Inc. 5.875% due 06/01/2008	Buy	(0.170%	)	06/20/2008	CSFB		10,300		11
China Government International Bond 4.750% due 10/29/2013	Sell	0.230%		03/20/2010	LEH		50,000		(300	)
Chrysler Financial 9.360% due 08/03/2012	Sell	5.050%		09/20/2012	DUB		6,000		(778	)
CIT Group, Inc. 7.750% due 04/02/2012	Sell	7.550%		03/20/2009	RBS		25,000		(1,573	)
CIT Group, Inc. 7.750% due 04/02/2012	Sell	7.650%		03/20/2009	DUB		10,000		(620	)
CIT Group, Inc. 7.750% due 04/02/2012	Sell	7.300%		03/20/2010	JPM		25,000		(2,392	)
CIT Group, Inc. 7.750% due 04/02/2012	Sell	7.300%		03/20/2010	RBS		25,000		(2,392	)
CIT Group, Inc. 7.750% due 04/02/2012	Sell	7.350%		03/20/2010	JPM		10,000		(949	)
CIT Group, Inc. 7.750% due 04/02/2012	Sell	7.350%		03/20/2010	RBS		15,000		(1,423	)
CIT Group, Inc. 7.750% due 04/02/2012	Sell	7.550%		03/20/2010	DUB		15,000		(1,375	)
CIT Group, Inc. 7.750% due 04/02/2012	Sell	7.600%		03/20/2010	BNP		10,000		(909	)
CitiFinancial, Inc. 6.625% due 06/01/2015	Buy	(0.145%	)	06/20/2015	BCLY		11,000		1,041
Citigroup, Inc. 6.125% due 11/21/2017	Buy	(0.800%	)	12/20/2017	DUB		30,000		2,118
Citigroup, Inc. 6.500% due 01/18/2011	Sell	0.320%		09/20/2012	LEH		25,000		(1,379	)
Citigroup, Inc. 6.500% due 01/18/2011	Sell	0.530%		09/20/2012	JPM		359,600		(16,772	)
Citigroup, Inc. 6.500% due 01/18/2011	Sell	0.810%		03/20/2013	BOA		20,000		(785	)
Citigroup, Inc. 6.500% due 01/18/2011	Sell	0.810%		03/20/2013	UBS		20,000		(785	)
Citigroup, Inc. 6.500% due 01/18/2011	Sell	0.820%		03/20/2013	DUB		10,000		(388	)
Citigroup, Inc. 6.500% due 01/18/2011	Buy	(0.830%	)	12/20/2017	JPM		10,000		684
Citigroup, Inc. 6.500% due 01/18/2011	Buy	(0.820%	)	12/20/2017	HSBC		3,000		207
Citigroup, Inc. 6.500% due 01/18/2011	Buy	(0.770%	)	12/20/2017	JPM		10,000		728
CNA Financial Corp. 5.850% due 12/15/2014	Buy	(0.690%	)	12/20/2014	BOA		10,600		397
CNA Financial Corp. 5.850% due 12/15/2014	Buy	(0.470%	)	12/20/2014	CITI		10,200		512
CNA Financial Corp. 6.000% due 08/15/2011	Buy	(0.440%	)	09/20/2011	BEAR		10,300		221
CNA Financial Corp. 6.000% due 08/15/2011	Buy	(0.295%	)	09/20/2011	BCLY		15,000		393
Comcast Corp. 5.300% due 01/15/2014	Buy	(0.390%	)	03/20/2014	BCLY		15,000		12
Comcast Corp. 5.300% due 01/15/2014	Buy	(0.360%	)	03/20/2014	MSC		11,500		689
Comcast Corp. 5.900% due 03/15/2016	Buy	(0.535%	)	03/20/2016	BEAR		15,000		985
Countrywide Financial Corp. 6.250% due 05/15/2016	Buy	(0.710%	)	06/20/2016	DUB		26,000		4,151
CSX Corp. 6.750% due 03/15/2011	Buy	(0.165%	)	03/20/2011	BEAR		10,600		208
CVS Caremark Corp. 5.750% due 08/15/2011	Buy	(0.250%	)	09/20/2011	CSFB		10,200		84
CVS Caremark Corp. 5.750% due 08/15/2011	Buy	(0.240%	)	09/20/2011	RBS		6,200		53
Daimler Finance N.A. LLC 4.875% due 06/15/2010	Buy	(0.520%	)	06/20/2010	BEAR		10,000		30
Daimler Finance N.A. LLC 5.750% due 09/08/2011	Buy	(0.535%	)	09/20/2011	BCLY		15,000		142
Daimler Finance N.A. LLC 5.750% due 09/08/2011	Buy	(0.480%	)	09/20/2011	RBS		10,000		113
Daimler Finance N.A. LLC 5.875% due 03/15/2011	Buy	(0.655%	)	03/20/2011	BEAR		10,000		32
Daimler Finance N.A. LLC 5.875% due 03/15/2011	Buy	(0.520%	)	03/20/2011	BEAR		10,000		71
Dominion Resources, Inc. 5.200% due 01/15/2016	Buy	(0.430%	)	03/20/2016	MLP		15,000		318
E.I. Du Pont De Nemours & Co. 5.250% due 12/15/2016	Buy	(0.210%	)	12/20/2016	DUB		10,000		240
EnCana Corp. 6.300% due 11/01/2011	Buy	(0.230%	)	12/20/2011	LEH		10,300		219
Enterprise Products Operating LP 7.500% 02/01/2011	Buy	(0.200%	)	03/20/2011	MLP		10,700		304
Exelon Corp. 4.900% due 06/15/2015	Buy	(0.520%	)	06/20/2015	MLP		10,000		698
Fannie Mae 5.500% due 06/09/2033	Sell	0.510%		03/20/2013	BCLY		50,000		(7	)
Fannie Mae 5.500% due 06/09/2033	Sell	0.520%		03/20/2013	RBS		75,000		24
Fannie Mae 5.500% due 06/09/2033	Sell	0.570%		03/20/2013	BNP		50,000		132
Fannie Mae 5.500% due 06/09/2033	Sell	0.630%		03/20/2013	LEH		50,000		271
Fannie Mae 5.500% due 06/09/2033	Sell	0.730%		03/20/2013	DUB		8,400		88
Fannie Mae 5.500% due 06/09/2033	Sell	0.730%		03/20/2013	RBS		15,000		158
Fannie Mae 5.500% due 06/09/2033	Sell	0.810%		03/20/2013	RBS		50,000		719
FirstEnergy Corp. 6.450% due 11/15/2011	Buy	(0.130%	)	12/20/2011	MLP		10,000		313
Florida State Board of Education General Obligation Notes, Series 2005 5.000% due 06/01/2018	Sell	0.470%		03/20/2018	CITI		10,000		(36	)
Florida State Board of Education General Obligation Notes, Series 2005 5.000% due 06/01/2018	Sell	0.470%		03/20/2018	LEH		15,000		(53	)
Ford Motor Credit Co. LLC 6.625% due 06/16/2008	Buy	(1.070%	)	06/20/2008	LEH		37,000		494
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.400%		09/20/2008	CSFB		10,000		(205	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.150%		06/20/2010	JPM		10,000		(1,137	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.350%		12/20/2010	UBS		10,000		(1,086	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.750%		03/20/2011	MSC		10,000		(1,266	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.750%		03/20/2011	UBS		5,000		(633	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.760%		03/20/2011	LEH		10,000		(1,264	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.450%		06/20/2011	BNP		10,000		(1,389	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.470%		06/20/2011	UBS		25,000		(3,462	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.500%		06/20/2011	MSC		20,000		(2,757	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.600%		06/20/2011	JPM		15,000		(2,038	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.760%		06/20/2011	DUB		10,000		(1,326	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.770%		06/20/2011	DUB		10,000		(1,324	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.800%		06/20/2011	UBS		25,000		(3,295	)

82 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.830%		06/20/2011	DUB	$	10,000	$	(1,312	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.920%		06/20/2011	DUB		10,000		(1,294	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.020%		06/20/2011	DUB		10,000		(1,273	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.050%		06/20/2011	GSC		10,000		(1,267	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.050%		06/20/2011	LEH		10,000		(1,267	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.320%		06/20/2011	JPM		10,000		(1,212	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.620%		09/20/2011	DUB		25,000		(3,440	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.850%		09/20/2012	DUB		10,000		(1,652	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.850%		09/20/2012	GSC		5,800		(958	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.150%		09/20/2012	BCLY		10,000		(1,581	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.620%		09/20/2012	JPM		10,000		(1,234	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.620%		09/20/2012	MLP		5,100		(629	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.650%		09/20/2012	DUB		3,500		(429	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.700%		09/20/2012	GSC		10,000		(1,215	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.750%		09/20/2012	DUB		10,000		(1,203	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.750%		09/20/2012	JPM		8,000		(962	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.800%		09/20/2012	BCLY		4,100		(488	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.800%		09/20/2012	CITI		10,000		(1,191	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.850%		09/20/2012	DUB		10,000		(1,179	)
Ford Motor Credit Co. LLC 7.250% due 10/25/2011	Sell	4.000%		12/20/2008	LEH		3,100		(113	)
Ford Motor Credit Co. LLC 7.250% due 10/25/2011	Sell	4.300%		12/20/2008	LEH		3,000		(103	)
Ford Motor Credit Co. LLC 7.250% due 10/25/2011	Sell	7.250%		03/20/2009	DUB		6,900		(138	)
Ford Motor Credit Co. LLC 7.250% due 10/25/2011	Sell	5.850%		09/20/2012	GSC		12,800		(1,509	)
Ford Motor Credit Co. LLC 7.875% due 06/15/2010	Buy	(2.310%	)	06/20/2010	LEH		40,000		5,761
Gannett Co., Inc. 5.750% due 06/01/2011	Buy	(0.330%	)	06/20/2011	JPM		6,500		379
GATX Financial Corp. 6.273% due 06/15/2011	Buy	(0.220%	)	06/20/2011	BEAR		10,500		250
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.190%		03/20/2010	LEH		50,000		(960	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.193%		03/20/2010	BOA		50,000		(958	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.620%		03/20/2011	BCLY		32,500		(554	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.640%		12/20/2012	BCLY		33,800		(927	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.910%		03/20/2013	BCLY		50,000		(841	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	1.580%		03/20/2013	BCLY		25,000		350
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.280%		03/20/2016	JPM		10,000		(693	)
General Mills, Inc. 6.000% due 02/15/2012	Buy	(0.180%	)	03/20/2012	BEAR		10,400		117
General Motors Corp. 7.125% due 07/15/2013	Sell	1.810%		09/20/2008	BEAR		11,700		(305	)
General Motors Corp. 7.125% due 07/15/2013	Sell	6.150%		09/20/2008	MLP		25,000		(108	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.500%		12/20/2012	BOA		30,300		(5,865	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.500%		12/20/2012	DUB		6,400		(1,239	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.550%		12/20/2012	JPM		7,000		(1,345	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.600%		12/20/2012	CITI		6,400		(1,221	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.600%		12/20/2012	DUB		14,600		(2,784	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.630%		12/20/2012	CITI		7,700		(1,462	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.630%		12/20/2012	MSC		7,600		(1,443	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.800%		12/20/2012	BNP		7,200		(1,332	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.850%		12/20/2012	BCLY		18,200		(3,341	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.860%		12/20/2012	GSC		15,000		(2,749	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.880%		12/20/2012	MLP		14,100		(2,576	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.900%		12/20/2012	UBS		34,900		(6,356	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.950%		12/20/2012	CITI		15,000		(2,710	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.950%		12/20/2012	UBS		10,000		(1,807	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.000%		12/20/2012	GSC		10,000		(1,793	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.000%		12/20/2012	LEH		10,000		(1,793	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.000%		12/20/2012	RBS		10,000		(1,793	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.010%		12/20/2012	DUB		10,000		(1,790	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.070%		12/20/2012	BCLY		10,000		(1,773	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.150%		12/20/2012	BOA		15,000		(2,625	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.150%		12/20/2012	DUB		15,000		(2,625	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.150%		12/20/2012	GSC		4,400		(770	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.150%		12/20/2012	JPM		10,000		(1,750	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.150%		12/20/2012	LEH		29,700		(5,197	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.200%		12/20/2012	LEH		10,000		(1,735	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.250%		12/20/2012	CITI		10,000		(1,721	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.250%		12/20/2012	GSC		20,000		(3,442	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.250%		12/20/2012	UBS		10,000		(1,721	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.450%		12/20/2012	CITI		10,000		(1,664	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.450%		12/20/2012	DUB		25,000		(4,160	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.450%		12/20/2012	LEH		5,000		(832	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.500%		12/20/2012	BOA		10,000		(1,649	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.500%		12/20/2012	DUB		10,000		(1,649	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.550%		12/20/2012	BOA		15,000		(2,453	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.900%		12/20/2012	CITI		25,000		(3,838	)
General Motors Corp. 7.125% due 07/15/2013	Sell	6.450%		12/20/2012	BOA		10,000		(1,378	)
General Motors Corp. 7.125% due 07/15/2013	Sell	6.450%		12/20/2012	GSC		5,000		(689	)
General Motors Corp. 7.125% due 07/15/2013	Sell	6.550%		12/20/2012	DUB		15,000		(2,023	)
General Motors Corp. 7.125% due 07/15/2013	Sell	6.550%		12/20/2012	LEH		10,000		(1,349	)

See Accompanying Notes Annual Report March 31, 2008 83

Summary Schedule of Investments  Total Return Fund  (Cont.)

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
General Motors Corp. 7.125% due 07/15/2013	Sell	6.650%		12/20/2012	MLP	$	9,400	$	(1,241	)
General Motors Corp. 7.125% due 07/15/2013	Sell	6.660%		12/20/2012	DUB		10,000		(1,317	)
General Motors Corp. 7.125% due 07/15/2013	Sell	6.820%		12/20/2012	GSC		25,000		(3,179	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.000%		03/20/2013	CSFB		5,000		130
General Motors Corp. 7.125% due 07/15/2013	Sell	5.000%		03/20/2013	DUB		30,000		856
General Motors Corp. 7.125% due 07/15/2013	Sell	7.700%		03/20/2013	GSC		30,000		(3,152	)
General Motors Corp. 7.125% due 07/15/2013	Sell	7.750%		03/20/2013	BOA		10,000		(1,036	)
General Motors Corp. 7.125% due 07/15/2013	Sell	7.880%		03/20/2013	BOA		10,000		(998	)
General Motors Corp. 7.125% due 07/15/2013	Sell	7.920%		03/20/2013	GSC		10,000		(986	)
General Motors Corp. 7.125% due 07/15/2013	Sell	8.000%		03/20/2013	RBS		10,000		(963	)
General Motors Corp. 7.125% due 07/15/2013	Sell	8.220%		03/20/2013	BOA		25,000		(2,246	)
General Motors Corp. 7.125% due 07/15/2013	Sell	8.300%		03/20/2013	CITI		10,000		(875	)
General Motors Corp. 7.125% due 07/15/2013	Sell	8.450%		03/20/2013	DUB		25,000		(2,078	)
General Motors Corp. 7.125% due 07/15/2013	Sell	8.850%		03/20/2013	BOA		25,000		(1,657	)
General Motors Corp. 7.125% due 07/15/2013	Sell	9.100%		03/20/2013	CITI		10,000		(570	)
General Motors Corp. 7.125% due 07/15/2013	Sell	9.100%		03/20/2013	DUB		10,000		(570	)
General Motors Corp. 7.125% due 07/15/2013	Sell	9.100%		03/20/2013	GSC		4,900		(280	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.000%		06/20/2013	CITI		20,000		(96	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.000%		06/20/2013	MSC		5,000		(37	)
Glitnir Banki HF floating rate based on 3-Month USD-LIBOR plus 0.260% due 04/20/2010	Buy	(0.170%	)	06/20/2010	BOA		50,000		9,621
Glitnir Banki HF floating rate based on 3-Month USD-LIBOR plus 0.440% due 01/21/2011	Buy	(0.340%	)	03/20/2011	JPM		10,000		2,249
Glitnir Banki HF floating rate based on 3-Month USD-LIBOR plus 0.470% due 01/18/2012	Buy	(0.365%	)	03/20/2012	DUB		20,000		5,136
GMAC LLC 6.000% due 04/01/2011	Buy	(1.250%	)	06/20/2011	RBS		15,000		3,983
GMAC LLC 6.875% due 08/28/2012	Sell	1.050%		09/20/2008	MSC		1,400		(79	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.450%		09/20/2008	GSC		50,000		(2,237	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.450%		09/20/2008	MLP		25,000		(1,118	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.500%		09/20/2008	MLP		50,000		(2,224	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.700%		09/20/2008	DUB		15,000		(653	)
GMAC LLC 6.875% due 08/28/2012	Sell	4.250%		09/20/2008	JPM		35,000		(1,428	)
GMAC LLC 6.875% due 08/28/2012	Sell	4.500%		09/20/2008	LEH		20,000		(791	)
GMAC LLC 6.875% due 08/28/2012	Sell	4.600%		09/20/2008	CITI		25,000		(977	)
GMAC LLC 6.875% due 08/28/2012	Sell	4.600%		09/20/2008	UBS		3,800		(148	)
GMAC LLC 6.875% due 08/28/2012	Sell	4.750%		09/20/2008	BCLY		25,000		(958	)
GMAC LLC 6.875% due 08/28/2012	Sell	5.000%		03/20/2009	CITI		7,700		312
GMAC LLC 6.875% due 08/28/2012	Sell	8.500%		03/20/2009	LEH		7,800		(458	)
GMAC LLC 6.875% due 08/28/2012	Sell	8.700%		03/20/2009	JPM		10,000		(570	)
GMAC LLC 6.875% due 08/28/2012	Sell	5.000%		06/20/2009	MLP		7,800		(397	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.600%		09/20/2009	GSC		50,000		(7,180	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.600%		09/20/2009	LEH		25,000		(3,590	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.600%		09/20/2009	UBS		25,000		(3,590	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.900%		09/20/2009	LEH		25,000		(3,499	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.950%		09/20/2009	GSC		25,000		(3,484	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.750%		09/20/2012	JPM		12,000		(2,769	)
GMAC LLC 6.875% due 08/28/2012	Sell	4.000%		09/20/2012	DUB		10,000		(2,246	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.580%		09/20/2012	RBS		10,000		(345	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.800%		09/20/2012	JPM		20,000		(510	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.830%		09/20/2012	BNP		7,000		(170	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.850%		09/20/2012	MSC		25,000		(587	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.900%		09/20/2012	UBS		5,000		(107	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.920%		09/20/2012	BCLY		5,000		(103	)
Goldman Sachs Group, Inc. floating rate based on 3-Month USD-LIBOR plus 0.450% due 03/22/2016	Buy	(0.330%	)	03/20/2016	BEAR		10,000		763
HCP, Inc. 5.950% due 09/15/2011	Buy	(0.610%	)	09/20/2011	JPM		5,000		549
HCP, Inc. 5.950% due 09/15/2011	Buy	(0.530%	)	09/20/2011	CSFB		7,350		825
HCP, Inc. 6.300% due 09/15/2016	Buy	(0.650%	)	09/20/2016	MLP		13,500		2,900
H.J. Heinz Finance Co. 6.000% due 03/15/2012	Buy	(0.390%	)	03/20/2012	BEAR		15,400		90
H.J. Heinz Finance Co. 6.000% due 03/15/2012	Buy	(0.370%	)	03/20/2012	BEAR		8,200		54
HSBC Finance Corp. 7.000% due 05/15/2012	Sell	1.800%		03/20/2010	RBS		16,700		(164	)
HSBC Finance Corp. floating rate based on 3-Month USD-LIBOR plus 0.250% due 01/15/2014	Buy	(0.165%	)	12/20/2013	BNP		15,000		1,645
HSBC Finance Corp. floating rate based on 3-Month USD-LIBOR plus 0.430% due 06/01/2016	Buy	(0.220%	)	06/20/2016	BEAR		10,000		653
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.390%		12/20/2008	RBS		33,000		(156	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400%		12/20/2008	LEH		3,500		(16	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.420%		12/20/2008	DUB		17,000		(77	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.370%		03/20/2009	BCLY		4,440		(30	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.450%		03/20/2009	MSC		14,300		(87	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.450%		06/20/2009	RBS		32,000		(297	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.310%		12/20/2011	RBS		44,300		(1,080	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.330%		12/20/2011	RBS		50,000		(1,184	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.085%		03/20/2012	RBS		24,270		(881	)
International Lease Finance Corp. 5.250% due 01/10/2013	Buy	(0.200%	)	03/20/2013	GSC		15,000		1,078

84 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
International Lease Finance Corp. 5.350% due 03/01/2012	Buy	(0.130%	)	03/20/2012	MLP	$	20,000	$	1,207
International Lease Finance Corp. 5.400% due 02/15/2012	Buy	(0.170%	)	03/20/2012	LEH		20,000		1,178
International Paper Co. 4.000% due 04/01/2010	Buy	(0.190%	)	03/20/2010	MSC		9,700		352
iStar Financial, Inc. 5.150% due 03/01/2012	Buy	(0.400%	)	03/20/2012	BCLY		10,000		2,539
iStar Financial, Inc. 5.950% due 10/15/2013	Buy	(0.600%	)	12/20/2013	MSC		10,000		2,918
JC Penney Corp., Inc. 8.000% due 03/01/2010	Buy	(0.270%	)	03/20/2010	DUB		17,500		536
John Deere Capital Corp. 5.650% due 07/25/2011	Buy	(0.140%	)	09/20/2011	CSFB		9,000		161
Johnson Controls, Inc. 5.500% due 01/15/2016	Buy	(0.500%	)	03/20/2016	BEAR		20,000		606
JPMorgan Chase & Co. 4.750% due 03/01/2015	Sell	0.850%		03/20/2013	LEH		10,000		(61	)
JPMorgan Chase & Co. 4.750% due 03/01/2015	Sell	0.860%		03/20/2013	MSC		19,000		(107	)
JPMorgan Chase & Co. 4.750% due 03/01/2015	Sell	0.870%		03/20/2013	RBS		10,000		(52	)
JPMorgan Chase & Co. 4.750% due 03/01/2015	Sell	0.880%		03/20/2013	BNP		10,000		(47	)
JPMorgan Chase & Co. 4.750% due 03/01/2015	Sell	0.930%		03/20/2013	BNP		15,000		(26	)
JPMorgan Chase & Co. 4.750% due 03/01/2015	Sell	0.930%		03/20/2013	BOA		10,000		(18	)
JPMorgan Chase & Co. 4.750% due 03/01/2015	Sell	1.850%		03/20/2013	DUB		25,000		994
Kaupthing Bank HF 5.750% due 10/04/2011	Buy	(0.550%	)	12/20/2011	CSFB		20,000		4,648
Kaupthing Bank HF 5.750% due 10/04/2011	Buy	(0.530%	)	12/20/2011	DUB		10,000		2,329
Kellogg Co. 6.600% due 04/01/2011	Buy	(0.110%	)	06/20/2011	LEH		10,500		94
Kerr-McGee Corp. 6.875% due 09/15/2011	Buy	(0.160%	)	09/20/2011	RBS		10,500		85
Kraft Foods, Inc. 5.625% due 11/01/2011	Buy	(0.160%	)	12/20/2011	BEAR		10,000		290
Kraft Foods, Inc. 5.625% due 11/01/2011	Buy	(0.150%	)	12/20/2011	BEAR		10,000		293
Kraft Foods, Inc. 6.250% due 06/01/2012	Buy	(0.170%	)	06/20/2012	BEAR		10,400		346
Kroger Co. 5.500% due 02/01/2013	Buy	(0.530%	)	03/20/2013	MSC		5,000		46
Landsbanki Islands HF 6.100% due 08/25/2011	Buy	(0.395%	)	09/20/2011	RBS		10,300		1,923
Landsbanki Islands HF floating rate based on 3-Month USD-LIBOR plus 0.700% due 08/25/2009	Buy	(0.330%	)	09/20/2009	RBS		18,000		1,929
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.160%		06/20/2008	DUB		50,000		(434	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.190%		09/20/2008	BCLY		29,200		(513	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.300%		09/20/2008	RBS		56,200		(957	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.700%		09/20/2012	RBS		10,000		(889	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	1.000%		09/20/2012	MLP		10,000		(773	)
Lennar Corp. 5.950% due 10/17/2011	Buy	(0.785%	)	12/20/2011	DUB		9,000		1,590
Loews Corp. 5.250% due 03/15/2016	Buy	(0.300%	)	03/20/2016	BEAR		9,800		254
Loews Corp. 5.250% due 03/15/2016	Buy	(0.280%	)	03/20/2016	BEAR		20,000		546
Macy’s Retail Holdings, Inc. 4.800% due 07/15/2009	Buy	(0.190%	)	09/20/2009	BOA		5,000		114
Macy’s Retail Holdings, Inc. 4.800% due 07/15/2009	Buy	(0.160%	)	09/20/2009	CSFB		10,000		233
Marriott International, Inc. 4.625% due 06/15/2012	Buy	(0.260%	)	06/20/2012	CITI		15,000		1,077
Masco Corp. 5.875% due 07/15/2012	Buy	(0.580%	)	09/20/2012	MSC		5,000		449
Masco Corp. 7.125% due 08/15/2013	Buy	(0.680%	)	09/20/2013	MSC		10,800		1,047
Mattel, Inc. 6.125% due 06/15/2011	Buy	(0.400%	)	06/20/2011	JPM		10,300		166
Maytag Corp. 5.000% due 05/15/2015	Buy	(0.460%	)	06/20/2015	BEAR		10,000		163
MDC Holdings, Inc. 7.000% due 12/01/2012	Buy	(1.350%	)	12/20/2012	MLP		10,500		286
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Sell	0.590%		09/20/2012	RBS		10,000		(839	)
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Sell	0.880%		09/20/2012	CSFB		5,000		(363	)
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Sell	0.920%		09/20/2012	BCLY		5,000		(355	)
Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.220%		03/20/2009	CSFB		2,200		(1	)
Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.180%		05/20/2009	HSBC		15,000		(19	)
Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.920%		03/20/2016	JPM		6,950		(257	)
Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.920%		03/20/2016	LEH		41,200		(1,521	)
Miller Brewing Co. 5.500% due 08/15/2013	Buy	(0.400%	)	09/20/2013	LEH		15,000		555
Morgan Stanley 6.600% due 04/01/2012	Sell	0.590%		09/20/2012	RBS		10,000		(514	)
Morgan Stanley 6.600% due 04/01/2012	Sell	0.900%		09/20/2012	GSC		5,000		(195	)
Morgan Stanley 6.600% due 04/01/2012	Sell	0.920%		09/20/2012	BCLY		5,000		(191	)
Morgan Stanley floating rate based on 3-Month USD-LIBOR plus 0.450% due 10/18/2016	Buy	(0.340%	)	12/20/2016	LEH		20,000		1,859
Morgan Stanley floating rate based on 3-Month USD-LIBOR plus 0.450% due 10/18/2016	Buy	(0.320%	)	12/20/2016	RBS		15,000		1,414
Morgan Stanley floating rate based on 3-Month USD-LIBOR plus 0.480% due 10/15/2015	Buy	(0.285%	)	12/20/2015	BEAR		10,000		908
Multiple Reference Entities of Gazprom	Sell	0.970%		11/20/2008	HSBC		23,800		(31	)
Multiple Reference Entities of Gazprom	Sell	1.000%		11/20/2008	CSFB		34,600		(42	)
Multiple Reference Entities of Gazprom	Sell	0.360%		05/20/2009	HSBC		18,000		(302	)
Multiple Reference Entities of Gazprom	Sell	0.850%		11/20/2011	LEH		44,300		(2,652	)
Multiple Reference Entities of Gazprom	Sell	0.870%		11/20/2011	MSC		50,000		(2,958	)
Multiple Reference Entities of Gazprom	Sell	0.970%		10/20/2012	JPM		45,400		(3,298	)
Multiple Reference Entities of Gazprom	Sell	1.020%		10/20/2012	JPM		45,400		(3,205	)
Multiple Reference Entities of Gazprom	Sell	2.170%		02/20/2013	JPM		58,600		(1,788	)
Multiple Reference Entities of Gazprom	Sell	2.180%		02/20/2013	JPM		49,900		(1,498	)
Multiple Reference Entities of Gazprom	Sell	2.180%		02/20/2013	MSC		29,600		(888	)
Nationwide Health Properties, Inc. 6.500% due 07/15/2011	Buy	(0.620%	)	09/20/2011	DUB		13,600		689
Newell Rubbermaid, Inc. 4.000% due 05/01/2010	Buy	(0.190%	)	06/20/2010	LEH		10,000		78
Newell Rubbermaid, Inc. 4.000% due 05/01/2010	Buy	(0.130%	)	06/20/2010	CITI		14,000		127
NiSource Finance Corp. 6.150% due 03/01/2013	Buy	(0.540%	)	03/20/2013	RBS		12,400		672
Northrop Grumman Space & Mission Systems Corp. 6.250% due 01/15/2010	Buy	(0.110%	)	03/20/2010	JPM		5,000		10
Omnicom Group, Inc. 5.900% due 04/15/2016	Buy	(0.380%	)	06/20/2016	MSC		9,600		452

See Accompanying Notes Annual Report March 31, 2008 85

Summary Schedule of Investments  Total Return Fund  (Cont.)

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
ONEOK Partners LP 6.150% due 10/01/2016	Buy	(0.660%	)	12/20/2016	BEAR	$	10,200	$	406
ORIX Corp. 5.480% due 11/22/2011	Buy	(0.280%	)	12/20/2011	MLP		20,000		1,765
Packaging Corp. of America 5.750% due 08/01/2013	Buy	(0.940%	)	09/20/2013	CSFB		10,000		173
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.250%		12/20/2008	DUB		9,800		(34	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.260%		12/20/2008	BCLY		12,000		(40	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300%		02/20/2009	CSFB		500		(2	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.270%		03/20/2009	CSFB		8,600		(50	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.730%		01/20/2012	JPM		12,600		(326	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.750%		01/20/2012	MSC		44,400		(1,116	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.760%		01/20/2012	HSBC		4,600		(114	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	1.250%		01/20/2017	JPM		2,800		(163	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	1.200%		02/20/2017	CSFB		14,400		(915	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	1.230%		02/20/2017	BEAR		10,000		(614	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	1.170%		04/20/2017	DUB		20,000		(1,268	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	1.170%		04/20/2017	LEH		20,000		(1,268	)
PC Financial Partnership 5.000% due 11/15/2014	Buy	(0.480%	)	12/20/2014	LEH		10,000		413
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.290%		12/20/2008	BCLY		29,000		1
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.290%		12/20/2008	LEH		300		0
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.320%		03/20/2009	LEH		4,900		(5	)
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.250%		05/20/2009	HSBC		19,000		(37	)
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.320%		12/20/2008	LEH		29,000		(7	)
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.330%		12/20/2008	DUB		13,000		(2	)
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.310%		03/20/2009	MSC		3,500		(7	)
Petroleos Mexicanos 9.500% due 09/15/2027	Sell	0.760%		07/20/2011	DUB		300		(3	)
Plains All American Pipeline LP 5.625% due 12/15/2013	Buy	(0.550%	)	12/20/2013	MSC		10,000		460
PMI Group, Inc. 6.000% due 09/15/2016	Buy	(0.460%	)	09/20/2016	BEAR		9,500		2,437
PMI Group, Inc. 6.000% due 09/15/2016	Buy	(0.420%	)	09/20/2016	LEH		15,000		3,878
PPL Energy Supply LLC 5.700% due 10/15/2015	Buy	(0.600%	)	12/20/2015	MSC		5,000		331
PPL Energy Supply LLC 6.400% due 11/01/2011	Buy	(0.435%	)	12/20/2011	BOA		15,000		473
Proctor & Gamble Co. 4.950% due 08/15/2014	Sell	0.070%		09/20/2008	LEH		370,000		(44	)
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	2.250%		03/20/2013	GSC		10,000		268
PSEG Power LLC 5.500% due 12/01/2015	Buy	(0.520%	)	12/20/2015	BCLY		8,000		525
Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	4.160%		09/20/2010	CSFB		3,000		(61	)
Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	4.170%		09/20/2010	CSFB		5,000		(100	)
Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	4.170%		09/20/2010	GSC		5,000		(100	)
Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	4.650%		09/20/2010	CSFB		2,000		(18	)
Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	4.750%		09/20/2010	BOA		5,000		(34	)
RadioShack Corp. 7.375% due 05/15/2011	Buy	(1.250%	)	06/20/2011	BOA		10,700		92
Reed Elsevier Capital, Inc. 4.625% due 06/15/2012	Buy	(0.290%	)	06/20/2012	MLP		5,000		137
Residential Capital LLC 6.500% due 04/17/2013	Sell	1.130%		06/20/2009	MLP		25,000		(8,921	)
RH Donnelley Corp. 8.875% due 01/15/2016	Buy	(3.080%	)	09/20/2012	LEH		5,000		1,991
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.245%		06/20/2008	MSC		41,800		1
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.590%		09/20/2008	MSC		21,700		2
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.305%		12/20/2008	MSC		43,000		(75	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.310%		03/20/2009	LEH		12,800		(46	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.275%		05/20/2009	BCLY		17,000		(75	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.780%		03/20/2016	MSC		22,400		(1,188	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.800%		03/20/2016	JPM		22,400		(1,158	)
Ryder System, Inc. 5.950% due 05/02/2011	Buy	(0.270%	)	06/20/2011	BEAR		5,300		118
Ryland Group, Inc. 5.375% due 06/01/2008	Buy	(0.370%	)	06/20/2008	BOA		2,500		21
Sealed Air Corp. 6.950% due 05/15/2009	Buy	(0.200%	)	06/20/2009	BCLY		10,500		69
Simon Property Group LP 4.600% due 06/15/2010	Buy	(0.180%	)	06/20/2010	JPM		8,000		250
Simon Property Group LP 5.600% due 09/01/2011	Buy	(0.220%	)	09/20/2011	RBS		5,100		255
SLM Corp. 5.125% due 08/27/2012	Sell	3.050%		03/20/2009	BCLY		25,000		(1,536	)
SLM Corp. 5.125% due 08/27/2012	Sell	3.350%		03/20/2009	GSC		25,000		(1,466	)
SLM Corp. 5.125% due 08/27/2012	Sell	3.700%		03/20/2009	JPM		10,000		(554	)
SLM Corp. 5.125% due 08/27/2012	Sell	3.800%		03/20/2009	GSC		15,000		(816	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.000%		03/20/2009	BCLY		10,000		(526	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.500%		03/20/2009	BOA		10,000		(479	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.550%		03/20/2009	MLP		25,000		(1,185	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.600%		03/20/2009	CITI		75,000		(3,521	)
SLM Corp. 5.125% due 08/27/2012	Sell	5.000%		03/20/2009	JPM		35,000		(1,512	)
SLM Corp. 5.125% due 08/27/2012	Sell	5.250%		03/20/2009	MLP		20,000		(817	)
SLM Corp. 5.125% due 08/27/2012	Sell	5.600%		03/20/2009	MLP		50,000		(1,879	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.450%		06/20/2009	BOA		50,000		(3,012	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.530%		03/20/2010	DUB		20,000		(1,669	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.600%		03/20/2010	BNP		5,000		(411	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.350%		06/20/2010	BOA		50,000		(4,715	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.100%		03/20/2011	RBS		10,000		(1,158	)
Sprint Capital Corp. 8.375% due 03/15/2012	Buy	(0.545%	)	03/20/2012	LEH		11,000		2,029
State of California General Obligation Notes, Series 2005 5.000% due 03/01/2018	Sell	0.610%		03/20/2018	GSC		25,000		(104	)
Time Warner, Inc. 5.875% due 11/15/2016	Buy	(0.700%	)	12/20/2016	RBS		12,000		1,116
Toll Brothers Finance Corp. 5.950% due 09/15/2013	Buy	(1.390%	)	09/20/2013	MSC		9,800		665
Transocean, Inc. 6.625% due 04/15/2011	Buy	(0.280%	)	06/20/2011	LEH		5,600		79
UBS Warburg LLC 4.549% due 04/18/2012	Sell	0.760%		03/20/2013	BNP		30		(1	)

86 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.700%		12/20/2008	LEH	$	29,000	$	(114	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.710%		12/20/2008	BCLY		9,000		(35	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.720%		12/20/2008	BCLY		800		(3	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.720%		12/20/2008	DUB		14,000		(52	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.610%		02/20/2009	MSC		23,580		(189	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.630%		03/20/2009	BCLY		14,600		(136	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.700%		04/20/2009	HSBC		47,600		(319	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.520%		05/20/2009	HSBC		31,000		(355	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	1.500%		01/20/2012	DUB		8,000		(305	)
Viacom, Inc. 5.750% due 04/30/2011	Buy	(0.640%	)	06/20/2011	MSC		5,200		150
Viacom, Inc. 5.750% due 04/30/2011	Buy	(0.470%	)	06/20/2011	UBS		10,000		18
Wachovia Corp. 3.625% due 02/17/2009	Sell	1.240%		03/20/2013	DUB		10,000		(232	)
Wachovia Corp. 3.625% due 02/17/2009	Sell	1.250%		03/20/2013	MSC		15,000		(341	)
Wachovia Corp. 3.625% due 02/17/2009	Sell	2.500%		03/20/2013	RBS		10,000		326
Wachovia Corp. 3.625% due 02/17/2009	Sell	3.000%		03/20/2013	DUB		10,000		557
Wachovia Corp. 3.625% due 02/17/2009	Sell	3.020%		03/20/2013	RBS		39,100		2,206
WellPoint, Inc. 5.000% due 1/15/2011	Buy	(0.165%	)	03/20/2011	RBS		11,000		348
WellPoint, Inc. 6.375% due 1/15/2012	Buy	(0.100%	)	03/20/2012	LEH		10,800		559
Wells Fargo & Co. floating rate based on 3-Month USD-LIBOR plus 0.200% due 10/28/2015	Sell	0.850%		03/20/2013	BOA		8,000		(37	)
Wells Fargo & Co. floating rate based on 3-Month USD-LIBOR plus 0.200% due 10/28/2015	Sell	0.850%		03/20/2013	LEH		10,000		(46	)
Wells Fargo & Co. floating rate based on 3-Month USD-LIBOR plus 0.200% due 10/28/2015	Sell	0.850%		03/20/2013	MSC		10,000		(46	)
Wells Fargo & Co. floating rate based on 3-Month USD-LIBOR plus 0.200% due 10/28/2015	Sell	0.900%		03/20/2013	UBS		22,000		(51	)
Wells Fargo & Co. floating rate based on 3-Month USD-LIBOR plus 0.200% due 10/28/2015	Sell	0.920%		03/20/2013	BOA		25,000		(18	)
Wells Fargo Bank N.A. 4.750% due 02/09/2015	Buy	(0.140%	)	03/20/2015	GSC		10,000		506
Whirlpool Corp. 6.125% due 06/15/2011	Buy	(0.360%	)	06/20/2011	JPM		12,500		168
Wyeth 5.500% due 03/15/2013	Buy	(0.150%	)	03/20/2013	MSC		10,000		182
Xerox Corp. 9.750% due 01/15/2009	Buy	(0.120%	)	01/20/2009	MLP		10,500		75
XL Capital Europe PLC 6.500% due 01/15/2012	Buy	(0.310%	)	03/20/2012	BCLY		10,600		1,125
Xstrata Finance Canada Ltd. 5.500% due 11/16/2011	Buy	(0.290%	)	12/20/2011	JPM		11,250		429
Yum! Brands, Inc. 7.650% due 05/15/2008	Buy	(0.080%	)	06/20/2008	BOA		3,200		1
								$	(192,284	)

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the reference entity. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (2)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
CMBX N.A. AAA 3 Index	Sell	0.080%	04/13/2049	CSFB	$	45,000	$	2,351
CMBX N.A. AAA 3 Index	Sell	0.080%	12/13/2049	CITI		25,000		1,819
CMBX N.A. AAA 3 Index	Sell	0.080%	12/13/2049	GSC		58,800		3,255
CMBX N.A. AAA 3 Index	Sell	0.080%	12/13/2049	LEH		50,000		3,280
CMBX N.A. AAA 3 Index	Sell	0.080%	12/13/2049	MSC		565,800		32,805
Dow Jones CDX N.A. HY8 Index	Sell	0.360%	06/20/2012	CITI		103,340		(4,166	)
Dow Jones CDX N.A. HY8 Index	Sell	0.401%	06/20/2012	CITI		130,069		(5,056	)
Dow Jones CDX N.A. HY8 Index	Sell	0.415%	06/20/2012	CITI		99,365		(3,814	)
Dow Jones CDX N.A. HY8 Index	Sell	1.833%	06/20/2012	MLP		51,800		(5,118	)
Dow Jones CDX N.A. HY8 Index	Sell	1.846%	06/20/2012	CITI		35,500		(3,490	)
Dow Jones CDX N.A. HY8 Index	Sell	1.847%	06/20/2012	MLP		40,400		(3,970	)
Dow Jones CDX N.A. HY8 Index	Sell	2.070%	06/20/2012	MLP		48,800		(4,380	)
Dow Jones CDX N.A. HY8 Index	Sell	2.080%	06/20/2012	MLP		31,000		(2,771	)
Dow Jones CDX N.A. HY8 Index	Sell	2.080%	06/20/2012	MSC		7,600		(679	)
Dow Jones CDX N.A. HY8 Index	Sell	2.127%	06/20/2012	MLP		25,200		(2,207	)
Dow Jones CDX N.A. HY8 Index	Sell	2.140%	06/20/2012	MSC		65,700		(5,721	)
Dow Jones CDX N.A. HY8 Index	Sell	2.144%	06/20/2012	CITI		32,300		(2,808	)
Dow Jones CDX N.A. HY8 Index	Sell	2.170%	06/20/2012	MSC		23,800		(2,045	)
Dow Jones CDX N.A. HY8 Index	Sell	2.179%	06/20/2012	CITI		22,600		(1,934	)
Dow Jones CDX N.A. IG9 Index	Sell	0.600%	12/20/2012	DUB		27,300		299
Dow Jones CDX N.A. IG9 Index	Sell	0.600%	12/20/2012	GSC		653,900		5,166
Dow Jones CDX N.A. IG9 Index	Sell	0.600%	12/20/2012	LEH		312,600		2,503
Dow Jones CDX N.A. IG9 Index	Sell	0.600%	12/20/2012	RBS		30,800		321
Dow Jones CDX N.A. IG9 Index	Sell	0.695%	12/20/2012	DUB		100,000		869
Dow Jones CDX N.A. IG9 Index	Sell	0.695%	12/20/2012	GSC		14,600		127
Dow Jones CDX N.A. IG9 Index	Sell	0.701%	12/20/2012	DUB		83,200		746
Dow Jones CDX N.A. IG9 Index	Sell	0.705%	12/20/2012	DUB		10,200		93
Dow Jones CDX N.A. IG9 Index	Sell	0.705%	12/20/2012	GSC		22,700		207
Dow Jones CDX N.A. IG9 Index	Sell	0.708%	12/20/2012	DUB		14,400		133

See Accompanying Notes Annual Report March 31, 2008 87

Summary Schedule of Investments  Total Return Fund  (Cont.)

Credit Default Swaps on Credit Indices (Cont.)
Reference Entity	Buy/Sell Protection (2)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Dow Jones CDX N.A. IG9 Index	Sell	0.710%	12/20/2012	DUB	$	28,600	$	268
Dow Jones CDX N.A. IG9 Index	Sell	0.711%	12/20/2012	MSC		400,000		3,223
Dow Jones CDX N.A. IG9 Index	Sell	0.770%	12/20/2012	DUB		170,000		1,979
Dow Jones CDX N.A. IG9 Index	Sell	0.771%	12/20/2012	MSC		190,000		2,000
Dow Jones CDX N.A. IG9 Index	Sell	0.780%	12/20/2012	DUB		250,000		3,041
Dow Jones CDX N.A. IG9 Index	Sell	0.830%	12/20/2012	GSC		30,000		(131	)
Dow Jones CDX N.A. IG9 Index	Sell	0.940%	12/20/2012	GSC		35,000		20
Dow Jones CDX N.A. IG9 Index	Sell	0.963%	12/20/2012	MSC		102,700		162
Dow Jones CDX N.A. IG9 Index	Sell	0.975%	12/20/2012	GSC		98,800		210
Dow Jones CDX N.A. IG9 Index	Sell	0.990%	12/20/2012	DUB		50,000		140
Dow Jones CDX N.A. IG9 Index	Sell	1.160%	12/20/2012	DUB		100,000		1,043
Dow Jones CDX N.A. IG9 Index	Sell	1.180%	12/20/2012	DUB		30,000		340
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MLP		217,200		(841	)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MSC		717,400		(1,862	)
							$	15,407

⁽²⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of underlying securities comprising the reference entity index. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	BCLY	AUD	764,000	$	(2,712	)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	CITI		1,528,000		(5,564	)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	DUB		764,000		(2,904	)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	UBS		216,300		(825	)
Pay	3-Month Australian Bank Bill	7.500%	03/15/2010	UBS		210,700		1,257
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	DUB	$	4,594,380		32,712
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	MSC		5,771,500		40,548
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		5,639,310		20,922
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	BCLY		1,978,300		(44,634	)
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	DUB		1,237,100		(8,046	)
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	MSC		310,100		(3,570	)
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	RBS		5,261,300		(60,980	)
Pay	3-Month USD-LIBOR	0.000%	06/20/2037	RBS		160,000		4,047
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	BOA		203,600		(17,885	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	DUB		73,200		925
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	MLP		312,600		(2,318	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	MSC		204,200		929
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		493,800		792
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.090%	10/15/2010	BNP	EUR	65,400		305
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.103%	10/15/2010	BCLY		50,700		569
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.146%	10/15/2010	UBS		58,500		501
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	BCLY		105,800		(2,355	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948%	03/15/2012	JPM		266,400		(5,777	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.955%	03/28/2012	RBS		74,030		(1,613	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.950%	03/30/2012	RBS		75,400		(1,689	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	03/30/2012	GSC		74,100		(1,653	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	04/05/2012	BCLY		34,200		(776	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958%	04/10/2012	JPM		261,440		(6,358	)
Pay	6-Month Australian Bank Bill	7.500%	03/15/2011	JPM	AUD	242,000		299
Pay	6-Month Australian Bank Bill	7.500%	03/15/2011	UBS		1,079,200		2,731
Pay	6-Month Australian Bank Bill	7.000%	03/20/2013	DUB		352,100		(6,547	)
Receive	6-Month Australian Bank Bill	6.500%	03/20/2018	DUB		483,800		6,769
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	JPM	EUR	535,200		4,616
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	MSC		189,900		1,680
Pay	6-Month EUR-LIBOR	4.000%	06/18/2010	MSC		754,400		(5,169	)
Pay	6-Month EUR-LIBOR	4.000%	09/17/2013	MSC		221,200		(3,325	)
Pay	6-Month EUR-LIBOR	4.000%	06/15/2018	BCLY		370,900		4,051
Pay	6-Month EUR-LIBOR	4.000%	06/15/2018	DUB		2,000		22
Pay	6-Month GBP-LIBOR	6.000%	12/20/2008	BCLY	GBP	752,700		1,604
Pay	6-Month GBP-LIBOR	6.000%	12/20/2008	DUB		417,800		767
Pay	6-Month GBP-LIBOR	6.000%	03/20/2009	BCLY		2,418,300		4,977
Pay	6-Month GBP-LIBOR	6.000%	03/20/2009	RBS		385,600		307
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	BCLY		971,000		8,245
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	CSFB		100,500		894
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	GSC		863,700		6,962
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	HSBC		387,000		4,093
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	RBS		396,000		1,653
Pay	6-Month GBP-LIBOR	6.000%	06/19/2009	GSC		2,493,700		50,027
Pay	6-Month GBP-LIBOR	6.000%	06/19/2009	MSC		2,500,000		46,951
Pay	6-Month GBP-LIBOR	6.000%	06/19/2009	RBS		626,300		12,164

88 PIMCO Funds See Accompanying Notes

    
March 31, 2008

Interest Rate Swaps (Cont.)
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	6-Month GBP-LIBOR	5.000%	09/18/2009	GSC	GBP	1,675,000	$	24,394
Pay	6-Month GBP-LIBOR	6.000%	09/18/2009	MSC		500,000		7,483
Pay	6-Month GBP-LIBOR	4.500%	09/20/2009	HSBC		325,000		(6,548	)
Pay	6-Month GBP-LIBOR	4.500%	09/20/2009	LEH		130,500		(2,624	)
Pay	6-Month GBP-LIBOR	4.500%	09/20/2009	MLP		154,700		(3,134	)
Pay	6-Month GBP-LIBOR	4.500%	09/20/2009	UBS		250,000		(5,083	)
Pay	6-Month GBP-LIBOR	6.000%	12/19/2009	GSC		188,200		7,329
Pay	6-Month GBP-LIBOR	6.000%	03/20/2010	GSC		300,000		5,509
Pay	6-Month GBP-LIBOR	5.000%	06/16/2011	BCLY		1,930		(31	)
Pay	6-Month GBP-LIBOR	5.000%	03/20/2013	BCLY		66,200		1,356
Pay	6-Month GBP-LIBOR	4.750%	09/17/2013	BCLY		148,900		(1,524	)
Pay	6-Month GBP-LIBOR	4.750%	09/17/2013	RBS		146,900		(1,377	)
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	GSC		216,400		(88	)
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	HSBC		262,900		(285	)
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	BCLY		92,900		7,099
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	MLP		54,200		4,262
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	BCLY		258,300		18,160
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	HSBC		214,800		10,772
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	RBS		359,300		24,521
Receive	6-Month GBP-LIBOR	5.500%	12/15/2036	GSC		166,100		(19,679	)
Receive	6-Month GBP-LIBOR	5.500%	12/15/2036	RBS		41,900		(5,310	)
Receive	6-Month GBP-LIBOR	5.000%	12/19/2037	GSC		24,000		(3,661	)
Receive	6-Month GBP-LIBOR	5.000%	03/20/2038	GSC		36,100		(2,039	)
Pay	6-Month JPY-LIBOR	2.000%	12/19/2017	BCLY	JPY	14,230,000		6,931
Pay	6-Month JPY-LIBOR	2.000%	12/19/2017	DUB		27,490,000		13,469
Pay	28-Day Mexico Interbank TIIE Banxico	7.780%	04/03/2012	GSC	MXN	614,000		487
Pay	28-Day Mexico Interbank TIIE Banxico	8.720%	09/05/2016	BCLY		190,000		1,046
Pay	28-Day Mexico Interbank TIIE Banxico	8.720%	09/05/2016	CITI		814,300		3,081
Pay	28-Day Mexico Interbank TIIE Banxico	8.720%	09/05/2016	MLP		488,500		1,623
Pay	28-Day Mexico Interbank TIIE Banxico	8.900%	09/12/2016	MSC		483,200		3,174
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	CITI		921,900		2,233
Receive	30-Day USD-CMM Rate	5.000%	02/20/2009	MLP	$	302,100		(16,289	)
Receive	30-Day USD-CMM Rate	5.500%	05/21/2009	MLP		362,800		(12,992	)
Pay	BRL-CDI-Compounded	11.360%	01/04/2010	BCLY	BRL	485,600		(7,049	)
Pay	BRL-CDI-Compounded	11.430%	01/04/2010	MLP		148,200		(2,029	)
Pay	BRL-CDI-Compounded	11.430%	01/04/2010	MSC		170,000		(2,327	)
Pay	BRL-CDI-Compounded	11.465%	01/04/2010	GSC		126,400		(1,680	)
Pay	BRL-CDI-Compounded	12.780%	01/04/2010	MSC		427,800		211
Pay	BRL-CDI-Compounded	12.860%	01/04/2010	GSC		7,100		2
Pay	BRL-CDI-Compounded	12.948%	01/04/2010	MLP		203,900		554
Pay	BRL-CDI-Compounded	14.370%	01/04/2010	MLP		193,200		4,074
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		214,800		(3,805	)
Pay	USSP Semi 2-Year Index	0.780%	01/05/2009	MSC	$	500,000		238
Pay	USSP Semi 2-Year Index	0.690%	01/08/2009	BNP		535,700		(787	)
Pay	USSP Semi 2-Year Index	0.710%	02/05/2009	BNP		432,000		(704	)
Pay	USSP Semi 5-Year Index	0.763%	02/05/2009	BNP		85,900		(207	)
Receive	USSP Semi 10-Year Index	0.620%	01/05/2009	MSC		117,000		88
							$	126,463

(m) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Put - CME 90-Day Eurodollar June Futures	$	92.250	06/16/2008	100	$	1	$	0
Put - CME 90-Day Eurodollar September Futures		92.250	09/15/2008	128		1		0
					$	2	$	0

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500%	02/02/2009	$	8,437,400	$	89,609	$	141,016
Call - OTC 2-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		8,429,000		40,690		348,271
Call - OTC 2-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		12,079,200		43,039		499,091
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		4,753,400		18,342		196,402
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	12/15/2008		13,866,000		126,082		179,712
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.000%	02/02/2009		4,951,600		51,076		53,255
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	02/02/2009		2,664,200		28,773		32,978
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.600%	07/02/2009		1,570,400		15,096		23,784
								$	412,707	$	1,474,509

See Accompanying Notes Annual Report March 31, 2008 89

Summary Schedule of Investments  Total Return Fund  (Cont.)

(n) Written options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note June Futures	$	118.000	05/23/2008	55,493	$	64,050	$	117,923
Call - CBOT U.S. Treasury 10-Year Note June Futures		120.000	05/23/2008	13,702		16,791		16,271
Put - CBOT U.S. Treasury 10-Year Note June Futures		114.000	05/23/2008	55,669		81,299		12,177
Put - CBOT U.S. Treasury 10-Year Note June Futures		116.000	05/23/2008	6,904		5,646		3,668
					$	167,786	$	150,039

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.300%	02/02/2009	$	2,934,400	$	70,906	$	113,436
Call - OTC 7-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.600%	02/02/2009		564,000		18,105		28,216
Call - OTC 5-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		3,666,900		41,140		245,330
Call - OTC 5-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		5,253,400		43,835		351,473
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		2,070,900		18,391		138,551
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.300%	12/15/2008		4,587,300		119,758		179,860
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	3.950%	02/02/2009		2,153,000		54,069		63,275
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.250%	02/02/2009		888,200		26,779		32,752
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.200%	07/02/2009		683,000		15,094		22,136
								$	408,077	$	1,175,029

(o) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Citigroup Mortgage Loan Trust, Inc.	2.669%	05/25/2037	05/16/2007	$	27,445	$	26,232	0.02%
DLJ Mortgage Acceptance Corp.	6.502%	08/01/2021	07/21/1992		272		253	0.00%
Mazda Manufacturing Corp.	10.500%	07/01/2008	08/30/1993		140		139	0.00%
Mazda Motor Corp.	10.500%	07/01/2008	03/14/2003		17		16	0.00%
Southbridge, Massachusetts Associates LLC Revenue Bonds, (MBIA Insured), Series 2000	7.590%	02/01/2022	10/10/2000		30,653		36,641	0.03%
United Airlines, Inc.	11.080%	05/27/2024	12/28/2001		0		8	0.00%
United Telecom, Inc.	6.890%	07/01/2008	09/22/2003		702		695	0.00%
United Telephone Co. of the Northwest	6.890%	07/01/2008	05/02/2002		2,750		2,742	0.00%
Wilmington Trust Co.	10.500%	07/01/2008	03/14/2003		99		99	0.00%
				$	62,078	$	66,825	0.05%

(p) Short sales outstanding on March 31, 2008:

Description	Coupon	Maturity Date	Principal Amount		Proceeds		Value (3)
Fannie Mae	5.000%	04/01/2038	$	236,000	$	233,345	$	233,603
Fannie Mae	6.000%	04/01/2038		662,933		667,563		679,195
Fannie Mae	6.500%	04/01/2038		69,400		71,030		71,883
Freddie Mac	5.000%	03/01/2038		300		297		289
Freddie Mac	5.000%	04/01/2038		300		288		297
Freddie Mac	5.500%	04/01/2038		390,000		393,534		393,839
Ginnie Mae	5.500%	04/01/2038		900		914		918
Ginnie Mae	6.000%	04/01/2038		75,900		78,130		78,331
U.S. Treasury Notes	2.000%	02/28/2010		403,300		405,564		408,055
U.S. Treasury Notes	2.125%	01/31/2010		404,400		406,977		410,718
U.S. Treasury Notes	2.750%	02/28/2013		401,700		407,389		409,525
U.S. Treasury Notes	2.875%	01/31/2013		272,700		276,085		280,522
U.S. Treasury Notes	3.125%	11/30/2009		2,669,400		2,731,568		2,773,013
U.S. Treasury Notes	3.250%	12/31/2009		1,426,400		1,461,909		1,480,198
U.S. Treasury Notes	3.500%	12/15/2009		2,150,000		2,214,628		2,246,330
U.S. Treasury Notes	4.250%	08/15/2013		341,700		369,051		375,578
U.S. Treasury Notes	4.250%	11/15/2013		792,600		857,434		881,740
U.S. Treasury Notes	4.500%	05/15/2017		1,486,400		1,591,517		1,644,512
					$	12,167,223	$	12,368,546

⁽³⁾ Market value includes $130,804 of interest payable on short sales.

90 PIMCO Funds See Accompanying Notes

    
March 31, 2008

(q) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AED	142,666	05/2008	$	24	$	(203	)	$	(179	)
Buy	AUD	2,030	04/2008		11		0			11
Buy	BRL	2,905,891	07/2008		85,164		0			85,164
Sell		3,219,350	07/2008		48,299		0			48,299
Buy		1,448,376	12/2008		8,951		(118	)		8,833
Sell		2,435,642	12/2008		36,368		0			36,368
Buy	CAD	962	04/2008		0		(29	)		(29	)
Sell	EUR	443,471	04/2008		0		(8,531	)		(8,531	)
Buy	GBP	103,607	04/2008		0		(379	)		(379	)
Sell		1,323,969	04/2008		1,912		(5,572	)		(3,660	)
Buy	IDR	692,193,600	05/2008		0		(3,730	)		(3,730	)
Buy	INR	8,649,218	05/2008		8,745		0			8,745
Buy		6,151,127	08/2008		0		(3,058	)		(3,058	)
Buy	JPY	3,239,412	04/2008		0		(22	)		(22	)
Sell		3,239,412	04/2008		114		0			114
Buy		32,281,352	05/2008		3,602		(4,163	)		(561	)
Sell		62,045,847	05/2008		4,118		0			4,118
Buy	KRW	55,563,421	05/2008		0		(4,388	)		(4,388	)
Buy		289,595,238	08/2008		0		(15,750	)		(15,750	)
Buy	KWD	10,922	05/2008		2,031		0			2,031
Buy	MXN	5,080,421	07/2008		18,881		0			18,881
Sell		4,476,807	07/2008		0		(4,861	)		(4,861	)
Buy	MYR	987,961	05/2008		11,943		0			11,943
Sell	NZD	106,557	04/2008		1,561		0			1,561
Buy	PHP	3,614,599	05/2008		7,469		0			7,469
Buy	PLN	84,608	07/2008		5,098		0			5,098
Sell		82,904	07/2008		0		(3,778	)		(3,778	)
Buy	RUB	14,659,361	07/2008		35,705		0			35,705
Sell		8,442,728	07/2008		0		(16,769	)		(16,769	)
Buy		112,495	11/2008		150		0			150
Sell		22,136	11/2008		0		(44	)		(44	)
Buy	SAR	146,032	05/2008		9		(185	)		(176	)
Buy	SEK	400,798	06/2008		2,439		0			2,439
Buy	SGD	464,677	05/2008		26,650		0			26,650
Buy		422,728	11/2008		8,212		0			8,212
Buy	ZAR	179,933	07/2008		0		(3,924	)		(3,924	)
				$	317,456	$	(75,504	)	$	241,952

See Accompanying Notes Annual Report March 31, 2008 91

Financial Highlights

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income (a)		Net Realized/ Unrealized Gain (Loss) on Investments			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
All Asset Fund
Class R
03/31/2008	$	12.77	$	0.90	$	(0.20	)	$	0.70		$	(0.92	)	$	0.00
03/31/2007		12.61		0.66		0.20			0.86			(0.66	)		(0.04	)
01/31/2006 - 03/31/2006		12.85		0.03		(0.21	)		(0.18	)		(0.06	)		0.00
Foreign Bond Fund (U.S. Dollar-Hedged)
Class R
03/31/2008	$	10.17	$	0.32	$	0.20		$	0.52		$	(0.30	)	$	0.00
03/31/2007		10.30		0.29		0.05			0.34			(0.24	)		(0.21	)
03/31/2006		10.56		0.29		0.03			0.32			(0.25	)		(0.33	)
03/31/2005		10.52		0.21		0.34			0.55			(0.20	)		(0.31	)
03/31/2004		10.70		0.26		0.02			0.28			(0.25	)		(0.21	)
High Yield Fund
Class R
03/31/2008	$	9.94	$	0.62	$	(0.70	)	$	(0.08	)	$	(0.65	)	$	(0.01	)
03/31/2007		9.77		0.62		0.18			0.80			(0.62	)		(0.01	)
03/31/2006		9.70		0.65		0.07			0.72			(0.65	)		0.00
03/31/2005		9.69		0.60		0.02			0.62			(0.61	)		0.00
03/31/2004		8.90		0.61		0.81			1.42			(0.63	)		0.00
Income Fund
Class R
03/31/2008	$	10.00	$	0.51	$	(0.08	)	$	0.43		$	(0.51	)	$	0.00
03/30/2007 - 03/31/2007		10.00		0.00		0.00			0.00			0.00			0.00
Low Duration Fund
Class R
03/31/2008	$	9.95	$	0.41	$	0.26		$	0.67		$	(0.41	)	$	(0.07	)
03/31/2007		9.90		0.39		0.06			0.45			(0.40	)		0.00
03/31/2006		10.11		0.30		(0.17	)		0.13			(0.30	)		(0.04	)
03/31/2005		10.31		0.15		(0.14	)		0.01			(0.15	)		(0.06	)
03/31/2004		10.33		0.14		0.07			0.21			(0.18	)		(0.05	)
Real Return Fund
Class R
03/31/2008	$	10.89	$	0.53	$	0.92		$	1.45		$	(0.52	)	$	(0.37	)
03/31/2007		10.82		0.30		0.16			0.46			(0.30	)		(0.08	)
03/31/2006		11.42		0.43		(0.41	)		0.02			(0.47	)		(0.15	)
03/31/2005		11.79		0.25		0.06			0.31			(0.36	)		(0.32	)
03/31/2004		11.42		0.20		1.00			1.20			(0.32	)		(0.51	)
Short-Term Fund
Class R
03/31/2008	$	9.96	$	0.42	$	(0.12	)	$	0.30		$	(0.42	)	$	(0.03	)
03/31/2007		9.98		0.42		0.00			0.42			(0.41	)		(0.03	)
03/31/2006		10.01		0.31		(0.05	)		0.26			(0.29	)		0.00
03/31/2005		10.07		0.12		(0.04	)		0.08			(0.11	)		(0.03	)
03/31/2004		10.04		0.07		0.07			0.14			(0.10	)		(0.01	)

* Annualized

^(a) Per share amounts based on average number of shares outstanding during the year or period.

^(b) PIMCO and the Distributor have contractually agreed to waive 0.05% of the Fund’s administrative fee and distribution and/or service/12b-1 Fees.

^(c) Effective October 1, 2005, the Fund’s administrative fee was reduced by 0.05% to 0.35%.

92 PIMCO Funds See Accompanying Notes

Tax Basis Return of Capital			Total Distributions			Net Asset Value End of Year or Period		Total Return		Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Expenses to Average Net Assets Excluding Interest Expense		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	0.00		$	(0.92	)	$	12.55	5.60	%	$	456	1.105	%(e)	1.105	%(e)	7.04	%	96	%
	0.00			(0.70	)		12.77	7.01			36	1.135	(d)	1.135	(d)	5.23		86
	0.00			(0.06	)		12.61	(1.38	)		10	1.15	*	1.15	*	1.25	*	56
$	0.00		$	(0.30	)	$	10.39	5.25	%	$	7,332	1.57	%	1.20	%	3.19	%	969	%
	(0.02	)		(0.47	)		10.17	3.33			4,860	1.20		1.20		2.84		653
	0.00			(0.58	)		10.30	3.09			4,025	1.20		1.20		2.80		571
	0.00			(0.51	)		10.56	5.30			998	1.20		1.20		2.02		477
	0.00			(0.46	)		10.52	2.71			73	1.22		1.20		2.46		711
$	0.00		$	(0.66	)	$	9.20	(0.96	)%	$	15,556	1.16	%	1.15	%	6.45	%	187	%
	0.00			(0.63	)		9.94	8.49			16,405	1.15		1.15		6.40		75
	0.00			(0.65	)		9.77	7.67			13,138	1.15		1.15		6.62		105
	0.00			(0.61	)		9.70	6.60			6,910	1.15		1.15		6.15		62
	0.00			(0.63	)		9.69	16.33			1,342	1.15		1.15		6.32		105
$	0.00		$	(0.51	)	$	9.92	4.41	%	$	10	2.88	%(f)	1.10	%(g)	5.15	%	276	%
	0.00			0.00			10.00	0.00			10	1.10	*	1.10	*	(1.10	)*	0
$	0.00		$	(0.48	)	$	10.14	6.93	%	$	9,642	1.10	%	1.10	%	4.05	%	141	%
	0.00			(0.40	)		9.95	4.60			11,305	1.10		1.10		3.89		73
	0.00			(0.34	)		9.90	1.30			15,386	1.12	(c)	1.12	(c)	3.00		68
	0.00			(0.21	)		10.11	0.17			4,718	1.15		1.15		1.43		278
	0.00			(0.23	)		10.31	2.00			1,490	1.15		1.15		1.36		247
$	0.00		$	(0.89	)	$	11.45	14.05	%	$	94,611	1.15	%	1.15	%	4.81	%	806	%
	(0.01	)		(0.39	)		10.89	4.27			59,303	1.15		1.15		2.76		480
	0.00			(0.62	)		10.82	0.09			57,274	1.15		1.15		3.84		388
	0.00			(0.68	)		11.42	2.74			40,738	1.15		1.15		2.16		369
	0.00			(0.83	)		11.79	10.95			8,240	1.15		1.15		1.75		308
$	0.00		$	(0.45	)	$	9.81	3.07	%	$	948	1.08	%(h)	1.07	%(h)	4.20	%	191	%
	0.00			(0.44	)		9.96	4.25			632	1.00	(b)	1.00	(b)	4.18		187
	0.00			(0.29	)		9.98	2.64			626	1.00	(b)	1.00	(b)	3.05		230
	0.00			(0.14	)		10.01	0.84			504	1.10	(b)	1.10	(b)	1.23		356
	0.00			(0.11	)		10.07	1.38			48	1.15		1.15		0.75		268

^(d) Effective October 1, 2006, the Fund’s advisory fee was reduced by 0.025% to 0.175%.

^(e) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.125%.

^(f) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 3.19%.

^(g) If the investment manager did not reimburse expenses, the ratio of expenses to average net assets would have been 1.41%.

^(h) Effective October 1, 2007, the Fund’s administrative fee was reduced by 0.05% to 0.30%.

Annual Report March 31, 2008 93

Financial Highlights  (Cont.)

Selected Per Share Data for the Year Ended:	Net Asset Value Beginning of Year		Net Investment Income (a)		Net Realized/ Unrealized Gain (Loss) on Investments			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
StocksPLUS® Fund
Class R
03/31/2008	$	10.97	$	0.45	$	(1.02	)	$	(0.57	)	$	(0.55	)	$	0.00
03/31/2007		10.29		0.40		0.67			1.07			(0.39	)		0.00
03/31/2006		9.63		0.28		0.60			0.88			(0.22	)		0.00
03/31/2005		9.63		0.09		0.39			0.48			(0.48	)		0.00
03/31/2004		7.71		0.05		2.56			2.61			(0.69	)		0.00
Total Return Fund
Class R
03/31/2008	$	10.43	$	0.47	$	0.55		$	1.02		$	(0.47	)	$	(0.07	)
03/31/2007		10.33		0.43		0.14			0.57			(0.43	)		(0.04	)
03/31/2006		10.57		0.36		(0.16	)		0.20			(0.34	)		(0.08	)
03/31/2005		10.94		0.19		(0.04	)		0.15			(0.19	)		(0.33	)
03/31/2004		10.79		0.19		0.38			0.57			(0.24	)		(0.18	)

^(a) Per share amounts based on average number of shares outstanding during the year.

^(b) Effective October 1, 2006, the Fund’s advisory fee was reduced by 0.05% to 0.30%.

^(c) Effective October 1, 2005, the Fund’s advisory fee was reduced by 0.05% to 0.35%.

94 PIMCO Funds See Accompanying Notes

Tax Basis Return of Capital			Total Distributions			Net Asset Value End of Year		Total Return		Net Assets End of Year (000s)		Ratio of Expenses to Average Net Assets		Ratio of Expenses to Average Net Assets Excluding Interest Expense		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	0.00		$	(0.55	)	$	9.85	(5.56	)%	$	2,925	1.30	%	1.17	%	4.08	%	67	%
	0.00			(0.39	)		10.97	10.56			2,337	1.22	(b)	1.22	(b)	3.83		76
	0.00			(0.22	)		10.29	9.19			2,360	1.27	(c)	1.27	(c)	2.76		239
	0.00			(0.48	)		9.63	5.13			1,355	1.30		1.30		0.96		371
	0.00			(0.69	)		9.63	34.07			135	1.30		1.30		0.47		287
$	0.00		$	(0.54	)	$	10.91	10.02	%	$	505,431	1.21	%	1.15	%	4.43	%	226	%
	0.00			(0.47	)		10.43	5.57			336,612	1.15		1.15		4.11		257
	(0.02	)		(0.44	)		10.33	1.92			220,703	1.15		1.15		3.43		325
	0.00			(0.52	)		10.57	1.35			104,680	1.15		1.15		1.76		470
	0.00			(0.42	)		10.94	5.42			31,079	1.15		1.15		1.69		273

Annual Report March 31, 2008 95

Statements of Assets and Liabilities

(Amounts in thousands, except per share amounts)	All Asset Fund			Foreign Bond Fund (U.S. Dollar- Hedged)			High Yield Fund
Assets:
Investments, at value	$	0		$	4,270,914		$	7,244,464
Investments in Affiliates, at value		14,894,363			0			0
Repurchase agreements, at value		0			73,200			354,777
Cash		0			24,902			4,426
Deposits with counterparty		0			37,213			10,640
Foreign currency, at value		0			13,527			8,767
Receivable for investments sold		0			2,372,631			428,159
Receivable for investments in Affiliates sold		9,791			0			0
Receivable for investments sold on a delayed-delivery basis		0			0			665
Receivable for Fund shares sold		383,794			5,216			56,317
Interest and dividends receivable		0			40,973			120,988
Interest and dividends receivable from Affiliates		46,972			0			0
Variation margin receivable		0			4,631			4,794
Manager reimbursement receivable		0			0			0
Swap premiums paid		0			51,973			4,738
Unrealized appreciation on foreign currency contracts		0			16,725			16,695
Unrealized appreciation on swap agreements		0			116,759			15,722
Other assets		3			1,544			0
		15,334,923			7,030,208			8,271,152
Liabilities:
Payable for the reverse repurchase agreements	$	0		$	348,724		$	0
Payable for investments purchased		0			650,398			1,167,338
Payable for investments in Affiliates purchased		387,402			0			0
Payable for investments purchased on a delayed-delivery basis		0			1,230,957			0
Payable for short sales		0			1,742,982			0
Payable for Fund shares redeemed		30,036			16,455			39,374
Dividends payable		0			1,696			7,356
Overdraft due to custodian		8,133			0			0
Written options outstanding		0			29,227			166,803
Accrued investment advisory fee		2,012			548			1,335
Accrued administrative fee		1,509			624			1,558
Accrued distribution fee		906			54			633
Accrued servicing fee		667			94			372
Variation margin payable		0			2,110			3,897
Recoupment payable to Manager		73			0			0
Swap premium received		0			58,617			21,356
Unrealized depreciation on foreign currency contracts		0			54,493			11,773
Unrealized depreciation on swap agreements		0			112,237			89,735
Other liabilities		0			0			0
		430,738			4,249,216			1,511,530
Net Assets	$	14,904,185		$	2,780,992		$	6,759,622
Net Assets Consist of:
Paid in capital	$	15,057,718		$	2,772,313		$	7,257,227
Undistributed (overdistributed) net investment income		25,770			(86,269	)		(57,171	)
Accumulated undistributed net realized gain (loss)		(298,061	)		12,443			(96,361	)
Net unrealized appreciation (depreciation)		118,758			82,505			(344,073	)
	$	14,904,185		$	2,780,992		$	6,759,622
Net Assets:
Class R	$	456		$	7,332		$	15,556
Other Classes		14,903,729			2,773,660			6,744,066
Shares Issued and Outstanding:
Class R		36			706			1,690
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Class R	$	12.55		$	10.39		$	9.20
Cost of Investments Owned	$	0		$	4,121,234		$	7,414,067
Cost of Investments in Affiliates Owned	$	14,775,605		$	0		$	0
Cost of Repurchase Agreements Owned	$	0		$	73,200		$	354,777
Cost of Foreign Currency Held	$	0		$	13,527		$	8,847
Proceeds Received on Short Sales	$	0		$	1,713,536		$	0
Premiums Received on Written Options	$	0		$	19,581		$	57,388

96 PIMCO Funds See Accompanying Notes

March 31, 2008

Income Fund			Low Duration Fund			Real Return Fund			Short-Term Fund			StocksPLUS® Fund			Total Return Fund
$	380,916		$	11,227,023		$	28,778,058		$	3,892,787		$	842,265		$	137,894,023
	0			0			0			0			0			0
	1,022			99,582			50,005			10,500			5,675			1,215,751
	248			720			84,665			17,355			1,584			11,199
	0			55,350			83,880			31,230			57,720			1,097,271
	16			23,963			33,649			14,535			1,959			286,901
	30,107			1,611,368			4,980,084			153,539			21,402			17,249,814
	0			0			0			0			0			0
	0			0			157,152			0			0			1,571,229
	822			63,835			193,604			22,440			23,947			654,739
	2,374			46,390			131,200			17,830			3,802			845,322
	0			0			0			0			0			0
	0			14,332			6,892			12,083			9,314			132,015
	86			0			0			0			0			0
	623			45,569			67,183			2,778			2,553			604,231
	0			27,824			40,334			12,773			7,239			317,456
	3,154			15,727			191,416			4,640			1,755			600,178
	0			0			4			16			0			0
	419,368			13,231,683			34,798,126			4,192,506			979,215			162,480,129
$	47,077		$	0		$	0		$	50,019		$	189,734		$	4,986,163
	64,190			100,662			2,873,008			131,002			19,663			15,606,111
	0			0			0			0			0			0
	0			0			12,104,626			0			0			693,647
	0			1,550,307			3,838,060			155,686			13,558			12,368,546
	7			26,550			50,115			29,837			3,092			352,736
	10			3,496			4,888			588			0			51,774
	0			0			0			0			0			0
	0			31,150			115,533			20,263			3,234			1,325,068
	44			2,255			2,945			806			142			24,443
	45			1,940			3,371			673			166			20,925
	1			321			1,155			326			46			7,106
	1			524			1,269			77			40			4,507
	0			3,075			1,394			10,533			6,193			15,856
	0			0			0			0			0			0
	9,373			31,832			85,048			5,833			640			529,128
	6			12,234			26,728			2,423			1,688			75,504
	4,935			50,126			168,001			10,543			8,035			650,592
	0			0			36,942			0			0			68
	125,689			1,814,472			19,313,083			418,609			246,231			36,712,174
$	293,679		$	11,417,211		$	15,485,043		$	3,773,897		$	732,984		$	125,767,955
$	296,474		$	11,594,934		$	15,141,285		$	3,867,259		$	899,865		$	121,608,389
	189			(12,214	)		(50,932	)		1,842			27,113			248,776
	(598	)		(258,566	)		220,525			(47,182	)		(181,555	)		433,757
	(2,386	)		93,057			174,165			(48,022	)		(12,439	)		3,477,033
$	293,679		$	11,417,211		$	15,485,043		$	3,773,897		$	732,984		$	125,767,955
$	10		$	9,642		$	94,611		$	948		$	2,925		$	505,431
	293,669			11,407,569			15,390,432			3,772,949			730,059			125,262,524
	1			951			8,260			97			297			46,315
$	9.92		$	10.14		$	11.45		$	9.81		$	9.85		$	10.91
$	381,514		$	11,388,732		$	28,564,226		$	3,926,999		$	854,733		$	136,371,130
$	0		$	0		$	0		$	0		$	0		$	0
$	1,022		$	99,582		$	50,005		$	10,500		$	5,675		$	1,215,751
$	16		$	24,121		$	33,837		$	14,593		$	1,964		$	289,318
$	0		$	1,539,763		$	3,765,025		$	151,407		$	13,286		$	12,167,223
$	0		$	10,094		$	68,414		$	8,112		$	2,119		$	575,863

Annual Report March 31, 2008 97

Statements of Operations

Year Ended March 31, 2008
(Amounts in thousands)	All Asset Fund			Foreign Bond Fund (U.S. Dollar- Hedged)			High Yield Fund
Investment Income:
Interest, net of foreign taxes*	$	387		$	120,387		$	538,698
Dividends		0			606			4,237
Dividends from Affiliate investments		1,040,317			0			0
Miscellaneous income		0			82			264
Total Income		1,040,704			121,075			543,199
Expenses:
Investment advisory fees		23,229			6,345			17,763
Administrative fees		18,140			7,329			20,901
Distribution fees - Class R		1			12			41
Servicing fees - Class R		0			12			41
Distribution and/or servicing fees - Other Classes		19,677			1,931			14,180
Trustees’ fees		0			8			22
Organization expense		0			0			0
Interest expense		33			9,441			342
Miscellaneous expense		0			3			10
Total Expenses		61,080			25,081			53,300
Reimbursement by Manager		(2,772	)		0			0
Net Expenses		58,308			25,081			53,300
Net Investment Income		982,396			95,994			489,899
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		0			191,424			32,777
Net realized (loss) on Affiliate investments		(79,686	)		0			0
Net capital gain distributions received from Underlying Funds		21,213			0			0
Net realized gain (loss) on futures contracts, written options and swaps		0			(5,762	)		50,418
Net realized gain (loss) on foreign currency transactions		0			(205,245	)		(34,232	)
Net change in unrealized appreciation (depreciation) on investments		0			88,648			(396,760	)
Net change in unrealized (depreciation) on Affiliate investments		(141,480	)		0			0
Net change in unrealized appreciation (depreciation) on futures contracts, written options and swaps		0			15,817			(172,528	)
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		0			(40,380	)		5,766
Net Gain (Loss)		(199,953	)		44,502			(514,559	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	782,443		$	140,496		$	(24,660	)
*Foreign tax withholdings	$	0		$	57		$	0

98 PIMCO Funds See Accompanying Notes

Income Fund			Low Duration Fund			Real Return Fund			Short-Term Fund			StocksPLUS® Fund			Total Return Fund
$	8,356		$	518,059		$	739,875		$	215,668		$	49,936		$	6,170,153
	4			8,893			516			891			885			16
	0			0			0			0			0			0
	13			329			243			141			28			3,495
	8,373			527,281			740,634			216,700			50,849			6,173,664
	285			25,723			30,116			10,121			2,613			272,680
	231			21,939			35,482			8,562			2,734			233,419
	0			21			174			2			7			985
	0			21			174			2			7			985
	10			9,713			27,194			5,483			1,347			131,383
	0			32			37			13			3			338
	92			0			0			0			0			0
	1,194			0			534			538			903			63,413
	0			13			15			5			1			133
	1,812			57,462			93,726			24,726			7,615			703,336
	(144	)		0			0			0			0			0
	1,668			57,462			93,726			24,726			7,615			703,336
	6,705			469,819			646,908			191,974			43,234			5,470,328
	(407	)		71,786			1,036,602			37,832			5,392			2,413,070
	0			0			0			0			0			0
	0			0			0			0			0			0
	159			16,587			(70,252	)		(48,566	)		(61,733	)		(439,486	)
	8			69,698			(53,650	)		9,239			4,090			482,160
	(598	)		(144,199	)		42,035			(42,697	)		(16,447	)		1,352,125
	0			0			0			0			0			0
	(1,781	)		238,540			17,461			(17,735	)		(8,724	)		1,715,588
	(5	)		11,902			11,379			9,947			5,755			187,775
	(2,624	)		264,314			983,575			(51,980	)		(71,667	)		5,711,232
$	4,081		$	734,133		$	1,630,483		$	139,994		$	(28,433	)	$	11,181,560
$	0		$	0		$	0		$	0		$	0		$	132

Annual Report March 31, 2008 99

Statements of Changes in Net Assets

	All Asset Fund						Foreign Bond Fund (U.S. Dollar-Hedged)
(Amounts in thousands)	Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	982,396		$	712,644		$	95,994		$	82,712
Net realized gain (loss)		0			0			(19,583	)		36,223
Net realized (loss) on Affiliate investments		(79,686	)		(247,441	)		0			0
Net capital gain distributions received from Underlying Funds		21,213			38,870			0			0
Net change in unrealized appreciation (depreciation)		0			0			64,085			(27,122	)
Net change in unrealized appreciation (depreciation) on Affiliate investments		(141,480	)		394,458			0			0
Net increase (decrease) resulting from operations		782,443			898,531			140,496			91,813
Distributions to Shareholders:
From net investment income
Class R		(19	)		(1	)		(138	)		(101	)
Other Classes		(1,015,213	)		(681,136	)		(90,684	)		(70,394	)
From net realized capital gains
Class R		0			0			0			(80	)
Other Classes		0			(35,355	)		0			(48,183	)
Tax basis return of capital
Class R		0			0			0			(9	)
Other Classes		0			0			0			(5,097	)
Total Distributions		(1,015,232	)		(716,492	)		(90,822	)		(123,864	)
Fund Share Transactions:
Receipts for shares sold
Class R		517			25			4,773			2,523
Other Classes		4,460,319			3,530,389			1,071,457			1,018,418
Issued as reinvestment of distributions
Class R		19			1			135			184
Other Classes		905,739			622,838			70,614			108,563
Cost of shares redeemed
Class R		(106	)		0			(2,513	)		(1,816	)
Other Classes		(2,768,078	)		(3,194,556	)		(979,740	)		(953,497	)
Net increase (decrease) resulting from Fund share transactions		2,598,410			958,697			164,726			174,375
Fund Redemption Fee		55			214			74			86
Total Increase (Decrease) in Net Assets		2,365,676			1,140,950			214,474			142,410
Net Assets:
Beginning of year or period		12,538,509			11,397,559			2,566,518			2,424,108
End of year or period*	$	14,904,185		$	12,538,509		$	2,780,992		$	2,566,518
*Including undistributed (overdistributed) net investment income of:	$	25,770		$	58,606		$	(86,269	)	$	(53,324	)

100 PIMCO Funds See Accompanying Notes

High Yield Fund						Income Fund						Low Duration Fund						Real Return Fund						Short-Term Fund
Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Period from March 30, 2007 to March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007
$	489,899		$	484,660		$	6,705		$	0		$	469,819		$	493,735		$	646,908		$	444,545		$	191,974		$	166,927
	48,963			42,747			(240	)		8			158,071			(146,776	)		912,700			(79,479	)		(1,495	)		(13,593	)
	0			0			0			0			0			0			0			0			0			0
	0			0			0			0			0			0			0			0			0			0
	(563,522	)		82,290			(2,384	)		(2	)		106,243			205,184			70,875			256,092			(50,485	)		11,782
	0			0			0			0			0			0			0			0			0			0
	(24,660	)		609,697			4,081			6			734,133			552,143			1,630,483			621,158			139,994			165,116
	(1,101	)		(894	)		(1	)		0			(345	)		(544	)		(3,197	)		(1,573	)		(32	)		(28	)
	(506,355	)		(482,897	)		(6,881	)		0			(475,579	)		(501,286	)		(612,112	)		(432,313	)		(191,684	)		(163,790	)
	(10	)		(9	)		0			0			(61	)		(1	)		(2,488	)		(403	)		(3	)		(2	)
	(4,536	)		(4,694	)		0			0			(77,393	)		(1,373	)		(388,293	)		(88,218	)		(12,733	)		(9,315	)
	0			0			0			0			0			0			0			(63	)		0			0
	0			0			0			0			0			0			0			(14,672	)		0			0
	(512,002	)		(488,494	)		(6,882	)		0			(553,378	)		(503,204	)		(1,006,090	)		(537,242	)		(204,452	)		(173,135	)
	7,132			7,557			0			10			5,394			3,008			59,189			26,535			640			287
	2,840,257			2,185,877			275,113			25,040			5,049,153			3,492,913			6,329,961			3,712,089			3,427,328			2,623,878
	1,052			864			1			0			378			531			5,402			1,959			26			30
	407,805			382,797			6,807			0			501,677			447,206			837,251			439,838			189,450			151,903
	(7,766	)		(5,419	)		0			0			(7,598	)		(7,690	)		(33,305	)		(26,833	)		(335	)		(309	)
	(3,418,125	)		(2,544,026	)		(10,498	)		0			(4,867,912	)		(5,476,533	)		(4,263,044	)		(6,445,036	)		(3,502,643	)		(2,807,776	)
	(169,645	)		27,650			271,423			25,050			681,092			(1,540,565	)		2,935,454			(2,291,448	)		114,466			(31,987	)
	383			277			1			0			12			72			61			96			31			199
	(705,924	)		149,130			268,623			25,056			861,859			(1,491,554	)		3,559,908			(2,207,436	)		50,039			(39,807	)
	7,465,546			7,316,416			25,056			0			10,555,352			12,046,906			11,925,135			14,132,571			3,723,858			3,763,665
$	6,759,622		$	7,465,546		$	293,679		$	25,056		$	11,417,211		$	10,555,352		$	15,485,043		$	11,925,135		$	3,773,897		$	3,723,858
$	(57,171	)	$	(27,995	)	$	189		$	0		$	(12,214	)	$	(3,840	)	$	(50,932	)	$	(14,262	)	$	1,842		$	4,758

Annual Report March 31, 2008 101

Statements of Changes in Net Assets  (Cont.)

	StocksPLUS® Fund						Total Return Fund
(Amounts in thousands)	Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	43,234		$	42,312		$	5,470,328		$	4,528,735
Net realized gain (loss)		(52,251	)		59,696			2,455,744			(423,667	)
Net change in unrealized appreciation (depreciation)		(19,416	)		1,058			3,255,488			1,780,254
Net increase (decrease) resulting from operations		(28,433	)		103,066			11,181,560			5,885,322
Distributions to Shareholders:
From net investment income
Class R		(139	)		(81	)		(17,506	)		(11,152	)
Other Classes		(48,172	)		(39,574	)		(5,446,877	)		(4,528,362	)
From net realized capital gains
Class R		0			0			(2,660	)		(1,028	)
Other Classes		0			0			(709,945	)		(359,650	)
Tax basis return of capital
Class R		0			0			0			0
Other Classes		0			0			0			0
Total Distributions		(48,311	)		(39,655	)		(6,176,988	)		(4,900,192	)
Fund Share Transactions:
Receipts for shares sold
Class R		1,739			525			293,653			183,156
Other Classes		280,031			178,394			42,115,081			27,790,978
Issued as reinvestment of distributions
Class R		137			80			18,336			11,172
Other Classes		43,207			34,921			5,442,047			4,248,702
Cost of shares redeemed
Class R		(914	)		(761	)		(162,026	)		(81,395	)
Other Classes		(429,576	)		(413,499	)		(30,399,563	)		(23,221,534	)
Net increase (decrease) resulting from Fund share transactions		(105,376	)		(200,340	)		17,307,528			8,931,079
Fund Redemption Fee		4			14			616			1,037
Total Increase (Decrease) in Net Assets		(182,116	)		(136,915	)		22,312,716			9,917,246
Net Assets:
Beginning of year		915,100			1,052,015			103,455,239			93,537,993
End of year*	$	732,984		$	915,100		$	125,767,955		$	103,455,239
*Including undistributed (overdistributed) net investment income of:	$	27,113		$	30,052		$	248,776		$	(188,079	)

102 PIMCO Funds See Accompanying Notes

Statement of Cash Flows March 31, 2008

(Amounts in thousands)	Income Fund
Increase in Cash and Foreign Currency from:
Cash flows provided by operating activities:
Net increase in net assets resulting from operations	$	4,081
Adjustments to reconcile net increase in net assets from operations to net cash used for operating activities:
Purchases of long-term securities		(786,584	)
Proceeds from sales of long-term securities		448,103
Purchases of short-term portfolio investments, net		(23,683	)
Increase in interest receivable		(2,365	)
Increase in receivable for investments sold		(30,049	)
Increase in manager reimbursement receivable		(86	)
Increase in payable for investments purchased		43,432
Increase in investment advisory fee		44
Increase in administrative fee		45
Increase in distribution fee		1
Increase in servicing fee		1
Payment from futures contracts transactions		(80	)
Proceeds from currency transactions		8
Increase in swap premiums paid		8,952
Net amortization on investments		(43	)
Unrealized depreciation on investments		2,384
Net realized loss on investments		240
Net cash used for operating activities		(335,599	)
Cash flows received from financing activities:
Proceeds from shares sold		304,341
Payment on shares redeemed		(15,491	)
Cash dividend paid*		(64	)
Net borrowing from reverse repurchase agreements		47,077
Net cash received from financing activities		335,863
Net Increase in Cash and Foreign Currency		264
Cash and Foreign Currency:
Beginning of year		0
End of year	$	264
*Reinvestment of dividends	$	6,808

See Accompanying Notes Annual Report March 31, 2008 103

Notes to Financial Statements

1.  ORGANIZATION

PIMCO Funds (the “Trust”) was established as a Massachusetts business trust on February 19, 1987. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the Class R of the nine funds (the “Funds”) offered by the Trust. Certain detailed financial information for the Institutional, Administrative, A, B, C and D Classes (the “Other Classes”) is provided separately and is available upon request.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures on the financial statements. Actual results could differ from those estimates.

(a) Determination of Net Asset Value  The Net Asset Value (“NAV”) of a Fund’s shares is valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (the “NYSE Close”) on each day that the New York Stock Exchange (“NYSE”) is open. Information that becomes known to a Fund or its agents after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day.

(b) Security Valuation   For purposes of calculating the NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services.

Domestic and foreign fixed income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. With respect to any portion of a Fund’s assets that are invested in one or more open-end management investment companies, a Fund’s NAV will be calculated based upon the NAVs of such investments. A Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the NAV may change on days when an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. For instance, certain securities or investments for which daily market quotes are not readily available may be valued, pursuant to guidelines established by the Board of Trustees, with reference to other securities or indices. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading for the entire day and no other market prices are available. The Board of Trustees has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events.

When a Fund uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. Fair value pricing may require subjective determinations about the value of a security. While the Trust’s policy is intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Board of Trustees or persons acting at their direction would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold.

(c) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statements of Operations.

(d) Delayed-Delivery Transactions  Certain Funds may purchase or sell securities on a delayed-delivery basis. These transactions involve a commitment by a Fund to purchase or sell securities for a predetermined

104 PIMCO Funds

March 31, 2008

price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, a Fund will designate liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a capital gain or loss. When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains and losses with respect to the security.

(e) When-Issued Transactions  Certain Funds may purchase or sell securities on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. A commitment by a Fund is made regarding these transactions to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

(f) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, of each Fund, except the All Asset and StocksPLUS^® Funds, are declared daily and distributed to shareholders monthly. Dividends from net investment income, if any, of the All Asset and StocksPLUS^® Funds are declared and distributed to shareholders quarterly. Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may change the fiscal year when income and capital items are recognized for tax and U.S. GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported on each Fund’s annual financial statements presented under U.S. GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

(g) Multiclass Operations  Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). For daily dividend Funds, income and non-class specific expenses are allocated daily to each class on the basis of the relative value of settled shares. For non-daily dividend Funds, income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains and losses of

each class are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

(h) Cash and Foreign Currency  The functional and reporting currency for the Funds is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. Dollars based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains or losses. Realized gains or losses and unrealized appreciation or depreciation on investment securities and income and expenses are translated on the respective dates of such transactions. The effects of changes in foreign currency exchange rates on investments in securities are not segregated on the Statements of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

(i) Foreign Currency Contracts  Certain Funds may enter into foreign currency contracts in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund’s securities or as a part of an investment strategy. A foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign currency contracts are marked to market daily and the change in value is recorded by a Fund as an unrealized gain or loss. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(j) Futures Contracts  Certain Funds may enter into futures contracts. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities.

(k) Inflation-Indexed Bonds  Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any

Annual Report March 31, 2008 105

Notes to Financial Statements  (Cont.)

increase in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity.

(l) Options Contracts  Certain Funds may write call and put options on futures, swaps (“swaptions”), securities or currencies it owns or in which it may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, swap, security or currency transaction to determine the realized gain or loss. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Certain Funds may also purchase put and call options. Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. A Fund pays a premium which is included on the Fund’s Statements of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss.

(m) Payment In-Kind Securities  Certain Funds may invest in payment in-kind securities. Payment in-kind securities (“PIKs”) give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds include the accrued interest (referred to as a dirty price) and require a pro-rata adjustment from interest receivable to the unrealized appreciation or depreciation on investment on the Statements of Assets and Liabilities.

(n) Repurchase Agreements  Each Fund may engage in repurchase transactions. Under the terms of a typical repurchase agreement, a Fund takes possession of an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. The underlying securities for all repurchase agreements are held in safekeeping at the Fund’s custodian or designated subcustodians under tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase

agreements are reflected as an asset on the Statements of Assets and Liabilities. Generally, in the event of counterparty default, a Fund has the right to use the collateral to offset losses incurred. If the counterparty should default, a Fund will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

(o) Reverse Repurchase Agreements  Certain Funds may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund sells to a financial institution a security that it holds with an agreement to repurchase the same security at an agreed-upon price and date. Securities sold under reverse repurchase agreements are reflected as a liability on the Statements of Assets and Liabilities. A reverse repurchase agreement involves the risk that the market value of the security sold by a Fund may decline below the repurchase price of the security. A Fund will segregate assets determined to be liquid by the investment adviser or otherwise cover its obligations under reverse repurchase agreements.

(p) Restricted Securities  Certain Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve.

(q) Short Sales  Certain Funds may enter into short sales transactions. A short sale is a transaction in which a Fund sells securities it does not own in anticipation of a decline in the market price of the securities. Securities sold in short sale transactions and the interest payable on such securities, if any, are reflected as a liability on the Statements of Assets and Liabilities. A Fund is obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

(r) Swap Agreements  Certain Funds may invest in swap transactions, including, but not limited to, swap agreements on interest rates, security or commodity indexes, specific securities and commodities, and credit and event-linked swaps. To the extent a Fund may invest in foreign currency denominated securities, it also may invest in currency exchange rate swap agreements. Swap transactions are privately negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. A Fund may enter into interest rate, total return, cross-currency, credit default and other forms of swap agreements to manage its exposure to interest rates, currency and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a

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specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the expiration date, or (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.

Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, only for exchanging interest cash flows.

Credit default swap agreements on corporate issues or sovereign issues of an emerging country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default. A Fund may use credit default swaps on corporate issues or sovereign issues of an emerging country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the reference obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. As a seller of protection, a Fund will generally receive from the buyer of protection an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of the reference entity or underlying securities comprising the reference entity index. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, a Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the reference entities comprising the credit index. A credit index is a list of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but is not limited to, credit default swaps on investment grade securities, high yield securities, asset backed securities, emerging markets,

and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index.

The treatment of credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. If the U.S. Internal Revenue Service were to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by a Fund from such investments might be subject to U.S. excise or income taxes.

Variance swap agreements involve two parties agreeing to exchange cash flows based on the measured variance (or square of volatility) of a specified underlying asset. One party agrees to exchange a “fixed rate” or strike price payment for the “floating rate” or realized price variance on the underlying asset with respect to the notional amount. At inception, the strike price is generally chosen such that the fair value of the swap is zero. At the expiration date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price variance of the underlying asset and the strike price multiplied by the notional amount. As a receiver of the realized price variance, the Fund would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the variance is less than the strike. As a payer of the realized price variance, the Fund would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike. This type of agreement is essentially a forward contract on the future realized price variance of the underlying asset.

Swaps are marked to market daily based upon values from third party vendors or quotations from market makers to the extent available and the change in value, if any, is recorded as unrealized gain or loss on the Statements of Operations. In the event that market quotations are not readily available or deemed reliable, certain swap agreements may be valued, pursuant to guidelines established by the Board of Trustees, with reference to other securities or indices. In the event that market quotes are not readily available, and the swap cannot be valued pursuant to one of the valuation methods, the value of the swap will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO. Payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by the Funds are included as part of realized gain or loss on the Statements of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

Annual Report March 31, 2008 107

Notes to Financial Statements  (Cont.)

(s) Loan Participations and Assignments  Certain Funds may invest in direct debt instruments which are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When a Fund purchases assignments from lenders it acquires direct rights against the borrower of the loan. At the end of the period March 31, 2008, the High Yield Fund and Total Return Fund had $1,464,067 and $9,671,989, respectively, in unfunded loan commitments outstanding.

(t) Commodities Index-Linked/Structured Notes  The Funds may invest in structured notes whose value is based on the price movements of a commodity index. The structured notes are often leveraged, increasing the volatility of each note’s value relative to the change in the underlying linked financial index. The value of these notes will rise and fall in response to changes in the underlying commodity index. Structured notes may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the underlying commodity index. Structured notes may also be more volatile, less liquid, and more difficult to accurately price than less complex securities or more traditional debt securities. Fluctuations in value of the structured notes are recorded as unrealized gains and losses on the accompanying financial statements. Net payments are recorded as net realized gains and losses. These notes are subject to prepayment, credit and interest risks. The Funds have the option to request prepayment from the issuer. At maturity, or when a note is sold, the Fund records a realized gain or loss.

(u) Bridge Debt Commitments  At the period ended March 31, 2008, the High Yield Fund and Income Fund had $32,649,623, and $95,500, respectively, in commitments outstanding to fund high yield bridge debt. The Funds are entitled to a fee upon the expiration of the commitment period. The bridge debt terms approximate market rates at the time the commitment is entered into.

(v) Mortgage-Related and Other Asset-Backed Securities  Certain Funds may invest in mortgage-related and other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage-related and asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Fund to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBSs has one class receiving all or a portion of the interest from the mortgage assets (the interest-only, or “IO” and/or the high coupon rate with relatively low principal amount, or “IOette” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs and IOettes are included in interest income on the Statements of Operations. Because little to no principal will be received at the maturity of an IO or IOettes, adjustments are made to the book value of the security on a daily basis until maturity. These adjustments are included in interest income on the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

(w) U.S. Government Agencies or Government-Sponsored Enterprises  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA” or “Ginnie Mae”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

(x) New Accounting Pronouncements  In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Funds and will provide additional information in relation to the Statement in the Funds’ semiannual financial statements for the period ending September 30, 2008.

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“SFAS 161”). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 may require enhanced disclosures about Funds’ derivative and hedging activities. Management is currently evaluating the impact the adoption of SFAS 161 will have on the Funds’ financial statement disclosures.

3.  MARKET AND CREDIT RISK

In the normal course of business the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (credit risk). Similar to credit risk, the Funds may be exposed to counterparty risk, or the risk that an institution or other

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entity with which the Funds have unsettled or open transactions will default. The potential loss could exceed the value of the financial assets recorded in the financial statements. Financial assets, which potentially expose the Funds to credit risk, consist principally of cash due from counterparties and investments. The extent of the Funds’ exposure to credit and counterparty risks in respect to these financial assets approximates their carrying value as recorded in the Funds’ Statements of Assets and Liabilities.

4.  FEES AND EXPENSES

(a) Investment Advisory Fee  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate as noted in the following table.

Research Affiliates, LLC (“Research Affiliates”) serves as asset allocation sub-adviser to the All Asset Fund. PIMCO pays a fee to Research Affiliates at an annual rate of 0.175% for the All Asset Fund, based on average daily net assets.

(b) Administrative Fee  PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on each share class’s average daily net assets. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory and Administrative Fees for all classes are charged at an annual rate as noted in the following table:

	Investment Advisory Fee		Administrative Fee
Fund Name	All Classes		Institutional Class		Administrative Class		A, B and C Classes		Class D		Class R
All Asset Fund	0.175	%(1)	0.05	%	0.05	%	0.40	%	0.40	%	0.45	%
Foreign Bond Fund (U.S. Dollar-Hedged)	0.25	%	0.25	%	0.25	%	0.45	%	0.45	%	0.45	%
High Yield Fund	0.25	%	0.25	%	0.25	%	0.40	%	0.40	%	0.40	%
Income Fund	0.25	%(4)	0.20	%	0.20	%	0.40	%	0.25	%	0.40	%
Low Duration Fund	0.25	%	0.18	%	0.18	%	0.35	%	0.25	%	0.35	%
Real Return Fund	0.25	%	0.20	%	0.20	%	0.40	%	0.40	%	0.40	%
Short-Term Fund	0.25	%	0.20	%	0.20	%	0.30	%(2)	0.25	%	0.30	%(2)
StocksPLUS® Fund	0.25	%(3)	0.25	%	0.25	%	0.40	%	0.40	%	0.40	%
Total Return Fund	0.25	%	0.18	%	0.18	%	0.40	%	0.25	%	0.40	%

⁽¹⁾ PIMCO has contractually agreed, for the All Asset Fund’s current fiscal year, to reduce its Advisory Fee to the extent that the Underlying Fund Expenses attributable to Advisory and Administrative Fees exceed 0.64% of the total assets invested in Underlying Funds. PIMCO may recoup these waivers in future periods, not exceeding three years, provided total expenses, including such Recoupment, do not exceed the annual expense limit.

⁽²⁾ Effective October 1, 2007, the Fund’s administrative fee was reduced by 0.05% to 0.30% per annum.

⁽³⁾ Effective October 1, 2007, the Fund’s advisor fee was reduced by 0.05% to 0.25% per annum.

⁽⁴⁾ PIMCO has contractually agreed (ending March 31, 2009) to waive 0.05% of the advisory fee to 0.20%.

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (the “Distributor”) of the Trust’s shares. The Trust is permitted to reimburse AGID on a quarterly basis, out of the Administrative Class assets of each Fund offering Administrative Class Shares in an amount up to 0.25% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Fund shares as their funding medium. Unreimbursed costs may be carried forward for reimbursement for up to twelve months beyond the date in which it is incurred, subject always to the limit that not more than 0.25% of the average daily net assets attributable to an Administrative Class may be expensed. The effective rate paid to AGID was 0.25% during the current fiscal year with no unreimbursed costs to be carried forward as of March 31, 2008.

Annual Report March 31, 2008 109

Notes to Financial Statements  (Cont.)

Pursuant to the Distribution and Servicing Plans adopted by the A, B, C, D and R Classes of the Trust, the Trust compensates AGID or an affiliate for services provided and expenses incurred in connection with assistance rendered in the sale of shares and services rendered to shareholders and for maintenance of shareholder accounts of the A, B, C, D and R Classes. The Trust paid AGID distribution and servicing fees at effective rates as set forth in the following table (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Allowable Rate
	Distribution Fee	Servicing Fee
Class A
All Funds	—	0.25%
Class B
All Funds	0.75%	0.25%
Class C
Low Duration Fund, Real Return Fund, StocksPLUS® Fund	0.50%	0.25%
Short-Term Fund	0.30%	0.25%
All other Funds	0.75%	0.25%
Class D
All Funds	—	0.25%
Class R
All Funds	0.25%	0.25%

AGID also receives the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the Money Market Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of A, B and C Class shares. For the period ended March 31, 2008, AGID received $11,381,880 representing commissions (sales charges) and contingent deferred sales charges.

(d) Redemption Fees  Shareholders of each Fund in the Trust, except for Money Market Fund, were subject to a Redemption Fee on redemptions and exchanges of 2.00% of the NAV of the Fund shares redeemed or exchanged. From October 1, 2006 to July 30, 2007, Redemption Fees were charged on shares redeemed or exchanged within 7 days, 30 days, or 60 days (depending on the length of the applicable Fund’s holding period) after their acquisition, including shares acquired through exchanges. Effective July 31, 2007, the holding periods for certain Funds were reduced to 7 days or 30 days, or were no longer subject to a Redemption Fee. Actual redemption fees charged are reported on the Statement of Changes in Net Assets.

(e) Fund Expenses  The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) the costs of borrowing money, including interest expenses and bank overdraft charges; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organization expenses and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust’s Multiple Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of the Income Fund’s administrative fees in the Funds’ first year of operations, to the extent that the payment of each Fund’s pro rata share of organizational expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.0049% as set forth below (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

Fund Name	Inst’l Class	Admin Class	Class A	Class B	Class C	Class D	Class R
Income Fund	0.40%	0.65%	0.85%	—	1.60%	0.70%	1.10%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months after the waiver. Expenses that have been waived may still be reimbursed by the Administrator, to the extent the Funds’ annualized total portfolio operating expenses plus the amount so reimbursed does not exceed the operating expense limitation. The recoverable amounts to the Administrator at March 31, 2008, were as follows (amounts in thousands):

Fund Name	Recoverable Amount
Income Fund	$	86

Each unaffiliated Trustee receives an annual retainer of $100,000, plus $9,500 for each Board of Trustees meeting attended in person, $750 ($1,000 in the case of the audit committee chair) for each committee meeting attended and $1,500 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $15,000 and each other committee chair receives an additional annual retainer of $1,500.

These expenses are allocated on a pro-rata basis to each Fund of the Trust (excluding the All Asset, All Asset All Authority, RealRetirement^TM 2010, RealRetirement^TM 2020, RealRetirement^TM 2030, RealRetirement^TM 2040, and RealRetirement^TM 2050 Funds, which do not bear such expenses) according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

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5.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by SFAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 4.

Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment advisor (or affiliated investment advisors), common Trustees and/or common officers complies with Rule 17a-7 of the Act. Further, as defined under the procedures, each transaction is effected at the current market price. During the period ended March 31, 2008, the Fund below engaged in purchases and sales of securities pursuant to the Rule 17a-7 of the Act (amounts in thousands):

Fund Name	Purchases		Sales
High Yield Fund	$	611	$	0
Low Duration Fund		50,137		0
Real Return Fund		62,821		0
Short-Term Fund		28,670		11,582
Total Return Fund		373,035		0

The All Asset Fund invests substantially all of its assets in Institutional Class shares of other investment companies of the Trust (the “Underlying Funds”). The Underlying Funds are considered to be affiliated with the All Asset Fund.

The following table shows the transactions in and earnings from investments in these affiliated Funds for the period ended March 31, 2008 (amounts in thousands):

All Asset Fund

Underlying Funds	Market Value 03/31/2007		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 03/31/2008		Dividend Income		Net Capital and Realized Gain (Loss)
Convertible Fund	$	49,701	$	381,244	$	135,136	$	(13,155	)	$	266,390	$	4,391	$	(9,970	)
Developing Local Markets Fund		1,221,284		1,086,964		855,076		54,581			1,493,542		168,542		37,319
Diversified Income Fund		580,299		223,466		314,233		(15,175	)		464,645		37,955		(11,097	)
Emerging Local Bond Fund		529,094		1,735,106		988,077		(7,813	)		1,281,544		159,279		21,703
Emerging Markets Bond Fund		461,058		893,319		289,586		(127	)		1,041,342		36,874		15,182
Floating Income Fund		3,443,175		1,470,280		3,331,613		(164,524	)		1,225,654		214,800		(153,876	)
Foreign Bond Fund (Unhedged)		38,736		195,075		189,471		5,687			54,551		7,701		5,466
Fundamental Advantage Total Return Fund		0		316,582		0		688			317,270		0		0
Fundamental IndexPLUSTM Fund		313,027		176,812		209,969		(32,318	)		232,188		20,137		(15,240	)
Fundamental IndexPLUSTM TR Fund		447,319		76,326		135,377		(29,110	)		351,649		24,692		(5,060	)
Global Bond Fund (Unhedged)		0		178,921		152,801		2,082			28,372		3,715		170
GNMA Fund		87,196		34,203		0		3,892			124,316		6,070		0
High Yield Fund		351,417		514,616		510,498		(5,631	)		338,463		29,564		3,704
Income Fund		20,000		181,006		0		(1,523	)		199,483		4,668		0
International StocksPLUS® TR Strategy Fund (Unhedged)		53,301		18,430		14,799		(2,451	)		51,925		4,836		(1,440	)
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)		498,838		15,156		272,881		(16,876	)		189,672		15,128		(12,505	)
Long Duration Total Return Fund		4,631		100,060		0		1,164			101,224		298		0
Long-Term U.S. Government Fund		175,088		1,124,201		838,279		23,696			494,621		15,523		12,814
Low Duration Fund		410,057		1,229,531		801,661		3,634			839,047		24,143		(1,357	)
Mortgage-Backed Securities Fund		160,921		44,874		0		3,338			208,934		10,429		0
Real Return Asset Fund		742,488		1,941,240		1,414,550		138,453			1,816,913		97,907		24,030
Real Return Fund		1,150,996		1,483,748		426,772		42,396			1,839,314		61,794		(6,556	)
RealEstateRealReturn Strategy Fund		38,271		300,125		0		1,771			342,055		8,573		0
Short-Term Fund		29,788		485,397		483,599		(281	)		23,677		6,265		(7,621	)
Small Cap StocksPLUS® TR Fund		6,026		7,941		0		(1,726	)		12,084		550		0
StocksPLUS® Fund		20,064		22,036		29,141		(39	)		12,854		1,251		1,400
StocksPLUS® Total Return Fund		88,244		129,480		155,596		(3,716	)		53,961		9,729		227
Total Return Fund		306,159		1,002,005		289,761		15,472			1,025,404		22,067		(12,970	)
CommodityRealReturn Strategy Fund®		1,354,710		43,717		1,034,713		116,370			463,269		43,436		35,991
Totals	$	12,577,257	$	15,411,861	$	12,873,589	$	118,759		$	14,894,363	$	1,040,317	$	(79,686	)

Annual Report March 31, 2008 111

Notes to Financial Statements  (Cont.)

6.  GUARANTEES AND INDEMNIFICATIONS

Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust’s investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and believes the risk of loss to be remote.

7.  PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2008, were as follows (amounts in thousands):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
All Asset Fund	$	0	$	0	$	15,411,861	$	12,873,589
Foreign Bond Fund (U.S. Dollar-Hedged)		29,990,947		30,508,420		10,216,633		10,227,653
High Yield Fund		7,957,121		7,239,765		4,630,098		5,344,571
Income Fund		623,752		407,523		141,901		17,996
Low Duration Fund		12,479,714		10,719,291		2,834,176		1,451,516
Real Return Fund		163,483,681		158,413,339		2,244,682		910,086
Short-Term Fund		7,463,743		6,077,039		1,162,017		657,808
StocksPLUS® Fund		336,427		290,070		288,921		246,404
Total Return Fund		275,995,831		236,570,270		27,546,599		11,196,396

8. TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except for number of contracts):

	Foreign Bond Fund (U.S. Dollar-Hedged)
	# of Contracts		Notional Amount in $			Notional Amount in AUD		Notional Amount in GBP		Notional Amount in EUR		Notional Amount in NZD		Premium
Balance at 03/31/2007	0		$	1,058,200			AUD           0	GBP  188,600		EUR           0		NZD            0		$	15,700
Sales	16,064			1,613,800			44,600	0		70,900		66,492			36,396
Closing Buys	(3,285	)		(1,629,700	)		0	0		(31,600	)	(42,800	)		(24,241	)
Expirations	(4,812	)		(233,500	)		0	(188,600	)	0		(23,692	)		(7,316	)
Exercised	(3,144	)		(9,000	)		0	0		0		0			(958	)
Balance at 03/31/2008	4,823		$	799,800			AUD  44,600	GBP             0		EUR  39,300		NZD            0		$	19,581

	High Yield Fund								Income Fund
	# of Contracts		Notional Amount in $			Premium			Notional Amount in $			Premium
Balance at 03/31/2007	0		$	0		$	0		$	0		$	0
Sales	1,098			2,670,800			66,951			100			1
Closing Buys	(1,098	)		(339,900	)		(9,563	)		(100	)		(1	)
Expirations	0			0			0			0			0
Exercised	0			0			0			0			0
Balance at 03/31/2008	0		$	2,330,900		$	57,388		$	0		$	0

112 PIMCO Funds

March 31, 2008

	Low Duration Fund
	# of Contracts		Notional Amount in $			Notional Amount in GBP			Notional Amount in EUR			Premium
Balance at 03/31/2007	1,874		$	2,006,400		GBP	21,300		EUR	37,000		$	24,099
Sales	9,518			984,100			0			0			17,626
Closing Buys	(1,936	)		(1,812,500	)		0			0			(21,749	)
Expirations	(9,456	)		(605,900	)		(21,300	)		(37,000	)		(9,882	)
Exercised	0			0			0			0			0
Balance at 03/31/2008	0		$	572,100		GBP	0		EUR	0		$	10,094

	Real Return Fund								Short-Term Fund
	# of Contracts		Notional Amount in $			Premium			# of Contracts		Notional Amount in $			Notional Amount in GBP			Premium
Balance at 03/31/2007	6,610		$	305,000		$	5,303		0		$	515,200		GBP	23,400		$	6,406
Sales	21,945			2,476,140			77,401		12,572			683,000			0			19,525
Closing Buys	(2,184	)		(767,540	)		(8,313	)	(459	)		(1,149,000	)		0			(16,667	)
Expirations	(10,791	)		(162,600	)		(4,839	)	0			(49,200	)		(23,400	)		(895	)
Exercised	(3,597	)		0			(1,138	)	(459	)		0			0			(257	)
Balance at 03/31/2008	11,983		$	1,851,000		$	68,414		11,654		$	0		GBP	0		$	8,112

	StocksPLUS® Fund
	# of Contracts		Notional Amount in $			Notional Amount in GBP			Notional Amount in EUR			Premium
Balance at 03/31/2007	292		$	101,800		GBP	1,800		EUR	3,000		$	1,940
Sales	2,653			127,200			0			0			4,477
Closing Buys	(1,183	)		(126,800	)		0			0			(2,186	)
Expirations	(883	)		(22,600	)		(1,800	)		(3,000	)		(1,664	)
Exercised	(879	)		0			0			0			(448	)
Balance at 03/31/2008	0		$	79,600		GBP	0		EUR	0		$	2,119

	Total Return Fund
	# of Contracts		Notional Amount in $			Notional Amount in GBP			Notional Amount in EUR			Premium
Balance at 03/31/2007	63,557		$	41,422,500		GBP	371,300		EUR	3,461,000		$	534,127
Sales	493,185			35,998,600			0			0			863,120
Closing Buys	(246,925	)		(45,808,600	)		0			0			(607,997	)
Expirations	(165,587	)		(7,815,400	)		(371,300	)		(3,461,000	)		(205,137	)
Exercised	(12,462	)		(996,000	)		0			0			(8,250	)
Balance at 03/31/2008	131,768		$	22,801,100		GBP	0		EUR	0		$	575,863

Annual Report March 31, 2008 113

Notes to Financial Statements  (Cont.)

9.  SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	All Asset Fund										Foreign Bond Fund (U.S. Dollar-Hedged)
	Year Ended 3/31/2008					Year Ended 3/31/2007					Year Ended 3/31/2008					Year Ended 3/31/2007
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Class R	40		$	517		2		$	25		462		$	4,773		247		$	2,523
Other Classes	346,955			4,460,319		278,796			3,530,389		104,839			1,071,457		99,198			1,018,418
Issued as reinvestment of distributions
Class R	1			19		0			1		13			135		18			184
Other Classes	71,483			905,739		49,540			622,838		6,939			70,614		10,561			108,563
Cost of shares redeemed
Class R	(8	)		(106	)	0			0		(247	)		(2,513	)	(178	)		(1,816	)
Other Classes	(215,636	)		(2,768,078	)	(252,837	)		(3,194,556	)	(96,661	)		(979,740	)	(92,756	)		(953,497	)
Net increase (decrease) resulting from Fund share transactions	202,835		$	2,598,410		75,501		$	958,697		15,345		$	164,726		17,090		$	174,375

	Real Return Fund										Short-Term Fund
	Year Ended 3/31/2008					Year Ended 3/31/2007					Year Ended 3/31/2008					Year Ended 3/31/2007
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold
Class R	5,357		$	59,189		2,461		$	26,535		65		$	640		28		$	287
Other Classes	568,013			6,329,961		344,149			3,712,089		345,372			3,427,328		263,252			2,623,878
Issued as reinvestment of distributions
Class R	495			5,402		181			1,959		3			26		3			30
Other Classes	76,800			837,251		40,607			439,838		19,110			189,450		15,232			151,903
Cost of shares redeemed
Class R	(3,037	)		(33,305	)	(2,491	)		(26,833	)	(34	)		(335	)	(31	)		(309	)
Other Classes	(390,664	)		(4,263,044	)	(596,408	)		(6,445,036	)	(353,857	)		(3,502,643	)	(281,531	)		(2,807,776	)
Net increase (decrease) resulting from Fund share transactions	256,964		$	2,935,454		(211,501	)	$	(2,291,448	)	10,659		$	114,466		(3,047	)	$	(31,987	)

114 PIMCO Funds

March 31, 2008

High Yield Fund										Income Fund								Low Duration Fund
Year Ended 3/31/2008					Year Ended 3/31/2007					Year Ended 3/31/2008					Period from 3/30/2007 to 3/31/2007			Year Ended 3/31/2008					Year Ended 3/31/2007
Shares		Amount			Shares		Amount			Shares		Amount			Shares	Amount		Shares		Amount			Shares		Amount
740		$	7,132		773		$	7,557		0		$	0		1	$	10	536		$	5,394		303		$	3,008
296,985			2,840,257		223,928			2,185,877		27,477			275,113		2,504		25,040	500,186			5,049,153		352,332			3,492,913
110			1,052		88			864		0			1		0		0	38			378		53			531
42,534			407,805		39,231			382,797		679			6,807		0		0	49,962			501,677		45,091			447,206
(811	)		(7,766	)	(555	)		(5,419	)	0			0		0		0	(759	)		(7,598	)	(774	)		(7,690	)
(356,197	)		(3,418,125	)	(261,076	)		(2,544,026	)	(1,045	)		(10,498	)	0		0	(485,364	)		(4,867,912	)	(552,893	)		(5,476,533	)
(16,639	)	$	(169,645	)	2,389		$	27,650		27,111		$	271,423		2,505	$	25,050	64,599		$	681,092		(155,888	)	$	(1,540,565	)

StocksPLUS® Fund										Total Return Fund
Year Ended 3/31/2008					Year Ended 3/31/2007					Year Ended 3/31/2008					Year Ended 3/31/2007
Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
153		$	1,739		49		$	525		27,608		$	293,653		17,679		$	183,156
24,908			280,031		16,770			178,394		3,967,321			42,115,081		2,680,597			27,790,978
13			137		8			80		1,732			18,336		1,076			11,172
3,948			43,207		3,277			34,921		514,717			5,442,047		409,251			4,248,702
(82	)		(914	)	(73	)		(761	)	(15,291	)		(162,026	)	(7,864	)		(81,395	)
(38,137	)		(429,576	)	(38,914	)		(413,499	)	(2,888,073	)		(30,399,563	)	(2,243,257	)		(23,221,534	)
(9,197	)	$	(105,376	)	(18,883	)	$	(200,340	)	1,608,014		$	17,307,528		857,482		$	8,931,079

Annual Report March 31, 2008 115

Notes to Financial Statements  (Cont.)

10.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.) (PIMCO’s parent company), and certain of their affiliates, including PIMCO Funds (a complex of mutual funds managed by PIMCO) and Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series) (a complex of mutual funds managed by affiliates of PIMCO), certain trustees of PIMCO Funds, and certain employees of PIMCO have been named as defendants in eleven lawsuits filed in various jurisdictions. These lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of PIMCO Funds and Allianz Funds during specified periods, or as derivative actions on behalf of PIMCO Funds and Allianz Funds. These lawsuits seek, among other things, unspecified compensatory damages plus interest and in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

These actions generally allege that certain hedge funds were allowed to engage in “market timing” in certain funds of PIMCO Funds and Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, certain trustees of PIMCO Funds, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; however, the plaintiffs continue to assert claims on behalf of the shareholders of PIMCO Funds or on behalf of PIMCO Funds itself against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where PIMCO Funds were named, in the complaint, as a nominal defendant. Thus, at present PIMCO Funds is not a party to any “market timing” lawsuit.

Two nearly identical class action civil complaints were filed in August 2005, in the Northern District of Illinois Eastern Division, alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO and PIMCO Funds strongly believe the complaint is without merit and intend to vigorously defend themselves.

In April 2006, certain registered investment companies and other funds managed by PIMCO were served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. In July 2004, PIMCO was named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain registered investment companies and other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain registered investment companies and other funds managed by PIMCO—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis. To date, no briefs have been filed. This matter is not expected to have a material adverse effect on either the relevant registered investment companies and other funds or PIMCO.

In October 2007 the PIMCO High Yield Fund, a series of PIMCO Funds, was named in an amended complaint filed in connection with an adversary proceeding brought by the Adelphia Recovery Trust relating to the bankruptcy of Adelphia Communications Corporation (“Adelphia”) in the Southern District of New York. The plaintiff alleges that investment banks and agent banks were instrumental in developing a form of financing for Adelphia and its affiliates, known as co-borrowing facilities. According to the amended complaint, the co-borrowing facilities facilitated Adelphia’s fraud and concealed its corporate looting, and the banks who structured or made the loans knew that Adelphia was misappropriating and misusing a significant portion of the proceeds. The amended complaint asserts that such bank loans were tainted and that the purchasers of bank debt, such as the PIMCO High Yield Fund, who received payments from Adelphia on account of the bank debt, received voidable payments subject to the infirmities caused by the conduct of their transferors. The amended complaint seeks to recover the payments made by Adelphia or its affiliates to the defendants, including the PIMCO High Yield Fund, by reason of the co-borrowing facilities and the disgorgement of the consideration paid to the bank debt under the Adelphia plan of reorganization. No wrongdoing is alleged against the PIMCO High Yield Fund.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Funds. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Funds or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Funds.

11.  FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under sub-chapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

116 PIMCO Funds

March 31, 2008

The Financial Accounting Standards Board (FASB) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109” (“FIN 48”), in June 2006. FIN 48 permits the recognition of tax benefits of an uncertain tax position only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Funds adopted the provisions of FIN 48 on April 1, 2007. Management has reviewed the Fund’s tax positions for all open tax years, and concluded that adoption had no effect on the Fund’s financial position or results of operations. As of March 31, 2008, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

One of the requirements for favorable tax treatment as a regulated investment company under the Code, is that the CRRS Fund derives at least 90% of its gross income from certain qualifying sources of income. The IRS has issued a revenue ruling which holds that income derived from commodity index-linked swaps is not qualifying income under Subchapter M of the Code. As such, the CRRS Fund’s ability to utilize commodity index-linked swaps as part of its investment strategy is limited to a maximum of 10 percent of its gross income.

However, in a subsequent revenue ruling, the IRS provided that income from alternative investment instruments (such as certain commodity index-linked notes) that create commodity exposure may be considered qualifying income under the Code. The IRS has also issued a private letter ruling to the CRRS Fund in which the IRS specifically concluded that income from certain commodity index-linked notes is qualifying income. In addition, the IRS has also issued another private letter ruling to the CRRS Fund in which the IRS specifically concluded that income derived from the CRRS Fund’s investment in the PIMCO Cayman Commodity Fund I Ltd (the “Subsidiary”) the Subsidiary), the CRRS Fund’s wholly-owned subsidiary which invests primarily in commodity index-linked swaps, will also constitute qualifying income to the CRRS Fund. Based on such rulings, the CRRS Fund will continue to seek to gain exposure to the commodity markets primarily through investments in commodity-linked notes and through investments in its subsidiary.

To the extent the All Asset Fund invests in the CRRS Fund, an Underlying Fund, the All Asset Fund may be subject to the tax risk.

The Funds file U. S. tax returns. While the statute of limitations remains open to examine the Fund’s U. S. tax returns filed for the fiscal years from 2004-2007, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Certain Funds are subject to local taxes in Brazil and Peru. The Brazilian tax, Contribuicao Provisoria sobre Movimentacao Financiera (“CPMF”), is 0.38% and is applicable for all fixed income settlements and all foreign exchange transactions relating to fixed income trade settlements. The Peruvian tax, Financial Transaction Tax (“FTT”), is 0.08% and is applicable for all cash movements. The CPMF and FTT are recorded as components of net realized gain (loss) on investments on the Statement of Operations. During the period ended March 31, 2008, the Foreign Bond Fund (U.S. Dollar-Hedged), Real Return Fund, and Total Return Fund, incurred $600, $127,057, and $12,272,958, respectively, in CPMF and FTT costs.

As of March 31, 2008, the components of distributable taxable earnings are as follows (amounts in thousands):

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Net Tax Basis Unrealized Appreciation/ (Depreciation) (1)			Other Book-to-Tax Accounting Differences (2)			Accumulated Capital Losses (3)			Post-October Deferral (4)
All Asset Fund	$	25,770	$	0	$	61,257		$	0		$	(158,627	)	$	(81,933	)
Foreign Bond Fund (U.S. Dollar-Hedged)		60,129		0		101,638			(144,488	)		0			(8,600	)
High Yield Fund		0		0		(359,560	)		(21,915	)		(50,806	)		(65,324	)
Income Fund		297		0		(2,526	)		(117	)		(449	)		0
Low Duration Fund		8,869		22,223		(198,551	)		(10,264	)		0			0
Real Return Fund		425,246		0		15,395			(96,883	)		0			0
Short-Term Fund		13,901		0		(58,710	)		(3,557	)		(38,186	)		(6,810	)
StocksPLUS® Fund		36,607		0		(18,638	)		(3,697	)		(58,541	)		(122,612	)
Total Return Fund		2,260,499		1,253,707		909,373			(264,013	)		0			0

⁽¹⁾ Adjusted for open wash sale loss deferrals and accelerated recognition of unrealized gain on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain/loss on swap contracts.

⁽²⁾ Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for straddle loss deferrals and distributions payable at fiscal year-end.

⁽³⁾ Capital losses available to offset future net capital gains expire in varying amounts in the years shown below.

⁽⁴⁾ Capital losses realized during the period November 1, 2007 through March 31, 2008 which the Fund elected to defer to the following taxable year pursuant to federal income tax regulations.

Annual Report March 31, 2008 117

Notes to Financial Statements  (Cont.)

As of March 31, 2008, the Funds had accumulated capital losses expiring in the following years (amounts in thousands). The Funds will resume capital gain distributions in the future to the extent gains are realized in excess of accumulated capital losses.

	Expiration of Accumulated Capital Losses (amounts in thousands)
	2010		2011		2013		2014		2015		2016
All Asset Fund	$	0	$	0	$	0	$	0	$	158,627	$	0
High Yield Fund		50,806		0		0		0		0		0
Income Fund		0		0		0		0		0		449
Short-Term Fund		0		0		4,956		12,072		14,325		6,833
StocksPLUS® Fund		0		58,541		0		0		0		0

As of March 31, 2008, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation) (5)
All Asset Fund	$	14,833,105	$	355,722	$	(294,464	)	$	61,258
Foreign Bond Fund (U.S. Dollar-Hedged)		4,199,231		193,094		(48,211	)		144,883
High Yield Fund		7,779,421		259,963		(440,145	)		(180,182	)
Income Fund		382,603		3,968		(4,633	)		(665	)
Low Duration Fund		11,494,254		79,822		(247,471	)		(167,649	)
Real Return Fund		28,719,021		231,477		(122,435	)		109,042
Short-Term Fund		3,938,169		61,671		(96,553	)		(34,882	)
StocksPLUS® Fund		860,583		7,571		(20,214	)		(12,643	)
Total Return Fund		137,602,926		2,939,611		(1,432,763	)		1,506,848

⁽⁵⁾ Primary differences between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals, contingent payment debt instruments, interest only basis adjustments, passive foreign investment companies, and unamortized premium on convertible bonds for federal income tax purposes.

For the fiscal years ended March 31, 2008 and March 31, 2007, respectively, the Funds made the following tax basis distributions (amounts in thousands):

	March 31, 2008						March 31, 2007
	Ordinary Income Distributions (6)		Long-Term Capital Gain Distributions		Return of Capital		Ordinary Income Distributions (6)		Long-Term Capital Gain Distributions		Return of Capital (7)
All Asset Fund	$	1,015,232	$	0	$	0	$	681,865	$	34,627	$	0
Foreign Bond Fund (U.S. Dollar-Hedged)		90,822		0		0		99,532		19,226		5,106
High Yield Fund		512,002		0		0		488,494		0		0
Income Fund		6,882		0		0		0		0		0
Low Duration Fund		553,378		0		0		503,204		0		0
Real Return Fund		1,006,090		0		0		522,166		342		14,734
Short-Term Fund		204,452		0		0		173,135		0		0
StocksPLUS® Fund		48,311		0		0		39,655		0		0
Total Return Fund		6,176,988		0		0		4,900,192		0		0

⁽⁶⁾ Includes short-term capital gains, if any, distributed.

⁽⁷⁾ A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

118 PIMCO Funds

GLOSSARY: (abbreviations that may be used in the preceding statements)

Counterparty Abbreviations:
ABN	ABN AMRO Bank, N.V.	CSFB	Credit Suisse First Boston	NAB	National Australia Bank Limited
AIG	AIG International, Inc.	DUB	Deutsche Bank AG	RBC	Royal Bank of Canada
BOA	Bank of America	GSC	Goldman Sachs & Co.	RBS	Royal Bank of Scotland Group PLC
BCLY	Barclays Bank PLC	HSBC	HSBC Bank USA	SOG	Societe Generale
BEAR	Bear Stearns & Co., Inc.	JPM	JPMorgan Chase & Co.	UBS	UBS Warburg LLC
BNP	BNP Paribas Bank	LEH	Lehman Brothers, Inc.	WAC	Wachovia Bank N.A.
CITI	Citibank N.A.	MLP	Merrill Lynch & Co., Inc.
CBA	Commonwealth Bank of Australia	MSC	Morgan Stanley
Currency Abbreviations:
AED	UAE Dirham	HUF	Hungarian Forint	PHP	Philippines Peso
AUD	Australian Dollar	IDR	Indonesian Rupiah	PLN	Polish Zloty
BRL	Brazilian Real	ILS	Israeli Shekel	RON	Romanian Leu
CAD	Canadian Dollar	INR	Indian Rupee	RUB	Russian Ruble
CLP	Chilean Peso	JPY	Japanese Yen	SAR	Saudi Riyal
CNY	Chinese Yuan Renminbi	KRW	South Korean Won	SEK	Swedish Krona
COP	Colombia Peso	KZT	Kazakhstan Tenge	SGD	Singapore Dollar
CZK	Czech Koruna	KWD	Kuwaiti Dinar	SKK	Slovakian Koruna
DKK	Danish Krone	MXN	Mexican Peso	TRY	Turkish Lira
EGP	Egyptian Pound	MYR	Mexican Peso	TWD	Taiwan Dollar
EUR	Euro	NOK	Norwegian Krone	USD	United States Dollar
GBP	British Pound Sterling	NZD	New Zealand Dollar	UYU	Uruguay Peso
HKD	Hong Kong Dollar	PEN	Peruvian Nuevo Sol	ZAR	South African Rand
Exchange Abbreviations:
AMEX	American Stock Exchange	LMEX	London Metal Exchange
CBOT	Chicago Board of Trade	NYBEX	New York Board of Trade
CME	Chicago Mercantile Exchange	NYMEX	New York Mercantile Exchange
FTSE	Financial Times Stock Exchange	OTC	Over-the-Counter
ICEX	Iceland Stock Exchange
Index Abbreviations:
CDI	Credit Default Swap Index	GSCI	Goldman Sachs Commodity Index Total Return
CDX	Credit Derivatives Index	HICP	Harmonized Index of Consumer Prices
CMBX	Commercial Mortgage-Backed Index	LCDX	Liquid Credit Derivative Index
CPI	Consumer Price Index	RPI	Retail Price Index
DJAIGCI	Dow Jones-AIG Commodity Index	UKRPI	United Kingdom Retail Price Index
DJAIGTR	Dow Jones-AIG Commodity Index Total Return	USSP	USD Swap Spread
EAFE	Europe, Australasia, and Far East Index
Municipal Bond or Agency Abbreviations:
ACA	American Capital Access Holding Ltd.	HUD	U.S. Department of Housing and Urban Development
AGC	Assured Guaranty Corp.	IBC	Insured Bond Certificate
AMBAC	American Municipal Bond Assurance Corp.	MAIA	Michigan Association of Insurance Agents
CA	California Mortgage	MBIA	Municipal Bond Investors Assurance
FGIC	Financial Guaranty Insurance Co.	PSF	Public School Fund
FHA	Federal Housing Administration	Q-SBLF	Qualified School Bond Loan Fund
FHLMC	Federal Home Loan Mortgage Corporation	Radian	Radian Guaranty, Inc.
FNMA	Federal National Mortgage Association	ST	State
FSA	Financial Security Assurance, Inc.	VA	Department of Veterans Affairs
GNMA	Government National Mortgage Association	XLCA	XL Capital Assurance
GTD	Guaranteed
Other Abbreviations:
ABS	Asset-Backed Security	IG	Investment Grade
CMBS	Collateralized Mortgage-Backed Security	LIBOR	London Interbank Offered Rate
CMM	Constant Maturity Mortgage Rate	MBS	Mortgage-Backed Security
CMO	Collateralized Mortgage Obligation	MSCI	Morgan Stanley Capital International
EM	Emerging Markets	REIT	Real Estate Investment Trust
EURIBOR	Euro Interbank Offered Rate	SPDR	Standard & Poor’s Depository Receipts
HVOL	High Volatility	TIIE	Tasa de Interés Interbancaria de Equilibrio
HY	High Yield	WTI	West Texas Intermediate

Annual Report March 31, 2008 119

Report of Independent Registered Public Accounting Firm

To the Trustees and Class R Shareholders of the PIMCO Funds

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments or summary schedule of investments as indicated, and the related statements of operations, of changes in net assets and of cash flows and the financial highlights for the Class R shares present fairly, in all material respects, the financial position of the All Asset Fund, Foreign Bond Fund (U.S. Dollar-Hedged), High Yield Fund, Income Fund, Low Duration Fund, Real Return Fund, Short-Term Fund, StocksPLUS^® Fund, and Total Return Fund, nine of the seventy Funds constituting the PIMCO Funds, (hereafter referred to as the “Funds”) at March 31,2008, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended, the cash flows for the Income Fund for the year then ended and the financial highlights of the Funds for the Class R shares for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2008 by correspondence with the custodian and counterparties, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Kansas City, Missouri

May 28, 2008

120 PIMCO Funds

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code (“Code”) and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Trust’s fiscal year end (March 31, 2008) regarding the status of dividend received deduction, qualified dividend income, qualified interest income, and qualified short-term capital gain.

Dividend Received Deduction.  Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Fund’s dividend distribution that qualifies under tax law. The percentage of each Fund’s fiscal 2008 ordinary income dividends that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income.  Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), the following percentages of ordinary dividends paid during the fiscal year ended March 31, 2008 are designated as “qualified dividend income”, as defined in the Act, subject to reduced tax rates.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only).  Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2008 are considered to be derived from “qualified interest income,” as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2008 are considered to be derived from “qualified short-term capital gain,” as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

	Dividend Received Deduction %	Qualified Dividend Income %	Qualified Interest Income (000s)		Qualified Short-Term Capital Gain (000s)
All Asset Fund	0.25%	0.32%	$	463,347	$	727
Foreign Bond Fund (U.S. Dollar-Hedged)	0.50%	0.67%		37,965		15,047
High Yield Fund	0.56%	0.67%		397,873		0
Low Duration Fund	1.05%	1.58%		435,344		0
Real Return Fund	0.01%	0.05%		401,595		3,229
Short-Term Fund	0.29%	0.32%		151,464		0
StocksPLUS® Fund	1.08%	1.82%		35,482		0
Total Return Fund	0.00%	0.00%		4,021,459		0

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2009, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2008.

Annual Report March 31, 2008 121

Management of the Trust

The chart below identifies the Trustees and Officers of the Trust. Each “interested” Trustee as defined by the 1940 Act, is indicated by an asterisk (*). Unless otherwise indicated, the address of all persons below is 840 Newport Center Drive, Newport Beach, CA 92660.

The Funds’ Statement of Additional Information includes more information about the Trustees. To request a free copy, call PIMCO at 1-800-927-4648.

Trustees of the Trust

Name, Age and Position Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Interested Trustees
Brent R. Harris* (48) Chairman of the Board and Trustee	02/1992 to Present	Managing Director and member of Executive Committee, PIMCO. Formerly, Director, PCM Fund, Inc.	101	Chairman and Trustee, PIMCO Variable Insurance Trust; Director and Vice President, StocksPLUS® Management Inc.; and member of Board of Governors and Executive Committee, Investment Company Institute.
R. Wesley Burns* (48) Trustee	11/1997 to Present	Consulting Managing Director, PIMCO. Formerly, Managing Director, PIMCO. Formerly, Director, PCM Fund, Inc.	102	Trustee, PIMCO Variable Insurance Trust; Chairman and Director, PIMCO Strategic Global Government Fund, Inc.; and Director PS Business Parks, Inc. (a Real Estate Investment Trust).
Independent Trustees
E. Philip Cannon (67) Trustee	05/2000 to Present	Proprietor, Cannon & Company (an investment firm). Formerly, President, Houston Zoo (until 2005). Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust. Formerly, Trustee, Allianz Funds (formerly, PIMCO Funds: Multi-Manager Series).
Vern O. Curtis (73) Trustee	02/1995 to Present	Private Investor. Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust.
J. Michael Hagan (68) Trustee	05/2000 to Present	Private Investor and Business Adviser (primarily for manufacturing companies). Formerly, Director, Remedy Temp (staffing). Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust; Director, Ameron International (manufacturing); and Director, Fleetwood Enterprises (manufacturer of housing and recreational vehicles).
William J. Popejoy (70) Trustee	07/1993 to 02/1995 and 08/1995 to Present	Private Investor. Formerly, Director, New Century Financial Corporation (mortgage banking). Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust.

* Each of Mr. Harris and Mr. Burns is an “interested person” of the Trust (as the term is defined in the 1940 Act) because of his affiliations with PIMCO.

** Trustees serve until their successors are duly elected and qualified.

122 PIMCO Funds

(Unaudited)

Executive Officers

Name, Age and Position Held with Trust	Term of Office*** and Length of Time Served	Principal Occupation(s) During Past 5 Years
Ernest L. Schmider (50) President	05/2005 to Present	Managing Director, PIMCO.
David C. Flattum (43) Chief Legal Officer	11/2006 to Present	Executive Vice President and General Counsel, PIMCO. Formerly, Managing Director, Chief Operating Officer and General Counsel, Allianz Global Investors of America L.P. and Partner at Latham and Watkins LLP.
Jennifer E. Durham (37) Chief Compliance Officer	07/2004 to Present	Senior Vice President, PIMCO. Formerly, Vice President and Legal/Compliance Manager, PIMCO.
William H. Gross (63) Senior Vice President	04/1987 to Present	Managing Director and Chief Investment Officer, PIMCO.
Jeffrey M. Sargent (45) Senior Vice President	02/1993 to Present (since 02/1999 as Senior Vice President)	Executive Vice President, PIMCO. Formerly, Senior Vice President, PIMCO.
William S. Thompson, Jr. (62) Senior Vice President	11/1993 to Present (since 02/2003 as Senior Vice President)	Chief Executive Officer and Managing Director, PIMCO.
J. Stephen King, Jr. (45) Vice President - Senior Counsel and Secretary	05/2005 to Present	Senior Vice President and Attorney, PIMCO. Formerly, Vice President, PIMCO; and Associate, Dechert LLP.
Joshua D. Ratner (31) Assistant Secretary	10/2007 to Present	Vice President and Attorney, PIMCO. Formerly, Associate, Skadden, Arps, Slate, Meagher & Flom LLP.
Henrik P. Larsen (38) Vice President	02/1999 to Present	Senior Vice President, PIMCO. Formerly, Vice President, PIMCO.
John P. Hardaway (50) Treasurer	08/1990 to Present	Executive Vice President, PIMCO. Formerly, Senior Vice President, PIMCO.
Erik C. Brown (40) Assistant Treasurer	02/2001 to Present	Senior Vice President, PIMCO. Formerly, Vice President, PIMCO.
Trent W. Walker (33) Assistant Treasurer	05/2007 to Present	Senior Vice President, PIMCO. Formerly, Vice President, PIMCO; Senior Manager, PricewaterhouseCoopers LLP.
Stacie D. Anctil (38) Assistant Treasurer	11/2003 to Present	Vice President, PIMCO. Formerly, Specialist, PIMCO.

*** The Officers of the Trust are re-appointed annually by the Board of Trustees.

Annual Report March 31, 2008 123

Privacy Policy (Unaudited)

The Funds consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Funds and certain service providers to the Funds, such as the Funds’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Funds’ internet websites.

Respecting Your Privacy

As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Funds’ Distributor may also retain non-affiliated companies to market the Funds’ shares or products which use the Funds’ shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Funds reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Funds or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a shareholder’s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

124 PIMCO Funds

PIMCO Funds

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, CA 92660

Investment Sub-Adviser

Research Affiliates, LLC

155 North Lake Ave., Suite 900

Pasadena, OA 91101

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, NY 10105-4800

Custodian

State Street Bank and Trust Company

801 Pennsylvania

Kansas City, MO 64105

Shareholder Servicing Agent and Transfer Agent

PFPC, Inc.

P.O. Box 9688

Providence, RI 02940

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, MO 64105

For Account Information

For PIMCO Funds account information contact your financial advisor, or if you receive account statements information directly from Allianz Global Investors, you can also call 1-800-426-0107. Telephone representatives are available Monday-Friday 8:30 am to 8:00 pm Eastern Time. Or visit our website, www.allianzinvestors.com.

Allianz Global Investors is one of the world’s largest asset management companies, with over $1 trillion under management. Our investment solutions—including the PIMCO Funds and Allianz Funds, separately managed accounts and closed-end funds—offer access to a premier group of institutional investment firms, carefully assembled by Allianz to represent a broad spectrum of asset classes and investment styles.

n   PIMCO	n   Cadence Capital Management	n   Nicholas-Applegate
n   NFJ Investment Group	n   RCM	n   Oppenheimer Capital

www.allianzinvestors.com

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

Assets under management as of 3/31/08. Allianz Global Investors Fund Management LLC serves as the investment manager for the Allianz Funds and for the closed-end funds. PIMCO is the investment manager for the PIMCO Funds. Managed accounts are available through Allianz Global Investors Managed Accounts LLC. The PIMCO Funds and Allianz Funds are distributed by Allianz Global Investors Distributors LLC. © 2008. For information about any product, contact your financial advisor. AZ060AR_21168

Table of Contents

		Page
Chairman’s Letter		1
Important Information About the Portfolios		2
Benchmark Descriptions		16
Financial Highlights		18
Statements of Assets and Liabilities		22
Statements of Operations		24
Statements of Changes in Net Assets		26
Statements of Cash Flows		29
Notes to Financial Statements		109
Glossary		120
Report of Independent Registered Public Accounting Firm		121
Federal Income Tax Information		122
Management of the Trust		123
Privacy Policy		125
FUND	Fund Summary	Schedule of Investments
Asset-Backed Securities Portfolio	4	30
Developing Local Markets Portfolio	5	40
Emerging Markets Portfolio	6	47
High Yield Portfolio	7	52
International Portfolio	8	57
Investment Grade Corporate Portfolio	9	63
Mortgage Portfolio	10	71
Municipal Sector Portfolio	11	80
Real Return Portfolio	12	83
Short-Term Portfolio	13	89
Short-Term Portfolio II	14	99
U.S. Government Sector Portfolio	15	103

Chairman’s Letter

Dear PIMCO Funds Shareholder:

It is our pleasure to present to you the annual report for the Private Account Portfolio Series (the “Portfolios”), the separate portfolios of the PIMCO Funds. At the end of the twelve-month reporting period on March 31, 2008, the Portfolios’ net assets stood at over $34 billion.

Highlights of the financial markets during the period include:

n Credit markets worldwide experienced an exceptionally severe loss of liquidity brought on by declining U.S. residential property values, the continuing subprime mortgage debacle, and a rare de-leveraging of financial markets. In response, global central banks injected substantial liquidity into the banking system and reversed monetary policy from earlier in the period to either a neutral or an easing bias.

n The Federal Reserve reduced the Federal Funds Rate six times from 5.25% to 2.25% and reduced the discount rate eight times from 6.25% to 2.50%. Additionally, the Federal Reserve expanded its securities lending program to include the exchange of U.S. Treasuries for mortgage-linked bonds, opened its lending window to investment banks and participated in the bailout of a major U.S. brokerage firm. The Bank of England reduced its key-lending rate twice from 5.75% to 5.25% after raising the rate two times earlier in the fiscal period. The European Central Bank raised the overnight rate in June to 4.00%, but then paused, while the Bank of Japan kept its policy rate unchanged at 0.50% for the period.

n Government bond yields declined worldwide as investors moved into higher-quality assets due to the credit and liquidity crisis, which has gripped financial markets since the second half of 2007 and intensified during the latter part of the period. The yield on the ten-year U.S. Treasury declined by 1.24% to end the period at 3.41%. Yields on Japanese, European, and U.K. government bonds declined at a more measured pace than in the U.S. The Lehman Brothers U.S. Aggregate Index, a widely used index comprised of U.S. Treasury, investment-grade corporate and mortgage-backed securities, returned 7.67% for the period.

n Returns of high-quality mortgage-backed securities (“MBS”) issued by the major mortgage agencies (Freddie Mac, Fannie Mae and Ginnie Mae) lagged U.S. Treasuries on a like-duration basis, but generally fared better than most non-U.S. Treasury sectors, amid a global repricing of risk caused by subprime losses and balance sheet constraints. Mortgage yield premiums rose to historically wide levels as liquidity was withdrawn due to unprecedented balance sheet problems, initiating a wave of margin calls and forced selling by leveraged institutions.

n Emerging market (“EM”) bonds generally performed well despite the turmoil in U.S. and global capital markets. Holdings of U.S. dollar-denominated EM bonds lagged U.S. Treasuries due to widening EM spreads. Locally-issued EM bonds outpaced U.S. dollar-denominated EM bonds as the U.S. dollar weakened against most EM currencies.

n Treasury Inflation-Protected Securities (“TIPS”), as represented by the Lehman Brothers U.S. TIPS Index, returned 14.54% for the period.

On the following pages, please find specific details as to each Portfolio’s total return investment performance and a discussion of those factors that affected performance.

Thank you for the trust you have placed in us. We will continue to work diligently to meet your investment needs. If you have any questions regarding your PIMCO Funds investment, please contact your account manager, or call one of our shareholder associates at 1-866-746-2606. We also invite you to visit our website at www.pimcofunds.com or our investment manager’s website at www.pimco.com.

Sincerely,

Brent R. Harris

Chairman of the Board, PIMCO Funds

April 29, 2008

Annual Report March 31, 2008 1

Important Information About the Portfolios

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds offering memorandum. Investors should consider the investment objectives, risks, charges and expenses of these Portfolios carefully before investing. This and other information is contained in the Portfolios’ offering memorandum. Please read the offering memorandum carefully before you invest or send money.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities held by a Portfolio are likely to decrease in value. The price volatility of fixed-income securities can also increase during periods of rising interest rates resulting in increased losses to a Portfolio.

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 or funds with shorter durations.

The Portfolios may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: interest rate risk, credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, mortgage risk, foreign (non-U.S.) investment risk, emerging markets risk, currency risk, issuer non-diversification risk, leveraging risk, management risk, California state-specific risk, New York state-specific risk and short sale risk. A complete description of these and other risks is contained in the Portfolios’ offering memorandum. The Portfolios may use derivative instruments for hedging purposes or as part of an 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 portfolio 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 these instruments. Investing in non-U.S. securities may entail risk due to non-U.S. economic and political developments; this risk may be increased 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. A non-diversified portfolio may have additional risk and volatility compared to a diversified portfolio. Shareholders of a municipal bond portfolio will, at times, incur a tax liability, as income from such a portfolio may be subject to state and local taxes and, where applicable, the alternative minimum tax. The credit quality of a particular security or group of securities does not ensure the stability or safety of the overall portfolio.

On each individual Portfolio Summary page in this Annual Report, the Average Total Return Investment Performance table and Cumulative Returns chart measure performance assuming that all dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on (i) Portfolio distributions or (ii) the redemption of Portfolio shares. The figures in the line graph are calculated at net asset value and assume the investment of $5,000,000 at the beginning of the first full month following the Portfolio’s inception.

An investment in a Portfolio is not a deposit of a bank and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolios.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by PIMCO Funds as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolios. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Portfolio, and information about how each Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PIMCO Funds files a complete schedule of each Portfolio’s holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Portfolios’ Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C., and is available without charge, upon request, by calling the Trust at 1-866-746-2606. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

PIMCO Funds are distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105-4800, www.pimco-funds.com, 1-800-927-4648.

2 PIMCO Funds Private Account Portfolio Series

The following disclosure provides important information regarding each Portfolio’s Expense Example (“Example” or “Expense Example”), which appears on each Portfolio’s individual page in this Annual Report. Please refer to this information when reviewing the Expense Example for a Portfolio.

Example

As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including advisory and administrative fees, and other Portfolio expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Portfolios is from October 1, 2007 to March 31, 2008.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information under this heading, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the first number in the row titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical Performance (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading “Hypothetical Performance (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the advisory and administrative fees such as fees and expenses of the trustees and their counsel, extraordinary expenses, and interest expense.

Annual Report March 31, 2008 3

PIMCO Asset-Backed Securities Portfolio

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

Asset-Backed Securities	36.0%
U.S. Government Agencies	31.0%
Mortgage-Backed Securities	26.7%
Corporate Bonds & Notes	3.8%
Short-Term Instruments	2.2%
Other	0.3%

^‡ % of Total Investments as of 03/31/2008

$5,000,000 invested at the beginning of the first full month following the inception date.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	Portfolio Inception (10/31/00)
	Asset-Backed Securities Portfolio	6.21%	4.91%	6.77%
	Citigroup 3-Month Treasury Bill Index	4.19%	3.03%	3.01%
	Lehman Brothers Asset-Backed Securities Index	-1.16%	2.49%	4.79%

All Portfolio returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Shares may be worth more or less than original cost when redeemed. Performance data current to the most recent month-end is available by calling 1-800-927-4648.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,025.79	$	1,024.75
Expenses Paid During Period†	$	0.25	$	0.25

^† Expenses are equal to the Portfolio’s net annualized expense ratio of 0.54%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 3 herein for an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The Asset-Backed Securities Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified portfolio of asset-backed securities (“ABS”) of varying maturities, which may be represented by options, futures contracts, or swap agreements.

» Duration positioning below that of the Lehman Brothers Asset-Backed Securities Index, the Portfolio’s secondary benchmark, detracted from returns as the ten-year U.S. Treasury yield declined from 4.64% to 3.41%.

» A curve steepening bias added to returns as the two-year U.S. Treasury yield declined more than the 30-year U.S. Treasury yield over the period.

» An underweight to longer-maturity home equity ABS benefited performance as this was the worst performing ABS sector during the period.

» An underweight to credit card ABS detracted from performance as the sector outperformed the broader index.

» Exposure to commercial mortgage-backed securities added to returns as they outperformed the ABS index.

» An allocation to agency mortgage-backed securities added to returns as they outperformed ABS during the period.

4 PIMCO Funds Private Account Portfolio Series

PIMCO Developing Local Markets Portfolio

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

Corporate Bonds & Notes	41.1%
U.S. Government Agencies	17.8%
Foreign Currency-Denominated Issues	14.7%
Mortgage-Backed Securities	8.4%
Asset-Backed Securities	7.0%
Short-Term Instruments	6.1%
Other	4.9%

^‡ % of Total Investments as of 03/31/2008

$5,000,000 invested at the beginning of the first full month following the inception date.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	Portfolio Inception (07/30/04)*
	Developing Local Markets Portfolio	15.76%	12.87%
	Citigroup 3-Month Treasury Bill Index	4.19%	3.78%
	Custom JPMorgan Emerging Local Markets Index Plus (ELMI+)	18.07%	13.13%

All Portfolio returns are net of fees and expenses.

* The Portfolio began operations on 07/30/04. Index comparisons began on 07/31/04.

Performance quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Shares may be worth more or less than original cost when redeemed. Performance data current to the most recent month-end is available by calling 1-800-927-4648.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,060.46	$	1,024.40
Expenses Paid During Period†	$	0.62	$	0.61

^† Expenses are equal to the Portfolio’s net annualized expense ratio of 0.12%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 3 herein for an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The Developing Local Markets Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in currencies of, or in fixed-income instruments denominated in the currencies of developing markets. The Portfolio defines a “developing market” as any non-U.S. country, excluding those countries that have been classified by the World Bank as high-income Organization for Economic Cooperation and Development (“OECD”) economies for the past five consecutive years.

» An emphasis on emerging local instruments helped performance, as emerging markets (“EM”) local bonds and local currencies outperformed other subsectors within the EM fixed income asset class. These sectors outperformed the Portfolio’s primary benchmark, the Citigroup 3-Month Treasury Bill Index, during the twelve-month period.

» An allocation to the Brazilian real benefited returns as the Brazilian real appreciated against the U.S. dollar during the twelve-month period.

» An allocation to the Chilean peso added to performance as the Chilean peso appreciated against the U.S. dollar during the twelve-month period.

» An allocation to the Mexican peso helped performance as the Mexican peso appreciated against the U.S. dollar during the twelve-month period.

» An exposure to the Philippine peso benefited performance as the Philippine peso appreciated against the U.S. dollar during the twelve-month period.

» An allocation to the South African rand detracted from relative performance as the South African rand weakened against the U.S. dollar during the period.

» An allocation to Brazilian local rates detracted from performance as local rates rose significantly during the twelve-month period.

» An allocation to EM spread duration detracted from performance as EM spreads over comparable maturity U.S. Treasuries widened by 1.54% during the twelve-month period.

Annual Report March 31, 2008 5

PIMCO Emerging Markets Portfolio

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

Brazil	28.8%
United States	28.6%
Short-Term Instruments	22.8%
Mexico	9.3%
Russia	3.0%
Other	7.5%

^‡ % of Total Investments as of 03/31/2008

$5,000,000 invested at the beginning of the first full month following the inception date.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	Portfolio Inception (04/03/98)*
	Emerging Markets Portfolio	6.10%	11.59%	12.14%
	Citigroup 3-Month Treasury Bill Index	4.19%	3.03%	3.56%
	Custom JPMorgan Emerging Local Markets Index Plus (ELMI+)	8.82%	10.48%	9.97%

All Portfolio returns are net of fees and expenses.

* The Portfolio began operations on 04/03/98. Index comparisons began on 03/31/98.

Performance quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Shares may be worth more or less than original cost when redeemed. Performance data current to the most recent month-end is available by calling 1-800-927-4648.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,041.53	$	1,024.35
Expenses Paid During Period†	$	0.66	$	0.66

^† Expenses are equal to the Portfolio’s net annualized expense ratio of 0.13%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 3 herein for an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The Emerging Markets Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a portfolio of fixed-income instruments of issuers that economically are tied to countries with emerging securities markets.

» An allocation to emerging local instruments helped performance as emerging markets (“EM”) local bonds and local currencies outperformed other subsectors within the EM fixed-income asset class.

» An allocation to the Brazilian real benefited performance as the Brazilian real appreciated against the U.S. dollar during the twelve-month period.

» An allocation to the Chilean peso added to performance as the Chilean peso appreciated against the U.S. dollar during the twelve-month period.

» An allocation to the Mexican peso benefited performance as the Mexican peso appreciated against the U.S. dollar during the twelve-month period.

» A exposure to the Philippine peso benefited performance as the Philippine peso appreciated against the U.S. dollar during the twelve-month period.

» An allocation to the South African rand detracted from relative performance as the South African rand weakened against the U.S. dollar during the period.

» An allocation to Brazilian local rates detracted from performance as local rates rose significantly during the twelve-month period.

» An allocation to EM spread duration detracted from performance as EM spreads over comparable maturity U.S. Treasuries widened by 1.54% during the twelve-month period.

6 PIMCO Funds Private Account Portfolio Series

PIMCO High Yield Portfolio

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

Industrials	41.5%
Banking & Finance	18.4%
U.S. Government Agencies	16.1%
Utilities	11.4%
Bank Loan Obligations	3.1%
Other	9.5%

^‡ % of Total Investments as of 03/31/2008

$5,000,000 invested at the beginning of the first full month following the inception date.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	Portfolio Inception (12/08/00)*
	High Yield Portfolio	2.18%	9.58%	6.66%
	Citigroup 3-Month Treasury Bill Index	4.19%	3.03%	2.97%
	Merrill Lynch U.S. High Yield, BB-B Rated Index	-2.01%	7.96%	7.14%

All Portfolio returns are net of fees and expenses.

* The Portfolio began operations on 12/08/00. Index comparisons began on 11/30/00.

Performance quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Shares may be worth more or less than original cost when redeemed. Performance data current to the most recent month-end is available by calling 1-800-927-4648.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	991.51	$	1,024.75
Expenses Paid During Period†	$	0.25	$	0.25

^† Expenses are equal to the Portfolio’s net annualized expense ratio of 0.05%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 3 herein for an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The High Yield Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified portfolio of high-yield securities (“junk bonds”), which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements, rated below-investment grade but rated at least B by Moody’s or equivalently rated by S&P and Fitch, or, if unrated, determined by PIMCO to be of comparable quality.

» As significant pressure weighed on the home construction and building products sectors, an underweight to both industry categories was a significant contributor to relative performance.

» Security selection in the energy sector benefited performance as pipelines outperformed the broader sector by nearly 1.00%.

» An overweight to healthcare, one of the best performing sectors over the twelve-month period, added to returns.

» An underweight to consumer non-cyclicals, which outperformed pharmaceuticals, detracted from performance.

» As the metals and mining sector posted relatively strong returns, alongside a rally in commodities, an underweight to the sector detracted from relative returns.

» Exposure to BBB-rated issues, which outperformed all lower-quality tiers of the corporate market, benefited performance.

Annual Report March 31, 2008 7

PIMCO International Portfolio

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

United States	82.4%
U.S. Treasury Bills	8.2%
Commercial Paper	3.2%
Netherlands	2.1%
Other	4.1%

^‡ % of Total Investments as of 03/31/2008

$5,000,000 invested at the beginning of the first full month following the inception date.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	10 Years	Portfolio Inception (12/13/89)*
	International Portfolio	7.12%	6.50%	7.24%	8.23%
	Citigroup 3-Month Treasury Bill Index	4.19%	3.03%	3.56%	4.28%
	JPMorgan GBI Global ex-US Index Hedged in USD	6.37%	4.35%	5.69%	7.05%

All Portfolio returns are net of fees and expenses.

* The Portfolio began operations on 12/13/89. Index comparisons began on 11/30/89.

Performance quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Shares may be worth more or less than original cost when redeemed. Performance data current to the most recent month-end is available by calling 1-800-927-4648.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,053.24	$	1,024.40
Expenses Paid During Period†	$	0.62	$	0.61

^† Expenses are equal to the Portfolio’s net annualized expense ratio of 0.12%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 3 herein for an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The International Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 80% of its total assets in a portfolio of fixed-income instruments of non-U.S. issuers, representing at least three non-U.S. countries or currencies, which may be represented by options, futures contracts, swap agreements, mortgage-backed securities (“MBS”) or asset-backed securities (“ABS”).

» An overweight to Eurozone duration from August 2007 through March 2008 benefited performance as Eurozone yields declined.

» An overweight to U.K. duration and a curve steepening bias for the entire year benefited performance as U.K. yields declined and the yield curve steepened.

» An overweight to Australian duration from January 2008 through March 2008 benefited performance as Australian government bond yields declined.

» Exposure to U.K. swap spreads throughout the year detracted from performance as U.K. swap spreads widened versus U.K. Gilts.

» From June 2007 through March 2008, long positions in the Brazilian real, the Russian ruble, and the Singapore dollar added to returns as these currencies appreciated versus the U.S dollar. During that same time period a long position in the Korean won detracted from performance as this currency depreciated versus the U.S. dollar.

» From June 2007 though December 2007, a long position in the Mexican peso detracted from returns as this currency depreciated versus the U.S. dollar.

» Over the full fiscal year, a short position in the British pound detracted from returns as the British pound appreciated versus the U.S. dollar.

8 PIMCO Funds Private Account Portfolio Series

PIMCO Investment Grade Corporate Portfolio

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

Banking & Finance	44.1%
Industrials	16.6%
Short-Term Instruments	16.0%
U.S. Government Agencies	11.0%
Utilities	10.5%
Other	1.8%

^‡ % of Total Investments as of 03/31/2008

$5,000,000 invested at the beginning of the first full month following the inception date.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	Portfolio Inception (01/26/00)*
	Investment Grade Corporate Portfolio	3.92%	7.97%	8.93%
	Citigroup 3-Month Treasury Bill Index	4.19%	3.03%	3.27%
	Lehman Brothers Credit Investment Grade Index (Ex-Aa3 and Higher)	2.46%	4.40%	6.59%

All Portfolio returns are net of fees and expenses.

* The Portfolio began operations on 01/26/00. Index comparisons began on 01/31/00.

Performance quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Shares may be worth more or less than original cost when redeemed. Performance data current to the most recent month-end is available by calling 1-800-927-4648.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,017.55	$	1,024.75
Expenses Paid During Period†	$	0.25	$	0.25

^† Expenses are equal to the Portfolio’s net annualized expense ratio of 0.05%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 3 herein for an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The Investment Grade Corporate Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a portfolio of investment grade corporate fixed-income instruments of varying maturities, which may be represented by options, futures contracts, and/or swap agreements.

» Above-index duration was positive for performance as yields declined during the period.

» The Portfolio’s yield curve positioning during the first quarter of 2008 detracted from performance as the two- and 30-year portion of the yield curve steepened.

» Above-index exposure to the banking sector, which underperformed, detracted from returns.

» An overweight exposure to natural gas bonds benefited performance as these bonds performed relatively well over the period.

» Below-index exposure to the relatively well performing capital goods sector detracted from performance.

» The Portfolio’s underweight allocation to insurance securities benefitted returns as this sector underperformed over the period.

» The Portfolio’s underweight exposure to real estate investment trust bonds contributed to returns as this sector underperformed during the period.

» An underweight to the consumer non-cyclicals sector detracted from performance as this sector performed well over the year.

Annual Report March 31, 2008 9

PIMCO Mortgage Portfolio

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Government Agencies	89.5%
Mortgage-Backed Securities	4.1%
Short-Term Instruments	3.9%
Asset-Backed Securities	2.4%
Other	0.1%

^‡ % of Total Investments as of 03/31/2008

$5,000,000 invested at the beginning of the first full month following the inception date.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	Portfolio Inception (01/31/00)
	Mortgage Portfolio	7.40%	5.23%	7.25%
	Citigroup 3-Month Treasury Bill Index	4.19%	3.03%	3.27%
	Lehman Brothers Mortgage Index	7.92%	4.82%	6.60%

All Portfolio returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Shares may be worth more or less than original cost when redeemed. Performance data current to the most recent month-end is available by calling 1-800-927-4648.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,051.36	$	1,018.20
Expenses Paid During Period†	$	6.97	$	6.86

^† Expenses are equal to the Portfolio’s net annualized expense ratio of 1.36%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 3 herein for an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The Mortgage Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified portfolio of mortgage-related securities of varying maturities, which may be represented by options, futures contracts, swap agreements, or asset-backed securities (“ABS”).

» Duration positioning above that of the Portfolio’s secondary benchmark index benefited returns as the ten-year U.S. Treasury yield declined from 4.64% to 3.41%.

» A curve steepening bias added to returns as the two-year U.S. Treasury yield declined more than the 30-year U.S. Treasury yield over the period.

» An overweight to mortgage spread duration detracted from returns as mortgage spreads increased over the period.

» An overweight to 30-year conventional mortgage-backed securities (Federal National Mortgage Association and Federal Home Loan Mortgage Corporation) detracted from performance as they underperformed the broader index.

» Exposure to short-maturity home equity asset-backed securities detracted from performance as they underperformed fixed-rate mortgage-backed securities over the period.

» Exposure to commercial mortgage-backed securities detracted from returns as they lagged fixed-rate mortgage-backed securities.

10 PIMCO Funds Private Account Portfolio Series

PIMCO Municipal Sector Portfolio

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

California	24.7%
Texas	23.5%
New York	5.6%
Illinois	5.0%
Other	41.2%

^‡ % of Total Investments as of 03/31/2008

$5,000,000 invested at the beginning of the first full month following the inception date.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	Portfolio Inception (08/21/00)*
	Municipal Sector Portfolio	-5.67%	3.30%	4.80%
	Citigroup 3-Month Treasury Bill Index	4.19%	3.03%	3.08%
	Lehman Brothers Long Municipal Bond Index	-4.42%	4.22%	5.60%

All Portfolio returns are net of fees and expenses.

* The Portfolio began operations on 08/21/00. Index comparisons began on 08/31/00.

Performance quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Shares may be worth more or less than original cost when redeemed. Performance data current to the most recent month-end is available by calling 1-800-927-4648.

Expense Example	Actual Performance			Hypothetical Performance
				(5% return before expenses)
Beginning Account Value (10/01/07)	$	1,000.00		$	1,000.00
Ending Account Value (03/31/08)	$	957.94		$	1,024.75
Expenses Paid During Period(a)	$	7.00	(c)	$	7.21	(c)
Expenses Paid During Period, Excluding     Interest Expense for Floating Rate Notes(b)	$	0.24		$	0.25

^(a) Expenses for the Portfolio are equal to the net annualized expense ratio of 1.43% multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

^(b) Expenses for the Portfolio are equal to the net annualized expense ratio of 0.05% multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

^(c) Includes non-cash interest expense of $6.76 for Actual Performance and $6.96 for Hypothetical Performance. The additional non-cash interest expense does not reflect actual expenses paid by the Portfolio, but instead is offset by additional interest income recorded by the Portfolio in an inverse floating rate transaction accounted for as a secured borrowing. Refer to Note 2(m) in the Notes to Financial Statements for additional information regarding inverse floating rate transactions.

Please refer to page 3 herein for an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The Municipal Sector Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a portfolio of fixed-income securities of varying maturities issued by or on behalf of states and local governments and their agencies, authorities and other instrumentalities, or in instruments that provide exposure to the Municipal Securities sector, such as options, futures contracts, or swap agreements.

» The Portfolio’s average credit quality was AA at the end of the twelve-month period versus the benchmark’s average of AA2/AA3.

» Municipal securities underperformed U.S. Treasuries and the taxable debt sector; the Lehman Brothers Municipal Bond Index returned 1.90%, while the Lehman Brothers U.S. Aggregate and the Lehman Brothers Treasury Indices returned 7.67% and 12.21%, respectively.

» The Portfolio’s effective duration was managed above that of its benchmark throughout the period, which was negative for performance as municipal yields increased across intermediate and longer maturities.

» Exposure to long-dated municipal bonds detracted from performance as the Long Municipal Index underperformed the front end of the municipal bond yield curve by over 2.00%.

Annual Report March 31, 2008 11

PIMCO Real Return Portfolio

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Treasury Obligations	55.7%
U.S. Government Agencies	21.3%
Short-Term Instruments	16.0%
Corporate Bonds & Notes	3.5%
Foreign Currency-Denominated Issues	1.3%
Other	2.2%

^‡ % of Total Investments as of 03/31/2008

$5,000,000 invested at the beginning of the first full month following the inception date.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	Portfolio Inception (04/28/00)*
	Real Return Portfolio	15.04%	7.20%	9.52%
	Citigroup 3-Month Treasury Bill Index	4.19%	3.03%	3.20%
	Lehman Brothers U.S. TIPS Index	14.54%	6.75%	8.58%

All Portfolio returns are net of fees and expenses.

* The Portfolio began operations on 04/28/00. Index comparisons began on 04/30/00.

Performance quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Shares may be worth more or less than original cost when redeemed. Performance data current to the most recent month-end is available by calling 1-800-927-4648.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,107.64	$	1,024.75
Expenses Paid During Period†	$	0.26	$	0.25

^† Expenses are equal to the Portfolio’s net annualized expense ratio of 0.05%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 3 herein for an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The Real Return Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 80% of its net assets in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities, and corporations, which may be represented by options, futures contracts, or swap agreements.

» An overweight to U.S. Treasury Inflation-Protected Securities (“TIPS) versus U.S. nominal bonds in July 2007 through January 2008 benefited performance as U.S. TIPS outperformed nominal bonds over the period.

» Positioning for a steeper U.S. nominal yield curve benefited performance as the two-year U.S. Treasury yield fell more than the 30-year U.S. Treasury yield over the period.

» A U.K. nominal yield curve steepening bias benefited performance as the two-year U.K. Gilt yield fell more than the 30-year yield over the period.

» Holdings of U.S. mortgage-backed securities detracted from performance as they underperformed like-duration U.S. Treasuries.

» An emphasis on nominal bonds in Europe versus inflation-linked bonds (“ILBs”) detracted from performance as ILBs outperformed their nominal counterparts in the region.

» Exposure to U.S. corporate securities in March 2007 through November 2007 detracted from performance as this sector underperformed like-duration U.S. Treasuries over the period.

12 PIMCO Funds Private Account Portfolio Series

PIMCO Short-Term Portfolio

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

Mortgage-Backed Securities	37.4%
U.S. Government Agencies	30.7%
Asset-Backed Securities	15.8%
Corporate Bonds & Notes	12.7%
Short-Term Instruments	1.7%
Other	1.8%

^‡ % of Total Investments as of 03/31/2008

$5,000,000 invested at the beginning of the first full month following the inception date.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	Portfolio Inception (04/20/00)*
	Short-Term Portfolio	-1.21%	2.32%	3.59%
	Citigroup 3-Month Treasury Bill Index	4.19%	3.03%	3.20%
	3 Month LIBOR Index	5.31%	3.50%	3.62%

All Portfolio returns are net of fees and expenses.

* The Portfolio began operations on 04/20/00. Index comparisons began on 04/30/00.

Performance quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Shares may be worth more or less than original cost when redeemed. Performance data current to the most recent month-end is available by calling 1-800-927-4648.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	971.30	$	1,022.35
Expenses Paid During Period†	$	2.61	$	2.68

^† Expenses are equal to the Portfolio’s net annualized expense ratio of 0.53%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 3 herein for an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The Short-Term Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 65% of its total assets in a diversified portfolio of fixed-income instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements.

» Positions in mortgage bonds were a primary driver of underperformance as spreads widened significantly during the period.

» Exposure to investment-grade corporates detracted from performance as spreads widened and the investment-grade corporate sector underperformed U.S. Treasuries.

» Exposure to asset-backed securities had a materially negative impact on returns as spreads widened significantly.

» An above-benchmark U.S. duration benefitted returns as interest rates declined across the U.S. Treasury yield curve.

» Curve steepening strategies added to returns as the U.S. Treasury yield curve steepened.

Annual Report March 31, 2008 13

PIMCO Short-Term Portfolio II

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Government Agencies	58.1%
Short-Term Instruments	16.1%
Mortgage-Backed Securities	9.4%
Corporate Bonds & Notes	6.1%
Asset-Backed Securities	2.9%
Other	7.4%

^‡ % of Total Investments as of 03/31/2008

$5,000,000 invested at the beginning of the first full month following the inception date.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	Portfolio Inception (03/17/03)*
	Short-Term Portfolio II	1.56%	2.93%	2.95%
	Citigroup 3-Month Treasury Bill Index	4.19%	3.03%	3.03%
	3 Month LIBOR Index	5.31%	3.50%	3.50%

All Portfolio returns are net of fees and expenses.

* The Portfolio began operations on 03/17/03. Index comparisons began on 03/31/03.

Performance quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Shares may be worth more or less than original cost when redeemed. Performance data current to the most recent month-end is available by calling 1-800-927-4648.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	989.47	$	1,015.00
Expenses Paid During Period†	$	9.95	$	10.08

^† Expenses are equal to the Portfolio’s net annualized expense ratio of 2.00%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 3 herein for an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The Short-Term Portfolio II seeks to achieve its investment objective by investing under normal circumstances at least 65% of its total assets in a diversified portfolio of fixed-income instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements.

» Positions in spread sectors, including mortgage and corporate bonds, were the primary drivers of underperformance as spreads widened significantly during the period.

» An above-benchmark U.S. duration benefited returns as interest rates fell across the U.S. Treasury yield curve.

» Curve steepening strategies added to returns as the U.S. Treasury yield curve steepened.

» Exposure to U.K. short-term rates during the first quarter of 2008 had a modestly positive impact on performance as rates declined.

» Exposure to a basket of foreign currencies added to returns as the U.S. dollar depreciated versus emerging market currencies.

14 PIMCO Funds Private Account Portfolio Series

PIMCO U.S. Government Sector Portfolio

Cumulative Returns Through March 31, 2008

Allocation Breakdown^‡

U.S. Government Agencies	28.9%
Mortgage-Backed Securities	18.2%
U.S. Treasury Obligations	17.2%
Asset-Backed Securities	16.0%
Corporate Bonds & Notes	10.5%
Short-Term Instruments	4.5%
Other	4.7%

^‡ % of Total Investments as of 03/31/2008

$5,000,000 invested at the beginning of the first full month following the inception date.

Average Annual Total Return for the period ended March 31, 2008
		1 Year	5 Years	Portfolio Inception (01/31/00)
	U.S. Government Sector Portfolio	29.67%	8.20%	10.27%
	Citigroup 3-Month Treasury Bill Index	4.19%	3.03%	3.27%
	Lehman Brothers Government Bond Index	11.45%	4.71%	6.87%

All Portfolio returns are net of fees and expenses.

Performance quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Shares may be worth more or less than original cost when redeemed. Performance data current to the most recent month-end is available by calling 1-800-927-4648.

Expense Example	Actual Performance		Hypothetical Performance
			(5% return before expenses)
Beginning Account Value (10/01/07)	$	1,000.00	$	1,000.00
Ending Account Value (03/31/08)	$	1,224.08	$	1,024.05
Expenses Paid During Period†	$	1.06	$	0.96

^† Expenses are equal to the Portfolio’s net annualized expense ratio of 0.19%, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Please refer to page 3 herein for an explanation of the information presented in the above Expense Example.

Portfolio Insights

» The U.S. Government Sector Portfolio seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a portfolio of U.S. government securities of varying maturities, or in securities that provide exposure to the U.S. government securities sector, such as options, futures contracts, swap agreements, or mortgage-backed securities (“MBS”).

» Duration positioning during the twelve-month period was a positive contributor to relative performance. An above-index duration during the year benefited performance as yields declined across all maturities.

» A curve steepening bias during the period added value as the two- to 30-year yield spread steepened.

» An allocation to long interest rate swaps during the year benefited relative performance as the 30-year swap spread narrowed; however, some of this gain was mitigated by exposure to short-end swaps as spreads widened on shorter maturities.

» An overweight allocation to long agency debentures detracted from performance as they underperformed like-duration U.S. Treasuries over the twelve-month reporting period.

» Exposure to corporates detracted from performance as they underperformed like-duration U.S. Treasuries during the year.

» An out-of-benchmark allocation to mortgage-backed securities detracted from performance as U.S. Treasuries outperformed mortgage-backed securities for the twelve-month period.

Annual Report March 31, 2008 15

Benchmark Descriptions

Index	Description
3 Month LIBOR Index	3 Month LIBOR (London Intrabank Offered Rate) is an average interest rate, determined by the British Bankers Association, that banks charge one another for the use of short-term money (3 months) in England’s Eurodollar market. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Citigroup 3-Month Treasury Bill Index	Citigroup 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Custom JPMorgan Emerging Local Markets Index Plus (ELMI+)	Custom JPMorgan Emerging Local Markets Index Plus (ELMI+) consists of custom weights of selected countries within the JPMorgan Emerging Local Markets Index Plus. It is not possible to invest directly in an unmanaged index. The index does not reflect deductions for fees, expenses or taxes.
JPMorgan GBI Global ex-U.S. Index Hedged in USD	JPMorgan GBI Global ex-U.S. Index Hedged in USD is an unmanaged index market representative of the total return performance in U.S. Dollars of major non-U.S. bond markets. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers Asset-Backed Securities Index	Lehman Brothers Asset-Backed Securities Index has 5 subsectors: credit and charge cards, autos, home equity loans, utility, and manufactured housing. The index includes pass-through, bullet, and controlled amortization structures. It includes only the senior class of each ABS issue; subordinate tranches are not included. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers Credit Investment Grade Index (Ex-Aa3 and Higher)	Lehman Brothers Credit Investment Grade Index (Ex-Aa3 and Higher) consists of publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers Government Bond Index	Lehman Brothers Government Bond Index is an unmanaged index consists of securities issued by the U.S. Government with a maturity of one year or more. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers Long Municipal Bond Index	Lehman Brothers Long Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers Mortgage Index	Lehman Brothers Mortgage Index is an unmanaged index market representing fixed rate mortgages issued by GNMA, FNMA and FHLMC. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers Municipal Bond Index	Lehman Brothers Municipal Bond Index consists of a broad selection of investment grade general obligation and revenue bonds of maturities ranging from one year to 30 years. It is an unmanaged index representative of the tax-exempt bond market. The index is made up of all investment grade municipal bonds issued after 12/31/90 having a remaining maturity of at least one year. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers U.S. Aggregate Index	Lehman Brothers U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. It is not possible to invest directly in an unmanaged index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers U.S. TIPS Index	Lehman Brothers U.S. TIPS Index is an unmanaged market index comprised of all U.S. Treasury Inflation Protected Securities rated investment grade (Baa3 or better), have at least one year to final maturity, and at least $250 million par amount outstanding. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Merrill Lynch U.S. High Yield, BB-B Rated Index	Merrill Lynch U.S. High Yield, BB-B Rated Index is comprised of fixed-income securities rated BB and B. The index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. It is not possible to invest directly in the index. The index does not reflect deductions for fees, expenses or taxes.
Lehman Brothers Treasury Index	Lehman Brothers Treasury Index consists of public obligations of the U.S. Treasury with a remaining maturity of one year or more. It is not possible to invest directly in an unmanaged index. The index does not reflect deductions for fees, expenses or taxes.

16 PIMCO Funds Private Account Portfolio Series

(THIS PAGE INTENTIONALLY LEFT BLANK)

Annual Report March 31, 2008 17

Financial Highlights

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income (a)		Net Realized/ Unrealized Gain (Loss) on Investments			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
Asset-Backed Securities Portfolio
03/31/2008	$	10.66	$	0.59	$	0.06		$	0.65		$	(0.51	)	$	0.00
03/31/2007		10.47		0.60		0.15			0.75			(0.56	)		0.00
03/31/2006		10.57		0.55		(0.13	)		0.42			(0.52	)		0.00
03/31/2005		10.79		0.43		(0.18	)		0.25			(0.47	)		0.00
03/31/2004		11.00		0.38		0.12			0.50			(0.44	)		(0.27	)
Developing Local Markets Portfolio
03/31/2008	$	11.55	$	0.64	$	1.12		$	1.76		$	(0.91	)	$	(0.41	)
03/31/2007		11.17		0.60		0.60			1.20			(0.51	)		(0.31	)
03/31/2006		10.98		0.42		0.47			0.89			(0.29	)		(0.41	)
7/30/2004 - 03/31/2005		10.00		0.15		1.04			1.19			(0.21	)		0.00
Emerging Markets Portfolio
03/31/2008	$	11.20	$	0.65	$	(0.01	)	$	0.64		$	(0.95	)	$	(0.12	)
03/31/2007		11.32		0.68		0.53			1.21			(0.74	)		(0.59	)
03/31/2006		10.92		0.70		0.84			1.54			(0.71	)		(0.43	)
03/31/2005		11.43		0.54		0.29			0.83			(0.81	)		(0.53	)
03/31/2004		11.81		0.68		1.47			2.15			(0.88	)		(1.65	)
High Yield Portfolio
03/31/2008	$	8.55	$	0.63	$	(0.45	)	$	0.18		$	(0.62	)	$	(0.05	)
03/31/2007		8.32		0.64		0.15			0.79			(0.56	)		0.00
03/31/2006		8.25		0.64		0.05			0.69			(0.62	)		0.00
03/31/2005		8.37		0.61		0.06			0.67			(0.79	)		0.00
03/31/2004		7.72		0.68		0.80			1.48			(0.83	)		0.00
International Portfolio
03/31/2008	$	4.53	$	0.21	$	0.10		$	0.31		$	(0.26	)	$	0.00
03/31/2007		5.06		0.18		(0.05	)		0.13			(0.66	)		0.00
03/31/2006		5.86		0.14		0.02			0.16			(0.66	)		(0.30	)
03/31/2005		5.91		0.11		0.36			0.47			(0.26	)		(0.26	)
03/31/2004		7.22		0.22		0.46			0.68			(0.92	)		(1.07	)
Investment Grade Corporate Portfolio
03/31/2008	$	10.03	$	0.58	$	(0.20	)	$	0.38		$	(0.53	)	$	(0.02	)
03/31/2007		9.77		0.60		0.27			0.87			(0.61	)		0.00
03/31/2006		9.74		0.57		0.09			0.66			(0.60	)		(0.03	)
03/31/2005		11.11		0.58		(0.03	)		0.55			(0.68	)		(1.24	)
03/31/2004		10.88		0.76		0.85			1.61			(0.95	)		(0.43	)
Mortgage Portfolio
03/31/2008	$	10.45	$	0.60	$	0.15		$	0.75		$	(0.57	)	$	0.00
03/31/2007		10.29		0.57		0.17			0.74			(0.58	)		0.00
03/31/2006		10.39		0.49		(0.16	)		0.33			(0.42	)		(0.01	)
03/31/2005		10.67		0.36		0.08			0.44			(0.47	)		(0.17	)
03/31/2004		10.89		0.34		0.18			0.52			(0.46	)		(0.28	)
Municipal Sector Portfolio
03/31/2008	$	10.53	$	0.48	$	(1.06	)	$	(0.58	)	$	(0.45	)	$	(0.10	)
03/31/2007		10.27		0.51		0.22			0.73			(0.47	)		0.00
03/31/2006		10.14		0.46		0.14			0.60			(0.47	)		0.00
03/31/2005		10.45		0.45		(0.25	)		0.20			(0.46	)		(0.05	)
03/31/2004		10.15		0.49		0.27			0.76			(0.46	)		0.00

* Annualized

^(a) Per share amounts based on average number of shares outstanding during the year or period.

18 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

Tax Basis Return of Capital			Total Distributions			Net Asset Value End of Year or of Period		Total Return		Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Expenses to Average Net Assets Excluding Interest Expense		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	0.00		$	(0.51	)	$	10.80	6.21	%	$	1,102,173	0.82	%	0.05	%	5.39	%	87	%
	0.00			(0.56	)		10.66	7.30			533,748	1.83		0.05		5.71		49
	0.00			(0.52	)		10.47	4.06			314,685	1.57		0.05		5.19		67
	0.00			(0.47	)		10.57	2.34			211,671	0.51		0.05		3.98		79
	0.00			(0.71	)		10.79	4.69			211,206	0.12		0.05		3.51		379
$	0.00		$	(1.32	)	$	11.99	15.76	%	$	865,101	0.12	%	0.12	%	5.28	%	144	%
	0.00			(0.82	)		11.55	11.02			348,637	0.12		0.12		5.29		15
	0.00			(0.70	)		11.17	8.36			204,449	0.12		0.12		3.78		9
	0.00			(0.21	)		10.98	11.98			127,000	0.12	*	0.12	*	2.13	*	199
$	0.00		$	(1.07	)	$	10.77	6.10	%	$	1,734,503	0.13	%	0.12	%	5.93	%	333	%
	0.00			(1.33	)		11.20	11.12			947,267	0.12		0.12		6.01		224
	0.00			(1.14	)		11.32	14.44			1,092,908	0.13		0.12		6.09		301
	0.00			(1.34	)		10.92	7.50			1,522,558	0.12		0.12		4.81		449
	0.00			(2.53	)		11.43	19.28			1,269,208	0.13		0.12		5.61		419
$	0.00		$	(0.67	)	$	8.06	2.18	%	$	1,311,402	0.05	%	0.05	%	7.58	%	263	%
	0.00			(0.56	)		8.55	9.89			360,207	0.05		0.05		7.55		184
	0.00			(0.62	)		8.32	8.57			317,019	0.05		0.05		7.66		114
	0.00			(0.79	)		8.25	8.24			211,569	0.05		0.05		7.20		117
	0.00			(0.83	)		8.37	19.75			177,339	0.06		0.05		8.30		128
$	0.00		$	(0.26	)	$	4.58	7.12	%	$	3,292,982	0.12	%	0.12	%	4.70	%	591	%
	0.00			(0.66	)		4.53	2.67			2,496,716	0.12		0.12		3.65		674
	0.00			(0.96	)		5.06	3.11			1,890,305	0.12		0.12		2.57		967
	0.00			(0.52	)		5.86	8.39			2,662,343	0.12		0.12		1.96		288
	0.00			(1.99	)		5.91	11.49			3,168,509	0.14		0.12		3.31		763
$	0.00		$	(0.55	)	$	9.86	3.92	%	$	3,750,811	0.05	%	0.05	%	5.83	%	93	%
	0.00			(0.61	)		10.03	9.21			1,165,111	0.05		0.05		6.03		32
	0.00			(0.63	)		9.77	6.85			1,052,499	0.05		0.05		5.81		49
	0.00			(1.92	)		9.74	5.03			976,440	0.05		0.05		5.46		22
	0.00			(1.38	)		11.11	15.23			1,306,285	0.05		0.05		6.70		90
$	0.00		$	(0.57	)	$	10.63	7.40	%	$	13,802,040	1.25	%	0.05	%	5.72	%	604	%
	0.00			(0.58	)		10.45	7.32			9,284,142	0.26		0.05		5.52		668
	0.00			(0.43	)		10.29	3.16			13,131,692	0.05		0.05		4.70		616
	(0.08	)		(0.72	)		10.39	3.43			8,805,626	0.05		0.05		3.36		725
	0.00			(0.74	)		10.67	4.93			4,112,744	0.05		0.05		3.19		823
$	0.00		$	(0.55	)	$	9.40	(5.67	)%	$	389,284	1.43	%	0.05	%	4.81	%	46	%
	0.00			(0.47	)		10.53	7.26			267,835	1.25		0.05		4.87		79
	0.00			(0.47	)		10.27	5.98			371,200	0.90		0.05		4.45		49
	0.00			(0.51	)		10.14	1.95			343,054	0.38		0.05		4.41		84
	0.00			(0.46	)		10.45	7.59			368,097	0.22		0.05		4.74		94

Annual Report March 31, 2008 19

Financial Highlights  (Cont.)

Selected Per Share Data for the Year Ended:	Net Asset Value Beginning of Year		Net Investment Income (a)		Net Realized/ Unrealized Gain (Loss) on Investments			Total Income (Loss) from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
Real Return Portfolio
03/31/2008	$	10.49	$	0.67	$	0.84		$	1.51		$	(0.65	)	$	0.00
03/31/2007		10.46		0.42		0.11			0.53			(0.42	)		(0.08	)
03/31/2006		11.40		0.62		(0.48	)		0.14			(0.76	)		(0.32	)
03/31/2005		11.94		0.42		(0.03	)		0.39			(0.60	)		(0.33	)
03/31/2004		11.43		0.35		0.96			1.31			(0.35	)		(0.45	)
Short-Term Portfolio
03/31/2008	$	9.81	$	0.50	$	(0.61	)	$	(0.11	)	$	(0.51	)	$	0.00
03/31/2007		9.72		0.52		0.02			0.54			(0.45	)		0.00
03/31/2006		9.77		0.37		(0.01	)		0.36			(0.41	)		0.00
03/31/2005		9.85		0.20		(0.04	)		0.16			(0.23	)		(0.01	)
03/31/2004		9.83		0.16		0.03			0.19			(0.15	)		(0.02	)
Short-Term Portfolio II
03/31/2008	$	10.05	$	0.55	$	(0.39	)	$	0.16		$	(1.09	)	$	0.00
03/31/2007		10.01		0.51		0.00			0.51			(0.47	)		0.00
03/31/2006		10.08		0.37		0.02			0.39			(0.46	)		0.00
03/31/2005		10.11		0.20		0.00			0.20			(0.22	)		(0.01	)
03/31/2004		10.02		0.12		0.07			0.19			(0.10	)		0.00
U.S. Government Sector Portfolio
03/31/2008	$	10.59	$	0.56	$	2.45		$	3.01		$	(0.64	)	$	0.00
03/31/2007		10.38		0.53		0.19			0.72			(0.51	)		0.00
03/31/2006		10.68		0.42		(0.30	)		0.12			(0.40	)		(0.02	)
03/31/2005		11.26		0.26		(0.25	)		0.01			(0.26	)		(0.33	)
03/31/2004		10.89		0.22		0.38			0.60			(0.23	)		0.00

^(a) Per share amounts based on average number of shares outstanding during the year.

20 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

Tax Basis Return of Capital		Total Distributions			Net Asset Value End of Year		Total Return		Net Assets End of Year (000s)		Ratio of Expenses to Average Net Assets		Ratio of Expenses to Average Net Assets Excluding Interest Expense		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	0.00	$	(0.65	)	$	11.35	15.04	%	$	700,395	0.05	%	0.05	%	6.31	%	954	%
	0.00		(0.50	)		10.49	5.21			912,909	0.05		0.05		3.97		561
	0.00		(1.08	)		10.46	1.07			964,745	0.05		0.05		5.48		414
	0.00		(0.93	)		11.40	3.47			1,689,226	0.05		0.05		3.65		447
	0.00		(0.80	)		11.94	11.85			1,422,613	0.05		0.05		3.03		372
$	0.00	$	(0.51	)	$	9.19	(1.21	)%	$	3,464,321	0.53	%	0.05	%	5.20	%	317	%
	0.00		(0.45	)		9.81	5.67			5,475,245	0.18		0.05		5.27		121
	0.00		(0.41	)		9.72	3.71			1,383,307	0.05		0.05		3.75		205
	0.00		(0.24	)		9.77	1.60			2,914,175	0.05		0.05		2.00		283
	0.00		(0.17	)		9.85	1.96			4,226,476	0.05		0.05		1.59		280
$	0.00	$	(1.09	)	$	9.12	1.56	%	$	70,650	0.58	%	0.05	%	5.51	%	365	%
	0.00		(0.47	)		10.05	5.23			583,827	0.05		0.05		5.09		123
	0.00		(0.46	)		10.01	3.90			481,318	0.05		0.05		3.65		109
	0.00		(0.23	)		10.08	2.02			1,626,755	0.05		0.05		2.01		326
	0.00		(0.10	)		10.11	1.97			2,413,972	0.05		0.05		1.20		232
$	0.00	$	(0.64	)	$	12.96	29.67	%	$	4,146,692	0.11	%	0.05	%	5.06	%	533	%
	0.00		(0.51	)		10.59	7.09			8,037,047	0.05		0.05		5.03		361
	0.00		(0.42	)		10.38	1.04			6,869,541	0.05		0.05		3.88		628
	0.00		(0.59	)		10.68	0.11			7,553,665	0.05		0.05		2.32		366
	0.00		(0.23	)		11.26	5.56			7,226,151	0.05		0.05		2.03		709

Annual Report March 31, 2008 21

Statements of Assets and Liabilities

(Amounts in thousands, except per share amounts)	Asset- Backed Securities Portfolio			Developing Local Markets Portfolio			Emerging Markets Portfolio			High Yield Portfolio
Assets:
Investments, at value	$	1,194,111		$	704,641		$	1,799,893		$	1,513,646
Repurchase agreements, at value		5,931			17,276			3,599			0
Cash		0			7			25			659
Deposits with counterparty		7,525			355			6,115			1,500
Foreign currency, at value		0			754			7,461			2,136
Receivable for investments sold		22,067			143,718			522,688			65,751
Receivable for investments sold on a delayed-delivery basis		0			0			0			178
Receivable for Portfolio shares sold		0			185,186			0			1,100
Interest and dividends receivable		5,140			6,870			22,836			27,750
Variation margin receivable		899			0			363			44
Swap premiums paid		14,624			407			4,520			899
Unrealized appreciation on foreign currency contracts		0			69,209			77,034			0
Unrealized appreciation on swap agreements		67,574			938			16,545			1,224
Other assets		0			0			0			0
		1,317,871			1,129,361			2,461,079			1,614,887
Liabilities:
Payable for the reverse repurchase agreements	$	97,116		$	75,034		$	0		$	0
Payable for investments purchased		27,263			15,620			130,861			184,833
Payable for investments purchased on a delayed-delivery basis		0			0			0			0
Payable for short sales		18,970			136,573			479,023			48,457
Payable for floating rate notes issued		0			0			0			0
Payable for Portfolio shares redeemed		10,782			8,429			15,120			10,489
Overdraft due to custodian		2,094			0			0			0
Written options outstanding		0			0			0			42,609
Accrued investment advisory fee		18			15			36			22
Accrued administrative fee		27			75			181			33
Variation margin payable		0			63			201			0
Swap premium received		16,161			7			8,365			9,699
Unrealized depreciation on foreign currency contracts		0			26,517			28,901			274
Unrealized depreciation on swap agreements		43,267			1,926			63,883			7,069
Other liabilities		0			1			5			0
		215,698			264,260			726,576			303,485
Net Assets	$	1,102,173		$	865,101		$	1,734,503		$	1,311,402
Net Assets Consist of:
Paid in capital	$	1,094,868		$	834,214		$	1,753,775		$	1,335,721
Undistributed (overdistributed) net investment income		8,992			(11,822	)		(20,371	)		8,588
Accumulated undistributed net realized gain (loss)		7,168			9,884			5,896			18,532
Net unrealized appreciation (depreciation)		(8,855	)		32,825			(4,797	)		(51,439	)
	$	1,102,173		$	865,101		$	1,734,503		$	1,311,402
Shares Issued and Outstanding:		102,065			72,176			161,010			162,676
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)	$	10.80		$	11.99		$	10.77		$	8.06
Cost of Investments Owned	$	1,257,460		$	711,028		$	1,798,581		$	1,531,941
Cost of Repurchase Agreements Owned	$	5,931		$	17,276		$	3,599		$	0
Cost of Foreign Currency Held	$	0		$	777		$	7,691		$	2,137
Proceeds Received on Short Sales	$	18,579		$	134,131		$	470,872		$	48,593
Premiums Received on Written Options	$	0		$	0		$	0		$	15,442

22 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

International Portfolio			Investment Grade Corporate Portfolio			Mortgage Portfolio			Municipal Sector Portfolio			Real Return Portfolio		Short-Term Portfolio			Short-Term Portfolio II			U.S. Government Sector Portfolio
$	2,997,568		$	3,260,029		$	23,589,935		$	485,474		$	1,584,138	$	3,493,047		$	141,988		$	5,255,519
	6,404			446,217			576,411			1,449			4,216		19,476			533			2,877
	2			186			7,379			1			254		13,708			28			3,749
	32,585			7,265			55,280			1,860			10,310		2,920			1,885			96,980
	37,538			0			0			0			5,145		0			1,004			0
	1,573,552			582,137			10,849,901			0			533,358		963,373			59,859			1,365,480
	0			0			0			0			321		53,923			0			0
	4,300			770			130			0			0		6,975			0			5,030
	10,723			38,626			81,639			6,874			8,019		15,778			688			26,894
	8,450			9			1,165			0			703		2,522			0			17,559
	54,160			29,803			32,949			0			1,885		2,073			212			23,960
	45,440			0			0			0			60		0			2,050			0
	299,067			69,433			327,960			0			19,306		27,573			580			170,386
	0			0			0			96			0		0			27			0
	5,069,789			4,434,475			35,522,749			495,754			2,167,715		4,601,368			208,854			6,968,434
$	0		$	0		$	4,806,858		$	0		$	0	$	138,196		$	73,120		$	53,086
	3,900			54,675			11,010,227			0			31,358		154,336			3			99,225
	0			0			0			0			879,207		86,158			0			957,005
	1,603,401			540,840			5,169,665			0			518,477		693,803			61,004			1,383,932
	0			0			0			100,513			0		0			0			0
	37,176			13,400			210,621			3,840			2,355		23,073			0			63,893
	0			0			0			0			0		0			0			0
	0			33,346			1,573			0			8,929		7,634			2,311			109,547
	72			46			217			6			11		56			1			68
	358			70			326			9			17		83			2			102
	24			0			0			245			172		2,838			23			8,872
	74,105			15,915			133,598			0			9,259		4,142			185			72,118
	39,457			0			0			0			356		0			1,249			0
	18,314			25,372			387,624			0			14,507		26,700			306			73,767
	0			0			0			1,857			2,672		28			0			127
	1,776,807			683,664			21,720,709			106,470			1,467,320		1,137,047			138,204			2,821,742
$	3,292,982		$	3,750,811		$	13,802,040		$	389,284		$	700,395	$	3,464,321		$	70,650		$	4,146,692
$	3,368,107		$	3,737,370		$	13,655,474		$	401,485		$	647,187	$	3,697,841		$	78,624		$	3,400,910
	52,821			12,471			102,400			3,639			1,191		28,591			369			19,189
	(381,829	)		(16,942	)		(23,281	)		(5,922	)		48,109		(115,304	)		(9,114	)		604,587
	253,883			17,912			67,447			(9,918	)		3,908		(146,807	)		771			122,006
$	3,292,982		$	3,750,811		$	13,802,040		$	389,284		$	700,395	$	3,464,321		$	70,650		$	4,146,692
	719,637			380,353			1,297,870			41,398			61,681		377,121			7,745			319,872
$	4.58		$	9.86		$	10.63		$	9.40		$	11.35	$	9.19		$	9.12		$	12.96
$	3,031,051		$	3,263,620		$	23,399,288		$	493,794		$	1,577,625	$	3,618,687		$	139,164		$	5,303,541
$	6,404		$	446,217		$	576,411		$	1,449		$	4,216	$	19,476		$	533		$	2,877
$	37,650		$	0		$	0		$	0		$	5,168	$	0		$	1,005		$	0
$	1,572,311		$	537,380		$	5,094,526		$	0		$	507,863	$	671,218		$	59,628		$	1,348,258
$	0		$	14,212		$	889		$	0		$	5,002	$	2,777		$	608		$	46,530

Annual Report March 31, 2008 23

Statements of Operations

Year Ended March 31, 2008
(Amounts in thousands)	Asset- Backed Securities Portfolio			Developing Local Markets Portfolio			Emerging Markets Portfolio			High Yield Portfolio
Investment Income:
Interest, net of foreign taxes*	$	52,764		$	50,501		$	125,670		$	94,757
Dividends		10			0			706			228
Miscellaneous income		44			0			2			106
Total Income		52,818			50,501			126,378			95,091
Expenses:
Investment advisory fees		169			187			416			249
Administrative fees		254			933			2,081			373
Trustees’ fees		2			3			6			4
Interest expense		6,558			36			111			1
Miscellaneous expense		1			1			2			0
Total Expenses		6,984			1,160			2,616			627
Net Investment Income		45,834			49,341			123,762			94,464
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		70			(1,216	)		63,392			6,462
Net realized gain (loss) on futures contracts, written options and swaps		13,899			(2,348	)		(22,954	)		35,178
Net realized gain (loss) on foreign currency transactions		0			59,505			40,527			(2,180	)
Net change in unrealized appreciation (depreciation) on investments		(64,524	)		(8,958	)		(55,110	)		(24,352	)
Net change in unrealized appreciation (depreciation) on futures contracts, written options and swaps		53,054			(1,653	)		(69,381	)		(32,989	)
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		0			35,840			46,510			(251	)
Net Gain (Loss)		2,499			81,170			2,984			(18,132	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	48,333		$	130,511		$	126,746		$	76,332
* Foreign tax withholdings	$	0		$	2		$	0		$	2

24 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

International Portfolio			Investment Grade Corporate Portfolio			Mortgage Portfolio			Municipal Sector Portfolio			Real Return Portfolio			Short-Term Portfolio			Short-Term Portfolio II			U.S. Government Sector Portfolio
$	219,001		$	114,770		$	821,541		$	18,797		$	55,818		$	246,082		$	20,343		$	279,790
	0			337			0			0			0			0			112			0
	620			8			0			0			24			0			4			0
	219,621			115,115			821,541			18,797			55,842			246,082			20,459			279,790
	909			388			2,349			60			175			861			67			1,082
	4,544			582			3,523			90			263			1,291			101			1,623
	14			5			35			1			3			14			1			18
	0			0			141,533			4,161			17			20,575			1,770			3,278
	4			2			40			1			1			7			1			9
	5,471			977			147,480			4,313			459			22,748			1,940			6,010
	214,150			114,138			674,061			14,484			55,383			223,334			18,519			273,780
	33,785			11,096			134,413			3,105			70,090			(63,576	)		(581	)		16,963
	(132,553	)		(8,404	)		9,873			(4,815	)		(645	)		(29,828	)		(5,562	)		835,201
	8,673			0			0			0			(1,163	)		0			920			0
	(81,682	)		(42,463	)		149,622			(21,583	)		(3,345	)		(152,190	)		1,056			(97,246	)
	375,696			21,009			(54,768	)		(2,326	)		1,122			(1,973	)		(1,388	)		111,481
	(3,672	)		0			0			0			(321	)		0			749			0
	200,247			(18,762	)		239,140			(25,619	)		65,738			(247,567	)		(4,806	)		866,399
$	414,397		$	95,376		$	913,201		$	(11,135	)	$	121,121		$	(24,233	)	$	13,713		$	1,140,179
$	2		$	0		$	0		$	0		$	0		$	27		$	1		$	0

Annual Report March 31, 2008 25

Statements of Changes in Net Assets

	Asset-Backed Securities Portfolio						Developing Local Markets Portfolio						Emerging Markets Portfolio
(Amounts in thousands)	Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	45,834		$	25,106		$	49,341		$	12,712		$	123,762		$	53,338
Net realized gain (loss)		13,969			(1,983	)		55,941			10,363			80,965			25,605
Net change in unrealized appreciation (depreciation)		(11,470	)		7,765			25,229			3,983			(77,981	)		13,153
Net increase (decrease) resulting from operations		48,333			30,888			130,511			27,058			126,746			92,096
Distributions to Shareholders:
From net investment income		(42,113	)		(23,574	)		(77,363	)		(12,087	)		(200,067	)		(59,547	)
From net realized capital gains		0			0			(34,712	)		(8,486	)		(26,354	)		(49,038	)
Total Distributions		(42,113	)		(23,574	)		(112,075	)		(20,573	)		(226,421	)		(108,585	)
Portfolio Share Transactions:
Receipts for shares sold		687,500			240,544			1,153,135			258,624			1,960,613			292,084
Issued as reinvestment of distributions		41,298			22,644			93,072			20,385			215,690			106,705
Cost of shares redeemed		(166,593	)		(51,439	)		(748,179	)		(141,306	)		(1,289,392	)		(527,941	)
Net increase (decrease) resulting from Portfolio share transactions		562,205			211,749			498,028			137,703			886,911			(129,152	)
Total Increase (Decrease) in Net Assets		568,425			219,063			516,464			144,188			787,236			(145,641	)
Net Assets:
Beginning of year		533,748			314,685			348,637			204,449			947,267			1,092,908
End of year*	$	1,102,173		$	533,748		$	865,101		$	348,637		$	1,734,503		$	947,267
*Including undistributed (overdistributed) net investment income of:	$	8,992		$	3,266		$	(11,822	)	$	3,177		$	(20,371	)	$	5,298

26 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

High Yield Portfolio						International Portfolio						Investment Grade Corporate Portfolio						Mortgage Portfolio						Municipal Sector Portfolio
Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007
$	94,464		$	24,454		$	214,150		$	96,133		$	114,138		$	66,936		$	674,061		$	681,101		$	14,484		$	15,704
	39,460			2,818			(90,095	)		64,150			2,692			6,126			144,286			(50,029	)		(1,710	)		3,375
	(57,592	)		3,579			290,342			(94,417	)		(21,454	)		24,509			94,854			233,124			(23,909	)		4,745
	76,332			30,851			414,397			65,866			95,376			97,571			913,201			864,196			(11,135	)		23,824
	(95,096	)		(20,770	)		(270,038	)		(371,047	)		(111,159	)		(68,764	)		(657,419	)		(674,640	)		(14,647	)		(14,365	)
	(9,990	)		0			0			(511	)		(4,730	)		(252	)		0			(366	)		(3,097	)		0
	(105,086	)		(20,770	)		(270,038	)		(371,558	)		(115,889	)		(69,016	)		(657,419	)		(675,006	)		(17,744	)		(14,365	)
	1,881,107			376,918			4,031,711			1,833,768			3,045,390			272,289			6,729,297			2,469,717			231,279			57,800
	103,221			19,838			257,324			346,734			112,828			66,546			635,436			650,837			17,367			13,919
	(1,004,379	)		(363,649	)		(3,637,128	)		(1,268,399	)		(552,005	)		(254,778	)		(3,102,617	)		(7,157,294	)		(98,318	)		(184,543	)
	979,949			33,107			651,907			912,103			2,606,213			84,057			4,262,116			(4,036,740	)		150,328			(112,824	)
	951,195			43,188			796,266			606,411			2,585,700			112,612			4,517,898			(3,847,550	)		121,449			(103,365	)
	360,207			317,019			2,496,716			1,890,305			1,165,111			1,052,499			9,284,142			13,131,692			267,835			371,200
$	1,311,402		$	360,207		$	3,292,982		$	2,496,716		$	3,750,811		$	1,165,111		$	13,802,040		$	9,284,142		$	389,284		$	267,835
$	8,588		$	7,798		$	52,821		$	139,156		$	12,471		$	5,689		$	102,400		$	52,577		$	3,639		$	3,803

Annual Report March 31, 2008 27

Statements of Changes in Net Assets  (Cont.)

	Real Return Portfolio						Short-Term Portfolio						Short-Term Portfolio II						U.S. Government Sector Portfolio
(Amounts in thousands)	Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007			Year Ended March 31, 2008			Year Ended March 31, 2007
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	55,383		$	40,367		$	223,334		$	115,239		$	18,519		$	26,363		$	273,780		$	373,680
Net realized gain (loss)		68,282			(11,325	)		(93,404	)		(3,957	)		(5,223	)		(1,479	)		852,164			(144,155	)
Net change in unrealized appreciation (depreciation)		(2,544	)		32,434			(154,163	)		13,044			417			1,621			14,235			285,338
Net increase (decrease) resulting from operations		121,121			61,476			(24,233	)		124,326			13,713			26,505			1,140,179			514,863
Distributions to Shareholders:
From net investment income		(56,328	)		(39,143	)		(217,119	)		(102,134	)		(23,381	)		(25,009	)		(274,937	)		(365,222	)
From net realized capital gains		0			(7,457	)		0			0			0			0			0			0
Tax basis return of capital		0			0			0			0			0			0			0			0
Total Distributions		(56,328	)		(46,600	)		(217,119	)		(102,134	)		(23,381	)		(25,009	)		(274,937	)		(365,222	)
Portfolio Share Transactions:
Receipts for shares sold		251,177			739,415			2,072,435			4,708,424			71,761			168,001			2,000,707			2,436,211
Issued as reinvestment of distributions		55,525			45,533			213,556			100,388			23,381			25,009			266,071			349,583
Cost of shares redeemed		(584,009	)		(851,660	)		(4,055,563	)		(739,066	)		(598,651	)		(91,997	)		(7,022,375	)		(1,767,929	)
Net increase (decrease) resulting from Portfolio share transactions		(277,307	)		(66,712	)		(1,769,572	)		4,069,746			(503,509	)		101,013			(4,755,597	)		1,017,865
Total Increase (Decrease) in Net Assets		(212,514	)		(51,836	)		(2,010,924	)		4,091,938			(513,177	)		102,509			(3,890,355	)		1,167,506
Net Assets:
Beginning of year		912,909			964,745			5,475,245			1,383,307			583,827			481,318			8,037,047			6,869,541
End of year*	$	700,395		$	912,909		$	3,464,321		$	5,475,245		$	70,650		$	583,827		$	4,146,692		$	8,037,047
*Including undistributed (overdistributed) net investment income of:	$	1,191		$	4,231		$	28,591		$	21,164		$	369		$	4,072		$	19,189		$	25,374

28 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

Statements of Cash Flows March 31, 2008

Year Ended March 31, 2008
(Amounts in thousands)	Asset- Backed Securities Portfolio			Mortgage Portfolio			Municipal Sector Portfolio
Increase (Decrease) in Cash from:
Cash flows provided by operating activities:
Net increase (decrease) in net assets resulting from operations	$	48,333		$	913,201		$	(11,135	)
Adjustments to reconcile net increase in net assets from operations to net cash used for operating activities:
Purchases of long-term securities		(1,526,790	)		(120,523,625	)		(281,177	)
Proceeds from sales of long-term securities		1,002,051			112,922,516			146,882
Purchases of short-term portfolio investments, net		11,703			(709,688	)		(3,812	)
Deposits with brokers for future contracts		(7,525	)		(55,280	)		(1,860	)
Increase in interest receivable		(2,558	)		(27,009	)		(2,284	)
Increase in receivable for investments sold		(20,370	)		(6,473,526	)		0
Increase in other asset		0			0			(3,035	)
Increase (Decrease) in payable for investments purchased		(12,299	)		7,619,021			0
Increase in swap premiums paid		4,724			12,709			0
Increase in investment advisory fee		8			55			1
Increase in administrative fee		13			83			2
Payment (Proceeds) from futures transactions		40,954			98,541			(6,655	)
Proceeds from short sale transactions		17,066			1,158,061			0
Unrealized appreciation (depreciation) on investments		11,470			(94,854	)		23,909
Net realized gain (loss) on investments		(13,969	)		(144,286	)		1,710
Net amortization on investments		(900	)		(14,232	)		(1,170	)
Net cash used for operating activities		(448,089	)		(5,318,313	)		(138,624	)
Cash flows received from financing activities:
Proceeds from shares sold		687,500			6,735,667			231,279
Payment on shares redeemed		(155,811	)		(2,912,736	)		(95,058	)
Cash dividend paid*		(815	)		(21,983	)		(377	)
Net borrowing (repayment) of reverse repurchase agreements		(84,887	)		1,531,472			0
Increase (Decrease) in overdraft due to custodian		2,094			(6,728	)		0
Increase in payable for floating rates issued		0			0			2,781
Net cash received from financing activities		448,081			5,325,692			138,625
Net Increase (Decrease) in Cash		(8	)		7,379			1
Cash:
Beginning of year		8			0			0
End of year	$	0		$	7,379		$	1
* Reinvestment of dividends	$	41,298		$	635,436		$	17,367

See Accompanying Notes Annual Report March 31, 2008 29

Schedule of Investments  Asset-Backed Securities Portfolio  

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 4.2%
American International Group, Inc.
5.850% due 01/16/2018	$	3,000	$	2,951
Bear Stearns Cos., Inc.
6.400% due 10/02/2017		2,000		1,980
6.950% due 08/10/2012		5,000		5,009
Charlotte Gateway Village LLC
6.410% due 12/01/2016		1,737		1,732
CVS Lease Pass-Through
5.880% due 01/10/2028		1,899		1,887
Exelon Generation Co. LLC
6.200% due 10/01/2017		1,410		1,400
General Electric Capital Corp.
2.840% due 03/16/2009		3,000		2,996
Masco Corp.
5.875% due 07/15/2012		5,000		5,047
Northwest Airlines, Inc.
3.642% due 02/06/2015		1,650		1,576
Preferred Term Securities XII
3.350% due 03/24/2034		2,250		2,115
President and Fellows of Harvard College
3.700% due 04/01/2013		3,000		3,031
5.625% due 10/01/2038		3,000		3,035
Prudential Financial, Inc.
6.000% due 12/01/2017		10,000		10,105
6.625% due 12/01/2037		1,000		991
United Airlines, Inc.
6.636% due 07/02/2022		1,946		1,817
Total Corporate Bonds & Notes (Cost $45,829)				45,672
MUNICIPAL BONDS & NOTES 0.4%
West Virginia State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
7.467% due 06/01/2047		4,000		3,818
Total Municipal Bonds & Notes (Cost $3,761)				3,818
U.S. GOVERNMENT AGENCIES 33.8%
Fannie Mae
0.000% due 09/25/2008 (c)		39		39
2.729% due 03/25/2036		534		528
2.799% due 10/27/2037		12,500		11,841
2.839% due 08/25/2031 - 05/25/2032		594		588
2.899% due 12/25/2025 - 04/25/2036		8,089		7,732
2.949% due 12/25/2016 - 11/25/2032		79		78
2.999% due 06/25/2029		393		384
3.049% due 10/25/2030 - 02/25/2033		745		750
3.075% due 06/25/2021 - 10/25/2021		123		121
3.084% due 08/01/2033		256		262
3.099% due 05/25/2023 - 08/25/2031		2,158		2,128
3.109% due 10/25/2031		150		151
3.125% due 01/25/2020 - 03/25/2022		232		229
3.175% due 12/25/2021 - 05/18/2032		558		554
3.218% due 11/17/2030		169		167
3.244% due 09/17/2027		10		10
3.249% due 11/25/2031		710		701
3.325% due 04/25/2022 - 12/18/2031		994		980

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
3.330% due 12/25/2021	$	17	$	17
3.337% due 09/01/2033		79		80
3.375% due 05/25/2022 - 11/18/2031		106		105
3.460% due 10/01/2033		587		592
3.475% due 05/25/2018 - 10/25/2020		156		156
3.500% due 07/25/2008 - 09/01/2033		336		336
3.525% due 08/25/2023		104		103
3.599% due 04/25/2032		66		65
3.625% due 12/25/2023		132		131
3.636% due 08/01/2033		204		209
3.676% due 09/01/2033		13		13
3.725% due 12/25/2008		48		48
3.761% due 09/01/2033		1,774		1,712
3.775% due 10/25/2022 - 04/25/2023		313		313
3.825% due 01/25/2024		577		589
3.829% due 04/01/2034		269		271
3.943% due 09/01/2033		1,428		1,425
3.969% due 05/01/2033		346		345
3.973% due 05/01/2034		861		874
4.000% due 06/01/2010 - 11/25/2033		1,070		1,052
4.005% due 05/01/2033 - 12/01/2033		427		427
4.044% due 07/01/2033		242		243
4.052% due 04/01/2033		109		109
4.056% due 05/01/2034		221		228
4.081% due 02/01/2035		112		112
4.098% due 09/01/2033		148		148
4.125% due 07/09/2012		100		100
4.142% due 04/01/2034		690		694
4.196% due 11/01/2034		1,694		1,711
4.220% due 09/01/2033		191		195
4.250% due 03/25/2033 - 05/25/2033		621		614
4.271% due 01/01/2033		249		253
4.295% due 02/01/2035		133		135
4.299% due 04/01/2035		358		374
4.320% due 09/01/2035		1,238		1,248
4.325% due 01/01/2035		73		75
4.349% due 03/01/2035		1,502		1,542
4.390% due 05/01/2035		306		308
4.391% due 07/01/2035		1,731		1,790
4.395% due 04/01/2034		42		42
4.416% due 03/01/2035		212		214
4.432% due 02/01/2035		549		564
4.433% due 06/01/2035		718		724
4.439% due 04/01/2033		1,851		1,882
4.451% due 04/01/2035		331		340
4.459% due 01/01/2035		226		229
4.462% due 05/01/2036		1,298		1,307
4.480% due 01/01/2035		233		236
4.490% due 01/01/2035		808		829
4.500% due 01/01/2010 - 12/25/2023		1,165		1,179
4.504% due 03/01/2035		86		87
4.513% due 01/01/2035		248		251
4.514% due 03/01/2034		1,709		1,735
4.526% due 12/01/2034		191		194
4.545% due 06/01/2035		1,967		1,990
4.563% due 11/01/2034		384		391
4.571% due 07/01/2035		1,551		1,594
4.574% due 09/01/2035 (g)		3,080		3,114
4.577% due 07/01/2033 - 04/01/2035		1,615		1,634
4.578% due 11/01/2034		164		168
4.609% due 03/01/2033		13		13
4.610% due 07/01/2034		74		75
4.638% due 11/01/2034		20		21
4.656% due 07/01/2033		172		175
4.663% due 04/01/2035		317		322
4.666% due 06/01/2033		140		143
4.668% due 05/25/2035		2,000		2,014
4.676% due 05/01/2035		981		992

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
4.688% due 04/01/2033	$	1,739	$	1,782
4.721% due 03/01/2035		210		214
4.738% due 05/01/2035		467		474
4.746% due 10/01/2035		377		379
4.751% due 02/01/2035		156		158
4.756% due 01/01/2015		34		33
4.768% due 10/01/2034		53		54
4.770% due 09/25/2008		11		11
4.776% due 07/01/2034		526		542
4.799% due 06/01/2033		421		428
4.832% due 01/01/2035		360		375
4.838% due 07/01/2035 (g)		4,557		4,667
4.840% due 07/01/2035 (g)		2,235		2,270
4.850% due 01/01/2035 - 05/01/2036		1,642		1,666
4.870% due 10/25/2008		28		28
4.878% due 09/01/2035 (g)		2,718		2,713
4.880% due 06/01/2033		196		200
4.881% due 06/01/2035		624		629
4.898% due 06/01/2035		871		885
4.915% due 02/01/2035		567		575
4.920% due 09/25/2008		5		5
4.949% due 04/01/2036		573		586
5.000% due 09/01/2009 - 07/01/2037		30,379		30,106
5.000% due 01/01/2037 - 09/01/2037 (g)		4,611		4,497
5.045% due 07/01/2035		177		179
5.050% due 06/01/2033		129		133
5.052% due 07/01/2035		1,172		1,193
5.056% due 02/01/2035		1,384		1,391
5.073% due 03/01/2036		584		586
5.095% due 08/01/2035		292		299
5.098% due 10/01/2035 (g)		2,168		2,207
5.152% due 12/01/2035		2,010		2,060
5.163% due 04/01/2036		463		470
5.172% due 02/01/2036		1,513		1,535
5.207% due 12/01/2036		613		629
5.222% due 03/01/2032		114		114
5.231% due 12/01/2014		23		24
5.247% due 12/01/2032		989		1,010
5.250% due 08/18/2017		100		100
5.254% due 02/01/2036 (g)		2,790		2,839
5.256% due 03/01/2036		419		421
5.272% due 12/01/2035		104		106
5.286% due 04/01/2037		409		418
5.311% due 09/01/2035 (g)		2,343		2,412
5.322% due 10/01/2026 - 11/01/2040		226		228
5.370% due 08/25/2043		1,000		986
5.386% due 04/01/2032		194		197
5.410% due 05/01/2036		190		191
5.422% due 10/01/2027		10		10
5.433% due 05/01/2036		340		342
5.500% due 10/01/2016 - 04/01/2038		29,662		29,920
5.500% due 11/01/2036 - 05/01/2037 (g)		57,009		57,622
5.505% due 01/01/2037		187		190
5.507% due 10/01/2028		55		55
5.522% due 07/01/2034		119		120
5.523% due 09/01/2015		45		46
5.540% due 12/01/2017		39		39
5.542% due 05/01/2017		66		67
5.546% due 01/01/2017		30		30
5.556% due 01/01/2029		24		24
5.599% due 10/01/2017		21		22
5.625% due 05/01/2015		16		17
5.663% due 05/01/2036		147		150
5.722% due 07/01/2042 - 10/01/2044		496		493
5.723% due 03/01/2044		21		21
5.772% due 05/01/2025		198		200
5.791% due 10/01/2018		874		881
5.807% due 04/01/2036		358		363
5.820% due 12/01/2036		316		322
5.850% due 09/16/2028		60		63

30 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.894% due 12/01/2036	$	328	$	334
5.922% due 11/01/2030 - 10/01/2040		258		258
6.000% due 03/01/2009 - 03/25/2016		634		652
6.022% due 12/01/2024		41		42
6.047% due 01/01/2037		1,779		1,810
6.050% due 05/25/2023		57		58
6.154% due 04/01/2036		53		54
6.220% due 10/01/2031		86		88
6.250% due 02/01/2011		459		484
6.255% due 11/01/2032		232		235
6.259% due 03/01/2029		19		20
6.280% due 02/01/2018		12		11
6.300% due 12/01/2024		12		12
6.306% due 10/01/2032		40		41
6.386% due 01/01/2033		259		261
6.400% due 12/01/2017		56		56
6.422% due 11/01/2035		45		47
6.440% due 07/01/2036		761		792
6.450% due 11/01/2019		28		28
6.495% due 03/01/2019		25		26
6.500% due 09/25/2008 - 12/25/2023		208		220
6.510% due 08/01/2036		1,081		1,131
6.625% due 07/01/2010 - 08/01/2018		57		59
6.635% due 03/01/2034		64		66
6.770% due 01/18/2029		229		245
6.794% due 09/01/2030		51		52
6.806% due 10/01/2033		36		37
6.876% due 09/01/2033		42		43
6.949% due 03/01/2030		30		31
6.974% due 05/01/2033		74		76
6.986% due 10/01/2033		937		958
7.000% due 03/01/2015 - 07/25/2042		1,278		1,345
7.021% due 04/01/2018		24		24
7.040% due 11/01/2024		123		124
7.044% due 09/01/2033		9		9
7.048% due 08/01/2032		66		67
7.080% due 03/01/2027		12		12
7.124% due 01/01/2028		27		27
7.190% due 03/01/2027		81		84
7.215% due 05/01/2031		15		14
7.250% due 09/01/2032		27		28
7.364% due 10/25/2008		15		15
7.500% due 08/25/2021 - 04/25/2022		364		377
7.682% due 10/25/2008		18		18
12.975% due 08/25/2021		100		123
14.365% due 10/25/2008		35		35
Farmer Mac
7.538% due 01/25/2012		328		331
Federal Home Loan Bank
4.750% due 07/14/2017		100		100
5.000% due 06/19/2018		500		503
Federal Housing Administration
7.430% due 03/01/2021		12		12
Freddie Mac
2.545% due 05/15/2023		131		132
2.859% due 08/25/2031		250		247
2.950% due 10/15/2022		49		49
2.959% due 10/25/2029		3		3
3.018% due 03/15/2031		988		971
3.068% due 10/15/2032 - 07/15/2034		977		962
3.168% due 12/15/2029		77		75
3.268% due 08/15/2029 - 12/15/2031		339		334
3.275% due 09/15/2023		64		64
3.318% due 04/15/2032		1,219		1,200
3.325% due 02/15/2024 - 09/15/2026		319		315

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
3.350% due 08/15/2023	$	91	$	91
3.368% due 08/15/2029 - 03/15/2032		1,931		1,900
3.375% due 05/15/2023		315		318
3.425% due 10/15/2008 - 04/15/2022		33		32
3.525% due 03/15/2020		70		71
3.539% due 09/01/2033		414		419
3.575% due 06/15/2022		75		76
3.803% due 09/01/2033		80		81
3.825% due 02/15/2021		27		27
3.851% due 01/01/2034		87		86
3.925% due 10/15/2022		72		72
3.975% due 05/15/2023		42		43
4.000% due 03/15/2012 - 10/15/2033		393		342
4.139% due 04/01/2034		330		331
4.171% due 06/01/2034		1,245		1,252
4.185% due 02/01/2035		666		685
4.206% due 04/01/2035		761		774
4.217% due 02/01/2035		937		946
4.240% due 03/01/2034		192		197
4.267% due 10/01/2033		162		161
4.290% due 12/01/2033		344		350
4.330% due 11/01/2034		104		105
4.334% due 11/01/2034		263		266
4.338% due 02/01/2035		208		211
4.354% due 02/01/2035		135		137
4.366% due 01/01/2035		178		181
4.367% due 11/01/2034		299		306
4.373% due 04/01/2033		63		63
4.384% due 01/01/2035		288		291
4.388% due 11/01/2034		90		91
4.392% due 09/01/2035		1,523		1,515
4.396% due 03/01/2034 (g)		2,438		2,488
4.397% due 11/01/2033		109		108
4.410% due 01/01/2035		688		698
4.418% due 02/01/2035		322		325
4.424% due 01/01/2035		318		318
4.429% due 04/01/2035		1,360		1,375
4.437% due 02/01/2035		172		175
4.440% due 02/01/2035		269		273
4.454% due 06/01/2035		1,283		1,293
4.459% due 10/01/2034		154		155
4.475% due 11/01/2034		139		140
4.500% due 08/01/2010 - 02/01/2035		2,519		2,540
4.582% due 08/01/2035		1,261		1,288
4.625% due 01/01/2035		834		857
4.672% due 09/01/2035		368		370
4.734% due 12/01/2033		1,060		1,081
4.809% due 11/01/2035		667		667
4.850% due 09/01/2035		124		125
4.897% due 03/01/2035 (g)		2,421		2,458
4.927% due 11/01/2035 (g)		3,200		3,253
4.934% due 04/01/2034		141		143
4.976% due 03/01/2035		305		309
4.981% due 01/01/2037		1,270		1,263
4.996% due 05/01/2035		731		744
5.000% due 02/15/2011 - 09/15/2035		1,962		1,958
5.017% due 12/01/2035		548		560
5.090% due 09/25/2023		1,166		1,171
5.129% due 01/01/2036		617		627
5.167% due 07/01/2034		1,799		1,822
5.183% due 09/01/2035		375		382
5.209% due 11/01/2034		731		740
5.250% due 07/30/2018		100		100
5.312% due 09/01/2035		76		77
5.346% due 04/01/2036		348		355
5.419% due 02/01/2036		151		159
5.434% due 07/01/2037		206		210
5.500% due 12/01/2008 - 05/15/2036		756		756
5.525% due 01/01/2032		52		52
5.569% due 04/01/2035		348		355

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.589% due 12/01/2035	$	360	$	361
5.658% due 04/01/2036		241		245
5.698% due 03/01/2025		86		87
5.709% due 03/01/2037 (g)		2,859		2,927
5.722% due 02/25/2045		73		71
5.760% due 03/01/2036		1,082		1,104
5.836% due 04/01/2032		139		140
5.907% due 08/01/2031		309		314
5.922% due 07/01/2037 - 07/25/2044		7,949		7,972
6.000% due 11/01/2036 - 09/01/2037 (g)		15,141		15,546
6.012% due 12/01/2024		433		439
6.105% due 11/01/2024		264		267
6.500% due 03/15/2009 - 07/25/2043		3,986		4,214
6.574% due 05/01/2026		65		68
6.588% due 01/01/2035		42		43
6.681% due 10/01/2036		4,924		5,025
6.701% due 09/01/2036		7,054		7,230
6.703% due 03/01/2028		17		17
6.717% due 11/01/2023		13		13
6.745% due 07/01/2036		6,586		6,756
6.837% due 10/01/2033		15		15
7.000% due 06/01/2016		1,488		1,562
7.052% due 02/01/2022		15		16
7.144% due 02/01/2026		32		33
7.151% due 11/01/2027		121		122
7.158% due 04/01/2031		35		36
7.175% due 04/01/2033		22		23
7.196% due 07/01/2032		38		39
7.197% due 03/01/2030		118		119
7.214% due 08/01/2029		24		24
7.235% due 08/01/2032		19		19
7.245% due 08/01/2023		36		37
7.314% due 09/01/2028		64		66
7.339% due 03/01/2033		31		31
9.250% due 11/15/2019		24		26
11.565% due 09/15/2014		39		44
Ginnie Mae
2.936% due 02/20/2029 - 09/20/2030		369		364
3.218% due 03/16/2029		214		213
3.368% due 10/16/2029		179		177
4.875% due 11/20/2031		32		32
5.125% due 10/20/2026 - 10/20/2033		210		209
5.625% due 09/20/2018 - 09/20/2033		1,489		1,497
6.000% due 04/20/2016 - 01/20/2034		1,207		1,231
6.250% due 02/20/2030		223		228
6.375% due 04/20/2017 - 04/20/2033		1,005		1,027
6.500% due 05/20/2016 - 04/20/2019		30		31
7.000% due 10/20/2021		471		488
Small Business Administration
4.340% due 03/01/2024		2,556		2,469
4.504% due 02/01/2014		5,939		5,814
4.625% due 02/01/2025		758		732
4.930% due 01/01/2024		2,041		2,064
5.160% due 02/01/2028		2,500		2,535
6.344% due 08/01/2011		1,428		1,475
6.640% due 02/01/2011		638		662
7.449% due 08/01/2010		920		944
8.017% due 02/10/2010		350		367
Tennessee Valley Authority
5.880% due 04/01/2036		3,000		3,417
Total U.S. Government Agencies (Cost $364,014)				372,490

See Accompanying Notes Annual Report March 31, 2008 31

Schedule of Investments  Asset-Backed Securities Portfolio  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
MORTGAGE-BACKED SECURITIES 29.0%
Adjustable Rate Mortgage Trust
5.228% due 11/25/2035	$	3,960	$	3,244
American Home Mortgage Investment Trust
2.749% due 09/25/2035		169		168
4.498% due 06/25/2045		493		357
Banc of America Commercial Mortgage, Inc.
4.772% due 07/11/2043		684		679
Banc of America Funding Corp.
4.113% due 05/25/2035		139		132
6.142% due 01/20/2047		87		75
Banc of America Mortgage Securities, Inc.
3.864% due 02/25/2034		3,606		3,338
4.112% due 06/25/2034		470		417
4.145% due 07/25/2034		222		223
4.567% due 11/25/2033		335		305
6.089% due 08/25/2034		414		407
6.381% due 11/25/2034		312		243
6.500% due 09/25/2033		105		103
6.897% due 02/25/2033		369		367
7.157% due 07/25/2033		609		616
7.300% due 05/25/2033		486		490
Bear Stearns Adjustable Rate Mortgage Trust
3.959% due 04/25/2034		3,906		3,675
4.452% due 04/25/2034		2,341		2,048
4.488% due 02/25/2034		1,802		1,685
4.750% due 10/25/2035		322		311
4.777% due 11/25/2034		2,347		2,278
5.384% due 05/25/2033		1,865		1,867
5.447% due 10/25/2034		242		235
5.759% due 02/25/2036		803		774
6.099% due 11/25/2030		68		66
6.764% due 02/25/2033		24		23
6.841% due 10/25/2034		392		363
7.099% due 04/25/2034		474		449
Bear Stearns Alt-A Trust
4.375% due 12/25/2033		2,274		2,267
5.336% due 02/25/2036		55		41
5.371% due 05/25/2035		140		122
5.667% due 08/25/2036		2,321		1,959
5.882% due 01/25/2036		2,608		2,054
Bear Stearns Commercial Mortgage Securities
2.928% due 03/15/2019		76		72
3.468% due 03/15/2019		2,500		2,143
Bear Stearns Mortgage Securities, Inc.
6.056% due 06/25/2030		470		477
Bear Stearns Structured Products, Inc.
2.806% due 01/26/2037		7,622		7,241
5.681% due 01/26/2036		2,826		2,392
5.783% due 12/26/2046		1,669		1,383
Carey Commercial Mortgage Trust
5.970% due 09/20/2019		1,740		1,724
CBA Commercial Small Balance Commercial Mortgage
2.879% due 12/25/2036		976		831
CC Mortgage Funding Corp.
3.859% due 01/25/2035		1,874		1,529
Chase Mortgage Finance Corp.
5.000% due 11/25/2033		321		311
5.398% due 01/25/2036		378		328
Citicorp Mortgage Securities, Inc.
5.000% due 12/25/2033		183		181
6.350% due 11/25/2018		52		51
Citigroup Commercial Mortgage Trust
2.888% due 08/15/2021		68		63
Citigroup Mortgage Loan Trust, Inc.
4.098% due 08/25/2035		800		798

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
4.248% due 08/25/2035	$	2,272	$	2,159
4.682% due 08/25/2035		1,051		1,023
4.900% due 12/25/2035		239		228
6.500% due 06/25/2016		3,698		3,795
Commercial Mortgage Pass-Through Certificates
3.306% due 02/05/2019		100		93
5.362% due 02/05/2019		3,000		2,973
5.479% due 02/05/2019		3,000		2,989
6.455% due 05/15/2032		1,190		1,191
6.715% due 02/01/2009		1,328		1,340
Countrywide Alternative Loan Trust
2.616% due 09/20/2046		25		24
2.746% due 03/20/2046		1,073		816
2.849% due 05/25/2035		595		473
2.856% due 11/20/2035		1,393		1,107
2.869% due 02/25/2036		485		381
2.879% due 12/25/2035		859		705
2.889% due 11/25/2035		212		168
2.909% due 10/25/2035		302		234
2.929% due 10/25/2035		237		184
5.196% due 08/25/2046		5,361		4,131
5.236% due 02/25/2036		2,337		1,742
5.500% due 03/25/2036		67		62
5.750% due 06/25/2033		1,326		1,330
6.000% due 10/25/2032		28		27
6.173% due 08/25/2036		981		782
Countrywide Home Loan Mortgage Pass-Through Trust
2.869% due 02/25/2035		373		306
2.889% due 04/25/2035		214		167
2.899% due 03/25/2035		182		163
2.919% due 03/25/2035		1,754		1,359
2.939% due 02/25/2035		219		175
2.989% due 02/25/2035		547		412
3.059% due 09/25/2034		447		351
3.189% due 08/25/2034		2,205		1,651
4.500% due 10/25/2018		380		309
4.562% due 02/19/2034		86		85
4.611% due 01/19/2034		1,793		1,643
5.000% due 06/25/2033		876		867
5.500% due 08/25/2033		928		720
5.500% due 11/25/2035		986		989
6.042% due 04/25/2035		595		397
6.097% due 07/19/2033		583		564
6.136% due 08/25/2034		281		253
6.381% due 06/19/2031		12		11
6.748% due 05/19/2033		108		107
CS First Boston Mortgage Securities Corp.
3.029% due 02/25/2034		1		1
3.079% due 01/25/2033		26		24
4.099% due 08/25/2033		1,370		1,274
4.652% due 01/25/2034		2,174		2,035
4.832% due 04/15/2037		2,000		1,956
4.940% due 12/15/2035		2,305		2,232
5.215% due 03/25/2032		430		389
5.500% due 11/25/2035		2,134		2,089
5.603% due 07/15/2035		1,180		1,178
6.250% due 07/25/2035		1,607		1,577
6.500% due 04/25/2033		96		92
7.000% due 02/25/2033		115		116
7.349% due 12/25/2032		275		274
Denver Arena Trust
6.940% due 11/15/2019		1,834		1,804
Downey Savings & Loan Association Mortgage Loan Trust
5.266% due 04/19/2047		2,448		1,836
Drexel Burnham Lambert CMO Trust
3.869% due 05/01/2016		211		211
First Horizon Alternative Mortgage Securities
4.713% due 06/25/2034		2,527		2,257
5.297% due 09/25/2034		1,182		1,155
6.216% due 03/25/2035		766		536

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
First Horizon Asset Securities, Inc.
4.915% due 02/25/2035	$	605	$	606
5.370% due 08/25/2035		1,882		1,772
First Republic Mortgage Loan Trust
3.079% due 06/25/2030		128		116
3.168% due 11/15/2031		792		733
GMAC Commercial Mortgage Securities, Inc.
4.154% due 07/10/2039		3,553		3,468
5.713% due 10/15/2038		500		502
6.278% due 11/15/2039		4,000		4,092
6.420% due 05/15/2035		35		35
6.500% due 05/15/2035		3,000		3,019
GMAC Mortgage Corp. Loan Trust
5.500% due 09/25/2034		146		144
Greenpoint Mortgage Funding Trust
2.809% due 04/25/2036		814		554
2.819% due 06/25/2045		623		468
2.829% due 06/25/2045		790		595
Greenwich Capital Acceptance, Inc.
8.141% due 06/25/2024		74		74
Greenwich Capital Commercial Funding Corp.
5.224% due 04/10/2037		2,000		1,992
GS Mortgage Securities Corp. II
3.450% due 03/06/2020		4,500		4,205
6.044% due 08/15/2018		476		483
GSR Mortgage Loan Trust
2.949% due 01/25/2034		122		103
5.250% due 11/25/2035		4,812		4,300
6.000% due 03/25/2032		3		3
GSRPM Mortgage Loan Trust
3.299% due 01/25/2032		772		755
Harborview Mortgage Loan Trust
2.649% due 01/19/2038		880		829
2.749% due 01/19/2038		1,587		1,209
2.749% due 02/19/2046		1,443		1,082
2.779% due 05/19/2035		873		688
2.799% due 03/19/2037		771		581
2.909% due 01/19/2035		17		15
4.584% due 11/19/2034		155		154
5.076% due 05/19/2033		1,663		1,612
5.137% due 07/19/2035		8,416		8,049
5.298% due 12/19/2035		179		172
5.922% due 06/19/2045		245		167
6.881% due 08/19/2034		896		901
Hilton Hotel Pool Trust
3.619% due 10/03/2015		2,000		2,004
Impac CMB Trust
3.499% due 10/25/2033		1,149		1,079
Impac Secured Assets CMN Owner Trust
2.949% due 05/25/2036		184		127
3.029% due 08/25/2036		3,070		2,155
Indymac ARM Trust
6.395% due 01/25/2032		35		35
Indymac Index Mortgage Loan Trust
2.809% due 06/25/2047		555		396
2.839% due 04/25/2035		679		533
2.879% due 03/25/2035		565		438
2.919% due 02/25/2035		577		446
3.209% due 09/25/2034		614		553
5.051% due 12/25/2034		1,781		1,625
Indymac Loan Trust
2.819% due 01/25/2011		73		48
2.879% due 07/25/2009		52		51
JPMorgan Chase Commercial Mortgage Securities Corp.
2.928% due 02/15/2019		3		3
3.890% due 01/12/2037		3,236		3,200
5.376% due 07/12/2037		1,900		1,915

32 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
JPMorgan Mortgage Trust
5.105% due 06/25/2035	$	761	$	752
Kidder Peabody Mortgage Assets Trust
6.500% due 02/22/2017		54		56
LB Mortgage Trust
8.432% due 01/20/2017		242		263
LB-UBS Commercial Mortgage Trust
4.394% due 07/15/2030		34		34
4.904% due 06/15/2026		1,271		1,269
5.430% due 02/15/2040		100		97
6.058% due 06/15/2020		58		59
MASTR Adjustable Rate Mortgages Trust
3.786% due 11/21/2034		8,819		7,998
4.139% due 07/25/2034		145		135
6.164% due 10/25/2032		1,734		1,730
7.323% due 12/25/2033		9		9
7.526% due 01/25/2034		6		5
MASTR Asset Securitization Trust
4.750% due 12/25/2033		1,643		1,627
Mellon Residential Funding Corp.
3.168% due 11/15/2031		82		74
3.561% due 12/15/2030		763		735
Merrill Lynch Mortgage Investors, Inc.
2.809% due 02/25/2036		33		27
4.972% due 05/25/2033		2,850		2,770
Merrill Lynch Mortgage Trust
4.218% due 06/12/2043		447		444
MLCC Mortgage Investors, Inc.
2.969% due 03/25/2028		15		14
4.250% due 10/25/2035		2,883		2,783
4.718% due 12/25/2034		1,828		1,735
Morgan Stanley Capital I
2.878% due 10/15/2020		18		17
5.223% due 11/14/2042		1,090		1,102
Nomura Asset Acceptance Corp.
2.699% due 06/25/2036		28		28
Ocwen Residential MBS Corp.
6.880% due 06/25/2039		576		289
Provident Funding Mortgage Loan Trust
3.901% due 10/25/2035		1,826		1,760
4.431% due 04/25/2034		1,804		1,748
Prudential Securities Secured Financing Corp.
0.000% due 05/25/2022		200		201
Residential Accredit Loans, Inc.
2.779% due 06/25/2046		5,108		4,173
2.789% due 04/25/2046		4,412		2,961
2.899% due 08/25/2035		5,621		4,367
5.334% due 09/25/2034		68		68
Residential Asset Mortgage Products, Inc.
7.000% due 06/25/2032		39		39
Residential Asset Securitization Trust
2.949% due 10/25/2018		299		282
4.750% due 02/25/2019		584		581
5.217% due 12/25/2034		2,438		2,270
Residential Funding Mortgage Securities I
2.999% due 07/25/2018		263		261
6.500% due 03/25/2032		7		6
Rural Housing Trust 1987-1
8.330% due 04/01/2026		28		28
Salomon Brothers Mortgage Securities VII, Inc.
3.099% due 05/25/2032		205		194
4.115% due 09/25/2033		85		85
7.167% due 12/25/2030		1,383		1,338
8.500% due 05/25/2032		785		808
Sequoia Mortgage Trust
2.766% due 02/20/2035		105		93

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
2.909% due 10/19/2026	$	226	$	215
2.936% due 10/20/2027		41		38
3.216% due 10/20/2027		822		691
4.080% due 04/20/2035		317		290
Starwood Commercial Mortgage Trust
6.920% due 02/03/2014		1,000		1,038
Structured Adjustable Rate Mortgage Loan Trust
2.939% due 08/25/2035		279		219
3.089% due 06/25/2034		1,587		1,453
4.500% due 02/25/2034		555		520
5.540% due 08/25/2035		2,026		1,708
5.726% due 01/25/2035		920		872
Structured Asset Mortgage Investments, Inc.
2.769% due 03/25/2037		1,384		974
2.819% due 05/25/2036		3,181		2,413
2.859% due 07/19/2034		2,761		2,226
2.909% due 03/19/2034		925		830
2.909% due 12/25/2035		971		749
2.979% due 10/19/2033		71		63
5.804% due 05/02/2030		367		343
Structured Asset Securities Corp.
4.420% due 06/25/2033		2,174		2,102
6.337% due 02/25/2032		6		5
6.639% due 10/25/2031		74		71
6.938% due 11/25/2032		19		19
7.191% due 06/25/2032		23		23
7.259% due 06/25/2033		742		764
Thornburg Mortgage Securities Trust
2.649% due 03/25/2046		689		683
2.699% due 03/25/2037		3,640		3,375
2.709% due 03/25/2046		1,645		1,616
2.719% due 07/25/2036		6,881		6,354
Travelers Mortgage Services, Inc.
7.248% due 09/25/2018		80		80
Wachovia Bank Commercial Mortgage Trust
0.201% due 10/15/2041 (b)		100,363		1,792
2.898% due 06/15/2020		89		82
2.908% due 09/15/2021		10,979		10,318
WaMu Mortgage Pass-Through Certificates
2.859% due 11/25/2045		1,611		1,300
2.869% due 12/25/2045		1,430		1,141
2.889% due 07/25/2045		1,553		1,188
2.889% due 08/25/2045		9		9
2.889% due 10/25/2045		37		29
2.909% due 01/25/2045		337		269
2.919% due 07/25/2045		2,731		2,544
2.989% due 12/25/2045		263		260
3.139% due 12/25/2027		1,581		1,402
3.495% due 11/25/2034		60		52
3.515% due 10/25/2044		2,100		1,791
3.545% due 06/25/2044		279		266
3.545% due 07/25/2044		238		211
3.625% due 07/25/2044		190		153
3.941% due 07/25/2034		470		473
4.039% due 09/25/2033		6,561		6,241
4.054% due 10/25/2033		500		499
4.138% due 08/25/2034		625		621
4.189% due 08/25/2033		90		80
4.243% due 06/25/2034		472		458
4.334% due 06/25/2033		1,045		1,044
4.670% due 04/25/2035		200		201
4.917% due 08/25/2035		6,373		6,303
5.220% due 02/27/2034		1,889		1,797
5.322% due 11/25/2041		21		20
5.326% due 02/25/2046		995		774
5.510% due 04/25/2033		604		577
5.718% due 05/25/2041		113		105
5.722% due 11/25/2041		269		263
5.726% due 06/25/2042		59		53
5.726% due 08/25/2042		56		51
5.726% due 04/25/2044		136		110
5.740% due 03/25/2033		1,443		1,423
6.542% due 12/19/2039		952		934

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Washington Mutual MSC Mortgage Pass-Through Certificates
3.099% due 01/25/2018	$	255	$	254
5.354% due 02/25/2033		1,897		1,891
7.020% due 02/25/2033		60		59
7.117% due 11/25/2030		96		96
Wells Fargo Mortgage-Backed Securities Trust
3.541% due 09/25/2034		450		450
4.000% due 08/25/2034		410		400
4.369% due 05/25/2035		1,042		1,044
4.479% due 06/25/2035		1,215		1,205
4.489% due 11/25/2033		140		128
4.515% due 11/25/2033		1,928		1,890
4.528% due 06/25/2034		3,565		3,376
4.541% due 02/25/2035		1,520		1,512
4.557% due 01/25/2035		3,727		3,463
4.573% due 12/25/2034		1,096		1,013
4.590% due 11/25/2034		1,524		1,521
4.596% due 12/25/2033		2,100		1,790
4.706% due 12/25/2033		2,746		2,504
4.733% due 07/25/2034		2,201		2,138
4.947% due 01/25/2035		5,136		4,825
4.950% due 03/25/2036		1,017		970
4.996% due 12/25/2034		91		85
5.000% due 10/25/2035		182		178
5.250% due 02/25/2018		621		619
6.630% due 02/25/2033		30		30
Total Mortgage-Backed Securities (Cost $340,619)				319,837
ASSET-BACKED SECURITIES 39.1%
Aames Mortgage Investment Trust
2.999% due 10/25/2035		1,780		1,693
ABFS Mortgage Loan Trust
3.099% due 04/25/2034		246		219
6.285% due 07/15/2033		2,000		1,858
Accredited Mortgage Loan Trust
2.639% due 09/25/2036		223		219
2.649% due 02/25/2037		1,859		1,770
2.659% due 04/25/2036		49		49
2.749% due 12/25/2035		1,789		1,760
2.809% due 12/25/2035		100		92
ACE Securities Corp.
2.649% due 08/25/2036		31		31
2.689% due 06/25/2037		2,221		2,097
2.749% due 12/25/2035		4,703		4,576
2.809% due 08/25/2035		354		350
3.399% due 03/25/2035		601		221
Aircraft Certificate Owner Trust
6.455% due 09/20/2022		2,180		2,331
American Express Credit Account Master Trust
2.998% due 11/15/2010		75		75
3.318% due 02/15/2012		867		849
American Home Mortgage Investment Trust
2.779% due 08/25/2035		45		28
American Residential Eagle Certificate Trust
3.599% due 05/25/2028		755		730
Amortizing Residential Collateral Trust
2.869% due 06/25/2032		76		69
2.879% due 01/25/2032		63		57
2.889% due 07/25/2032		14		12
2.949% due 08/25/2032		18		17
Amresco Residential Securities Mortgage Loan Trust
3.094% due 06/25/2028		189		157
3.109% due 03/25/2027		9		9
3.154% due 06/25/2027		141		123
3.690% due 09/25/2027		494		450
Argent Securities, Inc.
2.649% due 09/25/2036		116		114

See Accompanying Notes Annual Report March 31, 2008 33

Schedule of Investments  Asset-Backed Securities Portfolio  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
2.649% due 10/25/2036	$	47	$	46
2.759% due 03/25/2036		4,856		4,745
Asset-Backed Funding Certificates
2.639% due 09/25/2036		303		298
2.659% due 01/25/2037		210		196
2.949% due 06/25/2034		1,127		997
3.019% due 03/25/2035		4,905		4,181
3.619% due 03/25/2032		1,890		1,452
Asset-Backed Securities Corp. Home Equity
2.709% due 05/25/2036		1,103		1,093
2.999% due 05/25/2036		2,500		464
3.338% due 06/15/2031		70		66
4.168% due 04/15/2033		173		144
Bayview Financial Asset Trust
2.999% due 12/25/2039		638		561
Bear Stearns Asset-Backed Securities Trust
2.659% due 05/25/2036		545		528
2.669% due 12/25/2036		1,391		1,252
2.689% due 04/25/2036		87		87
2.699% due 12/25/2035		56		56
2.719% due 05/25/2037		390		369
2.749% due 08/25/2036		250		241
2.799% due 09/25/2034		30		30
2.799% due 06/25/2036		2,685		2,416
2.929% due 10/25/2032		192		166
2.929% due 01/25/2036		901		877
2.999% due 10/27/2032		83		78
3.049% due 12/25/2033		1,208		907
3.089% due 06/25/2036		1,100		861
3.099% due 06/25/2035		4,989		4,694
3.099% due 09/25/2034 (j)		527		462
3.189% due 06/15/2043		2,713		2,377
3.199% due 10/25/2032		614		533
3.349% due 11/25/2042		598		512
3.599% due 10/25/2037		13,333		11,527
3.849% due 08/25/2037		7,231		6,691
4.199% due 10/25/2037		1,500		1,096
5.571% due 10/25/2036		3,841		3,782
5.783% due 07/25/2036		2,947		2,614
Bear Stearns Second Lien Trust
3.399% due 12/25/2036		5,000		3,701
5.099% due 12/25/2036		1,200		116
Capital Auto Receivables Asset Trust
5.040% due 05/17/2010		2,000		2,024
Carrington Mortgage Loan Trust
2.639% due 05/25/2036		10		10
2.649% due 10/25/2036		1,926		1,875
2.649% due 01/25/2037		2,474		2,317
2.664% due 07/25/2036		9		9
2.679% due 01/25/2036		1		1
CDC Mortgage Capital Trust
3.219% due 01/25/2033		46		40
3.649% due 01/25/2033		1,595		1,342
Cendant Mortgage Corp.
5.989% due 07/25/2043		207		194
Centex Home Equity
3.079% due 06/25/2034		30		26
3.289% due 09/25/2034		1,400		1,021
5.160% due 09/25/2034		1,955		1,524
Charming Shoppes Master Trust
3.148% due 05/15/2014		1,000		990
Chase Funding Mortgage Loan Asset-Backed Certificates
2.889% due 09/25/2033		7		7
3.139% due 04/25/2033		9		9
4.249% due 03/25/2032		73		47
4.515% due 02/25/2014		483		461
4.537% due 09/25/2032		9		8
CIT Group Home Equity Loan Trust
3.249% due 12/25/2031		1,201		812

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Citibank Omni Master Trust
3.699% due 12/23/2013	$	10,000	$	10,020
Citigroup Mortgage Loan Trust, Inc.
2.639% due 08/25/2036		727		717
2.649% due 10/25/2036		788		770
2.669% due 08/25/2036		15		15
2.679% due 01/25/2037		399		381
2.699% due 10/25/2036		2,700		2,447
2.709% due 08/25/2036		2,100		1,949
2.709% due 03/25/2037		1,598		1,496
5.629% due 08/25/2035		2,777		2,532
Community Program Loan Trust
4.500% due 10/01/2018		4,279		4,261
4.500% due 04/01/2029		500		445
Conseco Finance
3.518% due 08/15/2033		184		118
Conseco Finance Securitizations Corp.
8.310% due 05/01/2032		2,077		1,660
Contimortgage Home Equity Trust
3.298% due 06/15/2025		31		16
7.780% due 04/25/2014		3		3
Countrywide Asset-Backed Certificates
2.629% due 01/25/2046		27		27
2.649% due 01/25/2037		1,173		1,160
2.649% due 03/25/2037		981		942
2.649% due 05/25/2037		1,100		1,056
2.649% due 07/25/2037		254		243
2.649% due 08/25/2037		1,388		1,325
2.649% due 03/25/2047		1,128		1,106
2.659% due 03/25/2037		952		931
2.659% due 09/25/2046		1,110		1,087
2.679% due 10/25/2037		1,487		1,393
2.699% due 09/25/2047		2,012		1,907
2.709% due 10/25/2046		41		39
2.739% due 04/25/2036		95		94
2.759% due 02/25/2036		389		358
2.779% due 09/25/2036		174		162
2.789% due 06/25/2036		1,946		1,768
2.809% due 10/25/2035		470		465
2.829% due 09/25/2034		172		169
2.899% due 11/25/2033		43		38
2.939% due 05/25/2036		25		24
2.969% due 12/25/2034		75		69
2.989% due 11/25/2034		1,267		1,165
3.059% due 11/25/2036		4,000		3,082
3.069% due 11/25/2033		276		247
3.079% due 12/25/2031		31		28
3.099% due 09/25/2032		382		343
3.219% due 09/25/2033		18		17
3.265% due 07/25/2036		4		4
3.279% due 06/25/2033		33		33
3.499% due 04/25/2032		590		566
3.499% due 05/25/2032		700		677
4.946% due 10/25/2035		320		308
5.125% due 12/25/2034		6,000		4,916
Credit-Based Asset Servicing & Securitization LLC
2.659% due 03/25/2036		2		2
2.659% due 04/25/2037		4,260		3,968
3.029% due 01/25/2036		1,000		671
3.499% due 11/25/2033		2,826		2,649
4.699% due 01/25/2031		525		525
CS First Boston Mortgage Securities Corp.
2.849% due 01/25/2043		238		229
2.959% due 05/25/2044		272		245
3.219% due 01/25/2032		17		15
Embarcadero Aircraft Securitization Trust
3.918% due 08/15/2025 (a)		1,183		12
EMC Mortgage Loan Trust
3.049% due 12/25/2042		2,968		2,454
3.349% due 08/25/2040		1,469		1,269

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Equifirst Mortgage Loan Trust
3.750% due 09/25/2033	$	1,669	$	1,573
Equity One Asset-Backed Securities, Inc.
2.849% due 07/25/2034		76		65
2.899% due 04/25/2034		33		29
2.939% due 07/25/2034		5		5
First Alliance Mortgage Loan Trust
2.500% due 10/25/2024		16		16
2.746% due 09/20/2027		50		48
8.020% due 03/20/2031		29		29
First Franklin Mortgage Loan Asset-Backed Certificates
2.629% due 07/25/2036		32		31
2.639% due 01/25/2038		2,576		2,440
2.649% due 11/25/2036		3,141		2,844
2.649% due 12/25/2036		952		903
2.669% due 03/25/2036		685		681
2.689% due 01/25/2036		49		48
2.709% due 04/25/2036		5,000		4,808
2.709% due 12/25/2037		1,150		923
2.979% due 10/25/2034		10		9
2.999% due 04/25/2035		3,000		2,443
3.219% due 11/25/2031		248		230
First International Bank N.A.
3.368% due 03/15/2027		131		52
First NLC Trust
2.669% due 08/25/2037		838		803
2.839% due 02/25/2036		2,280		2,241
Fleet Home Equity Loan Trust
2.786% due 01/20/2033		248		207
Ford Credit Auto Owner Trust
5.292% due 10/15/2008		1,234		1,237
Fremont Home Loan Trust
2.649% due 10/25/2036		1,855		1,830
2.669% due 02/25/2037		962		941
2.709% due 02/25/2036		600		572
2.719% due 04/25/2036		38		37
Green Tree Financial Corp.
6.110% due 09/01/2023		3,466		3,540
6.180% due 04/01/2030		1,300		1,246
6.220% due 03/01/2030		97		97
6.240% due 11/01/2016		4		4
6.450% due 06/01/2030		273		271
6.530% due 04/01/2030		929		904
6.810% due 12/01/2027		2,106		2,203
6.860% due 03/15/2028		42		43
6.860% due 07/15/2029		515		535
6.870% due 04/01/2030		57		56
7.140% due 03/15/2028		544		566
7.290% due 03/15/2028		339		349
7.360% due 02/15/2029		40		41
7.550% due 01/15/2029		1,880		1,924
7.620% due 06/15/2028		142		151
GSAA Trust
2.869% due 06/25/2035		822		581
GSAMP Trust
2.639% due 10/25/2046		996		950
2.669% due 02/25/2036		14		14
2.669% due 12/25/2036		697		669
2.719% due 12/25/2035		56		55
2.719% due 01/25/2047		3,216		3,082
2.749% due 10/25/2036		6,750		2,530
2.789% due 11/25/2035		6,900		2,215
2.889% due 03/25/2034		345		338
2.949% due 01/25/2045		467		415
3.149% due 03/25/2034		2,357		1,953
3.249% due 08/25/2033		91		82
GSR Mortgage Loan Trust
2.699% due 11/25/2030		27		27

34 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
GSRPM Mortgage Loan Trust
2.719% due 03/25/2035	$	1,668	$	1,602
2.979% due 09/25/2042		92		91
HFC Home Equity Loan Asset-Backed Certificates
2.716% due 01/20/2036		1,972		1,821
2.826% due 01/20/2034		431		350
2.886% due 09/20/2033		529		503
3.066% due 01/20/2034		916		713
Home Equity Asset Trust
2.659% due 05/25/2037		1,421		1,359
2.749% due 10/25/2036		100		86
2.759% due 05/25/2036		7,000		6,747
3.129% due 07/25/2034		726		516
3.199% due 11/25/2032		1		1
3.519% due 02/25/2033		1		1
Home Equity Mortgage Trust
2.779% due 05/25/2036		3,266		2,742
5.300% due 05/25/2036		135		65
5.321% due 04/25/2035		316		213
HSBC Asset Loan Obligation
2.659% due 12/25/2036		299		287
HSI Asset Securitization Corp. Trust
2.649% due 12/25/2036		4,967		4,579
IMC Home Equity Loan Trust
7.310% due 11/20/2028		120		120
Indymac Home Equity Loan Asset-Backed Trust
3.949% due 07/25/2034		1,000		762
Indymac Residential Asset-Backed Trust
2.639% due 08/25/2036		185		184
2.649% due 11/25/2036		237		233
2.659% due 04/25/2037		2,889		2,773
Irwin Home Equity Corp.
3.949% due 02/25/2029		1,142		1,081
Ischus CDO Ltd.
3.338% due 09/10/2013		691		566
IXIS Real Estate Capital Trust
2.659% due 08/25/2036		13		13
JPMorgan Mortgage Acquisition Corp.
2.639% due 08/25/2036		446		435
2.649% due 08/25/2036		980		947
2.649% due 10/25/2036		1,398		1,303
2.669% due 11/25/2036		315		300
2.709% due 08/25/2036		3,646		3,202
Keystone Owner Trust
7.900% due 01/25/2029		132		131
7.930% due 05/25/2025		23		23
LA Arena Funding LLC
7.656% due 12/15/2026		2,906		2,819
Lake Country Mortgage Loan Trust
3.129% due 12/25/2032		1,620		1,445
Lehman XS Trust
2.679% due 11/25/2046		3,093		2,931
2.749% due 08/25/2035		239		235
2.749% due 04/25/2037		419		397
Long Beach Mortgage Loan Trust
2.639% due 07/25/2036		56		55
2.689% due 01/25/2046		3		3
2.779% due 08/25/2035		153		147
2.879% due 10/25/2034		5		4
2.929% due 01/25/2046		47		36
3.069% due 08/25/2035		2,000		1,601
3.825% due 03/25/2032		2		1
4.024% due 03/25/2032		374		290
Madison Avenue Manufactured Housing Contract
4.049% due 03/25/2032		1,500		1,289
MASTR Asset-Backed Securities Trust
2.709% due 02/25/2036		100		98

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
2.749% due 11/25/2035	$	78	$	78
3.149% due 10/25/2034		1,234		1,012
MASTR Specialized Loan Trust
3.449% due 05/25/2037		630		468
MBNA Credit Card Master Note Trust
2.650% due 11/15/2010		180		180
Merrill Lynch First Franklin Mortgage Loan Trust
3.299% due 10/25/2037		1,514		1,479
Merrill Lynch Mortgage Investors, Inc.
2.629% due 05/25/2037		170		167
2.649% due 05/25/2037		670		659
2.659% due 10/25/2037		1,214		1,148
2.669% due 08/25/2036		2,071		1,977
2.679% due 09/25/2037		2,912		2,806
2.689% due 06/25/2037		2,000		1,904
2.739% due 01/25/2037		292		288
Mid-State Trust
6.005% due 08/15/2037		4,051		4,119
8.330% due 04/01/2030		1,076		1,131
Money Store Home Equity Trust
3.118% due 08/15/2029		133		128
Morgan Stanley ABS Capital I
2.629% due 06/25/2036		1,005		993
2.639% due 06/25/2036		33		32
2.639% due 07/25/2036		1,447		1,418
2.659% due 05/25/2037		2,200		2,084
2.669% due 03/25/2036		4		4
2.669% due 08/25/2036		19		19
2.699% due 04/25/2036		12,500		12,197
2.699% due 09/25/2036		25		21
2.699% due 10/25/2036		5,000		4,351
2.699% due 11/25/2036		5,000		4,503
2.719% due 02/25/2036		524		514
2.749% due 06/25/2036		325		255
4.599% due 07/25/2037		750		507
Morgan Stanley Dean Witter Capital I
5.074% due 01/25/2032		1,215		1,001
Morgan Stanley Home Equity Loans
2.649% due 12/25/2036		62		59
2.709% due 02/25/2036		1,886		1,869
Morgan Stanley IXIS Real Estate Capital Trust
2.709% due 11/25/2036		3,000		2,596
Morgan Stanley Mortgage Loan Trust
2.759% due 11/25/2036		3,227		1,983
Nationstar Home Equity Loan Trust
2.669% due 09/25/2036		621		608
New Century Home Equity Loan Trust
2.779% due 05/25/2036		1,300		1,073
2.859% due 06/25/2035		10		8
3.642% due 06/20/2031		3,200		3,035
Nomura Asset Acceptance Corp.
2.739% due 01/25/2036		345		324
2.909% due 01/25/2036		3,000		1,766
Nomura Home Equity Loan, Inc.
2.664% due 03/25/2036		241		240
2.909% due 05/25/2035		818		813
Novastar Home Equity Loan
2.989% due 05/25/2033		15		14
Oakwood Mortgage Investors, Inc.
3.192% due 03/15/2018		494		426
Option One Mortgage Loan Trust
2.649% due 01/25/2037		2,559		2,409
2.689% due 05/25/2037		397		382
2.899% due 04/25/2033		50		46
3.036% due 08/20/2030		13		12
3.129% due 05/25/2034		35		27
3.139% due 06/25/2032		9		9

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Origen Manufactured Housing
3.058% due 05/15/2032	$	21	$	21
7.650% due 03/15/2032		2,000		2,177
Ownit Mortgage Loan Asset-Backed Certificates
2.659% due 03/25/2037		315		309
Park Place Securities, Inc.
3.189% due 02/25/2035		2,000		1,504
Peco Energy Transition Trust
6.130% due 03/01/2009		63		63
People’s Choice Home Loan Securities Trust
3.029% due 05/25/2035		1,200		1,056
Popular ABS Mortgage Pass-Through Trust
2.689% due 06/25/2047		2,787		2,608
Quest Trust
2.719% due 08/25/2036		9,617		8,923
3.039% due 09/25/2034		2		2
4.299% due 07/20/2034		41		39
RAAC Series 2007-SP2
2.999% due 06/25/2047		1,500		1,051
Renaissance Home Equity Loan Trust
3.099% due 12/25/2033		262		243
3.219% due 03/25/2033		36		27
3.699% due 09/25/2037		2,534		2,493
3.799% due 08/25/2032		1,952		1,753
4.934% due 08/25/2035		140		127
Residential Asset Mortgage Products, Inc.
2.669% due 05/25/2036		66		65
2.669% due 02/25/2037		1,723		1,631
2.719% due 10/25/2036		3,078		2,936
3.319% due 04/25/2033		5		4
3.379% due 02/25/2033		12		12
5.707% due 08/25/2034		3,000		2,707
5.900% due 07/25/2034		2,000		937
5.942% due 04/25/2034		2,000		1,970
Residential Asset Securities Corp.
2.639% due 06/25/2036		183		182
2.639% due 08/25/2036		847		835
2.649% due 09/25/2036		24		24
2.659% due 04/25/2036		16		16
2.659% due 01/25/2037		1,541		1,462
2.669% due 07/25/2036		601		595
2.709% due 04/25/2037		2,318		2,172
2.729% due 03/25/2036		3,465		3,410
3.029% due 03/25/2035		7,000		6,284
3.179% due 06/25/2033		242		211
7.140% due 04/25/2032		764		223
Residential Funding Mortgage Securities II, Inc.
2.889% due 12/25/2032		21		12
6.230% due 05/25/2037		5,000		2,911
8.350% due 03/25/2025		97		97
SACO I, Inc.
2.659% due 05/25/2036		86		65
2.779% due 05/25/2036		4,930		2,132
2.809% due 03/25/2036		3,416		1,720
2.859% due 06/25/2036		1,517		1,212
3.099% due 07/25/2035		4,140		2,374
5.500% due 06/25/2036 (b)		7,846		86
Salomon Brothers Mortgage Securities VII, Inc.
3.079% due 03/25/2028		269		263
Saxon Asset Securities Trust
2.659% due 10/25/2046		1,090		1,051
3.099% due 03/25/2032		842		806
3.119% due 08/25/2032		328		323
3.139% due 01/25/2032		21		21
Securitized Asset-Backed Receivables LLC Trust
2.729% due 05/25/2037		3,321		3,113
SLM Student Loan Trust
2.840% due 06/15/2018		43		43
3.321% due 10/25/2016		387		386

See Accompanying Notes Annual Report March 31, 2008 35

Schedule of Investments  Asset-Backed Securities Portfolio  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
3.331% due 04/25/2017	$	57	$	57
3.371% due 10/25/2016		5,000		4,938
3.471% due 10/25/2016		144		144
4.487% due 10/25/2017		5,000		4,865
Small Business Administration Participation Certificates
5.820% due 07/01/2027		196		205
Soundview Home Equity Loan Trust
2.639% due 11/25/2036		671		667
2.649% due 10/25/2036		806		779
2.789% due 02/25/2036		100		95
2.859% due 12/25/2035		5,500		5,078
2.899% due 11/25/2035		200		184
3.399% due 10/25/2037		5,851		5,737
Specialty Underwriting & Residential Finance
2.699% due 11/25/2037		3,000		2,505
3.019% due 12/25/2035		1,000		970
Structured Asset Securities Corp.
2.649% due 10/25/2036		1,094		1,061
2.649% due 02/25/2037		751		717
2.679% due 01/25/2037		1,281		1,164
2.719% due 02/25/2036		327		326
2.889% due 01/25/2033		2,034		1,839
2.949% due 12/25/2034		2,073		1,960
2.999% due 05/25/2034		22		19
3.249% due 05/25/2034		98		86
3.375% due 08/25/2031		111		96
3.649% due 01/25/2033		164		126
4.900% due 04/25/2035		952		880

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Superior Wholesale Inventory Financing Trust
3.118% due 01/15/2012	$	3,000	$	2,786
TABS Ltd.
4.335% due 02/12/2047		2,950		122
Trapeza CDO I LLC
5.425% due 11/16/2034		1,000		841
UCFC Manufactured Housing Contract
7.900% due 01/15/2028		1,000		538
Vanderbilt Mortgage Finance
5.840% due 02/07/2026		330		336
6.210% due 05/07/2026		1,605		1,642
7.905% due 02/07/2026		542		563
Washington Mutual Asset-Backed Certificates
2.659% due 10/25/2036		1,497		1,352
Wells Fargo Home Equity Trust
2.829% due 10/25/2035		518		499
2.849% due 12/25/2035		6,063		5,927
WMC Mortgage Loan Pass-Through Certificates
3.361% due 03/20/2029		77		71
World Financial Network Credit Card Master Trust
3.818% due 03/15/2013		2,000		1,902
Total Asset-Backed Securities (Cost $482,293)				431,399

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INSTRUMENTS 2.4%
REPURCHASE AGREEMENTS 0.5%
Credit Suisse Securities (USA) LLC
1.200% due 04/01/2008	$	1,000	$	1,000
(Dated 03/31/2008. Collateralized by U.S. Treasury Notes 4.875% due 06/30/2009 valued at $1,026. Repurchase proceeds are $1,000.)
State Street Bank and Trust Co.
1.900% due 04/01/2008		4,931		4,931
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 3.875% due 08/22/2008 valued at $5,030. Repurchase proceeds are $4,931.)
				5,931
U.S. TREASURY BILLS 1.9%
1.376% due 05/29/2008 - 06/12/2008 (d)(e)		21,000		20,895
Total Short-Term Instruments (Cost $26,875)				26,826
Total Investments 108.9% (Cost $1,263,391)			$	1,200,042
Other Assets and Liabilities (Net) (8.9%)				(97,869	)
Net Assets (f) 100.0%			$	1,102,173

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security is in default.

(b) Interest only security.

(c) Principal only security.

(d) Coupon represents a weighted average rate.

(e) Securities with an aggregate market value of $20,396 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(f) As of March 31, 2008, portfolio securities with an aggregate value of $21,937 and derivative instruments with an aggregate appreciation of $19,083 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(g) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $131,518 at a weighted average interest rate of 4.913%. On March 31, 2008, securities valued at $102,728 were pledged as collateral for reverse repurchase agreements.

(h) Cash of $7,525 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation
90-Day Eurodollar December Futures	Long	12/2008	4,278	$	26,742
90-Day Eurodollar September Futures	Long	09/2008	775		3,836
				$	30,578

(i) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
American International Group, Inc. 4.250% due 05/15/2013	Sell	0.850%		12/20/2012	MLP	$	10,000	$	(423	)
Ameriquest Mortgage Securities, Inc. floating rate based on 1-Month USD-LIBOR plus 1.860% due 01/25/2034	Buy	(0.800%	)	01/25/2034	RBS		1,466		395
Ameriquest Mortgage Securities, Inc. floating rate based on 1-Month USD-LIBOR plus 1.860% due 01/25/2034	Sell	1.860%		01/25/2034	GSC		1,466		(368	)
Ameriquest Mortgage Securities, Inc. floating rate based on 1-Month USD-LIBOR plus 2.100% due 05/25/2033	Buy	(0.700%	)	05/25/2033	RBS		2,500		312
Ameriquest Mortgage Securities, Inc. floating rate based on 1-Month USD-LIBOR plus 2.100% due 05/25/2033	Sell	2.100%		05/25/2033	GSC		2,500		(297	)
Avebury Finance CDO PLC floating rate based on 3-Month USD-LIBOR plus 1.400% due 01/08/2051	Buy	(1.800%	)	01/08/2051	JPM		1,000		293
Avebury Finance CDO PLC floating rate based on 3-Month USD-LIBOR plus 1.400% due 01/08/2051	Buy	(1.800%	)	01/08/2051	WAC		1,238		1,221

36 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Baldwin Segregated Portfolio floating rate based on 3-Month USD-LIBOR plus 0.750% due 06/25/2046	Buy	(0.800%	)	06/25/2046	LEH	$	2,000	$	1,847
Baldwin Segregated Portfolio floating rate based on 3-Month USD-LIBOR plus 0.750% due 06/25/2046	Buy	(0.800%	)	06/25/2046	WAC		2,000		534
Baldwin Segregated Portfolio floating rate based on 3-Month USD-LIBOR plus 2.000% due 06/25/2038	Buy	(2.500%	)	06/25/2038	LEH		2,000		1,838
Bear Stearns Asset-Backed Securities Trust floating rate based on 1-Month USD-LIBOR plus 2.000% due 12/25/2035	Buy	(2.250%	)	12/25/2035	UBS		1,000		874
Bear Stearns Asset-Backed Securities Trust floating rate based on 1-Month USD-LIBOR plus 2.000% due 12/25/2035	Sell	2.550%		12/25/2035	BEAR		1,000		(872	)
Bear Stearns Cos., Inc. 6.400% due 10/02/2017	Buy	(3.000%	)	12/20/2017	GSC		2,000		(218	)
Bear Stearns Cos., Inc. 6.950% due 08/10/2012	Buy	(4.050%	)	12/20/2012	CITI		5,000		(452	)
Camber floating rate based on 3-Month USD-LIBOR plus 3.250% due 07/12/2043	Buy	(3.300%	)	07/12/2043	BCLY		1,946		1,807
Citigroup, Inc. 7.250% due 10/01/2010	Buy	(2.350%	)	03/20/2013	BNP		9,400		(86	)
Commercial Industrial Finance Corp. floating rate based on 3-Month USD-LIBOR plus 1.600% due 10/20/2020	Buy	(2.150%	)	10/20/2020	CITI		1,000		197
Encore Credit Receivables Trust floating rate based on 1-Month USD-LIBOR plus 1.350% due 10/25/2035	Buy	(1.500%	)	10/25/2035	JPM		2,000		1,456
Encore Credit Receivables Trust floating rate based on 1-Month USD-LIBOR plus 1.350% due 10/25/2035	Sell	1.630%		10/25/2035	LEH		2,000		(1,455	)
Fannie Mae 5.500% due 06/09/2033	Sell	0.660%		12/20/2012	HSBC		9,000		84
Fannie Mae 5.500% due 06/09/2033	Sell	0.615%		03/20/2013	LEH		10,000		47
FBR Securitization Trust floating rate based on 1-Month USD-LIBOR plus 1.850% due 10/25/2035	Buy	(3.000%	)	10/25/2035	RBS		3,000		2,401
FBR Securitization Trust floating rate based on 1-Month USD-LIBOR plus 1.850% due 10/25/2035	Sell	3.500%		10/25/2035	JPM		3,000		(2,376	)
Freddie Mac 5.080% due 02/07/2019	Sell	0.670%		12/20/2012	MSC		9,000		72
Freddie Mac 5.080% due 02/07/2019	Sell	0.720%		03/20/2013	MSC		5,000		49
Indymac Home Equity Loan Asset-Backed Trust floating rate based on 1-Month USD-LIBOR plus 0.630% due 06/25/2030	Buy	(0.450%	)	06/25/2030	BEAR		1,721		204
Indymac Home Equity Loan Asset-Backed Trust floating rate based on 1-Month USD-LIBOR plus 0.630% due 06/25/2030	Sell	1.500%		06/25/2030	MSC		1,721		(70	)
Jackson Segregated Portfolio floating rate based on 3-Month USD-LIBOR plus 1.750% due 09/27/2046	Buy	(3.500%	)	09/27/2046	MLP		4,000		3,665
Jackson Segregated Portfolio floating rate based on 3-Month USD-LIBOR plus 1.750% due 09/27/2046	Buy	(3.500%	)	09/27/2046	WAC		1,000		231
Kent Funding Ltd. floating rate based on 3-Month USD-LIBOR plus 1.550% due 05/08/2046	Buy	(1.830%	)	05/08/2046	BOA		2,957		2,880
KLIO Funding Ltd. floating rate based on 3-Month USD-LIBOR plus 1.800% due 04/23/2039	Buy	(1.700%	)	04/23/2039	BEAR		1,000		793
LB-UBS Commercial Mortgage Trust 5.404% until 04/15/2008 and variable thereafter, due 09/15/2040	Buy	(1.170%	)	09/15/2040	BEAR		1,000		604
Lenox Street Ltd. floating rate based on 3-Month USD-LIBOR plus 1.750% due 03/04/2045	Buy	(3.500%	)	03/04/2050	MLP		1,000		693
Long Beach Mortgage Loan Trust floating rate based on 1-Month USD-LIBOR plus 1.400% due 02/25/2034	Buy	(0.490%	)	02/25/2034	BCLY		645		95
Long Beach Mortgage Loan Trust floating rate based on 1-Month USD-LIBOR plus 2.250% due 07/25/2032	Buy	(2.250%	)	07/25/2032	CSFB		1,288		616
Long Beach Mortgage Loan Trust floating rate based on 1-Month USD-LIBOR plus 2.250% due 07/25/2032	Sell	2.250%		07/25/2032	MSC		1,288		(593	)
Long Beach Mortgage Loan Trust floating rate based on 1-Month USD-LIBOR plus 3.500% due 02/25/2034	Buy	(2.000%	)	02/25/2034	GSC		735		302
Long Beach Mortgage Loan Trust floating rate based on 1-Month USD-LIBOR plus 3.500% due 02/25/2034	Sell	2.250%		02/25/2034	MLP		735		(296	)
Long Beach Mortgage Loan Trust floating rate based on 1-Month USD-LIBOR plus 3.500% due 07/25/2033	Sell	4.500%		07/25/2033	BOA		492		(287	)
Masco Corp. 5.875% due 07/15/2012	Buy	(0.610%	)	09/20/2012	BOA		5,000		444
Merrill Lynch & Co., Inc. 6.000% due 02/17/2009	Buy	(0.400%	)	03/20/2017	JPM		5,000		670
Merrill Lynch Mortgage Trust 5.244% due 11/12/2037	Buy	(1.150%	)	11/12/2037	BEAR		1,000		406
Midori CDO Ltd. floating rate based on 3-Month USD-LIBOR plus 1.300% due 02/15/2047	Buy	(1.730%	)	02/15/2047	BOA		2,000		1,887
Morgan Stanley ABS Capital I floating rate based on 1-Month USD-LIBOR plus 1.700% due 12/27/2033	Buy	(0.540%	)	12/27/2033	MSC		554		67
New Century Home Equity Loan Trust floating rate based on 1-Month USD-LIBOR plus 1.750% due 06/25/2035	Buy	(5.000%	)	06/25/2035	BOA		2,500		892
New Century Home Equity Loan Trust floating rate based on 1-Month USD-LIBOR plus 1.750% due 06/25/2035	Sell	5.500%		06/25/2035	JPM		2,500		(862	)
Park Place Securities, Inc. floating rate based on 1-Month USD-LIBOR plus 1.250% due 05/25/2035	Buy	(1.100%	)	05/25/2035	DUB		2,000		1,089
Park Place Securities, Inc. floating rate based on 1-Month USD-LIBOR plus 2.200% due 03/25/2035	Buy	(2.650%	)	03/25/2035	DUB		5,000		2,754
Park Place Securities, Inc. floating rate based on 1-Month USD-LIBOR plus 2.200% due 03/25/2035	Sell	3.030%		03/25/2035	MSC		5,000		(2,734	)

See Accompanying Notes Annual Report March 31, 2008 37

Schedule of Investments  Asset-Backed Securities Portfolio  (Cont.)

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Park Place Securities, Inc. floating rate based on 1-Month USD-LIBOR plus 3.500% due 09/25/2034	Buy	(3.000%	)	09/25/2034	JPM	$	1,845	$	1,580
Park Place Securities, Inc. floating rate based on 1-Month USD-LIBOR plus 3.500% due 09/25/2034	Sell	5.000%		09/25/2034	GSC		1,845		(1,560	)
Race Point CLO floating rate based on 3-Month USD-LIBOR plus 1.650% due 04/15/2020	Buy	(1.950%	)	04/15/2020	WAC		2,000		583
SLM Corp. 5.125% due 08/27/2012	Sell	3.100%		12/20/2008	BCLY		2,000		(93	)
SLM Corp. 5.125% due 08/27/2012	Sell	3.100%		12/20/2008	MLP		5,000		(233	)
SLM Corp. 5.125% due 08/27/2012	Sell	3.050%		03/20/2009	DUB		5,000		(307	)
Specialty Underwriting & Residential Finance floating rate based on 1-Month USD-LIBOR plus 1.300% due 02/25/2035	Buy	(0.590%	)	02/25/2035	BCLY		639		97
Structured Asset Investment Loan Trust floating rate based on 1-Month USD-LIBOR plus 0.820% due 02/25/2035	Buy	(0.610%	)	02/25/2035	BCLY		1,000		433
Swiss Bank Corp. 7.375% due 06/15/2017	Buy	(2.400%	)	03/20/2013	BNP		5,000		7
Swiss Bank Corp. 7.375% due 06/15/2017	Buy	(2.400%	)	03/20/2013	GSC		10,000		14
TABS Ltd. floating rate based on 3-Month USD-LIBOR plus 1.275% due 08/07/2045	Buy	(4.200%	)	08/07/2045	BOA		888		745
Telos CLO Ltd. floating rate based on 3-Month USD-LIBOR plus 1.700% due 10/11/2021	Buy	(2.500%	)	10/11/2021	GSC		500		86
Topanga CDO Ltd. floating rate based on 3-Month USD-LIBOR plus 1.275% due 03/08/2040	Buy	(3.900%	)	03/08/2040	GSC		934		788
Trinity CDO Ltd. floating rate based on 3-Month USD-LIBOR plus 1.600% due 03/08/2040	Buy	(1.700%	)	03/08/2040	BEAR		2,000		1,493
Wachovia Corp. 5.625% due 12/15/2008	Buy	(2.930%	)	03/20/2013	BNP		9,400		(285	)
								$	23,678

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
CMBX N.A. AAA 3 Index	Sell	0.080%		12/13/2049	CITI	$	15,000	$	(458	)
CMBX N.A. BBB- 1 Index	Sell	1.340%		10/12/2052	DUB		2,000		(820	)
Dow Jones CDX N.A. HY8 Index	Sell	0.415%		06/20/2012	CITI		1,987		(76	)
Dow Jones CDX N.A. HY8 Index	Sell	0.630%		06/20/2012	CITI		4,968		(153	)
Dow Jones CDX N.A. HY8 Index	Sell	0.787%		06/20/2012	BCLY		2,484		(80	)
Dow Jones CDX N.A. HY8 Index	Sell	0.830%		06/20/2012	CITI		9,937		(235	)
Dow Jones CDX N.A. HY8 Index	Sell	0.910%		06/20/2012	MLP		2,484		(53	)
Dow Jones CDX N.A. HY8 Index	Sell	1.465%		06/20/2012	BCLY		4,968		(41	)
Dow Jones CDX N.A. HY9 Index	Sell	0.735%		12/20/2012	LEH		9,937		(415	)
Dow Jones CDX N.A. HY9 Index	Sell	1.140%		12/20/2012	MLP		9,937		(256	)
Dow Jones CDX N.A. HY9 Index	Sell	1.443%		12/20/2012	MLP		4,968		(71	)
Dow Jones CDX N.A. IG10 Index	Buy	(1.550%	)	06/20/2013	DUB		31,000		127
Dow Jones CDX N.A. IG10 Index	Sell	1.550%		06/20/2013	MSC		6,600		(15	)
Dow Jones CDX N.A. IG5 Index	Buy	(0.140%	)	12/20/2012	MSC		11,200		1,180
Dow Jones CDX N.A. IG5 Index	Sell	0.460%		12/20/2015	MSC		8,000		(1,197	)
Dow Jones CDX N.A. IG7 Index	Sell	0.145%		12/20/2016	LEH		25,000		(1,884	)
Dow Jones CDX N.A. IG8 Index	Buy	(0.600%	)	06/20/2017	UBS		20,000		856
Dow Jones CDX N.A. IG8 Index	Sell	0.600%		06/20/2017	GSC		20,000		(828	)
Dow Jones CDX N.A. IG9 Index	Sell	0.560%		12/20/2012	DUB		5,000		(83	)
Home Equity Index A Rating 2006-1	Sell	0.540%		07/25/2045	DUB		300		(57	)
Home Equity Index A Rating 2006-2	Buy	(0.440%	)	05/25/2046	CSFB		15,000		3,882
Home Equity Index AA Rating 2006-2	Sell	0.170%		05/25/2046	DUB		300		(54	)
Home Equity Index AA Rating 2007-1	Sell	0.150%		08/25/2037	CSFB		5,000		(2,115	)
Home Equity Index AA Rating 2007-1	Sell	0.150%		08/25/2037	DUB		300		(57	)
Home Equity Index AAA Rating 2006-1	Sell	0.180%		07/25/2045	CSFB		13,795		(210	)
Home Equity Index AAA Rating 2006-1	Sell	0.180%		07/25/2045	DUB		18,789		471
Home Equity Index AAA Rating 2006-2	Sell	0.110%		05/25/2046	CSFB		8,800		417
Home Equity Index AAA Rating 2006-2	Sell	0.110%		05/25/2046	MLP		5,000		(338	)
Home Equity Index AAA Rating 2007-1	Sell	0.090%		08/25/2037	CITI		5,000		(721	)
Home Equity Index AAA Rating 2007-1	Sell	0.090%		08/25/2037	CSFB		3,000		(350	)
Home Equity Index BBB Rating 2006-1	Buy	(1.540%	)	07/25/2045	JPM		4,000		3,301
Home Equity Index BBB Rating 2006-1	Sell	1.540%		07/25/2045	CITI		4,000		(3,306	)
Home Equity Index BBB Rating 2006-2	Buy	(2.420%	)	05/25/2046	BEAR		2,000		1,654
Home Equity Index BBB Rating 2006-2	Buy	(2.420%	)	05/25/2046	CSFB		2,000		1,648
Home Equity Index BBB Rating 2006-2	Buy	(1.330%	)	05/25/2046	BOA		5,000		3,537
Home Equity Index BBB Rating 2006-2	Buy	(1.330%	)	05/25/2046	CITI		5,000		4,411
Home Equity Index BBB Rating 2006-2	Sell	1.330%		05/25/2046	JPM		10,000		(8,749	)
Home Equity Index BBB Rating 2006-2	Sell	2.420%		05/25/2046	GSC		2,000		(1,635	)
Home Equity Index BBB Rating 2006-2	Sell	2.420%		05/25/2046	JPM		2,000		(1,640	)
								$	(4,413	)

⁽¹⁾ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

38 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month USD-LIBOR	5.000%	06/21/2009	UBS	$	55,500	$	1,707
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		214,200		4,963
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	BCLY		6,000		262
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	JPM		2,000		73
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	MSC		35,100		1,540
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	MSC		14,000		(930	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	RBS		52,200		(2,573	)
							$	5,042

(j) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Bear Stearns Asset-Backed Securities Trust	3.099%	09/25/2034	03/29/2006	$	527	$	462	0.04%

(k) Short sales outstanding on March 31, 2008:

Description	Coupon		Maturity Date	Principal Amount		Proceeds		Value
Fannie Mae	6.000	%	04/01/2038	$	1,500	$	1,507	$	1,537
Freddie Mac	6.000	%	04/01/2038		17,000		17,072		17,433
						$	18,579	$	18,970

See Accompanying Notes Annual Report March 31, 2008 39

Schedule of Investments  Developing Local Markets Portfolio  

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 34.3%
BANKING & FINANCE 20.7%
American Express Bank FSB
2.659% due 06/22/2009	$	300	$	293
2.955% due 06/12/2009		1,000		995
American Express Centurion Bank
2.978% due 12/17/2009		100		98
3.075% due 05/07/2008		100		100
American Express Credit Corp.
2.619% due 05/19/2009		100		100
American International Group, Inc.
2.599% due 06/23/2008		200		199
2.868% due 06/16/2009		1,400		1,400
Banco Nacional de Comercio Exterior SNC
3.875% due 01/21/2009		4,400		4,384
Banco Santander Chile
3.340% due 12/09/2009		1,000		965
Bank of America Corp.
2.681% due 09/25/2009		4,300		4,258
3.155% due 11/06/2009		200		199
Bank of America N.A.
2.901% due 06/12/2009		1,300		1,293
Bank of Ireland
2.814% due 12/18/2009		1,800		1,796
Bank of Scotland PLC
2.818% due 07/17/2008		100		100
3.050% due 12/08/2010		1,500		1,495
3.998% due 07/17/2008		1,000		1,000
4.037% due 07/17/2009		1,600		1,600
Bear Stearns Cos., Inc.
3.474% due 01/31/2011		1,500		1,377
4.325% due 07/16/2009		1,600		1,546
4.326% due 07/19/2010		4,359		3,931
7.250% due 02/01/2018		4,800		4,972
Caterpillar Financial Services Corp.
3.060% due 03/10/2009		500		499
3.130% due 05/18/2009		1,100		1,096
3.146% due 08/11/2009		700		697
4.593% due 10/09/2009		1,500		1,496
Charter One Bank N.A.
3.294% due 04/24/2009		1,000		994
CIT Group, Inc.
3.190% due 08/17/2009		700		588
3.401% due 01/30/2009		2,300		2,002
Citigroup Funding, Inc.
3.256% due 03/02/2009		3,456		3,428
Citigroup, Inc.
2.695% due 12/26/2008		200		200
2.701% due 12/28/2009		1,800		1,763
3.130% due 06/09/2009		2,000		1,977
3.160% due 05/18/2011		900		863
3.220% due 05/18/2010		500		489
Colvis Finance Ltd.
8.000% due 02/02/2009		3,200		3,202
Commonwealth Bank of Australia
3.098% due 06/08/2009		100		100
Credit Agricole S.A.
3.090% due 05/28/2009		800		801
3.140% due 05/28/2010		3,300		3,303
Credit Suisse USA, Inc.
3.080% due 06/05/2009		1,500		1,481
DnB NOR Bank ASA
4.447% due 10/13/2009		100		100
El Paso Performance-Linked Trust
7.750% due 07/15/2011		1,900		1,953

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Export-Import Bank of Korea
4.250% due 11/06/2008	$	75	$	75
Ford Credit de Mexico S.A. de C.V.
4.242% due 03/20/2009		1,800		1,732
Ford Motor Credit Co. LLC
5.625% due 10/01/2008		300		295
5.800% due 01/12/2009		4,718		4,496
7.375% due 10/28/2009		2,100		1,915
Fortis Bank NY
2.711% due 09/28/2009		1,600		1,595
General Electric Capital Corp.
2.900% due 06/15/2009		100		100
2.920% due 12/15/2009		1,200		1,188
3.135% due 08/15/2011		200		196
3.274% due 10/26/2009		200		198
4.706% due 10/06/2010		1,400		1,378
GMAC LLC
3.749% due 09/23/2008		6,740		6,360
4.315% due 05/15/2009		1,100		940
Goldman Sachs Group, Inc.
2.639% due 12/23/2008		300		298
2.689% due 12/22/2008		2,200		2,185
2.689% due 06/23/2009		700		691
2.898% due 11/16/2009		2,500		2,457
3.150% due 11/16/2009		1,400		1,383
3.186% due 11/10/2008		1,700		1,691
3.276% due 03/02/2010		500		491
3.406% due 07/29/2008		1,300		1,297
5.950% due 01/18/2018		2,000		1,986
HSBC Bank USA N.A.
2.980% due 12/14/2009		250		249
HSBC Finance Corp.
2.930% due 09/15/2008		1,400		1,387
2.981% due 03/12/2010		1,800		1,730
3.070% due 05/21/2008		100		100
3.350% due 11/16/2009		700		668
3.954% due 10/21/2009		200		193
ICICI Bank Ltd.
4.917% due 01/12/2010		600		574
Industry & Construction Bank St. Petersburg OJSC
6.875% due 07/29/2008		300		302
International Lease Finance Corp.
3.312% due 05/24/2010		1,000		947
John Deere Capital Corp.
2.779% due 09/25/2008		4,400		4,399
4.308% due 04/15/2008		800		800
4.308% due 07/15/2008		700		700
4.345% due 10/16/2009		2,100		2,097
JPMorgan Chase & Co.
2.656% due 06/26/2009		100		99
2.679% due 06/25/2010		1,500		1,463
3.125% due 05/07/2010		1,100		1,086
4.168% due 01/17/2011		1,400		1,371
4.919% due 10/02/2009		4,790		4,739
Lehman Brothers Holdings, Inc.
2.649% due 12/23/2008		3,725		3,622
2.728% due 11/24/2008		100		98
2.788% due 04/03/2009		1,000		954
2.809% due 12/23/2010		1,100		939
3.170% due 08/21/2009		2,000		1,916
3.170% due 11/16/2009		1,400		1,337
3.938% due 01/23/2009		1,000		960
3.984% due 10/22/2008		2,600		2,532
5.625% due 01/24/2013		5,000		4,869
Merrill Lynch & Co., Inc.
2.629% due 12/22/2008		200		199
3.158% due 08/14/2009		900		882
3.341% due 01/30/2009		500		494
3.888% due 10/23/2008		200		199

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Metropolitan Life Global Funding I
3.110% due 05/17/2010	$	500	$	490
Morgan Stanley
2.639% due 11/21/2008		100		99
3.206% due 02/09/2009		1,100		1,088
3.212% due 05/07/2009		200		197
4.134% due 01/22/2009		600		589
Pemex Finance Ltd.
9.030% due 02/15/2011		2,520		2,689
9.690% due 08/15/2009		990		1,022
Petroleum Export Ltd.
4.623% due 06/15/2010		1,300		1,295
4.633% due 06/15/2010		50		50
5.265% due 06/15/2011		1,804		1,818
Royal Bank of Scotland Group PLC
3.944% due 07/21/2008		100		100
RSHB Capital S.A. for OJSC Russian Agricultural Bank
6.875% due 11/29/2010		3,000		3,064
Santander U.S. Debt S.A. Unipersonal
2.659% due 09/19/2008		100		100
3.074% due 11/20/2009		1,000		990
Sistema Finance S.A.
10.250% due 04/14/2008		650		654
SLM Corp.
3.471% due 07/27/2009		2,600		2,188
Spinnaker Capital Ltd.
14.300% due 06/15/2008		250		254
UBS AG
3.838% due 07/23/2009		2,700		2,633
Unicredit Luxembourg Finance S.A.
3.768% due 10/24/2008		1,000		999
Ventas Realty LP
6.750% due 06/01/2010		600		604
8.750% due 05/01/2009		470		479
VTB Capital S.A.
3.839% due 08/01/2008		3,000		2,970
4.812% due 11/02/2009		7,400		7,406
Wachovia Bank N.A.
3.146% due 12/02/2010		1,000		955
3.152% due 05/25/2010		750		724
Wachovia Corp.
2.920% due 03/15/2011		1,000		940
3.126% due 12/01/2009		1,500		1,461
3.301% due 10/28/2008		400		398
4.388% due 10/15/2011		1,600		1,483
Wells Fargo & Co.
2.659% due 03/23/2010		2,600		2,559
3.674% due 01/29/2010		3,470		3,454
3.808% due 01/24/2012		400		385
Westpac Banking Corp.
3.040% due 06/06/2008		300		300
World Savings Bank FSB
3.168% due 05/08/2009		250		250
3.201% due 03/02/2009		250		251
				178,923
INDUSTRIALS 9.0%
America Movil SAB de C.V.
2.755% due 06/27/2008		8,532		8,468
4.125% due 03/01/2009		300		302
Amgen, Inc.
3.170% due 11/28/2008		4,600		4,595
Anadarko Petroleum Corp.
3.200% due 09/15/2009		1,500		1,472

40 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Cia Siderurgica Paulista
8.250% due 01/30/2009	$	500	$	519
Cisco Systems, Inc.
3.158% due 02/20/2009		300		300
Citigroup Global Markets Deutschland AG for OAO Gazprom
10.500% due 10/21/2009		7,484		8,136
Comcast Corp.
4.677% due 07/14/2009		2,800		2,726
ConocoPhillips Australia Funding Co.
4.643% due 04/09/2009		304		303
CSC Holdings, Inc.
7.250% due 07/15/2008		100		100
CSN Islands VII Corp.
10.750% due 09/12/2008		2,900		2,967
CVS Caremark Corp.
3.376% due 06/01/2010		500		486
Daimler Finance North America LLC
3.562% due 08/03/2009		700		689
EchoStar DBS Corp.
5.750% due 10/01/2008		1,250		1,247
6.375% due 10/01/2011		1,800		1,732
Gazstream S.A. for OAO Gazprom
5.625% due 07/22/2013		6,004		5,995
General Mills, Inc.
4.024% due 01/22/2010		400		392
HJ Heinz Co.
6.428% due 12/01/2020		700		712
Home Depot, Inc.
2.925% due 12/16/2009		200		191
Kansas City Southern Railway
9.500% due 10/01/2008		2,600		2,649
Kimberly-Clark Corp.
3.344% due 07/30/2010		2,900		2,891
Kraft Foods, Inc.
3.596% due 08/11/2010		700		672
Mandalay Resort Group
6.500% due 07/31/2009		800		801
9.500% due 08/01/2008		100		100
MMK Finance S.A.
8.000% due 10/21/2008		4,008		4,048
New Albertson’s, Inc.
6.950% due 08/01/2009		100		102
Pemex Project Funding Master Trust
4.100% due 06/15/2010		4,650		4,662
6.058% due 10/15/2009		1,100		1,103
Qwest Communications International, Inc.
6.565% due 02/15/2009		33		33
Salomon Brothers AG for OAO Siberian Oil Co.
10.750% due 01/15/2009		2,400		2,525
Siemens Financieringsmaatschappij NV
3.118% due 08/14/2009		400		400
Target Corp.
6.000% due 01/15/2018		5,000		5,132
Time Warner, Inc.
3.300% due 11/13/2009		600		575
Transocean, Inc.
3.214% due 09/05/2008		1,600		1,592
United Technologies Corp.
3.146% due 06/01/2009		200		199
UnitedHealth Group, Inc.
4.462% due 02/07/2011		5,000		5,007

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Wal-Mart Stores, Inc.
2.700% due 06/16/2008	$	400	$	400
Walt Disney Co.
4.125% due 07/16/2010		1,500		1,486
Weyerhaeuser Co.
3.599% due 09/24/2009		2,100		2,071
Xerox Corp.
3.514% due 12/18/2009		300		296
				78,076
UTILITIES 4.6%
AT&T, Inc.
3.155% due 05/15/2008		600		600
3.195% due 02/05/2010		2,000		1,982
3.278% due 11/14/2008		1,700		1,700
BellSouth Corp.
3.165% due 08/15/2008		1,200		1,199
Deutsche Telekom International Finance BV
2.779% due 03/23/2009		2,800		2,765
Dominion Resources, Inc.
3.248% due 11/14/2008		100		99
Empresa Brasileira de Telecomunicacoes S.A.
11.000% due 12/15/2008		1,600		1,676
Empresa Nacional de Electricidad S.A.
7.750% due 07/15/2008		1,600		1,616
Entergy Gulf States, Inc.
3.740% due 12/08/2008		2,200		2,206
Florida Power Corp.
3.468% due 11/14/2008		5,000		4,997
Ohio Power Co.
4.826% due 04/05/2010		1,400		1,365
Public Service Electric & Gas Co.
3.776% due 03/12/2010		1,800		1,799
Qwest Capital Funding, Inc.
6.375% due 07/15/2008		100		100
Qwest Corp.
5.625% due 11/15/2008		600		600
Ras Laffan Liquefied Natural Gas Co. Ltd.
3.437% due 09/15/2009		764		769
Sprint Nextel Corp.
3.071% due 06/28/2010		1,200		1,024
Telefonica Emisones SAU
2.842% due 06/19/2009		6,000		5,846
Telefonos de Mexico SAB de C.V.
4.500% due 11/19/2008		4,727		4,752
4.750% due 01/27/2010		4,200		4,267
UBS Luxembourg S.A. for OJSC Vimpel Communications
10.000% due 06/16/2009		300		315
				39,677
Total Corporate Bonds & Notes (Cost $300,460)				296,676
U.S. GOVERNMENT AGENCIES 14.9%
Fannie Mae
2.666% due 12/25/2036 - 07/25/2037		1,181		1,085
2.799% due 10/27/2037		4,100		3,884
5.000% due 02/25/2017		51		53
5.722% due 06/01/2043 - 09/01/2044		369		367
6.000% due 07/01/2036 - 11/01/2037 (e)		81,839		83,928

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
6.000% due 10/01/2037 - 11/01/2037	$	14,375	$	14,741
Freddie Mac
2.859% due 08/25/2031		276		272
2.879% due 09/25/2031		262		262
3.048% due 02/15/2019		16,367		16,265
3.168% due 12/15/2030		294		288
5.000% due 08/15/2016 - 11/15/2029		242		247
5.722% due 02/25/2045		683		662
6.000% due 09/01/2037		6,526		6,699
Total U.S. Government Agencies (Cost $127,449)				128,753
MORTGAGE-BACKED SECURITIES 7.0%
Adjustable Rate Mortgage Trust
5.133% due 09/25/2035		366		356
American Home Mortgage Investment Trust
2.749% due 09/25/2035		17		17
Arran Residential Mortgages Funding PLC
2.955% due 04/12/2036		17		17
Banc of America Funding Corp.
6.142% due 01/20/2047		521		452
Banc of America Mortgage Securities, Inc.
5.642% due 07/25/2034		268		260
Bear Stearns Adjustable Rate Mortgage Trust
4.125% due 03/25/2035		8,638		8,263
4.488% due 02/25/2034		508		475
4.550% due 08/25/2035		4,601		4,424
4.607% due 07/25/2033		5,939		5,673
4.844% due 04/25/2034		314		299
Bear Stearns Alt-A Trust
2.759% due 02/25/2034		61		48
5.706% due 09/25/2035		2,329		1,915
5.882% due 01/25/2036		869		685
Bear Stearns Commercial Mortgage Securities
6.440% due 06/16/2030		62		62
Bear Stearns Mortgage Funding Trust
2.669% due 02/25/2037		169		148
Bear Stearns Structured Products, Inc.
2.806% due 01/26/2037		4,537		4,310
5.681% due 01/26/2036		1,915		1,621
5.783% due 12/26/2046		1,113		922
CC Mortgage Funding Corp.
2.729% due 05/25/2048		385		313
Citigroup Commercial Mortgage Trust
2.888% due 08/15/2021		3		3
Citigroup Mortgage Loan Trust, Inc.
4.098% due 08/25/2035		320		319
4.248% due 08/25/2035		1,969		1,871
4.682% due 08/25/2035		362		343
4.748% due 08/25/2035		2,189		2,175
Commercial Mortgage Pass-Through Certificates
2.918% due 04/15/2017		27		26
6.455% due 05/15/2032		59		60
Countrywide Alternative Loan Trust
2.716% due 02/20/2047		158		119
2.779% due 05/25/2047		169		128
5.236% due 02/25/2036		48		36
Countrywide Home Loan Mortgage Pass- Through Trust
4.842% due 04/20/2035		1,356		1,290
CS First Boston Mortgage Securities Corp.
4.962% due 06/25/2033		729		730
Deutsche ALT-A Securities, Inc. Alternate Loan Trust
2.669% due 01/25/2047		61		57

See Accompanying Notes Annual Report March 31, 2008 41

Schedule of Investments  Developing Local Markets Portfolio  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
2.679% due 02/25/2037	$	57	$	53
2.689% due 08/25/2037		475		464
First Horizon Asset Securities, Inc.
4.749% due 07/25/2033		226		225
5.370% due 08/25/2035		376		354
First Union-Lehman Brothers-Bank of America
6.560% due 11/18/2035		213		212
Greenpoint Mortgage Funding Trust
2.679% due 10/25/2046		139		125
2.679% due 01/25/2047		168		159
2.869% due 11/25/2045		198		164
Greenpoint Mortgage Pass-Through Certificates
4.386% due 10/25/2033		622		597
GS Mortgage Securities Corp. II
3.170% due 03/06/2020		635		587
Harborview Mortgage Loan Trust
2.649% due 01/19/2038		44		41
2.749% due 01/19/2038		238		181
2.799% due 03/19/2037		257		194
5.219% due 07/19/2035		1,039		1,024
Impac Secured Assets CMN Owner Trust
2.679% due 01/25/2037		50		48
Indymac Index Mortgage Loan Trust
2.689% due 11/25/2046		54		50
5.051% due 12/25/2034		244		223
JPMorgan Mortgage Trust
5.023% due 02/25/2035		1,473		1,341
Lehman Brothers Floating Rate Commercial Mortgage Trust
2.898% due 09/15/2021		116		110
MASTR Adjustable Rate Mortgages Trust
2.709% due 05/25/2047		50		49
3.786% due 11/21/2034		714		705
Merrill Lynch Floating Trust
2.888% due 06/15/2022		84		79
Merrill Lynch Mortgage Investors, Inc.
2.809% due 02/25/2036		1,562		1,255
MLCC Mortgage Investors, Inc.
2.849% due 11/25/2035		711		629
3.599% due 10/25/2035		397		343
4.250% due 10/25/2035		2,749		2,583
Provident Funding Mortgage Loan Trust
3.799% due 08/25/2033		491		479
Residential Accredit Loans, Inc.
2.699% due 09/25/2046		52		48
2.899% due 08/25/2035		92		71
Residential Funding Mortgage Securities I
5.212% due 09/25/2035		358		303
Sequoia Mortgage Trust
4.080% due 04/20/2035		496		454
Structured Adjustable Rate Mortgage Loan Trust
4.880% due 07/25/2034		982		944
5.359% due 01/25/2035		370		353
5.540% due 08/25/2035		232		195
Structured Asset Mortgage Investments, Inc.
2.669% due 08/25/2036		191		186
2.699% due 09/25/2047		624		593
2.809% due 07/19/2035		1,869		1,545
2.819% due 05/25/2036		398		302
2.889% due 10/19/2034		585		509
Structured Asset Securities Corp.
4.080% due 06/25/2033		834		758
5.463% due 10/25/2035		53		51
TBW Mortgage-Backed Pass-Through Certificates
2.699% due 09/25/2036		24		23
2.709% due 01/25/2037		49		47

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Thornburg Mortgage Securities Trust
2.709% due 11/25/2046	$	146	$	138
2.719% due 03/25/2046		100		99
2.719% due 09/25/2046		323		302
Wachovia Bank Commercial Mortgage Trust
2.908% due 09/15/2021		2,196		2,064
WaMu Mortgage Pass-Through Certificates
2.889% due 08/25/2045		9		9
4.208% due 06/25/2033		308		307
4.229% due 03/25/2034		487		486
5.056% due 01/25/2047		78		65
5.136% due 12/25/2046		74		58
5.326% due 02/25/2046		95		74
5.526% due 11/25/2042		44		42
5.572% due 10/25/2046		154		127
5.826% due 09/25/2046		298		245
Wells Fargo Mortgage-Backed Securities Trust
4.996% due 12/25/2034		389		366
Total Mortgage-Backed Securities (Cost $64,203)				60,455
ASSET-BACKED SECURITIES 5.8%
ACE Securities Corp.
2.649% due 08/25/2036		118		110
2.649% due 12/25/2036		60		58
2.679% due 10/25/2036		103		100
2.689% due 06/25/2037		165		155
American Express Credit Account Master Trust
3.318% due 02/15/2012		285		279
Argent Securities, Inc.
2.639% due 06/25/2036		7		7
2.649% due 09/25/2036		116		114
2.649% due 10/25/2036		234		228
Asset-Backed Funding Certificates
2.639% due 09/25/2036		152		149
2.659% due 10/25/2036		114		111
2.659% due 11/25/2036		56		52
2.659% due 01/25/2037		471		442
2.949% due 06/25/2034		305		270
Asset-Backed Securities Corp. Home Equity
2.649% due 11/25/2036		34		33
2.649% due 12/25/2036		53		51
2.679% due 05/25/2037		150		146
Atrium CDO Corp.
3.736% due 06/27/2015		485		469
Aurum CLO 2002-1 Ltd.
4.688% due 04/15/2014		740		723
Bank One Issuance Trust
2.928% due 02/15/2011		100		100
Bear Stearns Asset-Backed Securities Trust
2.649% due 11/25/2036		55		51
2.679% due 10/25/2036		63		60
2.689% due 04/25/2036		16		16
2.799% due 09/25/2034		47		47
3.599% due 10/25/2037		1,148		1,035
Carrington Mortgage Loan Trust
2.639% due 05/25/2036		19		19
2.649% due 01/25/2037		56		52
2.699% due 06/25/2037		817		771
2.919% due 10/25/2035		48		41
Chase Credit Card Master Trust
2.928% due 10/15/2010		100		100
2.928% due 02/15/2011		100		100
Chase Issuance Trust
2.828% due 12/15/2010		100		100
2.838% due 02/15/2012		100		99

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Citibank Credit Card Issuance Trust
2.900% due 05/17/2010	$	400	$	400
Citibank Omni Master Trust
3.699% due 12/23/2013		7,800		7,815
Citigroup Mortgage Loan Trust, Inc.
2.639% due 08/25/2036		73		72
2.649% due 11/25/2036		28		27
2.659% due 05/25/2037		333		316
Countrywide Asset-Backed Certificates
2.649% due 01/25/2037		50		49
2.649% due 03/25/2037		85		82
2.649% due 05/25/2037		1,209		1,166
2.649% due 03/25/2047		141		138
2.659% due 03/25/2037		130		127
2.659% due 09/25/2046		26		25
2.669% due 07/25/2036		9		9
2.669% due 06/25/2037		65		63
2.679% due 06/25/2037		67		63
2.679% due 10/25/2037		149		139
2.709% due 10/25/2046		367		355
2.759% due 02/25/2036		75		69
2.779% due 09/25/2036		174		162
3.265% due 07/25/2036		3		3
Credit-Based Asset Servicing & Securitization LLC
2.659% due 11/25/2036		66		63
2.719% due 07/25/2037		1,522		1,435
Daimler Chrysler Auto Trust
3.908% due 10/08/2010		2,000		1,995
5.250% due 05/08/2009		2		2
First Franklin Mortgage Loan Asset-Backed Certificates
2.629% due 07/25/2036		32		31
2.639% due 09/25/2036		102		96
2.639% due 01/25/2038		68		64
2.649% due 11/25/2036		1,463		1,324
2.649% due 12/25/2036		48		45
2.669% due 12/25/2037		61		58
2.689% due 01/25/2036		6		6
First NLC Trust
2.669% due 08/25/2037		586		562
First USA Credit Card Master Trust
2.935% due 04/18/2011		200		200
Ford Credit Auto Owner Trust
3.418% due 07/15/2010		1,700		1,695
Fremont Home Loan Trust
2.649% due 10/25/2036		50		49
2.659% due 01/25/2037		67		61
2.669% due 02/25/2037		206		202
2.769% due 01/25/2036		13		13
GE-WMC Mortgage Securities LLC
2.639% due 08/25/2036		104		101
GSAMP Trust
2.669% due 09/25/2036		119		115
2.669% due 10/25/2036		23		21
2.669% due 12/25/2036		70		67
HFC Home Equity Loan Asset-Backed Certificates
2.606% due 03/20/2036		36		35
3.336% due 11/20/2036		427		423
Home Equity Asset Trust
2.659% due 05/25/2037		71		68
HSI Asset Securitization Corp. Trust
2.649% due 10/25/2036		64		59
2.649% due 12/25/2036		870		807
2.659% due 05/25/2037		423		400
Indymac Residential Asset-Backed Trust
2.649% due 11/25/2036		63		62
2.659% due 04/25/2037		53		51
2.679% due 07/25/2037		145		137
2.729% due 04/25/2037		132		127

42 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
JPMorgan Mortgage Acquisition Corp.
2.649% due 08/25/2036	$	256	$	247
2.659% due 04/01/2037		239		221
2.669% due 11/25/2036		45		43
2.679% due 08/25/2036		100		93
2.679% due 03/25/2037		140		135
2.709% due 08/25/2036		664		600
Lehman ABS Mortgage Loan Trust
2.689% due 06/25/2037		170		163
Lehman XS Trust
2.669% due 05/25/2046		25		24
2.679% due 04/25/2046		128		126
2.679% due 08/25/2046		122		119
2.679% due 11/25/2046		262		248
2.689% due 05/25/2046		55		54
2.719% due 11/25/2036		162		155
Long Beach Mortgage Loan Trust
2.629% due 06/25/2036		9		9
2.639% due 07/25/2036		56		55
2.639% due 11/25/2036		55		52
2.659% due 10/25/2036		105		101
2.689% due 01/25/2046		11		11
2.879% due 10/25/2034		62		56
MASTR Asset-Backed Securities Trust
2.649% due 03/25/2036		35		34
2.659% due 10/25/2036		9		9
2.659% due 11/25/2036		57		54
2.679% due 05/25/2037		138		129
2.749% due 11/25/2035		24		24
MBNA Credit Card Master Note Trust
2.998% due 10/17/2011		4,500		4,465
Merrill Lynch First Franklin Mortgage Loan Trust
2.659% due 07/25/2037		252		231
Merrill Lynch Mortgage Investors, Inc.
2.629% due 06/25/2037		31		31
2.649% due 05/25/2037		247		243
2.669% due 08/25/2036		949		906
2.669% due 02/25/2037		43		42
2.669% due 07/25/2037		159		153
2.679% due 09/25/2037		270		260
Morgan Stanley ABS Capital I
2.639% due 06/25/2036		16		16
2.639% due 10/25/2036		51		50
2.649% due 09/25/2036		145		138
2.649% due 10/25/2036		52		51
2.649% due 11/25/2036		116		110
2.659% due 05/25/2037		315		301
2.719% due 02/25/2036		87		86
Morgan Stanley IXIS Real Estate Capital Trust
2.649% due 11/25/2036		51		48
Nationstar Home Equity Loan Trust
2.659% due 06/25/2037		159		154
New Century Home Equity Loan Trust
2.669% due 08/25/2036		111		109
2.779% due 05/25/2036		100		83
Newcastle Mortgage Securities Trust
2.669% due 03/25/2036		6		6
Option One Mortgage Loan Trust
2.649% due 07/25/2036		17		17
2.649% due 01/25/2037		54		51
Popular ABS Mortgage Pass-Through Trust
2.689% due 06/25/2047		159		149
Residential Asset Mortgage Products, Inc.
2.669% due 11/25/2036		32		31
2.679% due 10/25/2036		154		147
2.699% due 08/25/2046		51		49
Residential Asset Securities Corp.
2.639% due 06/25/2036		81		80
2.639% due 08/25/2036		97		95

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
2.669% due 07/25/2036	$	103	$	102
2.669% due 11/25/2036		146		139
2.679% due 10/25/2036		138		134
2.719% due 04/25/2036		689		674
Saxon Asset Securities Trust
2.659% due 10/25/2046		195		188
Securitized Asset-Backed Receivables LLC Trust
2.659% due 03/25/2036		29		29
2.659% due 12/25/2036		151		137
2.679% due 11/25/2036		71		65
2.729% due 05/25/2037		2,325		2,179
SLC Student Loan Trust
3.045% due 02/15/2015		815		811
SLM Student Loan Trust
3.311% due 04/25/2014		596		594
3.321% due 07/25/2013		2,231		2,226
3.321% due 10/25/2016		78		78
3.321% due 07/25/2017		109		108
3.331% due 04/25/2017		2,415		2,402
3.481% due 01/25/2017		97		97
Soundview Home Equity Loan Trust
2.649% due 10/25/2036		155		150
2.659% due 11/25/2036		107		104
2.659% due 12/25/2036		29		28
2.679% due 01/25/2037		45		43
2.679% due 06/25/2037		156		148
2.699% due 10/25/2036		25		25
3.399% due 10/25/2037		627		615
Specialty Underwriting & Residential Finance
2.629% due 06/25/2037		30		29
2.644% due 11/25/2037		47		45
2.659% due 02/25/2037		8		7
Structured Asset Investment Loan Trust
2.649% due 07/25/2036		41		39
Structured Asset Securities Corp.
2.649% due 10/25/2036		274		265
2.679% due 01/25/2037		64		58
4.900% due 04/25/2035		333		308
Washington Mutual Asset-Backed Certificates
2.649% due 01/25/2037		69		65
2.659% due 10/25/2036		71		64
Wells Fargo Home Equity Trust
2.649% due 01/25/2037		48		46
Total Asset-Backed Securities (Cost $51,877)				50,408
SOVEREIGN ISSUES 4.1%
Banco Nacional de Desenvolvimento Economico e Social
5.330% due 06/16/2008		4,230		4,251
Colombia Government International Bond
9.750% due 04/23/2009		2,200		2,359
Export-Import Bank of Korea
3.166% due 06/01/2009		3,300		3,307
4.125% due 02/10/2009		100		100
4.500% due 08/12/2009		2,700		2,711
Korea Development Bank
3.364% due 10/31/2008		2,000		1,999
3.875% due 03/02/2009		2,960		2,954
4.326% due 10/20/2009		5,192		5,201
4.750% due 07/20/2009		300		303
5.300% due 01/17/2013		1,150		1,180
Mexico Government International Bond
4.625% due 10/08/2008		200		202
Panama Government International Bond
8.250% due 04/22/2008		600		600
9.625% due 02/08/2011		3,077		3,526

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Philippine Government International Bond
8.375% due 03/12/2009	$	800	$	840
Russia Government International Bond
8.250% due 03/31/2010		166		177
Ukraine Government International Bond
6.391% due 08/05/2009		5,700		5,821
Total Sovereign Issues (Cost $35,331)				35,531
FOREIGN CURRENCY-DENOMINATED ISSUES 12.2%
America Movil SAB de C.V.
8.460% due 12/18/2036	MXN	2,700		252
Brazil Notas do Tesouro Nacional Series B
6.000% due 05/15/2045	BRL	1,000		869
Brazil Notas do Tesouro Nacional Series F
10.000% due 01/01/2012		92,537		47,801
10.000% due 01/01/2017		63,140		30,050
Brazilian Government International CPI Linked Bond
6.000% due 05/15/2017		4,400		3,841
Colombia Government International Bond
9.850% due 06/28/2027	COP	7,680,000		3,778
Mexican Bonos
8.000% due 12/24/2008	MXN	157,000		14,818
Telefonos de Mexico SAB de C.V.
8.750% due 01/31/2016		19,700		1,912
Uruguay Government International Bond
3.700% due 06/26/2037 (b)	UYU	58,267		2,645
Total Foreign Currency-Denominated Issues (Cost $104,855)				105,966
SHORT-TERM INSTRUMENTS 5.1%
CERTIFICATES OF DEPOSIT 0.8%
Abbey National Treasury Services PLC
3.069% due 07/02/2008	$	300		299
Barclays Bank PLC
3.206% due 08/10/2009		3,400		3,405
Calyon Financial, Inc.
4.035% due 01/16/2009		700		700
Fortis Bank NY
2.622% due 04/28/2008		100		100
HSBC Bank USA N.A.
3.294% due 07/28/2008		100		100
Nordea Bank Finland PLC
3.028% due 05/28/2008		300		300
3.046% due 04/09/2009		800		800
Societe Generale NY
2.652% due 06/30/2008		300		300
Unicredito Italiano NY
3.085% due 05/29/2008		400		400
3.135% due 05/06/2008		300		300
				6,704
COMMERCIAL PAPER 2.2%
Federal Home Loan Bank
1.500% due 04/01/2008		18,900		18,900

See Accompanying Notes Annual Report March 31, 2008 43

Schedule of Investments  Developing Local Markets Portfolio  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS 2.0%
Deutsche Bank AG
1.200% due 04/01/2008	$	16,400	$	16,400
(Dated 03/31/2008. Collateralized by U.S. Treasury Inflation Protected Securities 2.375% due 01/15/2025 valued at $16,740. Repurchase proceeds are $16,401.)
Fixed Income Clearing Corp.
1.900% due 04/01/2008		876		876
(Dated 03/31/2008. Collateralized by Freddie Mac 0.000% due 06/09/2008 valued at $897. Repurchase proceeds are $876.)
				17,276

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. TREASURY BILLS 0.1%
1.068% due 06/12/2008 - 06/26/2008 (a)(c)	$	1,250	$	1,244
Total Short-Term Instruments (Cost $44,123)				44,124
PURCHASED OPTIONS (h) 0.0%
(Cost $6)				4
Total Investments 83.4% (Cost $728,304)			$	721,917
Other Assets and Liabilities (Net) 16.6%				143,184
Net Assets (d) 100.0%			$	865,101

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

(b) Principal amount of security is adjusted for inflation.

(c) Securities with an aggregate market value of $1,245 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(d) As of March 31, 2008, portfolio securities with an aggregate value of $6,711 and derivative instruments with an aggregate depreciation of ($1,522) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(e) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $75,000 at a weighted average interest rate of 2.750%. On March 31, 2008, securities valued at $78,267 were pledged as collateral for reverse repurchase agreements.

(f) Cash of $355 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
U.S. Treasury 10-Year Note June Futures	Short	06/2008	252	$	(407	)

(g) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay) Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Bear Stearns Cos., Inc. 7.250% due 02/01/2018	Buy	(2.223%	)	03/20/2018	RBS	$	4,800	$	(256	)
Goldman Sachs Group, Inc. 5.950% due 01/18/2018	Buy	(0.970%	)	03/20/2018	BOA		2,000		87
Korea Development Bank 5.750% due 09/10/2013	Buy	(0.940%	)	03/20/2013	MSC		1,150		18
Lehman Brothers Holdings, Inc. 5.625% due 01/24/2013	Buy	(1.420%	)	03/20/2013	DUB		1,000		63
Lehman Brothers Holdings, Inc. 5.625% due 01/24/2013	Buy	(1.360%	)	03/20/2013	CITI		4,500		294
Target Corp. 6.000% due 01/15/2018	Buy	(1.180%	)	03/20/2018	GSC		5,000		24
								$	230

⁽¹⁾ If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month ZAR-Johannesburg Interbank Agreed Rate	9.990%	11/09/2010	CITI	ZAR	16,750	$	6
Pay	3-Month ZAR-Johannesburg Interbank Agreed Rate	9.990%	11/09/2010	HSBC		16,750		47
Pay	6-Month PLN-LIBOR	6.000%	06/18/2010	JPM	PLN	30,000		15
Pay	28-Day Mexico Interbank TIIE Banxico	8.410%	04/17/2009	JPM	MXN	7,700		14
Pay	28-Day Mexico Interbank TIIE Banxico	9.920%	08/12/2015	MSC		4,000		308
Pay	28-Day Mexico Interbank TIIE Banxico	8.770%	08/03/2016	CITI		2,550		62
Pay	28-Day Mexico Interbank TIIE Banxico	8.780%	08/03/2016	BCLY		2,550		(44	)
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	CITI		224,000		(44	)
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	GSC		58,000		(60	)
Receive	BRL-CDI-Compounded	12.290%	01/02/2009	MLP	BRL	2,500		(8	)
Pay	BRL-CDI-Compounded	12.670%	01/04/2010	MLP		506,900		(1,514	)
							$	(1,218	)

(h) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 30-Year Bond June Futures	$	147.000	05/23/2008	252	$	3	$	4

44 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC Fannie Mae 6.000% due 06/01/2038	$	106.500	06/05/2008	$	11,700	$	1	$	0
Call - OTC U.S. Treasury Notes 3.625% due 12/31/2012		116.500	06/20/2008		10,600		1		0
Call - OTC U.S. Treasury Notes 4.250% due 11/15/2017		131.000	06/20/2008		14,300		1		0
						$	3	$	0

(i) Short sales outstanding on March 31, 2008:

Description	Coupon		Maturity Date	Principal Amount		Proceeds		Value (2)
Fannie Mae	6.000	%	04/01/2038	$	100,000	$	100,894	$	102,453
Freddie Mac	6.000	%	04/01/2038		7,100		7,130		7,281
U.S. Treasury Notes	3.625	%	12/31/2012		10,600		11,107		11,320
U.S. Treasury Notes	4.250	%	11/15/2017		14,300		15,000		15,519
						$	134,131	$	136,573

⁽²⁾ Market value includes $389 of interest payable on short sales.

(j) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AED	9,596	05/2008	$	5	$	0		$	5
Buy	BRL	101,279	07/2008		4,239		(3	)		4,236
Sell		118,000	07/2008		766		(539	)		227
Buy		68,176	12/2008		1,224		0			1,224
Sell		142,819	12/2008		1,514		0			1,514
Buy	CLP	16,879,662	07/2008		3,682		(28	)		3,654
Buy		6,198,536	12/2008		1,195		0			1,195
Buy	CNY	5,327	07/2008		35		0			35
Sell		5,327	07/2008		0		(14	)		(14	)
Buy		11,842	10/2008		47		0			47
Sell		11,842	10/2008		0		(69	)		(69	)
Buy		229,152	03/2009		2,777		(4	)		2,773
Sell		183,282	03/2009		0		(865	)		(865	)
Buy	COP	43,944,198	12/2008		1,274		0			1,274
Sell		7,977,402	12/2008		0		(67	)		(67	)
Buy	CZK	460,964	07/2008		4,359		(7	)		4,352
Sell		249,165	07/2008		0		(533	)		(533	)
Buy		1,056,616	12/2008		6,985		0			6,985
Sell		682,675	12/2008		0		(3,114	)		(3,114	)
Buy	HKD	452,925	05/2008		10		(3	)		7
Sell		330,887	05/2008		0		(54	)		(54	)
Buy	HUF	5,590,421	07/2008		2,095		0			2,095
Sell		5,517,094	07/2008		109		(924	)		(815	)
Buy	IDR	240,447,645	05/2008		769		0			769
Sell		185,450,000	05/2008		5		(32	)		(27	)
Buy	ILS	28,812	11/2008		800		0			800
Sell		27,236	11/2008		322		0			322
Buy	INR	219,527	05/2008		230		0			230
Buy		885,569	08/2008		0		(328	)		(328	)
Sell		404,600	08/2008		11		0			11
Sell	JPY	1,076,790	05/2008		4		(211	)		(207	)
Buy	KRW	9,250,810	05/2008		0		(570	)		(570	)
Sell		6,856,115	05/2008		150		(40	)		110
Buy		54,711,669	08/2008		0		(3,123	)		(3,123	)
Buy	KWD	752	05/2008		218		0			218
Buy	MXN	852,101	07/2008		1,795		(12	)		1,783
Sell		435,249	07/2008		0		(532	)		(532	)
Buy	MYR	74,168	05/2008		1,448		0			1,448
Sell		32,010	05/2008		0		(2	)		(2	)
Buy		185,808	08/2008		910		(65	)		845
Sell		16,008	08/2008		6		0			6
Buy	PEN	9,768	07/2008		0		0			0
Buy	PHP	1,549,006	05/2008		1,323		(848	)		475
Buy		1,634,596	08/2008		278		(605	)		(327	)
Sell		211,000	08/2008		15		0			15
Buy	PLN	255,850	07/2008		15,101		(12	)		15,089
Sell		97,209	07/2008		0		(2,288	)		(2,288	)
Buy	RON	89,900	11/2008		1,920		0			1,920
Sell		89,900	11/2008		0		(2,366	)		(2,366	)
Buy	RUB	207,492	07/2008		503		0			503
Buy		1,741,868	11/2008		1,199		(12	)		1,187

See Accompanying Notes Annual Report March 31, 2008 45

Schedule of Investments  Developing Local Markets Portfolio  (Cont.)

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	SAR	9,811	05/2008	$	2	$	0		$	2
Buy	SGD	96,559	05/2008		5,244		0			5,244
Sell		34,508	05/2008		0		(128	)		(128	)
Buy		72,380	08/2008		2,511		0			2,511
Sell		6,921	08/2008		0		(52	)		(52	)
Buy		30,350	11/2008		320		0			320
Buy	SKK	947,801	07/2008		3,214		(11	)		3,203
Sell		213,520	07/2008		0		(337	)		(337	)
Buy		3,640	10/2008		17		0			17
Buy	TRY	38,594	12/2008		0		(3,117	)		(3,117	)
Buy	TWD	580,723	09/2008		198		0			198
Buy	ZAR	350,330	07/2008		0		(4,484	)		(4,484	)
Sell		20,118	07/2008		380		0			380
Buy		141,625	12/2008		0		(1,118	)		(1,118	)
				$	69,209	$	(26,517	)	$	42,692

46 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

Schedule of Investments  Emerging Markets Portfolio March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
ARGENTINA 0.2%
Argentina Bonos
3.092% due 08/03/2012	$	5,000	$	2,654
Total Argentina (Cost $2,924)				2,654
AUSTRALIA 0.9%
National Australia Bank Ltd.
3.578% due 02/08/2010	$	15,000		15,007
Total Australia (Cost $15,000)				15,007
BRAZIL 30.0%
Brazil Notas do Tesouro Nacional Series B
6.000% due 05/15/2045	BRL	2,000		1,737
Brazil Notas do Tesouro Nacional Series F
10.000% due 01/01/2012		442,141		228,390
10.000% due 01/01/2017		340,840		162,206
Brazilian Government International Bond
8.250% due 01/20/2034	$	100		120
10.250% due 01/10/2028	BRL	44,750		23,871
12.500% due 01/05/2016		20,000		12,297
12.500% due 01/05/2022		40,750		25,313
Brazilian Government International CPI Linked Bond
6.000% due 05/15/2017		5,800		5,062
6.000% due 08/15/2024		60,000		52,595
Cia de Saneamento Basico do Estado de Sao Paulo
7.500% due 11/03/2016	$	2,100		2,189
CSN Islands VII Corp.
10.750% due 09/12/2008		2,025		2,071
Embraer Overseas Ltd.
6.375% due 01/24/2017		1,200		1,200
ISA Capital do Brasil S.A.
7.875% due 01/30/2012		1,300		1,346
8.800% due 01/30/2017		1,500		1,568
Total Brazil (Cost $530,336)				519,965
CAYMAN ISLANDS 0.0%
Petrobras International Finance Co.
6.125% due 10/06/2016	$	650		651
Total Cayman Islands (Cost $630)				651
CHILE 0.1%
Banco Santander Chile
5.375% due 12/09/2014	$	1,500		1,594
CODELCO, Inc.
5.625% due 09/21/2035		100		94
6.150% due 10/24/2036		100		102
Total Chile (Cost $1,692)				1,790
CHINA 0.1%
China Development Bank
5.000% due 10/15/2015	$	500		498
Citic Resources Finance Ltd.
6.750% due 05/15/2014		600		542
Total China (Cost $1,094)				1,040

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
EGYPT 0.0%
Petroleum Export Ltd.
5.265% due 06/15/2011	$	721	$	724
Total Egypt (Cost $721)				724
EL SALVADOR 0.3%
AES El Salvador Trust
6.750% due 02/01/2016	$	4,250		4,120
El Salvador Government International Bond
8.500% due 07/25/2011		125		139
Total El Salvador (Cost $4,368)				4,259
FRANCE 0.2%
Credit Agricole S.A.
3.140% due 05/28/2010	$	3,400		3,403
Total France (Cost $3,403)				3,403
GUATEMALA 0.3%
Guatemala Government Bond
9.250% due 08/01/2013	$	4,717		5,472
Total Guatemala (Cost $4,783)				5,472
INDIA 0.2%
ICICI Bank Ltd.
5.750% due 01/12/2012	$	3,200		3,109
Total India (Cost $3,195)				3,109
KAZAKHSTAN 0.6%
Intergas Finance BV
6.375% due 05/14/2017	$	4,000		3,500
6.875% due 11/04/2011		500		481
Tengizchevroil Finance Co. SARL
6.124% due 11/15/2014		6,450		6,216
Total Kazakhstan (Cost $10,984)				10,197
MEXICO 9.6%
America Movil SAB de C.V.
2.755% due 06/27/2008	$	14,918		14,806
5.500% due 03/01/2014		5,000		5,056
5.750% due 01/15/2015		5,900		6,000
8.460% due 12/18/2036	MXN	10,900		1,017
C5 Capital SPV Ltd.
6.196% due 12/01/2049	$	400		395
C8 Capital SPV Ltd.
6.640% due 12/29/2049		600		555
C10 Capital SPV Ltd.
6.722% due 12/18/2049		2,000		1,843
6.722% due 12/31/2049		3,100		2,874
Cablemas S.A. de C.V.
9.375% due 11/15/2015		5,000		5,450
Desarrolladora Homex SAB de C.V.
7.500% due 09/28/2015		10,300		10,274
Hipotecaria Su Casita S.A.
8.500% due 10/04/2016		500		516
Kansas City Southern de Mexico S.A. de C.V.
9.375% due 05/01/2012		1,000		1,038

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Mexican Bonos
8.000% due 12/24/2008	MXN	993,000	$	93,723
8.000% due 12/17/2015		129,000		12,534
Mexico Government International Bond
6.750% due 09/27/2034	$	98		110
Pemex Project Funding Master Trust
6.625% due 06/15/2035		25		26
Telefonos de Mexico SAB de C.V.
4.500% due 11/19/2008		4,873		4,899
4.750% due 01/27/2010		4,400		4,470
8.750% due 01/31/2016	MXN	10,000		971
Vitro SAB de C.V.
8.625% due 02/01/2012	$	700		649
9.125% due 02/01/2017		200		167
Total Mexico (Cost $166,514)				167,373
PANAMA 0.4%
Panama Government International Bond
6.700% due 01/26/2036	$	100		102
9.375% due 07/23/2012		200		235
9.625% due 02/08/2011		5,402		6,191
Total Panama (Cost $6,427)				6,528
PERU 0.0%
Peru Government International Bond
8.750% due 11/21/2033	$	100		130
Total Peru (Cost $132)				130
POLAND 1.2%
Poland Government International Bond
5.750% due 09/23/2022	PLN	48,900		21,529
Total Poland (Cost $17,693)				21,529
QATAR 0.3%
Ras Laffan Liquefied Natural Gas Co. Ltd. III
5.832% due 09/30/2016	$	6,000		5,969
Total Qatar (Cost $5,952)				5,969
RUSSIA 3.1%
ABN AMRO Bank for OAO Gazprom
9.625% due 03/01/2013	$	1,050		1,185
Citigroup Global Markets Deutschland AG for OAO Gazprom
10.500% due 10/21/2009		9,216		10,019
Gaz Capital S.A.
8.625% due 04/28/2034		500		571
Gazprom International S.A.
7.201% due 02/01/2020		9,118		9,278
Gazstream S.A. for OAO Gazprom
5.625% due 07/22/2013		3,320		3,315
Mobile Telesystems Finance S.A.
8.000% due 01/28/2012		1,000		1,020
RSHB Capital S.A. for OJSC Russian Agricultural Bank
6.875% due 11/29/2010		3,200		3,269
7.175% due 05/16/2013		2,050		2,093
Russia Government International Bond
12.750% due 06/24/2028		100		181

See Accompanying Notes Annual Report March 31, 2008 47

Schedule of Investments  Emerging Markets Portfolio  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Salomon Brothers AG for OAO Siberian Oil Co.
10.750% due 01/15/2009	$	1,000	$	1,052
TNK-BP Finance S.A.
6.125% due 03/20/2012		1,000		944
6.625% due 03/20/2017		4,400		3,817
7.500% due 07/18/2016		3,900		3,686
TransCapitalInvest Ltd. for OJSC AK Transneft
6.103% due 06/27/2012		5,300		5,197
VTB Capital S.A.
4.812% due 11/02/2009		7,600		7,606
Total Russia (Cost $54,504)				53,233
SOUTH AFRICA 1.0%
South Africa Government International Bond
5.250% due 05/16/2013	EUR	10,052		15,238
5.875% due 05/30/2022	$	1,680		1,584
Total South Africa (Cost $13,617)				16,822
SOUTH KOREA 0.1%
Korea Development Bank
5.300% due 01/17/2013	$	2,350		2,411
Total South Korea (Cost $2,347)				2,411
SUPRANATIONAL 0.0%
Inter-American Development Bank
8.500% due 03/15/2011	$	120		139
Total Supranational (Cost $135)				139
TRINIDAD AND TOBAGO 0.2%
Petroleum Co. of Trinidad & Tobago Ltd.
6.000% due 05/08/2022	$	3,300		3,243
Total Trinidad And Tobago (Cost $3,287)				3,243
UKRAINE 1.2%
Colvis Finance Ltd.
8.000% due 02/02/2009	$	2,500		2,502
Ukraine Government International Bond
6.391% due 08/05/2009		17,195		17,559
Total Ukraine (Cost $20,252)				20,061

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
UNITED STATES 29.8%
CORPORATE BONDS & NOTES 6.4%
Bank of America Corp.
8.000% due 12/29/2049	$	13,400	$	13,443
Bear Stearns Cos., Inc.
4.326% due 07/19/2010		3,041		2,742
7.250% due 02/01/2018		10,200		10,566
Citigroup Funding, Inc.
3.256% due 03/02/2009		3,344		3,317
Cytec Industries, Inc.
6.000% due 10/01/2015		1,000		992
Florida Power Corp.
3.468% due 11/14/2008		4,000		3,998
Ford Motor Credit Co. LLC
5.800% due 01/12/2009		4,282		4,080
General Electric Capital Corp.
3.689% due 02/01/2011		12,500		12,412
GMAC LLC
3.749% due 09/23/2008		6,260		5,907
Goldman Sachs Group, Inc.
5.950% due 01/18/2018		4,000		3,971
John Deere Capital Corp.
2.779% due 09/25/2008		11,000		10,997
JPMorgan Chase & Co.
4.168% due 01/17/2011		3,960		3,878
Lehman Brothers Holdings, Inc.
5.625% due 01/24/2013		10,000		9,738
Pemex Project Funding Master Trust
4.100% due 06/15/2010		4,700		4,712
Target Corp.
6.000% due 01/15/2018		5,000		5,131
UnitedHealth Group, Inc.
4.462% due 02/07/2011		5,000		5,007
Wells Fargo & Co.
3.674% due 01/29/2010		10,530		10,482
				111,373
MORTGAGE-BACKED SECURITIES 0.5%
Bear Stearns Adjustable Rate Mortgage Trust
4.125% due 03/25/2035		8,932		8,554
U.S. GOVERNMENT AGENCIES 22.9%
Fannie Mae
5.500% due 01/01/2037 - 05/01/2037		10,056		10,165
6.000% due 07/01/2031 - 01/01/2038		377,336		386,989
				397,154
Total United States (Cost $511,831)				517,081

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
URUGUAY 0.5%
Uruguay Government International Bond
3.700% due 06/26/2037 (b)	UYU	103,054	$	4,678
7.500% due 03/15/2015	$	4,000		4,340
Total Uruguay (Cost $8,620)				9,018
VIETNAM 0.0%
Vietnam Government International Bond
6.875% due 01/15/2016	$	600		634
Total Vietnam (Cost $591)				634
SHORT-TERM INSTRUMENTS 23.7%
COMMERCIAL PAPER 9.9%
Bank of America Corp.
2.920% due 08/26/2008	$	9,700		9,592
Barclays U.S. Funding Corp.
3.025% due 05/20/2008		28,300		28,183
Intesa Funding LLC
2.760% due 06/16/2008		67,200		66,807
Societe General N.A.
2.770% due 06/16/2008		67,200		66,807
				171,389
REPURCHASE AGREEMENTS 0.2%
Fixed Income Clearing Corp.
1.900% due 04/01/2008		3,599		3,599
(Dated 03/31/2008. Collateralized by Freddie Mac 0.000% due 06/09/2008 valued at $3,671. Repurchase proceeds are $3,599.)
U.S. TREASURY BILLS 13.6%
0.488% due 04/10/2008 - 07/24/2008 (a)(c)		236,250		236,043
Total Short-Term Instruments (Cost $411,121)				411,031
PURCHASED OPTIONS (g) 0.0%
(Cost $27)				19
Total Investments 104.0% (Cost $1,802,180)			$	1,803,492
Other Assets and Liabilities (Net) (4.0%)				(68,989	)
Net Assets (d) 100.0%			$	1,734,503

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

(b) Principal amount of security is adjusted for inflation.

(c) Securities with an aggregate market value of $26,114 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(d) As of March 31, 2008, derivative instruments with an aggregate depreciation of ($47,679) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

48 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

(e) Cash of $6,115 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
U.S. Treasury 10-Year Note June Futures	Short	06/2008	797	$	(1,298	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	788		1,822
				$	524

(f) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Bear Stearns Cos., Inc. 7.250% due 02/01/2018	Buy	(2.223%	)	03/20/2018	RBS	$	10,200	$	(543	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.360%		08/20/2011	BCLY		2,400		4
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.370%		08/20/2011	BCLY		2,400		5
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	2.020%		07/20/2013	LEH		2,230		30
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.510%		08/20/2016	LEH		4,500		(177	)
CEMEX SAB de C.V. 9.625% due 10/01/2009	Sell	1.050%		12/20/2016	JPM		2,100		(304	)
Colombia Government International Bond 10.375% due 01/28/2033	Sell	1.070%		01/20/2012	UBS		6,500		(148	)
Cytec Industries, Inc. 6.000% due 10/01/2015	Buy	(1.000%	)	12/20/2015	DUB		1,000		1
Goldman Sachs Group, Inc. 5.950% due 01/18/2018	Buy	(0.970%	)	03/20/2018	BNP		2,000		87
Goldman Sachs Group, Inc. 5.950% due 01/18/2018	Buy	(0.970%	)	03/20/2018	BOA		3,000		131
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.555%		09/20/2011	RBS		1,000		(13	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.700%		09/20/2011	BCLY		500		(4	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	2.050%		09/20/2011	JPM		5,250		19
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.270%		12/20/2011	RBS		10,000		(258	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.520%		12/20/2011	LEH		8,000		(137	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.525%		12/20/2011	RBS		8,900		(150	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.540%		12/20/2011	CITI		1,350		(22	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.540%		12/20/2011	DUB		800		(13	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.620%		12/20/2011	RBS		1,000		(14	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	2.360%		09/20/2016	RBS		4,700		(130	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	2.385%		09/20/2016	RBS		600		(16	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	2.480%		09/20/2016	RBS		4,500		(89	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	2.320%		12/20/2016	BCLY		6,500		(210	)
Korea Development Bank 5.750% due 09/10/2013	Buy	(0.940%	)	03/20/2013	MSC		2,350		36
Lehman Brothers Holdings, Inc. 5.625% due 01/24/2013	Buy	(1.420%	)	03/20/2013	BCLY		3,000		188
Lehman Brothers Holdings, Inc. 5.625% due 01/24/2013	Buy	(1.420%	)	03/20/2013	DUB		1,000		63
Lehman Brothers Holdings, Inc. 5.625% due 01/24/2013	Buy	(1.360%	)	03/20/2013	CITI		5,500		359
Mexico Government International Bond 11.500% due 05/15/2026	Sell	2.840%		01/04/2013	JPM		18,000		1,365
Mexico Government International Bond 11.500% due 05/15/2026	Sell	2.800%		01/16/2013	CSFB		6,000		439
Mexico Government International Bond 11.500% due 05/15/2026	Sell	2.450%		04/08/2013	GSC		5,300		343
Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.695%		01/20/2017	UBS		600		(34	)
Multiple Reference Entities of Gazprom	Sell	1.000%		04/20/2011	JPM		31,000		(1,311	)
Multiple Reference Entities of Gazprom	Sell	1.050%		04/20/2011	MSC		1,000		(41	)
Multiple Reference Entities of Gazprom	Sell	1.140%		07/20/2011	LEH		2,700		(122	)
Multiple Reference Entities of Gazprom	Sell	1.140%		07/20/2011	MSC		600		(27	)
Multiple Reference Entities of Gazprom	Sell	0.860%		11/20/2011	DUB		10,000		(595	)
Multiple Reference Entities of Gazprom	Sell	0.900%		11/20/2011	DUB		25,000		(1,452	)
Multiple Reference Entities of Gazprom	Sell	2.155%		02/20/2013	BCLY		70,000		(2,185	)
Multiple Reference Entities of Gazprom	Sell	1.330%		03/20/2016	LEH		6,025		(664	)
Multiple Reference Entities of Gazprom	Sell	1.500%		04/20/2016	JPM		5,100		(484	)
Multiple Reference Entities of Gazprom	Sell	1.390%		05/20/2016	MSC		20,500		(2,130	)
Multiple Reference Entities of Gazprom	Sell	1.580%		06/20/2016	CSFB		5,000		(470	)
Multiple Reference Entities of Gazprom	Sell	1.350%		08/20/2016	CITI		7,000		(790	)
Multiple Reference Entities of Gazprom	Sell	1.350%		08/20/2016	MSC		5,000		(564	)
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.430%		05/20/2012	LEH		2,000		(63	)
Peru Government International Bond 8.750% due 11/21/2033	Sell	1.220%		10/20/2011	MSC		2,000		16
Peru Government International Bond 8.750% due 11/21/2033	Sell	1.840%		08/20/2012	LEH		4,700		109
Petroleos Mexicanos 9.500% due 09/15/2027	Sell	0.790%		07/20/2011	CITI		300		(3	)
Petroleos Mexicanos 9.500% due 09/15/2027	Sell	0.800%		07/20/2011	LEH		672		(6	)
Petroleos Mexicanos 9.500% due 09/15/2027	Sell	1.130%		04/20/2016	JPM		11,150		(301	)
Petroleos Mexicanos 9.500% due 09/15/2027	Sell	1.220%		04/20/2016	LEH		2,800		(58	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	2.800%		11/15/2013	CITI		9,500		723
Russia Government International Bond 7.500% due 03/31/2030	Sell	2.740%		11/18/2013	MLP		10,000		727
Russia Government International Bond 7.500% due 03/31/2030	Sell	2.310%		01/21/2014	MLP		1,350		62
Russia Government International Bond 7.500% due 03/31/2030	Sell	2.320%		01/21/2014	JPM		10,700		499
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.690%		03/20/2016	LEH		20,000		(1,179	)
Target Corp. 6.000% due 01/15/2018	Buy	(1.180%	)	03/20/2018	GSC		5,000		24
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	1.700%		03/20/2011	BCLY		11,000		(230	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	1.500%		01/20/2012	MLP		1,000		(38	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	1.480%		03/20/2012	UBS		2,000		(88	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	1.590%		04/20/2012	MSC		1,000		(35	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	1.400%		05/20/2012	LEH		5,000		(227	)

See Accompanying Notes Annual Report March 31, 2008 49

Schedule of Investments  Emerging Markets Portfolio  (Cont.)

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	2.060%	05/20/2017	LEH	$	2,000	$	(187	)
Uruguay Government International Bond 7.875% due 01/15/2033	Sell	1.050%	01/20/2012	DUB		4,000		(111	)
Vnesheconom 0.000% due 07/12/2009	Sell	0.650%	11/20/2008	BCLY		1,700		(12	)
							$	(10,405	)

⁽¹⁾ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	6-Month Australian Bank Bill	7.250%	06/15/2013	CSFB	AUD	23,600	$	(93	)
Pay	6-Month PLN-LIBOR	5.750%	12/19/2017	BCLY	PLN	5,000		3
Pay	28-Day Mexico Interbank TIIE Banxico	8.410%	04/17/2009	JPM	MXN	37,100		30
Pay	28-Day Mexico Interbank TIIE Banxico	9.920%	08/12/2015	MSC		38,000		446
Pay	28-Day Mexico Interbank TIIE Banxico	8.770%	08/03/2016	CITI		5,700		33
Pay	28-Day Mexico Interbank TIIE Banxico	8.780%	08/03/2016	BCLY		5,700		33
Pay	28-Day Mexico Interbank TIIE Banxico	8.720%	09/05/2016	CITI		376,100		1,487
Pay	28-Day Mexico Interbank TIIE Banxico	8.720%	09/05/2016	MLP		28,000		120
Pay	28-Day Mexico Interbank TIIE Banxico	8.865%	09/12/2016	GSC		50,000		318
Pay	28-Day Mexico Interbank TIIE Banxico	8.850%	09/21/2016	JPM		80,000		500
Pay	28-Day Mexico Interbank TIIE Banxico	8.900%	09/22/2016	CITI		52,250		343
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	CITI		4,254,000		7,101
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	GSC		840,000		409
Pay	28-Day Mexico Interbank TIIE Banxico	8.170%	11/04/2016	MSC		5,000		16
Pay	BRL-CDI-Compounded	12.780%	01/04/2010	MSC	BRL	11,600		(9	)
Pay	BRL-CDI-Compounded	13.290%	01/04/2010	MLP		21,900		168
Pay	BRL-CDI-Compounded	13.840%	01/04/2010	MLP		21,300		308
Pay	BRL-CDI-Compounded	10.115%	01/02/2012	MSC		273,000		(10,674	)
Pay	BRL-CDI-Compounded	10.150%	01/02/2012	GSC		895,000		(33,991	)
Pay	BRL-CDI-Compounded	10.575%	01/02/2012	UBS		150,000		(3,481	)
							$	(36,933	)

(g) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 5-Year Note June Futures	$	125.000	05/23/2008	224	$	4	$	2
Call - CBOT U.S. Treasury 10-Year Note June Futures		134.000	05/23/2008	1,112		20		17
					$	24	$	19

Options on Securities Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC Fannie Mae 6.000% due 06/01/2038	$	113.000	06/05/2008	$	25,000	$	3	$	0

(h) Short sales outstanding on March 31, 2008:

Description	Coupon		Maturity Date	Principal Amount		Proceeds		Value (2)
Fannie Mae	5.500	%	04/01/2038	$	11,000	$	10,811	$	11,105
Fannie Mae	6.000	%	04/01/2038		400,000		403,578		409,812
U.S. Treasury Notes	3.625	%	12/31/2012		22,400		23,471		23,921
U.S. Treasury Notes	4.250	%	11/15/2017		31,500		33,012		34,185
						$	470,872	$	479,023

⁽²⁾ Market value includes $844 of interest payable on short sales.

50 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

(i) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AED	53,698	05/2008	$	12	$	(59	)	$	(47	)
Buy	BRL	124,528	07/2008		5,360		0			5,360
Sell		122,239	07/2008		451		(1,239	)		(788	)
Buy		159,348	12/2008		2,017		(97	)		1,920
Sell		642,888	12/2008		6,138		0			6,138
Buy	CLP	344,624	07/2008		93		0			93
Buy		24,682,293	12/2008		3,805		0			3,805
Buy	CNY	1,266,627	07/2008		10,857		0			10,857
Sell		1,266,627	07/2008		0		(5,833	)		(5,833	)
Buy		30,567	10/2008		179		0			179
Sell		30,567	10/2008		0		(143	)		(143	)
Buy	CZK	4,091	12/2008		28		0			28
Sell	EUR	7,852	04/2008		0		(151	)		(151	)
Sell	HKD	946	05/2008		0		0			0
Buy	HUF	895,550	07/2008		313		0			313
Sell		841,632	07/2008		0		(221	)		(221	)
Buy	IDR	7,585,107	05/2008		34		0			34
Sell		185,800,000	05/2008		0		(64	)		(64	)
Buy	ILS	465	11/2008		13		0			13
Buy	INR	1,266	05/2008		0		0			0
Sell		1,266	05/2008		0		0			0
Sell	JPY	297,163	05/2008		11		0			11
Buy	KRW	80,710,671	05/2008		0		(4,987	)		(4,987	)
Sell		10,902,365	05/2008		63		(80	)		(17	)
Buy		75,052,910	08/2008		0		(3,380	)		(3,380	)
Buy	KWD	4,129	05/2008		855		0			855
Buy	MXN	1,581,854	07/2008		6,289		0			6,289
Sell		1,561,533	07/2008		0		(938	)		(938	)
Buy	MYR	496,220	08/2008		1,271		(313	)		958
Sell		32,015	08/2008		11		0			11
Buy	PHP	4,760,439	05/2008		0		(4,550	)		(4,550	)
Buy		1,467,900	08/2008		0		(317	)		(317	)
Sell		422,000	08/2008		29		0			29
Buy	PLN	332,553	07/2008		15,180		0			15,180
Sell		83,691	07/2008		0		(3,268	)		(3,268	)
Sell	RON	44,023	01/2009		0		(1,193	)		(1,193	)
Buy	RUB	1,768,126	07/2008		5,212		0			5,212
Sell		246,275	07/2008		0		(738	)		(738	)
Buy		4,288,604	11/2008		6,087		0			6,087
Buy	SAR	54,967	05/2008		5		(50	)		(45	)
Buy	SGD	162,896	05/2008		9,560		0			9,560
Buy		607	08/2008		21		0			21
Sell		13,842	08/2008		0		(104	)		(104	)
Buy		160,496	11/2008		3,118		0			3,118
Buy	SKK	5,396	07/2008		22		0			22
Buy	ZAR	56,647	07/2008		0		(1,176	)		(1,176	)
				$	77,034	$	(28,901	)	$	48,133

See Accompanying Notes Annual Report March 31, 2008 51

Schedule of Investments  High Yield Portfolio  

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 3.6%
Allison Transmission, Inc.
5.740% due 08/07/2014	$	1,067	$	941
5.750% due 08/07/2014		1,933		1,704
Biomet, Inc.
7.857% due 03/25/2015		995		959
Community Health Systems, Inc.
4.000% due 07/02/2014		35		32
4.000% due 07/25/2014		72		66
5.335% due 07/25/2014		2,109		1,948
Daimler Finance North America LLC
6.800% due 08/03/2012		13,930		11,587
First Data Corp.
5.349% due 09/24/2014		931		841
7.580% due 09/24/2014		69		62
Ford Motor Co.
5.800% due 12/15/2013		1,975		1,623
General Motors Corp.
7.056% due 11/29/2013		1,485		1,326
Georgia-Pacific Corp.
4.446% due 12/20/2012		282		262
4.740% due 12/20/2012		2,203		2,047
Hawaiian Telcom Communications, Inc.
4.946% due 06/01/2014		1,123		882
HCA, Inc.
4.946% due 11/16/2013		3,480		3,206
Headwaters, Inc.
4.610% due 04/30/2011		341		312
Idearc, Inc.
4.700% due 11/14/2014		43		34
4.700% due 11/17/2014		1,955		1,573
Metro-Goldwyn-Mayer, Inc.
5.946% due 04/08/2012		2,945		2,343
Mylan Laboratories, Inc.
5.938% due 10/02/2014		782		756
6.250% due 10/02/2014		1,213		1,172
Nuveen Investments, Inc.
5.654% due 11/01/2014		528		477
7.830% due 11/13/2014		777		702
7.858% due 11/01/2014		194		176
Roundy’s Supermarket, Inc.
5.690% due 10/27/2011		970		910
SandRidge Energy, Inc.
8.625% due 04/01/2015		4,000		3,955
Telesat Canada
9.000% due 10/31/2008		3,800		3,629
Thompson Learning, Inc.
5.200% due 06/27/2014		1,291		1,113
Tribune Co.
5.542% due 05/30/2014		597		401
7.396% due 05/30/2009		327		294
TXU Technology
6.478% due 10/10/2014		114		104
6.596% due 10/10/2014		1,886		1,717
Wind Acquisition Finance S.A.
11.201% due 12/21/2011		341		339
Total Bank Loan Obligations (Cost $51,516)				47,493
CORPORATE BONDS & NOTES 82.3%
BANKING & FINANCE 21.2%
AES Red Oak LLC
8.540% due 11/30/2019		703		707
9.200% due 11/30/2029		1,000		1,005

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
American Express Co.
7.000% due 03/19/2018	$	12,600	$	13,261
American General Finance Corp.
6.900% due 12/15/2017		1,800		1,763
American International Group, Inc.
5.850% due 01/16/2018		4,300		4,231
Bank of America Corp.
8.000% due 12/29/2049		22,450		22,522
Barclays Bank PLC
6.050% due 12/04/2017		6,575		6,429
7.434% due 09/29/2049		1,250		1,132
Citigroup Capital XXI
8.300% due 12/21/2057		5,100		5,040
Consolidated Communications Holdings, Inc.
9.750% due 04/01/2012		296		312
Ford Motor Credit Co. LLC
7.250% due 10/25/2011		20,844		17,148
7.375% due 02/01/2011		10,325		8,622
7.800% due 06/01/2012		27,500		22,711
7.875% due 06/15/2010		3,000		2,618
8.625% due 11/01/2010		5,700		4,972
GMAC LLC
6.625% due 05/15/2012		5,300		4,014
6.750% due 12/01/2014		4,335		3,073
7.000% due 02/01/2012		25,175		19,170
7.250% due 03/02/2011		23,950		18,887
8.000% due 11/01/2031		6,880		4,941
Goldman Sachs Group, Inc.
5.950% due 01/18/2018		1,675		1,663
6.750% due 10/01/2037		9,700		9,052
Hexion U.S. Finance Corp.
9.750% due 11/15/2014		1,400		1,508
HSBC Holdings PLC
6.500% due 09/15/2037		5,200		4,949
Lehman Brothers Holdings, Inc.
5.625% due 01/24/2013		1,950		1,899
6.750% due 12/28/2017		7,050		6,794
LVB Acquisition Merger Sub, Inc.
10.000% due 10/15/2017		9,850		10,367
10.375% due 10/15/2017 (b)		800		834
11.625% due 10/15/2017		12,775		12,839
Mirage Resorts, Inc.
7.250% due 08/01/2017		4,075		3,678
NSG Holdings LLC
7.750% due 12/15/2025		650		634
Petroplus Finance Ltd.
6.750% due 05/01/2014		175		161
7.000% due 05/01/2017		175		157
Rabobank Capital Funding Trust
5.254% due 12/29/2049		700		582
Residential Capital LLC
8.125% due 11/21/2008		3,775		2,624
Royal Bank of Scotland Group PLC
7.640% due 03/31/2049		9,200		7,938
Santander Perpetual S.A. Unipersonal
6.671% due 10/29/2049		5,000		4,515
SLM Corp.
3.541% due 07/25/2008		2,400		2,359
5.125% due 08/27/2012		1,250		966
Tenneco, Inc.
8.625% due 11/15/2014		5,000		4,937
UBS AG
5.875% due 12/20/2017		3,600		3,689
UBS Preferred Funding Trust V
6.243% due 05/29/2049		2,100		1,760

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Universal City Florida Holding Co. I
7.989% due 05/01/2010	$	50	$	49
Ventas Realty LP
6.750% due 04/01/2017		1,800		1,768
7.125% due 06/01/2015		1,500		1,496
Wachovia Corp.
7.980% due 02/28/2049		24,200		23,850
Washington Mutual Bank NV
6.875% due 06/15/2011		3,500		2,942
Wind Acquisition Finance S.A.
10.750% due 12/01/2015		1,950		1,999
				278,567
INDUSTRIALS 47.9%
Actuant Corp.
6.875% due 06/15/2017		4,400		4,367
Allied Waste North America, Inc.
7.250% due 03/15/2015		9,400		9,435
Allison Transmission, Inc.
11.000% due 11/01/2015		3,700		3,238
11.250% due 11/01/2015 (b)		725		613
American Stores Co.
8.000% due 06/01/2026		13,250		13,478
AmeriGas Partners LP
7.125% due 05/20/2016		2,800		2,758
7.250% due 05/20/2015		5,950		5,891
ARAMARK Corp.
8.500% due 02/01/2015		12,475		12,569
Arco Chemical Co.
10.250% due 11/01/2010		225		230
ArvinMeritor, Inc.
8.125% due 09/15/2015		11,950		9,799
Berry Plastics Holding Corp.
8.875% due 09/15/2014		10,575		9,280
Bombardier, Inc.
8.000% due 11/15/2014		5,200		5,382
Bon-Ton Department Stores, Inc.
10.250% due 03/15/2014		8,705		5,854
Buhrmann U.S., Inc.
8.250% due 07/01/2014		900		850
CanWest MediaWorks LP
9.250% due 08/01/2015		4,500		4,162
Cascades, Inc.
7.250% due 02/15/2013		6,875		6,102
Celestica, Inc.
7.625% due 07/01/2013		750		712
7.875% due 07/01/2011		11,795		11,648
Chart Industries, Inc.
9.125% due 10/15/2015		2,300		2,266
Charter Communications Operating LLC
8.375% due 04/30/2014		14,050		12,715
Chemtura Corp.
6.875% due 06/01/2016		5,150		4,609
Chesapeake Energy Corp.
6.875% due 01/15/2016		1,200		1,194
7.500% due 06/15/2014		3,640		3,749
Community Health Systems, Inc.
8.875% due 07/15/2015		12,059		12,165
Compagnie Générale de Géophysique-Veritas
7.500% due 05/15/2015		5,775		5,890
7.750% due 05/15/2017		5,450		5,559
Cooper-Standard Automotive, Inc.
7.000% due 12/15/2012		4,900		4,238

52 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Crown Americas LLC & Crown Americas Capital Corp.
7.625% due 11/15/2013	$	2,866	$	2,938
7.750% due 11/15/2015		4,475		4,620
CSC Holdings, Inc.
6.750% due 04/15/2012		17,675		17,145
7.625% due 04/01/2011		3,675		3,652
7.625% due 07/15/2018		1,500		1,376
DaVita, Inc.
7.250% due 03/15/2015		950		931
Delhaize America, Inc.
8.050% due 04/15/2027		600		633
Delta Air Lines, Inc.
7.779% due 07/02/2013		905		842
Dex Media West LLC
8.500% due 08/15/2010		25		24
Dex Media, Inc.
8.000% due 11/15/2013		400		294
Dynegy Holdings, Inc.
7.125% due 05/15/2018		4,753		4,301
7.500% due 06/01/2015		14,025		13,219
EchoStar DBS Corp.
6.375% due 10/01/2011		200		192
7.125% due 02/01/2016		17,975		16,852
El Paso Corp.
7.000% due 06/15/2017		16,260		16,811
8.050% due 10/15/2030		5,000		5,249
Enterprise Products Operating LP
7.034% due 01/15/2068		1,160		987
8.375% due 08/01/2066		1,580		1,541
Ferrellgas Partners LP
8.750% due 06/15/2012		8,000		8,170
First Data Corp.
9.875% due 09/24/2015		16,875		13,901
Ford Motor Co.
7.450% due 07/16/2031		500		332
9.215% due 09/15/2021		800		634
Freeport-McMoRan Copper & Gold, Inc.
8.375% due 04/01/2017		11,200		11,914
Freescale Semiconductor, Inc.
6.675% due 12/15/2014		1,000		695
8.875% due 12/15/2014		8,415		6,627
9.125% due 12/15/2014 (b)		4,375		3,216
Fresenius Medical Care Capital Trust
7.875% due 06/15/2011		600		626
General Motors Corp.
7.400% due 09/01/2025		145		98
7.700% due 04/15/2016		7,810		5,721
8.250% due 07/15/2023		6,530		4,604
8.800% due 03/01/2021		1,000		762
Georgia-Pacific LLC
7.000% due 01/15/2015		12,650		11,923
7.250% due 06/01/2028		750		615
7.700% due 06/15/2015		2,100		1,984
7.750% due 11/15/2029		100		84
8.000% due 01/15/2024		9,055		8,014
8.125% due 05/15/2011		3,000		2,992
Goodyear Tire & Rubber Co.
9.000% due 07/01/2015		6,800		7,225
Harrah’s Operating Co., Inc.
10.750% due 02/01/2016		1,557		1,320
HCA, Inc.
9.125% due 11/15/2014		135		139
9.250% due 11/15/2016		37,668		39,175
Health Management Associates, Inc.
6.125% due 04/15/2016		5,000		4,250

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Hertz Corp.
8.875% due 01/01/2014	$	13,925	$	13,264
Ineos Group Holdings PLC
8.500% due 02/15/2016		13,700		10,720
Intelsat Corp.
9.000% due 08/15/2014		50		51
Intelsat Jackson Holdings Ltd.
9.250% due 06/15/2016		14,410		14,590
Intelsat Subsidiary Holding Co. Ltd.
8.250% due 01/15/2013		50		51
8.625% due 01/15/2015		100		101
Jefferson Smurfit Corp. U.S.
8.250% due 10/01/2012		3,750		3,398
JET Equipment Trust
7.630% due 08/15/2012 (a)		152		51
10.000% due 06/15/2012 (a)		389		338
Legrand France S.A.
8.500% due 02/15/2025		670		757
MGM Mirage
7.500% due 06/01/2016		8,125		7,353
Nalco Co.
8.875% due 11/15/2013		6,000		6,195
Norampac Industries, Inc.
6.750% due 06/01/2013		1,000		859
Nordic Telephone Co. Holdings ApS
8.875% due 05/01/2016		8,625		8,409
Nortel Networks Ltd.
8.508% due 07/15/2011		3,650		3,148
10.125% due 07/15/2013		16,410		15,097
OPTI Canada, Inc.
8.250% due 12/15/2014		9,200		9,154
Quebecor Media, Inc.
7.750% due 03/15/2016		12,250		11,239
Qwest Communications International, Inc.
6.565% due 02/15/2009		1,250		1,244
7.250% due 02/15/2011		1,000		965
7.500% due 02/15/2014		13,450		12,710
Reynolds American, Inc.
7.750% due 06/01/2018		1,650		1,744
RH Donnelley Corp.
6.875% due 01/15/2013		175		108
8.875% due 01/15/2016		29,750		18,966
8.875% due 10/15/2017		3,500		2,205
Sanmina-SCI Corp.
8.125% due 03/01/2016		3,115		2,772
Seagate Technology HDD Holdings
5.569% due 10/01/2009		3,285		3,186
6.375% due 10/01/2011		5,000		4,962
SemGroup LP
8.750% due 11/15/2015		6,895		6,343
Sensata Technologies BV
8.000% due 05/01/2014		11,570		10,239
Service Corp. International
7.625% due 10/01/2018		2,125		2,146
Smurfit Kappa Funding PLC
7.750% due 04/01/2015		200		176
Station Casinos, Inc.
7.750% due 08/15/2016		9,062		7,340
Suburban Propane Partners LP
6.875% due 12/15/2013		2,390		2,342
Sungard Data Systems, Inc.
9.125% due 08/15/2013		9,905		10,054
Superior Essex Communications LLC
9.000% due 04/15/2012		1,170		1,132

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SUPERVALU, Inc.
7.500% due 11/15/2014	$	5,725	$	5,811
Terex Corp.
8.000% due 11/15/2017		1,350		1,350
Tesoro Corp.
6.500% due 06/01/2017		4,005		3,604
TRW Automotive, Inc.
7.000% due 03/15/2014		7,500		6,956
7.250% due 03/15/2017		925		846
U.S. Airways Group, Inc.
9.330% due 01/01/2049 (a)		148		0
Verso Paper Holdings LLC and Verson Paper, Inc.
9.125% due 08/01/2014		9,785		9,491
West Corp.
9.500% due 10/15/2014		8,400		7,560
Williams Cos., Inc.
7.625% due 07/15/2019		5,700		6,113
Windstream Corp.
8.125% due 08/01/2013		1,000		988
Wynn Las Vegas Capital Corp.
6.625% due 12/01/2014		6,600		6,386
				627,895
UTILITIES 13.2%
AES Corp.
8.000% due 10/15/2017		12,085		12,296
Cincinnati Bell, Inc.
7.000% due 02/15/2015		7,195		6,547
7.250% due 07/15/2013		900		889
Citizens Communications Co.
7.125% due 03/15/2019		4,750		4,180
7.875% due 01/15/2027		1,100		949
9.000% due 08/15/2031		10,545		9,280
Edison Mission Energy
7.200% due 05/15/2019		230		228
Energy Future Holdings Corp.
10.875% due 11/01/2017		18,275		18,549
Idearc, Inc.
8.000% due 11/15/2016		4,525		2,953
Kinder Morgan Finance Co. ULC
5.700% due 01/05/2016		8,275		7,882
Knight, Inc.
5.150% due 03/01/2015		750		694
Midwest Generation LLC
8.560% due 01/02/2016		13,040		14,148
Nextel Communications, Inc.
7.375% due 08/01/2015		6,000		4,623
NGPL Pipe Co. LLC
7.119% due 12/15/2017		6,000		6,220
NRG Energy, Inc.
7.250% due 02/01/2014		19,305		19,112
7.375% due 02/01/2016		8,605		8,454
7.375% due 01/15/2017		750		731
PSEG Energy Holdings LLC
8.500% due 06/15/2011		1,200		1,276
Qwest Capital Funding, Inc.
7.250% due 02/15/2011		3,000		2,865
Qwest Corp.
6.500% due 06/01/2017		17,305		15,704
8.875% due 03/15/2012		1,000		1,025
Reliant Energy, Inc.
6.750% due 12/15/2014		4,400		4,499
7.625% due 06/15/2014		4,400		4,389
7.875% due 06/15/2017		12,250		12,250

See Accompanying Notes Annual Report March 31, 2008 53

Schedule of Investments  High Yield Portfolio  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Rural Cellular Corp.
9.875% due 02/01/2010	$	1,300	$	1,342
Sprint Nextel Corp.
6.000% due 12/01/2016		250		195
Tenaska Alabama Partners LP
7.000% due 06/30/2021		1,483		1,391
Time Warner Telecom Holdings, Inc.
9.250% due 02/15/2014		7,600		7,714
Wilmington Trust Co. - Tucson Electric
10.732% due 01/01/2013 (k)		1,851		2,089
				172,474
Total Corporate Bonds & Notes (Cost $1,139,758)				1,078,936
CONVERTIBLE BONDS & NOTES 1.3%
Advanced Micro Devices, Inc.
6.000% due 05/01/2015		3,075		1,949
Chesapeake Energy Corp.
2.500% due 05/15/2037		4,500		5,692
2.750% due 11/15/2035		1,275		1,709
CMS Energy Corp.
2.875% due 12/01/2024		650		738
Deutsche Bank AG
0.000% due 07/14/2008		325		161
0.000% due 09/29/2008		100		50
0.000% due 10/24/2008		200		105
Nortel Networks Corp.
1.750% due 04/15/2012		2,000		1,360
2.125% due 04/15/2014		1,975		1,237
Qwest Communications International, Inc.
3.500% due 11/15/2025		2,850		2,943
Ventas, Inc.
3.875% due 11/15/2011		1,150		1,278
Total Convertible Bonds & Notes (Cost $18,570)				17,222
U.S. GOVERNMENT AGENCIES 18.6%
Fannie Mae
5.000% due 06/01/2033 - 04/01/2038		13,938		13,814
5.500% due 01/01/2037 - 12/01/2037		48,496		49,009
6.000% due 04/01/2038		174,900		179,190

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Freddie Mac
5.500% due 12/01/2037	$	1,904	$	1,925
Total U.S. Government Agencies (Cost $239,505)				243,938
ASSET-BACKED SECURITIES 0.1%
Credit-Based Asset Servicing & Securitization LLC
2.709% due 04/25/2036		1,102		1,073
Total Asset-Backed Securities (Cost $1,082)				1,073
FOREIGN CURRENCY-DENOMINATED ISSUES 1.4%
Amadeus Global Travel Distribution S.A.
6.959% due 04/08/2013	EUR	1,500		2,030
Bombardier, Inc.
7.250% due 11/15/2016		775		1,165
Chesapeake Energy Corp.
6.250% due 01/15/2017		2,000		2,865
Lighthouse International Co. S.A.
8.000% due 04/30/2014		265		328
Nordic Telephone Co. Holdings ApS
6.050% due 11/30/2013		365		542
6.300% due 11/30/2014		440		659
8.250% due 05/01/2016		1,900		2,850
OI European Group BV
6.875% due 03/31/2017		300		448
Societe General N.A.
6.999% due 12/29/2049		900		1,330
UBS Capital Ltd.
7.152% due 12/29/2049		3,100		4,319
UPC Holding BV
7.750% due 01/15/2014		605		851
8.625% due 01/15/2014		400		574
Total Foreign Currency- Denominated Issues (Cost $16,805)				17,961
		SHARES
CONVERTIBLE PREFERRED STOCKS 0.9%
Bank of America Corp.
7.250% due 12/31/2049		8,000		8,264

		SHARES		VALUE (000S)
Chesapeake Energy Corp.
4.500% due 12/31/2049		1,400	$	165
Citigroup, Inc.
6.500% due 12/31/2049		25,000		1,184
Fannie Mae
5.375% due 12/31/2049		3		201
Freeport-McMoRan Copper & Gold, Inc.
6.750% due 05/01/2010		1,800		254
General Motors Corp.
5.250% due 03/06/2032		91,000		1,490
Washington Mutual Capital Trust
5.375% due 05/03/2041		30,800		875
Total Convertible Preferred Stocks (Cost $12,632)				12,433
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 2.7%
COMMERCIAL PAPER 2.1%
Federal Home Loan Bank
1.500% due 04/01/2008	$	27,600		27,600
U.S. TREASURY BILLS 0.6%
1.100% due 05/29/2008 - 06/12/2008 (c)(d)		8,000		7,957
Total Short-Term Instruments (Cost $35,583)				35,557
PURCHASED OPTIONS (i) 4.5%
(Cost $16,490)				59,033
Total Investments 115.4% (Cost $1,531,941)			$	1,513,646
Written Options (j) (3.2%) (Premiums $15,442)				(42,609	)
Other Assets and Liabilities (Net) (12.2%)				(159,635	)
Net Assets (e) 100.0%			$	1,311,402

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security is in default.

(b) Payment in-kind bond security.

(c) Coupon represents a weighted average rate.

(d) Securities with an aggregate market value of $6,713 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(e) As of March 31, 2008, portfolio securities with an aggregate value of $2,478 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(f) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $183 at a weighted average interest rate of 5.450%. On March 31, 2008, there were no open reverse repurchase agreements.

(g) Cash of $1,500 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	178	$	(14	)

54 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

(h) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
ARAMARK Corp. 8.500 due 02/01/2015	Sell	2.680%		09/20/2012	MSC	$	750	$	(71	)
Bon-Ton Stores, Inc. 10.250% due 03/15/2014	Sell	3.500%		09/20/2008	LEH		775		(32	)
Celestica, Inc. 7.625% due 07/01/2013	Sell	4.250%		09/20/2012	LEH		500		(14	)
Chesapeake Energy Corp. 6.875% due 01/15/2016	Sell	3.000%		03/20/2013	BOA		200		5
Chrysler Financial 9.360% due 08/03/2012	Sell	5.250%		09/20/2012	DUB		1,000		(125	)
Community Health Systems, Inc. 8.875% due 07/15/2015	Sell	2.850%		09/20/2012	BOA		550		(46	)
Community Health Systems, Inc. 8.875% due 07/15/2015	Sell	4.900%		09/20/2012	LEH		3,500		(32	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	1.450%		12/20/2008	CSFB		2,000		(109	)
Freescale Semiconductor, Inc. 8.875% due 12/15/2014	Sell	2.750%		09/20/2008	LEH		1,000		(18	)
Freescale Semiconductor, Inc. 8.875% due 12/15/2014	Sell	3.500%		06/20/2012	CITI		300		(64	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.000%		03/20/2013	LEH		2,000		(63	)
GMAC LLC 6.875% due 08/28/2012	Sell	5.000%		03/20/2009	BOA		1,000		40
GMAC LLC 6.875% due 08/28/2012	Sell	5.000%		03/20/2010	MLP		1,500		(79	)
GMAC LLC 6.875% due 08/28/2012	Sell	2.110%		03/20/2012	JPM		1,000		(262	)
GMAC LLC 6.875% due 08/28/2012	Sell	6.700%		09/20/2012	GSC		1,000		(158	)
GMAC LLC 6.875% due 08/28/2012	Sell	6.300%		12/20/2012	MLP		700		(119	)
GMAC LLC 6.875% due 08/28/2012	Sell	7.230%		12/20/2012	DUB		5,000		(732	)
Nortel Networks Corp. 4.250% due 09/01/2008	Buy	(1.520%	)	06/20/2010	LEH		1,000		124
Nortel Networks Corp. 4.250% due 09/01/2008	Sell	2.050%		06/20/2011	CITI		1,000		(171	)
Nortel Networks Corp. 4.250% due 09/01/2008	Sell	5.000%		03/20/2013	CITI		300		2
Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	3.000%		12/20/2012	LEH		1,000		(100	)
Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	3.290%		12/20/2014	BOA		1,000		(141	)
Reliant Energy, Inc. 6.750% due 12/15/2014	Sell	5.750%		03/20/2013	BOA		750		38
Sanmina-SCI Corp. 8.125% due 03/01/2016	Sell	3.000%		09/20/2008	LEH		2,650		(4	)
Sanmina-SCI Corp. 8.125% due 03/01/2016	Sell	4.220%		09/20/2012	CSFB		600		(51	)
Sanmina-SCI Corp. 8.125% due 03/01/2016	Sell	5.450%		09/20/2012	LEH		2,000		(79	)
Sprint Nextel Corp. 6.000% due 12/01/2016	Sell	7.150%		06/20/2009	BCLY		500		14
								$	(2,247	)

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Dow Jones CDX N.A. HY9 Index	Sell	4.530%	12/20/2010	MLP	$	4,800	$	97
Dow Jones CDX N.A. HY9 Index	Sell	3.230%	12/20/2012	MLP		5,500		(601	)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%	06/20/2013	MLP		8,800		(34	)
Dow Jones CDX N.A. IG9 Index	Sell	0.600%	12/20/2012	JPM		17,000		149
							$	(389	)

⁽¹⁾ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive	3-Month USD-LIBOR	4.000%	06/18/2010	RBS	$	250,000	$	(1,372	)
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	RBS		27,800		(35	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	GSC		24,300		(987	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	MLP		26,800		(1,268	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	MLP		4,100		2
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	MSC		8,400		13
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		1,900		45
							$	(3,602	)

Total Return Swaps
Pay/Receive Total Return on Reference Entity	Reference Entity	Rate (2)	Expiration Date	Counterparty	# of Shares	Unrealized Appreciation/ (Depreciation)
Receive	Financial Select Sector SPDR Fund	3.581%	04/23/2008	MLP	100,000	$	(301	)
Receive	Motorola, Inc.	3.581%	04/23/2008	MLP	1,100		(1	)
Receive	SandRidge Energy, Inc.	3.581%	04/23/2008	MLP	80,000		695
						$	393

⁽²⁾ Represents floating rate as of March 31, 2008.

See Accompanying Notes Annual Report March 31, 2008 55

Schedule of Investments  High Yield Portfolio  (Cont.)

(i) Purchased options outstanding on March 31, 2008:

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	4.720%	12/31/2008	$	55,000	$	449	$	2,054
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	4.250%	07/06/2009		177,500		1,722		4,187
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	4.750%	09/08/2009		510,000		4,539		14,939
Call - OTC 2-Year Interest Rate Swap	CSFB	3-Month USD-LIBOR	Pay	4.750%	09/08/2009		153,900		1,684		4,508
Call - OTC 2-Year Interest Rate Swap	MLP	3-Month USD-LIBOR	Pay	4.750%	09/22/2008		280,000		2,114		11,627
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750%	09/22/2008		240,000		1,662		9,966
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750%	09/08/2009		401,200		4,320		11,752
								$	16,490	$	59,033

(j) Written options outstanding on March 31, 2008:

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 7-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	5.220%	12/31/2008	$	18,000	$	419	$	1,440
Call - OTC 7-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.900%	07/06/2009		59,200		1,652		3,426
Call - OTC 7-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	5.150%	09/08/2009		170,000		4,403		11,249
Call - OTC 7-Year Interest Rate Swap	CSFB	3-Month USD-LIBOR	Receive	5.150%	09/08/2009		42,800		1,326		2,832
Call - OTC 7-Year Interest Rate Swap	MLP	3-Month USD-LIBOR	Receive	5.230%	09/22/2008		93,000		1,977		7,964
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	5.230%	09/22/2008		80,000		1,532		6,851
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	5.150%	09/08/2009		133,700		4,133		8,847
								$	15,442	$	42,609

(k) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Wilmington Trust Co. - Tucson Electric	10.732%	01/01/2013	12/08/2000	$	1,933	$	2,089	0.16%

(l) Short sales outstanding on March 31, 2008:

Description	Coupon		Maturity Date	Principal Amount		Proceeds		Value
Fannie Mae	5.500	%	04/01/2038	$	48,000	$	48,593	$	48,457

(m) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Sell	EUR	12,877	04/2008	$	0	$	(248	)	$	(248	)
Sell	GBP	4,957	04/2008		0		(26	)		(26	)
				$	0	$	(274	)	$	(274	)

56 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

Schedule of Investments  International Portfolio March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
AUSTRALIA 0.0%
Commonwealth Bank of Australia
3.098% due 06/08/2009	$	1,100	$	1,100
Total Australia (Cost $1,101)				1,100
CAYMAN ISLANDS 0.0%
SHL Corp. Ltd.
1.666% due 12/25/2024	JPY	11,667		116
Total Cayman Islands (Cost $105)				116
CROATIA 0.0%
Croatia Government International Bond
4.000% due 07/30/2010	$	682		680
Total Croatia (Cost $678)				680
FRANCE 0.1%
AXA S.A.
3.750% due 01/01/2017	EUR	1,357		2,702
Total France (Cost $1,234)				2,702
GERMANY 0.1%
Republic of Germany
4.250% due 01/04/2014	EUR	1,000		1,625
4.250% due 07/04/2014		500		812
Total Germany (Cost $1,986)				2,437
IRELAND 0.0%
Bank of Ireland
2.814% due 12/18/2009	$	1,100		1,097
Total Ireland (Cost $1,101)				1,097
JERSEY, CHANNEL ISLANDS 0.5%
Haus Ltd.
4.512% due 12/10/2037	EUR	4,649		7,264
Lloyds TSB Capital
7.375% due 12/29/2049		5,250		8,354
Total Jersey, Channel Islands (Cost $9,108)				15,618
MEXICO 0.0%
Mexico Government International Bond
6.750% due 09/27/2034	$	883		987
Total Mexico (Cost $947)				987
NETHERLANDS 2.0%
Deutsche Telekom International Finance BV
2.779% due 03/23/2009	$	52,630		51,964
Siemens Financieringsmaatschappij NV
3.118% due 08/14/2009		12,150		12,163
Total Netherlands (Cost $64,823)				64,127

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
NEW ZEALAND 0.1%
New Zealand Government CPI Linked Bond
4.500% due 02/15/2016	NZD	3,523	$	3,698
Total New Zealand (Cost $1,775)				3,698
SPAIN 0.0%
Santander U.S. Debt S.A. Unipersonal
2.659% due 09/19/2008	$	1,100		1,097
Total Spain (Cost $1,101)				1,097
SUPRANATIONAL 0.2%
European Investment Bank
5.500% due 12/07/2009	GBP	2,300		4,637
Total Supranational (Cost $3,282)				4,637
TUNISIA 0.1%
Banque Centrale de Tunisie
7.375% due 04/25/2012	$	500		543
7.500% due 08/06/2009	EUR	1,800		2,927
Total Tunisia (Cost $2,332)				3,470
UNITED KINGDOM 0.3%
Bauhaus Securities Ltd.
4.698% due 10/30/2052	EUR	4,383		6,886
Royal Bank of Scotland Group PLC
3.944% due 07/21/2008	$	1,100		1,098
Total United Kingdom (Cost $4,834)				7,984
UNITED STATES 75.1%
ASSET-BACKED SECURITIES 9.7%
Accredited Mortgage Loan Trust
2.719% due 04/25/2036	$	1,431		1,403
ACE Securities Corp.
2.649% due 07/25/2036		160		157
2.649% due 08/25/2036		156		153
2.659% due 05/25/2036		13		12
2.679% due 02/25/2036		86		86
2.689% due 06/25/2037		7,240		6,833
AFC Home Equity Loan Trust
3.309% due 12/22/2027		45		33
American Express Credit Account Master Trust
3.318% due 02/15/2012		916		897
Ameriquest Mortgage Securities, Inc.
2.739% due 03/25/2036		601		594
2.829% due 11/25/2035		1,031		941
Amortizing Residential Collateral Trust
2.889% due 07/25/2032		58		52
3.299% due 10/25/2031		568		534
Argent Securities, Inc.
2.649% due 10/25/2036		234		229
2.689% due 07/25/2036		6,500		6,094
Asset-Backed Funding Certificates
2.659% due 01/25/2037		314		294
2.949% due 06/25/2034		998		883
Asset-Backed Securities Corp. Home Equity
2.679% due 05/25/2037		3,000		2,913
BA Credit Card Trust
3.890% due 04/15/2013		2,000		1,980

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Bear Stearns Asset-Backed Securities Trust
2.649% due 11/25/2036	$	110	$	103
2.679% due 04/25/2036		1,088		1,083
2.679% due 10/25/2036		1,255		1,194
2.689% due 04/25/2036		333		331
2.689% due 06/25/2047		5,549		5,297
2.799% due 09/25/2034		2,226		2,223
2.799% due 06/25/2036		14,284		12,854
2.929% due 10/25/2032		634		548
2.929% due 01/25/2036		845		822
3.049% due 03/25/2043		1,223		1,189
3.089% due 06/25/2036		1,900		1,487
BNC Mortgage Loan Trust
2.699% due 05/25/2037		1,647		1,534
Carrington Mortgage Loan Trust
2.649% due 01/25/2037		336		315
2.759% due 01/25/2036		850		835
2.919% due 10/25/2035		2,165		1,861
Chase Credit Card Master Trust
2.988% due 09/15/2011		67,050		66,524
3.618% due 02/15/2011		5,000		4,936
Chase Issuance Trust
2.828% due 12/15/2010		1,100		1,100
CIT Group Home Equity Loan Trust
2.869% due 06/25/2033		49		45
Citicorp Residential Mortgage Securities, Inc.
2.689% due 03/25/2037		14,670		14,041
Citigroup Mortgage Loan Trust, Inc.
2.649% due 10/25/2036		127		124
2.649% due 11/25/2036		167		163
2.699% due 10/25/2036		500		453
2.709% due 03/25/2037		4,235		3,965
2.858% due 05/15/2036		1,554		1,474
Countrywide Asset-Backed Certificates
2.649% due 01/25/2037		99		98
2.649% due 05/25/2037		1,160		1,120
2.649% due 03/25/2047		211		207
2.669% due 08/25/2036		4		4
2.669% due 12/25/2036		424		417
2.669% due 06/25/2037		915		889
2.679% due 06/25/2037		2,134		1,992
2.679% due 10/25/2037		1,487		1,393
2.699% due 07/25/2037		20,000		16,877
2.699% due 08/25/2037		1,600		1,345
2.699% due 09/25/2037		2,999		2,844
2.699% due 05/25/2047		227		214
2.699% due 09/25/2047		8,139		7,717
2.709% due 10/25/2046		3,182		3,079
2.789% due 06/25/2036		10,615		9,646
3.339% due 05/25/2032		153		139
Credit-Based Asset Servicing & Securitization LLC
2.659% due 11/25/2036		393		376
2.669% due 01/25/2037		1,403		1,354
2.689% due 12/25/2037		957		933
CS First Boston Mortgage Securities Corp.
3.219% due 01/25/2032		255		230
CSAB Mortgage-Backed Trust
2.699% due 06/25/2036		34		34
DaimlerChrysler Auto Trust
5.250% due 05/08/2009		11		11
Equifirst Mortgage Loan Trust
2.849% due 10/25/2034		2		2
Equity One Asset-Backed Securities, Inc.
2.899% due 04/25/2034		553		476
Fieldstone Mortgage Investment Corp.
2.689% due 07/25/2036		4,971		4,837
First Franklin Mortgage Loan Asset-Backed Certificates
2.629% due 05/25/2036		104		102

See Accompanying Notes Annual Report March 31, 2008 57

Schedule of Investments  International Portfolio  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
2.649% due 11/25/2036	$	1,047	$	948
2.669% due 02/25/2036		914		906
2.669% due 03/25/2036		896		891
2.669% due 12/25/2036		1,366		1,219
2.689% due 01/25/2036		7		7
2.969% due 12/25/2034		79		62
2.979% due 10/25/2034		7		6
Ford Credit Auto Owner Trust
5.292% due 10/15/2008		411		412
Fremont Home Loan Trust
2.649% due 10/25/2036		1,755		1,731
2.659% due 01/25/2037		2,277		2,072
2.669% due 02/25/2037		550		537
2.719% due 04/25/2036		2,010		1,977
2.769% due 01/25/2036		327		326
GSAA Trust
2.709% due 06/25/2035		67		67
GSAMP Trust
2.639% due 10/25/2046		249		237
2.669% due 09/25/2036		871		844
2.889% due 03/25/2034		51		50
GSR Mortgage Loan Trust
2.699% due 11/25/2030		73		72
HFC Home Equity Loan Asset-Backed Certificates
2.886% due 09/20/2033		1,870		1,778
Home Equity Asset Trust
3.199% due 11/25/2032		1		1
HSI Asset Securitization Corp. Trust
2.649% due 10/25/2036		1,029		948
2.649% due 12/25/2036		1,137		1,057
Indymac Residential Asset-Backed Trust
2.649% due 11/25/2036		190		187
2.659% due 04/25/2037		321		308
2.679% due 07/25/2037		434		410
JPMorgan Mortgage Acquisition Corp.
2.649% due 07/25/2036		756		713
2.669% due 11/25/2036		270		257
2.749% due 03/25/2037		10,000		8,704
Lehman XS Trust
2.679% due 04/25/2046		96		95
2.679% due 06/25/2046		261		249
2.679% due 11/25/2046		262		248
2.749% due 04/25/2037		503		476
Long Beach Mortgage Loan Trust
2.659% due 10/25/2036		262		253
2.879% due 10/25/2034		28		25
MASTR Asset-Backed Securities Trust
2.659% due 10/25/2036		56		56
2.659% due 11/25/2036		341		323
2.709% due 02/25/2036		1,200		1,171
2.729% due 10/25/2036		5,000		4,772
MBNA Credit Card Master Note Trust
2.918% due 12/15/2011		4,800		4,752
Merrill Lynch Mortgage Investors, Inc.
2.669% due 08/25/2036		1,438		1,373
2.669% due 07/25/2037		266		255
2.679% due 09/25/2037		1,186		1,143
2.709% due 03/25/2037		10,000		9,672
Morgan Stanley ABS Capital I
2.649% due 09/25/2036		242		230
2.649% due 10/25/2036		1,625		1,578
2.659% due 05/25/2037		2,123		2,030
2.669% due 03/25/2036		14		14
2.689% due 01/25/2037		20,000		17,024
2.699% due 04/25/2036		4,000		3,903
2.699% due 10/25/2036		10,000		8,703
2.699% due 11/25/2036		20,000		17,999
2.709% due 10/25/2036		600		513

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Morgan Stanley Home Equity Loans
2.709% due 02/25/2036	$	404	$	400
Nationstar Home Equity Loan Trust
2.659% due 06/25/2037		2,150		2,086
New Century Home Equity Loan Trust
2.659% due 05/25/2036		18		18
Newcastle Mortgage Securities Trust
2.669% due 03/25/2036		17		17
Park Place Securities, Inc.
2.859% due 09/25/2035		185		179
Residential Asset Mortgage Products, Inc.
2.669% due 11/25/2036		160		154
2.679% due 10/25/2036		257		245
Residential Asset Securities Corp.
2.639% due 08/25/2036		121		119
2.659% due 04/25/2036		18		18
2.669% due 11/25/2036		2,210		2,107
2.679% due 10/25/2036		230		223
Saxon Asset Securities Trust
2.659% due 10/25/2046		195		188
Securitized Asset-Backed Receivables LLC Trust
2.639% due 01/25/2037		841		796
2.649% due 09/25/2036		1,049		999
Soundview Home Equity Loan Trust
2.639% due 11/25/2036		25		25
2.649% due 10/25/2036		217		210
2.659% due 11/25/2036		1,826		1,762
2.659% due 12/25/2036		58		56
2.679% due 01/25/2037		181		173
2.699% due 10/25/2036		176		172
Structured Asset Investment Loan Trust
2.689% due 01/25/2036		26		27
Structured Asset Securities Corp.
2.649% due 10/25/2036		383		371
2.999% due 05/25/2034		20		17
4.900% due 04/25/2035		48		44
Washington Mutual Asset-Backed Certificates
2.659% due 10/25/2036		428		386
2.669% due 04/25/2036		5		5
Wells Fargo Home Equity Trust
2.649% due 01/25/2037		478		462
				319,768
COMMODITY INDEX-LINKED NOTES 0.3%
Morgan Stanley (GSCI)
2.546% due 07/07/2008		9,000		8,941
CORPORATE BONDS & NOTES 10.3%
American Express Bank FSB
2.659% due 06/22/2009		8,500		8,298
American Express Credit Corp.
3.140% due 04/06/2009		1,100		1,092
3.179% due 03/02/2009		1,100		1,094
American Honda Finance Corp.
3.085% due 08/05/2008		1,100		1,100
American International Group, Inc.
2.599% due 06/23/2008		1,100		1,095
Anadarko Petroleum Corp.
3.200% due 09/15/2009		700		687
AT&T, Inc.
3.195% due 02/05/2010		2,200		2,180
Bank of America Corp.
4.637% due 10/14/2016		10,000		9,206

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Bank of America N.A.
2.764% due 12/18/2008	$	1,750	$	1,746
Bear Stearns Cos., Inc.
3.551% due 01/30/2009		15,200		14,074
Caterpillar Financial Services Corp.
3.130% due 05/18/2009		1,100		1,096
Charter One Bank N.A.
3.294% due 04/24/2009		3,500		3,480
Cisco Systems, Inc.
3.158% due 02/20/2009		2,200		2,201
Citigroup Funding, Inc.
2.606% due 06/26/2009		25,000		24,650
Citigroup, Inc.
2.695% due 12/26/2008		1,100		1,099
2.701% due 12/28/2009		12,540		12,282
Comcast Corp.
4.677% due 07/14/2009		2,200		2,141
ConocoPhillips Australia Funding Co.
4.643% due 04/09/2009		1,596		1,592
Credit Suisse USA, Inc.
3.265% due 08/15/2010		17,073		16,625
Daimler Finance North America LLC
3.218% due 03/13/2009		26,000		25,684
Dominion Resources, Inc.
3.248% due 11/14/2008		900		895
Florida Power Corp.
3.468% due 11/14/2008		2,200		2,199
General Electric Capital Corp.
2.840% due 03/16/2009		2,100		2,097
3.994% due 10/21/2010		51,400		50,964
General Mills, Inc.
4.024% due 01/22/2010		2,200		2,154
Goldman Sachs Group, Inc.
2.639% due 12/23/2008		900		894
2.689% due 12/22/2008		200		199
2.971% due 06/28/2010		20,320		19,810
HSBC Finance Corp.
2.669% due 06/19/2009		2,200		2,086
3.506% due 06/01/2016		3,000		2,474
4.508% due 01/15/2014		5,000		4,420
International Lease Finance Corp.
4.234% due 04/20/2009		285		279
JPMorgan Chase & Co.
2.656% due 06/26/2009		1,100		1,093
Kroger Co.
5.500% due 02/01/2013		100		104
Lehman Brothers Holdings, Inc.
2.649% due 12/23/2008		700		681
3.346% due 11/10/2009		14,020		12,702
Merrill Lynch & Co., Inc.
3.158% due 08/14/2009		200		196
3.888% due 10/23/2008		900		897
Morgan Stanley
3.361% due 04/25/2008		900		900
Safeway, Inc.
3.005% due 03/27/2009		1,080		1,065
SLM Corp.
3.541% due 07/25/2008		1,100		1,081
Time Warner, Inc.
3.300% due 11/13/2009		1,100		1,054
U.S. Bancorp
2.708% due 04/28/2009		1,250		1,243

58 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Wachovia Bank N.A.
2.639% due 03/23/2009	$	2,250	$	2,229
3.092% due 02/23/2009		400		398
Wells Fargo & Co.
4.477% due 01/12/2011		20,530		20,118
World Savings Bank FSB
3.168% due 05/08/2009		75,000		75,128
3.201% due 03/02/2009		1,100		1,103
				339,885
MORTGAGE-BACKED SECURITIES 6.0%
American Home Mortgage Investment Trust
2.749% due 09/25/2035		101		101
4.290% due 10/25/2034		75		68
Banc of America Mortgage Securities, Inc.
5.000% due 05/25/2034		210		193
Bear Stearns Adjustable Rate Mortgage Trust
4.550% due 08/25/2035		637		619
4.625% due 10/25/2035		383		363
Bear Stearns Alt-A Trust
5.667% due 08/25/2036		128		108
5.936% due 02/25/2036		377		279
Bear Stearns Mortgage Funding Trust
2.669% due 02/25/2037		2,708		2,371
CC Mortgage Funding Corp.
2.779% due 07/25/2036		373		279
Citigroup Mortgage Loan Trust, Inc.
4.682% due 08/25/2035		362		353
Commercial Mortgage Pass-Through Certificates
6.455% due 05/15/2032		476		476
Countrywide Alternative Loan Trust
2.616% due 09/20/2046		124		121
2.716% due 02/20/2047		15,565		11,708
2.746% due 03/20/2046		1,390		1,056
2.759% due 02/25/2047		454		346
2.779% due 05/25/2047		2,790		2,118
2.789% due 08/25/2046		666		500
2.789% due 11/25/2046		1,147		876
2.859% due 12/25/2035		268		206
2.879% due 12/25/2035		929		762
2.879% due 02/25/2037		433		341
2.899% due 08/25/2035		1,607		1,272
2.899% due 12/25/2035		2,719		2,148
2.919% due 11/25/2035		17,552		13,884
2.949% due 09/25/2035		5,883		4,658
Countrywide Home Loan Mortgage Pass-Through Trust
2.829% due 05/25/2035		616		486
2.889% due 03/25/2035		2,646		1,934
2.889% due 04/25/2035		35		27
2.899% due 03/25/2035		227		204
2.919% due 03/25/2035		15,076		11,284
2.929% due 02/25/2035		47		39
2.979% due 09/25/2034		56		47
4.711% due 08/25/2034		232		222
Credit Suisse Mortgage Capital Certificates
5.311% due 12/15/2039		500		487
CS First Boston Mortgage Securities Corp.
6.500% due 04/25/2033		106		101
Deutsche ALT-A Securities, Inc. Alternate Loan Trust
3.235% due 10/25/2036		198		188
Downey Savings & Loan Association Mortgage Loan Trust
2.769% due 03/19/2045		2,748		2,051
2.819% due 08/19/2045		981		761
2.889% due 08/19/2045		6,007		4,672

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
GMAC Mortgage Corp. Loan Trust
5.500% due 09/25/2034	$	146	$	144
Greenpoint Mortgage Funding Trust
2.679% due 10/25/2046		2,916		2,628
2.679% due 01/25/2047		1,675		1,591
2.829% due 06/25/2045		6,323		4,758
GS Mortgage Securities Corp. II
6.620% due 10/18/2030		318		317
GSR Mortgage Loan Trust
6.000% due 03/25/2032		4		4
Harborview Mortgage Loan Trust
2.649% due 01/19/2038		6,539		6,160
2.749% due 01/19/2038		1,349		1,027
2.779% due 05/19/2035		3,055		2,408
2.799% due 06/19/2035		808		628
2.799% due 01/19/2036		408		317
2.799% due 03/19/2037		5,073		3,825
2.809% due 01/19/2036		6,657		5,263
2.869% due 11/19/2035		938		743
2.876% due 06/20/2035		244		190
2.889% due 09/19/2035		71		55
Impac Secured Assets CMN Owner Trust
2.679% due 01/25/2037		8,027		7,561
Indymac Index Mortgage Loan Trust
2.689% due 11/25/2046		271		253
2.699% due 01/25/2037		267		255
JPMorgan Chase Commercial Mortgage Securities Corp.
5.429% due 12/12/2043		300		295
Lehman Brothers Floating Rate Commercial Mortgage Trust
2.898% due 09/15/2021		83		78
MLCC Mortgage Investors, Inc.
3.198% due 03/15/2025		15		12
Nomura Asset Acceptance Corp.
5.050% due 10/25/2035		124		104
Residential Accredit Loans, Inc.
2.699% due 09/25/2046		261		241
2.809% due 04/25/2046		421		320
2.899% due 08/25/2035		321		249
Sequoia Mortgage Trust
2.886% due 07/20/2033		3,561		3,398
2.909% due 10/19/2026		67		63
5.780% due 10/20/2034		1,476		1,384
Structured Asset Mortgage Investments, Inc.
2.669% due 08/25/2036		190		186
2.849% due 07/19/2034		23		20
TBW Mortgage-Backed Pass-Through Certificates
2.699% due 09/25/2036		120		117
Thornburg Mortgage Securities Trust
2.709% due 11/25/2046		436		414
2.719% due 03/25/2046		2,000		1,972
2.719% due 09/25/2046		380		356
2.839% due 10/25/2045		1,721		1,681
2.869% due 03/25/2044		367		330
Wachovia Bank Commercial Mortgage Trust
2.898% due 06/15/2020		37,327		34,405
2.908% due 09/15/2021		549		516
WaMu Mortgage Pass-Through Certificates
2.679% due 08/25/2046		23		23
2.829% due 04/25/2045		295		228
2.889% due 10/25/2045		110		88
2.909% due 01/25/2045		72		58
2.919% due 01/25/2045		69		56
2.919% due 07/25/2045		80		74
3.139% due 12/25/2027		198		175
5.136% due 12/25/2046		446		347

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.220% due 02/27/2034	$	48	$	46
5.326% due 08/25/2046		60,855		42,502
5.526% due 11/25/2042		14		13
5.572% due 10/25/2046		154		127
5.726% due 08/25/2042		56		52
5.826% due 11/25/2046		1,274		1,056
Wells Fargo Mortgage-Backed Securities Trust
3.541% due 09/25/2034		1,143		1,087
4.110% due 06/25/2035		35		35
4.500% due 11/25/2018		237		232
4.950% due 03/25/2036		469		448
5.609% due 04/25/2036		95		92
				198,716
U.S. GOVERNMENT AGENCIES 48.5%
Fannie Mae
2.719% due 03/25/2034		50		48
2.749% due 08/25/2034		33		32
2.949% due 09/25/2042		156		154
2.999% due 06/25/2029		31		31
4.196% due 11/01/2034		265		267
4.500% due 05/25/2015 - 02/25/2021		1,677		1,699
4.933% due 12/01/2034		79		79
5.000% due 12/01/2036 - 03/01/2037		141,748		140,454
5.500% due 09/25/2024 - 11/01/2037		402,245		406,551
6.000% due 06/01/2031 - 07/25/2044		965,079		989,772
6.500% due 05/01/2028 - 07/01/2029		367		384
7.000% due 09/25/2023		116		124
7.149% due 12/01/2030		6		7
8.800% due 01/25/2019		158		174
Freddie Mac
2.749% due 09/25/2035		6,109		6,024
2.879% due 09/25/2031		98		98
3.048% due 02/15/2019		35,580		35,359
3.268% due 12/15/2031		8		8
4.500% due 04/15/2013 - 02/15/2020		1,436		1,450
5.000% due 03/15/2016 - 03/15/2025		1,877		1,922
5.409% due 10/01/2036		461		464
5.722% due 10/25/2044 - 02/25/2045		465		458
5.922% due 07/25/2044		100		98
6.500% due 07/15/2028		2,596		2,724
Ginnie Mae
5.125% due 11/20/2022 - 11/20/2024		991		992
5.625% due 08/20/2022 - 09/20/2026		624		630
6.000% due 08/20/2034		620		634
6.375% due 03/20/2022 - 06/20/2030		2,452		2,510
7.500% due 09/15/2025 - 11/15/2030		2,662		2,867
8.500% due 07/15/2008 - 07/15/2030		29		31
Small Business Administration
4.625% due 02/01/2025		152		146
5.090% due 10/01/2025		89		89
				1,596,280
U.S. TREASURY OBLIGATIONS 0.3%
U.S. Treasury Bonds
6.000% due 02/15/2026		1,400		1,695

See Accompanying Notes Annual Report March 31, 2008 59

Schedule of Investments  International Portfolio  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. Treasury Notes
3.875% due 09/15/2010	$	8,760	$	9,242
				10,937
Total United States (Cost $2,526,711)				2,474,527
SHORT-TERM INSTRUMENTS 12.5%
CERTIFICATES OF DEPOSIT 1.2%
Barclays Bank PLC
2.878% due 03/13/2009	$	26,025		26,068
Calyon Financial, Inc.
2.731% due 06/29/2010		15,000		14,958
				41,026
COMMERCIAL PAPER 2.9%
Barclays U.S. Funding Corp.
3.005% due 05/07/2008		1,800		1,795
Cooperative CTLE
2.990% due 05/12/2008		80,000		79,728

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Westpac Banking Corp.
3.070% due 05/06/2008	$	14,250	$	14,207
				95,730
REPURCHASE AGREEMENTS 0.2%
Credit Suisse Securities (USA) LLC
1.200% due 04/01/2008		1,000		1,000
(Dated 03/31/2008. Collateralized by U.S. Treasury Notes 4.875% due 06/30/2009 valued at $1,026. Repurchase proceeds are $1,000.)
Fixed Income Clearing Corp.
1.900% due 04/01/2008		5,404		5,404
(Dated 03/31/2008. Collateralized by Freddie Mac 0.000% due 06/09/2008 valued at $5,514. Repurchase proceeds are $5,404.)
				6,404

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
FRANCE TREASURY BILLS 0.7%
3.874% due 04/03/2008 - 05/15/2008 (a)	EUR	15,065	$	23,680
U.S. TREASURY BILLS 7.5%
0.551% due 04/17/2008 - 06/12/2008 (a)(b)(c)	$	245,710		245,606
Total Short-Term Instruments (Cost $411,213)				412,446
PURCHASED OPTIONS (g) 0.2%
(Cost $5,124)				7,249
Total Investments 91.2% (Cost $3,037,455)			$	3,003,972
Other Assets and Liabilities (Net) 8.8%				289,010
Net Assets (d) 100.0%			$	3,292,982

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

(b) Securities with an aggregate market value of $2,736 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(c) Securities with an aggregate market value of $597 have been pledged as collateral for delayed-delivery mortgage-backed securities on March 31, 2008.

(d) As of March 31, 2008, portfolio securities with an aggregate value of $10,240 and derivative instruments with an aggregate appreciation of $1,068 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(e) Cash of $32,585 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
Euro-Bobl June Futures	Long	06/2008	743	$	(1,492	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	6,001		19,556
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2009	3,500		1,049
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2010	2,500		558
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	6,170		12,152
				$	31,823

(f) Swap agreements outstanding on March 31, 2008:

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	BCLY	AUD	133,000	$	(472	)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	CITI		295,000		(1,056	)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	DUB		567,000		(682	)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	MSC		66,000		(35	)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	UBS		489,000		(1,708	)
Pay	3-Month Australian Bank Bill	7.500%	03/15/2010	CITI		786,800		2,792
Pay	3-Month Australian Bank Bill	7.500%	03/15/2010	DUB		500,000		2,453
Pay	3-Month Australian Bank Bill	7.500%	03/15/2010	UBS		213,200		750
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	JPM	$	500		18
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	RBS		10,700		505
Pay	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		2,600		219
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960%	04/05/2012	BCLY	EUR	1,000		(23	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958%	04/10/2012	JPM		700		(17	)
Pay	6-Month Australian Bank Bill	7.500%	03/15/2011	DUB	AUD	650,000		2,598
Pay	6-Month Australian Bank Bill	7.500%	03/15/2011	LEH		500,000		1,068
Pay	6-Month Australian Bank Bill	7.500%	03/15/2011	MSC		500,000		2,832
Pay	6-Month Australian Bank Bill	7.250%	06/16/2011	BCLY		790,000		3,276
Pay	6-Month Australian Bank Bill	7.250%	06/16/2011	DUB		1,260,000		5,426
Pay	6-Month Australian Bank Bill	7.250%	06/16/2011	MSC		100,000		412
Pay	6-Month Australian Bank Bill	7.250%	06/16/2011	UBS		568,500		2,562
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	BCLY	EUR	500,000		4,260
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	DUB		1,000,000		7,617

60 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

Interest Rate Swaps (Cont.)
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	JPM	EUR	96,000	$	818
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	MSC		1,000,000		8,386
Pay	6-Month EUR-LIBOR	4.000%	12/15/2014	JPM		6,500		(37	)
Pay	6-Month EUR-LIBOR	4.000%	12/15/2014	LEH		6,500		(198	)
Receive	6-Month EUR-LIBOR	4.000%	06/15/2017	DUB		105,000		2,151
Pay	6-Month EUR-LIBOR	4.000%	06/21/2036	GSC		700		(36	)
Pay	6-Month GBP-LIBOR	5.000%	06/20/2008	GSC	GBP	12,900		(83	)
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	BCLY		300,000		(3,116	)
Pay	6-Month GBP-LIBOR	6.000%	09/18/2009	GSC		1,500,000		37,028
Pay	6-Month GBP-LIBOR	5.500%	09/20/2009	JPM		725,000		7,382
Pay	6-Month GBP-LIBOR	6.000%	03/20/2010	GSC		675,000		23,094
Pay	6-Month GBP-LIBOR	6.000%	06/19/2010	MSC		1,500,000		67,452
Pay	6-Month GBP-LIBOR	5.000%	09/15/2010	DUB		65,100		979
Pay	6-Month GBP-LIBOR	5.000%	09/15/2010	GSC		820,000		29,291
Pay	6-Month GBP-LIBOR	5.000%	09/15/2010	HSBC		324,000		(1,303	)
Pay	6-Month GBP-LIBOR	5.000%	09/15/2010	RBS		25,100		998
Pay	6-Month GBP-LIBOR	5.000%	03/20/2013	MSC		80,000		2,973
Pay	6-Month GBP-LIBOR	5.500%	03/20/2013	GSC		314,600		12,862
Pay	6-Month GBP-LIBOR	5.500%	03/20/2013	LEH		277,000		11,783
Pay	6-Month GBP-LIBOR	5.500%	03/20/2013	MSC		39,300		1,659
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	BCLY		117,500		1,075
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	GSC		300,000		1,354
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	HSBC		500,000		5,042
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	RBS		82,500		763
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	BCLY		151,100		14,511
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	CSFB		20,000		1,230
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	DUB		21,600		2,134
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	GSC		521,800		9,137
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	HSBC		123,000		11,921
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	JPM		36,000		3,536
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	MSC		16,000		1,572
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	HSBC		25,200		2,171
Receive	6-Month GBP-LIBOR	4.000%	12/15/2036	RBS		14,900		977
Receive	6-Month GBP-LIBOR	5.000%	03/20/2038	GSC		83,500		(9,548	)
							$	280,753

(g) Purchased options outstanding on March 31, 2008:

Foreign Currency Options
Description	Exercise Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC U.S. dollar versus Japanese yen	JPY	105.200	03/31/2010	$	17,000	$	716	$	277
Put - OTC U.S. dollar versus Japanese yen		105.200	03/31/2010		17,000		716		1,731
Call - OTC U.S. dollar versus Japanese yen		105.400	03/31/2010		44,000		1,846		698
Put - OTC U.S. dollar versus Japanese yen		105.400	03/31/2010		44,000		1,846		4,543
						$	5,124	$	7,249

(h) Short sales outstanding on March 31, 2008:

Description	Coupon		Maturity Date	Principal Amount		Proceeds		Value
Fannie Mae	5.000	%	04/01/2023	$	1,800	$	1,807	$	1,817
Fannie Mae	5.000	%	04/01/2038		150,000		144,141		148,477
Fannie Mae	5.500	%	04/01/2038		424,400		417,636		428,445
Fannie Mae	6.000	%	04/01/2038		1,000,000		1,008,600		1,024,531
Freddie Mac	5.500	%	04/01/2038		130		127		131
						$	1,572,311	$	1,603,401

(i) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AUD	12,440	04/2008	$	58	$	(5	)	$	53
Sell		4,293	04/2008		17		0			17
Buy		20,714	05/2008		120		0			120
Sell		24,000	05/2008		0		(2	)		(2	)
Buy	BRL	363,419	07/2008		7,722		0			7,722
Sell		15,831	07/2008		143		0			143
Sell		32,999	12/2008		561		0			561
Buy	CAD	1,159	04/2008		0		(35	)		(35	)

See Accompanying Notes Annual Report March 31, 2008 61

Schedule of Investments  International Portfolio  (Cont.)

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	EUR	1,800	04/2008	$	0	$	(4	)	$	(4	)
Sell		129,341	04/2008		5		(2,358	)		(2,353	)
Buy	GBP	15,000	04/2008		0		(12	)		(12	)
Sell		228,670	04/2008		210		(1,136	)		(926	)
Sell	JPY	5,725,335	05/2008		0		(406	)		(406	)
Buy	KRW	192,890,234	05/2008		0		(14,891	)		(14,891	)
Sell		153,716,500	05/2008		0		(339	)		(339	)
Buy		189,158,204	08/2008		0		(13,375	)		(13,375	)
Buy	MXN	2,517,555	07/2008		11,464		0			11,464
Sell		2,517,065	07/2008		3		(6,671	)		(6,668	)
Buy	MYR	647,950	05/2008		2,438		0			2,438
Sell	NZD	3,013	04/2008		44		0			44
Buy	RUB	1,392,341	07/2008		3,783		0			3,783
Sell		593,000	07/2008		0		(19	)		(19	)
Buy		2,676,025	11/2008		3,871		0			3,871
Sell		487,809	11/2008		0		(22	)		(22	)
Buy	SGD	406,306	05/2008		14,169		0			14,169
Sell		103,244	05/2008		0		(182	)		(182	)
Buy		35,386	08/2008		832		0			832
				$	45,440	$	(39,457	)	$	5,983

62 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

Schedule of Investments  Investment Grade Corporate Portfolio March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 70.4%
BANKING & FINANCE 43.6%
ABN AMRO Bank NV
3.114% due 09/18/2013	$	1,700	$	1,688
ABX Financing Co.
6.350% due 10/15/2036		400		387
AFLAC, Inc.
6.500% due 04/15/2009		1,000		1,035
American Express Bank FSB
6.000% due 09/13/2017		20,200		19,741
American Express Centurion Bank
6.000% due 09/13/2017		20,000		19,449
American Express Co.
6.150% due 08/28/2017		2,000		1,996
7.000% due 03/19/2018		40,000		42,098
8.150% due 03/19/2038		12,000		13,338
American International Group, Inc.
5.450% due 05/18/2017		8,090		7,881
5.850% due 01/16/2018		27,650		27,204
6.250% due 05/01/2036		5,000		4,744
6.250% due 03/15/2087		16,000		13,003
Anadarko Finance Co.
6.750% due 05/01/2011		2,700		2,889
AvalonBay Communities, Inc.
6.125% due 11/01/2012		150		150
AXA S.A.
6.463% due 12/31/2049		10,000		8,043
Bank of America Corp.
4.637% due 10/14/2016		5,000		4,603
4.750% due 08/01/2015		2,400		2,380
5.625% due 10/14/2016		300		307
5.750% due 12/01/2017		10,000		10,375
6.000% due 09/01/2017		20,800		21,924
8.000% due 12/29/2049		70,900		71,128
Bank of America N.A.
6.100% due 06/15/2017		25,000		26,301
Barclays Bank PLC
5.450% due 09/12/2012		30,000		30,769
6.050% due 12/04/2017		19,300		18,872
6.860% due 09/29/2049		360		301
7.434% due 09/29/2049		16,900		15,309
Bear Stearns Cos., Inc.
5.550% due 01/22/2017		6,300		5,638
6.400% due 10/02/2017		50,000		49,491
6.950% due 08/10/2012		25,000		25,045
7.250% due 02/01/2018		25,000		25,898
BNP Paribas
5.186% due 06/29/2049		17,700		14,872
Canadian Oil Sands Ltd.
4.800% due 08/10/2009		7,000		7,115
CIT Group, Inc.
3.320% due 02/13/2012		10,000		7,311
3.524% due 07/28/2011		5,000		3,706
Citigroup Capital XXI
8.300% due 12/21/2057		27,300		26,980
Citigroup, Inc.
3.291% due 01/30/2009		500		496
6.000% due 08/15/2017		19,500		19,275
6.125% due 11/21/2017		30,900		30,932
6.125% due 08/25/2036		13,900		12,246
CNA Financial Corp.
5.850% due 12/15/2014		2,000		1,982
6.000% due 08/15/2011		2,000		2,057
Commonwealth Bank of Australia
6.024% due 03/29/2049		8,015		6,884

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Countrywide Financial Corp.
6.250% due 05/15/2016	$	4,000	$	3,252
Credit Agricole S.A.
6.637% due 05/29/2049		20,000		15,522
Danske Bank A/S
5.914% due 12/29/2049		10,100		9,340
Deutsche Bank AG
6.000% due 09/01/2017		40,000		41,750
FIA Card Services N.A.
7.125% due 11/15/2012		1,300		1,443
General Electric Capital Corp.
5.875% due 01/14/2038		99,300		96,040
6.375% due 11/15/2067		600		588
6.750% due 03/15/2032		2,800		3,000
GMAC LLC
4.900% due 07/15/2008		50		49
6.750% due 12/01/2014		100		71
6.875% due 08/28/2012		100		76
8.000% due 11/01/2031		120		86
Goldman Sachs Group, Inc.
3.325% due 02/06/2012		300		281
5.700% due 09/01/2012		800		822
5.750% due 10/01/2016		5,000		4,995
5.950% due 01/18/2018		34,200		33,954
6.150% due 04/01/2018 (b)		5,000		5,006
6.250% due 09/01/2017		51,400		51,859
6.450% due 05/01/2036		9,700		8,768
6.750% due 10/01/2037		50,000		46,659
HBOS Capital Funding LP
6.071% due 06/29/2049		13,000		11,435
HBOS PLC
5.375% due 11/29/2049		3,600		3,094
5.920% due 09/29/2049		13,000		9,580
HSBC Bank USA N.A.
4.625% due 04/01/2014		500		483
HSBC Capital Funding LP
4.610% due 12/29/2049		17,150		15,159
HSBC Holdings PLC
6.500% due 05/02/2036		14,500		14,072
6.500% due 09/15/2037		17,600		16,749
7.625% due 05/17/2032		730		778
International Lease Finance Corp.
5.250% due 01/10/2013		5,000		4,903
JPMorgan Chase & Co.
5.750% due 01/02/2013		5,000		5,231
6.000% due 01/15/2018		45,000		47,049
JPMorgan Chase Bank N.A.
6.000% due 10/01/2017		50,000		52,243
JPMorgan Chase Capital XVIII
6.950% due 08/17/2036		2,100		1,940
JPMorgan Chase Capital XX
6.550% due 09/29/2036		2,100		1,843
Kaupthing Bank HF
5.750% due 10/04/2011		3,200		2,557
6.125% due 10/04/2016		2,000		1,376
Landsbanki Islands HF
3.792% due 08/25/2009		2,000		1,814
Lehman Brothers Holdings, Inc.
5.750% due 01/03/2017		5,000		4,528
6.875% due 07/17/2037		4,700		4,087
Marsh & McLennan Cos., Inc.
5.150% due 09/15/2010		2,000		1,998
MBNA Capital B
4.039% due 02/01/2027		2,000		1,674

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Merrill Lynch & Co., Inc.
5.700% due 05/02/2017	$	5,000	$	4,761
6.050% due 08/15/2012		29,000		29,493
6.400% due 08/28/2017		23,000		22,752
Mizuho Financial Group Cayman Ltd.
5.790% due 04/15/2014		1,500		1,576
Mizuho JGB Investment LLC
9.870% due 12/29/2049		3,400		3,415
Morgan Stanley
4.401% due 10/18/2016		7,000		6,316
4.738% due 10/15/2015		2,000		1,622
4.750% due 04/01/2014		5,000		4,647
5.450% due 01/09/2017		5,000		4,689
5.750% due 08/31/2012		40,000		40,779
5.750% due 10/18/2016		10,000		9,693
5.950% due 12/28/2017		11,000		10,658
MUFG Capital Finance 1 Ltd.
6.346% due 07/29/2049		25,000		20,410
Natexis AMBS Co. LLC
8.440% due 12/29/2049		1,300		1,317
National City Bank of Pennsylvania
7.250% due 10/21/2011		853		821
Rabobank Capital Funding II
5.260% due 12/29/2049		8,500		7,309
Rabobank Capital Funding Trust
5.254% due 12/29/2049		19,000		15,812
RBS Capital Trust III
5.512% due 09/29/2049		26,000		21,390
Resona Bank Ltd.
5.850% due 09/29/2049		6,900		5,744
Rockies Express Pipeline LLC
4.250% due 08/20/2009		50,000		50,030
Royal Bank of Scotland Group PLC
4.642% due 04/11/2016		40,000		37,279
6.990% due 10/29/2049		10,000		8,506
9.118% due 03/31/2049		9,170		9,257
Santander Perpetual S.A. Unipersonal
6.671% due 10/29/2049		11,800		10,655
SB Treasury Co. LLC
9.400% due 12/29/2049		1,600		1,621
SLM Corp.
3.471% due 07/27/2009		9,140		7,692
SMFG Preferred Capital USD 1 Ltd.
6.078% due 01/29/2049		5,000		3,945
State Street Capital Trust III
8.250% due 12/29/2049		3,000		2,971
State Street Capital Trust IV
3.800% due 06/15/2037		15,500		11,666
Sumitomo Mitsui Banking Corp.
5.625% due 07/29/2049		5,600		4,745
Tiers Trust
8.125% due 09/15/2017		666		811
UBS AG
5.875% due 12/20/2017		11,300		11,580
UBS Preferred Funding Trust V
6.243% due 05/29/2049		12,000		10,055
UFJ Finance Aruba AEC
6.750% due 07/15/2013		26,512		29,534
USB Capital IX
6.189% due 04/15/2049		14,300		10,625
Wachovia Bank N.A.
2.639% due 03/23/2009		800		793
Wachovia Capital Trust III
5.800% due 03/15/2042		20,000		14,259

See Accompanying Notes Annual Report March 31, 2008 63

Schedule of Investments  Investment Grade Corporate Portfolio  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Wachovia Corp.
5.750% due 02/01/2018	$	25,000	$	24,551
7.980% due 02/28/2049		15,000		14,783
Wells Fargo & Co.
2.659% due 03/23/2010		400		394
Wells Fargo Capital X
5.950% due 12/15/2036		20,500		18,535
Wilmington Trust Co.
10.500% due 07/01/2008 (j)		46		46
Xstrata Finance Canada Ltd.
5.800% due 11/15/2016		5,900		5,710
				1,635,244
INDUSTRIALS 16.4%
Anadarko Petroleum Corp.
5.950% due 09/15/2016		3,300		3,421
6.450% due 09/15/2036		7,400		7,561
Apache Corp.
5.625% due 01/15/2017		200		209
6.000% due 01/15/2037		1,000		1,013
AutoZone, Inc.
5.500% due 11/15/2015		2,500		2,409
6.500% due 07/15/2008		2,000		2,017
Avon Products, Inc.
5.125% due 01/15/2011		3,000		3,079
Barrick Gold Corp.
5.800% due 11/15/2034		2,700		2,476
Baxter International, Inc.
6.250% due 12/01/2037		10,000		10,266
Boston Scientific Corp.
5.450% due 06/15/2014		1,300		1,199
6.000% due 06/15/2011		2,500		2,450
Canadian Natural Resources Ltd.
6.250% due 03/15/2038		500		481
6.500% due 02/15/2037		2,000		1,985
6.750% due 02/01/2039		4,000		4,096
Cardinal Health, Inc.
4.999% due 10/02/2009		2,600		2,532
Comcast Cable Communications Holdings, Inc.
8.375% due 03/15/2013		200		222
9.455% due 11/15/2022		350		427
Comcast Corp.
5.300% due 01/15/2014		7,000		6,880
5.875% due 02/15/2018		25,000		24,405
5.900% due 03/15/2016		2,900		2,882
7.050% due 03/15/2033		5,000		5,115
Continental Airlines, Inc.
6.320% due 11/01/2008		15,195		15,125
7.056% due 09/15/2009		5,000		4,981
Covidien International Finance S.A.
6.550% due 10/15/2037		4,300		4,410
Cox Communications, Inc.
7.125% due 10/01/2012		5,100		5,408
7.750% due 11/01/2010		100		108
CVS Caremark Corp.
3.376% due 06/01/2010		450		438
5.750% due 08/15/2011		2,000		2,096
CVS Pass-Through Trust
6.943% due 01/10/2030		12,962		13,745
Daimler Finance North America LLC
3.298% due 03/13/2009		400		395
4.050% due 06/04/2008		440		440
5.750% due 09/08/2011		2,000		2,046
8.000% due 06/15/2010		270		289

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
DCP Midstream LLC
5.375% due 10/15/2015	$	2,000	$	1,955
Delta Air Lines, Inc.
6.619% due 03/18/2011		924		907
Devon Energy Corp.
7.950% due 04/15/2032		700		866
Devon Financing Corp. ULC
6.875% due 09/30/2011		400		437
7.875% due 09/30/2031		700		863
E.I. Du Pont De Nemours & Co.
5.000% due 01/15/2013		1,600		1,668
El Paso Corp.
6.750% due 05/15/2009		1,106		1,126
7.750% due 06/15/2010		13,533		14,185
7.750% due 01/15/2032		19,185		19,804
7.800% due 08/01/2031		41,285		42,605
8.050% due 10/15/2030		9,200		9,657
El Paso Natural Gas Co.
8.375% due 06/15/2032		3,850		4,393
Enbridge Energy Partners LP
5.875% due 12/15/2016		3,600		3,569
EnCana Corp.
5.900% due 12/01/2017		13,400		13,766
6.500% due 02/01/2038		9,400		9,367
Energy Transfer Partners LP
5.650% due 08/01/2012		8,100		8,150
6.125% due 02/15/2017		800		780
6.625% due 10/15/2036		1,900		1,767
7.500% due 07/01/2038		8,800		8,849
Enterprise Products Operating LLC
6.500% due 01/31/2019 (b)		5,000		4,993
Enterprise Products Operating LP
5.000% due 03/01/2015		900		861
EOG Resources, Inc.
5.875% due 09/15/2017		20,000		21,012
Fund American Cos., Inc.
5.875% due 05/15/2013		2,500		2,610
General Electric Co.
5.250% due 12/06/2017		10,000		10,012
General Mills, Inc.
5.700% due 02/15/2017		4,500		4,548
HJ Heinz Finance Co.
6.000% due 03/15/2012		3,000		3,148
Hospira, Inc.
6.050% due 03/30/2017		1,300		1,292
Humana, Inc.
6.450% due 06/01/2016		5,000		5,080
International Business Machines Corp.
5.700% due 09/14/2017		23,400		24,576
Johnson Controls, Inc.
5.250% due 01/15/2011		2,000		2,067
5.500% due 01/15/2016		2,000		2,043
Kellogg Co.
5.125% due 12/03/2012		1,500		1,553
Kern River Funding Corp.
4.893% due 04/30/2018		12,860		13,125
Kinder Morgan Energy Partners LP
5.950% due 02/15/2018		5,000		4,965
6.000% due 02/01/2017		800		798
6.500% due 02/01/2037		300		279
7.125% due 03/15/2012		5,000		5,319
7.300% due 08/15/2033		5,500		5,631
Kraft Foods, Inc.
5.625% due 11/01/2011		2,000		2,041
6.500% due 08/11/2017		6,600		6,788

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Kroger Co.
5.500% due 02/01/2013	$	3,000	$	3,107
Lockheed Martin Corp.
4.121% due 03/14/2013		1,000		1,003
Loews Corp.
5.250% due 03/15/2016		2,000		2,004
Mazda Manufacturing Corp.
10.500% due 07/01/2008 (j)		68		68
Mazda Motor Corp.
10.500% due 07/01/2008 (j)		12		12
New Albertson’s, Inc.
8.000% due 05/01/2031		5,000		4,792
News America Holdings, Inc.
9.250% due 02/01/2013		4,800		5,578
Norfolk Southern Corp.
5.640% due 05/17/2029		77		70
7.800% due 05/15/2027		3		3
Omnicom Group, Inc.
5.900% due 04/15/2016		3,800		3,784
ONEOK Partners LP
6.850% due 10/15/2037		8,000		7,944
Packaging Corp. of America
4.375% due 08/01/2008		2,800		2,802
Parker Hannifin Employee Stock Ownership Trust
6.340% due 07/15/2008		225		227
Pemex Project Funding Master Trust
7.875% due 02/01/2009		26,375		27,451
9.375% due 12/02/2008		5,968		6,237
Plains All American Pipeline LP
6.125% due 01/15/2017		1,000		1,019
6.650% due 01/15/2037		1,700		1,615
RadioShack Corp.
7.375% due 05/15/2011		1,900		1,976
Reynolds American, Inc.
6.750% due 06/15/2017		10,000		10,168
Rohm & Haas Co.
6.000% due 09/15/2017		25,000		25,441
Rowan Cos., Inc.
5.880% due 03/15/2012		1,164		1,259
Sealed Air Corp.
6.950% due 05/15/2009		1,500		1,547
Systems 2001 Asset Trust LLC
6.664% due 09/15/2013		2,653		2,734
7.156% due 12/15/2011		852		918
Time Warner Cable, Inc.
5.850% due 05/01/2017		22,800		21,870
6.550% due 05/01/2037		10,100		9,566
United Airlines, Inc.
6.071% due 03/01/2013		900		892
6.602% due 03/01/2015		1,174		1,168
8.390% due 01/21/2011 (a)		2,231		11
10.020% due 03/22/2014 (a)		817		385
10.125% due 03/22/2015 (a)		1,947		1,010
10.850% due 02/19/2015 (a)		883		434
Univision Communications, Inc.
7.850% due 07/15/2011		5,067		4,522
Valero Energy Corp.
7.500% due 04/15/2032		800		835
8.750% due 06/15/2030		15,175		18,211
Viacom, Inc.
3.150% due 06/16/2009		3,000		2,941
5.750% due 04/30/2011		3,000		3,035
Wal-Mart Stores, Inc.
5.800% due 02/15/2018		10,000		10,508

64 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Waste Management, Inc.
7.375% due 08/01/2010	$	90	$	95
WEA Finance LLC
5.700% due 10/01/2016		2,000		1,812
Wyeth
5.500% due 03/15/2013		2,500		2,651
XTO Energy, Inc.
4.900% due 02/01/2014		5,000		5,002
5.650% due 04/01/2016		800		823
6.100% due 04/01/2036		5,000		4,963
Yum! Brands, Inc.
6.250% due 04/15/2016		2,500		2,535
6.875% due 11/15/2037		5,700		5,470
7.650% due 05/15/2008		3,000		3,016
				615,575
UTILITIES 10.4%
Appalachian Power Co.
5.650% due 08/15/2012		10,100		10,401
6.375% due 04/01/2036		500		461
AT&T Corp.
7.300% due 11/15/2011		6,947		7,533
8.000% due 11/15/2031		20,200		23,677
AT&T Mobility LLC
6.500% due 12/15/2011		450		478
AT&T, Inc.
5.500% due 02/01/2018		23,000		22,571
6.500% due 09/01/2037		50,000		49,633
Beaver Valley II Funding
9.000% due 06/01/2017		1,459		1,625
Bruce Mansfield Unit
6.850% due 06/01/2034		1,700		1,785
BVPS II Funding Corp.
8.890% due 06/01/2017		1,500		1,766
Carolina Power & Light Co.
6.300% due 04/01/2038		3,600		3,706
CenturyTel, Inc.
8.375% due 10/15/2010		2,100		2,288
Cleveland Electric Illuminating Co.
6.860% due 10/01/2008		4		4
Consumers Energy Co.
5.000% due 02/15/2012		1,900		1,928
5.000% due 03/15/2015		300		294
5.150% due 02/15/2017		2,800		2,751
5.375% due 04/15/2013		600		620
5.500% due 08/15/2016		2,250		2,265
Deutsche Telekom International Finance BV
8.000% due 06/15/2010		3,200		3,426
8.250% due 06/15/2030		11,700		14,077
Dominion Resources, Inc.
5.200% due 01/15/2016		3,000		2,943
5.600% due 11/15/2016		1,800		1,812
Duke Energy, Inc.
6.900% due 06/01/2025		2,821		2,934
Embarq Corp.
7.082% due 06/01/2016		100		95
Enel Finance International S.A.
6.250% due 09/15/2017		32,000		33,271
6.800% due 09/15/2037		14,550		14,724
Energy East Corp.
6.750% due 07/15/2036		1,300		1,267
Entergy Arkansas, Inc.
5.400% due 05/01/2018		9,384		9,113

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Entergy Gulf States, Inc.
3.600% due 06/01/2008	$	13,800	$	13,766
5.250% due 08/01/2015		600		568
Entergy Louisiana LLC
4.670% due 06/01/2010		400		399
Exelon Corp.
6.750% due 05/01/2011		3,000		3,169
Florida Power Corp.
3.468% due 11/14/2008		2,300		2,299
Kentucky Power Co.
6.000% due 09/15/2017		18,600		18,666
MidAmerican Energy Holdings Co.
6.500% due 09/15/2037		100		100
7.520% due 09/15/2008		350		355
NGPL Pipe Co. LLC
7.768% due 12/15/2037		4,100		4,226
Niagara Mohawk Power Corp.
7.750% due 10/01/2008		70		71
Ohio Edison Co.
6.875% due 07/15/2036		3,000		2,951
Ohio Power Co.
6.375% due 07/15/2033		5,500		4,942
PNPP II Funding Corp.
9.120% due 05/30/2016		1,388		1,662
PPL Capital Funding Trust I
4.330% due 03/01/2009		3,300		3,319
Progress Energy, Inc.
7.100% due 03/01/2011		188		202
7.750% due 03/01/2031		15,550		18,293
PSEG Power LLC
3.750% due 04/01/2009		2,500		2,480
8.625% due 04/15/2031		12,000		14,764
Public Service Co. of Oklahoma
6.625% due 11/15/2037		2,300		2,205
Qwest Capital Funding, Inc.
7.250% due 02/15/2011		13,650		13,036
Qwest Corp.
6.875% due 09/15/2033		9,880		7,953
8.875% due 03/15/2012		6,000		6,150
SCANA Corp.
6.250% due 02/01/2012		10,000		10,525
Sprint Capital Corp.
6.375% due 05/01/2009		2,000		1,970
System Energy Resources, Inc.
5.129% due 01/15/2014		2,120		2,121
Telecom Italia Capital S.A.
5.250% due 10/01/2015		9,850		8,965
7.200% due 07/18/2036		200		189
Telefonica Emisones SAU
5.984% due 06/20/2011		3,500		3,608
United Telecom, Inc.
6.890% due 07/01/2008 (j)		1,000		994
Virginia Electric and Power Co.
5.950% due 09/15/2017		20,000		21,108
				388,504
Total Corporate Bonds & Notes (Cost $2,672,584)				2,639,323
CONVERTIBLE BONDS & NOTES 0.1%
ERP Operating LP
3.850% due 08/15/2026		3,800		3,653
Total Convertible Bonds & Notes (Cost $3,838)				3,653

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES 10.9%
Fannie Mae
5.500% due 01/01/2037 - 04/01/2038	$	358,316	$	362,102
Freddie Mac
5.500% due 12/01/2036		45,738		46,248
Ginnie Mae
8.500% due 07/15/2030 - 08/15/2030		85		94
Total U.S. Government Agencies (Cost $408,043)				408,444
MORTGAGE-BACKED SECURITIES 0.3%
Citigroup/Deutsche Bank Commercial Mortgage Trust
5.362% due 01/15/2046		8,600		8,504
Denver Arena Trust
6.940% due 11/15/2019		1,779		1,750
Total Mortgage-Backed Securities (Cost $10,342)				10,254
ASSET-BACKED SECURITIES 0.0%
MASTR Asset-Backed Securities Trust
2.679% due 05/25/2037		345		322
Total Asset-Backed Securities (Cost $345)				322
SOVEREIGN ISSUES 0.0%
Export-Import Bank of Korea
3.166% due 06/01/2009		700		701
Total Sovereign Issues (Cost $700)				701
		SHARES
COMMON STOCKS 0.1%
Devon Energy Corp.		33,898		3,537
Total Common Stocks (Cost $862)				3,537
PREFERRED STOCKS 0.1%
Goldman Sachs Group, Inc.
3.846% due 12/31/2049		200,000		3,700
Lehman Brothers Holdings, Inc.
5.670% due 12/01/2049		5,200		178
Total Preferred Stocks (Cost $5,231)				3,878
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 15.8%
COMMERCIAL PAPER 2.6%
DnB NOR Bank ASA
3.150% due 04/15/2008	$	11,300		11,286
UBS Finance Delaware LLC
2.940% due 06/06/2008		32,600		32,434
3.020% due 04/04/2008		52,500		52,487
				96,207

See Accompanying Notes Annual Report March 31, 2008 65

Schedule of Investments  Investment Grade Corporate Portfolio  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS 11.9%
Deutsche Bank AG
1.200% due 04/01/2008	$	409,200	$	409,200
(Dated 03/31/2008. Collateralized by U.S. Treasury Inflation Protected Securities 3.875% due 04/15/2029 valued at $418,125. Repurchase proceeds are $409,214.)
Fixed Income Clearing Corp.
1.900% due 04/01/2008		37,017		37,017
(Dated 03/31/2008. Collateralized by Freddie Mac 0.000% due 06/09/2008 valued at $37,758. Repurchase proceeds are $37,019.)
				446,217

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. TREASURY BILLS 1.3%
1.300% due 04/17/2008 - 06/12/2008 (c)(d)	$	50,500	$	50,318
Total Short-Term Instruments (Cost $592,801)				592,742
PURCHASED OPTIONS (h) 1.1%
(Cost $15,091)				43,392
Total Investments 98.8% (Cost $3,709,837)			$	3,706,246
Written Options (i) (0.9%) (Premiums $14,212)				(33,346	)
Other Assets and Liabilities (Net) 2.1%				77,911
Net Assets (e) 100.0%			$	3,750,811

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security is in default.

(b) When-issued security.

(c) Coupon represents a weighted average rate.

(d) Securities with an aggregate market value of $20,668 have been pledged as collateral for swap and swaption contracts on March 31,2008.

(e) As of March 31, 2008, portfolio securities with an aggregate value of $1,131 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(f) Cash of $7,265 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
U.S. Treasury 2-Year Note June Futures	Short	06/2008	249	$	(131	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	433		10
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	272		(1,040	)
				$	(1,161	)

(g) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Altria Group, Inc. 7.000% due 11/04/2013	Sell	1.090%		09/20/2010	MSC	$	10,000	$	138
American Electric Power Co., Inc. 5.375% due 03/15/2010	Sell	0.410%		09/20/2011	MSC		2,000		(11	)
American Express Co. 4.875% due 07/15/2013	Sell	2.050%		03/20/2013	RBS		4,800		67
American International Group, Inc. 4.250% due 05/15/2013	Sell	0.350%		06/20/2010	JPM		2,000		(70	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.800%		03/20/2013	MSC		4,700		(9	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.920%		03/20/2013	DUB		25,000		103
American International Group, Inc. 6.250% due 05/01/2036	Sell	2.062%		03/20/2013	JPM		10,000		95
American International Group, Inc. 6.250% due 05/01/2036	Sell	2.150%		03/20/2013	LEH		9,000		135
Apache Corp. 6.250% due 04/15/2012	Sell	0.200%		03/20/2010	JPM		6,300		(37	)
AT&T, Inc. 5.875% due 08/15/2012	Sell	0.980%		06/20/2013	BCLY		4,600		(35	)
AutoZone, Inc. 5.500% due 11/15/2015	Buy	(0.810%	)	12/20/2015	RBS		2,500		56
AutoZone, Inc. 5.875% due 10/15/2012	Buy	(0.340%	)	06/20/2012	GSC		1,900		53
AutoZone, Inc. 5.875% due 10/15/2012	Buy	(0.390%	)	09/20/2012	RBS		5,400		153
AutoZone, Inc. 5.875% due 10/15/2012	Buy	(0.340%	)	12/20/2012	RBS		8,400		277
AutoZone, Inc. 6.500% due 07/15/2008	Buy	(0.160%	)	09/20/2008	CITI		2,100		3
Avon Products, Inc. 5.125% due 01/15/2011	Buy	(0.150%	)	03/20/2011	CSFB		3,000		13
Bank of America Corp. 6.250% due 04/15/2012	Sell	0.280%		09/20/2012	BCLY		20,000		(453	)
Bank of America Corp. 6.250% due 04/15/2012	Sell	0.950%		03/20/2013	RBS		4,500		23
Bank of America Corp. floating rate based on 3-Month USD-LIBOR plus 0.260% due 10/14/2016	Buy	(0.170%	)	12/20/2016	MLP		5,000		258
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	0.480%		09/20/2012	CITI		4,900		(286	)
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	0.670%		09/20/2012	JPM		700		(36	)
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	1.100%		09/20/2012	CSFB		10,000		(338	)
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	2.270%		03/20/2013	BOA		5,000		100
Black & Decker Corp. 7.125% due 06/01/2011	Buy	(0.450%	)	09/20/2012	UBS		6,000		266
Black & Decker Corp. 7.125% due 06/01/2011	Buy	(0.400%	)	09/20/2012	BEAR		1,800		84
Black & Decker Corp. 7.125% due 06/01/2011	Buy	(0.420%	)	12/20/2012	MSC		3,400		168
Black & Decker Corp. 7.125% due 06/01/2011	Buy	(0.400%	)	12/20/2012	MSC		7,600		383

66 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Burlington Northern Santa Fe Corp. 4.300% due 07/01/2013	Buy	(0.270%	)	09/20/2012	MLP	$	4,800	$	60
Burlington Northern Santa Fe Corp. 4.300% due 07/01/2013	Buy	(0.259%	)	09/20/2012	CSFB		4,000		52
Burlington Resources Finance Co. 6.400% due 08/15/2011	Sell	0.280%		03/20/2010	MLP		5,000		(9	)
Canadian Natural Resources Ltd. 5.450% due 10/01/2012	Sell	0.320%		03/20/2010	MLP		5,000		(44	)
Canadian Natural Resources Ltd. 5.450% due 10/01/2012	Sell	0.420%		09/20/2010	UBS		5,000		(39	)
Canadian Natural Resources Ltd. 5.450% due 10/01/2012	Sell	1.130%		06/20/2013	BCLY		4,700		20
CBS Corp. 4.625% due 05/15/2018	Buy	(0.600%	)	09/20/2012	CSFB		8,400		490
Centex Corp. 5.250% due 06/15/2015	Buy	(0.820%	)	06/20/2012	JPM		1,600		212
CenturyTel, Inc. 7.875% due 08/15/2012	Buy	(0.355%	)	06/20/2010	BEAR		2,100		36
Citigroup, Inc. 6.500% due 01/18/2011	Sell	0.290%		09/20/2012	BCLY		20,000		(1,128	)
Citigroup, Inc. 6.500% due 01/18/2011	Sell	0.290%		09/20/2012	BEAR		20,000		(1,128	)
Citigroup, Inc. 6.500% due 01/18/2011	Sell	1.500%		06/20/2013	MSC		1,500		(14	)
Clorox Co. 6.125% due 02/01/2011	Buy	(0.350%	)	09/20/2012	CITI		3,000		53
Clorox Co. 6.125% due 02/01/2011	Buy	(0.330%	)	09/20/2012	UBS		5,700		105
Clorox Co. 6.125% due 02/01/2011	Buy	(0.420%	)	12/20/2012	UBS		2,800		47
CNA Financial Corp. 5.850% due 12/15/2014	Buy	(0.470%	)	12/20/2014	CITI		2,000		100
CNA Financial Corp. 6.000% due 08/15/2011	Buy	(0.285%	)	09/20/2011	BCLY		2,000		53
Coca-Cola Enterprises, Inc. 6.125% due 08/15/2011	Buy	(0.140%	)	06/20/2012	CITI		4,300		67
Comcast Corp. 5.300% due 01/15/2014	Sell	1.600%		06/20/2013	BCLY		4,600		24
Comcast Corp. 5.300% due 01/15/2014	Buy	(0.390%	)	03/20/2014	BCLY		2,000		2
ConAgra Foods, Inc. 7.000% due 10/01/2028	Buy	(0.299%	)	06/20/2012	GSC		3,000		41
ConocoPhillips 4.750% due 10/15/2012	Sell	0.210%		03/20/2010	GSC		5,000		(9	)
Countrywide Financial Corp. 6.250% due 05/15/2016	Buy	(0.710%	)	06/20/2016	BEAR		4,000		639
CVS Caremark Corp. 5.750% due 08/15/2011	Buy	(0.250%	)	09/20/2011	CSFB		2,000		16
Daimler Finance N.A. LLC 5.750% due 09/08/2011	Buy	(0.535%	)	09/20/2011	BCLY		2,000		19
Darden Restaurants, Inc. 7.125% due 02/01/2016	Buy	(0.490%	)	06/20/2012	MSC		1,800		78
Diamond Offshore Drilling, Inc. 0.000% due 06/06/2020	Buy	(0.230%	)	06/20/2012	DUB		700		9
Diamond Offshore Drilling, Inc. 0.000% due 06/06/2020	Buy	(0.210%	)	06/20/2012	BEAR		3,300		44
Dominion Resources, Inc. 5.200% due 01/15/2016	Sell	0.670%		06/20/2015	CITI		3,900		(9	)
Dominion Resources, Inc. 5.200% due 01/15/2016	Buy	(0.455%	)	03/20/2016	BOA		3,000		58
Dow Chemical Co. 6.000% due 10/01/2012	Buy	(0.259%	)	09/20/2012	CSFB		2,700		60
Dow Chemical Co. 6.000% due 10/01/2012	Buy	(0.249%	)	09/20/2012	LEH		6,300		142
DR Horton, Inc. 5.375% due 06/15/2012	Buy	(1.370%	)	06/20/2012	UBS		5,800		501
DTE Energy Co. 7.050% due 06/01/2011	Buy	(0.650%	)	09/20/2016	MSC		2,000		61
EnCana Corp. 4.750% due 10/15/2013	Sell	0.530%		09/20/2009	BEAR		7,000		(14	)
EnCana Corp. 4.750% due 10/15/2013	Sell	0.320%		03/20/2010	CSFB		2,000		(15	)
EnCana Corp. 4.750% due 10/15/2013	Sell	0.330%		09/20/2010	JPM		5,000		(47	)
EnCana Corp. 4.750% due 10/15/2013	Sell	1.030%		06/20/2013	BCLY		4,700		13
Enterprise Products Operating LP 6.375% due 02/01/2013	Sell	1.300%		06/20/2013	MSC		4,700		79
ERP Operating LP 3.850% due 08/15/2026	Buy	(0.255%	)	09/20/2011	RBS		3,800		124
Exelon Corp. 6.750% due 05/01/2011	Buy	(0.290%	)	06/20/2011	MLP		3,200		85
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.760%		09/20/2010	UBS		1,600		(192	)
Gannett Co., Inc. 6.375% due 04/01/2012	Buy	(0.680%	)	09/20/2012	BOA		9,100		603
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.160%		06/20/2011	MSC		10,000		(327	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.160%		06/20/2011	WAC		10,000		(327	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.630%		12/20/2012	BCLY		4,200		(117	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	1.310%		03/20/2013	CITI		12,000		26
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	1.450%		03/20/2013	BCLY		4,500		34
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	1.500%		03/20/2013	BNP		25,000		261
GlobalSantaFe Corp. 5.000% due 02/15/2013	Buy	(0.530%	)	06/20/2012	DUB		4,200		(21	)
GlobalSantaFe Corp. 5.000% due 02/15/2013	Buy	(0.500%	)	06/20/2012	DUB		1,500		(6	)
GMAC LLC 5.125% due 05/09/2008	Sell	2.100%		09/20/2008	MLP		25,000		(1,285	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.900%		09/20/2012	UBS		10,000		(191	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	1.600%		03/20/2013	RBS		4,600		34
H.J. Heinz Finance Co. 6.000% due 03/15/2012	Buy	(0.380%	)	03/20/2012	RBS		3,100		19
Halliburton Co. 5.500% due 10/15/2010	Sell	0.290%		03/20/2010	JPM		7,000		5
HSBC Finance Corp. floating rate based on 3-Month USD-LIBOR plus 0.430% due 06/01/2016	Buy	(0.220%	)	06/20/2016	BEAR		2,000		131
International Game Technology 0.000% convertible until 01/29/2033	Sell	0.350%		03/20/2010	CSFB		1,800		(5	)
International Lease Finance Corp. 5.250% due 01/10/2013	Buy	(0.200%	)	03/20/2013	GSC		5,000		359
International Paper Co. 5.850% due 10/30/2012	Buy	(0.490%	)	06/20/2012	BEAR		5,200		401
International Paper Co. 5.850% due 10/30/2012	Buy	(0.490%	)	06/20/2012	JPM		4,300		332
International Paper Co. 5.850% due 10/30/2012	Buy	(0.460%	)	06/20/2012	BEAR		1,000		78
International Paper Co. 5.850% due 10/30/2012	Buy	(0.450%	)	06/20/2012	UBS		1,100		86
Johnson Controls, Inc. 5.250% due 01/15/2011	Buy	(0.240%	)	03/20/2011	BEAR		2,000		26
Johnson Controls, Inc. 5.500% due 01/15/2016	Buy	(0.500%	)	03/20/2016	BEAR		2,000		61
JPMorgan Chase & Co. 4.750% due 03/01/2015	Sell	1.050%		03/20/2013	RBS		4,500		14
Kaupthing Bank HF 5.750% due 10/04/2011	Buy	(0.530%	)	12/20/2011	DUB		3,200		745
Kaupthing Bank HF 6.125% due 10/04/2016	Buy	(0.600%	)	12/20/2016	DUB		2,000		636
Kinder Morgan Energy Partners LP 6.750% due 03/15/2011	Sell	1.200%		06/20/2013	BCLY		4,700		(20	)
Kohl’s Corp. 6.300% due 03/01/2011	Buy	(0.220%	)	06/20/2012	GSC		1,900		103
Kohl’s Corp. 6.300% due 03/01/2011	Buy	(0.330%	)	09/20/2012	CITI		3,000		163
Kohl’s Corp. 6.300% due 03/01/2011	Buy	(0.300%	)	09/20/2012	BOA		3,900		217
Kraft Foods, Inc. 5.625% due 11/01/2011	Buy	(0.150%	)	12/20/2011	BEAR		2,000		59
Kroger Co. 5.500% due 02/01/2013	Buy	(0.560%	)	03/20/2013	MSC		3,000		23

See Accompanying Notes Annual Report March 31, 2008 67

Schedule of Investments  Investment Grade Corporate Portfolio  (Cont.)

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Landsbanki Islands HF floating rate based on 3-Month USD-LIBOR plus 0.700% due 08/25/2009	Buy	(0.330%	)	09/20/2009	RBS	$	2,000	$	214
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.265%		03/20/2011	BNP		2,800		(230	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.755%		09/20/2012	UBS		20,000		(1,697	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	1.930%		03/20/2013	BNP		25,000		(1,004	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	1.960%		03/20/2013	CSFB		25,000		(972	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	2.300%		06/20/2013	MSC		1,800		(46	)
Lennar Corp. 5.950% due 03/01/2013	Buy	(1.130%	)	06/20/2012	LEH		4,400		766
Lennar Corp. 5.950% due 03/01/2013	Buy	(1.090%	)	06/20/2012	LEH		1,100		193
Loews Corp. 5.250% due 03/15/2016	Buy	(0.280%	)	03/20/2016	BEAR		2,000		55
Lowe’s Cos., Inc. 8.250% due 06/01/2010	Buy	(0.520%	)	12/20/2012	BOA		11,500		216
Macy’s Retail Holdings, Inc. 6.625% due 04/01/2011	Buy	(0.530%	)	06/20/2012	GSC		1,900		149
Marsh & McLennan Cos., Inc. 5.150% due 09/15/2010	Buy	(0.590%	)	09/20/2010	MSC		10,000		20
Masco Corp. 5.875% due 07/15/2012	Buy	(0.630%	)	06/20/2012	BCLY		1,300		111
Masco Corp. 5.875% due 07/15/2012	Buy	(0.589%	)	06/20/2012	LEH		700		61
Masco Corp. 5.875% due 07/15/2012	Buy	(0.540%	)	06/20/2012	DUB		1,300		115
Masco Corp. 5.875% due 07/15/2012	Buy	(0.950%	)	03/20/2017	BNP		2,200		238
Mattel, Inc. 6.125% due 06/15/2011	Buy	(0.330%	)	06/20/2012	BCLY		2,400		72
MeadWestvaco Corp. 6.850% due 04/01/2012	Buy	(0.570%	)	06/20/2012	BEAR		4,300		181
MeadWestvaco Corp. 6.850% due 04/01/2012	Buy	(0.570%	)	06/20/2012	RBS		4,100		173
MeadWestvaco Corp. 6.850% due 04/01/2012	Buy	(0.540%	)	06/20/2012	MSC		400		17
MeadWestvaco Corp. 6.850% due 04/01/2012	Buy	(0.528%	)	06/20/2012	JPM		1,200		53
MeadWestvaco Corp. 6.850% due 04/01/2012	Buy	(0.510%	)	06/20/2012	LEH		1,000		45
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Buy	(0.850%	)	12/20/2012	JPM		3,300		251
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Buy	(1.910%	)	03/20/2013	CSFB		25,000		807
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Buy	(1.880%	)	03/20/2013	BNP		25,000		839
MetLife, Inc. 5.000% due 06/15/2015	Sell	2.073%		03/20/2013	DUB		7,000		202
Morgan Stanley 6.600% due 04/01/2012	Sell	0.900%		09/20/2012	GSC		4,400		(171	)
Morgan Stanley 6.600% due 04/01/2012	Sell	2.000%		03/20/2013	RBS		4,700		32
Morgan Stanley floating rate based on 3-Month USD-LIBOR plus 0.450% due 10/18/2016	Buy	(0.340%	)	12/20/2016	LEH		3,000		279
Morgan Stanley floating rate based on 3-Month USD-LIBOR plus 0.450% due 10/18/2016	Buy	(0.320%	)	12/20/2016	RBS		4,000		377
Morgan Stanley floating rate based on 3-Month USD-LIBOR plus 0.480% due 10/15/2015	Buy	(0.275%	)	12/20/2015	RBS		2,000		183
Multiple Reference Entities of Gazprom	Sell	1.000%		11/20/2008	CSFB		7,900		(9	)
Nabors Industries, Inc. 0.000% due 02/05/2021	Buy	(0.470%	)	06/20/2012	LEH		500		7
Nabors Industries, Inc. 5.375% due 08/15/2012	Buy	(0.480%	)	06/20/2012	CITI		1,400		19
Newell Rubbermaid, Inc. 6.350% until 07/15/2008 and variable thereafter, due 07/15/2028	Buy	(0.290%	)	09/20/2012	RBS		3,600		75
Newell Rubbermaid, Inc. 6.350% until 07/15/2008 and variable thereafter, due 07/15/2028	Buy	(0.319%	)	12/20/2012	GSC		6,300		137
Newell Rubbermaid, Inc. 6.750% due 03/15/2012	Buy	(0.230%	)	06/20/2012	RBS		3,500		73
Noble Corp. 5.875% due 06/01/2013	Buy	(0.522%	)	06/20/2012	MSC		4,300		12
Noble Corp. 5.875% due 06/01/2013	Buy	(0.510%	)	06/20/2012	DUB		1,400		5
Nordstrom, Inc. 6.950% due 03/15/2028	Buy	(0.179%	)	06/20/2012	LEH		1,300		44
Nordstrom, Inc. 6.950% due 03/15/2028	Buy	(0.280%	)	09/20/2012	LEH		5,800		195
Nordstrom, Inc. 6.950% due 03/15/2028	Buy	(0.240%	)	09/20/2012	CITI		2,100		74
Nordstrom, Inc. 6.950% due 03/15/2028	Buy	(0.230%	)	12/20/2012	UBS		9,800		383
Norfolk Southern Corp. 7.700% due 05/15/2017	Buy	(0.240%	)	12/20/2012	MLP		7,000		102
Occidental Petroleum Corp. 6.750% due 01/15/2012	Sell	0.250%		03/20/2010	JPM		7,000		2
Ohio Edison Co. 5.450% due 05/01/2015	Sell	0.470%		03/20/2010	WAC		10,000		(53	)
Omnicom Group, Inc. 5.900% due 04/15/2016	Buy	(0.390%	)	06/20/2016	MSC		3,800		176
Proctor & Gamble Co. 4.950% due 08/15/2014	Sell	0.070%		09/20/2008	LEH		7,500		(1	)
Pulte Homes, Inc. 7.875% due 08/01/2011	Buy	(1.250%	)	06/20/2012	MSC		500		45
Pulte Homes, Inc. 7.875% due 08/01/2011	Buy	(1.030%	)	06/20/2012	MSC		1,700		167
RadioShack Corp. 7.375% due 05/15/2011	Buy	(1.290%	)	06/20/2011	BOA		2,100		15
Raytheon Co. 7.200% due 08/15/2027	Buy	(0.090%	)	06/20/2009	CITI		2,000		1
SCANA Corp. 6.250% due 02/01/2012	Buy	(0.380%	)	03/20/2012	BOA		10,000		99
Sealed Air Corp. 6.950% due 05/15/2009	Buy	(0.200%	)	06/20/2009	BCLY		1,600		11
Sherwin-Williams Co. 7.375% due 02/01/2027	Buy	(0.230%	)	09/20/2012	BOA		5,800		169
Sherwin-Williams Co. 7.375% due 02/01/2027	Buy	(0.230%	)	09/20/2012	MSC		3,400		99
Sherwin-Williams Co. 7.375% due 02/01/2027	Buy	(0.280%	)	12/20/2012	MSC		3,400		100
Sherwin-Williams Co. 7.375% due 02/01/2027	Buy	(0.260%	)	12/20/2012	MSC		5,200		157
SLM Corp. 5.125% due 08/27/2012	Sell	2.870%		12/20/2012	BNP		5,000		(912	)
SLM Corp. 5.125% due 08/27/2012	Sell	2.900%		12/20/2012	DUB		2,000		(363	)
SLM Corp. 5.125% due 08/27/2012	Sell	2.950%		03/20/2013	BOA		4,300		(790	)
Southwest Airlines Co. 6.500% due 03/01/2012	Buy	(0.480%	)	09/20/2012	RBS		6,300		329
Sprint Capital Corp. 8.375% due 03/15/2012	Sell	0.316%		06/20/2011	BOA		24,000		(3,914	)
Sprint Nextel Corp. 6.000% due 12/01/2016	Sell	6.000%		03/20/2009	LEH		2,500		34
Sprint Nextel Corp. 6.000% due 12/01/2016	Sell	7.150%		06/20/2009	BCLY		9,000		256
Staples, Inc. 7.375% due 10/01/2012	Buy	(0.280%	)	06/20/2012	CSFB		2,500		113
Temple-Inland, Inc. 6.750% due 03/01/2009	Buy	(0.280%	)	03/20/2009	JPM		2,600		32
Time Warner Entertainment Co. LP 8.375% due 03/15/2023	Sell	1.830%		06/20/2013	MSC		1,700		(13	)
Time Warner, Inc. 6.875% due 05/01/2012	Sell	0.290%		06/20/2009	UBS		11,000		(59	)

68 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Time Warner, Inc. 6.875% due 05/01/2012	Sell	0.570%		09/20/2010	HSBC	$	5,000	$	(121	)
TJX Cos., Inc. 7.450% due 12/15/2009	Buy	(0.270%	)	12/20/2012	RBS		5,600		106
TJX Cos., Inc. 7.450% due 12/15/2009	Buy	(0.250%	)	12/20/2012	RBS		12,900		257
Toll Brothers Finance Corp. 6.875% due 11/15/2012	Buy	(1.155%	)	06/20/2012	DUB		3,200		219
Toll Brothers Finance Corp. 6.875% due 11/15/2012	Buy	(1.010%	)	06/20/2012	UBS		1,000		74
Toll Brothers Finance Corp. 6.875% due 11/15/2012	Buy	(0.800%	)	06/20/2012	JPM		1,300		105
Transocean, Inc. 7.375% due 04/15/2018	Sell	0.910%		06/20/2013	MSC		4,700		12
Union Pacific Corp. 6.125% due 01/15/2012	Buy	(0.215%	)	06/20/2011	BNP		1,900		15
Verizon Communications, Inc. 4.900% due 09/15/2015	Sell	0.930%		06/20/2013	MSC		1,700		(18	)
VF Corp. 8.500% due 10/01/2010	Buy	(0.220%	)	06/20/2012	GSC		1,800		35
VF Corp. 8.500% due 10/01/2010	Buy	(0.470%	)	12/20/2012	MSC		4,500		59
VF Corp. 8.500% due 10/01/2010	Buy	(0.450%	)	12/20/2012	GSC		5,200		73
Viacom, Inc. 5.750% due 04/30/2011	Buy	(0.470%	)	06/20/2011	UBS		3,000		5
Viacom, Inc. 6.250% due 04/30/2016	Sell	0.510%		06/20/2011	MSC		8,000		(263	)
Walt Disney Co. 6.375% due 03/01/2012	Buy	(0.180%	)	06/20/2011	MSC		1,300		13
Wells Fargo & Co. 5.000% due 11/15/2014	Sell	0.210%		09/20/2012	BEAR		20,000		(1,005	)
Wells Fargo & Co. floating rate based on 3-Month USD-LIBOR plus 0.200% due 10/28/2015	Sell	0.950%		03/20/2013	RBS		4,500		0
Weyerhaeuser Co. 6.750% due 03/15/2012	Buy	(0.530%	)	06/20/2012	JPM		3,000		140
Weyerhaeuser Co. 6.750% due 03/15/2012	Buy	(0.520%	)	06/20/2012	BEAR		5,300		250
Weyerhaeuser Co. 6.750% due 03/15/2012	Buy	(0.480%	)	06/20/2012	BEAR		500		24
Weyerhaeuser Co. 6.750% due 03/15/2012	Buy	(0.450%	)	06/20/2012	LEH		900		45
Weyerhaeuser Co. 6.750% due 03/15/2012	Buy	(1.018%	)	03/20/2017	GSC		1,700		88
Whirlpool Corp. 7.750% due 07/15/2016	Buy	(0.630%	)	06/20/2012	GSC		900		11
Whirlpool Corp. 7.750% due 07/15/2016	Buy	(0.500%	)	06/20/2012	MSC		2,900		51
Whirlpool Corp. 7.750% due 07/15/2016	Buy	(0.320%	)	09/20/2012	BOA		2,600		72
Whirlpool Corp. 7.750% due 07/15/2016	Buy	(0.380%	)	12/20/2012	RBS		15,300		432
Whirlpool Corp. 7.750% due 07/15/2016	Buy	(0.780%	)	03/20/2017	MSC		1,700		29
Wyeth 5.500% due 03/15/2013	Buy	(0.150%	)	03/20/2013	MSC		2,500		46
XTO Energy, Inc. 4.900% due 02/01/2014	Sell	0.870%		06/20/2013	MSC		4,700		10
XTO Energy, Inc. 6.250% due 04/15/2013	Sell	0.380%		03/20/2010	MLP		5,000		(6	)
Yum! Brands, Inc. 7.650% due 05/15/2008	Buy	(0.080%	)	06/20/2008	BOA		3,200		1
								$	2,964

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Dow Jones CDX N.A. HV8 Index	Sell	0.750%		06/20/2012	BOA	$	10,000	$	(543	)
Dow Jones CDX N.A. HY8 Index	Sell	1.070%		06/20/2012	MLP		49,682		(782	)
Dow Jones CDX N.A. HY8 Index	Sell	1.100%		06/20/2012	MLP		49,683		(724	)
Dow Jones CDX N.A. IG10 Index	Buy	(1.550%	)	06/20/2013	GSC		94,800		259
Dow Jones CDX N.A. IG10 Index	Sell	1.550%		06/20/2013	DUB		222,500		(960	)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%		06/20/2013	GSC		300,000		(923	)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%		06/20/2013	MLP		249,200		(966	)
Dow Jones CDX N.A. IG10 Index	Sell	1.550%		06/20/2013	RBS		200,000		(1,008	)
Dow Jones CDX N.A. IG10 Index	Buy	(1.500%	)	06/20/2018	MSC		1,800		10
Dow Jones CDX N.A. IG10 Index	Sell	1.500%		06/20/2018	MSC		106,000		(784	)
Dow Jones CDX N.A. IG3 Index	Sell	0.500%		03/20/2010	CITI		7,341		(117	)
Dow Jones CDX N.A. IG3 Index	Sell	0.500%		03/20/2010	LEH		4,960		(79	)
Dow Jones CDX N.A. IG7 Index	Buy	(0.650%	)	12/20/2016	BOA		9,000		601
Dow Jones CDX N.A. IG7 Index	Buy	(0.650%	)	12/20/2016	GSC		3,000		203
Dow Jones CDX N.A. IG7 Index	Buy	(0.650%	)	12/20/2016	MSC		22,100		1,406
Dow Jones CDX N.A. IG9 Index	Sell	0.670%		12/20/2012	DUB		30,000		219
Dow Jones CDX N.A. IG9 Index	Sell	0.680%		12/20/2012	DUB		30,000		253
Dow Jones CDX N.A. IG9 Index	Sell	0.680%		12/20/2012	GSC		86,000		707
Dow Jones CDX N.A. IG9 Index	Sell	0.695%		12/20/2012	GSC		19,500		170
Dow Jones CDX N.A. IG9 Index	Sell	0.701%		12/20/2012	DUB		88,200		791
Dow Jones CDX N.A. IG9 Index	Sell	0.705%		12/20/2012	GSC		43,300		396
Dow Jones CDX N.A. IG9 Index	Sell	0.708%		12/20/2012	DUB		21,300		197
Dow Jones CDX N.A. IG9 Index	Sell	0.708%		12/20/2012	MSC		100,000		899
Dow Jones CDX N.A. IG9 Index	Sell	0.710%		12/20/2012	DUB		8,700		81
Dow Jones CDX N.A. IG9 Index	Sell	0.740%		12/20/2012	GSC		25,000		274
Dow Jones CDX N.A. IG9 Index	Sell	0.750%		12/20/2012	GSC		5,000		54
Dow Jones CDX N.A. IG9 Index	Sell	0.770%		12/20/2012	DUB		30,000		349
Dow Jones CDX N.A. IG9 Index	Sell	1.120%		12/20/2012	GSC		15,000		129
Dow Jones CDX N.A. IG9 Index	Sell	1.120%		12/20/2012	JPM		5,000		43
Dow Jones CDX N.A. IG9 Index	Sell	1.130%		12/20/2012	MSC		20,000		191
Dow Jones CDX N.A. IG9 Index	Sell	1.160%		12/20/2012	DUB		10,000		104
								$	450

⁽¹⁾ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

See Accompanying Notes Annual Report March 31, 2008 69

Schedule of Investments  Investment Grade Corporate Portfolio  (Cont.)

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	BCLY	$	85,200	$	1,869
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		700		3
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	JPM		462,200		20,526
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	RBS		351,100		16,332
Receive	3-Month USD-LIBOR	5.000%	06/18/2015	DUB		14,100		(600	)
Pay	3-Month USD-LIBOR	5.000%	06/18/2018	MLP		200,000		2,050
Pay	3-Month USD-LIBOR	5.000%	06/18/2018	RBS		83,000		484
Receive	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		200		(17	)
							$	40,647

(h) Purchased options outstanding on March 31, 2008:

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500%	02/02/2009	$	4,200	$	48	$	70
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	5.000%	08/28/2009		219,150		2,181		7,335
Call - OTC 2-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Pay	5.000%	08/28/2009		138,700		1,300		4,643
Call - OTC 2-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Pay	4.250%	07/06/2009		117,500		1,178		2,772
Call - OTC 2-Year Interest Rate Swap	MLP	3-Month USD-LIBOR	Pay	5.000%	08/28/2009		119,100		1,196		3,987
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	12/15/2008		13,100		115		170
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	02/02/2009		9,000		97		111
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.500%	08/03/2009		176,600		1,830		2,402
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	5.000%	08/28/2009		406,350		4,156		13,601
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750%	09/08/2009		283,400		2,990		8,301
								$	15,091	$	43,392

(i) Written options outstanding on March 31, 2008:

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 7-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.600%	02/02/2009	$	1,400	$	45	$	70
Call - OTC 7-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	5.320%	08/28/2009		73,000		1,961		5,388
Call - OTC 30-Year Interest Rate Swap	CITI	3-Month USD-LIBOR	Receive	4.350%	05/01/2008		15,000		111		136
Call - OTC 7-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Receive	5.320%	08/28/2009		44,300		1,176		3,270
Call - OTC 7-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Receive	4.900%	07/06/2009		33,100		935		1,916
Call - OTC 7-Year Interest Rate Swap	MLP	3-Month USD-LIBOR	Receive	5.320%	08/28/2009		38,900		1,054		2,871
Call - OTC 30-Year Interest Rate Swap	MSC	3-Month USD-LIBOR	Receive	4.350%	05/01/2008		55,000		431		516
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.300%	12/15/2008		4,400		110		173
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.250%	02/02/2009		3,000		90		111
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.300%	08/03/2009		76,800		1,842		2,643
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	5.320%	08/28/2009		135,200		3,704		9,979
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	5.150%	09/08/2009		94,800		2,753		6,273
								$	14,212	$	33,346

(j) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Mazda Manufacturing Corp.	10.500%	07/01/2008	03/28/2003	$	69	$	68	0.00%
Mazda Motor Corp.	10.500%	07/01/2008	03/28/2003		12		12	0.00%
United Telecom, Inc.	6.890%	07/01/2008	06/25/2003		1,007		994	0.03%
Wilmington Trust Co.	10.500%	07/01/2008	03/28/2003		46		46	0.00%
				$	1,134	$	1,120	0.03%

(k) Short sales outstanding on March 31, 2008:

Description	Coupon		Maturity Date	Principal Amount		Proceeds		Value (2)
Fannie Mae	5.500	%	04/01/2038	$	354,000	$	357,183	$	357,374
Freddie Mac	5.500	%	04/01/2038		47,000		47,352		47,463
U.S. Treasury Bonds	4.500	%	02/15/2036		2,000		2,053		2,084
U.S. Treasury Bonds	4.750	%	02/15/2037		29,960		31,867		32,587
U.S. Treasury Bonds	5.000	%	05/15/2037		1,150		1,274		1,312
U.S. Treasury Notes	3.250	%	12/31/2009		37,400		38,371		38,877
U.S. Treasury Notes	4.750	%	08/15/2017		54,900		59,280		61,143
						$	537,380	$	540,840

⁽²⁾ Market value includes $1,194 of interest payable on short sales.

70 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

Schedule of Investments  Mortgage Portfolio March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 0.0%
CVS Lease Pass-Through
6.036% due 12/10/2028	$	1,944	$	1,857
Total Corporate Bonds & Notes (Cost $1,944)				1,857
MUNICIPAL BONDS & NOTES 0.0%
Ennis, Texas Economic Development Corporations Revenue Bonds, (FGIC Insured), Series 1999
0.000% due 08/01/2034		7,990		1,585
Total Municipal Bonds & Notes (Cost $1,029)				1,585
U.S. GOVERNMENT AGENCIES 156.7%
Fannie Mae
0.000% due 06/25/2008 - 08/25/2022 (c)		38		36
2.666% due 07/25/2037		767		704
2.716% due 09/26/2033		39		36
2.739% due 04/25/2035		3,582		3,487
2.799% due 10/27/2037		73,400		69,533
2.819% due 07/25/2032		497		497
2.849% due 06/25/2044		114		114
2.859% due 06/25/2032		9		9
2.879% due 10/25/2033		3		3
2.899% due 12/25/2028		71		70
2.959% due 02/25/2033		109		108
2.999% due 06/25/2029 - 06/25/2032		2,026		2,003
3.099% due 06/25/2030 - 07/25/2034		8,128		8,077
3.175% due 06/25/2018 - 04/18/2028		99		97
3.225% due 10/18/2030		119		117
3.249% due 09/25/2023		152		151
3.275% due 06/25/2022		1		1
3.281% due 09/18/2027		334		329
3.499% due 04/25/2032		131		132
3.525% due 04/25/2021		3		3
3.725% due 05/25/2023		99		101
4.000% due 02/25/2009		13		13
4.500% due 11/01/2019 - 01/01/2038		514,419		512,525
4.547% due 02/01/2035		3,353		3,433
4.623% due 07/01/2035		1,374		1,391
4.707% due 09/01/2035		9,692		9,746
4.712% due 03/01/2035		1,224		1,242
4.722% due 10/01/2035		989		994
4.850% due 02/01/2034		1,031		1,041
4.998% due 09/01/2034		1,601		1,617
5.000% due 06/01/2013 - 04/01/2038		2,366,350		2,382,228
5.000% due 12/01/2033 - 02/01/2037 (h)		1,795,315		1,779,773
5.124% due 02/01/2032		2,861		2,871
5.320% due 07/01/2017 - 11/01/2017		13		13
5.322% due 10/01/2016 - 10/01/2031		513		512
5.347% due 02/01/2017		288		289
5.403% due 08/01/2029		99		99
5.407% due 05/01/2036		4,780		4,812
5.414% due 06/01/2029		25		25
5.420% due 03/01/2017 - 02/01/2018		24		24
5.422% due 10/01/2023 - 01/01/2029		1,039		1,039
5.424% due 12/01/2017		192		192
5.433% due 07/01/2024 - 05/01/2036		114		115
5.449% due 05/01/2036		45		45
5.464% due 05/01/2036		32		32

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.477% due 02/01/2021	$	82	$	81
5.500% due 01/01/2009 - 04/01/2038		3,734,087		3,785,914
5.500% due 11/01/2032 - 04/01/2037 (h)		1,835,014		1,856,694
5.500% due 10/01/2035 (f)		163,100		165,002
5.514% due 05/01/2019		263		265
5.554% due 02/01/2030		729		761
5.569% due 04/01/2019		79		79
5.576% due 12/01/2030		361		363
5.580% due 09/01/2020		23		24
5.625% due 07/01/2017 - 08/01/2023		28		29
5.645% due 03/01/2018		12		12
5.662% due 11/01/2008		41		41
5.722% due 08/01/2042 - 10/01/2044		10,812		10,818
5.730% due 10/01/2016		78		80
5.750% due 07/01/2029		5		5
5.800% due 11/01/2011		1,836		1,921
5.808% due 11/01/2024		4		4
5.853% due 02/01/2015		70		70
5.875% due 06/01/2017		6		6
5.922% due 09/01/2040 - 12/01/2040		518		518
5.950% due 02/25/2044		71		72
5.973% due 09/01/2034		228		230
5.999% due 03/01/2024		41		43
6.000% due 03/25/2017 - 05/01/2038		3,352,830		3,436,972
6.000% due 01/01/2033 - 03/01/2037 (h)		281,670		289,060
6.027% due 11/01/2017		11		11
6.098% due 02/01/2031		331		338
6.125% due 06/01/2017		54		55
6.161% due 02/01/2026		64		65
6.173% due 02/01/2026		13		13
6.228% due 02/01/2035		704		710
6.230% due 04/01/2030		9		9
6.236% due 10/01/2036		6,074		6,237
6.250% due 12/25/2013		1,071		1,102
6.262% due 02/01/2009		4,040		4,056
6.270% due 08/01/2029		14		15
6.290% due 02/25/2029		1,500		1,616
6.300% due 06/25/2031 - 10/17/2038		5,263		5,647
6.305% due 04/01/2020		113		117
6.350% due 06/25/2020		2,441		2,504
6.361% due 05/01/2027		191		193
6.378% due 11/01/2025		116		119
6.390% due 05/25/2036		1,725		1,836
6.410% due 08/01/2016		955		1,027
6.422% due 11/01/2035		3,254		3,350
6.450% due 05/01/2008 - 12/01/2026		6,097		6,363
6.481% due 04/01/2032		17		18
6.500% due 09/25/2008 (b)		1		0
6.500% due 02/25/2009 - 06/17/2038		1,318,945		1,367,020
6.500% due 06/01/2035 (h)		10,178		10,577
6.518% due 11/01/2031		42		43
6.540% due 12/01/2031		25		26
6.589% due 10/25/2031		53		52
6.603% due 02/01/2027		129		131
6.610% due 12/01/2029		5		5
6.644% due 06/01/2023		56		57
6.703% due 08/01/2028		1,400		1,554
6.750% due 12/01/2023		81		83
6.825% due 08/01/2009 - 11/01/2026		4,477		4,603
6.847% due 09/01/2031		54		55
6.850% due 12/18/2027		1,895		2,004
6.875% due 02/01/2018		145		145
6.900% due 09/01/2009		1,520		1,565
6.908% due 11/01/2031		68		69
6.970% due 02/01/2024		130		132

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
6.981% due 01/01/2030	$	372	$	398
7.000% due 04/25/2008 - 07/25/2008 (b)		11		0
7.000% due 01/01/2010 - 06/01/2037		4,404		4,681
7.015% due 05/01/2029		19		19
7.023% due 01/01/2030		230		242
7.027% due 07/01/2032		79		81
7.032% due 03/01/2025		29		30
7.045% due 06/01/2019		11		11
7.069% due 11/01/2025		199		202
7.112% due 04/01/2022		72		74
7.125% due 06/01/2026		10		10
7.145% due 09/01/2028 - 06/01/2029		34		35
7.184% due 10/01/2028		98		100
7.210% due 05/01/2028		15		15
7.224% due 03/01/2030		433		449
7.244% due 05/01/2026		37		38
7.250% due 02/01/2009 - 01/01/2010		1,088		1,134
7.259% due 04/01/2030		20		20
7.261% due 04/01/2030		163		168
7.277% due 09/01/2030		27		27
7.350% due 07/01/2024		16		17
7.455% due 09/01/2023		76		78
7.491% due 08/01/2014		7		7
7.500% due 05/01/2009 - 07/25/2041		5,552		5,995
7.730% due 01/01/2025		985		1,075
7.800% due 10/25/2022 - 06/25/2026		282		301
8.000% due 11/01/2022 - 08/01/2030		17		18
8.025% due 05/01/2030		38		39
8.200% due 04/25/2025		570		593
8.500% due 02/01/2009 - 11/01/2017		205		222
8.750% due 11/25/2019 - 06/25/2021		234		256
8.888% due 06/25/2032		365		389
9.000% due 05/01/2009 - 11/01/2025		239		260
9.000% due 05/25/2022 - 06/25/2022 (b)		69		16
9.500% due 11/25/2020 - 04/01/2025		543		612
15.500% due 10/01/2012		1		1
510.000% due 09/25/2019 (b)		0		5
839.670% due 08/25/2020 (b)		0		1
Farmer Mac
6.780% due 01/25/2013		2,081		2,087
8.411% due 04/25/2030		1,230		1,240
Federal Housing Administration
6.875% due 12/01/2016		286		288
6.896% due 07/01/2020		367		369
7.400% due 02/01/2021		294		297
7.430% due 07/01/2018 - 07/01/2024		6,116		6,172
Freddie Mac
0.000% due 01/15/2009 (c)		8		8
2.839% due 07/25/2031		106		105
2.849% due 05/25/2031		395		328
2.879% due 09/25/2031		130		129
3.018% due 03/15/2031		524		519
3.168% due 12/15/2029 - 12/15/2030		1,680		1,644
3.268% due 11/15/2030 - 12/15/2031		179		178
3.318% due 02/15/2028 - 03/15/2032		233		230
3.325% due 03/15/2024 - 09/15/2026		649		644
3.368% due 03/15/2032		9		9
3.375% due 05/15/2023		2		2

See Accompanying Notes Annual Report March 31, 2008 71

Schedule of Investments  Mortgage Portfolio  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
3.500% due 12/15/2022 - 07/15/2032	$	216	$	212
3.768% due 04/15/2031		9,515		9,457
4.018% due 07/15/2027		2,700		2,751
4.414% due 03/01/2033		120		121
4.500% due 04/15/2013 - 09/15/2020		1,153		1,156
5.000% due 06/15/2016 - 05/01/2038		1,117,382		1,108,383
5.000% due 10/01/2036 (h)		30,662		30,414
5.483% due 05/01/2017 - 09/01/2018		326		328
5.500% due 11/01/2028 - 02/01/2038		621,366		628,196
5.500% due 01/01/2035 - 04/01/2037 (h)		1,146,147		1,158,927
5.589% due 07/01/2030		364		368
5.591% due 08/15/2032		1,661		1,652
5.712% due 03/01/2032		154		157
5.875% due 12/01/2018		4		4
5.883% due 08/01/2018		89		90
5.922% due 07/25/2044		29,902		29,207
6.000% due 03/01/2017 - 02/01/2038		925,697		950,372
6.125% due 04/01/2019		23		23
6.239% due 12/01/2032		212		214
6.250% due 07/01/2019 - 12/15/2028		1,921		2,018
6.275% due 07/01/2019		140		141
6.342% due 01/01/2028		112		113
6.483% due 03/01/2029		158		165
6.500% due 08/15/2008 - 04/01/2038		149,898		155,660
6.500% due 10/15/2013 (b)		45		3
6.625% due 05/01/2023		32		32
6.711% due 10/01/2024		120		122
6.713% due 12/01/2026		30		31
6.728% due 10/01/2023		1,139		1,148
6.769% due 09/01/2028		50		50
6.825% due 09/01/2027		25		25
6.852% due 11/01/2027		171		174
6.860% due 08/01/2027		20		20
6.866% due 10/01/2018		7		7
6.920% due 10/01/2024		174		177
6.926% due 10/01/2027		30		30
6.943% due 03/01/2027		33		34
6.960% due 04/01/2025		40		40
6.974% due 08/01/2029		82		84
6.982% due 02/01/2029		424		430
6.983% due 09/01/2026		440		445
6.989% due 11/01/2027		23		23
6.995% due 02/01/2027		601		612
7.000% due 07/15/2008 - 10/25/2023 (b)		71		15
7.000% due 11/15/2020 - 12/01/2032		1,883		1,987
7.022% due 06/01/2024		45		45
7.024% due 11/01/2031		5		5
7.040% due 04/01/2031		9		9
7.107% due 06/01/2022		60		61
7.125% due 04/01/2018 - 09/01/2018		38		39
7.129% due 05/01/2032		793		805
7.130% due 11/01/2027		168		166
7.139% due 07/01/2028		653		668
7.143% due 10/01/2023		98		100
7.147% due 11/01/2029		2,173		2,243
7.171% due 06/01/2022		8		8
7.180% due 12/01/2029		384		391
7.194% due 08/01/2031		16		16
7.200% due 09/01/2027		35		36
7.227% due 10/01/2024		182		187
7.236% due 05/01/2032		26		26
7.250% due 08/01/2031		2		2
7.261% due 02/01/2031		27		27
7.267% due 05/01/2032		186		189

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
7.270% due 09/01/2024	$	43	$	44
7.275% due 01/01/2029		4		4
7.281% due 02/01/2027		104		106
7.297% due 05/01/2032		1,118		1,151
7.305% due 07/01/2027		106		109
7.325% due 05/01/2019		16		16
7.339% due 07/01/2029		72		74
7.364% due 07/01/2030		3		3
7.416% due 08/01/2030		15		16
7.500% due 07/01/2009 - 06/01/2031		890		944
7.500% due 08/15/2029 (b)		31		6
7.645% due 05/01/2025		1,296		1,391
8.000% due 03/01/2009 - 09/01/2030		108		116
8.500% due 12/01/2008 - 08/01/2027		391		422
9.000% due 12/15/2020 - 02/15/2021		448		453
9.050% due 06/15/2019		74		74
9.500% due 12/15/2020 - 06/01/2021		402		408
9.500% due 11/01/2021 (b)		39		10
Ginnie Mae
2.886% due 06/20/2032		451		444
3.018% due 02/16/2032		70		70
3.118% due 12/16/2026 - 01/16/2031		158		156
3.218% due 06/16/2031 - 03/16/2032		1,273		1,261
3.250% due 07/16/2026		1,072		1,070
3.268% due 10/16/2030		63		62
3.318% due 02/16/2030 - 04/16/2032		989		978
3.368% due 12/16/2025		678		671
3.418% due 02/16/2030		112		111
3.468% due 02/16/2030		105		104
3.486% due 03/20/2031		5,004		4,968
3.536% due 02/20/2031		3,012		3,033
4.000% due 07/16/2026		1,072		1,072
4.500% due 01/15/2038		599		582
4.875% due 11/20/2031		2,434		2,433
5.000% due 10/20/2028 - 05/01/2038		335,880		335,111
5.125% due 10/20/2018 - 01/20/2030		7,727		7,722
5.500% due 11/15/2028 - 05/01/2038		729,554		744,996
5.625% due 08/20/2017 - 07/20/2035		52,126		52,398
5.750% due 02/20/2032		157		158
6.000% due 12/15/2008 - 05/01/2038		367,257		379,572
6.250% due 01/20/2028 - 03/20/2030		4,775		4,975
6.375% due 04/20/2017 - 05/20/2032		27,580		28,208
6.500% due 05/15/2009 - 09/15/2037		131,586		137,024
6.875% due 04/20/2019		39		39
6.921% due 03/16/2041		5,117		5,799
7.000% due 09/15/2012 - 02/16/2029		1,522		1,594
7.270% due 12/15/2040		1,732		1,806
7.500% due 02/15/2017 - 11/15/2031		2,278		2,433
7.750% due 10/15/2025		20		22
8.000% due 09/15/2008 - 09/20/2031		6,706		7,295
8.500% due 06/15/2027 - 03/20/2031		1,564		1,720
9.000% due 04/15/2020 - 08/20/2030		101		111
9.500% due 10/15/2009 - 12/15/2021		72		80

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Small Business Administration
6.344% due 08/01/2011	$	317	$	328
6.640% due 02/01/2011		306		317
7.190% due 12/01/2019		375		398
7.220% due 11/01/2020		980		1,047
7.449% due 08/01/2010		335		343
8.017% due 02/10/2010		70		73
Vendee Mortgage Trust
6.500% due 05/15/2008 - 03/15/2029		2,406		2,601
6.813% due 01/15/2030		747		752
Total U.S. Government Agencies (Cost $21,292,267)				21,624,058
MORTGAGE-BACKED SECURITIES 7.3%
Adjustable Rate Mortgage Trust
5.039% due 03/25/2035		32,988		31,588
5.133% due 09/25/2035		3,725		3,621
American Home Mortgage Investment Trust
4.290% due 10/25/2034		9,960		8,986
4.440% due 02/25/2045		4,826		4,343
Banc of America Commercial Mortgage, Inc.
5.414% due 09/10/2047		10,000		9,844
Banc of America Funding Corp.
4.113% due 05/25/2035		1,670		1,587
Banc of America Mortgage Securities, Inc.
3.049% due 01/25/2034		770		736
4.088% due 08/25/2033		24,391		23,297
4.250% due 04/25/2034		187		186
5.000% due 05/25/2034		367		338
6.500% due 10/25/2031		241		235
6.661% due 06/20/2031		508		475
7.235% due 07/20/2032		74		69
Banc of America Structural Security Trust
3.500% due 10/11/2033		409		401
Bear Stearns Adjustable Rate Mortgage Trust
4.125% due 03/25/2035		35,301		33,768
4.488% due 02/25/2034		5,355		5,008
4.550% due 08/25/2035		18,394		17,686
4.750% due 10/25/2035		483		466
4.777% due 11/25/2034		4,694		4,556
4.958% due 01/25/2035		3,592		3,379
6.099% due 11/25/2030		20		20
6.764% due 02/25/2033		36		34
6.851% due 01/25/2034		24		24
Bear Stearns Alt-A Trust
5.371% due 05/25/2035		1,498		1,298
5.706% due 09/25/2035		24,174		19,881
5.792% due 11/25/2036		1,187		860
5.808% due 11/25/2036		2,011		1,576
5.882% due 01/25/2036		3,273		2,578
Bear Stearns Commercial Mortgage Securities
3.688% due 11/11/2041		408		406
5.060% due 11/15/2016		47		47
5.331% due 02/11/2044		24,000		23,230
5.405% due 12/11/2040		6,000		6,035
5.540% due 09/11/2041		45,000		44,680
5.694% due 06/11/2050		9,800		9,667
5.700% due 06/11/2050		30,000		29,567
5.713% due 06/11/2040		42,000		41,811
7.000% due 05/20/2030		1,818		1,994
Bear Stearns Mortgage Securities, Inc.
6.056% due 06/25/2030		84		86
Bear Stearns Structured Products, Inc.
2.806% due 01/26/2037		7,273		6,910
5.681% due 01/26/2036		7,203		6,096
5.783% due 12/26/2046		4,080		3,381

72 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CC Mortgage Funding Corp.
2.779% due 05/25/2036	$	1,030	$	773
2.849% due 08/25/2035		1,829		1,464
3.859% due 01/25/2035		1,074		876
Citicorp Mortgage Securities, Inc.
5.500% due 12/25/2019		27		27
6.500% due 02/25/2024		740		738
Citigroup Commercial Mortgage Trust
2.888% due 08/15/2021		547		511
Citigroup Mortgage Loan Trust, Inc.
4.098% due 08/25/2035		3,201		3,194
4.248% due 08/25/2035		20,448		19,427
4.682% due 08/25/2035		3,783		3,580
4.748% due 08/25/2035		8,931		8,876
Citigroup/Deutsche Bank Commercial Mortgage Trust
5.617% due 10/15/2048		2,000		1,992
Collateralized Mortgage Obligation Trust
0.000% due 09/23/2017 (c)		5		5
Commercial Mortgage Pass-Through Certificates
2.918% due 04/15/2017		1,456		1,414
6.455% due 05/15/2032		3,869		3,869
Countrywide Alternative Loan Trust
2.686% due 05/20/2046		91		82
2.809% due 05/25/2035		3,272		2,590
2.819% due 05/25/2035		595		472
2.849% due 05/25/2035		883		702
2.879% due 02/25/2037		361		284
5.000% due 06/25/2033		463		463
6.000% due 10/25/2032		439		429
Countrywide Home Loan Mortgage Pass-Through Trust
2.889% due 04/25/2035		2,261		1,785
2.909% due 03/25/2035		5,922		4,558
2.919% due 03/25/2035		27,542		21,031
2.929% due 02/25/2035		1,746		1,457
2.939% due 02/25/2035		55		44
2.939% due 06/25/2035		1,160		1,023
3.189% due 08/25/2034		4,424		3,313
3.839% due 11/19/2033		78		78
4.500% due 01/25/2033		282		282
4.800% due 11/25/2034		3,629		3,409
5.750% due 07/19/2031		10		10
6.136% due 08/25/2034		2,610		2,336
7.540% due 11/19/2033		31		28
Credit Suisse Mortgage Capital Certificates
5.467% due 09/15/2039		2,600		2,562
5.723% due 06/15/2039		3,500		3,482
CS First Boston Mortgage Securities Corp.
4.832% due 04/15/2037		3,000		2,933
6.556% due 06/25/2032		5		5
7.290% due 09/15/2041		47		48
Denver Arena Trust
6.940% due 11/15/2019		8,912		8,766
DLJ Commercial Mortgage Corp.
7.340% due 10/10/2032		5,524		5,666
DLJ Mortgage Acceptance Corp.
7.178% due 11/25/2023		17		17
Fairfax Funding Trust
6.483% due 04/02/2013		250		250
FFCA Secured Lending Corp.
8.180% due 09/18/2027		2,000		1,335
8.970% due 09/18/2027		4,000		1,637
Fifth Third Mortgage Loan Trust
6.296% due 11/19/2032		142		142
First Horizon Asset Securities, Inc.
4.398% due 12/25/2033		6,560		6,316

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
First Nationwide Trust
6.750% due 08/21/2031	$	440	$	440
First Republic Mortgage Loan Trust
3.118% due 08/15/2032		16,823		16,223
3.168% due 11/15/2031		6,994		6,477
4.998% due 11/15/2031		1,665		1,662
GMAC Commercial Mortgage Securities, Inc.
6.420% due 05/15/2035		519		519
GMAC Mortgage Corp. Loan Trust
4.323% due 06/25/2034		5,924		4,739
5.500% due 09/25/2034		7,802		7,674
Greenpoint Mortgage Funding Trust
2.819% due 06/25/2045		2,779		2,089
2.829% due 06/25/2045		9,832		7,399
Greenpoint Mortgage Pass-Through Certificates
4.386% due 10/25/2033		293		281
GS Mortgage Securities Corp. II
6.044% due 08/15/2018		9,263		9,406
GSR Mortgage Loan Trust
4.539% due 09/25/2035		643		606
5.250% due 11/25/2035		50,266		44,923
5.312% due 06/25/2034		211		198
5.473% due 04/25/2036		972		926
GSRPM Mortgage Loan Trust
2.999% due 11/25/2031		3,271		3,239
Harborview Mortgage Loan Trust
2.649% due 01/19/2038		1,320		1,244
2.749% due 01/19/2038		26,031		19,821
2.749% due 02/19/2046		15,691		11,772
2.779% due 05/19/2035		7,942		6,260
6.215% due 11/19/2034		234		217
6.881% due 08/19/2034		7,939		7,935
Indymac ARM Trust
6.395% due 01/25/2032		21		21
Indymac Index Mortgage Loan Trust
2.839% due 04/25/2035		6,109		4,797
JPMorgan Chase Commercial Mortgage Securities Corp.
5.747% due 02/12/2049		26,000		25,872
Kidder Peabody Mortgage Assets Trust
9.500% due 04/22/2018 (b)		59		13
LB Mortgage Trust
8.432% due 01/20/2017		2,092		2,272
LB-UBS Commercial Mortgage Trust
5.424% due 02/15/2040		4,000		3,893
6.133% due 12/15/2030		470		479
Lehman Brothers Floating Rate Commercial Mortgage Trust
2.898% due 09/15/2021		6,070		5,712
Lehman XS Trust
2.679% due 07/25/2046		1,366		1,326
MASTR Adjustable Rate Mortgages Trust
3.786% due 11/21/2034		7,315		7,224
MASTR Asset Securitization Trust
5.500% due 09/25/2033		6,720		6,458
MASTR Reperforming Loan Trust
7.000% due 08/25/2034		346		348
Mellon Residential Funding Corp.
3.168% due 11/15/2031		3,535		3,191
3.561% due 12/15/2030		3,328		3,206
3.601% due 06/15/2030		279		265
3.698% due 11/15/2031		347		337
Merrill Lynch Countrywide Commercial Mortgage Trust
5.700% due 09/12/2049		1,100		1,086

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Merrill Lynch Mortgage Investors, Inc.
0.673% due 04/25/2028 (b)	$	1,258	$	51
2.809% due 02/25/2036		5,245		4,216
Merrill Lynch Mortgage Trust
1.531% due 07/12/2034 (b)		59,918		1,091
MLCC Mortgage Investors, Inc.
2.849% due 11/25/2035		2,333		2,065
3.198% due 03/15/2025		295		238
3.599% due 10/25/2035		1,373		1,189
6.944% due 01/25/2029		4,000		3,850
Morgan Stanley Capital I
2.878% due 10/15/2020		5,824		5,418
Nomura Asset Acceptance Corp.
7.000% due 02/19/2030		810		818
Ocwen Residential MBS Corp.
6.880% due 06/25/2039		676		339
Prime Mortgage Trust
2.999% due 02/25/2034		395		357
5.000% due 02/25/2019		27		27
Residential Accredit Loans, Inc.
2.699% due 09/25/2046		1,725		1,593
2.999% due 03/25/2033		663		576
Residential Asset Mortgage Products, Inc.
6.500% due 11/25/2031		585		598
Residential Asset Securitization Trust
2.999% due 05/25/2033		686		592
Residential Funding Mortgage Securities I
5.212% due 09/25/2035		3,510		2,969
Sequoia Mortgage Trust
2.886% due 07/20/2033		3,495		3,335
2.909% due 10/19/2026		160		152
2.916% due 10/20/2027		4,307		3,789
4.080% due 04/20/2035		7,668		7,022
Starwood Commercial Mortgage Trust
6.920% due 02/03/2014		1,000		1,038
Structured Adjustable Rate Mortgage Loan Trust
2.819% due 05/25/2037		2,657		2,019
3.089% due 06/25/2034		1,587		1,453
4.590% due 04/25/2034		8,231		7,785
5.359% due 01/25/2035		4,168		3,981
Structured Asset Mortgage Investments, Inc.
2.779% due 06/25/2036		24,018		18,172
2.809% due 07/19/2035		9,308		7,792
2.809% due 04/25/2036		34,011		25,800
2.819% due 05/25/2036		5,646		4,283
2.829% due 05/25/2045		3,849		2,973
2.889% due 09/19/2032		7,072		6,448
2.889% due 10/19/2034		441		383
2.909% due 03/19/2034		1,900		1,704
5.804% due 05/02/2030		283		265
6.316% due 05/25/2022		1,750		1,650
Structured Asset Securities Corp.
4.510% due 01/25/2034		6,942		6,877
5.000% due 05/25/2035		25,742		24,232
5.463% due 10/25/2035		1,280		1,223
6.039% due 02/25/2032		5		5
6.150% due 07/25/2032		4		3
6.974% due 08/25/2032		637		613
7.108% due 01/25/2032		340		326
Thornburg Mortgage Securities Trust
2.699% due 03/25/2037		12,252		11,359
2.749% due 11/25/2046		3,929		3,521
3.265% due 06/25/2037		6,747		6,286
Wachovia Bank Commercial Mortgage Trust
2.908% due 09/15/2021		3,431		3,224
5.342% due 12/15/2043		9,611		9,285

See Accompanying Notes Annual Report March 31, 2008 73

Schedule of Investments  Mortgage Portfolio  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
WaMu Mortgage Pass-Through Certificates
2.829% due 04/25/2045	$	268	$	207
2.859% due 11/25/2045		1,841		1,486
2.889% due 10/25/2045		11,549		9,226
2.909% due 01/25/2045		8,468		6,758
2.919% due 07/25/2045		265		247
2.939% due 01/25/2045		301		234
2.989% due 12/25/2045		263		260
3.139% due 12/25/2027		8,432		7,660
3.239% due 12/25/2027		519		492
3.495% due 11/25/2034		4,897		4,196
3.625% due 07/25/2044		761		612
4.039% due 09/25/2033		21,011		19,988
4.208% due 06/25/2033		3,262		3,255
4.917% due 08/25/2035		5,144		5,087
5.572% due 07/25/2046		14,154		9,566
5.572% due 08/25/2046		800		656
5.726% due 06/25/2042		1,607		1,462
5.726% due 08/25/2042		2,834		2,609
Washington Mutual MSC Mortgage Pass-Through Certificates
6.500% due 09/25/2032		4,806		4,704
7.117% due 11/25/2030		840		838
Wells Fargo Mortgage-Backed Securities Trust
3.988% due 12/25/2034		9,570		8,984
4.399% due 05/25/2035		545		519
4.596% due 12/25/2033		8,169		6,962
4.947% due 01/25/2035		15,987		15,020
4.996% due 12/25/2034		3,823		3,598
5.517% due 08/25/2036		933		892
Total Mortgage-Backed Securities (Cost $1,095,220)				1,004,084
ASSET-BACKED SECURITIES 4.2%
Aames Mortgage Investment Trust
2.999% due 10/25/2035		2,373		2,257
ABFS Mortgage Loan Trust
6.285% due 07/15/2033		2,000		1,858
Accredited Mortgage Loan Trust
2.639% due 09/25/2036		2,812		2,762
ACE Securities Corp.
2.649% due 06/25/2036		103		102
2.679% due 10/25/2036		3,300		3,204
2.729% due 05/25/2036		10,000		9,644
3.299% due 08/25/2030		77		68
AFC Home Equity Loan Trust
3.009% due 06/25/2029		781		502
3.149% due 12/26/2029		36		33
Aircraft Certificate Owner Trust
6.455% due 09/20/2022		2,180		2,331
American Express Credit Account Master Trust
2.818% due 01/18/2011		2,000		2,000
2.908% due 03/15/2012		9,330		9,241
American Express Issuance Trust
3.018% due 09/15/2011		12,000		11,774
Amortizing Residential Collateral Trust
2.869% due 06/25/2032		68		62
2.889% due 07/25/2032		736		652
3.299% due 10/25/2031		404		380
Amresco Residential Securities Mortgage Loan Trust
3.094% due 06/25/2028		206		171
3.154% due 06/25/2027		919		797
3.229% due 09/25/2028		2,032		1,624
3.539% due 06/25/2029		204		194
Argent Securities, Inc.
2.649% due 10/25/2036		1,262		1,234
2.659% due 05/25/2036		77		77

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Asset-Backed Funding Certificates
2.639% due 09/25/2036	$	2,830	$	2,779
2.659% due 10/25/2036		1,103		1,070
3.619% due 03/25/2032		1,378		1,059
Asset-Backed Securities Corp. Home Equity
2.649% due 12/25/2036		1,951		1,877
2.659% due 07/25/2036		729		719
3.338% due 06/15/2031		332		310
Bear Stearns Asset-Backed Securities Trust
2.799% due 09/25/2034		119		119
3.199% due 10/25/2032		891		773
3.249% due 02/25/2034		439		389
3.349% due 11/25/2042		2,247		1,924
3.599% due 10/25/2037		7,080		6,380
5.787% due 06/25/2043		115		107
Carrington Mortgage Loan Trust
2.639% due 05/25/2036		1,369		1,358
2.649% due 10/25/2036		385		375
2.664% due 07/25/2036		217		215
2.679% due 01/25/2036		10		10
2.699% due 06/25/2037		6,241		5,891
CDC Mortgage Capital Trust
3.649% due 01/25/2033		2,309		1,943
Centex Home Equity
2.899% due 01/25/2032		122		119
3.449% due 01/25/2032		1,632		1,290
Charming Shoppes Master Trust
3.148% due 05/15/2014		6,000		5,941
Chase Credit Card Master Trust
3.168% due 02/15/2011		7,000		6,945
Chase Funding Mortgage Loan Asset-Backed Certificates
2.899% due 07/25/2033		148		144
3.239% due 08/25/2032		627		597
3.259% due 11/25/2032		1,032		944
CIT Group Home Equity Loan Trust
2.869% due 06/25/2033		1,167		1,081
2.889% due 03/25/2033		449		406
3.249% due 12/25/2031		1,521		1,028
Citibank Omni Master Trust
3.699% due 12/23/2013		135,300		135,566
Citigroup Mortgage Loan Trust, Inc.
2.639% due 08/25/2036		1,453		1,434
2.649% due 10/25/2036		737		720
2.669% due 08/25/2036		362		359
Community Program Loan Trust
4.500% due 10/01/2018		843		839
Conseco Finance
3.518% due 08/15/2033		3,313		2,118
4.318% due 05/15/2032		1,261		1,024
Conseco Finance Securitizations Corp.
7.970% due 05/01/2032		12,788		9,995
8.200% due 02/01/2032		40,000		31,596
8.400% due 02/01/2032		1,322		58
Countrywide Asset-Backed Certificates
2.629% due 01/25/2046		5,708		5,592
2.649% due 01/25/2037		2,505		2,477
2.649% due 04/25/2047		4,179		4,038
2.659% due 03/25/2037		3,721		3,638
2.659% due 09/25/2046		620		607
2.669% due 12/25/2036		257		253
2.709% due 10/25/2046		1,101		1,066
2.809% due 10/25/2035		118		116
3.049% due 06/25/2033		902		774
3.069% due 11/25/2033		920		823
Credit-Based Asset Servicing & Securitization LLC
3.149% due 04/25/2032		580		534

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CS First Boston Mortgage Securities Corp.
2.959% due 05/25/2044	$	1,290	$	1,163
CSAB Mortgage-Backed Trust
2.699% due 06/25/2036		308		303
Delta Funding Home Equity Loan Trust
3.638% due 09/15/2029		17		15
Embarcadero Aircraft Securitization Trust
3.918% due 08/15/2025 (a)		9,100		91
EMC Mortgage Loan Trust
2.969% due 05/25/2040		1,170		1,064
Equifirst Mortgage Loan Trust
2.839% due 01/25/2034		565		485
Fieldstone Mortgage Investment Corp.
2.679% due 05/25/2036		301		298
First Franklin Mortgage Loan Asset-Backed Certificates
2.649% due 11/25/2036		16,819		15,226
2.979% due 10/25/2034		314		274
First International Bank N.A.
3.368% due 03/15/2027		3,265		1,310
3.398% due 04/15/2026		214		75
First Plus Home Loan Trust
7.670% due 05/10/2024		1,124		1,123
Ford Credit Auto Owner Trust
4.360% due 06/15/2010		1,255		1,264
Fremont Home Loan Trust
2.769% due 01/25/2036		379		378
GE-WMC Mortgage Securities LLC
2.639% due 08/25/2036		2,139		2,066
GMAC Mortgage Corp. Loan Trust
2.839% due 01/25/2029		1,763		1,292
Green Tree Financial Corp.
6.240% due 11/01/2016		4,203		4,351
7.060% due 02/01/2031		7,000		5,680
7.400% due 06/15/2027		3,293		3,509
7.550% due 01/15/2029		416		425
8.000% due 07/15/2018		1,159		1,158
8.050% due 10/15/2027		445		475
9.100% due 04/15/2025		3,278		3,411
GSAMP Trust
2.669% due 06/25/2036		5,336		5,304
2.669% due 09/25/2036		3,642		3,532
2.719% due 12/25/2035		501		498
2.749% due 10/25/2036		10,000		3,748
2.889% due 03/25/2034		167		163
2.999% due 02/25/2033		851		762
GSRPM Mortgage Loan Trust
2.979% due 09/25/2042		1,218		1,201
HFC Home Equity Loan Asset-Backed Certificates
2.886% due 09/20/2033		2,158		2,052
Home Equity Asset Trust
2.759% due 05/25/2036		8,000		7,711
IMC Home Equity Loan Trust
6.880% due 11/20/2028		213		213
7.520% due 08/20/2028		97		97
Irwin Home Equity Corp.
3.949% due 02/25/2029		1,712		1,622
Ischus CDO Ltd.
3.338% due 09/10/2013		691		566
JPMorgan Mortgage Acquisition Corp.
2.679% due 08/25/2036		3,140		2,945
Lehman XS Trust
2.679% due 06/25/2046		3,241		3,092
2.679% due 08/25/2046		3,432		3,351

74 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
2.689% due 05/25/2046	$	916	$	890
2.719% due 11/25/2036		1,175		1,126
Long Beach Mortgage Loan Trust
2.629% due 06/25/2036		3,068		3,051
2.689% due 01/25/2046		437		436
4.024% due 03/25/2032		3,060		2,376
MASTR Asset-Backed Securities Trust
2.659% due 10/25/2036		234		232
5.049% due 11/25/2035		5,058		5,040
MBNA Master Credit Card Trust
4.402% due 09/15/2010		2,000		2,001
Merrill Lynch Mortgage Investors, Inc.
2.659% due 10/25/2037		4,162		3,936
2.679% due 09/25/2037		6,686		6,442
Mesa Trust Asset-Backed Certificates
2.999% due 12/25/2031		1,358		1,343
Mid-State Trust
6.340% due 10/15/2036		1,807		1,719
7.340% due 07/01/2035		1,047		1,121
7.400% due 07/01/2035		45		48
7.790% due 07/01/2035		60		60
7.791% due 03/15/2038		2,221		2,195
8.330% due 04/01/2030		11,389		11,973
Morgan Stanley ABS Capital I
2.629% due 06/25/2036		37		36
2.639% due 04/25/2036		194		193
2.639% due 07/25/2036		5,683		5,567
2.639% due 09/25/2036		268		258
2.669% due 03/25/2036		32		32
2.699% due 10/25/2036		5,000		4,351
Nelnet Student Loan Trust
2.616% due 12/22/2014		221		220
3.421% due 07/25/2016		401		401
New Century Home Equity Loan Trust
2.659% due 05/25/2036		8		8
2.669% due 08/25/2036		530		523
Newcastle Mortgage Securities Trust
2.669% due 03/25/2036		86		86
Oakwood Mortgage Investors, Inc.
3.192% due 03/15/2018		1,357		1,171
7.500% due 01/15/2021		154		154
Option One Mortgage Loan Trust
3.199% due 01/25/2032		299		284
Origen Manufactured Housing
7.650% due 03/15/2032		13,200		14,365
Ownit Mortgage Loan Asset-Backed Certificates
2.659% due 03/25/2037		1,165		1,144
Preferred Credit Corp.
7.590% due 07/25/2026		95		94
Quest Trust
3.039% due 09/25/2034		61		39
3.249% due 09/25/2034		41		27
Renaissance Home Equity Loan Trust
2.959% due 11/25/2034		531		474
3.039% due 08/25/2033		2,259		2,116

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
3.099% due 12/25/2033	$	6,130	$	5,695
3.799% due 08/25/2032		2,927		2,629
Residential Asset Mortgage Products, Inc.
2.679% due 10/25/2036		4,411		4,206
2.719% due 10/25/2036		8,399		8,012
Residential Asset Securities Corp.
2.659% due 04/25/2036		663		658
2.669% due 07/25/2036		352		348
2.669% due 11/25/2036		4,985		4,750
2.679% due 10/25/2036		3,360		3,258
3.099% due 07/25/2032		2,071		1,886
3.179% due 06/25/2033		251		220
3.199% due 06/25/2032		159		148
Residential Funding Mortgage Securities II, Inc.
8.350% due 12/25/2024		895		892
8.350% due 03/25/2025		195		194
Residential Mortgage Loan Trust
4.635% due 09/25/2029		196		190
SACO I, Inc.
2.859% due 06/25/2036		2,038		1,628
Salomon Brothers Mortgage Securities VII, Inc.
3.525% due 01/25/2032		382		257
3.574% due 10/25/2028		548		469
6.930% due 08/25/2028		709		704
Saxon Asset Securities Trust
2.659% due 10/25/2046		5,100		4,917
2.939% due 12/26/2034		1,041		898
3.099% due 03/25/2032		1,642		1,571
3.119% due 08/25/2032		17		16
SBI HELOC Trust
2.769% due 08/25/2036		1,466		1,403
Securitized Asset-Backed Receivables LLC Trust
2.659% due 03/25/2036		769		759
SLM Student Loan Trust
3.321% due 10/27/2014		7,244		7,210
3.361% due 10/25/2019		1,750		1,711
3.411% due 04/27/2020		6,379		6,207
3.441% due 04/25/2017		507		506
Soundview Home Equity Loan Trust
2.659% due 11/25/2036		483		466
2.699% due 10/25/2036		755		736
Specialty Underwriting & Residential Finance
2.649% due 09/25/2037		23,087		22,255
2.939% due 01/25/2034		289		270
Structured Asset Investment Loan Trust
2.659% due 04/25/2036		226		225
Structured Asset Securities Corp.
2.649% due 10/25/2036		8,536		8,276
2.719% due 02/25/2036		327		326
2.889% due 01/25/2033		17		16
2.999% due 05/25/2034		1,235		1,065
3.649% due 01/25/2033		1,150		886
TABS Ltd.
4.335% due 02/12/2047		2,920		121
Trapeza CDO I LLC
5.425% due 11/16/2034		1,000		841

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Triton Aviation Finance
5.818% due 06/15/2025 (a)	$	4,500	$	0
Truman Capital Mortgage Loan Trust
2.939% due 01/25/2034		93		91
UCFC Manufactured Housing Contract
7.900% due 01/15/2028		2,500		1,344
Vanderbilt Mortgage Finance
7.905% due 02/07/2026		89		93
Wells Fargo Home Equity Trust
2.839% due 10/25/2035		15,661		15,206
2.849% due 12/25/2035		11,217		10,965
WMC Mortgage Loan Pass-Through Certificates
3.718% due 10/15/2029		39		39
Total Asset-Backed Securities (Cost $633,392)				582,775
SHORT-TERM INSTRUMENTS 6.9%
REPURCHASE AGREEMENTS 4.2%
Deutsche Bank AG
1.200% due 04/01/2008		574,100		574,100
(Dated 03/31/2008. Collateralized by U.S. Treasury Inflation Protected Securities 3.875% due 04/15/2029 valued at $586,622. Repurchase proceeds are $574,119.)
Fixed Income Clearing Corp.
1.900% due 04/01/2008		2,311		2,311
(Dated 03/31/2008. Collateralized by Freddie Mac 0.000% due 06/09/2008 valued at $2,361. Repurchase proceeds are $2,311.)
				576,411
U.S. TREASURY BILLS 2.7%
1.643% due 05/29/2008 - 06/12/2008 (d)(e)		375,600		374,013
Total Short-Term Instruments (Cost $950,940)				950,424

PURCHASED OPTIONS (k) 0.0%
(Cost $907)		1,563
Total Investments 175.1% (Cost $23,975,699)	$	24,166,346
Written Options (l) (0.0%) (Premiums $889)		(1,573	)
Other Assets and Liabilities (Net) (75.1%)		(10,362,733	)
Net Assets (g) 100.0%	$	13,802,040

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Security is in default.

(b) Interest only security.

(c) Principal only security.

(d) Coupon represents a weighted average rate.

(e) Securities with an aggregate market value of $339,095 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(f) Securities with an aggregate market value of $165,002 and cash of $40,000 have been pledged as collateral for delayed-delivery mortgage-backed securities on March 31, 2008.

(g) As of March 31, 2008, portfolio securities with an aggregate value of $84,606 and derivative instruments with an aggregate depreciation of ($18,321) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

See Accompanying Notes Annual Report March 31, 2008 75

Schedule of Investments  Mortgage Portfolio  (Cont.)

(h) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $2,996,628 at a weighted average interest rate of 4.645%. On March 31, 2008, securities valued at $5,111,932 were pledged as collateral for reverse repurchase agreements.

(i) Cash of $15,280 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation
90-Day Eurodollar March Futures	Long	03/2009	696	$	948
U.S. Treasury 10-Year Note June Futures	Long	06/2008	4,034		7,813
				$	8,761

(j) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Accredited Mortgage Loan Trust floating rate based on 1-Month USD-LIBOR plus 1.150% due 04/25/2036	Buy	(1.000%	)	04/25/2036	BCLY	$	5,000	$	4,173
AllianceBernstein LP floating rate based on 3-Month USD-LIBOR plus 1.350% due 06/06/2046	Buy	(1.450%	)	06/06/2046	MLP		5,173		4,783
AllianceBernstein LP floating rate based on 3-Month USD-LIBOR plus 3.250% due 06/06/2046	Buy	(3.450%	)	06/06/2046	MLP		5,222		4,820
Altius Funding Ltd. floating rate based on 1-Month USD-LIBOR plus 1.500% due 12/05/2040	Buy	(1.450%	)	12/05/2040	LEH		6,687		5,313
Altius Funding Ltd. floating rate based on 1-Month USD-LIBOR plus 2.750% due 12/05/2040	Buy	(3.250%	)	12/05/2040	LEH		6,388		5,067
Altius Funding Ltd. floating rate based on 3-Month USD-LIBOR plus 1.400% due 12/09/2040	Buy	(1.230%	)	12/09/2040	MLP		3,000		2,376
Asset-Backed Securities Corp. Home Equity floating rate based on 1-Month USD-LIBOR plus 1.550% due 03/25/2035	Buy	(1.250%	)	03/25/2035	UBS		5,000		961
Avenue CLO Fund Ltd. Floating rate based on 3-Month USD-LIBOR plus 1.650% due 07/20/2018	Buy	(1.750%	)	07/20/2018	BEAR		5,000		1,233
Bering CDO Ltd. floating rate based on 1-Month USD-LIBOR plus 3.250% due 09/07/2046	Buy	(3.270%	)	09/07/2046	MLP		1,730		1,593
BFC Genesee CDO Ltd. floating rate based on 3-Month USD-LIBOR plus 1.650% due 01/10/2041	Buy	(1.450%	)	01/10/2041	BEAR		2,442		2,252
Buckingham CDO Ltd. floating rate based on 1-Month USD-LIBOR plus 1.250% due 09/05/2051	Buy	(1.530%	)	09/05/2051	MLP		4,019		3,949
Buckingham CDO Ltd. floating rate based on 1-Month USD-LIBOR plus 1.600% due 04/05/2041	Buy	(1.250%	)	04/05/2041	BOA		2,000		1,631
Commercial Industrial Finance Corp. floating rate based on 3-Month USD-LIBOR plus 1.600% due 10/20/2020	Buy	(2.150%	)	10/20/2020	CITI		5,000		987
CS First Boston Mortgage Securities Corp. 5.300% until 05/15/2008 and variable thereafter, due 07/15/2037	Buy	(1.080%	)	07/15/2037	UBS		10,000		(7,402	)
Encore Credit Receivables Trust floating rate based on 1-Month USD-LIBOR plus 1.350% due 10/25/2035	Buy	(1.500%	)	10/25/2035	JPM		3,000		2,187
Encore Credit Receivables Trust floating rate based on 1-Month USD-LIBOR plus 1.350% due 10/25/2035	Sell	1.630%		10/25/2035	LEH		3,000		(2,183	)
First Franklin Mortgage Loan Asset-Backed Certificates floating rate based on 1-Month USD-LIBOR plus 1.350% due 03/25/2036	Buy	(0.870%	)	03/25/2036	BCLY		5,000		4,519
First Franklin Mortgage Loan Asset-Backed Certificates floating rate based on 1-Month USD-LIBOR plus 2.800% due 03/25/2036	Buy	(1.900%	)	03/25/2036	MLP		5,000		4,568
Furlong CDO floating rate based on 3-Month USD-LIBOR plus 2.950% due 10/11/2046	Buy	(3.730%	)	10/11/2046	BOA		4,870		4,565
Home Equity Asset Trust floating rate based on 1-Month USD-LIBOR plus 1.200% due 08/25/2036	Buy	(1.500%	)	08/25/2036	RBS		5,000		4,226
Home Equity Asset Trust floating rate based on 1-Month USD-LIBOR plus 3.500% due 12/25/2034	Buy	(2.200%	)	12/25/2034	GSC		3,455		2,915
IXIS ABS CDO 1 Ltd. floating rate based on 3-Month USD-LIBOR plus 1.450% due 12/13/2046	Buy	(1.690%	)	12/13/2046	WAC		2,070		2,047
JPMorgan Mortgage Acquisition Corp. floating rate based on 1-Month USD-LIBOR plus 2.350% due 05/25/2035	Buy	(1.880%	)	05/25/2035	MLP		5,000		4,330
Kent Funding Ltd. floating rate based on 3-Month USD-LIBOR plus 1.550% due 05/08/2046	Buy	(1.830%	)	05/08/2046	BOA		3,942		3,840
Kleros Preferred Funding Ltd. floating rate based on 3-Month USD-LIBOR plus 3.150% due 10/01/2050	Buy	(3.400%	)	10/01/2050	MLP		5,000		4,586
KLIO Funding Ltd. floating rate based on 3-Month USD-LIBOR plus 1.800% due 04/23/2039	Buy	(1.700%	)	04/23/2039	BEAR		4,000		3,172
Lancer Funding Ltd. floating rate based on 3-Month USD-LIBOR plus 3.250% due 04/06/2046	Buy	(2.900%	)	04/06/2046	BEAR		6,709		6,126
LB-UBS Commercial Mortgage Trust 5.404% until 04/15/2008 and variable thereafter, due 09/15/2040	Buy	(1.170%	)	09/15/2040	BEAR		4,000		2,422
Long Beach Mortgage Loan Trust floating rate based on 1-Month USD-LIBOR plus 1.400% due 02/25/2034	Buy	(0.490%	)	02/25/2034	BCLY		2,582		380
Long Beach Mortgage Loan Trust floating rate based on 1-Month USD-LIBOR plus 1.450% due 02/25/2036	Buy	(1.270%	)	02/25/2036	UBS		5,000		4,527

76 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Longshore CDO Funding Ltd. floating rate based on 3-Month USD-LIBOR plus 2.900% due 05/03/2046	Buy	(3.530%	)	05/03/2046	BOA	$	2,039	$	1,919
Merrill Lynch Mortgage Trust 5.244% due 11/12/2037	Buy	(1.150%	)	11/12/2037	BEAR		4,000		1,636
Merrill Lynch Mortgage Trust 5.350% until 05/12/2008 and variable thereafter, due 06/12/2043	Buy	(1.080%	)	06/12/2043	UBS		10,000		(7,409	)
Midori CDO Ltd. floating rate based on 3-Month USD-LIBOR plus 1.300% due 02/15/2047	Buy	(1.730%	)	02/15/2047	BOA		3,000		2,830
Morgan Stanley ABS Capital I floating rate based on 1-Month USD-LIBOR plus 1.050% due 07/25/2036	Buy	(1.100%	)	07/25/2036	DUB		5,000		4,566
Morgan Stanley ABS Capital I floating rate based on 1-Month USD-LIBOR plus 1.050% due 07/25/2036	Sell	1.670%		07/25/2036	BCLY		5,000		(4,514	)
Morgan Stanley ABS Capital I floating rate based on 1-Month USD-LIBOR plus 1.700% due 12/27/2033	Buy	(0.540%	)	12/27/2033	MSC		2,215		268
Novastar Home Equity Loan floating rate based on 1-Month USD-LIBOR plus 3.500% due 09/25/2034	Buy	(2.200%	)	09/25/2034	GSC		3,413		2,839
Octagon Investment Partners X Ltd. floating rate based on 3-Month USD-LIBOR plus 1.400% due 10/18/2020	Buy	(1.850%	)	10/18/2020	JPM		1,000		276
Race Point CLO floating rate based on 3-Month USD-LIBOR plus 1.650% due 04/15/2020	Buy	(1.950%	)	04/15/2020	WAC		2,000		584
Residential Asset Mortgage Products, Inc. floating rate based on 1-Month USD-LIBOR plus 2.450% due 02/25/2036	Buy	(2.370%	)	02/25/2036	MLP		5,000		4,206
Residential Asset Mortgage Products, Inc. floating rate based on 1-Month USD-LIBOR plus 2.450% due 02/25/2036	Sell	3.550%		02/25/2036	CITI		5,000		(4,135	)
Residential Asset Securities Corp. floating rate based on 1-Month USD-LIBOR plus 1.200% due 04/25/2036	Buy	(1.090%	)	04/25/2036	LEH		5,000		4,347
RFC CDO Ltd. floating rate based on 3-Month USD-LIBOR plus 2.900% due 07/15/2051	Buy	(3.100%	)	07/15/2051	LEH		4,787		3,825
Saratoga CLO I Ltd. floating rate based on 3-Month USD-LIBOR plus 1.480% due 12/15/2019	Buy	(1.880%	)	12/15/2019	LEH		3,000		671
Securitized Asset-Backed Receivables LLC Trust floating rate based on 1-Month USD-LIBOR plus 1.400% due 10/25/2035	Buy	(0.940%	)	10/25/2035	LEH		10,000		7,937
Soundview Home Equity Loan Trust floating rate based on 1-Month USD-LIBOR plus 1.100% due 07/25/2036	Buy	(1.050%	)	07/25/2036	MLP		5,000		4,401
Specialty Underwriting & Residential Finance floating rate based on 1-Month USD-LIBOR plus 1.300% due 02/25/2035	Buy	(0.590%	)	02/25/2035	BCLY		2,555		386
Structured Asset Investment Loan Trust floating rate based on 1-Month USD-LIBOR plus 0.820% due 02/25/2035	Buy	(0.610%	)	02/25/2035	BCLY		4,000		1,733
TABS Ltd. floating rate based on 3-Month USD-LIBOR plus 1.275% due 08/07/2045	Buy	(4.200%	)	08/07/2045	BOA		1,331		1,119
Telos CLO Ltd. floating rate based on 3-Month USD-LIBOR plus 1.700% due 10/11/2021	Buy	(2.500%	)	10/11/2021	GSC		1,500		257
Topanga CDO Ltd. floating rate based on 3-Month USD-LIBOR plus 1.275% due 03/08/2040	Buy	(4.300%	)	03/08/2040	BOA		2,336		1,970
Topanga CDO Ltd. floating rate based on 3-Month USD-LIBOR plus 1.275% due 03/08/2040	Buy	(3.900%	)	03/08/2040	GSC		1,402		1,182
Topanga CDO Ltd. floating rate based on 3-Month USD-LIBOR plus 1.600% due 03/08/2040	Buy	(2.420%	)	03/08/2040	LEH		5,000		3,729
Topanga CDO Ltd. floating rate based on 3-Month USD-LIBOR plus 1.700% due 01/10/2045	Buy	(1.580%	)	01/10/2045	BOA		3,500		3,227
Trinity CDO Ltd. floating rate based on 3-Month USD-LIBOR plus 1.600% due 03/08/2040	Buy	(1.700%	)	03/08/2040	BEAR		1,000		746
Vertical CDO Ltd. floating rate based on 3-Month USD-LIBOR plus 1.450% due 04/01/2045	Buy	(1.325%	)	04/01/2045	GSC		2,033		1,582
Vertical CDO Ltd. floating rate based on 3-Month USD-LIBOR plus 3.350% due 02/09/2046	Buy	(3.200%	)	02/09/2046	LEH		2,468		2,196
								$	126,337

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
CMBX N.A. AAA 3 Index	Sell	0.080%		12/13/2049	BCLY	$	8,600	$	(10	)
CMBX N.A. AAA 3 Index	Sell	0.080%		12/13/2049	GSC		10,800		601
CMBX N.A. AAA 3 Index	Sell	0.080%		12/13/2049	MSC		263,600		11,456
CMBX N.A. AAA 4 Index	Buy	(0.350%	)	02/17/2051	BCLY		21,100		56
CMBX N.A. AAA 4 Index	Buy	(0.350%	)	02/17/2051	MSC		55,000		147
CMBX N.A. BBB- 1 Index	Sell	1.340%		10/12/2052	DUB		8,000		(3,280	)
Home Equity Index A Rating 2006-1	Buy	(0.540%	)	07/25/2045	BOA		25,000		15,102
Home Equity Index A Rating 2006-1	Buy	(0.540%	)	07/25/2045	CITI		25,000		15,180
Home Equity Index A Rating 2006-1	Buy	(0.540%	)	07/25/2045	LEH		10,000		6,044
Home Equity Index A Rating 2006-1	Buy	(0.540%	)	07/25/2045	UBS		1,000		605
Home Equity Index A Rating 2006-1	Sell	0.540%		07/25/2045	BCLY		11,000		(6,327	)
Home Equity Index A Rating 2006-1	Sell	0.540%		07/25/2045	GSC		50,000		(30,299	)
Home Equity Index A Rating 2006-2	Sell	0.440%		05/25/2046	CSFB		25,000		(6,826	)

See Accompanying Notes Annual Report March 31, 2008 77

Schedule of Investments  Mortgage Portfolio  (Cont.)

Credit Default Swaps on Credit Indices (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Home Equity Index A Rating 2006-2	Sell	0.440%		05/25/2046	UBS	$	2,000	$	(627	)
Home Equity Index AA Rating 2007-1	Sell	0.150%		08/25/2037	CITI		5,000		(1,360	)
Home Equity Index AAA Rating 2006-2	Buy	(0.110%	)	05/25/2046	CSFB		10,000		1,863
Home Equity Index AAA Rating 2006-2	Sell	0.110%		05/25/2046	GSC		7,000		(1,741	)
Home Equity Index AAA Rating 2006-2	Sell	0.110%		05/25/2046	JPM		3,000		(745	)
Home Equity Index BBB Rating 2006-1	Buy	(1.540%	)	07/25/2045	CITI		35,000		28,860
Home Equity Index BBB Rating 2006-1	Buy	(1.540%	)	07/25/2045	CSFB		5,000		4,114
Home Equity Index BBB Rating 2006-1	Buy	(1.540%	)	07/25/2045	GSC		1,500		1,097
Home Equity Index BBB Rating 2006-1	Buy	(1.540%	)	07/25/2045	JPM		100,000		82,560
Home Equity Index BBB Rating 2006-1	Sell	1.540%		07/25/2045	BOA		2,500		(1,871	)
Home Equity Index BBB Rating 2006-1	Sell	1.540%		07/25/2045	CITI		4,000		(3,306	)
Home Equity Index BBB Rating 2006-1	Sell	1.540%		07/25/2045	CSFB		3,000		(2,230	)
Home Equity Index BBB Rating 2006-1	Sell	1.540%		07/25/2045	UBS		132,000		(105,720	)
Home Equity Index BBB Rating 2006-2	Buy	(1.330%	)	05/25/2046	BEAR		5,000		1,693
Home Equity Index BBB Rating 2006-2	Sell	1.330%		05/25/2046	CITI		62,000		(40,800	)
Home Equity Index BBB Rating 2006-2	Sell	1.330%		05/25/2046	JPM		7,000		(6,124	)
Home Equity Index BBB Rating 2006-2	Sell	1.330%		05/25/2046	MLP		5,500		(3,396	)
Home Equity Index BBB Rating 2006-2	Sell	1.330%		05/25/2046	MSC		10,000		(6,237	)
Home Equity Index BBB Rating 2006-2	Sell	1.330%		05/25/2046	UBS		95,500		(66,400	)
Home Equity Index BBB Rating 2007-1	Sell	2.240%		08/25/2037	MLP		10,000		(6,772	)
								$	(124,693	)

⁽¹⁾ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	BCLY	$	206,000	$	1,635
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	DUB		124,800		623
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		511,700		2,887
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	BCLY		101,600		(2,122	)
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	DUB		55,200		(287	)
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	RBS		222,500		(2,680	)
Receive	3-Month USD-LIBOR	5.000%	12/15/2014	BOA		6,800		(345	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	BCLY		53,120		(2,709	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	MLP		233,500		(13,426	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	RBS		876,930		(40,696	)
Pay	3-Month USD-LIBOR with 6.150% interest rate cap	Premium amount of $2,211	10/01/2011	LEH		39,000		(2,135	)
Receive	30-Day USD-CMM Rate	5.000%	01/16/2009	MLP		130,000		1,457
Receive	30-Day USD-CMM Rate	5.500%	05/21/2009	MLP		98,000		(3,510	)
							$	(61,308	)

(k) Purchased options outstanding on March 31, 2008:

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500%	02/02/2009	$	93,500	$	907	$	1,563

(l) Written options outstanding on March 31, 2008:

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.300%	02/02/2009	$	40,700	$	889	$	1,573

78 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

(m) Short sales outstanding on March 31, 2008:

Description	Coupon		Maturity Date	Principal Amount		Proceeds		Value (2)
Fannie Mae	5.000	%	12/01/2022	$	500	$	506	$	507
Fannie Mae	5.000	%	04/01/2023		597,700		600,359		603,397
Fannie Mae	5.000	%	04/01/2038		916,050		876,500		906,746
Fannie Mae	5.500	%	04/01/2023		100,000		102,102		102,078
Fannie Mae	5.500	%	04/01/2038		1,452,000		1,444,126		1,465,839
Fannie Mae	5.500	%	05/01/2038		639,000		641,551		643,493
Fannie Mae	6.000	%	04/01/2038		433,000		435,030		443,622
Fannie Mae	6.500	%	04/01/2036		1,562		1,609		1,612
Fannie Mae	6.500	%	11/01/2037		4,572		4,709		4,749
Fannie Mae	6.500	%	04/01/2038		394,000		408,036		408,098
Freddie Mac	5.500	%	04/01/2038		10,000		10,061		10,098
Ginnie Mae	5.000	%	04/01/2038		58,000		58,093		57,991
Ginnie Mae	5.500	%	04/01/2038		23,600		23,965		24,061
U.S. Treasury Notes	3.500	%	02/15/2018		336,000		335,330		340,402
U.S. Treasury Notes	4.250	%	11/15/2017		28,100		29,957		30,528
U.S. Treasury Notes	4.750	%	08/15/2017		113,534		122,592		126,444
						$	5,094,526	$	5,169,665

⁽²⁾ Market value includes $3,527 of interest payable on short sales.

See Accompanying Notes Annual Report March 31, 2008 79

Schedule of Investments  Municipal Sector Portfolio

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 1.3%
Bank of America Corp.
8.000% due 12/29/2049	$	5,100	$	5,116
Total Corporate Bonds & Notes (Cost $5,100)				5,116
MUNICIPAL BONDS & NOTES 120.8%
CALIFORNIA 30.9%
Anaheim, California Public Financing Authority Revenue Bonds, (FSA Insured), Series 1997
0.000% due 09/01/2035		5,000		1,214
California State Association of Bay Area Governments Financing Authority for Non-Profit Corporations Revenue Bonds, Series 2003
5.200% due 11/15/2022		5,000		5,088
California State Educational Facilities Authority Revenue Bonds, Series 2003
5.000% due 10/01/2033		800		876
California State Educational Facilities Authority Revenue Bonds, Series 2007
4.750% due 10/01/2037		10,000		9,513
California State General Obligation Bonds, (AMBAC Insured), Series 2007
4.500% due 08/01/2028		12,500		11,489
California State General Obligation Bonds, Series 2007
5.000% due 06/01/2032		6,000		5,900
5.000% due 06/01/2037		500		487
California State Health Facilities Financing Authority Revenue Bonds, (MBIA-IBC Insured), Series 2007
5.000% due 11/15/2042		13,750		13,015
California State Hollister Joint Powers Financing Authority Revenue Bonds, (FSA Insured), Series 2006
4.500% due 06/01/2037		1,870		1,626
California State Tobacco Securitization Agency Revenue Bonds, Series 2006
5.125% due 06/01/2046		9,500		7,564
California State University Revenue Bonds, (AMBAC Insured), Series 2005
5.000% due 11/01/2030		700		700
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.125% due 06/01/2047		2,600		2,066
5.750% due 06/01/2047		3,190		2,821
Los Angeles, California Community College District General Obligation Bonds, (FGIC Insured), Series 2007
5.000% due 08/01/2027		2,200		2,239
5.000% due 08/01/2032		3,400		3,402
Los Angeles, California Community College District General Obligation Bonds, (FSA Insured), Series 2006
5.000% due 08/01/2031		2,600		2,614
Los Angeles, California Unified School District General Obligation Bonds, (FSA Insured), Series 2007
4.500% due 07/01/2023		4,900		4,911
Los Angeles, California Unified School District General Obligation Bonds, (MBIA Insured), Series 2007
4.500% due 07/01/2025		4,400		4,286
4.500% due 01/01/2028		5,300		5,029
Los Gatos, California Union School District General Obligation Bonds, (FSA Insured), Series 2003
5.000% due 08/01/2030		510		517

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Metropolitan Water District of Southern California State Revenue Bonds, (FGIC Insured), Series 2003
5.000% due 10/01/2036	$	500	$	502
Norco, California Redevelopment Agency Tax Allocation Bonds, (Radian Insured), Series 2004
5.000% due 03/01/2032		1,000		901
Palomar, California Community College District General Obligation Bonds, (FSA Insured), Series 2007
4.750% due 05/01/2032		11,900		11,389
Salinas, California Union High School District General Obligation Bonds, (FGIC Insured), Series 2003
0.000% due 10/01/2027		1,000		321
San Bernardino, California Community College District General Obligation Bonds, (FSA Insured), Series 2006
5.000% due 08/01/2031		3,000		2,992
San Francisco, California City & County Public Utilities Commission Revenue Bonds, (FSA Insured), Series 2006
4.750% due 11/01/2036		10,000		9,505
Santa Monica-Malibu, California Unified School District General Obligation Bonds, (FGIC Insured), Series 1999
0.000% due 08/01/2022		5,000		2,373
Southern California State Public Power Authority Revenue Bonds, (AMBAC Insured), Series 2005
7.590% due 07/01/2033		250		301
Southern California State Public Power Authority Revenue Bonds, (FGIC Insured), Series 1988
0.000% due 07/01/2014		8,155		6,563
Southern California State Tobacco Securitization Authority Revenue Bonds, Series 2006
5.000% due 06/01/2037		100		81
				120,285
COLORADO 4.9%
Colorado State Certificates of Participation Bonds, (MBIA Insured), Series 2005
5.000% due 11/01/2030 (b)		8,000		7,936
Dawson Ridge, Colorado Metropolitan District No. 1 General Obligation Bonds, Series 1992
0.000% due 10/01/2022		2,930		1,475
El Paso County, Colorado Single-Family Mortgage Revenue Bonds, Series 1984
0.000% due 09/01/2015		2,000		1,522
Regional Transportation District of Colorado State Revenue Bonds, (AMBAC Insured), Series 2006
4.500% due 11/01/2032		9,085		8,318
				19,251
CONNECTICUT 0.5%
Connecticut State Revenue Bonds, Series 2006
5.000% due 07/01/2024		1,750		1,810
FLORIDA 1.9%
Florida State Board of Education General Obligation Bonds, (MBIA Insured), Series 2007
4.750% due 06/01/2037		100		92
Florida State General Obligation Bonds, Series 2008
5.250% due 07/01/2037		1,800		1,813
Palm Beach County, Florida Solid Waste Authority Revenue Bonds, (AMBAC Insured), Series 2002
0.000% due 10/01/2014		7,000		5,471
				7,376

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
HAWAII 0.2%
Honolulu, Hawaii Revenue Bonds, (FGIC Insured), Series 1998
4.750% due 07/01/2028	$	1,000	$	968
IDAHO 0.2%
Idaho State Health Facilities Authority Revenue Bonds, (Radian Insured), Series 2005
5.000% due 09/01/2035		1,000		892
ILLINOIS 6.3%
Boone, McHenry & Dekalb Counties, Illinois Community Unit School Dist No. 100 General Obligation Bonds, (MBIA Insured), Series 2005
0.000% due 12/01/2019		5,195		2,964
0.000% due 12/01/2020		6,550		3,509
Chicago, Illinois Board of Education General Obligation Bonds, (FGIC Insured), Series 1998
0.000% due 12/01/2027		2,000		656
Chicago, Illinois General Obligation Bonds, (MBIA Insured), Series 2001
0.000% due 01/01/2023 (a)		5,965		5,711
Chicago, Illinois O’Hare International Airport Revenue Bonds, (FGIC Insured), Series 2005
5.250% due 01/01/2023		5,000		5,114
Chicago, Illinois Revenue Bonds, (FHA/GNMA Insured), Series 2007
4.625% due 09/20/2037		1,725		1,431
Illinois State Educational Facilities Authority Revenue Bonds, Series 2003
5.000% due 07/01/2033		800		804
Illinois State Finance Authority Revenue Bonds, Series 1991
0.000% due 07/15/2025		10,000		4,146
				24,335
INDIANA 1.5%
Indiana State Ball State University Revenue Bonds, (FSA Insured), Series 2004
5.500% due 07/01/2020		475		535
Indiana State Purdue University Revenue Bonds, Series 2006
5.000% due 07/01/2022		5,000		5,198
				5,733
LOUISIANA 4.8%
Louisiana State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2001
5.875% due 05/15/2039 (b)		20,060		18,670
MARYLAND 0.2%
Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, Series 2007
5.000% due 07/01/2027		1,000		906
MASSACHUSETTS 2.5%
Commonwealth of Massachusetts General Obligation Bonds, (FSA Insured), Series 2004
5.500% due 12/01/2017		2,600		2,961
Commonwealth of Massachusetts General Obligation Bonds, (FSA Insured), Series 2006
5.063% due 11/01/2019		2,000		1,974
Massachusetts State Housing Finance Agency Revenue Bonds, Series 2003
5.000% due 06/01/2034 (b)		5,000		4,548

80 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Massachusetts State Water Resources Authority Revenue Bonds, (MBIA Insured), Series 2005
5.000% due 08/01/2034	$	250	$	249
				9,732
MICHIGAN 4.8%
Detroit, Michigan Revenue Bonds, (MBIA Insured), Series 2003
5.000% due 07/01/2034		125		122
Michigan State Building Authority Revenue Bonds, Series 2003
5.000% due 10/15/2020 (b)		9,905		10,860
Michigan State Higher Education Student Loan Authority Revenue Bonds, (AMBAC Insured), Series 2005
4.875% due 03/01/2030		8,500		7,658
				18,640
MISSISSIPPI 0.8%
Mississippi State Housing Finance Corporations Revenue Bonds, Series 1983
0.000% due 06/01/2015		4,180		3,177
MISSOURI 0.5%
Lees Summit, Missouri Industrial Development Authority Revenue Notes, Series 2007
5.000% due 08/15/2010		520		523
Missouri State Housing Development Commission Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2007
4.750% due 09/01/2032		490		422
St. Louis, Missouri Industrial Development Authority Revenue Bonds, Series 2007
4.875% due 03/01/2032		1,000		866
				1,811
NEVADA 5.9%
Clark County, Nevada General Obligation Bonds, (FGIC Insured), Series 2006
4.750% due 11/01/2035 (b)		25,000		23,022
NEW JERSEY 2.6%
New Jersey State Economic Development Authority Revenue Bonds, Series 1998
6.000% due 11/01/2028		2,480		2,229
New Jersey State Educational Facilities Authority Revenue Bonds, (Radian Insured), Series 2004
5.250% due 07/01/2034		2,000		1,860
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2002
5.750% due 06/01/2032		820		887
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2029		100		85
5.000% due 06/01/2041		6,400		5,158
				10,219
NEW YORK 7.0%
New York City, New York General Obligation Bonds, (MBIA Insured), Series 1999
5.125% due 05/15/2029 (b)		11,830		11,906
New York City, New York Municipal Water Finance Authority Revenue Bonds, (FSA Insured), Series 2005
7.830% due 06/15/2034		850		867

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2005
5.000% due 06/15/2031 (b)	$	10,000	$	10,005
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2007
5.000% due 06/15/2037		3,800		3,777
New York State Dormitory Authority Revenue Bonds, (MBIA Insured), Series 2000
6.980% due 08/15/2022		750		763
				27,318
OHIO 3.7%
Ohio State Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2007
5.750% due 06/01/2034		200		179
5.875% due 06/01/2030		400		370
5.875% due 06/01/2047		9,700		8,547
6.000% due 06/01/2042		5,600		5,146
				14,242
OREGON 2.0%
Clackamas County, Oregon School District No. 12 General Obligation Bonds, (FSA Insured), Series 2007
0.000% due 06/15/2019 (a)		1,000		911
0.000% due 06/15/2020 (a)		4,140		3,736
0.000% due 06/15/2021 (a)		3,665		3,277
				7,924
PENNSYLVANIA 0.3%
Pittsburgh, Pennsylvania Redevelopment Authority Water & Sewer System Revenue Bonds, (FSA Insured), Series 2000
7.760% due 09/01/2021		1,000		1,002
PUERTO RICO 0.0%
Puerto Rico Sales Tax Financing Corp. Revenue Bonds, (AMBAC Insured), Series 2007
0.000% due 08/01/2054		1,400		86
RHODE ISLAND 0.7%
Rhode Island State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2002
6.250% due 06/01/2042		2,925		2,749
SOUTH CAROLINA 2.1%
Lexington, South Carolina Health Services District Revenue Bonds, Series 2004
5.500% due 05/01/2037		1,500		1,684
South Carolina State Tobacco Settlement Revenue Management Authority Revenue Bonds, Series 2001
6.375% due 05/15/2028		800		793
6.375% due 05/15/2030		6,000		5,843
				8,320
TENNESSEE 2.0%
Tennessee State Energy Acquisition Corporations Revenue Bonds, Series 2006
5.000% due 02/01/2024		3,500		3,196
5.000% due 02/01/2027		5,000		4,442
				7,638

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
TEXAS 29.4%
Arlington, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2000
7.560% due 02/15/2024	$	750	$	756
Austin, Texas Water & Wastewater Utilities Revenue Bonds, (AMBAC Insured), Series 2005
5.000% due 05/15/2035 (b)		10,000		9,839
Austin, Texas Water and Wastewater Utilities Revenue Bonds, (XLCA Insured), Series 2007
5.000% due 11/15/2032		4,500		4,462
Carrollton-Farmers Branch, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2007
4.750% due 02/15/2032		5,000		4,793
Dallas, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2006
4.750% due 08/15/2032		2,000		1,916
Houston, Texas Higher Education Finance Corp. Revenue Bonds, Series 2007
4.750% due 05/15/2037		7,725		7,328
Houston, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 1999
4.750% due 02/15/2026 (b)		1,500		1,489
Houston, Texas Utility System Revenue Bonds, (FSA Insured), Series 2007
5.000% due 11/15/2036		100		98
Lancaster, Texas Independent School District General Obligation Revenue Bonds, (FSA Insured), Series 2006
0.000% due 02/15/2024		2,250		968
Lubbock, Texas Health Facilities Development Corp. Revenue Bonds, Series 1998
5.250% due 07/01/2011		575		583
Rice, Texas Consolidated Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2007
5.000% due 02/15/2038		5,080		5,041
San Antonio, Texas General Obligation Notes, Series 2001
5.000% due 08/01/2010		50		53
San Antonio, Texas Utilities Revenue Bonds, (MBIA Insured), Series 2005
5.000% due 02/01/2030 (b)		7,070		7,051
San Antonio, Texas Water Revenue Bonds, (MBIA Insured), Series 2005
4.750% due 05/15/2037		3,000		2,794
4.750% due 05/15/2038 (b)		25,000		23,224
Spring Branch, Texas Independent School District General Obligation Bonds, (FSA/PSF-GTD Insured), Series 2007
4.500% due 02/01/2026		3,130		2,932
Tarrant County, Texas Cultural Education Facilities Finance Corporations Revenue Bonds, Series 2007
5.000% due 02/15/2026		4,500		4,411
Tarrant, Texas Regional Water District Revenue Bonds, (FGIC Insured), Series 2006
4.750% due 03/01/2029		5,000		4,727
Texas State Capital Area Housing Finance Corporations Revenue Bonds, (FHA/VA Private Insured), Series 1984
0.000% due 01/01/2016		6,060		4,429
Texas State Transportation Commission Revenue Bonds, Series 2006
4.750% due 04/01/2024 (b)		21,465		21,536

See Accompanying Notes Annual Report March 31, 2008 81

Schedule of Investments  Municipal Sector Portfolio  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
University of Texas Revenue Bonds, Series 2006
4.750% due 08/15/2028	$	6,020	$	5,897
				114,327
VIRGINIA 0.2%
Virginia State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2005
5.500% due 06/01/2026		700		772
WASHINGTON 2.9%
King County, Washington General Obligation Bonds, (FGIC Insured), Series 2005
13.300% due 01/01/2035		3,410		3,284
Washington State General Obligation Bonds, (AMBAC Insured), Series 2004
0.000% due 12/01/2026		10,480		3,780
Washington State General Obligation Bonds, (FGIC Insured), Series 2003
0.000% due 06/01/2016		6,230		4,406
				11,470
WEST VIRGINIA 1.0%
Berkeley Brooke & Fayette Counties, West Virginia Revenue Bonds, Series 1983
0.000% due 12/01/2014		3,250		2,544

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
West Virginia State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
7.467% due 06/01/2047	$	1,500	$	1,432
				3,976
WISCONSIN 1.0%
Badger, Wisconsin Tobacco Asset Securitization Corporations Revenue Bonds, Series 2002
6.125% due 06/01/2027		2,630		2,639
6.375% due 06/01/2032		250		251
Wisconsin State General Obligation Bonds, (MBIA Insured), Series 2006
5.000% due 05/01/2037		200		182
Wisconsin State Housing & Economic Development Authority Revenue Bonds, (MBIA Insured), Series 2002
4.600% due 05/01/2011		585		600
4.700% due 11/01/2012		35		35
				3,707
Total Municipal Bonds & Notes (Cost $478,694)				470,358

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INSTRUMENTS 3.0%
COMMERCIAL PAPER 2.6%
Federal Home Loan Bank
1.500% due 04/01/2008	$	10,000	$	10,000
REPURCHASE AGREEMENTS 0.4%
State Street Bank and Trust Co.
1.900% due 04/01/2008		1,449		1,449
(Dated 03/31/2008. Collateralized by Fannie Mae 3.250% due 08/15/2008 valued at $1,481. Repurchase proceeds are $1,449.)
Total Short-Term Instruments (Cost $11,449)				11,449
Total Investments 125.1% (Cost $495,243)			$	486,923
Other Assets and Liabilities (Net) (25.1%)				(97,639	)
Net Assets 100.0%			$	389,284

Notes to Schedule of Investments (amounts in thousands, except number of contracts):

(a) Security becomes interest bearing at a future date.

(b) Securities represent fixed-rate municipal bonds transferred to a trust in a financing transaction in which the Portfolio acquired Residual Interest Municipal Bonds. Refer to Note 2(n) in the Notes to Financial Statements for additional information.

(c) Cash of $1,860 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	921	$	(1,192	)

82 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

Schedule of Investments  Real Return Portfolio March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 8.0%
BANKING & FINANCE 6.9%
American Express Bank FSB
6.000% due 09/13/2017	$	2,300	$	2,248
American Express Centurion Bank
6.000% due 09/13/2017		2,200		2,139
American Express Co.
7.000% due 03/19/2018		1,200		1,263
8.150% due 03/19/2038		340		378
Bank of America Corp.
8.000% due 12/29/2049		800		803
Barclays Bank PLC
5.450% due 09/12/2012		6,200		6,359
7.434% due 09/29/2049		600		543
Bear Stearns Cos., Inc.
6.950% due 08/10/2012		2,200		2,204
7.250% due 02/01/2018		1,000		1,036
Capital One Financial Corp.
6.750% due 09/15/2017		4,900		4,659
Cigna Corp.
6.350% due 03/15/2018		2,000		2,035
Citigroup Capital XXI
8.300% due 12/21/2057		1,100		1,087
Citigroup, Inc.
3.291% due 01/30/2009		600		595
GATX Financial Corp.
5.800% due 03/01/2016		1,000		995
General Electric Capital Corp.
2.941% due 12/12/2008		600		601
5.875% due 01/14/2038		1,000		967
Goldman Sachs Group, Inc.
6.750% due 10/01/2037		5,200		4,852
Merna Reinsurance Ltd.
3.346% due 07/07/2010 (i)		4,000		3,635
Rabobank Nederland
4.278% due 01/15/2009		500		500
Rockies Express Pipeline LLC
4.250% due 08/20/2009		5,000		5,003
UBS AG
5.875% due 12/20/2017		1,000		1,025
Unicredit Luxembourg Finance S.A.
3.768% due 10/24/2008		1,400		1,399
Vita Capital Ltd.
5.602% due 01/01/2010		300		293
Vita Capital III Ltd.
5.822% due 01/01/2012		600		579
Wachovia Bank N.A.
3.146% due 12/02/2010		2,100		2,006
Wells Fargo & Co.
4.375% due 01/31/2013		900		897
				48,101
INDUSTRIALS 0.2%
Kraft Foods, Inc.
6.000% due 02/11/2013		800		828
6.125% due 02/01/2018		900		902
				1,730
UTILITIES 0.9%
BellSouth Corp.
4.240% due 04/26/2021		4,600		4,603

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Cleveland Electric Illuminating Co.
6.860% due 10/01/2008	$	640	$	649
Exelon Corp.
4.900% due 06/15/2015		1,000		954
				6,206
Total Corporate Bonds & Notes (Cost $56,539)				56,037
MUNICIPAL BONDS & NOTES 1.3%
Badger, Wisconsin Tobacco Asset Securitization Corporations Revenue Bonds, Series 2002
6.375% due 06/01/2032		1,000		1,004
California State General Obligation Bonds, Series 2007
5.000% due 06/01/2037		1,900		1,852
California State Tobacco Securitization Agency Revenue Bonds, Series 2002
5.625% due 06/01/2023		235		235
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2006
4.750% due 06/15/2038		300		284
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2007
5.000% due 06/15/2038		700		696
Rhode Island State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2002
6.000% due 06/01/2023		500		490
University of California Revenue Bonds, (FSA/FGIC Insured), Series 2007
5.000% due 05/15/2037		2,700		2,683
Washington State Tobacco Settlement Authority Revenue Bonds, Series 2002
6.500% due 06/01/2026		1,105		1,139
West Virginia State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
7.467% due 06/01/2047		1,000		955
Total Municipal Bonds & Notes (Cost $9,346)				9,338
U.S. GOVERNMENT AGENCIES 48.4%
Fannie Mae
4.669% due 01/01/2035		347		351
4.723% due 04/01/2035		535		538
5.000% due 04/01/2036 - 02/01/2037		9,273		9,192
5.500% due 09/01/2023 - 06/01/2037		151,645		153,266
5.722% due 09/01/2044 - 10/01/2044		218		217
6.000% due 08/01/2036 - 04/01/2038		59,508		61,021
6.181% due 09/01/2018		62		63
Freddie Mac
2.639% due 12/25/2036		4,040		3,983
2.879% due 09/25/2031		82		82
3.168% due 12/15/2030		252		247
4.500% due 05/15/2017		262		267
5.000% due 02/15/2020		4,712		4,846
5.500% due 05/15/2016 - 02/01/2038		66,249		67,030
6.000% due 08/01/2036 - 11/01/2037		36,614		37,586
Ginnie Mae
6.500% due 05/15/2026 - 06/15/2028		80		83
Total U.S. Government Agencies (Cost $331,980)				338,772

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. TREASURY OBLIGATIONS 126.2%
Treasury Inflation Protected Securities (b)
1.625% due 01/15/2015	$	4,677	$	4,956
1.750% due 01/15/2028		13,143		13,020
1.875% due 07/15/2013		101,054		108,981
1.875% due 07/15/2015		60,712		65,469
2.000% due 04/15/2012		4,066		4,377
2.000% due 01/15/2014		25,202		27,277
2.000% due 07/15/2014		786		853
2.000% due 01/15/2026		26,799		27,601
2.375% due 04/15/2011		33,417		35,905
2.375% due 01/15/2017		35,778		39,879
2.375% due 01/15/2025		102,168		111,092
2.375% due 01/15/2027		25,730		28,064
2.500% due 07/15/2016		93,030		104,666
2.625% due 07/15/2017		36,067		41,060
3.000% due 07/15/2012		43,774		49,055
3.375% due 01/15/2012		11,982		13,485
3.500% due 01/15/2011		30,561		33,808
3.625% due 04/15/2028		58,070		75,237
3.875% due 04/15/2029		12,805		17,301
4.250% due 01/15/2010		75,173		81,551
Total U.S. Treasury Obligations (Cost $885,710)				883,637
MORTGAGE-BACKED SECURITIES 2.8%
Bear Stearns Adjustable Rate Mortgage Trust
4.125% due 03/25/2035		2,958		2,829
4.550% due 08/25/2035		1,597		1,535
6.099% due 11/25/2030		339		328
Citigroup Mortgage Loan Trust, Inc.
4.098% due 08/25/2035		80		80
4.248% due 08/25/2035		757		719
4.748% due 08/25/2035		782		777
4.900% due 12/25/2035		120		114
Countrywide Home Loan Mortgage Pass-Through Trust
2.939% due 06/25/2035		884		779
Greenpoint Mortgage Funding Trust
2.679% due 10/25/2046		4,999		4,505
GSR Mortgage Loan Trust
4.539% due 09/25/2035		1,356		1,279
Lehman XS Trust
2.679% due 07/25/2046		296		287
MLCC Mortgage Investors, Inc.
4.718% due 12/25/2034		4,571		4,338
WaMu Mortgage Pass-Through Certificates
2.859% due 11/25/2045		322		260
2.889% due 10/25/2045		1,913		1,528
Total Mortgage-Backed Securities (Cost $20,675)				19,358
ASSET-BACKED SECURITIES 0.1%
Bear Stearns Asset-Backed Securities Trust
3.049% due 03/25/2043		142		138
Structured Asset Securities Corp.
4.900% due 04/25/2035		857		793
Total Asset-Backed Securities (Cost $993)				931
SOVEREIGN ISSUES 0.2%
Export-Import Bank of Korea
4.901% due 10/04/2011		1,300		1,302
Total Sovereign Issues (Cost $1,299)				1,302

See Accompanying Notes Annual Report March 31, 2008 83

Schedule of Investments  Real Return Portfolio  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN CURRENCY-DENOMINATED ISSUES 3.0%
Canadian Government Bond
3.000% due 12/01/2036 (b)	CAD	1,413	$	1,817
General Electric Capital Corp.
5.500% due 09/15/2067	EUR	100		150
6.500% due 09/15/2067	GBP	4,500		8,575
Pylon Ltd.
6.117% due 12/29/2008	EUR	3,200		5,033
Royal Bank of Scotland Group PLC
7.092% due 10/29/2049		400		565
United Kingdom Gilt Inflation Linked Bond
2.500% due 05/20/2009	GBP	900		4,821
Total Foreign Currency-Denominated Issues (Cost $19,405)				20,961
SHORT-TERM INSTRUMENTS 36.3%
CERTIFICATES OF DEPOSIT 2.0%
Abbey National Treasury Services PLC
2.653% due 07/02/2008	$	7,400		7,379
Fortis Bank NY
2.649% due 06/30/2008		6,000		5,998

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Skandinaviska Enskilda Banken AB
3.060% due 02/13/2009	$	700	$	700
				14,077
COMMERCIAL PAPER 19.8%
Bank of America Corp.
2.950% due 04/07/2008		19,400		19,391
Danske Corp.
2.790% due 04/14/2008		19,500		19,480
Federal Home Loan Bank
1.500% due 04/01/2008		1,700		1,700
ING Funding LLC
2.980% due 04/04/2008		19,400		19,395
Intesa Funding LLC
2.760% due 06/16/2008		19,600		19,486
Nordea N.A., Inc.
2.950% due 04/09/2008		19,400		19,387
Societe General N.A.
2.770% due 06/16/2008		19,600		19,485
UBS Finance Delaware LLC
2.940% due 06/05/2008		700		696
3.020% due 04/04/2008		19,500		19,495
				138,515

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS 0.6%
Fixed Income Clearing Corp.
1.900% due 04/01/2008	$	4,216	$	4,216
(Dated 03/31/2008. Collateralized by Fannie Mae 0.000% due 06/13/2008 valued at $4,304. Repurchase proceeds are $4,216.)
U.S. TREASURY BILLS 13.9%
0.839% due 04/17/2008 - 07/24/2008 (a)(c)(d)		97,855		97,635
Total Short-Term Instruments (Cost $254,569)				254,443
PURCHASED OPTIONS (g) 0.5%
(Cost $1,325)				3,575
Total Investments 226.8% (Cost $1,581,841)			$	1,588,354
Written Options (h) (1.3%) (Premiums $5,002)				(8,929	)
Other Assets and Liabilities (Net) (125.5%)				(879,030	)
Net Assets 100.0%			$	700,395

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

(b) Principal amount of security is adjusted for inflation.

(c) Securities with an aggregate market value of $16,420 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(d) Securities with an aggregate market value of $19,211 have been pledged as collateral for delayed-delivery securities on March 31, 2008.

(e) Cash of $10,310 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Euribor December Futures	Long	12/2008	69	$	114
90-Day Euribor December Futures	Long	12/2009	80		128
90-Day Euribor June Futures	Long	06/2008	184		(126	)
90-Day Euribor June Futures	Long	06/2009	91		148
90-Day Euribor March Futures	Long	03/2009	87		132
90-Day Euribor September Futures	Short	09/2008	60		(7	)
90-Day Euribor September Futures	Long	09/2009	80		128
90-Day Eurodollar December Futures	Long	12/2009	97		225
90-Day Eurodollar June Futures	Long	06/2009	153		503
90-Day Eurodollar September Futures	Long	09/2009	171		657
Euro-Bund 10-Year Bond June Futures	Short	06/2008	207		245
Japan Government 10-Year Bond June Futures	Long	06/2008	4		73
Japan Government 10-Year Bond June Futures	Short	06/2008	3		12
U.S. Treasury 2-Year Note June Futures	Short	06/2008	92		(25	)
U.S. Treasury 5-Year Note June Futures	Short	06/2008	495		(575	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	1,737		6,057
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	439		(474	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	219		148
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	577		243
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2009	84		143
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	71		116
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	129		109
United Kingdom Government 10-Year Bond June Futures	Short	06/2008	65		(182	)
				$	7,792

84 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

(f) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Anheuser-Busch Cos., Inc. 5.625% due 10/01/2010	Buy	(0.250%	)	12/20/2012	CITI	$	700	$	10
AutoZone, Inc. 5.875% due 10/15/2012	Buy	(0.529%	)	12/20/2012	GSC		400		10
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	0.720%		09/20/2012	CITI		400		(20	)
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	0.720%		09/20/2012	JPM		600		(29	)
Bear Stearns Cos., Inc. 7.250% due 02/01/2018	Buy	(2.180%	)	03/20/2018	BNP		1,000		(50	)
Black & Decker Corp. 7.125% due 06/01/2011	Buy	(0.680%	)	12/20/2012	BOA		8,100		310
Capital One Financial Corp. 6.250% due 11/15/2013	Buy	(1.150%	)	09/20/2012	JPM		4,900		421
Cigna Corp. 6.350% due 03/15/2018	Buy	(1.210%	)	03/20/2018	MSC		2,000		(34	)
Clorox Co. 6.125% due 02/01/2011	Buy	(0.470%	)	12/20/2012	CITI		500		7
ConAgra Foods, Inc. 7.000% due 10/01/2028	Buy	(0.299%	)	12/20/2012	GSC		400		7
Exelon Corp. 4.900% due 06/15/2015	Buy	(0.960%	)	06/20/2015	CITI		1,000		43
Fannie Mae 5.250% due 08/01/2012	Sell	1.401%		03/20/2013	BNP		1,000		5
GATX Financial Corp. 5.800% due 03/01/2016	Buy	(1.070%	)	03/20/2016	CITI		1,000		14
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.740%		09/20/2012	CSFB		600		(17	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.800%		09/20/2012	MSC		500		(13	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Buy	(0.400%	)	12/20/2012	CITI		1,800		79
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Buy	(0.390%	)	12/20/2012	BNP		2,400		107
Kimberly-Clark Corp. 6.875% due 02/15/2014	Buy	(0.320%	)	12/20/2012	BEAR		3,000		21
Kroger Co. 5.500% due 02/01/2013	Buy	(0.360%	)	12/20/2012	BNP		600		9
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.660%		09/20/2012	RBS		500		(45	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.700%		09/20/2012	JPM		600		(53	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.900%		09/20/2012	BNP		3,800		(309	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.950%		09/20/2012	JPM		6,300		(499	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.965%		09/20/2012	BCLY		4,900		(386	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	1.120%		09/20/2012	BNP		300		(22	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	1.200%		09/20/2012	BNP		300		(21	)
Lowe’s Cos., Inc. 8.250% due 06/01/2010	Buy	(0.530%	)	12/20/2012	BOA		10,000		183
Marriott International, Inc. 4.625% due 06/15/2012	Buy	(0.640%	)	12/20/2012	CSFB		400		27
Marriott International, Inc. 4.625% due 06/15/2012	Buy	(0.640%	)	12/20/2012	GSC		1,300		86
Mattel, Inc. 6.125% due 06/15/2011	Buy	(0.868%	)	12/20/2012	BOA		5,000		67
Newell Rubbermaid, Inc. 6.350% until 07/15/2008 and variable thereafter, due 07/15/2028	Buy	(0.319%	)	12/20/2012	GSC		300		7
Nordstrom, Inc. 6.950% due 03/15/2028	Buy	(0.610%	)	12/20/2012	MSC		600		13
Safeway, Inc. 5.800% due 08/15/2012	Buy	(0.340%	)	12/20/2012	BNP		800		11
Sherwin-Williams Co. 7.375% due 02/01/2027	Buy	(0.430%	)	12/20/2012	BOA		700		16
Staples, Inc. 7.375% due 10/01/2012	Buy	(0.700%	)	12/20/2012	MSC		500		18
TJX Cos., Inc. 7.450% due 12/15/2009	Buy	(0.460%	)	12/20/2012	MSC		600		6
VF Corp. 8.500% due 10/01/2010	Buy	(0.449%	)	12/20/2012	LEH		400		6
Whirlpool Corp. 7.750% due 07/15/2016	Buy	(0.680%	)	12/20/2012	BNP		700		11
								$	(4	)

Credit Default Swaps on Credit Indices
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
CMBX N.A. AAA 3 Index	Sell	0.080%		12/13/2049	MSC	$	4,270	$	239
Dow Jones CDX N.A. HY9 Index	Sell	3.330%		12/20/2012	LEH		800		(84	)
Dow Jones CDX N.A. HY9 Index	Sell	6.350%		12/20/2012	DUB		1,400		16
Dow Jones CDX N.A. HY9 Index	Sell	6.450%		12/20/2012	JPM		700		18
Dow Jones CDX N.A. HY9 Index	Sell	6.510%		12/20/2012	MLP		100		2
Dow Jones CDX N.A. IG9 Index	Buy	(0.600%	)	12/20/2012	LEH		4,000		104
Dow Jones CDX N.A. IG9 Index	Sell	0.600%		12/20/2012	DUB		3,200		13
Dow Jones CDX N.A. IG9 Index	Sell	0.600%		12/20/2012	GSC		5,600		37
Dow Jones CDX N.A. IG9 Index	Sell	0.600%		12/20/2012	JPM		2,300		(76	)
Dow Jones CDX N.A. IG9 Index	Sell	0.760%		12/20/2012	DUB		2,300		26
Dow Jones CDX N.A. IG9 Index	Sell	0.990%		12/20/2012	DUB		2,400		7
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	BCLY		22,500		819
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	BOA		3,400		132
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	GSC		3,000		115
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	JPM		1,600		62
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	LEH		3,100		118
Dow Jones CDX N.A. IG9 Index	Buy	(0.800%	)	12/20/2017	MSC		8,800		277
								$	1,825

⁽¹⁾ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

See Accompanying Notes Annual Report March 31, 2008 85

Schedule of Investments  Real Return Portfolio  (Cont.)

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Receive	3-Month USD-LIBOR	4.000%	06/18/2009	RBS	$	82,800	$	(597	)
Pay	3-Month USD-LIBOR	5.000%	06/18/2009	UBS		150,900		4,503
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	BCLY		56,600		1,328
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		8,900		44
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	BCLY		38,900		1,697
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	JPM		6,000		220
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	MSC		4,700		206
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	RBS		96,900		4,627
Receive	3-Month USD-LIBOR	5.000%	06/18/2015	DUB		8,500		(362	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2015	RBS		3,600		(211	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	MLP		18,400		(1,132	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	MSC		48,800		(3,243	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	RBS		105,300		(5,575	)
Pay	3-Month USD-LIBOR	5.000%	06/18/2038	MSC		17,400		1,505
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.090%	10/15/2010	BNP	EUR	1,800		8
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.103%	10/15/2010	BCLY		1,600		20
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.146%	10/15/2010	UBS		1,600		14
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.028%	10/15/2011	JPM		3,700		(13	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.095%	10/15/2011	UBS		6,900		(3	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.973%	12/15/2011	JPM		2,000		(40	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.976%	12/15/2011	GSC		4,500		(70	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.988%	12/15/2011	BNP		4,500		(71	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.995%	03/15/2012	GSC		18,900		(345	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.138%	01/19/2016	BCLY		4,000		(23	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.350%	10/15/2016	UBS		2,200		3
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.353%	10/15/2016	JPM		1,900		8
Pay	6-Month Australian Bank Bill	7.000%	12/15/2009	BCLY	AUD	11,300		(30	)
Pay	6-Month Australian Bank Bill	7.000%	12/15/2009	MSC		12,000		(33	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	DUB		16,200		(70	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	JPM		2,700		(12	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	RBC		8,600		(35	)
Pay	6-Month Australian Bank Bill	7.000%	06/15/2010	DUB		34,600		(200	)
Receive	6-Month Australian Bank Bill	6.750%	12/15/2017	BCLY		1,400		30
Receive	6-Month Australian Bank Bill	6.750%	12/15/2017	MSC		1,500		33
Receive	6-Month EUR-LIBOR	4.000%	06/15/2017	MSC	EUR	1,300		74
Receive	6-Month EUR-LIBOR	5.000%	03/19/2018	BCLY		100		(3	)
Pay	6-Month EUR-LIBOR	4.500%	06/18/2034	MSC		3,200		(3	)
Pay	6-Month EUR-LIBOR	5.000%	06/18/2034	JPM		963		16
Pay	6-Month GBP-LIBOR	5.000%	06/15/2009	BCLY	GBP	16,000		(72	)
Pay	6-Month GBP-LIBOR	5.000%	12/19/2009	MSC		25,600		207
Pay	6-Month GBP-LIBOR	6.000%	03/20/2010	DUB		10,300		169
Pay	6-Month GBP-LIBOR	5.000%	09/15/2010	CSFB		3,700		109
Pay	6-Month GBP-LIBOR	5.000%	09/15/2010	RBS		10,800		327
Pay	6-Month GBP-LIBOR	5.000%	09/17/2013	RBS		5,500		(24	)
Receive	6-Month GBP-LIBOR	5.000%	09/15/2015	GSC		3,400		(139	)
Receive	6-Month GBP-LIBOR	5.000%	03/20/2018	BCLY		4,500		(371	)
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	BCLY		4,000		226
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	CSFB		1,500		90
Receive	6-Month GBP-LIBOR	4.250%	06/12/2036	HSBC		2,200		234
Pay	6-Month JPY-LIBOR	1.000%	03/18/2009	MSC	JPY	2,500,000		63
Receive	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA Index	2.275%	10/15/2016	UBS	EUR	2,200		3
Pay	U.S. CPI Urban Consumers NSA Index	2.980%	03/06/2018	MSC	$	4,800		63
Pay	United Kingdom RPI Index	3.250%	12/14/2017	BCLY	GBP	3,200		(51	)
Pay	United Kingdom RPI Index	3.183%	12/19/2017	RBS		3,600		(62	)
Pay	United Kingdom RPI Index	3.110%	01/03/2018	GSC		100		(3	)
Pay	United Kingdom RPI Index	3.440%	09/10/2027	RBS		1,100		(56	)
							$	2,978

(g) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 5-Year Note June Futures	$	125.000	05/23/2008	919	$	17	$	7
Call - CBOT U.S. Treasury 30-Year Bond June Futures		147.000	05/23/2008	584		11		9
Call - CBOT U.S. Treasury 30-Year Bond June Futures		152.000	05/23/2008	60		0		1
Call - CBOT U.S. Treasury 30-Year Bond June Futures		153.000	05/23/2008	91		1		2
Call - CBOT U.S. Treasury 30-Year Bond June Futures		154.000	05/23/2008	200		2		3
Put - CBOT U.S. Treasury 10-Year Note June Futures		86.000	05/23/2008	252		2		4
Put - CBOT U.S. Treasury 10-Year Note June Futures		92.000	05/23/2008	560		10		9
Put - CBOT U.S. Treasury 10-Year Note June Futures		96.000	05/23/2008	270		5		4
Put - CBOT U.S. Treasury 10-Year Note June Futures		100.000	05/23/2008	78		1		1
					$	49	$	40

86 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750%	09/26/2008	$	8,000	$	40	$	330

Foreign Currency Options
Description	Exercise Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC Euro versus U.S. dollar	$	1.392	07/08/2010	EUR	4,300	$	226	$	714
Put - OTC Euro versus U.S. dollar		1.392	07/08/2010		4,300		227		164
Call - OTC U.S. dollar versus Japanese yen	JPY	118.150	06/23/2008	$	11,800		311		22
Put - OTC U.S. dollar versus Japanese yen		118.150	06/23/2008		11,800		311		2,260
Call - OTC U.S. dollar versus Japanese yen		111.000	12/01/2008		3,000		54		7
						$	1,129	$	3,167

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Call - OTC Fannie Mae 5.500% due 06/01/2038	$	112.750	06/05/2008	$	70,000	$	8	$	0
Call - OTC Treasury Inflation Protected Securities 2.000% due 01/15/2016		119.000	04/17/2008		140,000		11		0
Put - OTC Treasury Inflation Protected Securities 0.875% due 04/15/2010		95.000	04/15/2008		28,000		6		0
Put - OTC Treasury Inflation Protected Securities 1.875% due 07/15/2013		100.000	04/07/2008		75,000		6		0
Put - OTC Treasury Inflation Protected Securities 1.875% due 07/15/2013		100.000	04/28/2008		20,000		2		3
Put - OTC Treasury Inflation Protected Securities 1.875% due 07/15/2015		99.000	04/28/2008		60,000		5		1
Put - OTC Treasury Inflation Protected Securities 2.000% due 01/15/2014		101.000	04/07/2008		10,000		1		0
Put - OTC Treasury Inflation Protected Securities 2.000% due 01/15/2014		102.000	04/14/2008		9,000		1		0
Put - OTC Treasury Inflation Protected Securities 2.000% due 01/15/2026		90.000	04/07/2008		25,000		2		0
Put - OTC Treasury Inflation Protected Securities 2.375% due 04/15/2011		98.000	04/15/2008		33,000		8		0
Put - OTC Treasury Inflation Protected Securities 2.375% due 01/15/2025		97.000	04/14/2008		80,000		6		0
Put - OTC Treasury Inflation Protected Securities 2.375% due 01/15/2025		86.000	05/01/2008		16,000		4		0
Put - OTC Treasury Inflation Protected Securities 2.375% due 01/15/2027		96.000	04/14/2008		25,000		2		0
Put - OTC Treasury Inflation Protected Securities 2.500% due 07/15/2016		104.000	04/14/2008		90,000		7		0
Put - OTC Treasury Inflation Protected Securities 2.625% due 07/15/2017		91.500	04/15/2008		35,000		8		0
Put - OTC Treasury Inflation Protected Securities 3.000% due 07/15/2012		105.000	04/28/2008		40,000		3		15
Put - OTC Treasury Inflation Protected Securities 3.500% due 01/15/2011		101.500	04/15/2008		30,000		7		0
Put - OTC Treasury Inflation Protected Securities 3.625% due 04/15/2028		110.000	04/28/2008		50,000		4		1
Put - OTC Treasury Inflation Protected Securities 4.250% due 01/15/2010		102.500	05/01/2008		70,000		16		18
						$	107	$	38

(h) Written options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note June Futures	$	118.000	05/23/2008	145	$	162	$	308
Call - CBOT U.S. Treasury 10-Year Note June Futures		119.000	05/23/2008	38		46		61
Call - CBOT U.S. Treasury 10-Year Note June Futures		121.000	05/23/2008	62		70		53
Call - CBOT U.S. Treasury 30-Year Bond June Futures		122.000	05/23/2008	39		62		45
Put - CBOT U.S. Treasury 10-Year Note June Futures		112.000	05/23/2008	71		76		6
Put - CBOT U.S. Treasury 10-Year Note June Futures		114.000	05/23/2008	74		91		16
					$	507	$	489

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 10-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	5.250%	09/15/2008	$	6,000	$	160	$	541
Put - OTC 10-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	5.250%	09/15/2008		6,000		160		35
Call - OTC 30-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Receive	5.670%	08/07/2008		2,100		101		345
Put - OTC 30-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Pay	5.670%	08/07/2008		2,100		77		14
Call - OTC 30-Year Interest Rate Swap	CITI	3-Month USD-LIBOR	Receive	5.670%	08/07/2008		2,600		109		427
Put - OTC 30-Year Interest Rate Swap	CITI	3-Month USD-LIBOR	Pay	5.670%	08/07/2008		2,600		110		17
Call - OTC 10-Year Interest Rate Swap	GSC	3-Month USD-LIBOR	Receive	5.250%	09/15/2008		11,700		294		1,055
Put - OTC 10-Year Interest Rate Swap	GSC	3-Month USD-LIBOR	Pay	5.250%	09/15/2008		11,700		283		67
Call - OTC 7-Year Interest Rate Swap	GSC	3-Month USD-LIBOR	Receive	5.365%	09/20/2010		6,000		193		383
Put - OTC 7-Year Interest Rate Swap	GSC	3-Month USD-LIBOR	Pay	5.365%	09/20/2010		6,000		193		142
Call - OTC 30-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Receive	5.670%	08/07/2008		3,700		128		608
Put - OTC 30-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Pay	5.670%	08/07/2008		3,700		183		24
Call - OTC 10-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Receive	5.250%	09/15/2008		14,200		420		1,280
Put - OTC 10-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Pay	5.250%	09/15/2008		14,200		286		82
Call - OTC 10-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	5.250%	09/15/2008		8,300		208		748
Put - OTC 10-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	5.250%	09/15/2008		8,300		201		48
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		4,000		45		268
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	5.365%	09/20/2010		17,000		488		1,084
Put - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	5.365%	09/20/2010		17,000		602		404
								$	4,241	$	7,572

See Accompanying Notes Annual Report March 31, 2008 87

Schedule of Investments  Real Return Portfolio  (Cont.)

Foreign Currency Options
Description	Exercise Price	Expiration Date	Notional Amount		Premium		Value
Call - OTC U.S. dollar versus Japanese yen	JPY    118.150	06/23/2008	$	3,500	$	44	$	7
Put - OTC U.S. dollar versus Japanese yen	118.150	06/23/2008		3,500		160		670
Put - OTC U.S. dollar versus Japanese yen	100.000	12/01/2008		3,000		50		191
					$	254	$	868

(i) Restricted securities as of March 31, 2008:

Issuer Description	Coupon	Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Merna Reinsurance Ltd.	3.346%	07/07/2010	09/21/2007	$	3,967	$	3,635	0.52%

(j) Short sales outstanding on March 31, 2008:

Description	Coupon		Maturity Date	Principal Amount		Proceeds		Value (2)
Fannie Mae	5.000	%	04/01/2038	$	9,400	$	8,992	$	9,304
Fannie Mae	5.500	%	04/01/2038		92,857		92,257		93,742
Fannie Mae	6.000	%	04/01/2038		10,700		10,795		10,962
Freddie Mac	5.500	%	04/01/2038		40,000		40,300		40,394
Treasury Inflation Protected Securities	0.875	%	04/15/2010		2,346		2,374		2,402
Treasury Inflation Protected Securities	2.000	%	07/15/2014		54,549		58,301		59,506
Treasury Inflation Protected Securities	2.000	%	01/15/2016		153,606		163,980		167,215
U.S. Treasury Bonds	4.750	%	02/15/2037		4,300		4,503		4,666
U.S. Treasury Notes	3.500	%	02/15/2018		46,100		45,614		46,615
U.S. Treasury Notes	3.625	%	12/31/2012		1,830		1,917		1,954
U.S. Treasury Notes	3.625	%	05/15/2013		2,000		2,101		2,149
U.S. Treasury Notes	4.125	%	08/31/2012		6,200		6,526		6,684
U.S. Treasury Notes	4.250	%	11/15/2013		35,700		37,774		39,586
U.S. Treasury Notes	4.250	%	11/15/2017		2,130		2,239		2,312
U.S. Treasury Notes	4.500	%	02/15/2016		18,400		19,923		20,405
U.S. Treasury Notes	4.750	%	08/15/2017		9,500		10,267		10,581
						$	507,863	$	518,477

⁽²⁾ Market value includes $2,334 of interest payable on short sales.

(k) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Sell	CAD	1,662	04/2008	$	50	$	0		$	50
Sell	CHF	891	06/2008		0		(42	)		(42	)
Sell	EUR	6,084	04/2008		0		(117	)		(117	)
Sell	GBP	13,508	04/2008		1		(66	)		(65	)
Buy	JPY	45,921	05/2008		9		0			9
Sell		611,738	05/2008		0		(131	)		(131	)
				$	60	$	(356	)	$	(296	)

88 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

Schedule of Investments  Short-Term Portfolio March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 12.8%
BANKING & FINANCE 6.1%
ABX Financing Co.
5.750% due 10/15/2016	$	3,000	$	3,023
BAE Systems Holdings, Inc.
6.400% due 12/15/2011		2,000		2,167
Bear Stearns Cos., Inc.
6.950% due 08/10/2012		5,863		5,874
BHP Billiton Finance Ltd.
5.125% due 03/29/2012		3,000		3,054
CIT Group, Inc.
3.215% due 08/15/2008		4,250		3,924
3.302% due 05/23/2008		700		686
3.401% due 01/30/2009		6,600		5,745
5.000% due 11/24/2008		10,700		9,837
CNA Financial Corp.
5.850% due 12/15/2014		3,000		2,973
Countrywide Financial Corp.
6.250% due 05/15/2016		5,000		4,065
DBS Bank Ltd.
3.290% due 05/16/2017		25,000		23,248
FIA Card Services N.A.
4.625% due 08/03/2009		18,380		18,637
First Union National Bank of Florida
6.180% due 02/15/2036		600		628
Glitnir Banki HF
4.421% due 01/18/2012		2,000		1,514
Goldman Sachs Group, Inc.
2.689% due 06/23/2009		10,000		9,873
3.276% due 03/02/2010		2,000		1,964
4.178% due 07/23/2009		12,100		11,997
HSBC Finance Corp.
2.981% due 03/12/2010		13,300		12,785
3.954% due 10/21/2009		2,600		2,510
6.375% due 10/15/2011		6,000		6,178
International Lease Finance Corp.
5.625% due 09/20/2013		5,000		4,903
iStar Financial, Inc.
5.950% due 10/15/2013		6,000		4,385
John Deere Capital Corp.
5.650% due 07/25/2011		2,000		2,121
Kaupthing Bank HF
6.125% due 10/04/2016		3,000		2,064
Landsbanki Islands HF
3.792% due 08/25/2009		3,000		2,721
Lehman Brothers Holdings, Inc.
2.809% due 12/23/2010		4,000		3,414
6.200% due 09/26/2014		5,000		4,939
7.000% due 09/27/2027		2,000		1,853
Morgan Stanley
3.212% due 05/07/2009		12,700		12,492
4.134% due 01/22/2009		2,000		1,964
4.401% due 10/18/2016		5,000		4,511
4.738% due 10/15/2015		3,000		2,433
ORIX Corp.
5.480% due 11/22/2011		5,000		4,847
Rabobank Nederland
4.646% due 04/06/2009		800		799
Residential Capital LLC
8.000% due 02/22/2011		5,000		2,475
Santander U.S. Debt S.A. Unipersonal
3.074% due 11/20/2009		2,500		2,474
SLM Corp.
3.561% due 10/25/2011		8,000		5,929

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Textron Financial Corp.
4.600% due 05/03/2010	$	2,000	$	2,058
VTB Capital S.A.
3.839% due 08/01/2008		13,300		13,167
World Savings Bank FSB
3.168% due 05/08/2009		2,000		2,003
				212,234
INDUSTRIALS 5.2%
Alcan, Inc.
5.000% due 06/01/2015		2,500		2,461
America Movil SAB de C.V.
2.755% due 06/27/2008		10,000		9,925
Amgen, Inc.
3.170% due 11/28/2008		25,000		24,976
AutoZone, Inc.
5.500% due 11/15/2015		2,500		2,409
5.875% due 10/15/2012		3,000		3,040
Avon Products, Inc.
5.125% due 01/15/2011		4,000		4,105
Boston Scientific Corp.
6.000% due 06/15/2011		2,500		2,450
Comcast Corp.
4.677% due 07/14/2009		900		876
5.300% due 01/15/2014		5,000		4,914
CVS Caremark Corp.
3.376% due 06/01/2010		25,000		24,312
Daimler Finance North America LLC
5.750% due 09/08/2011		14,000		14,319
EnCana Corp.
6.300% due 11/01/2011		2,500		2,661
HJ Heinz Co.
6.428% due 12/01/2020		6,800		6,916
JC Penney Corp., Inc.
7.375% due 08/15/2008		3,693		3,724
Johnson Controls, Inc.
5.250% due 01/15/2011		5,000		5,167
5.500% due 01/15/2016		3,000		3,064
Kellogg Co.
6.600% due 04/01/2011		2,000		2,159
Kerr-McGee Corp.
6.875% due 09/15/2011		4,000		4,307
Kraft Foods, Inc.
5.625% due 11/01/2011		3,000		3,062
Kroger Co.
5.500% due 02/01/2013		4,000		4,143
Lennar Corp.
5.950% due 10/17/2011		3,000		2,550
Newell Rubbermaid, Inc.
4.000% due 05/01/2010		2,100		2,081
Northwest Airlines, Inc.
7.150% due 10/01/2019		14,751		14,829
Sealed Air Corp.
5.625% due 07/15/2013		5,000		5,235
Time Warner, Inc.
5.875% due 11/15/2016		5,000		4,764
Transocean, Inc.
3.214% due 09/05/2008		8,100		8,061
United Airlines, Inc.
6.636% due 07/02/2022		1,459		1,363
Viacom, Inc.
5.750% due 04/30/2011		3,000		3,035

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Weatherford International Ltd.
4.950% due 10/15/2013	$	2,500	$	2,551
Weyerhaeuser Co.
3.599% due 09/24/2009		5,000		4,930
Wyeth
5.500% due 03/15/2013		2,500		2,651
				181,040
UTILITIES 1.5%
AT&T, Inc.
3.195% due 02/05/2010		10,600		10,505
Consumers Energy Co.
5.000% due 02/15/2012		3,000		3,044
Dominion Resources, Inc.
3.248% due 11/14/2008		2,800		2,786
5.200% due 01/15/2016		3,000		2,943
DPL, Inc.
6.875% due 09/01/2011		2,500		2,671
Entergy Gulf States, Inc.
3.600% due 06/01/2008		8,850		8,828
Exelon Corp.
6.750% due 05/01/2011		3,000		3,169
Florida Power Corp.
3.468% due 11/14/2008		3,400		3,398
Ohio Edison Co.
4.000% due 05/01/2008		6,325		6,325
Ohio Power Co.
4.826% due 04/05/2010		4,000		3,901
Progress Energy, Inc.
7.100% due 03/01/2011		3,348		3,607
				51,177
Total Corporate Bonds & Notes (Cost $460,338)				444,451
U.S. GOVERNMENT AGENCIES 31.1%
Fannie Mae
2.666% due 12/25/2036 - 07/25/2037		16,696		15,368
2.719% due 03/25/2034		498		481
2.749% due 10/25/2035		6,459		6,360
2.799% due 10/27/2037		29,353		27,807
2.830% due 03/25/2022		29		30
2.899% due 03/25/2018 - 01/25/2034		1,434		1,416
2.930% due 10/25/2021		86		86
2.949% due 05/25/2042 - 02/25/2044		1,158		1,149
2.999% due 08/25/2017 - 12/25/2033		1,404		1,377
3.000% due 01/25/2025		31		31
3.016% due 08/01/2033		590		600
3.049% due 02/25/2033		893		892
3.060% due 03/25/2022		7		7
3.099% due 08/25/2031 - 09/25/2034		14,478		14,046
3.118% due 04/15/2035 - 03/15/2036		72		69
3.125% due 12/25/2013		72		72
3.149% due 12/25/2030		162		160
3.225% due 04/25/2022 - 12/25/2023		248		245
3.249% due 09/25/2023 - 11/25/2031		771		762
3.270% due 04/01/2034		156		160
3.275% due 10/25/2022 - 05/18/2032		900		888
3.283% due 05/01/2034		449		467
3.294% due 09/17/2027		179		177

See Accompanying Notes Annual Report March 31, 2008 89

Schedule of Investments  Short-Term Portfolio  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
3.299% due 04/25/2032	$	1,323	$	1,292
3.325% due 09/25/2022 - 12/18/2031		1,493		1,472
3.328% due 06/01/2034		311		321
3.375% due 05/25/2022		233		231
3.383% due 07/01/2033		332		335
3.393% due 08/01/2033 (e)		7,574		7,548
3.411% due 08/01/2033		47		47
3.425% due 12/25/2008 - 09/25/2020		223		226
3.433% due 04/01/2033		423		424
3.455% due 01/25/2022		218		216
3.457% due 08/01/2033		1,387		1,385
3.500% due 08/01/2010 - 01/01/2035		1,502		1,491
3.500% due 08/01/2013 (e)		3,803		3,779
3.504% due 08/01/2033		1,557		1,564
3.525% due 09/01/2033		384		385
3.531% due 08/01/2033		994		997
3.536% due 09/01/2033		429		430
3.545% due 04/01/2034		218		227
3.556% due 06/01/2033		551		545
3.583% due 08/01/2033		332		332
3.599% due 04/25/2032		266		261
3.625% due 12/25/2023		722		733
3.657% due 01/01/2034		1,163		1,170
3.665% due 08/01/2033		63		63
3.750% due 01/01/2035		1,104		1,091
3.765% due 10/01/2043		58		58
3.769% due 07/01/2034		545		549
3.775% due 09/25/2023 - 10/25/2023		302		303
3.825% due 05/25/2022		219		216
3.836% due 04/01/2034		705		710
3.839% due 11/01/2033		3,822		3,847
3.841% due 05/01/2033		82		83
3.863% due 07/01/2033		184		187
3.875% due 08/01/2033		139		142
3.889% due 09/01/2033		481		479
3.910% due 11/01/2033		3,988		4,025
3.913% due 05/01/2034		242		242
3.932% due 09/01/2034		408		413
3.944% due 07/01/2033		193		193
3.945% due 11/01/2033		840		835
3.950% due 03/01/2034		2,667		2,683
3.956% due 11/01/2033		845		845
3.962% due 03/01/2034		278		281
3.969% due 05/01/2034		965		980
3.975% due 06/01/2033		1,899		1,925
3.982% due 08/01/2034		678		676
3.999% due 07/01/2033		1,216		1,227
4.000% due 08/01/2010 - 12/01/2033		17,439		17,533
4.013% due 06/01/2034		140		144
4.014% due 06/01/2033		686		687
4.046% due 08/01/2033		3,973		4,016
4.048% due 07/01/2033		979		998
4.055% due 03/01/2034		184		184
4.062% due 06/01/2033		416		420
4.064% due 06/01/2033		514		519
4.068% due 11/01/2034		96		96
4.081% due 02/01/2035		140		140
4.083% due 04/01/2034		369		371
4.112% due 04/01/2034		697		700
4.113% due 05/01/2034		1,627		1,640
4.114% due 07/01/2035		159		159
4.127% due 03/01/2034		814		844
4.128% due 11/01/2034		368		368
4.130% due 05/01/2035		851		852
4.136% due 12/01/2034		189		194
4.137% due 08/01/2033		720		727
4.145% due 08/01/2035		1,530		1,535
4.152% due 03/01/2034		1,111		1,110
4.160% due 01/01/2035		176		176
4.173% due 09/01/2033		979		988
4.177% due 09/01/2033		319		326
4.187% due 03/01/2034		193		199

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
4.188% due 06/01/2034	$	2,249	$	2,266
4.189% due 05/01/2034		436		439
4.192% due 01/01/2034		301		301
4.194% due 05/01/2033		278		284
4.196% due 11/01/2034		140		142
4.199% due 11/01/2033 - 04/01/2034		2,549		2,554
4.202% due 12/01/2034		303		305
4.212% due 06/01/2033		1,045		1,049
4.218% due 05/01/2033		168		170
4.220% due 09/01/2033		229		233
4.228% due 04/01/2034		273		272
4.235% due 07/01/2035		677		678
4.240% due 05/01/2033		223		226
4.244% due 02/01/2034 - 03/01/2034		2,328		2,365
4.250% due 04/25/2028 - 12/01/2033		2,070		2,063
4.262% due 07/01/2034		1,375		1,399
4.264% due 06/01/2034		1,142		1,148
4.268% due 04/01/2034		558		559
4.271% due 03/01/2035		2,279		2,296
4.272% due 01/01/2033		662		671
4.274% due 09/01/2034		930		929
4.275% due 12/01/2034		170		171
4.277% due 03/01/2034		901		914
4.285% due 07/01/2034		686		691
4.291% due 03/01/2033		74		75
4.292% due 04/01/2034		486		487
4.301% due 12/01/2033		746		761
4.307% due 05/01/2034		3,270		3,283
4.310% due 01/01/2034		549		569
4.312% due 10/01/2033		75		75
4.314% due 11/01/2034		2,249		2,284
4.325% due 05/01/2034		434		434
4.329% due 01/01/2035		818		840
4.330% due 06/01/2036		419		422
4.331% due 07/01/2034		418		421
4.338% due 06/01/2034 - 11/01/2034		394		397
4.346% due 09/01/2035		2,554		2,614
4.356% due 09/01/2033		966		990
4.362% due 02/01/2034		642		643
4.363% due 11/01/2035		436		439
4.370% due 11/01/2034		391		395
4.373% due 11/01/2034		262		265
4.374% due 04/01/2034		2,583		2,638
4.375% due 03/01/2035		1,507		1,514
4.380% due 03/01/2035		3,048		3,080
4.381% due 12/01/2034		236		239
4.382% due 03/01/2033 - 03/01/2034		1,467		1,494
4.388% due 08/01/2033		2,017		2,029
4.389% due 09/01/2032		422		426
4.391% due 04/01/2033		181		185
4.393% due 04/01/2034		418		420
4.405% due 02/01/2034		105		105
4.432% due 07/01/2035		916		928
4.434% due 01/01/2035		229		232
4.437% due 09/01/2033		1,433		1,460
4.442% due 04/01/2033		32		33
4.444% due 07/01/2034		1,983		2,001
4.449% due 07/01/2034		1,535		1,548
4.451% due 07/01/2036		1,183		1,229
4.454% due 09/01/2034		1,142		1,173
4.460% due 09/01/2019		1,066		1,073
4.465% due 03/01/2036		407		407
4.470% due 01/01/2035		994		1,007
4.477% due 11/01/2033		1,391		1,403
4.482% due 10/01/2034		218		221
4.491% due 04/01/2034		189		193
4.494% due 04/01/2033		2,809		2,873
4.499% due 06/01/2033		463		466
4.500% due 11/01/2009 - 08/01/2035		55,387		56,093
4.500% due 06/01/2013 - 05/01/2015 (e)		8,436		8,574

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
4.504% due 11/01/2034	$	112	$	114
4.512% due 12/01/2034		193		196
4.515% due 04/01/2034		2,026		2,056
4.536% due 08/01/2034		3,304		3,384
4.540% due 08/01/2034		833		841
4.541% due 04/01/2034		181		184
4.542% due 07/01/2035 (e)		5,088		5,234
4.545% due 01/01/2034		1,148		1,168
4.546% due 08/01/2033		1,250		1,282
4.547% due 10/01/2033		2,209		2,265
4.563% due 10/01/2036		1,527		1,542
4.565% due 05/01/2033		1,933		1,971
4.567% due 11/01/2033		302		303
4.569% due 05/01/2035		1,237		1,273
4.575% due 02/01/2035		318		328
4.581% due 08/01/2034		2,583		2,670
4.583% due 09/01/2034		725		735
4.585% due 08/01/2033		1,571		1,587
4.586% due 03/01/2035		6,045		6,158
4.594% due 06/01/2033		404		403
4.603% due 06/01/2035		563		567
4.605% due 06/01/2035		182		184
4.609% due 01/01/2035		1,795		1,823
4.610% due 07/01/2034		258		261
4.621% due 09/01/2035		813		821
4.630% due 01/01/2035 (e)		6,032		6,110
4.637% due 10/01/2034		113		116
4.642% due 03/01/2033 - 07/01/2035		1,849		1,894
4.648% due 08/01/2035		3,244		3,260
4.656% due 07/01/2033		93		94
4.664% due 02/01/2033		219		225
4.675% due 07/01/2035		1,678		1,702
4.679% due 04/01/2033		207		210
4.681% due 10/01/2033		489		495
4.685% due 10/01/2035		751		774
4.686% due 04/01/2033		794		810
4.690% due 10/01/2034 (e)		6,410		6,515
4.690% due 07/01/2035		3,000		3,041
4.692% due 02/01/2035		2,753		2,788
4.695% due 04/01/2033		1,635		1,665
4.700% due 06/01/2034		652		665
4.707% due 10/01/2035		1,021		1,035
4.708% due 02/01/2033		371		381
4.712% due 07/01/2034		1,271		1,305
4.717% due 04/01/2035		1,420		1,454
4.723% due 08/01/2035		1,387		1,395
4.734% due 10/01/2034		1,262		1,297
4.735% due 03/01/2035		1,519		1,544
4.736% due 09/01/2035		2,318		2,330
4.739% due 02/01/2035		478		485
4.740% due 07/01/2035		942		960
4.744% due 09/01/2034		52		53
4.750% due 03/01/2034 - 07/01/2034		1,655		1,661
4.751% due 02/01/2035		298		301
4.754% due 07/01/2036		771		774
4.769% due 11/01/2034 - 07/01/2035		2,382		2,431
4.772% due 01/01/2033		122		125
4.773% due 12/01/2032		401		416
4.774% due 11/01/2032 - 08/01/2035		1,998		2,029
4.782% due 11/01/2034		2,621		2,653
4.784% due 07/01/2035		332		339
4.791% due 02/01/2035		331		335
4.794% due 11/01/2035		1,350		1,368
4.800% due 02/01/2035		83		85
4.804% due 01/01/2033		195		198
4.819% due 07/01/2034		641		642
4.822% due 11/01/2033 - 09/01/2034		3,577		3,593
4.830% due 09/01/2035		2,912		2,948
4.831% due 01/01/2033		89		93
4.832% due 10/01/2034 - 01/01/2035		1,906		1,967
4.837% due 01/01/2036		75		76

90 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
4.838% due 03/01/2035	$	2,424	$	2,458
4.842% due 11/01/2043		680		689
4.850% due 02/01/2013 - 10/01/2035		1,496		1,514
4.851% due 07/01/2034 - 08/01/2035		931		955
4.855% due 01/01/2035		229		238
4.856% due 11/01/2032		569		581
4.865% due 01/01/2033 - 10/01/2034		3,662		3,647
4.868% due 01/01/2036		4,281		4,327
4.870% due 11/01/2032 - 04/01/2035		401		405
4.874% due 07/01/2036		2,213		2,249
4.880% due 05/01/2035 (e)		6,598		6,702
4.883% due 10/01/2035		1,812		1,814
4.890% due 04/01/2035		259		263
4.892% due 09/01/2034 (e)		4,803		4,794
4.897% due 12/01/2035		611		610
4.899% due 02/01/2034		637		659
4.901% due 05/01/2033		2,168		2,179
4.915% due 02/01/2035		212		216
4.927% due 09/01/2035 (e)		4,996		5,110
4.933% due 12/01/2034		197		198
4.935% due 03/01/2033		313		318
4.941% due 05/01/2035		429		435
4.942% due 03/01/2035		1,435		1,437
4.947% due 01/01/2033		2,434		2,537
4.950% due 08/01/2034 - 12/01/2034		3,125		3,135
4.951% due 06/01/2034		1,133		1,133
4.954% due 04/01/2035		245		249
4.955% due 02/01/2034		448		452
4.964% due 07/01/2035		309		316
4.981% due 03/01/2036		1,271		1,298
4.997% due 07/01/2035		157		160
4.998% due 09/01/2034		2,401		2,426
5.000% due 02/01/2009 - 01/01/2035		26,723		27,223
5.000% due 11/01/2013 (e)		2,103		2,158
5.012% due 12/01/2035		262		267
5.014% due 07/01/2035		2,533		2,594
5.018% due 01/01/2036		182		187
5.030% due 05/01/2035 (e)		4,278		4,367
5.037% due 11/01/2035		3,418		3,482
5.053% due 07/01/2035		225		228
5.057% due 01/01/2035		3,538		3,685
5.065% due 10/01/2033		2,771		2,796
5.075% due 09/01/2035		1,690		1,748
5.079% due 07/01/2036		1,447		1,499
5.095% due 02/01/2033		142		145
5.100% due 03/01/2033		217		220
5.106% due 03/01/2036		864		866
5.107% due 06/01/2035		2,182		2,227
5.130% due 12/01/2035		852		862
5.134% due 12/01/2035		595		605
5.139% due 05/01/2035		783		813
5.151% due 03/25/2027		1,206		1,166
5.153% due 12/01/2035		921		936
5.157% due 10/01/2012		77		77
5.166% due 03/25/2027		493		487
5.170% due 04/25/2023		69		71
5.171% due 09/01/2035		967		989
5.196% due 05/01/2037		858		869
5.217% due 04/01/2033 - 02/01/2036		2,736		2,829
5.227% due 08/01/2032		487		494
5.243% due 07/01/2037		1,467		1,488
5.244% due 05/01/2036		111		113
5.247% due 01/01/2037		60		61
5.255% due 05/01/2035		775		790
5.265% due 04/01/2036		759		779
5.269% due 09/01/2034		2,586		2,649
5.273% due 02/01/2036		148		149
5.315% due 05/01/2036		689		704
5.318% due 02/01/2035		334		339
5.323% due 06/01/2035		2,546		2,592

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.325% due 11/01/2036	$	1,350	$	1,375
5.353% due 05/01/2036		2,092		2,132
5.375% due 02/01/2036		121		124
5.388% due 12/01/2035		977		1,006
5.390% due 10/01/2035 (e)		10,006		10,268
5.392% due 10/01/2024		54		55
5.393% due 03/01/2038		1,000		1,005
5.407% due 05/01/2036		1,835		1,847
5.420% due 11/01/2036		523		537
5.433% due 05/01/2036		226		228
5.435% due 10/01/2032		326		332
5.443% due 01/01/2036		253		257
5.449% due 05/01/2036		449		452
5.479% due 08/01/2046		1,103		1,115
5.499% due 04/01/2036		72		73
5.500% due 02/01/2009 - 06/01/2037		12,798		13,101
5.513% due 11/01/2031		165		165
5.519% due 05/01/2032		349		355
5.526% due 12/01/2032		562		563
5.555% due 07/01/2036		585		597
5.575% due 12/01/2036		1,679		1,707
5.588% due 10/01/2036 (e)		4,828		4,913
5.591% due 12/01/2036		2,114		2,148
5.615% due 01/01/2036		65		66
5.622% due 04/01/2036 (e)		4,262		4,353
5.648% due 04/01/2037 (e)		5,687		5,792
5.693% due 12/01/2036		171		174
5.699% due 05/01/2037		2,775		2,843
5.722% due 07/01/2042 - 07/01/2044		2,676		2,666
5.723% due 03/01/2044		618		614
5.757% due 12/01/2018		50		50
5.772% due 09/01/2041		116		115
5.856% due 09/01/2017		76		77
5.869% due 05/01/2036		1,120		1,156
5.921% due 01/01/2019		445		448
5.922% due 09/01/2040		35		35
5.947% due 02/01/2033		128		129
5.950% due 02/25/2044		3,651		3,729
5.982% due 09/01/2035 (e)		5,510		5,713
5.988% due 07/01/2036		56		57
6.000% due 09/25/2014 - 08/25/2044		5,282		5,440
6.079% due 03/01/2037		894		916
6.100% due 02/25/2009		102		103
6.178% due 08/25/2042		121		121
6.181% due 09/01/2036		77		79
6.204% due 04/01/2040		1,808		1,884
6.250% due 05/25/2042		112		119
6.328% due 01/01/2035		47		47
6.343% due 01/01/2033		110		111
6.360% due 08/01/2036		833		865
6.422% due 11/01/2035		859		884
6.430% due 02/01/2037		723		743
6.442% due 11/01/2035		335		345
6.467% due 07/01/2029		58		59
6.500% due 11/01/2008 - 01/25/2044		4,577		4,890
6.585% due 03/01/2033		278		280
6.681% due 11/01/2014		40		40
6.897% due 07/01/2018		57		59
6.991% due 12/01/2040		276		282
7.000% due 12/01/2009 - 02/25/2044		1,517		1,590
7.143% due 04/01/2024		14		14
7.155% due 11/01/2025		150		152
7.218% due 09/01/2032		230		234
7.368% due 09/01/2029		280		287
7.500% due 12/01/2014 - 05/25/2042		608		644
7.502% due 06/01/2030		98		104
7.660% due 05/01/2015		2,452		2,757
7.775% due 05/01/2030		28		29
8.000% due 08/25/2022 - 10/01/2026		416		454

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
9.000% due 04/01/2020 - 01/01/2026	$	220	$	243
9.500% due 07/01/2021 - 06/01/2025		213		239
Freddie Mac
2.500% due 04/15/2013		533		531
2.859% due 08/25/2031		1,002		986
2.879% due 09/25/2031		1,090		1,090
2.949% due 06/25/2029		241		223
2.999% due 05/25/2043		2,992		3,017
3.000% due 05/15/2022		54		54
3.168% due 06/15/2018 - 06/15/2031		7,700		7,581
3.218% due 11/15/2032		149		149
3.318% due 01/15/2032		86		87
3.325% due 03/15/2024		250		252
3.368% due 04/15/2028 - 03/15/2032		1,880		1,863
3.375% due 05/15/2023 - 10/15/2026		655		659
3.418% due 06/15/2029 - 12/15/2031		1,970		1,962
3.475% due 08/15/2022 - 03/15/2023		768		781
3.500% due 05/01/2008 - 03/15/2022		1,273		1,271
3.575% due 04/15/2022		153		156
3.628% due 10/01/2033		607		616
3.805% due 05/01/2034		132		133
3.870% due 12/15/2013 - 07/01/2033		1,877		1,925
3.886% due 08/01/2033		190		194
3.887% due 05/01/2034		1,501		1,530
3.899% due 06/01/2033		78		78
3.960% due 03/01/2034 - 04/01/2034		2,813		2,873
4.000% due 05/01/2008 - 10/15/2026		32,106		32,271
4.007% due 04/01/2034		652		666
4.013% due 03/01/2034		2,274		2,289
4.068% due 11/01/2034		206		206
4.069% due 03/15/2029		1,063		1,064
4.088% due 01/01/2035		96		96
4.107% due 11/01/2033		210		212
4.123% due 04/01/2034		1,411		1,422
4.144% due 01/01/2035		162		162
4.145% due 04/01/2034		426		432
4.174% due 01/01/2034		667		666
4.191% due 07/01/2034 - 10/01/2034		1,607		1,648
4.199% due 02/01/2034		1,031		1,048
4.219% due 03/01/2034		2,746		2,820
4.230% due 07/01/2033		376		387
4.240% due 03/01/2034		384		395
4.250% due 11/15/2020 - 09/15/2024		7,884		7,939
4.251% due 10/01/2033 - 12/01/2033		753		764
4.279% due 01/01/2034		180		183
4.290% due 12/01/2033		516		525
4.295% due 03/01/2035		268		270
4.298% due 11/01/2034		3,029		3,089
4.316% due 10/01/2033		1,200		1,251
4.326% due 11/01/2033		382		393
4.334% due 11/01/2034		1,053		1,063
4.339% due 12/01/2034		106		107
4.361% due 09/01/2035		155		156
4.384% due 01/01/2035		660		667
4.420% due 12/01/2033		546		553
4.455% due 11/01/2034		1,392		1,432
4.467% due 08/01/2035		2,270		2,294
4.482% due 01/01/2035		847		858
4.492% due 03/01/2035		1,043		1,061
4.500% due 05/01/2008 - 08/15/2034		79,542		80,532

See Accompanying Notes Annual Report March 31, 2008 91

Schedule of Investments  Short-Term Portfolio  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
4.500% due 03/01/2013 - 01/01/2015 (e)	$	17,467	$	17,772
4.506% due 12/01/2034		2,937		2,969
4.520% due 10/15/2013		153		155
4.537% due 03/01/2035		4,098		4,150
4.538% due 09/01/2034		256		259
4.545% due 12/01/2034		98		99
4.587% due 11/01/2034		1,346		1,362
4.590% due 09/01/2034		326		330
4.599% due 01/01/2035		99		100
4.634% due 03/01/2035		1,030		1,043
4.742% due 04/01/2035		2,628		2,656
4.748% due 12/01/2034 (e)		6,451		6,542
4.750% due 12/15/2016 - 01/15/2031		2,953		2,974
4.752% due 07/01/2036		958		966
4.760% due 09/01/2034		2,749		2,844
4.768% due 10/01/2034		2,258		2,293
4.774% due 09/01/2035		502		508
4.796% due 11/01/2034		555		560
4.815% due 05/01/2035 (e)		5,066		5,136
4.820% due 02/01/2035		3,272		3,302
4.829% due 03/01/2035		623		640
4.836% due 01/01/2035		872		884
4.850% due 07/01/2035 - 09/01/2035		1,253		1,272
4.880% due 08/01/2036 (e)		7,395		7,409
4.888% due 07/01/2035		1,444		1,457
4.905% due 04/01/2034		42		43
4.909% due 07/01/2035		65		67
4.914% due 04/01/2035		882		897
4.932% due 12/01/2032		220		227
4.936% due 07/01/2033		76		75
4.963% due 08/01/2035		1,341		1,347
4.968% due 12/01/2034		2,769		2,803
4.969% due 08/01/2034		1,233		1,264
4.976% due 03/01/2035		72		74
4.987% due 09/01/2036		505		510
4.996% due 05/01/2035		1,383		1,408
5.000% due 05/01/2009 - 01/01/2036		73,133		74,330
5.000% due 04/01/2013 (e)		5,985		6,087
5.001% due 06/01/2035		148		151
5.012% due 05/01/2033		51		52
5.034% due 12/01/2035		118		120
5.070% due 05/15/2008		5		5
5.091% due 05/01/2035		727		750
5.115% due 08/01/2015		78		79
5.125% due 09/01/2034		442		444
5.150% due 03/01/2035		1,208		1,228
5.171% due 11/01/2033		3,382		3,463
5.188% due 11/01/2033		4,206		4,294
5.196% due 10/01/2032		500		521
5.204% due 11/01/2035		3,733		3,797
5.230% due 08/01/2036		1,407		1,427
5.234% due 03/01/2036		2,241		2,278
5.241% due 04/01/2036		485		494
5.243% due 09/01/2035		903		922
5.245% due 02/01/2036		109		111
5.268% due 02/01/2036		139		142
5.273% due 09/01/2035		296		299
5.277% due 02/01/2036 - 02/01/2037		2,231		2,271
5.293% due 02/01/2036		192		196
5.299% due 10/01/2035 - 02/01/2037		2,216		2,257
5.333% due 01/01/2037		3,930		3,996
5.350% due 12/01/2036		1,021		1,036
5.355% due 12/01/2035 (e)		4,626		4,719
5.397% due 02/01/2036		288		294
5.409% due 10/01/2036 (e)		7,485		7,534
5.457% due 08/01/2036		791		821
5.481% due 12/01/2036		3,072		3,117
5.483% due 02/01/2019		136		137
5.500% due 08/01/2009 - 04/01/2038		21,232		21,534
5.516% due 08/01/2036		1,142		1,156

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.540% due 10/01/2035	$	269	$	270
5.550% due 11/15/2027		41		41
5.570% due 11/01/2036		2,298		2,347
5.576% due 12/01/2035		979		993
5.609% due 01/01/2030		188		191
5.651% due 04/01/2037		2,599		2,686
5.667% due 05/01/2037 (e)		5,717		5,821
5.691% due 03/01/2036		140		141
5.701% due 02/01/2037		3,829		3,897
5.720% due 02/01/2036		4,028		4,080
5.722% due 10/25/2044 - 02/25/2045		975		963
5.764% due 11/01/2035		32		33
5.787% due 04/01/2036		490		495
5.814% due 11/01/2036 - 01/01/2037		253		257
5.819% due 04/01/2032		527		539
5.836% due 03/01/2032		617		628
5.884% due 04/01/2032		937		972
5.899% due 07/01/2036		57		58
5.922% due 07/25/2044		5,945		5,807
5.951% due 11/01/2036		107		109
6.000% due 11/15/2008 - 10/01/2033		13,343		13,703
6.121% due 07/01/2019		17		18
6.250% due 12/15/2023 - 03/15/2028		1,640		1,657
6.500% due 05/15/2012		110		112
6.619% due 12/01/2034		126		128
6.814% due 03/01/2030		194		199
7.000% due 06/01/2017 - 07/15/2027		179		189
7.024% due 11/01/2031		238		244
7.103% due 10/01/2029		39		40
7.151% due 09/01/2034		118		118
7.438% due 08/01/2023		23		23
Ginnie Mae
2.886% due 06/20/2032		159		156
2.936% due 06/20/2030 - 04/20/2031		832		832
3.018% due 01/16/2031		48		48
3.218% due 02/16/2032		282		278
3.268% due 03/16/2031		315		311
3.318% due 04/16/2030 - 04/16/2032		377		378
4.000% due 09/16/2025		177		177
4.500% due 08/16/2028 - 08/20/2035		3,095		3,130
5.000% due 05/20/2030		2,995		3,053
5.125% due 10/20/2029		1,801		1,796
5.625% due 07/20/2026 - 07/20/2031		1,889		1,900
6.000% due 10/20/2012 - 03/15/2032		679		685
6.250% due 01/20/2030		29		30
6.375% due 02/20/2025 - 01/20/2027		929		952
6.500% due 07/20/2017		157		157
8.000% due 06/20/2025		3		3
8.500% due 12/20/2026 - 11/20/2027		50		55
Small Business Administration
5.090% due 10/01/2025		3,209		3,214
6.100% due 02/01/2009		56		56
Total U.S. Government Agencies (Cost $1,057,116)				1,078,395
U.S. TREASURY OBLIGATIONS 0.9%
U.S. Treasury Notes
4.625% due 02/15/2017		28,000		30,768
Total U.S. Treasury Obligations (Cost $30,740)				30,768

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
MORTGAGE-BACKED SECURITIES 37.9%
ABN AMRO Mortgage Corp.
5.000% due 02/25/2018	$	1,234	$	1,236
5.000% due 07/25/2018		1,712		1,705
Adjustable Rate Mortgage Trust
2.849% due 10/25/2035		49		34
2.969% due 01/25/2035		1,984		1,874
2.969% due 02/25/2035		2,159		1,790
4.589% due 05/25/2035		1,276		1,257
4.826% due 01/25/2036		3,606		3,603
American Home Mortgage Investment Trust
4.290% due 10/25/2034		1,466		1,322
4.390% due 02/25/2045		1,308		1,196
4.440% due 02/25/2045		3,016		2,715
Banc of America Alternative Loan Trust
5.000% due 06/25/2019		1,829		1,779
Banc of America Funding Corp.
4.105% due 03/20/2035		244		244
4.113% due 05/25/2035		2,784		2,646
4.420% due 11/20/2034		6,335		5,775
Banc of America Large Loan, Inc.
3.328% due 08/15/2029		13,792		13,268
Banc of America Mortgage Securities, Inc.
2.999% due 03/25/2034		270		259
3.703% due 04/25/2034		1,217		1,219
3.864% due 02/25/2034		4,715		4,365
4.145% due 07/25/2034		8,000		8,037
4.500% due 02/25/2018		1,690		1,686
5.000% due 12/25/2018		362		360
5.000% due 05/25/2035		10,254		10,241
5.250% due 03/25/2034		429		424
5.270% due 10/25/2035		300		270
5.500% due 04/25/2033		850		849
6.500% due 09/25/2033		1,092		1,079
6.897% due 02/25/2033		1,054		1,049
Bank of America-First Union NB Commercial Mortgage
4.890% due 04/11/2037		2,449		2,442
Bear Stearns Adjustable Rate Mortgage Trust
3.989% due 07/25/2034		520		505
4.617% due 01/25/2034		1,694		1,583
4.625% due 10/25/2035		6,670		6,321
4.650% due 10/25/2035		300		272
4.745% due 10/25/2033		10		9
4.750% due 10/25/2035		16,477		15,826
4.760% due 01/25/2034		1,206		1,159
4.791% due 10/25/2034		9,712		9,350
4.865% due 01/25/2035		339		325
4.895% due 10/25/2033		6		6
4.952% due 10/25/2033		57		44
4.958% due 01/25/2035		1,885		1,773
5.031% due 04/25/2033		108		105
5.437% due 04/25/2033		219		204
5.550% due 02/25/2033		75		69
5.950% due 11/25/2034		2,671		2,645
6.136% due 05/25/2033		4		3
6.764% due 02/25/2033		12		11
Bear Stearns Alt-A Trust
2.759% due 02/25/2034		1,845		1,455
2.769% due 08/25/2036		43		28
2.799% due 02/25/2034		7,524		5,327
4.912% due 11/25/2034		12,421		11,482
5.371% due 05/25/2035		234		203
5.757% due 11/25/2035		56		35
5.792% due 11/25/2036		1,039		752
5.882% due 01/25/2036		5,420		4,270
5.936% due 02/25/2036		41,891		30,993
Bear Stearns Commercial Mortgage Securities
3.970% due 11/11/2035		19,748		19,395
6.020% due 02/14/2031		27,851		27,933
6.440% due 06/16/2030		4,388		4,389

92 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Bear Stearns Structured Products, Inc.
2.806% due 01/26/2037	$	21,323	$	20,257
Cendant Mortgage Corp.
5.250% due 10/25/2033		70		70
Chase Mortgage Finance Corp.
4.353% due 02/25/2037		12,075		11,435
5.000% due 04/25/2018		554		553
5.237% due 12/25/2035		3,169		3,089
5.250% due 01/25/2034		2,967		2,911
Citicorp Mortgage Securities, Inc.
5.000% due 04/25/2018		3,980		3,979
5.000% due 02/25/2035		200		151
5.500% due 09/25/2035		1,261		1,244
Citigroup Commercial Mortgage Trust
2.888% due 08/15/2021		260		243
Citigroup/Deutsche Bank Commercial Mortgage Trust
5.322% due 12/11/2049		7,000		6,771
5.617% due 10/15/2048		15,000		14,944
Commercial Mortgage Pass-Through Certificates
5.306% due 12/10/2046		20,549		20,001
6.455% due 05/15/2032		2,202		2,203
Countrywide Alternative Loan Trust
2.799% due 06/25/2037		1,734		1,319
2.999% due 03/25/2034		572		491
5.236% due 02/25/2036		964		718
5.484% due 06/25/2037		8,883		6,612
5.500% due 02/25/2034		230		224
5.636% due 07/20/2035		1,026		918
6.173% due 08/25/2036		1,402		1,071
6.500% due 06/25/2033		12		12
Countrywide Home Loan Mortgage Pass-Through Trust
2.869% due 02/25/2035		614		504
2.939% due 06/25/2035		6,631		5,845
2.949% due 08/25/2035		987		939
3.775% due 10/25/2033		5,000		5,011
4.356% due 06/20/2035		1,087		962
4.500% due 10/25/2018		90		73
4.500% due 01/25/2033		206		206
4.686% due 08/25/2034		9,125		8,826
4.873% due 08/25/2034		10,665		10,429
5.000% due 02/25/2033		351		349
5.000% due 05/25/2034		3,542		3,439
5.250% due 02/20/2036		131		107
5.500% due 04/25/2033		5,515		5,524
5.500% due 01/25/2034		81		81
5.500% due 10/25/2035		2,970		2,974
5.500% due 11/25/2035		2,888		2,897
5.850% due 05/25/2036		810		803
Credit Suisse Mortgage Capital Certificates
5.467% due 09/15/2039		20,000		19,708
CS First Boston Mortgage Securities Corp.
4.106% due 12/15/2035		10,541		10,197
4.598% due 10/25/2033		7,930		7,771
4.652% due 01/25/2034		9,267		8,673
5.104% due 07/25/2033		2,226		2,133
5.167% due 03/25/2034		175		166
6.500% due 04/25/2033		312		300
6.985% due 11/25/2032		39		39
CW Capital Cobalt Ltd.
5.223% due 08/15/2048		20,000		19,325
Deutsche ALT-A Securities, Inc. Alternate Loan Trust
2.669% due 01/25/2047		1,220		1,137
2.679% due 03/25/2037		7,417		7,153
3.235% due 10/25/2036		317		301
First Horizon Alternative Mortgage Securities
5.318% due 07/25/2035		652		550
5.407% due 09/25/2035		191		159
First Horizon Asset Securities, Inc.
2.869% due 02/25/2035		43		40

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
4.398% due 12/25/2033	$	2,136	$	2,057
4.915% due 02/25/2035		1,376		1,369
5.000% due 03/25/2034		5,257		5,199
5.187% due 06/25/2033		6,683		6,567
6.000% due 05/25/2036		956		963
First Republic Mortgage Loan Trust
3.079% due 06/25/2030		641		578
3.118% due 08/15/2032		2,658		2,564
3.168% due 11/15/2031		490		454
3.218% due 11/15/2032		607		603
GE Capital Commercial Mortgage Corp.
5.333% due 11/10/2045		11,000		11,069
GMAC Commercial Mortgage Securities, Inc.
5.238% due 11/10/2045		20,000		19,605
6.420% due 05/15/2035		275		274
GMAC Mortgage Corp. Loan Trust
4.323% due 06/25/2034		1,946		1,557
5.500% due 09/25/2034		6,242		6,139
Greenwich Capital Commercial Funding Corp.
5.444% due 03/10/2039		25,000		24,377
GS Mortgage Securities Corp. II
4.130% due 03/06/2020		3,000		2,385
GSAA Trust
6.000% due 04/01/2034		1,960		1,947
GSR Mortgage Loan Trust
2.949% due 01/25/2034		2,846		2,617
3.929% due 06/25/2034		1,355		1,215
4.396% due 12/25/2034		22,825		21,280
4.500% due 08/25/2019		1,101		1,094
4.513% due 03/25/2033		151		142
4.539% due 09/25/2035		25,134		23,411
5.000% due 08/25/2019		717		709
5.021% due 05/25/2035		317		317
5.312% due 06/25/2034		120		113
6.000% due 03/25/2032		70		67
GSRPM Mortgage Loan Trust
2.999% due 11/25/2031		1,070		1,060
Harborview Mortgage Loan Trust
2.729% due 04/19/2038		2,722		2,064
2.749% due 01/19/2038		39,206		29,852
2.749% due 02/19/2046		2,886		2,165
2.759% due 02/19/2046		152		118
2.779% due 05/19/2035		175		138
3.938% due 06/19/2034		10,000		8,925
5.076% due 05/19/2033		3,598		3,488
Impac CMB Trust
3.499% due 10/25/2033		2,197		2,064
Indymac ARM Trust
6.395% due 01/25/2032		16		16
Indymac Index Mortgage Loan Trust
2.689% due 11/25/2046		1,084		1,010
2.699% due 01/25/2037		890		852
2.819% due 04/25/2046		2,401		1,822
3.379% due 05/25/2034		776		711
JPMorgan Chase Commercial Mortgage Securities Corp.
5.050% due 12/12/2034		10,000		9,935
5.336% due 05/15/2047		15,000		14,583
5.429% due 12/12/2043		20,000		19,636
5.475% due 04/15/2043		20,000		19,817
5.552% due 05/12/2045		20,000		19,839
JPMorgan Mortgage Trust
4.492% due 06/25/2035		143		133
4.766% due 07/25/2035		4,251		3,714
4.829% due 12/25/2034		781		732
4.846% due 12/25/2034		215		204
4.949% due 11/25/2035		19,985		19,384
4.971% due 08/25/2035		5,143		5,025
5.006% due 07/25/2035		2,065		1,998
5.301% due 07/25/2035		12,364		11,904

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
LB-UBS Commercial Mortgage Trust
4.990% due 11/15/2030	$	62	$	61
Lehman Brothers Floating Rate Commercial Mortgage Trust
2.898% due 09/15/2021		1,663		1,565
Lehman XS Trust
2.679% due 07/25/2046		524		508
MASTR Adjustable Rate Mortgages Trust
3.786% due 11/21/2034		28,784		26,862
4.711% due 07/25/2034		6,856		6,957
4.849% due 01/25/2036		248		237
MASTR Asset Securitization Trust
5.000% due 04/25/2018		5,386		5,402
5.000% due 05/25/2018		1,166		1,168
5.250% due 09/25/2033		358		356
5.500% due 09/25/2033		2,212		2,126
5.750% due 05/25/2036		9,735		9,723
Mellon Residential Funding Corp.
3.248% due 08/15/2032		634		631
3.561% due 12/15/2030		333		321
3.601% due 06/15/2030		711		677
Merrill Lynch Countrywide Commercial Mortgage Trust
5.414% due 07/12/2046		28,500		28,021
Merrill Lynch Floating Trust
2.888% due 06/15/2022		1,683		1,576
Merrill Lynch Mortgage Investors, Inc.
4.875% due 06/25/2035		3,303		3,182
7.209% due 09/25/2033		67		68
Merrill Lynch Mortgage Trust
5.291% due 01/12/2044		20,000		19,957
MLCC Mortgage Investors, Inc.
2.848% due 11/25/2029		176		166
2.909% due 08/25/2028		299		293
2.929% due 06/25/2028		687		649
3.321% due 03/25/2030		262		244
3.481% due 03/25/2028		2,409		2,167
4.250% due 10/25/2035		4,973		4,800
6.708% due 01/25/2029		4,842		4,781
Morgan Stanley Capital I
2.878% due 10/15/2020		2,424		2,255
5.223% due 11/14/2042		14,000		14,153
5.332% due 12/15/2043		20,000		19,496
Morgan Stanley Dean Witter Capital I
5.720% due 12/18/2032		15,332		15,421
Morgan Stanley Mortgage Loan Trust
4.370% due 07/25/2034		3,798		3,776
4.750% due 08/25/2034		637		637
Nomura Asset Acceptance Corp.
5.050% due 10/25/2035		187		156
Prime Mortgage Trust
2.999% due 02/25/2019		16		15
2.999% due 02/25/2034		39		36
Provident Funding Mortgage Loan Trust
3.799% due 08/25/2033		386		377
4.035% due 04/25/2034		300		301
RAAC Series 2005-SP1
5.250% due 09/25/2034		2,750		2,761
Residential Accredit Loans, Inc.
2.879% due 12/25/2045		4,243		3,323
2.899% due 08/25/2035		1,191		925
3.029% due 02/25/2033		1,179		1,048
5.381% due 04/25/2035		16		13
Residential Asset Mortgage Products, Inc.
7.500% due 12/25/2031		2,497		2,578
Residential Asset Securitization Trust
3.099% due 03/25/2033		919		835
3.750% due 10/25/2018		82		76

See Accompanying Notes Annual Report March 31, 2008 93

Schedule of Investments  Short-Term Portfolio  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Residential Funding Mortgage Securities I
5.000% due 04/25/2018	$	167	$	164
6.500% due 03/25/2032		181		174
Sequoia Mortgage Trust
2.836% due 12/20/2034		532		502
2.916% due 10/20/2027		548		482
2.936% due 10/20/2027		530		487
2.986% due 12/20/2032		591		582
5.670% due 05/20/2034		1,258		1,234
Structured Adjustable Rate Mortgage Loan Trust
2.819% due 05/25/2037		22,140		16,823
2.839% due 03/25/2035		533		406
2.899% due 09/25/2034		481		450
4.260% due 03/25/2034		906		850
4.880% due 07/25/2034		557		535
4.940% due 03/25/2034		197		181
5.317% due 08/25/2034		3,506		3,256
Structured Asset Mortgage Investments, Inc.
2.699% due 09/25/2047		4,257		4,044
2.729% due 03/25/2037		554		434
2.769% due 03/25/2037		6,778		4,772
2.789% due 03/25/2037		6,048		4,119
2.819% due 05/25/2036		9,464		7,178
2.829% due 02/25/2036		2,369		1,796
2.889% due 09/19/2032		1,073		979
2.899% due 05/19/2035		50		45
2.909% due 03/19/2034		1,047		939
2.909% due 12/25/2035		1,000		771
2.979% due 02/19/2033		1,081		1,042
6.644% due 02/19/2035		1,914		1,912
Structured Asset Securities Corp.
4.747% due 11/25/2033		374		361
5.381% due 03/25/2033		2,938		2,891
5.463% due 10/25/2035		1,163		1,112
6.150% due 07/25/2032		1		1
6.397% due 05/25/2032		103		103
TBW Mortgage-Backed Pass-Through Certificates
2.699% due 09/25/2036		1,069		1,049
Thornburg Mortgage Securities Trust
2.699% due 03/25/2037		17,428		16,284
2.709% due 03/25/2046		1,645		1,616
2.709% due 11/25/2046		2,565		2,433
2.719% due 07/25/2036		2,653		2,450
2.719% due 09/25/2046		4,031		3,768
2.749% due 11/25/2046		3,856		3,456
Wachovia Bank Commercial Mortgage Trust
2.908% due 09/15/2021		7,623		7,164
WaMu Mortgage Pass-Through Certificates
2.819% due 08/25/2046		7,879		5,898
2.829% due 04/25/2045		455		352
2.839% due 06/25/2046		4,685		3,936
2.859% due 11/25/2045		2,531		2,043
2.869% due 12/25/2045		5,900		4,705
2.889% due 07/25/2045		6,636		5,076
2.889% due 10/25/2045		8,574		6,849
2.889% due 12/25/2045		72		57
2.909% due 01/25/2045		8,468		6,758
2.919% due 08/25/2045		351		273
2.939% due 01/25/2045		4,628		3,607
2.989% due 12/25/2045		499		493
3.027% due 08/25/2033		2,000		2,000
3.139% due 12/25/2027		5,369		4,877
3.485% due 11/25/2034		261		245
3.495% due 11/25/2034		6,820		5,844
3.525% due 10/25/2044		1,631		1,461
4.043% due 02/25/2034		252		251
4.054% due 10/25/2033		17,000		16,973
4.189% due 08/25/2033		3,606		2,849
4.229% due 03/25/2034		3,637		3,630
4.334% due 06/25/2033		2,257		2,254
4.585% due 04/25/2035		2,600		2,609
4.637% due 03/25/2035		795		713

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
4.670% due 04/25/2035	$	1,500	$	1,507
4.678% due 05/25/2035		2,200		2,192
4.833% due 10/25/2035		8,059		7,768
4.836% due 09/25/2035		1,247		1,212
4.917% due 08/25/2035		5,516		5,456
5.102% due 12/25/2035		2,161		2,101
5.136% due 12/25/2046		2,599		2,021
5.326% due 08/25/2046		262		183
5.470% due 05/25/2046		188		145
5.500% due 06/25/2034		770		762
5.500% due 07/25/2034		447		448
5.526% due 11/25/2042		779		740
5.572% due 07/25/2046		2,332		1,576
5.572% due 08/25/2046		5,891		4,828
5.726% due 06/25/2042		788		717
5.726% due 08/25/2042		65		60
5.826% due 09/25/2046		596		490
5.826% due 11/25/2046		1,354		1,122
Washington Mutual MSC Mortgage Pass-Through Certificates
6.773% due 02/25/2031		28		27
7.000% due 02/25/2033		157		157
7.020% due 02/25/2033		160		157
Wells Fargo Mortgage-Backed Securities Trust
3.541% due 09/25/2034		1,100		1,099
4.054% due 11/25/2034		13,037		12,648
4.104% due 08/25/2034		8		8
4.110% due 06/25/2035		4,448		4,113
4.368% due 09/25/2034		660		648
4.490% due 01/25/2035		700		700
4.500% due 08/25/2018		12,732		12,570
4.500% due 11/25/2018		8,074		7,896
4.541% due 02/25/2035		505		503
4.541% due 03/25/2035		3,449		3,353
4.559% due 11/25/2034		29,310		28,347
4.650% due 09/25/2033		20,038		19,619
4.677% due 01/25/2034		2,257		1,984
4.706% due 12/25/2033		2,197		2,003
4.733% due 07/25/2034		16,591		16,129
4.750% due 10/25/2018		10,367		10,323
4.950% due 03/25/2036		6,025		5,744
4.996% due 12/25/2034		1,296		1,220
5.000% due 07/25/2019		97		96
5.000% due 10/25/2035		349		341
5.109% due 03/25/2036		10,172		9,756
5.241% due 04/25/2036		269		267
5.572% due 10/25/2035		2,509		2,472
6.000% due 09/25/2036		821		813
Total Mortgage-Backed Securities (Cost $1,399,799)				1,312,493
ASSET-BACKED SECURITIES 16.0%
American Express Credit Account Master Trust
3.318% due 02/15/2012		582		570
Aurum CLO 2002-1 Ltd.
4.688% due 04/15/2014		5,701		5,568
Bear Stearns Asset-Backed Securities Trust
2.649% due 11/25/2036		1,102		1,029
2.669% due 12/25/2036		122		109
3.599% due 10/25/2037		2,290		2,064
3.849% due 08/25/2037		4,519		4,182
5.454% due 10/25/2036		7,723		7,612
5.571% due 10/25/2036		4,939		4,865
5.779% due 10/25/2036		7,777		7,742
6.250% due 12/25/2036		9,535		7,679
6.250% due 02/25/2037		18,023		16,262
Bear Stearns Second Lien Trust
3.399% due 12/25/2036		21,100		15,618
5.099% due 12/25/2036		2,450		237
Carrington Mortgage Loan Trust
2.699% due 06/25/2037		1,486		1,403

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Countrywide Asset-Backed Certificates
2.709% due 10/25/2046	$	816	$	789
2.859% due 05/25/2036		8,624		8,422
Fieldstone Mortgage Investment Corp.
2.679% due 05/25/2036		285		282
First Franklin Mortgage Loan Asset-Backed Certificates
2.689% due 07/25/2036		24,261		22,254
2.709% due 04/25/2036		1,800		1,731
Green Tree Financial Corp.
6.110% due 09/01/2023		7,538		7,699
HFC Home Equity Loan Asset-Backed Certificates
3.336% due 11/20/2036		2,389		2,371
Home Equity Asset Trust
3.199% due 11/25/2032		8		7
Home Equity Mortgage Trust
5.321% due 04/25/2035		947		638
HSI Asset Securitization Corp. Trust
2.649% due 10/25/2036		257		237
2.709% due 12/25/2036		9,000		7,071
Indymac Residential Asset-Backed Trust
2.729% due 04/25/2037		3,963		3,819
3.119% due 10/25/2035		1,600		944
Irwin Home Equity Corp.
3.139% due 07/25/2032		386		314
Ischus CDO Ltd.
3.338% due 09/10/2013		691		566
JPMorgan Mortgage Acquisition Corp.
2.659% due 05/25/2037		1,532		1,459
2.669% due 11/25/2036		899		857
2.669% due 01/25/2037		23,866		22,265
2.679% due 03/25/2037		2,100		2,025
2.689% due 10/25/2036		1,130		1,077
2.699% due 07/25/2036		21,000		19,932
2.709% due 08/25/2036		881		876
Lehman XS Trust
2.669% due 05/25/2046		507		481
2.689% due 05/25/2046		1,111		1,079
2.749% due 04/25/2037		21,495		20,332
5.390% due 11/25/2035		23,056		19,539
Long Beach Mortgage Loan Trust
2.779% due 08/25/2035		614		591
2.879% due 10/25/2034		382		345
3.825% due 03/25/2032		95		81
Madison Avenue Manufactured Housing Contract
4.049% due 03/25/2032		15,397		13,228
MASTR Asset-Backed Securities Trust
2.649% due 01/25/2037		15,368		14,759
2.679% due 05/25/2037		17,662		16,501
Merrill Lynch First Franklin Mortgage Loan Trust
3.299% due 10/25/2037		15,749		15,386
Merrill Lynch Mortgage Investors, Inc.
2.679% due 09/25/2037		3,720		3,585
2.779% due 09/25/2036		1,364		949
Morgan Stanley ABS Capital I
3.399% due 07/25/2037		2,323		2,229
Morgan Stanley IXIS Real Estate Capital Trust
2.709% due 11/25/2036		15,000		12,980
Morgan Stanley Mortgage Loan Trust
2.669% due 01/25/2047		12,132		11,085
Nationstar Home Equity Loan Trust
2.719% due 04/25/2037		8,907		8,659
Nationstar NIM Trust
8.000% due 06/25/2037		227		188
Nelnet Student Loan Trust
3.421% due 07/25/2016		251		250

94 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
New Century Home Equity Loan Trust
2.669% due 08/25/2036	$	287	$	283
2.769% due 12/25/2035		9,154		9,049
2.779% due 05/25/2036		2,000		1,651
2.859% due 06/25/2035		1,409		1,338
Newcastle Mortgage Securities Trust
2.669% due 03/25/2036		18		18
Renaissance Home Equity Loan Trust
3.039% due 08/25/2033		458		429
3.099% due 12/25/2033		1,691		1,571
3.299% due 08/25/2032		10		8
3.699% due 09/25/2037		13,938		13,711
Residential Asset Mortgage Products, Inc.
2.659% due 12/25/2036		597		564
2.669% due 11/25/2036		639		617
2.669% due 02/25/2037		5,410		5,124
2.679% due 07/25/2036		2,745		2,696
2.679% due 10/25/2036		1,949		1,859
2.719% due 05/25/2037		19,919		18,491
Residential Asset Securities Corp.
2.669% due 07/25/2036		4,810		4,750
2.669% due 11/25/2036		2,349		2,239
2.669% due 02/25/2037		4,189		3,919
2.679% due 10/25/2036		644		625
2.709% due 07/25/2036		1,900		1,803
2.709% due 04/25/2037		8,169		7,655
2.729% due 03/25/2036		578		568
2.739% due 12/25/2035		7,713		7,694
SACO I, Inc.
2.979% due 11/25/2035		1,933		1,644
Salomon Brothers Mortgage Securities VII, Inc.
2.899% due 03/25/2032		310		301
Saxon Asset Securities Trust
3.139% due 01/25/2032		39		38
SBI HELOC Trust
2.769% due 08/25/2036		354		339
Securitized Asset-Backed Receivables LLC Trust
2.659% due 03/25/2036		25		25
2.679% due 11/25/2036		16,478		15,060
SLM Student Loan Trust
3.331% due 01/25/2018		197		196
4.487% due 10/25/2017		5,000		4,865
Soundview Home Equity Loan Trust
2.659% due 11/25/2036		2,900		2,798

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
2.679% due 01/25/2037	$	4,160	$	3,972
2.679% due 06/25/2037		6,647		6,289
2.699% due 10/25/2036		905		883
2.709% due 01/25/2037		10,000		8,636
2.719% due 01/25/2037		3,584		3,472
2.749% due 06/25/2037		35,000		30,339
3.399% due 10/25/2037		7,801		7,650
Specialty Underwriting & Residential Finance
2.699% due 11/25/2037		13,000		10,855
2.939% due 01/25/2034		50		47
Stone Tower CLO Ltd.
4.037% due 08/21/2013		4,582		4,465
Structured Asset Securities Corp.
2.649% due 09/25/2036		1,407		1,338
2.679% due 01/25/2037		823		748
2.739% due 06/25/2035		231		230
2.799% due 11/25/2035		3,113		3,082
2.889% due 01/25/2033		801		725
TABS Ltd.
4.335% due 02/12/2047		2,950		122
Trapeza CDO I LLC
5.425% due 11/16/2034		1,000		841
Vanderbilt Acquisition Loan Trust
7.120% due 05/07/2032		5,000		5,258
Washington Mutual Asset-Backed Certificates
2.709% due 01/25/2037		14,656		12,878
Wells Fargo Home Equity Trust
2.669% due 07/25/2036		1,304		1,275
2.699% due 07/25/2036		11,075		10,513
2.699% due 03/25/2037		2,086		2,035
2.839% due 10/25/2035		2,301		2,234
2.849% due 12/25/2035		1,819		1,778
WMC Mortgage Loan Pass-Through Certificates
3.498% due 05/15/2030		226		224
Total Asset-Backed Securities (Cost $604,974)				554,639
SOVEREIGN ISSUES 0.7%
Export-Import Bank of Korea
3.166% due 06/01/2009		22,000		22,045
Total Sovereign Issues (Cost $21,997)				22,045

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INSTRUMENTS 1.7%
REPURCHASE AGREEMENTS 0.5%
Credit Suisse Securities (USA) LLC
1.200% due 04/01/2008	$	1,000	$	1,000
(Dated 03/31/2008. Collateralized by U.S. Treasury Notes 4.875% due 06/30/2009 valued at $1,026. Repurchase proceeds are $1,000.)
Deutsche Bank AG
1.200% due 04/01/2008		12,800		12,800
(Dated 03/31/2008. Collateralized by U.S. Treasury Inflation Protected Securities 2.375% due 01/15/2025 valued at $13,065. Repurchase proceeds are $12,800.)
Fixed Income Clearing Corp.
1.900% due 04/01/2008		5,676		5,676
(Dated 03/31/2008. Collateralized by Freddie Mac 0.000% due 06/09/2008 valued at $5,793. Repurchase proceeds are $5,676.)
				19,476
U.S. TREASURY BILLS 1.2%
1.227% due 05/29/2008 - 07/24/2008 (a)(b)(c)		40,940		40,659
Total Short-Term Instruments (Cost $60,293)				60,135
PURCHASED OPTIONS (h) 0.3%
(Cost $2,906)				9,597
Total Investments 101.4% (Cost $3,638,163)			$	3,512,523
Written Options (i) (0.2%)
(Premiums $2,777)				(7,634	)
Other Assets and Liabilities (Net) (1.2%)				(40,568	)
Net Assets (d) 100.0%			$	3,464,321

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

(a) Coupon represents a weighted average rate.

(b) Securities with an aggregate market value of $19,694 have been pledged as collateral for swap, option and swaption contracts on March 31, 2008.

(c) Securities with an aggregate market value of $1,979 have been pledged as collateral for delayed-delivery securities on March 31, 2008.

(d) As of March 31, 2008, portfolio securities with an aggregate value of $70,511 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(e) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $342,059 at a weighted average interest rate of 5.136%. On March 31, 2008, securities valued at $143,482 were pledged as collateral for reverse repurchase agreements.

(f) Cash of $2,920 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized (Depreciation)
U.S. Treasury 5-Year Note June Futures	Short	06/2008	351	$	(404	)
U.S. Treasury 10-Year Note June Futures	Short	06/2008	937		(1,738	)
				$	(2,142	)

See Accompanying Notes Annual Report March 31, 2008 95

Schedule of Investments  Short-Term Portfolio  (Cont.)

(g) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
ABX Financing Co. 5.750% due 10/15/2016	Buy	(0.500%	)	12/20/2016	BEAR	$	3,000	$	80
Accredited Mortgage Loan Trust floating rate based on 1-Month USD-LIBOR plus 1.150% due 04/25/2036	Buy	(1.000%	)	04/25/2036	BCLY		5,000		4,173
Alcan, Inc. 5.000% due 06/01/2015	Buy	(0.420%	)	06/20/2015	BEAR		2,500		36
AutoZone, Inc. 5.500% due 11/15/2015	Buy	(0.810%	)	12/20/2015	RBS		2,500		56
AutoZone, Inc. 5.875% due 10/15/2012	Buy	(0.650%	)	12/20/2012	JPM		3,000		58
Avebury Finance CDO PLC floating rate based on 3-Month USD-LIBOR plus 1.400% due 01/08/2051	Buy	(1.800%	)	01/08/2051	WAC		1,238		1,221
Avenue CLO Fund Ltd. Floating rate based on 3-Month USD-LIBOR plus 1.650% due 07/20/2018	Buy	(1.750%	)	07/20/2018	BEAR		2,500		617
Avon Products, Inc. 5.125% due 01/15/2011	Buy	(0.150%	)	03/20/2011	CSFB		4,000		17
BAE Systems Holdings, Inc. 6.400% due 12/15/2011	Buy	(0.140%	)	12/20/2011	UBS		2,000		44
Bank of America Corp. 5.625% due 10/14/2016	Buy	(0.180%	)	12/20/2016	DUB		10,000		509
Bear Stearns Cos., Inc. 6.950% due 08/10/2012	Buy	(4.050%	)	12/20/2012	CITI		5,863		(530	)
BHP Billiton Finance Ltd. 5.125% due 03/29/2012	Buy	(0.135%	)	03/20/2012	BOA		3,000		97
Boston Scientific Corp. 6.000% due 06/15/2011	Buy	(0.500%	)	06/20/2011	UBS		2,500		147
CNA Financial Corp. 5.850% due 12/15/2014	Buy	(0.470%	)	12/20/2014	CITI		3,100		156
Comcast Corp. 5.300% due 01/15/2014	Buy	(0.390%	)	03/20/2014	BCLY		5,000		4
Commercial Industrial Finance Corp. floating rate based on 3-Month USD-LIBOR plus 1.600% due 10/20/2020	Buy	(2.150%	)	10/20/2020	CITI		500		99
Consumers Energy Co. 5.000% due 02/15/2012	Buy	(0.090%	)	03/20/2012	BOA		3,000		157
Countrywide Financial Corp. 6.250% due 05/15/2016	Buy	(0.710%	)	06/20/2016	BEAR		5,000		798
Daimler Finance N.A. LLC 5.750% due 09/08/2011	Buy	(0.580%	)	09/20/2011	BCLY		4,000		32
Daimler Finance N.A. LLC 5.750% due 09/08/2011	Buy	(0.535%	)	09/20/2011	BCLY		5,000		47
Daimler Finance N.A. LLC 5.750% due 09/08/2011	Buy	(0.480%	)	09/20/2011	RBS		5,000		57
Dominion Resources, Inc. 5.200% due 01/15/2016	Buy	(0.455%	)	03/20/2016	BOA		3,000		58
DPL, Inc. 6.875% due 09/01/2011	Buy	(0.330%	)	09/20/2011	CSFB		2,600		26
EnCana Corp. 6.300% due 11/01/2011	Buy	(0.230%	)	12/20/2011	LEH		2,600		55
Exelon Corp. 6.750% due 05/01/2011	Buy	(0.290%	)	06/20/2011	MLP		3,200		85
Glitnir Banki HF floating rate based on 3-Month USD-LIBOR plus 0.470% due 01/18/2012	Buy	(0.365%	)	03/20/2012	DUB		2,000		514
HSBC Finance Corp. 6.375% due 10/15/2011	Buy	(0.200%	)	12/20/2011	RBS		6,300		371
HSBC Finance Corp. floating rate based on 3-Month USD-LIBOR plus 0.250% due 01/15/2014	Buy	(0.165%	)	12/20/2013	BNP		5,000		548
HSBC Finance Corp. floating rate based on 3-Month USD-LIBOR plus 0.430% due 06/01/2016	Buy	(0.220%	)	06/20/2016	BEAR		3,000		196
International Lease Finance Corp. 5.625% due 09/20/2013	Buy	(0.220%	)	09/20/2013	LEH		5,200		399
iStar Financial, Inc. 5.950% due 10/15/2013	Buy	(0.565%	)	12/20/2013	RBS		6,000		1,759
IXIS ABS CDO 1 Ltd. floating rate based on 3-Month USD-LIBOR plus 1.450% due 12/13/2046	Buy	(1.690%	)	12/13/2046	WAC		2,070		2,047
JC Penney Corp., Inc. 7.375% due 08/15/2008	Buy	(0.100%	)	09/20/2008	MSC		3,693		18
John Deere Capital Corp. 5.650% due 07/25/2011	Buy	(0.140%	)	09/20/2011	CSFB		2,000		36
Johnson Controls, Inc. 5.250% due 01/15/2011	Buy	(0.280%	)	03/20/2011	JPM		5,000		59
Johnson Controls, Inc. 5.500% due 01/15/2016	Buy	(0.500%	)	03/20/2016	BEAR		3,000		91
Kaupthing Bank HF 6.125% due 10/04/2016	Buy	(0.600%	)	12/20/2016	DUB		3,000		953
Kellogg Co. 6.600% due 04/01/2011	Buy	(0.110%	)	06/20/2011	LEH		2,000		18
Kerr-McGee Corp. 6.875% due 09/15/2011	Buy	(0.160%	)	09/20/2011	RBS		4,100		33
Kraft Foods, Inc. 5.625% due 11/01/2011	Buy	(0.150%	)	12/20/2011	RBS		3,000		88
Kroger Co. 5.500% due 02/01/2013	Buy	(0.560%	)	03/20/2013	MSC		4,000		31
Landsbanki Islands HF floating rate based on 3-Month USD-LIBOR plus 0.700% due 08/25/2009	Buy	(0.330%	)	09/20/2009	RBS		3,000		321
Lennar Corp. 5.950% due 10/17/2011	Buy	(0.660%	)	12/20/2011	JPM		3,000		540
Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.190%		01/20/2009	JPM		5,000		(2	)
Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.390%		01/20/2012	LEH		9,000		(222	)
Morgan Stanley floating rate based on 3-Month USD-LIBOR plus 0.450% due 10/18/2016	Buy	(0.320%	)	12/20/2016	RBS		5,000		471
Morgan Stanley floating rate based on 3-Month USD-LIBOR plus 0.480% due 10/15/2015	Buy	(0.275%	)	12/20/2015	RBS		3,000		274
Newell Rubbermaid, Inc. 4.000% due 05/01/2010	Buy	(0.190%	)	06/20/2010	LEH		2,100		16
ORIX Corp. 5.480% due 11/22/2011	Buy	(0.280%	)	12/20/2011	MLP		5,000		441
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.300%		01/20/2009	JPM		10,000		(5	)
Proctor & Gamble Co. 4.950% due 08/15/2014	Sell	0.070%		09/20/2008	LEH		20,000		(2	)
Progress Energy, Inc. 7.100% due 03/01/2011	Buy	(0.100%	)	03/20/2011	MLP		3,348		25
Residential Capital LLC 6.000% due 02/22/2011	Buy	(0.580%	)	03/20/2011	LEH		5,000		2,450
Sealed Air Corp. 5.625% due 07/15/2013	Buy	(0.590%	)	09/20/2013	MSC		5,000		233
SLM Corp. 5.125% due 08/27/2012	Sell	3.050%		03/20/2009	DUB		3,000		(184	)
SLM Corp. floating rate based on 3-Month USD-LIBOR plus 0.230% due 10/25/2011	Buy	(0.190%	)	12/20/2011	RBS		8,000		1,912
Telos CLO Ltd. floating rate based on 3-Month USD-LIBOR plus 1.700% due 10/11/2021	Buy	(2.500%	)	10/11/2021	GSC		2,000		343
Textron Financial Corp. 4.600% due 05/03/2010	Buy	(0.110%	)	06/20/2010	BEAR		2,000		43
Time Warner, Inc. 5.875% due 11/15/2016	Buy	(0.700%	)	12/20/2016	BCLY		5,000		465

96 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

Credit Default Swaps on Securities (Cont.)
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Topanga CDO Ltd. floating rate based on 3-Month USD-LIBOR plus 1.600% due 03/08/2040	Buy	(2.420%	)	03/08/2040	LEH	$	5,000	$	3,729
Viacom, Inc. 5.750% due 04/30/2011	Buy	(0.470%	)	06/20/2011	UBS		3,000		5
Weatherford International Ltd. 4.950% due 10/15/2013	Buy	(0.410%	)	12/20/2013	DUB		2,500		60
Wyeth 5.500% due 03/15/2013	Buy	(0.150%	)	03/20/2013	MSC		2,500		46
								$	26,219

Credit Default Swaps on Credit Indices
Reference Entity	Sell Protection (1)	Receive Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized (Depreciation)
Dow Jones CDX N.A. IG7 Index	Sell	0.060%	12/20/2011	GSC	$	25,000	$	(1,853	)
Dow Jones CDX N.A. IG7 Index	Sell	0.068%	12/20/2011	JPM		75,000		(5,541	)
Dow Jones CDX N.A. IG7 Index	Sell	0.145%	12/20/2016	MLP		25,000		(1,886	)
Dow Jones CDX N.A. IG7 Index	Sell	0.145%	12/20/2016	LEH		25,000		(1,884	)
Dow Jones CDX N.A. IG7 Index	Sell	0.153%	12/20/2016	BCLY		75,000		(5,614	)
Dow Jones CDX N.A. IG7 Index	Sell	0.153%	12/20/2016	GSC		25,000		(1,871	)
Dow Jones CDX N.A. IG7 Index	Sell	0.157%	12/20/2016	DUB		25,000		(1,862	)
Home Equity Index A Rating 2006-1	Sell	0.540%	07/25/2045	DUB		350		(188	)
Home Equity Index A Rating 2006-1	Sell	0.540%	07/25/2045	MLP		300		(160	)
Home Equity Index A Rating 2006-1	Sell	0.540%	07/25/2045	UBS		350		(188	)
Home Equity Index AA Rating 2007-1	Sell	0.150%	08/25/2037	CSFB		10,000		(4,226	)
							$	(25,273	)

⁽¹⁾ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	BCLY	$	20,400	$	163
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	DUB		15,100		42
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		35,000		204
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	BCLY		10,000		(209	)
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	DUB		5,400		(28	)
Receive	3-Month USD-LIBOR	4.000%	06/18/2013	RBS		12,800		(190	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	MLP		900		(55	)
							$	(73	)

(h) Purchased options outstanding on March 31, 2008:

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500%	02/02/2009	$	43,600	$	479	$	729
Call - OTC 2-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		79,400		401		3,281
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		79,400		284		3,281
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	12/15/2008		107,500		945		1,393
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	02/02/2009		73,800		797		913
								$	2,906	$	9,597

(i) Written options outstanding on March 31, 2008:

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.300%	02/02/2009	$	4,000	$	87	$	155
Call - OTC 7-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.600%	02/02/2009		11,500		369		575
Call - OTC 5-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		34,100		401		2,281
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		34,500		283		2,308
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.300%	12/15/2008		35,900		895		1,408
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.250%	02/02/2009		24,600		742		907
								$	2,777	$	7,634

See Accompanying Notes Annual Report March 31, 2008 97

Schedule of Investments  Short-Term Portfolio  (Cont.)

(j) Short sales outstanding on March 31, 2008:

Description	Coupon		Maturity Date	Principal Amount		Proceeds		Value (2)
Fannie Mae	5.500	%	04/01/2038	$	3,400	$	3,341	$	3,433
Freddie Mac	5.500	%	04/01/2038		12,000		12,108		12,118
Freddie Mac	6.000	%	04/01/2038		3,800		3,816		3,897
U.S. Treasury Notes	4.250	%	08/15/2015		193,000		206,256		212,150
U.S. Treasury Notes	4.375	%	08/15/2012		120,000		129,741		131,679
U.S. Treasury Notes	4.500	%	04/30/2009		50,000		51,367		52,562
U.S. Treasury Notes	4.500	%	11/15/2015		186,000		197,116		208,972
U.S. Treasury Notes	4.625	%	02/29/2012		23,000		25,140		25,322
U.S. Treasury Notes	4.625	%	02/15/2017		39,500		42,333		43,670
						$	671,218	$	693,803

⁽²⁾ Market value includes $7,563 of interest payable on short sales.

98 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

Schedule of Investments  Short-Term II Portfolio March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
BANK LOAN OBLIGATIONS 3.1%
Daimler Finance North America LLC
6.800% due 08/03/2012	$	1,194	$	993
HCA, Inc.
4.946% due 11/16/2013		1,290		1,189
Total Bank Loan Obligations (Cost $2,432)				2,182
CORPORATE BONDS & NOTES 12.3%
BANKING & FINANCE 6.7%
Bear Stearns Cos, Inc.
3.474% due 01/31/2011		300		275
Glitnir Banki HF
4.154% due 04/20/2010		1,000		854
Longpoint Re Ltd.
8.050% due 05/08/2010		500		507
SLM Corp.
3.491% due 07/26/2010		600		473
Spinnaker Capital Ltd.
14.300% due 06/15/2008		1,000		1,016
Ventas Realty LP
6.750% due 06/01/2010		600		604
8.750% due 05/01/2009		1,000		1,020
				4,749
INDUSTRIALS 3.4%
CSC Holdings, Inc.
7.250% due 07/15/2008		1,500		1,504
El Paso Corp.
7.625% due 09/01/2008		100		101
Sungard Data Systems, Inc.
3.750% due 01/15/2009		800		786
				2,391
UTILITIES 2.2%
Midwest Generation LLC
8.300% due 07/02/2009		1,473		1,503
Ohio Edison Co.
4.000% due 05/01/2008		40		40
				1,543
Total Corporate Bonds & Notes (Cost $8,896)				8,683
MUNICIPAL BONDS & NOTES 0.6%
Wisconsin State Revenue Bonds, Series 2003
9.950% due 05/01/2032		400		400
Total Municipal Bonds & Notes (Cost $400)				400
COMMODITY INDEX-LINKED NOTES 1.4%
Morgan Stanley (GSCI)
2.546% due 07/07/2008		1,000		993
Total Commodity Index-Linked Notes (Cost $1,000)				993
U.S. GOVERNMENT AGENCIES 117.2%
Fannie Mae
2.799% due 10/27/2037		600		568
2.949% due 09/25/2042		690		684
3.125% due 02/25/2022 - 12/25/2022		25		25

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
3.225% due 08/25/2022	$	13	$	13
3.275% due 12/25/2022		12		12
3.281% due 07/18/2027		9		9
3.294% due 09/17/2027		13		13
3.325% due 09/25/2022		9		9
3.475% due 02/25/2023		7		7
3.775% due 09/25/2023		167		168
5.320% due 11/01/2017		10		10
5.322% due 01/01/2018 - 11/01/2018		37		37
5.422% due 02/01/2024		5		5
5.438% due 06/01/2024		3		3
5.487% due 11/01/2018		13		13
5.500% due 04/01/2021 - 05/01/2037 (c)		24,221		24,494
5.500% due 01/01/2022 - 06/01/2037		93		96
5.625% due 07/01/2017		13		13
5.626% due 01/01/2018		44		44
5.723% due 03/01/2044 (c)		1,321		1,313
5.730% due 12/01/2017		6		6
5.922% due 10/01/2040		21		21
5.950% due 02/25/2044		1,362		1,391
6.000% due 02/01/2036 -10/01/2037 (c)		48,619		49,862
6.000% due 03/01/2036 - 11/01/2037		1,349		1,384
6.040% due 01/01/2033		21		22
6.422% due 11/01/2035 (c)		1,220		1,256
6.847% due 09/01/2031 (c)		923		933
Freddie Mac
3.275% due 01/15/2022		2		2
3.525% due 03/15/2020		5		5
3.625% due 03/15/2023		13		13
5.480% due 06/01/2017		16		16
5.483% due 09/01/2017		14		14
5.500% due 08/15/2030		28		29
5.735% due 02/01/2036		27		28
5.875% due 11/01/2016		57		59
6.125% due 06/01/2018		85		86
6.262% due 11/01/2018		36		37
6.649% due 12/01/2025		26		26
6.822% due 11/01/2028		17		17
Ginnie Mae
5.625% due 07/20/2027		22		23
6.375% due 04/20/2030		22		22
Total U.S. Government Agencies (Cost $81,439)				82,788
MORTGAGE-BACKED SECURITIES 18.9%
American Home Mortgage Investment Trust
2.749% due 09/25/2035		253		252
Banc of America Funding Corp.
6.142% due 01/20/2047		2,780		2,413
Countrywide Home Loan Mortgage Pass-Through Trust
2.939% due 06/25/2035		3,039		2,679
First Horizon Asset Securities, Inc.
5.370% due 08/25/2035		2,071		1,950
First Republic Mortgage Loan Trust
3.118% due 08/15/2032		1,063		1,025
Indymac Index Mortgage Loan Trust
5.051% due 12/25/2034		1,571		1,433
Mellon Residential Funding Corp.
3.561% due 12/15/2030		2,310		2,225
Structured Adjustable Rate Mortgage Loan Trust
5.540% due 08/25/2035		1,621		1,366
Total Mortgage-Backed Securities (Cost $14,517)				13,343

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES 5.9%
Asset-Backed Funding Certificates
2.949% due 06/25/2034	$	1,025	$	907
Lehman XS Trust
2.719% due 11/25/2036		1,094		1,049
SBI HELOC Trust
2.769% due 08/25/2036		1,365		1,306
Securitized Asset-Backed Receivables LLC Trust
2.649% due 09/25/2036		953		908
Total Asset-Backed Securities (Cost $4,439)				4,170
FOREIGN CURRENCY-DENOMINATED ISSUES 4.3%
BTM Curacao Holdings NV
1.570% due 11/29/2049	JPY	100,000		1,001
Mizuho Bank Ltd.
1.432% due 12/31/2049		100,000		998
Sumitomo Mitsui Banking Corp.
1.580% due 06/29/2049		100,000		1,015
Total Foreign Currency-Denominated Issues (Cost $2,547)				3,014
SHORT-TERM INSTRUMENTS 32.4%
COMMERCIAL PAPER 21.0%
Bank of America Corp.
2.950% due 04/07/2008	$	1,700		1,699
Federal Home Loan Bank
1.500% due 04/01/2008		7,900		7,900
Nordea N.A, Inc.
2.950% due 04/09/2008		1,700		1,699
Societe General N.A.
2.770% due 06/16/2008		1,900		1,889
UBS Finance Delaware LLC
2.940% due 06/06/2008		1,700		1,691
				14,878
REPURCHASE AGREEMENTS 0.8%
State Street Bank and Trust Co.
1.900% due 04/01/2008		533		533
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 4.375% due 09/17/2010 valued at $545. Repurchase proceeds are $533.)
U.S. TREASURY BILLS 10.6%
0.576% due 04/17/2008 - 07/24/2008 (a)		7,500		7,492
Total Short-Term Instruments (Cost $22,907)				22,903
PURCHASED OPTIONS (f) 5.7%
(Cost $1,120)				4,045
Total Investments 201.8% (Cost $139,697)			$	142,521
Written Options (g) (3.3%) (Premiums $608)				(2,311	)
Other Assets and Liabilities (Net) (98.5%)				(69,560	)
Net Assets (b) 100.0%			$	70,650

See Accompanying Notes Annual Report March 31, 2008 99

Schedule of Investments  Short-Term II Portfolio  (Cont.)

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

(b) As of March 31, 2008, portfolio securities with an aggregate value of $1,562 were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(c) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $62,105 at a weighted average interest rate of 4.420%. On March 31, 2008, securities valued at $77,287 were pledged as collateral for reverse repurchase agreements.

(d) Cash of $1,885 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar March Futures	Short	03/2009	46	$	(237	)
Euro-Schatz June Futures	Short	06/2008	173		179
Euro-Schatz June Futures Put Options Strike @ EUR 109.000	Long	06/2008	73		0
U.S. Treasury 10-Year Note June Futures	Long	06/2008	5		1
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	52		(210	)
				$	(267	)

(e) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Diamond Offshore Drilling, Inc. 0.000% due 06/06/2020	Buy	(0.230%	)	06/20/2012	DUB	$	600	$	8
Enbridge Energy Partners LP 4.750% due 06/01/2013	Sell	0.280%		06/20/2012	MLP		600		(20	)
Energy Transfer Partners LP 5.950% due 02/01/2015	Sell	0.330%		06/20/2012	BOA		600		(33	)
Glitnir Banki HF floating rate based on 3-Month USD-LIBOR plus 0.260% due 04/20/2010	Buy	(0.170%	)	06/20/2010	BOA		1,000		192
GlobalSantaFe Corp. 5.000% due 02/15/2013	Buy	(0.500%	)	06/20/2012	DUB		600		(2	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400%		12/20/2008	RBS		700		(3	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.420%		12/20/2008	DUB		300		(1	)
Kinder Morgan Energy Partners LP 6.750% due 03/15/2011	Sell	0.290%		06/20/2012	MLP		600		(21	)
Nabors Industries, Inc. 5.375% due 08/15/2012	Buy	(0.480%	)	06/20/2012	CITI		600		8
Noble Corp. 5.875% due 06/01/2013	Buy	(0.510%	)	06/20/2012	DUB		600		2
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.250%		12/20/2008	DUB		400		(1	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.260%		12/20/2008	BCLY		300		(1	)
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.290%		12/20/2008	LEH		300		0
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.330%		12/20/2008	DUB		300		0
Plains All American Pipeline LP 7.750% due 10/15/2012	Sell	0.320%		06/20/2012	BOA		600		(23	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.310%		12/20/2008	LEH		300		(1	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.710%		12/20/2008	BCLY		700		(3	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.720%		12/20/2008	BCLY		300		(1	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.720%		12/20/2008	DUB		700		(3	)
Valero Energy Corp. 6.875% due 04/15/2012	Sell	0.320%		06/20/2012	BOA		600		(19	)
								$	78

⁽¹⁾ If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month Australian Bank Bill	7.000%	09/15/2009	CITI	AUD	7,400	$	(22	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.983%	03/15/2012	BNP	EUR	900		(20	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.995%	03/15/2012	GSC		1,300		(24	)
Pay	6-Month Australian Bank Bill	6.500%	01/15/2010	DUB	AUD	6,300		(91	)
Pay	6-Month EUR-LIBOR	4.000%	09/19/2009	GSC	EUR	4,000		(17	)
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	JPM		5,000		6
Pay	6-Month EUR-LIBOR	4.500%	03/19/2010	MSC		8,200		21
Pay	6-Month GBP-LIBOR	6.000%	06/19/2009	RBS	GBP	11,800		96
Pay	6-Month GBP-LIBOR	5.000%	09/15/2010	BCLY		4,300		125
Pay	6-Month GBP-LIBOR	5.000%	09/15/2010	RBS		400		12
Receive	6-Month GBP-LIBOR	4.000%	12/15/2035	BCLY		1,700		110
							$	196

100 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

(f) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 2-Year Note June Futures	$	110.500	04/25/2008	58	$	1	$	1
Call - CBOT U.S. Treasury 30-Year Bond June Futures		140.000	04/25/2008	82		1		1
Call - CME 90-Day Eurodollar June Futures		96.375	06/16/2008	130		93		441
Call - CME 90-Day Eurodollar June Futures		96.875	06/16/2008	266		176		570
					$	271	$	1,013

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Pay	4.750%	09/26/2008	$	9,500	$	48	$	392
Call - OTC 2-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		30,000		104		1,240
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		9,500		34		393
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.600%	07/02/2009		15,400		148		233
								$	334	$	2,258

Foreign Currency Options
Description	Exercise Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Euro versus U.S. dollar	$	1.355	05/21/2008	EUR	1,500	$	45	$	1
Call - OTC Euro versus U.S. dollar		1.375	06/03/2010		1,400		67		251
Put - OTC Euro versus U.S. dollar		1.375	06/03/2010		1,400		67		47
Call - OTC U.S. dollar versus Japanese yen	JPY	105.200	03/31/2010	$	1,000		42		16
Put - OTC U.S. dollar versus Japanese yen		105.200	03/31/2010		1,000		42		102
Call - OTC U.S. dollar versus Japanese yen		105.400	03/31/2010		3,000		126		47
Put - OTC U.S. dollar versus Japanese yen		105.400	03/31/2010		3,000		126		310
						$	515	$	774

(g) Written options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CME 90-Day Eurodollar June Futures	$	96.875	06/13/2008	130	$	99	$	270
Call - CME 90-Day Eurodollar June Futures		97.125	06/13/2008	266		176		419
					$	275	$	689

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Receive	4.950%	09/26/2008	$	4,000	$	47	$	268
Call - OTC 5-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		13,000		105		870
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		4,000		33		267
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.200%	07/02/2009		6,700		148		217
								$	333	$	1,622

(h) Short sales outstanding on March 31, 2008:

Description	Coupon		Maturity Date	Principal Amount		Proceeds		Value (2)
Fannie Mae	5.500	%	04/01/2038	$	20,500	$	20,189	$	20,696
Fannie Mae	6.000	%	04/01/2038		27,000		27,146		27,662
U.S. Treasury Notes	4.250	%	11/15/2014		7,700		8,339		8,579
U.S. Treasury Notes	4.250	%	08/15/2015		3,700		3,954		4,067
						$	59,628	$	61,004

⁽²⁾ Market value includes $191 of interest payable on short sales.

See Accompanying Notes Annual Report March 31, 2008 101

Schedule of Investments  Short-Term II Portfolio  (Cont.)

(i) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	BRL	3,495	07/2008	$	222	$	0		$	222
Sell		4,197	07/2008		19		(62	)		(43	)
Buy		4,218	12/2008		7		0			7
Sell		2,851	12/2008		61		0			61
Buy	CLP	410,566	07/2008		112		0			112
Sell		282,000	07/2008		0		(42	)		(42	)
Buy		37,459	12/2008		7		0			7
Sell	EUR	725	04/2008		0		(14	)		(14	)
Buy	GBP	36	04/2008		0		0			0
Sell		944	04/2008		1		(5	)		(4	)
Buy	INR	3,180	05/2008		3		0			3
Sell		3,180	05/2008		1		0			1
Sell	JPY	419,098	05/2008		0		(75	)		(75	)
Buy	KRW	306,362	05/2008		0		(19	)		(19	)
Buy		1,869,475	08/2008		0		(167	)		(167	)
Sell		1,578,002	08/2008		80		0			80
Buy	MXN	17,790	07/2008		51		0			51
Sell		17,790	07/2008		0		(26	)		(26	)
Buy	NOK	2,922	06/2008		11		0			11
Buy	PLN	10,801	07/2008		880		0			880
Sell		10,801	07/2008		0		(460	)		(460	)
Buy	RUB	6,183	07/2008		16		0			16
Sell		32,078	07/2008		0		(53	)		(53	)
Buy		162,017	11/2008		254		0			254
Sell		135,030	11/2008		0		(184	)		(184	)
Buy	SGD	5,716	05/2008		309		0			309
Sell		2,478	05/2008		0		(129	)		(129	)
Buy		123	11/2008		2		0			2
Buy	ZAR	1,020	07/2008		0		(13	)		(13	)
Sell		1,020	07/2008		14		0			14
				$	2,050	$	(1,249	)	$	801

102 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

Schedule of Investments  U.S. Government Sector Portfolio   March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS & NOTES 13.3%
BANKING & FINANCE 11.8%
American Express Bank FSB
2.955% due 06/12/2009	$	27,600	$	27,458
American Express Centurion Bank
3.075% due 05/07/2008		11,700		11,698
American Express Credit Corp.
3.140% due 04/06/2009		2,800		2,779
American Honda Finance Corp.
3.050% due 03/09/2009		2,000		2,001
3.085% due 08/05/2008		6,400		6,401
Bank of America Corp.
2.681% due 09/25/2009		2,000		1,981
3.155% due 11/06/2009		20,000		19,860
Bank of America N.A.
3.089% due 02/27/2009		30,200		30,145
Bank of Ireland
2.589% due 12/19/2008		35,500		35,471
2.814% due 12/18/2009		5,500		5,486
Bank of Scotland PLC
2.818% due 07/17/2008		3,400		3,400
4.037% due 07/17/2009		2,500		2,500
Bear Stearns Cos., Inc.
3.551% due 01/30/2009		5,000		4,630
Caterpillar Financial Services Corp.
3.130% due 05/18/2009		1,300		1,295
CIT Group, Inc.
3.215% due 08/15/2008		2,000		1,846
3.401% due 01/30/2009		8,600		7,486
Citigroup, Inc.
3.130% due 06/09/2009		2,000		1,977
General Electric Capital Corp.
3.244% due 10/24/2008		5,500		5,496
3.274% due 10/26/2009		6,000		5,942
3.994% due 10/21/2010		8,440		8,368
Goldman Sachs Group, Inc.
2.689% due 12/22/2008		14,800		14,697
2.971% due 06/28/2010		11,600		11,309
5.046% due 10/07/2011		2,000		1,931
HSBC Finance Corp.
2.981% due 03/12/2010		8,100		7,786
3.070% due 05/21/2008		12,400		12,406
3.954% due 10/21/2009		18,600		17,959
JPMorgan Chase & Co.
2.656% due 06/26/2009		2,500		2,484
Lehman Brothers Holdings, Inc.
2.649% due 12/23/2008		35,000		34,033
2.728% due 11/24/2008		4,950		4,827
3.938% due 01/23/2009		10,000		9,602
3.984% due 10/22/2008		6,470		6,301
Merrill Lynch & Co., Inc.
2.629% due 12/22/2008		16,000		15,893
3.158% due 08/14/2009		5,900		5,781
Morgan Stanley
2.639% due 11/21/2008		12,000		11,930
3.206% due 02/09/2009		27,300		26,994
3.212% due 05/07/2009		15,200		14,951
Royal Bank of Scotland Group PLC
3.944% due 07/21/2008		6,900		6,889
Santander U.S. Debt S.A. Unipersonal
2.659% due 09/19/2008		10,600		10,572
SLM Corp.
2.828% due 04/14/2008		25,000		24,644
3.541% due 07/25/2008		3,900		3,833

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. Trade Funding Corp.
4.260% due 11/15/2014	$	9,542	$	10,159
Unicredit Luxembourg Finance S.A.
3.768% due 10/24/2008		8,700		8,692
Wachovia Bank N.A.
2.639% due 03/23/2009		2,000		1,982
3.092% due 02/23/2009		11,200		11,135
Westpac Banking Corp.
3.040% due 06/06/2008		26,100		26,096
World Savings Bank FSB
2.592% due 06/20/2008		2,000		2,000
				491,106
INDUSTRIALS 0.8%
CVS Caremark Corp.
3.376% due 06/01/2010		14,100		13,712
Daimler Finance North America LLC
3.218% due 03/13/2009		16,000		15,806
Totem Ocean Trailer Express, Inc.
4.514% due 12/18/2019		600		640
Yum! Brands, Inc.
6.875% due 11/15/2037		3,000		2,879
				33,037
UTILITIES 0.7%
AT&T, Inc.
3.195% due 02/05/2010		22,000		21,803
Dominion Resources, Inc.
3.248% due 11/14/2008		2,700		2,686
Ohio Power Co.
4.826% due 04/05/2010		2,400		2,341
				26,830
Total Corporate Bonds & Notes (Cost $558,037)				550,973
MUNICIPAL BONDS & NOTES 0.1%
Iowa State Tobacco Settlement Authority Revenue Bonds, Series 2005
6.500% due 06/01/2023		2,875		2,818
Total Municipal Bonds & Notes (Cost $2,875)				2,818
U.S. GOVERNMENT AGENCIES 36.6%
Fannie Mae
2.599% due 03/25/2032		834		791
2.666% due 12/25/2036		4,385		4,207
2.719% due 03/25/2034		1,942		1,875
2.729% due 03/25/2036		3,786		3,746
2.819% due 07/25/2032		932		931
2.839% due 06/25/2033		1,617		1,496
2.859% due 06/25/2032		3		3
2.939% due 11/25/2032		12		12
2.949% due 05/25/2042		985		967
3.075% due 08/25/2021 - 03/25/2022		157		155
3.225% due 08/25/2022		40		40
3.325% due 04/25/2022		69		68
3.499% due 04/25/2032		1,184		1,193
4.000% due 04/01/2014		10,480		10,535
4.500% due 10/25/2015 - 09/25/2020		29,701		30,075
4.650% due 08/01/2014		39		40
4.668% due 05/25/2035		10,700		10,773
4.747% due 03/01/2035		4,261		4,350
4.897% due 12/01/2035		1,343		1,341

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.000% due 10/25/2013 - 02/25/2017	$	11,130	$	11,385
5.205% due 01/01/2036		7,521		7,548
5.261% due 08/01/2036		1,360		1,368
5.322% due 11/01/2020		31		30
5.324% due 03/01/2018		31		31
5.415% due 09/01/2032		7		7
5.500% due 09/25/2024 - 05/01/2038		224,194		226,900
5.500% due 11/01/2032 - 02/01/2035 (f)		32,813		33,245
5.558% due 09/01/2017		27		28
5.572% due 01/01/2018		24		24
5.650% due 11/01/2014		28		28
5.722% due 02/01/2041 - 10/01/2044		15,848		15,786
5.723% due 03/01/2044		5,326		5,295
5.800% due 02/09/2026		30,000		31,722
5.922% due 11/01/2030		2		2
5.950% due 02/25/2044		8,064		8,236
5.970% due 02/01/2026		14		15
6.000% due 12/01/2022 - 11/01/2037		115,016		117,957
6.000% due 05/01/2037 (f)		23,513		24,118
6.105% due 01/01/2018		107		107
6.205% due 09/01/2033		8		8
6.210% due 08/06/2038		14,200		17,212
6.213% due 06/01/2021		2,691		2,725
6.306% due 10/01/2032		61		62
6.320% due 12/01/2032		11		11
6.321% due 06/01/2025		20		21
6.344% due 12/01/2029		27		28
6.352% due 12/01/2029		9		9
6.422% due 11/01/2035		3,661		3,769
6.442% due 11/01/2035		1,564		1,610
6.502% due 12/01/2029		99		102
6.525% due 12/01/2031		11		11
6.563% due 05/01/2025		19		20
6.739% due 09/01/2026		934		959
6.791% due 07/01/2018		658		674
6.863% due 12/01/2029		15		15
6.904% due 06/01/2032		8		9
7.040% due 09/01/2031		117		120
7.063% due 12/01/2022		61		62
7.097% due 08/01/2028		14		14
7.125% due 09/01/2022 - 01/15/2030		206		267
7.145% due 09/01/2028		40		40
7.249% due 05/01/2032		36		37
7.250% due 05/01/2022		15		15
7.302% due 01/01/2029		42		43
7.347% due 10/01/2025		41		42
7.598% due 03/01/2026		24		25
Farmer Mac
7.316% due 07/25/2011		1,939		1,961
Federal Home Loan Bank
4.070% due 07/16/2014		1,000		1,001
4.125% due 11/19/2008		295,850		299,240
4.500% due 06/12/2013		6,900		6,928
4.625% due 09/11/2020		30,800		31,386
5.125% due 08/15/2019		98,000		105,095
6.640% due 12/13/2016		75		89
Freddie Mac
0.000% due 12/11/2025		9,084		3,761
2.839% due 07/25/2031		864		858
3.000% due 05/15/2022		1,233		1,232
3.168% due 12/15/2030 - 06/15/2031		3,930		3,823
3.218% due 11/15/2016 - 03/15/2017		6,566		6,565
3.318% due 06/15/2030 - 12/15/2032		1,437		1,409
3.368% due 06/15/2031		401		394
3.500% due 01/15/2022 - 05/15/2022		579		579

See Accompanying Notes Annual Report March 31, 2008 103

Schedule of Investments  U.S. Government Sector Portfolio  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
3.575% due 02/15/2027	$	31	$	30
4.000% due 05/15/2016 - 10/15/2023		13,779		13,801
4.080% due 05/14/2009		30		31
4.250% due 05/22/2013 - 02/15/2025		9,785		9,838
4.500% due 07/06/2010 - 09/15/2035		43,734		42,761
4.650% due 02/01/2035		6,781		6,825
4.701% due 06/01/2035		22,580		22,963
5.000% due 03/18/2014 - 01/15/2034		126,696		128,647
5.084% due 03/01/2035		360		368
5.400% due 03/17/2021		500		538
5.421% due 02/01/2025		20		20
5.431% due 08/01/2019		52		53
5.500% due 08/15/2030 - 01/01/2038		13,274		13,158
5.625% due 11/23/2035		74,000		77,206
5.722% due 10/25/2044 - 02/25/2045		9,799		9,658
5.922% due 07/25/2044		4,988		4,872
5.968% due 02/01/2018		58		59
6.365% due 12/01/2031		9		9
6.500% due 12/01/2031 - 10/25/2043		2,124		2,221
6.549% due 08/01/2020		49		49
6.585% due 02/01/2032		31		31
6.873% due 10/01/2031		9		9
6.928% due 07/01/2020		216		220
7.000% due 12/01/2031		86		91
7.083% due 05/01/2032		20		21
7.093% due 01/01/2032		73		75
7.104% due 02/01/2032		15		15
7.109% due 03/01/2025		2		2
7.111% due 02/01/2024		60		62
7.156% due 04/01/2027		27		28
7.231% due 08/01/2031		7		7
7.372% due 07/01/2029		29		30
Ginnie Mae
5.000% due 05/20/2034		25,627		23,064
5.125% due 10/20/2023 - 10/20/2024		166		166
5.625% due 07/20/2025 - 08/20/2026		1,185		1,194
6.250% due 02/20/2030		2,048		2,089
6.375% due 04/20/2023 - 04/20/2032		2,043		2,090
6.500% due 04/15/2029 - 06/15/2029		150		157
8.500% due 03/20/2025		90		97
Small Business Administration
3.750% due 05/25/2025		152		153
4.500% due 03/01/2023		1,066		1,057
4.760% due 09/01/2025		30,116		29,197
4.770% due 04/01/2024		8,620		8,668
4.875% due 09/10/2013 - 01/25/2022		2,768		2,791
4.930% due 01/01/2024		6,802		6,881
5.000% due 03/25/2025 - 07/25/2025		809		815
5.100% due 01/25/2019 - 11/25/2024		1,224		1,235
5.136% due 08/10/2013		13,274		13,447
5.240% due 08/01/2023		4,367		4,475
7.060% due 11/01/2019		1,535		1,621
7.220% due 11/01/2020		1,307		1,396
7.449% due 08/01/2010		144		147
8.017% due 02/10/2010		1,051		1,100
Tennessee Valley Authority
5.375% due 04/01/2056		22,600		24,024

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. Department of Housing and Urban Development
4.930% due 08/01/2014	$	4,000	$	4,249
5.190% due 08/01/2016		5,000		5,321
Total U.S. Government Agencies (Cost $1,491,579)				1,517,793
U.S. TREASURY OBLIGATIONS 21.8%
Treasury Inflation Protected Securities (b)
2.000% due 01/15/2026		1,822		1,877
2.375% due 01/15/2025		12,122		13,181
U.S. Treasury Bonds
4.500% due 02/15/2036		1,700		1,758
U.S. Treasury Notes
4.125% due 08/15/2008		160,000		161,613
4.250% due 01/15/2011		900		963
4.500% due 03/31/2009		372,000		383,160
4.750% due 12/31/2008		320,000		327,825
4.875% due 06/30/2012		12,700		14,014
Total U.S. Treasury Obligations (Cost $904,809)				904,391
MORTGAGE-BACKED SECURITIES 23.1%
American Home Mortgage Investment Trust
2.749% due 09/25/2035		396		394
Arran Residential Mortgages Funding PLC
2.955% due 04/12/2036		725		725
Banc of America Funding Corp.
4.622% due 02/20/2036		42,504		40,720
Banc of America Mortgage Securities, Inc.
6.500% due 09/25/2033		1,302		1,285
Bear Stearns Adjustable Rate Mortgage Trust
4.617% due 01/25/2034		1,290		1,205
4.625% due 10/25/2035		15,411		14,604
4.750% due 10/25/2035		19,161		18,500
5.031% due 04/25/2033		992		966
5.299% due 04/25/2033		92		89
5.401% due 04/25/2033		1,279		1,192
5.950% due 11/25/2034		5,692		5,638
6.764% due 02/25/2033		194		182
Bear Stearns Alt-A Trust
2.759% due 02/25/2034		6,581		5,189
5.706% due 09/25/2035		18,463		15,184
5.792% due 11/25/2036		51,132		37,032
5.808% due 11/25/2036		36,363		28,495
Bear Stearns Commercial Mortgage Securities
6.440% due 06/16/2030		3,152		3,153
Bear Stearns Mortgage Funding Trust
2.669% due 02/25/2037		12,522		10,966
CBA Commercial Small Balance Commercial Mortgage
2.879% due 12/25/2036		4,881		4,154
CC Mortgage Funding Corp.
2.729% due 05/25/2048		9,139		7,426
2.849% due 08/25/2035		2,323		1,860
Citigroup Commercial Mortgage Trust
2.888% due 08/15/2021		403		376
Citigroup Mortgage Loan Trust, Inc.
4.700% due 12/25/2035		30,149		29,308
4.900% due 10/25/2035		59,456		56,770
4.900% due 12/25/2035		4,487		4,277
Commercial Mortgage Pass-Through Certificates
6.455% due 05/15/2032		3,393		3,393
Countrywide Alternative Loan Trust
2.616% due 09/20/2046		3,761		3,676
2.716% due 02/20/2047		13,624		10,248
2.746% due 03/20/2046		11,020		8,377
2.759% due 02/25/2047		1,740		1,327

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
2.779% due 05/25/2047	$	10,567	$	8,023
2.799% due 05/25/2036		1,084		821
2.809% due 05/25/2035		2,379		1,884
2.879% due 12/25/2035		929		762
4.500% due 06/25/2035		1,558		1,544
5.236% due 02/25/2036		1,108		826
5.500% due 03/25/2036		9,989		9,205
Countrywide Home Loan Mortgage Pass-Through Trust
2.829% due 05/25/2035		3,912		3,083
2.889% due 04/25/2035		876		681
2.929% due 02/25/2035		2,514		2,098
2.939% due 02/25/2035		1,476		1,185
2.939% due 06/25/2035		387		341
4.711% due 08/25/2034		6,343		6,055
5.840% due 09/20/2036		17,887		13,527
6.042% due 04/25/2035		1,339		1,297
CS First Boston Mortgage Securities Corp.
5.638% due 05/25/2032		101		101
6.300% due 11/15/2030		315		316
6.466% due 06/25/2032		77		77
Deutsche ALT-A Securities, Inc. Alternate Loan Trust
2.669% due 01/25/2047		2,562		2,387
2.679% due 02/25/2037		3,393		3,180
Downey Savings & Loan Association Mortgage Loan Trust
2.819% due 08/19/2045		2,159		1,674
First Republic Mortgage Loan Trust
3.068% due 11/15/2030		864		783
3.079% due 06/25/2030		855		771
GMAC Commercial Mortgage Securities, Inc.
6.957% due 09/15/2035		410		425
Greenpoint Mortgage Funding Trust
2.679% due 10/25/2046		12,499		11,262
2.679% due 01/25/2047		11,141		10,582
2.819% due 06/25/2045		2,156		1,620
GS Mortgage Securities Corp. II
3.170% due 03/06/2020		10,505		9,711
6.620% due 10/18/2030		2,496		2,492
GSR Mortgage Loan Trust
5.473% due 04/25/2036		13,410		12,768
GSRPM Mortgage Loan Trust
3.299% due 01/25/2032		376		368
Harborview Mortgage Loan Trust
2.649% due 01/19/2038		4,489		4,229
2.729% due 04/19/2038		4,618		3,501
2.779% due 05/19/2035		5,062		3,990
2.799% due 03/19/2037		10,788		8,134
2.929% due 02/19/2034		1,624		1,551
Impac CMB Trust
4.135% due 07/25/2033		263		246
Impac Secured Assets CMN Owner Trust
2.679% due 01/25/2037		5,806		5,469
Indymac Index Mortgage Loan Trust
2.689% due 11/25/2046		6,290		5,859
2.699% due 01/25/2037		1,156		1,107
2.919% due 02/25/2035		8,075		6,243
JPMorgan Mortgage Trust
4.766% due 07/25/2035		48,465		46,732
5.006% due 07/25/2035		6,024		5,828
5.356% due 02/25/2036		13,626		13,437
LB-UBS Commercial Mortgage Trust
3.323% due 03/15/2027		333		330
Lehman Brothers Floating Rate Commercial Mortgage Trust
2.898% due 09/15/2021		3,659		3,443
MASTR Adjustable Rate Mortgages Trust
2.709% due 05/25/2047		756		741
5.189% due 05/25/2034		662		615

104 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
MASTR Asset Securitization Trust
4.500% due 03/25/2018	$	2,734	$	2,685
5.500% due 09/25/2033		1,292		1,242
Mellon Residential Funding Corp.
3.168% due 11/15/2031		3,472		3,134
3.561% due 12/15/2030		3,563		3,432
Merrill Lynch Floating Trust
2.888% due 06/15/2022		5,386		5,044
Merrill Lynch Mortgage Investors, Inc.
4.910% due 12/25/2032		762		728
Morgan Stanley Capital I
2.878% due 10/15/2020		12,443		11,575
4.490% due 01/13/2041		350		341
New Century Alternative Mortgage Loan Trust
2.659% due 07/25/2036		10,182		9,960
Prime Mortgage Trust
5.000% due 02/25/2019		4,882		4,753
RAAC Series 2005-SP1
5.000% due 09/25/2034		1,117		1,090
Residential Accredit Loans, Inc.
2.699% due 09/25/2046		4,020		3,713
2.899% due 08/25/2035		3,619		2,812
2.999% due 01/25/2033		2,309		2,062
2.999% due 03/25/2033		6,018		5,229
5.686% due 09/25/2045		1,450		1,234
Residential Asset Mortgage Products, Inc.
8.500% due 10/25/2031		1,562		1,508
Residential Funding Mortgage Securities I
6.500% due 03/25/2032		336		321
Sequoia Mortgage Trust
2.886% due 07/20/2033		4,117		3,929
2.909% due 10/19/2026		3,062		2,909
3.006% due 07/20/2033		2,895		2,725
Structured Adjustable Rate Mortgage Loan Trust
5.726% due 01/25/2035		1,154		1,093
Structured Asset Mortgage Investments, Inc.
2.669% due 08/25/2036		2,708		2,649
2.699% due 09/25/2047		2,100		1,995
2.789% due 06/25/2036		1,138		865
2.819% due 05/25/2036		44,074		33,430
2.849% due 07/19/2034		727		633
2.909% due 03/19/2034		1,309		1,174
Structured Asset Securities Corp.
2.649% due 05/25/2036		3,808		3,630
5.463% due 10/25/2035		4,828		4,613
TBW Mortgage-Backed Pass-Through Certificates
2.699% due 09/25/2036		909		892
2.709% due 01/25/2037		6,577		6,263
Thornburg Mortgage Securities Trust
2.699% due 03/25/2037		19,170		17,913
2.709% due 03/25/2046		1,645		1,616
2.709% due 11/25/2046		15,789		14,975
2.719% due 09/25/2046		19,092		17,844
Wachovia Bank Commercial Mortgage Trust
2.908% due 09/15/2021		31,701		29,794
5.681% due 04/15/2034		232		232
WaMu Mortgage Pass-Through Certificates
2.829% due 04/25/2045		5,984		4,634
2.859% due 11/25/2045		3,958		3,195
2.869% due 12/25/2045		2,396		1,910
2.889% due 10/25/2045		4,745		3,790
3.139% due 12/25/2027		10,177		9,246
4.054% due 10/25/2033		6,300		6,290
4.229% due 03/25/2034		900		898
5.056% due 01/25/2047		3,061		2,519
5.136% due 12/25/2046		5,940		4,621
5.220% due 02/27/2034		1,608		1,529
5.306% due 06/25/2046		8,640		6,819

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
5.326% due 02/25/2046	$	6,537	$	5,088
5.470% due 05/25/2046		1,596		1,232
5.526% due 11/25/2042		1,740		1,654
5.572% due 07/25/2046		14,509		9,806
5.572% due 08/25/2046		37,670		30,874
5.572% due 10/25/2046		3,315		2,727
5.572% due 12/25/2046		3,314		3,150
5.718% due 05/25/2041		832		776
5.726% due 06/25/2042		1,615		1,470
5.826% due 09/25/2046		6,332		5,210
5.826% due 11/25/2046		2,469		2,046
Washington Mutual MSC Mortgage Pass-Through Certificates
6.662% due 05/25/2033		132		129
7.000% due 02/25/2033		6		7
7.020% due 02/25/2033		100		98
Wells Fargo Mortgage-Backed Securities Trust
3.541% due 09/25/2034		4,500		4,279
4.329% due 07/25/2035		12,100		11,501
4.489% due 11/25/2033		670		615
4.500% due 11/25/2018		8,739		8,547
4.950% due 03/25/2036		79,187		75,491
Total Mortgage-Backed Securities (Cost $1,075,974)				958,203
ASSET-BACKED SECURITIES 20.3%
Accredited Mortgage Loan Trust
2.649% due 02/25/2037		4,337		4,131
ACE Securities Corp.
2.649% due 07/25/2036		1,601		1,573
2.649% due 08/25/2036		2,363		2,195
2.649% due 12/25/2036		3,658		3,513
2.659% due 04/25/2036		110		109
2.679% due 02/25/2036		139		139
2.679% due 10/25/2036		3,249		3,154
2.749% due 12/25/2035		5,256		5,115
American Express Credit Account Master Trust
2.808% due 08/15/2011		1,800		1,788
2.818% due 01/18/2011		8,000		8,000
2.818% due 03/15/2011		1,500		1,498
2.928% due 11/15/2010		2,855		2,855
2.998% due 11/15/2010		3,000		3,000
Argent Securities, Inc.
2.639% due 06/25/2036		353		351
2.649% due 09/25/2036		2,864		2,801
2.659% due 05/25/2036		94		93
Asset-Backed Funding Certificates
2.659% due 10/25/2036		2,815		2,731
2.659% due 11/25/2036		10,003		9,240
2.659% due 01/25/2037		5,815		5,448
2.949% due 06/25/2034		8,073		7,146
Asset-Backed Securities Corp. Home Equity
2.649% due 11/25/2036		4,425		4,299
2.649% due 12/25/2036		923		888
2.679% due 05/25/2037		1,500		1,456
3.338% due 06/15/2031		486		453
3.358% due 11/15/2031		48		43
Bank One Issuance Trust
2.928% due 12/15/2010		3,700		3,700
Bear Stearns Asset-Backed Securities Trust
2.639% due 02/25/2037		6,267		6,120
2.649% due 11/25/2036		5,344		4,993
2.659% due 05/25/2036		1,558		1,509
2.669% due 12/25/2036		1,808		1,627
2.679% due 10/25/2036		2,950		2,805
2.709% due 11/25/2036		10,165		9,462
2.929% due 10/25/2032		192		166
3.099% due 11/25/2042		5,752		5,115
Carrington Mortgage Loan Trust
2.639% due 05/25/2036		984		976
2.649% due 08/25/2036		767		756

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
2.649% due 10/25/2036	$	4,651	$	4,528
2.649% due 12/25/2036		2,909		2,752
2.649% due 01/25/2037		14,013		13,123
2.664% due 07/25/2036		1,280		1,269
2.759% due 01/25/2036		6,000		5,893
2.919% due 10/25/2035		3,031		2,605
Chase Credit Card Master Trust
2.928% due 10/15/2010		4,000		4,001
2.928% due 02/15/2011		12,475		12,424
Chase Funding Mortgage Loan Asset- Backed Certificates
3.099% due 10/25/2031		1,013		982
Chase Issuance Trust
2.828% due 12/15/2010		6,237		6,237
CIT Group Home Equity Loan Trust
2.869% due 06/25/2033		412		381
Citibank Credit Card Issuance Trust
2.900% due 05/17/2010		9,002		9,003
Citigroup Mortgage Loan Trust, Inc.
2.639% due 08/25/2036		1,708		1,685
2.639% due 12/25/2036		4,682		4,403
2.649% due 10/25/2036		7,374		7,204
2.649% due 11/25/2036		1,973		1,927
2.659% due 01/25/2037		2,248		2,216
2.659% due 05/25/2037		8,944		8,499
2.669% due 08/25/2036		1,268		1,256
2.699% due 10/25/2036		6,400		5,800
2.709% due 08/25/2036		3,200		2,970
2.709% due 03/25/2037		2,397		2,244
Conseco Finance Securitizations Corp.
7.970% due 05/01/2032		1,629		1,273
Countrywide Asset-Backed Certificates
2.649% due 01/25/2037		4,493		4,442
2.649% due 03/25/2037		9,257		8,886
2.649% due 05/25/2037		30,872		29,752
2.649% due 07/25/2037		6,759		6,454
2.649% due 12/25/2046		3,449		3,353
2.649% due 03/25/2047		3,630		3,559
2.659% due 03/25/2037		2,057		2,011
2.659% due 09/25/2046		3,691		3,615
2.669% due 06/25/2036		102		102
2.669% due 07/25/2036		121		121
2.669% due 08/25/2036		25		25
2.669% due 06/25/2037		4,480		4,350
2.679% due 06/25/2037		7,281		6,799
2.679% due 10/25/2037		2,379		2,229
2.699% due 09/25/2037		2,249		2,133
2.699% due 09/25/2047		3,455		3,276
2.709% due 10/25/2046		5,670		5,486
2.759% due 02/25/2036		1,182		1,089
2.779% due 09/25/2036		4,774		4,465
2.789% due 06/25/2036		3,538		3,215
3.079% due 12/25/2031		244		218
3.265% due 07/25/2036		42		41
Credit-Based Asset Servicing & Securitization LLC
2.659% due 11/25/2036		3,541		3,387
2.669% due 01/25/2037		4,700		4,535
2.689% due 12/25/2037		3,207		3,125
CS First Boston Mortgage Securities Corp.
3.219% due 01/25/2032		167		150
CSAB Mortgage-Backed Trust
2.699% due 06/25/2036		2,583		2,543
First Franklin Mortgage Loan Asset-Backed Certificates
2.629% due 05/25/2036		166		163
2.629% due 07/25/2036		2,145		2,115
2.639% due 09/25/2036		6,834		6,471
2.639% due 01/25/2038		5,761		5,458
2.649% due 11/25/2036		20,287		18,365
2.649% due 12/25/2036		8,143		7,722
2.649% due 03/25/2037		30,112		28,893
2.669% due 12/25/2037		4,039		3,812

See Accompanying Notes Annual Report March 31, 2008 105

Schedule of Investments  U.S. Government Sector Portfolio  (Cont.)

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
2.689% due 01/25/2036	$	218	$	217
2.969% due 12/25/2034		118		92
Fremont Home Loan Trust
2.649% due 10/25/2036		3,610		3,561
2.659% due 01/25/2037		5,224		4,754
2.769% due 01/25/2036		340		339
GE-WMC Mortgage Securities LLC
2.639% due 08/25/2036		2,504		2,418
GSAMP Trust
2.639% due 10/25/2046		2,489		2,375
2.669% due 01/25/2036		484		463
2.669% due 02/25/2036		144		144
2.669% due 10/25/2036		565		517
2.669% due 12/25/2036		5,089		4,885
2.689% due 11/25/2035		456		422
GSR Mortgage Loan Trust
2.699% due 11/25/2030		282		280
GSRPM Mortgage Loan Trust
2.979% due 09/25/2042		1,257		1,240
HFC Home Equity Loan Asset-Backed Certificates
2.606% due 03/20/2036		1,575		1,519
2.886% due 09/20/2033		1,393		1,325
Home Equity Asset Trust
2.659% due 05/25/2037		2,131		2,038
2.679% due 05/25/2036		232		230
3.519% due 02/25/2033		1		1
HSI Asset Securitization Corp. Trust
2.649% due 10/25/2036		4,440		4,088
2.649% due 12/25/2036		1,694		1,526
2.659% due 03/25/2036		16		16
2.679% due 12/25/2035		183		182
Indymac Residential Asset-Backed Trust
2.639% due 08/25/2036		148		147
2.659% due 04/25/2037		5,828		5,595
2.679% due 07/25/2037		3,330		3,144
2.729% due 04/25/2037		3,963		3,819
IXIS Real Estate Capital Trust
2.659% due 05/25/2037		177		164
JPMorgan Mortgage Acquisition Corp.
2.639% due 08/25/2036		1,071		1,043
2.649% due 07/25/2036		2,904		2,740
2.649% due 08/25/2036		7,331		7,084
2.649% due 10/25/2036		9,481		8,836
2.659% due 04/01/2037		2,792		2,577
2.659% due 05/25/2037		3,831		3,648
2.669% due 11/25/2036		1,438		1,371
2.679% due 08/25/2036		2,342		2,197
2.679% due 03/25/2037		2,100		2,025
LA Arena Funding LLC
7.656% due 12/15/2026		83		80
Lehman ABS Mortgage Loan Trust
2.689% due 06/25/2037		2,718		2,613
Lehman XS Trust
2.669% due 05/25/2046		2,331		2,213
2.679% due 04/25/2046		2,412		2,380
2.679% due 08/25/2046		3,480		3,399
2.679% due 11/25/2046		7,183		6,805
2.689% due 05/25/2046		1,971		1,915
2.719% due 11/25/2036		4,133		3,961
Long Beach Mortgage Loan Trust
2.629% due 06/25/2036		501		498
2.639% due 11/25/2036		8,931		8,490
2.649% due 08/25/2036		3,380		3,211
2.659% due 10/25/2036		2,570		2,482
2.689% due 01/25/2046		253		252
2.779% due 08/25/2035		612		589
2.879% due 10/25/2034		1,548		1,399
MASTR Asset-Backed Securities Trust
2.649% due 03/25/2036		260		258

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
2.649% due 11/25/2036	$	2,927	$	2,718
2.659% due 10/25/2036		731		725
2.659% due 11/25/2036		4,780		4,519
2.669% due 02/25/2036		1,619		1,612
2.679% due 01/25/2036		257		256
2.679% due 05/25/2037		3,864		3,610
MBNA Credit Card Master Note Trust
2.818% due 12/15/2010		2,600		2,599
2.918% due 12/15/2011		2,300		2,277
MBNA Master Credit Card Trust
4.402% due 09/15/2010		2,000		2,001
Merrill Lynch First Franklin Mortgage Loan Trust
2.659% due 07/25/2037		7,395		6,779
Merrill Lynch Mortgage Investors, Inc.
2.629% due 05/25/2037		1,796		1,762
2.629% due 06/25/2037		4,090		4,018
2.659% due 04/25/2037		750		741
2.669% due 08/25/2036		11,992		11,448
2.669% due 07/25/2037		4,304		4,126
2.719% due 02/25/2037		2,538		2,339
Mid-State Trust
7.340% due 07/01/2035		299		320
Morgan Stanley ABS Capital I
2.629% due 06/25/2036		749		740
2.639% due 06/25/2036		1,182		1,168
2.639% due 07/25/2036		7,624		7,469
2.639% due 10/25/2036		5,005		4,864
2.639% due 01/25/2037		12,936		12,418
2.649% due 09/25/2036		6,099		5,806
2.649% due 10/25/2036		5,137		4,990
2.649% due 11/25/2036		10,699		10,236
2.659% due 03/25/2036		17		16
2.659% due 05/25/2037		17,930		17,256
2.669% due 03/25/2036		284		283
2.719% due 02/25/2036		5,767		5,653
Morgan Stanley Home Equity Loans
2.649% due 12/25/2036		5,324		5,109
Morgan Stanley IXIS Real Estate Capital Trust
2.649% due 11/25/2036		5,966		5,652
Morgan Stanley Mortgage Loan Trust
2.669% due 01/25/2047		7,397		6,759
Nationstar Home Equity Loan Trust
2.659% due 03/25/2037		2,938		2,796
2.659% due 06/25/2037		5,413		5,253
2.719% due 04/25/2037		3,081		2,995
Nelnet Student Loan Trust
2.616% due 12/22/2014		625		624
New Century Home Equity Loan Trust
2.659% due 05/25/2036		155		155
2.669% due 08/25/2036		2,343		2,310
2.779% due 05/25/2036		2,700		2,228
2.859% due 06/25/2035		866		767
Newcastle Mortgage Securities Trust
2.669% due 03/25/2036		833		829
Option One Mortgage Loan Trust
2.639% due 02/25/2037		2,701		2,580
2.649% due 07/25/2036		1,091		1,076
2.649% due 01/25/2037		7,078		6,664
2.659% due 07/25/2037		2,358		2,225
Park Place Securities, Inc.
2.859% due 09/25/2035		617		596
Popular ABS Mortgage Pass-Through Trust
2.649% due 07/25/2036		180		179
2.689% due 06/25/2047		4,698		4,396
Renaissance Home Equity Loan Trust
3.099% due 12/25/2033		1,985		1,844
3.299% due 08/25/2032		2		2

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Residential Asset Mortgage Products, Inc.
2.669% due 11/25/2036	$	1,246	$	1,204
2.669% due 02/25/2037		3,386		3,206
2.699% due 08/25/2046		3,038		2,896
Residential Asset Securities ]Corp.
2.639% due 06/25/2036		1,480		1,455
2.659% due 01/25/2037		7,512		7,127
2.669% due 07/25/2036		2,096		2,076
2.669% due 11/25/2036		12,370		11,791
2.669% due 02/25/2037		2,723		2,547
2.709% due 04/25/2037		3,739		3,503
Salomon Brothers Mortgage Securities VII, Inc.
2.899% due 03/25/2032		235		228
3.525% due 01/25/2032		147		99
Saxon Asset Securities Trust
2.659% due 10/25/2046		7,319		7,056
3.119% due 08/25/2032		36		35
3.139% due 01/25/2032		59		59
SBI HELOC Trust
2.769% due 08/25/2036		3,285		3,145
Securitized Asset-Backed Receivables LLC Trust
2.639% due 01/25/2037		5,606		5,308
2.649% due 09/25/2036		2,384		2,269
2.659% due 12/25/2036		8,079		7,334
2.679% due 11/25/2036		3,196		2,921
SLM Student Loan Trust
3.311% due 04/25/2014		5,278		5,257
3.321% due 10/27/2014		5,039		5,016
3.321% due 07/25/2017		5,976		5,941
3.800% due 12/15/2038		6,900		6,745
Soundview Home Equity Loan Trust
2.639% due 11/25/2036		2,648		2,632
2.649% due 10/25/2036		4,028		3,898
2.659% due 11/25/2036		3,652		3,523
2.659% due 12/25/2036		846		816
2.679% due 01/25/2037		4,567		4,361
2.679% due 06/25/2037		3,753		3,551
2.699% due 10/25/2036		1,082		1,055
Specialty Underwriting & Residential Finance
2.629% due 06/25/2037		2,244		2,197
2.644% due 11/25/2037		4,084		3,868
2.659% due 02/25/2037		301		299
2.659% due 01/25/2038		4,322		4,136
Structured Asset Investment Loan Trust
2.639% due 09/25/2036		2,052		1,985
2.649% due 07/25/2036		7,574		7,219
Structured Asset Securities Corp.
2.649% due 10/25/2036		11,655		11,300
2.659% due 04/25/2036		111		111
2.679% due 01/25/2037		1,922		1,746
2.699% due 01/25/2037		2,836		2,715
2.999% due 05/25/2034		487		420
Truman Capital Mortgage Loan Trust
2.939% due 01/25/2034		106		104
Washington Mutual Asset-Backed Certificates
2.649% due 01/25/2037		6,924		6,487
2.669% due 04/25/2036		164		163
Wells Fargo Home Equity Trust
2.649% due 01/25/2037		2,679		2,586
2.699% due 03/25/2037		1,391		1,357
Total Asset-Backed Securities (Cost $884,615)				843,385
SOVEREIGN ISSUES 2.9%
Canada Mortgage & Housing Corp.
3.375% due 12/01/2008		27,900		28,044
Export-Import Bank of Korea
3.166% due 06/01/2009		12,000		12,024

106 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

March 31, 2008

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
Israel Government AID Bond
0.000% due 11/01/2024	$	178,000	$	80,166
Total Sovereign Issues (Cost $113,623)				120,234
SHORT-TERM INSTRUMENTS 5.7%
CERTIFICATES OF DEPOSIT 0.0%
HSBC Bank USA N.A.
3.294% due 07/28/2008		2,200		2,202
COMMERCIAL PAPER 4.6%
Federal Home Loan Bank
1.500% due 04/01/2008		91,000		91,000
4.375% due 11/13/2008		100,000		101,267
				192,267

		PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS 0.1%
Fixed Income Clearing Corp.
1.900% due 04/01/2008	$	2,877	$	2,877
(Dated 03/31/2008. Collateralized by Freddie Mac 0.000% due 06/09/2008 valued at $2,939. Repurchase proceeds are $2,877.)
U.S. TREASURY BILLS 1.0%
1.018% due 05/29/2008 - 06/26/2008 (a)(c)(d)		40,545		40,340
Total Short-Term Instruments (Cost $237,136)				237,686

		VALUE (000S)
PURCHASED OPTIONS (i) 3.0%
(Cost $37,770)	$	122,913
Total Investments 126.8% (Cost $5,306,418)	$	5,258,396
Written Options (j) (2.6%) (Premiums $46,530)		(109,547	)
Other Assets and Liabilities (Net) (24.2%)		(1,002,157	)
Net Assets (e) 100.0%	$	4,146,692

Notes to Schedule of Investments (amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Coupon represents a weighted average rate.

(b) Principal amount of security is adjusted for inflation.

(c) Securities with an aggregate market value of $36,563 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(d) Securities with an aggregate market value of $3,778 have been pledged as collateral for delayed-delivery securities on March 31, 2008.

(e) As of March 31, 2008, portfolio securities with an aggregate value of $21,914 and derivative instruments with an aggregate depreciation of ($2,375) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(f) The average amount of borrowings while outstanding during the period ended March 31, 2008 was $117,255 at a weighted average interest rate of 4.800%. On March 31, 2008, securities valued at $56,159 were pledged as collateral for reverse repurchase agreements.

(g) Cash of $96,980 have been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2008	7,760	$	50,227
90-Day Eurodollar March Futures	Long	03/2009	10,343		53,256
90-Day Eurodollar September Futures	Long	09/2009	1,600		8,258
U.S. Treasury 2-Year Note June Futures	Short	06/2008	5,258		(3,443	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	18,895		55,181
U.S. Treasury 30-Year Bond June Futures	Long	06/2008	1,267		(665	)
				$	162,814

(h) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities
Reference Entity	Buy/Sell Protection (1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty		Notional Amount	Unrealized Appreciation
Altius Funding Ltd. floating rate based on 3-Month USD-LIBOR plus 1.400% due 12/09/2040	Buy	(1.230%	)	12/09/2040	MLP	$	3,000	$	2,376

⁽¹⁾ If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap.

Interest Rate Swaps
Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Expiration Date	Counterparty		Notional Amount	Unrealized Appreciation/ (Depreciation)
Pay	3-Month USD-LIBOR	5.000%	12/20/2009	UBS	$	470,000	$	25,431
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	BCLY		187,300		3,869
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	DUB		934,000		16,906
Pay	3-Month USD-LIBOR	4.000%	06/18/2010	RBS		353,600		1,564
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	JPM		293,800		10,774
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	MSC		932,600		34,322
Pay	3-Month USD-LIBOR	4.000%	06/18/2013	RBS		570,700		27,186
Receive	3-Month USD-LIBOR	5.000%	06/18/2015	DUB		74,500		(3,172	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	MLP		571,830		(31,373	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	MSC		173,710		(11,541	)
Receive	3-Month USD-LIBOR	5.000%	06/18/2018	RBS		563,370		(27,681	)
Pay	3-Month USD-LIBOR	5.000%	06/18/2038	DUB		98,280		8,040
Pay	3-Month USD-LIBOR	5.000%	06/18/2038	RBS		460,620		39,918
							$	94,243

See Accompanying Notes Annual Report March 31, 2008 107

Schedule of Investments  U.S. Government Sector Portfolio  (Cont.)

(i) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts
Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Call - CBOT U.S. Treasury 2-Year Note June Futures	$	123.000	05/23/2008	1,000	$	18	$	16
Call - CBOT U.S. Treasury 2-Year Note June Futures		124.000	05/23/2008	5,164		94		81
Call - CBOT U.S. Treasury 5-Year Note June Futures		125.000	05/23/2008	1,335		24		10
Put - CBOT U.S. Treasury 10-Year Note June Futures		82.000	05/23/2008	3,514		33		55
Put - CBOT U.S. Treasury 10-Year Note June Futures		83.000	05/23/2008	486		5		8
Put - CBOT U.S. Treasury 10-Year Note June Futures		97.000	05/23/2008	6,500		101		101
					$	275	$	271

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Pay	4.750%	09/26/2008	$	1,588,800	$	7,658	$	65,646
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750%	09/26/2008		420,200		1,502		17,362
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150%	12/15/2008		3,058,000		28,323		39,634
								$	37,483	$	122,642

Options on Securities
Description	Strike Price		Expiration Date	Notional Amount		Cost		Value
Put - OTC Fannie Mae 5.500% due 04/01/2038	$	86.000	04/07/2008	$	99,000	$	12	$	0

(j) Written options outstanding on March 31, 2008:

Interest Rate Swaptions
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount		Premium		Value
Call - OTC 7-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Receive	4.500%	05/02/2008	$	51,200	$	1,024	$	2,466
Put - OTC 7-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Pay	5.500%	05/02/2008		51,200		1,214		0
Call - OTC 5-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		692,100		7,754		46,304
Call - OTC 7-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Receive	4.500%	05/02/2008		113,000		2,497		5,441
Put - OTC 7-Year Interest Rate Swap	JPM	3-Month USD-LIBOR	Pay	5.500%	05/02/2008		113,000		2,678		1
Call - OTC 7-Year Interest Rate Swap	MLP	3-Month USD-LIBOR	Receive	4.500%	05/02/2008		51,200		1,024		2,466
Put - OTC 7-Year Interest Rate Swap	MLP	3-Month USD-LIBOR	Pay	5.500%	05/02/2008		51,200		1,208		0
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.950%	09/26/2008		185,900		1,524		12,437
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.300%	12/15/2008		1,031,200		27,607		40,432
								$	46,530	$	109,547

(k) Short sales outstanding on March 31, 2008:

Description	Coupon		Maturity Date	Principal Amount		Proceeds		Value (2)
U.S. Treasury Bonds	4.750	%	02/15/2037	$	92,000	$	97,855	$	100,067
U.S. Treasury Notes	3.250	%	08/15/2008		160,000		160,692		162,297
U.S. Treasury Notes	3.250	%	12/31/2009		113,400		116,573		117,717
U.S. Treasury Notes	4.625	%	02/15/2017		908,000		973,138		1,003,851
						$	1,348,258	$	1,383,932

⁽²⁾ Market value includes $9,414 of interest payable on short sales.

108 PIMCO Funds Private Account Portfolio Series See Accompanying Notes

Notes to Financial Statements March 31, 2008

1.  ORGANIZATION

PIMCO Funds (the “Trust”) was established as a Massachusetts business trust on February 19, 1987. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the twelve portfolios (the “Portfolios”) offered by the Trust.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures on the financial statements. Actual results could differ from those estimates.

(a) Determination of Net Asset Value  The Net Asset Value (“NAV”) of a Portfolio’s shares is valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (the “NYSE Close”) on each day that the New York Stock Exchange (“NYSE”) is open. Information that becomes known to a Portfolio or its agents after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day.

(b) Security Valuation  For purposes of calculating the NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services.

Domestic and foreign fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed-income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. With respect to any portion of a Portfolio’s assets that are invested in one or more open-end management investment companies, a Portfolio’s NAV will be calculated based upon the NAVs of such investments. A Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of a Portfolio’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the NAV may change on days when an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company LLC (“PIMCO”) the responsibility for applying the valuation methods. For instance, certain securities or investments for which daily market quotes are not readily

available may be valued, pursuant to guidelines established by the Board of Trustees, with reference to other securities or indices. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Portfolio’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading for the entire day and no other market prices are available. The Board of Trustees has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of a Portfolio’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events.

When a Portfolio uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. Fair value pricing may require subjective determinations about the value of a security. While the Trust’s policy is intended to result in a calculation of a Portfolio’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Board of Trustees or persons acting at their direction would accurately reflect the price that a Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Portfolio may differ from the value that would be realized if the securities were sold.

(c) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statements of Operations.

(d) Delayed-Delivery Transactions  Certain Portfolios may purchase or sell securities on a delayed-delivery basis. These transactions involve a commitment by a Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, a Portfolio will designate liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, a Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a capital gain or loss. When a Portfolio has sold a security on a delayed-delivery basis, a Portfolio does not participate in future gains and losses with respect to the security.

(e) When-Issued Transactions  Certain Portfolios may purchase or sell securities on a when-issued basis. These transactions are made conditionally

Annual Report March 31, 2008 109

Notes to Financial Statements  (Cont.)

because a security, although authorized, has not yet been issued in the market. A commitment by a Portfolio is made regarding these transactions to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Portfolio may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

(f) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, of each Portfolio are declared and distributed to shareholders quarterly. Net realized capital gains earned by each Portfolio, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may change the fiscal year when income and capital items are recognized for tax and U.S. GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported on each Portfolio’s annual financial statements presented under U.S. GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

(g) Cash and Foreign Currency  The functional and reporting currency for the Portfolios is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. Dollars based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains or losses. Realized gains or losses and unrealized appreciation or depreciation on investment securities and income and expenses are translated on the respective dates of such transactions. The effects of changes in foreign currency exchange rates on investments in securities are not segregated on the Statements of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

(h) Foreign Currency Contracts  Certain Portfolios may enter into foreign currency contracts in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Portfolio’s securities or as a part of an investment strategy. A foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in foreign currency exchange rates. Foreign currency contracts are marked to market daily and the change in value is recorded by a Portfolio as an unrealized gain or loss. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statements of Assets and Liabilities. In addition, a Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar.

(i) Futures Contracts  Certain Portfolios may enter into futures contracts. A Portfolio may use futures contracts to manage its exposure to the securities

markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Portfolio and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Portfolio is required to deposit with its futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Portfolio. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities.

(j) Options Contracts  Certain Portfolios may write call and put options on futures, swaps (“swaptions”), securities or currencies it owns or in which it may invest. Writing put options tends to increase a Portfolio’s exposure to the underlying instrument. Writing call options tends to decrease a Portfolio’s exposure to the underlying instrument. When a Portfolio writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, swap, security or currency transaction to determine the realized gain or loss. A Portfolio as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Certain Portfolios may also purchase put and call options. Purchasing call options tends to increase a Portfolio’s exposure to the underlying instrument. Purchasing put options tends to decrease a Portfolio’s exposure to the underlying instrument. A Portfolio pays a premium which is included on the Portfolio’s Statements of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss.

(k) Payment In-Kind Securities  Certain Portfolios may invest in payment in-kind securities. Payment in-kind securities (“PIKs”) give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds include the accrued interest (referred to as a dirty price) and require a pro-rata adjustment from interest receivable to the unrealized appreciation or depreciation on investment on the Statements of Assets and Liabilities.

(l) Repurchase Agreements  Each Portfolio may engage in repurchase transactions. Under the terms of a typical repurchase agreement, a Portfolio takes possession of an underlying debt obligation (collateral) subject to an obligation of

110 PIMCO Funds Private Account Portfolio Series

March 31, 2008

the seller to repurchase, and a Portfolio to resell, the obligation at an agreed-upon price and time. The underlying securities for all repurchase agreements are held in safekeeping at the Portfolio’s custodian or designated subcustodians under tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on the Statements of Assets and Liabilities. Generally, in the event of counterparty default, a Portfolio has the right to use the collateral to offset losses incurred. If the counterparty should default, a Portfolio will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

(m) Reverse Repurchase Agreements  Certain Portfolios may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Portfolio sells to a financial institution a security that it holds with an agreement to repurchase the same security at an agreed-upon price and date. Securities sold under reverse repurchase agreements are reflected as a liability on the Statements of Assets and Liabilities. A reverse repurchase agreement involves the risk that the market value of the security sold by a Portfolio may decline below the repurchase price of the security. A Portfolio will segregate assets determined to be liquid by the investment adviser or otherwise cover its obligations under reverse repurchase agreements.

(n) Inverse Floating Rate Transactions—Residual Interest Municipal Bonds (“RIBs”)/Residual Interest Tax Exempt Bonds (“RITEs”)  Certain Portfolios may invest in RIBs and RITEs (“Inverse Floaters”). Inverse Floaters are created via a master trust agreement between a broker-dealer, acting as trustor and liquidity provider, and an investment bank, acting as trustee and tender agent. The master trust agreement defines the terms for each trust series; with each series being established by the transfer of long-term, fixed-rate municipal bonds (“Fixed Rate Bonds”) to the trustee to be held and provide for the creation, execution and delivery of floater certificates (“Floating Rate Notes”) and Inverse Floaters. Floating Rate Notes are liquid notes that are issued with a short-term variable rate typically linked to the LIBOR, subject to limitations, for some duration. After interest income is paid on the Floating Rate Notes at current rates, the residual income from the Fixed Rate Bonds is paid to the Inverse Floaters. Inverse Floaters are issued with a coupon that fluctuates inversely with the Floating Rate Notes’ referenced rate, subject to certain limitations. Therefore, rising short-term rates result in lower income for the Inverse Floaters and vice versa.

Floating Rate Notes are generally remarketed to municipal money market funds. Inverse Floaters are acquired by either tax-exempt municipal bond funds or trusts, or other parties interested in potentially higher yielding tax-exempt securities. Inverse Floaters may also be acquired for the purpose of increasing leverage. Floating Rate Note holders typically have the option to tender their notes to the liquidity provider for redemption at par at each reset date. The Inverse Floater holders have the option to (i) require the Floating Rate Note holders to tender their notes at par, and (ii) require the liquidity provider to transfer the Fixed Rate Bonds to the Inverse Floater holders. The holders of Inverse Floaters bear substantially all of the downside investment risk associated with the underlying Fixed Rate Bonds, and also benefit from a disproportionate amount of the potential appreciation of the underlying Fixed Rate Bonds’ value. Inverse Floaters may be more volatile and less liquid than other municipal bonds of comparable maturity.

Inverse Floaters may be acquired with or without first transferring to the trustor the Fixed Rate Bonds that were utilized to create the trust series. Inverse Floaters acquired without a transfer of Fixed Rate Bonds are recognized as purchases of securities as outlined in Note 2(b). Statement of Financial Accounting Standards No. 140—Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (“FAS No. 140”), governs the standards for accounting for securitizations and other transfers of financial assets. If there is a transfer of Fixed Rate Bonds and it meets sale criteria under FAS No. 140, a

Portfolio records a sale of the Fixed Rate Bonds and a purchase of the Inverse Floaters. The cash received from the Inverse Floaters is then recorded as interest income in the Statement of Operations.

If the transfer of Fixed Rate Bonds does not meet sale criteria under FAS No. 140, a Portfolio accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bonds in its Schedule of Investments, and recording the Floating Rate Notes as a liability under the caption “Payable for floating rate notes” in the Portfolio’s Statement of Assets and Liabilities. In a secured borrowing transaction, cash received from the Inverse Floaters is not recorded as interest income. Instead, a Portfolio records interest income related to the Fixed Rate Bonds and interest expense related to the Floating Rate Notes, the net of which is equal to the cash received from the Inverse Floaters acquired by the Portfolio. Thus, while a Portfolio’s reported total income, net expenses, and net expense ratio are generally higher for investments in Inverse Floaters acquired via a secured borrowing, the method of acquiring Inverse Floaters does not result in differences for reported cash flows, NAV or total return.

(o) Restricted Securities  Certain Portfolios may invest in securities that are subject to legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve.

(p) Short Sales  Certain Portfolios may enter into short sales transactions. A short sale is a transaction in which a Portfolio sells securities it does not own in anticipation of a decline in the market price of the securities. Securities sold in short sale transactions and the interest payable on such securities, if any, are reflected as a liability on the Statements of Assets and Liabilities. A Portfolio is obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

(q) Swap Agreements  Certain Portfolios may invest in swap transactions, including, but not limited to, swap agreements on interest rates, security or commodity indexes, specific securities and commodities, and credit and event-linked swaps. To the extent a Portfolio may invest in foreign currency denominated securities, it also may invest in currency exchange rate swap agreements. Swap transactions are privately negotiated agreements between a Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. A Portfolio may enter into interest rate, total return, cross-currency, credit default and other forms of swap agreements to manage its exposure to interest rates, currency and credit risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements.

Interest rate swap agreements involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to

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Notes to Financial Statements  (Cont.)

the expiration date, or (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, only for exchanging interest cash flows.

Credit default swap agreements on corporate issues or sovereign issues of an emerging country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default. A Portfolio may use credit default swaps on corporate issues or sovereign issues of an emerging country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Portfolio owns or has exposure to the reference obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. As a seller of protection, a Portfolio will generally receive from the buyer of protection an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of the reference entity or underlying securities comprising the reference entity index. As the seller, a Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, a Portfolio will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the reference entities comprising the credit index. A credit index is a list of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but is not limited to, credit default swaps on investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index.

The treatment of credit default swaps and other swap agreements that provide for contingent, non-periodic, bullet-type payments as “notional principal contracts” for U.S. federal income tax purposes is uncertain. If the U.S. Internal Revenue Service

were to take the position that a credit default swap or other bullet-type swap is not a “notional principal contract” for U.S. federal income tax purposes, payments received by a Portfolio from such investments might be subject to U.S. excise or income taxes.

Variance swap agreements involve two parties agreeing to exchange cash flows based on the measured variance (or square of volatility) of a specified underlying asset. One party agrees to exchange a “fixed rate” or strike price payment for the “floating rate” or realized price variance on the underlying asset with respect to the notional amount. At inception, the strike price is generally chosen such that the fair value of the swap is zero. At the expiration date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price variance of the underlying asset and the strike price multiplied by the notional amount. As a receiver of the realized price variance, the Portfolio would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the variance is less than the strike. As a payer of the realized price variance, the Portfolio would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike. This type of agreement is essentially a forward contract on the future realized price variance of the underlying asset.

Swaps are marked to market daily based upon values from third party vendors or quotations from market makers to the extent available and the change in value, if any, is recorded as unrealized gain or loss on the Statements of Operations. In the event that market quotations are not readily available or deemed reliable, certain swap agreements may be valued, pursuant to guidelines established by the Board of Trustees, with reference to other securities or indices. In the event that market quotes are not readily available, and the swap cannot be valued pursuant to one of the valuation methods, the value of the swap will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO. Payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by the Portfolios are included as part of realized gain or loss on the Statements of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

(r) Loan Participations and Assignments  Certain Portfolios may invest in direct debt instruments which are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. A Portfolio’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, a Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt by the lender of payments from the borrower. A Portfolio generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Portfolio may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When a Portfolio purchases assignments from lenders it acquires direct rights against the borrower of the loan. At the period ended March 31, 2008, there were no open unfunded loan commitments.

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(s) Commodities Index-Linked/Structured Notes  The Portfolios may invest in structured notes whose value is based on the price movements of a commodity index. The structured notes are often leveraged, increasing the volatility of each note’s value relative to the change in the underlying linked financial index. The value of these notes will rise and fall in response to changes in the underlying commodity index. Structured notes may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the underlying commodity index. Structured notes may also be more volatile, less liquid, and more difficult to accurately price than less complex securities or more traditional debt securities. Fluctuations in value of the structured notes are recorded as unrealized gains and losses on the accompanying financial statements. Net payments are recorded as net realized gains and losses. These notes are subject to prepayment, credit and interest risks. The Portfolios have the option to request prepayment from the issuer. At maturity, or when a note is sold, the Portfolio records a realized gain or loss.

(t) Bridge Debt Commitments  At the period ended March 31, 2008, the High Yield Portfolio had $3,629,000 in commitments outstanding to fund high yield bridge debt. The Portfolio is entitled to a fee upon the expiration of the commitment period. The bridge debt terms approximate market rates at the time the commitment is entered into.

(u) Mortgage-Related and Other Asset-Backed Securities  Certain Portfolios may invest in mortgage-related and other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBSs”) and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage-related and asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of SMBSs has one class receiving all or a portion of the interest from the mortgage assets (the interest-only, or “IO” and/or the high coupon rate with relatively low principal amount, or “IOette” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for IOs and IOettes are included in interest income on the Statements of Operations. Because little to no principal will be received at the maturity of an IO or IOettes, adjustments are made to the book value of the security on a daily basis until maturity. These adjustments are included in interest income on the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

(v) U.S. Government Agencies or Government-Sponsored Enterprises   Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA” or “Ginnie Mae”), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage

Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

(w) New Accounting Pronouncements  In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Portfolios and will provide additional information in relation to the Statement in the Portfolios’ semiannual financial statements for the period ending September 30, 2008.

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“SFAS 161”). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 may require enhanced disclosures about Portfolios’ derivative and hedging activities. Management is currently evaluating the impact the adoption of SFAS 161 will have on the Portfolios’ financial statement disclosures.

3. MARKET AND CREDIT RISK

In the normal course of business the Portfolios trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (credit risk). Similar to credit risk, the Portfolios may be exposed to counterparty risk, or the risk that an institution or other entity with which the Portfolios have unsettled or open transactions will default. The potential loss could exceed the value of the financial assets recorded in the financial statements. Financial assets, which potentially expose the Portfolios to credit risk, consist principally of cash due from counterparties and investments. The extent of the Portfolios’ exposure to credit and counterparty risks in respect to these financial assets approximates their carrying value as recorded in the Portfolios’ Statements of Assets and Liabilities.

4.  FEES AND EXPENSES

(a) Investment Advisory Fee  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Portfolio, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate as noted in the following table.

(b) Administrative Fee  PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on each share class’s average daily net assets. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

Annual Report March 31, 2008 113

Notes to Financial Statements  (Cont.)

The Investment Advisory and Administrative Fees for all classes are charged at an annual rate as noted in the following table:

Portfolio Name	Investment Advisory Fee	Administrative Fee
Asset-Backed Securities Portfolio	0.02%	0.03%
Developing Local Markets Portfolio	0.02%	0.10%
Emerging Markets Portfolio	0.02%	0.10%
High Yield Portfolio	0.02%	0.03%
International Portfolio	0.02%	0.10%
Investment Grade Corporate Portfolio	0.02%	0.03%
Mortgage Portfolio	0.02%	0.03%
Municipal Sector Portfolio	0.02%	0.03%
Real Return Portfolio	0.02%	0.03%
Short-Term Portfolio	0.02%	0.03%
Short-Term Portfolio II	0.02%	0.03%
U.S. Government Sector Portfolio	0.02%	0.03%

(c) Portfolio Expenses  The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) the costs of borrowing money, including interest expenses and bank overdraft charges; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organization expenses and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust’s Multiple Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

Each unaffiliated Trustee receives an annual retainer of $100,000, plus $9,500 for each Board of Trustees meeting attended in person, $750 ($1,000 in the case of the audit committee chair) for each committee meeting attended and $1,500 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $15,000 and each other committee chair receives an additional annual retainer of $1,500.

These expenses are allocated on a pro-rata basis to each Portfolio of the Trust according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(d) Distributor  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (the “Distributor”) of the Trust’s shares.

5.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by SFAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 4.

Certain Portfolios are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Portfolios from or to another fund or portfolio that are or could be considered an affiliate by virtue of having a common investment advisor (or affiliated investment advisors), common Trustees and/or common officers complies with Rule 17a-7 of the Act. Further, as defined under the procedures, each transaction is effected at the current market price. During the period ended March 31, 2008, the Portfolios below engaged in purchases and sales of securities pursuant to the Rule 17a-7 of the Act (amounts in thousands):

Portfolio Name	Purchases		Sales
Asset-Backed Securities Portfolio	$	69,427	$	0
Developing Local Markets Portfolio		0		81,083
Emerging Markets Portfolio		83,021		0
High Yield Portfolio		1,180		0
International Portfolio		574,629		0
Investment Grade Corporate Portfolio		32,510		0
Mortgage Portfolio		884,487		0
Municipal Sector Portfolio		17,278		0
Short-Term Portfolio		0		891,288
Short-Term II Portfolio		11,582		24,211
U.S. Government Sector Portfolio		438,823		0

6.  GUARANTEES AND INDEMNIFICATIONS

Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust’s investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolios. Additionally, in the normal course of business, the Portfolios enter into contracts that contain a variety of indemnification clauses. The Portfolios’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, the Portfolios have not had prior claims or losses pursuant to these contracts and believes the risk of loss to be remote.

7.  PURCHASES AND SALES OF SECURITIES

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as “portfolio turnover.” Each Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to a Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect a Portfolio’s performance. The portfolio turnover rates are reported in the Financial Highlights.

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Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2008, were as follows (amounts in thousands):

	U.S. Government/Agency				All Other
Portfolio Name	Purchases		Sales		Purchases		Sales
Asset-Backed Securities Portfolio	$	981,799	$	755,175	$	544,990	$	38,641
Developing Local Markets Portfolio		589,318		447,332		648,841		264,079
Emerging Markets Portfolio		2,126,068		1,714,987		1,715,376		1,318,180
High Yield Portfolio		1,492,165		1,305,878		2,552,995		1,587,135
International Portfolio		11,356,126		9,725,128		1,306,002		235,699
Investment Grade Corporate Portfolio		1,262,434		883,841		2,498,067		861,889
Mortgage Portfolio		119,635,164		110,620,524		899,947		40,819
Municipal Sector Portfolio		14,499		14,500		266,679		132,534
Real Return Portfolio		14,359,909		14,420,349		85,106		17,172
Short-Term Portfolio		12,906,002		13,022,359		1,532,679		2,124,401
Short-Term Portfolio II		1,075,450		1,074,228		80,075		287,836
U.S. Government Sector Portfolio		33,556,482		33,000,268		952,522		1,569,746

8.  TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS

Transactions in written call and put options were as follows (amounts in thousands, except for number of contracts):

	Emerging Markets Portfolio								High Yield Portfolio							International Portfolio
	# of Contracts		Notional Amount in $			Premium			# of Contracts		Notional Amount in $		Premium			Notional Amount in GBP		Premium
Balance at 03/31/2007	0		$	0		$	0		0		$	0	$	0		GBP    147,500		$	2,476
Sales	1,594			559,000			7,651		289			596,700		15,607		0			0
Closing Buys	(797	)		(559,000	)		(6,981	)	(23	)		0		(13	)	(74,500	)		(1,318	)
Expirations	0			0			0		0			0		0		(73,000	)		(1,158	)
Exercised	(797	)		0			(670	)	(266	)		0		(152	)	0			0
Balance at 03/31/2008	0		$	0		$	0		0		$	596,700	$	15,442		GBP0		$	0

	Investment Grade Corporate Portfolio								Mortgage Portfolio						Real Return Portfolio
	# of Contracts		Notional Amount in $			Premium			Notional Amount in $			Premium			# of Contracts		Notional Amount in $			Premium
Balance at 03/31/2007	0		$	6,900		$	80		$	420,000		$	5,597		864		$	20,000		$	494
Sales	1,860			948,900			17,531			441,700			2,017		659			185,150			5,353
Closing Buys	(1,101	)		(96,500	)		(2,192	)		(821,000	)		(6,725	)	(78	)		(37,350	)		(466	)
Expirations	(759	)		(284,400	)		(1,207	)		0			0		(905	)		(10,600	)		(340	)
Exercised	0			0			0			0			0		(111	)		0			(39	)
Balance at 03/31/2008	0		$	574,900		$	14,212		$	40,700		$	889		429		$	157,200		$	5,002

	Short-Term Portfolio						Short-Term Portfolio II											U.S. Government Sector Portfolio
	Notional Amount in $			Premium			# of Contracts		Notional Amount in $			Notional Amount in GBP			Premium			# of Contracts		Notional Amount in $			Premium
Balance at 03/31/2007	$	173,800		$	2,053		0		$	62,700		GBP	6,200		$	871		365		$	4,210,000		$	51,738
Sales		188,700			3,294		488			83,000			0			1,825		3,040			3,381,400			53,401
Closing Buys		(192,100	)		(2,300	)	(92	)		(102,500	)		0			(1,822	)	(1,885	)		(3,822,400	)		(40,975	)
Expirations		(25,800	)		(270	)	0			(15,500	)		(6,200	)		(266	)	0			(1,429,000	)		(17,235	)
Exercised		0			0		0			0			0			0		(1,520	)		0			(399	)
Balance at 03/31/2008	$	144,600		$	2,777		396		$	27,700			GBP0		$	608		0		$	2,340,000		$	46,530

Annual Report March 31, 2008 115

9.  SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	Asset-Backed Securities Portfolio										Developing Local Markets Portfolio										Emerging Markets Portfolio
	Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold	63,345		$	687,501		22,763		$	240,544		96,423		$	1,153,135		22,609		$	258,624		175,995		$	1,960,613		25,452		$	292,084
Issued as reinvestment of distributions	3,851			41,298		2,153			22,644		7,814			93,072		1,787			20,385		20,307			215,690		9,530			106,705
Cost of shares redeemed	(15,212	)		(166,593	)	(4,879	)		(51,439	)	(62,250	)		(748,179	)	(12,510	)		(141,306	)	(119,861	)		(1,289,392	)	(46,999	)		(527,941	)
Net increase (decrease) resulting from Portfolio share transactions	51,984		$	562,206		20,037		$	211,749		41,987		$	498,028		11,886		$	137,703		76,441		$	886,911		(12,017	)	$	(129,152	)

	High Yield Portfolio										International Portfolio										Investment Grade Corporate Portfolio
	Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold	227,781		$	1,881,107		44,543		$	376,918		915,619		$	4,031,711		365,184		$	1,833,768		308,031		$	3,045,390		27,304		$	272,289
Issued as reinvestment of distributions	12,501			103,221		2,370			19,838		58,166			257,324		74,768			346,734		11,493			112,828		6,770			66,546
Cost of shares redeemed	(119,726	)		(1,004,379	)	(42,906	)		(363,649	)	(805,711	)		(3,637,128	)	(262,146	)		(1,268,399	)	(55,362	)		(552,005	)	(25,642	)		(254,778	)
Net increase resulting from Portfolio share transactions	120,556		$	979,949		4,007		$	33,107		168,074		$	651,907		177,806		$	912,103		264,162		$	2,606,213		8,432		$	84,057

	Mortgage Portfolio										Municipal Sector Portfolio										Real Return Portfolio
	Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold	642,749		$	6,729,297		237,587		$	2,469,717		24,046		$	231,279		5,538		$	57,800		23,828		$	251,177		71,106		$	739,415
Issued as reinvestment of distributions	60,972			635,436		62,810			650,837		1,764			17,367		1,337			13,919		5,276			55,525		4,367			45,533
Cost of shares redeemed	(294,361	)		(3,102,617	)	(687,863	)		(7,157,294	)	(9,840	)		(98,318	)	(17,596	)		(184,543	)	(54,454	)		(584,009	)	(80,635	)		(851,660	)
Net increase (decrease) resulting from Portfolio share transactions	409,360		$	4,262,116		(387,466	)	$	(4,036,740	)	15,970		$	150,328		(10,721	)	$	(112,824	)	(25,350	)	$	(277,307	)	(5,162	)	$	(66,712	)

	Short-Term Portfolio										Short-Term Portfolio II										U.S. Government Sector Portfolio
	Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007					Year Ended 03/31/2008					Year Ended 03/31/2007
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Receipts for shares sold	214,496		$	2,072,435		480,880		$	4,708,424		7,221		$	71,761		16,663		$	168,001		183,054		$	2,000,707		232,558		$	2,436,211
Issued as reinvestment of distributions	22,264			213,556		10,293			100,388		2,427			23,381		2,504			25,009		24,500			266,071		33,426			349,583
Cost of shares redeemed	(417,550	)		(4,055,563	)	(75,515	)		(739,066	)	(60,016	)		(598,651	)	(9,148	)		(91,997	)	(646,656	)		(7,022,375	)	(168,839	)		(1,767,929	)
Net increase (decrease) resulting from Portfolio share transactions	(180,790	)	$	(1,769,572	)	415,658		$	4,069,746		(50,368	)	$	(503,509	)	10,019		$	101,013		(439,102	)	$	(4,755,597	)	97,145		$	1,017,865

116 PIMCO Funds Private Account Portfolio Series

March 31, 2008

10.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.) (PIMCO’s parent company), and certain of their affiliates, including PIMCO Funds (a complex of mutual funds managed by PIMCO) and Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series) (a complex of mutual funds managed by affiliates of PIMCO), certain trustees of PIMCO Funds, and certain employees of PIMCO have been named as defendants in eleven lawsuits filed in various jurisdictions. These lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of PIMCO Funds and Allianz Funds during specified periods, or as derivative actions on behalf of PIMCO Funds and Allianz Funds. These lawsuits seek, among other things, unspecified compensatory damages plus interest and in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

These actions generally allege that certain hedge funds were allowed to engage in “market timing” in certain funds of PIMCO Funds and Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, certain trustees of PIMCO Funds, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; however, the plaintiffs continue to assert claims on behalf of the shareholders of PIMCO Funds or on behalf of PIMCO Funds itself against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where PIMCO Funds were named, in the complaint, as a nominal defendant. Thus, at present PIMCO Funds is not a party to any “market timing” lawsuit.

Two nearly identical class action civil complaints were filed in August 2005, in the Northern District of Illinois Eastern Division, alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO and PIMCO Funds strongly believe the complaint is without merit and intend to vigorously defend themselves.

In April 2006, certain registered investment companies and other funds managed by PIMCO were served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. In July 2004, PIMCO was named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain registered investment companies and other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders – including certain registered investment companies and other funds managed by PIMCO – were granted a second priority lien on the

assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis. To date, no briefs have been filed. This matter is not expected to have a material adverse effect on either the relevant registered investment companies and other funds or PIMCO.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased portfolio redemptions or other adverse consequences to the Portfolios. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Portfolios or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Portfolios.

11.  FEDERAL INCOME TAX MATTERS

Each Portfolio intends to qualify as a regulated investment company under sub-chapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The FASB issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109” (“FIN 48”), in June 2006. FIN 48 permits the recognition of tax benefits of an uncertain tax position only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Portfolios adopted the provisions of FIN 48 on April 1, 2007. Management has reviewed the Portfolio’s tax positions for all open tax years, and concluded that adoption had no effect on the Portfolio’s financial position or results of operations. As of March 31, 2008, the Portfolios have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Portfolios file U. S. tax returns. While the statute of limitations remains open to examine the Portfolios’ U. S. tax returns filed for the fiscal years from 2004-2007, no examinations are in progress or anticipated at this time. The Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Certain Portfolios are subject to local taxes in Brazil and Peru. The Brazilian tax, Contribuicao Provisoria sobre Movimentacao Financiera (“CPMF”), is 0.38% and is applicable for all fixed income settlements and all foreign exchange transactions relating to fixed income trade settlements. The Peruvian tax, Financial Transaction Tax (“FTT”), is 0.08% and is applicable for all cash movements. The CPMF and FTT are recorded as components of net realized gain (loss) on investments on the Statement of Operations. During the period ended March 31, 2008, the Developing Local Markets Portfolio and Emerging Markets Portfolio incurred $256,483 and $1,667,145, respectively, in CPMF and FTT costs.

Annual Report March 31, 2008 117

Notes to Financial Statements  (Cont.)

As of March 31, 2008, the components of distributable taxable earnings are as follows (amounts in thousands):

	Undistributed Tax Exempt Income		Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Net Tax Basis Unrealized Appreciation/ (Depreciation) (1)			Other Book-to-Tax Accounting Differences (2)			Accumulated Capital Losses (3)			Post-October Deferral (4)
Asset-Backed Securities Portfolio	$	0	$	22,978	$	23,858	$	(39,531	)	$	0		$	0		$	0
Developing Local Markets Portfolio		0		23,770		4,552		6,030			(3,465	)		0			0
Emerging Markets Portfolio		0		38,570		7,015		(43,368	)		(19,651	)		0			(1,838	)
High Yield Portfolio		0		36,181		0		(56,264	)		(1,240	)		0			(2,996	)
International Portfolio		0		58,965		0		254,510			(16,514	)		(339,059	)		(33,027	)
Investment Grade Corporate Portfolio		0		13,613		0		17,595			0			0			(17,767	)
Mortgage Portfolio		0		102,773		0		51,580			(539	)		(7,248	)		0
Municipal Sector Portfolio		3,045		594		0		(9,651	)		0			0			(6,189	)
Real Return Portfolio		0		58,760		0		(2,513	)		(3,039	)		0			0
Short-Term Portfolio		0		28,554		0		(144,638	)		(27	)		(63,281	)		(54,128	)
Short-Term Portfolio II		0		1,358		0		330			(467	)		(3,163	)		(6,032	)
U.S. Government Sector Portfolio		0		343,146		447,486		(44,736	)		(114	)		0			0

⁽¹⁾ Adjusted for open wash sale loss deferrals and accelerated recognition of unrealized gain on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain/loss on swap contracts.

⁽²⁾ Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for straddle loss deferrals and distributions payable at fiscal year-end.

⁽³⁾ Capital losses available to offset future net capital gains expire in varying amounts in the years shown below.

⁽⁴⁾ Capital losses realized during the period November 1, 2007 through March 31, 2008 which the Fund elected to defer to the following taxable year pursuant to federal income tax regulations.

As of March 31, 2008, the Portfolios had accumulated capital losses expiring in the following years (amounts in thousands). The Funds will resume capital gain distributions in the future to the extent gains are realized in excess of accumulated capital losses.

	Expiration of Accumulated Capital Losses (amounts in thousands)
	2013		2014		2015		2016
International Portfolio	$	0	$	0	$	307,966	$	31,093
Mortgage Portfolio		0		0		7,248		0
Short-Term Portfolio		8,847		5,660		5,243		43,531
Short-Term Portfolio II		0		2,057		119		987

As of March 31, 2008, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation) (5)
Asset-Backed Securities Portfolio	$	1,263,655	$	13,056	$	(76,669	)	$	(63,613	)
Developing Local Markets Portfolio		728,376		4,640		(11,099	)		(6,459	)
Emerging Markets Portfolio		1,804,658		19,223		(20,389	)		(1,166	)
High Yield Portfolio		1,536,540		59,480		(82,374	)		(22,894	)
International Portfolio		3,039,629		44,975		(80,632	)		(35,657	)
Investment Grade Corporate Portfolio		3,710,181		84,737		(88,672	)		(3,935	)
Mortgage Portfolio		23,984,495		345,637		(163,786	)		181,851
Municipal Sector Portfolio		496,167		9,488		(18,732	)		(9,244	)
Real Return Portfolio		1,581,890		14,429		(7,965	)		6,464
Short-Term Portfolio		3,638,179		37,202		(162,858	)		(125,656	)
Short-Term Portfolio II		139,720		4,938		(2,137	)		2,801
U.S. Government Sector Portfolio		5,308,385		123,077		(173,066	)		(49,989	)

⁽⁵⁾ Primary differences between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals, interest only basis adjustments, passive foreign investment companies, and unamortized premium on convertible bonds for federal income tax purposes.

118 PIMCO Funds Private Account Portfolio Series

March 31, 2008

For the fiscal years ended March 31, 2008 and March 31, 2007, respectively, the Funds made the following tax basis distributions (amounts in thousands):

	March 31, 2008						March 31, 2007
	Tax-Exempt Income Distributions		Ordinary Income Distributions (6)		Long-Term Capital Gain Distributions		Tax-Exempt Income Distributions		Ordinary Income Distributions (6)		Long-Term Capital Gain Distributions
Asset-Backed Securities Portfolio	$	0	$	42,113	$	0	$	0	$	23,574	$	0
Developing Local Markets Portfolio		0		95,985		16,090		0		16,731		3,842
Emerging Markets Portfolio		0		200,481		25,940		0		60,038		48,547
High Yield Portfolio		0		104,840		246		0		20,770		0
International Portfolio		0		270,038		0		0		371,050		508
Investment Grade Corporate Portfolio		0		111,762		4,127		0		68,798		218
Mortgage Portfolio		0		657,419		0		0		675,006		0
Municipal Sector Portfolio		13,545		2,708		1,491		13,174		1,191		0
Real Return Portfolio		0		56,328		0		0		46,533		67
Short-Term Portfolio		0		217,119		0		0		102,134		0
Short-Term Portfolio II		0		23,381		0		0		25,009		0
U.S. Government Sector Portfolio		0		274,937		0		0		365,222		0

⁽⁶⁾ Includes short-term capital gains, if any, distributed.

Annual Report March 31, 2008 119

GLOSSARY: (abbreviations that may be used in the preceding statements)

Counterparty Abbreviations:
ABN	ABN AMRO Bank, N.V.	CSFB	Credit Suisse First Boston	NAB	National Australia Bank Limited
AIG	AIG International, Inc.	DUB	Deutsche Bank AG	RBC	Royal Bank of Canada
BOA	Bank of America	GSC	Goldman Sachs & Co.	RBS	Royal Bank of Scotland Group PLC
BCLY	Barclays Bank PLC	HSBC	HSBC Bank USA	SOG	Societe Generale
BEAR	Bear Stearns & Co., Inc.	JPM	JPMorgan Chase & Co.	UBS	UBS Warburg LLC
BNP	BNP Paribas Bank	LEH	Lehman Brothers, Inc.	WAC	Wachovia Bank N.A.
CITI	Citibank N.A.	MLP	Merrill Lynch & Co., Inc.
CBA	Commonwealth Bank of Australia	MSC	Morgan Stanley
Currency Abbreviations:
AED	UAE Dirham	HUF	Hungarian Forint	PHP	Philippines Peso
AUD	Australian Dollar	IDR	Indonesian Rupiah	PLN	Polish Zloty
BRL	Brazilian Real	ILS	Israeli Shekel	RON	Romanian Leu
CAD	Canadian Dollar	INR	Indian Rupee	RUB	Russian Ruble
CLP	Chilean Peso	JPY	Japanese Yen	SAR	Saudi Riyal
CNY	Chinese Yuan Renminbi	KRW	South Korean Won	SEK	Swedish Krona
COP	Colombia Peso	KZT	Kazakhstan Tenge	SGD	Singapore Dollar
CZK	Czech Koruna	KWD	Kuwaiti Dinar	SKK	Slovakian Koruna
DKK	Danish Krone	MXN	Mexican Peso	TRY	Turkish Lira
EGP	Egyptian Pound	MYR	Mexican Peso	TWD	Taiwan Dollar
EUR	Euro	NOK	Norwegian Krone	USD	United States Dollar
GBP	British Pound Sterling	NZD	New Zealand Dollar	UYU	Uruguay Peso
HKD	Hong Kong Dollar	PEN	Peruvian Nuevo Sol	ZAR	South African Rand
Exchange Abbreviations:
AMEX	American Stock Exchange	LMEX	London Metal Exchange
CBOT	Chicago Board of Trade	NYBEX	New York Board of Trade
CME	Chicago Mercantile Exchange	NYMEX	New York Mercantile Exchange
FTSE	Financial Times Stock Exchange	OTC	Over-the-Counter
ICEX	Iceland Stock Exchange
Index Abbreviations:
CDI	Credit Default Swap Index	GSCI	Goldman Sachs Commodity Index Total Return
CDX	Credit Derivatives Index	HICP	Harmonized Index of Consumer Prices
CMBX	Commercial Mortgage-Backed Index	LCDX	Liquid Credit Derivative Index
CPI	Consumer Price Index	RPI	Retail Price Index
DJAIGCI	Dow Jones-AIG Commodity Index	UKRPI	United Kingdom Retail Price Index
DJAIGTR	Dow Jones-AIG Commodity Index Total Return	USSP	USD Swap Spread
EAFE	Europe, Australasia, and Far East Index
Municipal Bond or Agency Abbreviations:
ACA	American Capital Access Holding Ltd.	HUD	U.S. Department of Housing and Urban Development
AGC	Assured Guaranty Corp.	IBC	Insured Bond Certificate
AMBAC	American Municipal Bond Assurance Corp.	MAIA	Michigan Association of Insurance Agents
CA	California Mortgage	MBIA	Municipal Bond Investors Assurance
FGIC	Financial Guaranty Insurance Co.	PSF	Public School Fund
FHA	Federal Housing Administration	Q-SBLF	Qualified School Bond Loan Fund
FHLMC	Federal Home Loan Mortgage Corporation	Radian	Radian Guaranty, Inc.
FNMA	Federal National Mortgage Association	ST	State
FSA	Financial Security Assurance, Inc.	VA	Department of Veterans Affairs
GNMA	Government National Mortgage Association	XLCA	XL Capital Assurance
GTD	Guaranteed
Other Abbreviations:
ABS	Asset-Backed Security	IG	Investment Grade
CMBS	Collateralized Mortgage-Backed Security	LIBOR	London Interbank Offered Rate
CMM	Constant Maturity Mortgage Rate	MBS	Mortgage-Backed Security
CMO	Collateralized Mortgage Obligation	MSCI	Morgan Stanley Capital International
EM	Emerging Markets	REIT	Real Estate Investment Trust
EURIBOR	Euro Interbank Offered Rate	SPDR	Standard & Poor’s Depository Receipts
HVOL	High Volatility	TIIE	Tasa de Interés Interbancaria de Equilibrio
HY	High Yield	WTI	West Texas Intermediate

120 PIMCO Funds Private Account Portfolio Series

Report of Independent Registered Public Accounting Firm

To the Trustees and Institutional and Administrative Class Shareholders of the PIMCO Funds

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations, of changes in net assets and of cash flows and the financial highlights present fairly, in all material respects, the financial position of the Asset-Backed Securities Portfolio, Developing Local Markets Portfolio, Emerging Markets Portfolio, High Yield Portfolio, International Portfolio, Investment Grade Corporate Portfolio, Mortgage Portfolio, Municipal Sector Portfolio, Real Return Portfolio, Short-Term Portfolio, Short-Term Portfolio II, and U.S. Government Sector Portfolio, twelve of the seventy Funds constituting the PIMCO Funds, (hereafter referred to as the “Portfolios”) at March 31, 2008, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended, the cash flows for Mortgage Portfolio, Municipal Sector Portfolio and Asset-Backed Portfolio for the year then ended and the financial highlights of the Portfolios for the Institutional and Administrative Class shares for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Portfolios’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2008 by correspondence with the custodian and counterparties, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Kansas City, Missouri

May 28, 2008

Annual Report March 31, 2008 121

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code (“Code”) and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Trust’s fiscal year end (March 31, 2008) regarding the status of dividend received deduction, qualified dividend income, qualified interest income, and qualified short-term capital gain.

Dividend Received Deduction.   Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Fund’s dividend distribution that qualifies under tax law. The percentage of each Fund’s fiscal 2008 ordinary income dividends that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income.  Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), the following percentages of ordinary dividends paid during the fiscal year ended March 31, 2008 are designated as “qualified dividend income”, as defined in the Act, subject to reduced tax rates.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only).  Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2008 are considered to be derived from “qualified interest income,” as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2008 are considered to be derived from “qualified short-term capital gain,” as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

	Dividend Received Deduction Percentage	Qualified Dividend Income Percentage	Qualified Interest Income (000s)		Qualified Short-Term Capital Gain (000s)
Asset-Backed Securities Portfolio	0.00%	0.00%	$	44,263	$	0
Developing Local Markets Portfolio	0.00%	0.00%		32,360		18,623
Emerging Markets Portfolio	0.00%	0.00%		56,678		414
High Yield Portfolio	0.13%	0.13%		83,086		9,745
International Portfolio	0.00%	0.00%		180,193		0
Investment Grade Corporate Portfolio	0.30%	0.30%		89,803		603
Mortgage Portfolio	0.00%	0.00%		659,654		0
Municipal Sector Portfolio	0.00%	0.00%		839		1,606
Real Return Portfolio	0.00%	0.00%		53,384		0
Short-Term Portfolio	0.00%	0.00%		210,494		0
Short-Term Portfolio II	0.33%	0.33%		17,259		0
U.S. Government Sector Portfolio	0.00%	0.00%		262,091		0

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2009, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2008.

122 PIMCO Funds Private Account Portfolio Series

Management of the Trust (Unaudited)

The chart below identifies the Trustees and Officers of the Trust. Each “interested” Trustee as defined by the 1940 Act, is indicated by an asterisk (*). Unless otherwise indicated, the address of all persons below is 840 Newport Center Drive, Newport Beach, CA 92660.

The Funds’ Statement of Additional Information includes more information about the Trustees. To request a free copy, call PIMCO at 1-800-927-4648.

Trustees of the Trust

Name, Age and Position Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Interested Trustees
Brent R. Harris* (48) Chairman of the Board and Trustee	02/1992 to Present	Managing Director and member of Executive Committee, PIMCO. Formerly, Director, PCM Fund, Inc.	101	Chairman and Trustee, PIMCO Variable Insurance Trust; Director and Vice President, StocksPLUS® Management Inc.; and member of Board of Governors and Executive Committee, Investment Company Institute.
R. Wesley Burns* (48) Trustee	11/1997 to Present	Consulting Managing Director, PIMCO. Formerly, Managing Director, PIMCO. Formerly, Director, PCM Fund, Inc.	102	Trustee, PIMCO Variable Insurance Trust; Chairman and Director, PIMCO Strategic Global Government Fund, Inc.; and Director PS Business Parks, Inc. (a Real Estate Investment Trust).
Independent Trustees
E. Philip Cannon (67) Trustee	05/2000 to Present	Proprietor, Cannon & Company (an investment firm). Formerly, President, Houston Zoo (until 2005). Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust. Formerly, Trustee, Allianz Funds (formerly, PIMCO Funds: Multi-Manager Series).
Vern O. Curtis (73) Trustee	02/1995 to Present	Private Investor. Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust.
J. Michael Hagan (68) Trustee	05/2000 to Present	Private Investor and Business Adviser (primarily for manufacturing companies). Formerly, Director, Remedy Temp (staffing). Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust; Director, Ameron International (manufacturing); and Director, Fleetwood Enterprises (manufacturer of housing and recreational vehicles).
William J. Popejoy (70) Trustee	07/1993 to 02/1995 and 08/1995 to Present	Private Investor. Formerly, Director, New Century Financial Corporation (mortgage banking). Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust.

* Each of Mr. Harris and Mr. Burns is an “interested person” of the Trust (as the term is defined in the 1940 Act) because of his affiliations with PIMCO.

** Trustees serve until their successors are duly elected and qualified.

Annual Report March 31, 2008 123

Management of the Trust  (Cont.)

Executive Officers

Name, Age and Position Held with Trust	Term of Office*** and Length of Time Served	Principal Occupation(s) During Past 5 Years
Ernest L. Schmider (50) President	05/2005 to Present	Managing Director, PIMCO.
David C. Flattum (43) Chief Legal Officer	11/2006 to Present	Executive Vice President and General Counsel, PIMCO. Formerly, Managing Director, Chief Operating Officer and General Counsel, Allianz Global Investors of America L.P. and Partner at Latham and Watkins LLP.
Jennifer E. Durham (37) Chief Compliance Officer	07/2004 to Present	Senior Vice President, PIMCO. Formerly, Vice President and Legal/Compliance Manager, PIMCO.
William H. Gross (63) Senior Vice President	04/1987 to Present	Managing Director and Chief Investment Officer, PIMCO.
Jeffrey M. Sargent (45) Senior Vice President	02/1993 to Present (since 02/1999 as Senior Vice President)	Executive Vice President, PIMCO. Formerly, Senior Vice President, PIMCO.
William S. Thompson, Jr. (62) Senior Vice President	11/1993 to Present (since 02/2003 as Senior Vice President)	Chief Executive Officer and Managing Director, PIMCO.
J. Stephen King, Jr. (45) Vice President - Senior Counsel and Secretary	05/2005 to Present	Senior Vice President and Attorney, PIMCO. Formerly, Vice President, PIMCO; and Associate, Dechert LLP.
Joshua D. Ratner (31) Assistant Secretary	10/2007 to Present	Vice President and Attorney, PIMCO. Formerly, Associate, Skadden, Arps, Slate, Meagher & Flom LLP.
Henrik P. Larsen (38) Vice President	02/1999 to Present	Senior Vice President, PIMCO. Formerly, Vice President, PIMCO.
John P. Hardaway (50) Treasurer	08/1990 to Present	Executive Vice President, PIMCO. Formerly, Senior Vice President, PIMCO.
Erik C. Brown (40) Assistant Treasurer	02/2001 to Present	Senior Vice President, PIMCO. Formerly, Vice President, PIMCO.
Trent W. Walker (33) Assistant Treasurer	05/2007 to Present	Senior Vice President, PIMCO. Formerly, Vice President, PIMCO; Senior Manager, PricewaterhouseCoopers LLP.
Stacie D. Anctil (38) Assistant Treasurer	11/2003 to Present	Vice President, PIMCO. Formerly, Specialist, PIMCO.

*** The Officers of the Trust are re-appointed annually by the Board of Trustees.

124 PIMCO Funds Private Account Portfolio Series

Privacy Policy (Unaudited)

The Portfolios consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders’ personal information. To ensure their shareholders’ privacy, the Portfolios have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, the Portfolios and certain service providers to the Portfolios, such as the Portfolios’ investment advisers (“Advisers”), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on the Portfolios’ internet websites.

Respecting Your Privacy

As a matter of policy, the Portfolios do not disclose any personal or account information provided by shareholders or gathered by the Portfolios to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Portfolios. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Portfolios’ Distributor may also retain non-affiliated companies to market the Portfolios’ shares or products which use the Portfolios’ shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Portfolios may also provide a shareholder’s personal and account information to the shareholder’s respective brokerage or financial advisory firm.

Sharing Information with Third Parties

The Portfolios reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where the Portfolios believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable request by any Portfolio in which a shareholder has chosen to invest. In addition, the Portfolios may disclose information about a shareholder’s accounts to a non-affiliated third party with the consent of the shareholder.

Sharing Information with Affiliates

The Portfolios may share shareholder information with their affiliates in connection with servicing their shareholders’ accounts or to provide shareholders with information about products and services that the Portfolios or their Advisers, principal underwriters or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Portfolios share may include, for example, a shareholder’s participation in one of the Portfolios or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s accounts. The Portfolios’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

The Portfolios take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Portfolios have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder’s non-public personal information, physical, electronic and procedural safeguards are in place.

Annual Report March 31, 2008 125

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, CA 92660

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, NY 10105-4800

Custodian

State Street Bank and Trust Company

801 Pennsylvania

Kansas City, MO 64105

Transfer Agent

Boston Financial Data Services - Midwest

330 W. 9th Street

Kansas City, MO 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, MO 64105

This report is submitted for the general information of the shareholders of the PIMCO Funds.

Table of Contents

	Page
Important Information About the Funds	2
Financial Highlights	8
Statements of Assets and Liabilities	10
Statements of Operations	11
Statements of Changes in Net Assets	12
Schedule of Investments	13
Notes to Financial Statements	18
Glossary	25
Report of Independent Registered Public Accounting Firm	26
Management of the Trust	27
Approval of Investment Advisory Contract and Administration Agreement	29

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by PIMCO Funds as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at 1-866-746-2606, on the Funds’ website at www.pimco-funds.com, and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PIMCO Funds files a complete schedule of each Fund’s portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. A copy of the Funds’ Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and is available without charge, upon request, by calling the Trust at 1-866-746-2606 and on the Funds’ website at www.pimco-funds.com. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

PIMCO Funds are distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105-4800, www.pimco-funds.com, 1-800-927-4648.

The Annual Reports for the other series of the PIMCO Funds are printed separately.

Important Information About the Fund

The following disclosure provides important information regarding each Fund’s Expense Example (“Example” or “Expense Example”), which appears on the Fund’s individual page in this Annual Report. Please refer to this information when reviewing the Expense Example for a Fund.

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including advisory and administrative fees, distribution and/or service (12b-1) fees, and other Fund expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of March 31, 2008 to March 31, 2008.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class, in the row titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. For certain share classes of the Fund, accounts with a balance of $1,000 or less or $2,500 or less, as applicable, may be charged an additional fee at an annual rate of $16.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical Performance (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the information under the heading “Hypothetical Performance (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the advisory and administrative fees such as fees and expenses of the trustees and their counsel, extraordinary expenses and interest expense.

2 PIMCO Funds RealRetirement Fund

PIMCO RealRetirement 2010 Fund

The Fund’s audited financial statements do not cover a period of at least months.

Thus, no discussion of Fund performance is included.

Expense Example
Actual Performance
	Beginning Account Value (03/31/08)		Ending Account Value (03/31/08)		Expenses Paid During Period(a)
Institutional Class	$	1,000.00	$	1,000.00	$	3.75
Class A		1,000.00		1,000.00		6.75
Class D		1,000.00		1,000.00		6.75
Hypothetical Performance (5% return before expenses)
	Beginning Account Value (03/31/08)		Ending Account Value (03/31/08)		Expenses Paid During Period(a)
Institutional Class	$	1,000.00	$	1,021.25	$	3.79
Class A		1,000.00		1,018.25		6.81
Class D		1,000.00		1,018.25		6.81

^(a) For each class of the Fund, expenses are equal to the next expense ratio for the class (0.75% Institutional Class, 1.35% for Class A, 1.35% for Class D). The annualized expense ratio of 0.75% for Institutional Class. 1.35% for Class A and 1.35% for Class D, reflects net annualized expenses after application of an expense reduction of 0.95%.

Annual Report March 31, 2008 3

PIMCO RealRetirement 2020 Fund

The Fund’s audited financial statements do not cover a period of at least months.

Thus, no discussion of Fund performance is included.

Expense Example
Actual Performance
	Beginning Account Value (03/31/08)		Ending Account Value (03/31/08)		Expenses Paid During Period(a)
Institutional Class	$	1,000.00	$	1,000.00	$	3.75
Class A		1,000.00		1,000.00		6.75
Class D		1,000.00		1,000.00		6.75
Hypothetical Performance (5% return before expenses)
	Beginning Account Value (03/31/08)		Ending Account Value (03/31/08)		Expenses Paid During Period(a)
Institutional Class	$	1,000.00	$	1,021.25	$	3.79
Class A		1,000.00		1,018.25		6.81
Class D		1,000.00		1,018.25		6.81

^(a) For each class of the Fund, expenses are equal to the next expense ratio for the class (0.75% Institutional Class, 1.35% for Class A, 1.35% for Class D). The annualized expense ratio of 0.75% for Institutional Class. 1.35% for Class A and 1.35% for Class D, reflects net annualized expenses after application of an expense reduction of 0.95%.

4 PIMCO Funds RealRetirement Fund

PIMCO RealRetirement 2030 Fund

The Fund’s audited financial statements do not cover a period of at least months.

Thus, no discussion of Fund performance is included.

Expense Example
Actual Performance
	Beginning Account Value (03/31/08)		Ending Account Value (03/31/08)		Expenses Paid During Period(a)
Institutional Class	$	1,000.00	$	1,000.00	$	4.00
Class A		1,000.00		1,000.00		7.00
Class D		1,000.00		1,000.00		7.00
Hypothetical Performance (5% return before expenses)
	Beginning Account Value (03/31/08)		Ending Account Value (03/31/08)		Expenses Paid During Period(a)
Institutional Class	$	1,000.00	$	1,021.00	$	4.04
Class A		1,000.00		1,018.00		7.06
Class D		1,000.00		1,018.00		7.06

^(a) For each class of the Fund, expenses are equal to the next expense ratio for the class (0.80% Institutional Class, 1.40% for Class A, 1.40% for Class D). The annualized expense ratio of 0.80% for Institutional Class. 1.40% for Class A and 1.40% for Class D, reflects net annualized expenses after application of an expense reduction of 0.98%.

Annual Report March 31, 2008 5

PIMCO RealRetirement 2040 Fund

The Fund’s audited financial statements do not cover a period of at least months.

Thus, no discussion of Fund performance is included.

Expense Example
Actual Performance
	Beginning Account Value (03/31/08)		Ending Account Value (03/31/08)		Expenses Paid During Period(a)
Institutional Class	$	1,000.00	$	1,000.00	$	4.25
Class A		1,000.00		1,000.00		7.25
Class D		1,000.00		1,000.00		7.25
Hypothetical Performance (5% return before expenses)
	Beginning Account Value (03/31/08)		Ending Account Value (03/31/08)		Expenses Paid During Period(a)
Institutional Class	$	1,000.00	$	1,020.75	$	4.29
Class A		1,000.00		1,017.75		7.31
Class D		1,000.00		1,017.75		7.31

^(a) For each class of the Fund, expenses are equal to the next expense ratio for the class (0.85% Institutional Class, 1.45% for Class A, 1.45% for Class D). The annualized expense ratio of 0.85% for Institutional Class. 1.45% for Class A and 1.45% for Class D, reflects net annualized expenses after application of an expense reduction of 0.95%.

6 PIMCO Funds RealRetirement Fund

PIMCO RealRetirement 2050 Fund

The Fund’s audited financial statements do not cover a period of at least months.

Thus, no discussion of Fund performance is included.

Expense Example
Actual Performance
	Beginning Account Value (03/31/08)		Ending Account Value (03/31/08)		Expenses Paid During Period(a)
Institutional Class	$	1,000.00	$	1,000.00	$	4.25
Class A		1,000.00		1,000.00		7.25
Class D		1,000.00		1,000.00		7.25
Hypothetical Performance (5% return before expenses)
	Beginning Account Value (03/31/08)		Ending Account Value (03/31/08)		Expenses Paid During Period(a)
Institutional Class	$	1,000.00	$	1,020.75	$	4.29
Class A		1,000.00		1,017.75		7.31
Class D		1,000.00		1,017.75		7.31

^(a) For each class of the Fund, expenses are equal to the next expense ratio for the class (0.85% Institutional Class, 1.45% for Class A, 1.45% for Class D). The annualized expense ratio of 0.85% for Institutional Class. 1.45% for Class A and 1.45% for Class D, reflects net annualized expenses after application of an expense reduction of 0.90%.

Annual Report March 31, 2008 7

Financial Highlights

Selected Per Share Data for the Period Ended:	Net Asset Value Beginning of Period		Net Investment Income (a)		Net Realized/ Unrealized Gain (Loss) on Investments		Total Income (Loss) from Investment Operations		Dividends from Net Investment Income		Distributions from Net Realized Capital Gains
RealRetirement™ 2010 Fund
Institutional Class
03/31/2008 - 03/31/2008	$	10.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
Class A
03/31/2008 - 03/31/2008		10.00		0.00		0.00		0.00		0.00		0.00
Class D
03/31/2008 - 03/31/2008		10.00		0.00		0.00		0.00		0.00		0.00
RealRetirement™ 2020 Fund
Institutional Class
03/31/2008 - 03/31/2008	$	10.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
Class A
03/31/2008 - 03/31/2008		10.00		0.00		0.00		0.00		0.00		0.00
Class D
03/31/2008 - 03/31/2008		10.00		0.00		0.00		0.00		0.00		0.00
RealRetirement™ 2030 Fund
Institutional Class
03/31/2008 - 03/31/2008	$	10.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
Class A
03/31/2008 - 03/31/2008		10.00		0.00		0.00		0.00		0.00		0.00
Class D
03/31/2008 - 03/31/2008		10.00		0.00		0.00		0.00		0.00		0.00
RealRetirement™ 2040 Fund
Institutional Class
03/31/2008 - 03/31/2008	$	10.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
Class A
03/31/2008 - 03/31/2008		10.00		0.00		0.00		0.00		0.00		0.00
Class D
03/31/2008 - 03/31/2008		10.00		0.00		0.00		0.00		0.00		0.00
RealRetirement™ 2050 Fund
Institutional Class
03/31/2008 - 03/31/2008	$	10.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
Class A
03/31/2008 - 03/31/2008		10.00		0.00		0.00		0.00		0.00		0.00
Class D
03/31/2008 - 03/31/2008		10.00		0.00		0.00		0.00		0.00		0.00

* Annualized

^(a) Per share amounts based on average number of shares outstanding during the period.

8 PIMCO Funds RealRetirement Fund See Accompanying Notes

Tax Basis Return of Capital		Total Distributions		Net Asset Value End of Period		Total Return		Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Expenses to Average Net Assets Excluding Interest Expense		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate
$	0.00	$	0.00	$	10.00	0.00	%	$	3,000	0.14	%*	0.14	%*	(0.14	)%*	0	%
	0.00		0.00		10.00	0.00			10	0.74	*	0.74	*	(0.74	)*	0
	0.00		0.00		10.00	0.00			10	0.74	*	0.74	*	(0.74	)*	0
$	0.00	$	0.00	$	10.00	0.00	%	$	3,000	0.14	%*	0.14	%*	(0.14	)%*	0	%
	0.00		0.00		10.00	0.00			10	0.74	*	0.74	*	(0.74	)*	0
	0.00		0.00		10.00	0.00			10	0.74	*	0.74	*	(0.74	)*	0
$	0.00	$	0.00	$	10.00	0.00	%	$	3,000	0.16	%*	0.16	%*	(0.16	)%*	0	%
	0.00		0.00		10.00	0.00			10	0.76	*	0.76	*	(0.76	)*	0
	0.00		0.00		10.00	0.00			10	0.76	*	0.76	*	(0.76	)*	0
$	0.00	$	0.00	$	10.00	0.00	%	$	3,000	0.24	%*	0.24	%*	(0.24	)%*	0	%
	0.00		0.00		10.00	0.00			10	0.84	*	0.84	*	(0.84	)*	0
	0.00		0.00		10.00	0.00			10	0.84	*	0.84	*	(0.84	)*	0
$	0.00	$	0.00	$	10.00	0.00	%	$	3,000	0.29	%*	0.29	%*	(0.29	)%*	0	%
	0.00		0.00		10.00	0.00			10	0.89	*	0.89	*	(0.89	)*	0
	0.00		0.00		10.00	0.00			10	0.89	*	0.89	*	(0.89	)*	0

Annual Report March 31, 2008 9

Statements of Assets and Liabilities   March 31, 2008

(Amounts in thousands, except per share amounts)	RealRetirement™ 2010 Fund		RealRetirement™ 2020 Fund		RealRetirement™ 2030 Fund		RealRetirement™ 2040 Fund		RealRetirement™ 2050 Fund
Assets:
Investments, at value	$	0	$	30	$	108	$	300	$	300
Investments in Affiliates, at value		3,000		2,970		2,892		2,700		2,700
Receivable for Fund shares sold		3,020		3,020		3,020		3,020		3,020
		6,020		6,020		6,020		6,020		6,020
Liabilities:
Payable for investments purchased	$	0	$	30	$	108	$	300	$	300
Payable for investments in Affiliates purchased		3,000		2,970		2,892		2,700		2,700
		3,000		3,000		3,000		3,000		3,000
Net Assets	$	3,020	$	3,020	$	3,020	$	3,020	$	3,020
Net Assets Consist of:
Paid in capital	$	3,020	$	3,020	$	3,020	$	3,020	$	3,020
Undistributed (overdistributed) net investment income		0		0		0		0		0
Accumulated undistributed net realized gain (loss)		0		0		0		0		0
Net unrealized appreciation (depreciation)		0		0		0		0		0
	$	3,020	$	3,020	$	3,020	$	3,020	$	3,020
Net Assets:
Institutional Class	$	3,000	$	3,000	$	3,000	$	3,000	$	3,000
Class A		10		10		10		10		10
Class D		10		10		10		10		10
Shares Issued and Outstanding:
Institutional Class		300		300		300		300		300
Class A		1		1		1		1		1
Class D		1		1		1		1		1
Net Asset Value and Redemption Price Per Share (Net Asset Per Share Outstanding)
Institutional Class	$	10.00	$	10.00	$	10.00	$	10.00	$	10.00
Class A		10.00		10.00		10.00		10.00		10.00
Class D		10.00		10.00		10.00		10.00		10.00
Cost of Investments Owned	$	0	$	30	$	108	$	300	$	300
Cost of Investments in Affiliates Owned	$	3,000	$	2,970	$	2,892	$	2,700	$	2,700

10 PIMCO Funds RealRetirement Fund See Accompanying Notes

Statements of Operations March 31, 2008

Period Ended March 31, 2008
(Amounts in thousands)	RealRetirement™ 2010 Fund		RealRetirement™ 2020 Fund		RealRetirement™ 2030 Fund		RealRetirement™ 2040 Fund		RealRetirement™ 2050 Fund
Investment Income:
Interest	$	0	$	0	$	0	$	0	$	0
Dividends		0		0		0		0		0
Dividends from Affiliate investments		0		0		0		0		0
Miscellaneous income		0		0		0		0		0
Total Income		0		0		0		0		0
Expenses:
Investment advisory fees		0		0		0		0		0
Administrative fees		0		0		0		0		0
Distribution and/or servicing fees - Institutional Class		0		0		0		0		0
Distribution fees - Class A		0		0		0		0		0
Distribution fees - Class D		0		0		0		0		0
Servicing fees - Class A		0		0		0		0		0
Servicing fees - Class D		0		0		0		0		0
Dividends on securities sold short		0		0		0		0		0
Trustees’ fees		0		0		0		0		0
Interest expense		0		0		0		0		0
Tax expense		0		0		0		0		0
Recoupment payable to Manager		0		0		0		0		0
Miscellaneous expense		0		0		0		0		0
Total Expenses		0		0		0		0		0
Reimbursement by Manager		0		0		0		0		0
Net Expenses		0		0		0		0		0
Net Investment Income		0		0		0		0		0
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		0		0		0		0		0
Net realized gain (loss) on Affiliate investments		0		0		0		0		0
Net capital gain distributions received from Underlying Funds		0		0		0		0		0
Net realized gain (loss) on futures contracts, written options and swaps		0		0		0		0		0
Net realized gain (loss) on foreign currency transactions		0		0		0		0		0
Net change in unrealized appreciation (depreciation) on investments		0		0		0		0		0
Net change in unrealized appreciation (depreciation) on Affiliate investments		0		0		0		0		0
Net change in unrealized appreciation (depreciation) on futures contracts, written options and swaps		0		0		0		0		0
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		0		0		0		0		0
Net Gain (Loss)		0		0		0		0		0
Net Increase (Decrease) in Net Assets Resulting from Operations	$	0	$	0	$	0	$	0	$	0

See Accompanying Notes Annual Report March 31, 2008 11

Statements of Changes in Net Assets March 31, 2008

	RealRetirement™ 2010 Fund		RealRetirement™ 2020 Fund		RealRetirement™ 2030 Fund		RealRetirement™ 2040 Fund		RealRetirement™ 2050 Fund
(Amounts in thousands)	Period from March 31, 2008 to March 31, 2008		Period from March 31, 2008 to March 31, 2008		Period from March 31, 2008 to March 31, 2008		Period from March 31, 2008 to March 31, 2008		Period from March 31, 2008 to March 31, 2008
Increase in Net Assets from:
Operations:
Net investment income	$	0	$	0	$	0	$	0	$	0
Net realized gain (loss)		0		0		0		0		0
Net realized gain (loss) on Affiliate investments		0		0		0		0		0
Net capital gain distributions received from Underlying Funds		0		0		0		0		0
Net change in unrealized appreciation (depreciation)		0		0		0		0		0
Net change in unrealized apprec (deprec) on Affiliate investments		0		0		0		0		0
Net increase (decrease) resulting from operations		0		0		0		0		0
Fund Share Transactions:
Receipts for shares sold
Institutional Class		3,000		3,000		3,000		3,000		3,000
Class A		10		10		10		10		10
Class D		10		10		10		10		10
Net increase resulting from Fund share transactions		3,020		3,020		3,020		3,020		3,020
Total Increase in Net Assets		3,020		3,020		3,020		3,020		3,020
Net Assets:
Beginning of period		0		0		0		0		0
End of period*	$	3,020	$	3,020	$	3,020	$	3,020	$	3,020
*Including undistributed (overdistributed) net investment income of:	$	0	$	0	$	0	$	0	$	0

12 PIMCO Funds RealRetirement Fund See Accompanying Notes

Schedule of Investments  RealRetirement^™ 2010 Fund March 31, 2008

	SHARES		VALUE (000S)
PIMCO FUNDS (a)(b) 99.3%
CommodityRealReturn Strategy Fund®	16,375	$	300
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)	49,466		510
Real Return Fund	49,782		570
RealEstateRealReturn Strategy Fund	74,380		450
Small Cap StocksPLUS® TR Strategy Fund	19,846		180
StocksPLUS® Fund	30,151		300
Total Return Fund	63,245		690
Total PIMCO Funds (Cost $3,000)			3,000
Total Investments 99.3% (Cost $3,000)		$	3,000
Other Assets and Liabilities (Net) 0.7%			20
Net Assets 100.0%		$	3,020

Notes to Schedule of Investments:

(a) The RealRetirement^™ 2010 Fund is investing in shares of affiliated Funds.

(b) Institutional Class Shares of each PIMCO Fund.

See Accompanying Notes Annual Report March 31, 2008 13

Schedule of Investments  RealRetirement^™ 2020 Fund   March 31, 2008

	SHARES		VALUE (000S)
PIMCO FUNDS (a)(b) 98.3%
CommodityRealReturn Strategy Fund®	19,651	$	360
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)	54,704		564
Real Return Fund	37,729		432
RealEstateRealReturn Strategy Fund	74,380		450
Small Cap StocksPLUS® TR Strategy Fund	25,799		234
StocksPLUS® Fund	34,372		342
Total Return Fund	53,896		588
Total PIMCO Funds (Cost $2,970)			2,970
EXCHANGE-TRADED FUNDS 1.0%
iShares MSCI Emerging Markets Index Fund	223		30
Total Exchange-Traded Funds (Cost $30)			30
Total Investments 99.3% (Cost $3,000)		$	3,000
Other Assets and Liabilities (Net) 0.7%			20
Net Assets 100.0%		$	3,020

Notes to Schedule of Investments:

(a) The RealRetirement^™ 2020 Fund is investing in shares of affiliated Funds.

(b) Institutional Class Shares of each PIMCO Fund.

14 PIMCO Funds RealRetirement Fund See Accompanying Notes

Schedule of Investments  RealRetirement^™ 2030 Fund   March 31, 2008

	SHARES		VALUE (000S)
PIMCO FUNDS (a)(b) 95.7%
CommodityRealReturn Strategy Fund®	24,563	$	450
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)	58,196		600
Real Return Fund	14,149		162
RealEstateRealReturn Strategy Fund	74,380		450
Small Cap StocksPLUS® TR Strategy Fund	34,399		312
StocksPLUS® Fund	40,402		402
Total Return Fund	47,296		516
Total PIMCO Funds (Cost $2,892)			2,892
EXCHANGE-TRADED FUNDS 3.6%
iShares MSCI Emerging Markets Index Fund	804		108
Total Exchange-Traded Funds (Cost $108)			108
Total Investments 99.3% (Cost $3,000)		$	3,000
Other Assets and Liabilities (Net) 0.7%			20
Net Assets 100.0%		$	3,020

Notes to Schedule of Investments:

(a) The RealRetirement^™ 2030 Fund is investing in shares of affiliated Funds.

(b) Institutional Class Shares of each PIMCO Fund.

See Accompanying Notes Annual Report March 31, 2008 15

Schedule of Investments  RealRetirement^™ 2040 Fund March 31, 2008

	SHARES		VALUE (000S)
PIMCO FUNDS (a)(b) 87.4%
CommodityRealReturn Strategy Fund®	22,598	$	414
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)	57,032		588
RealEstateRealReturn Strategy Fund	74,380		450
Small Cap StocksPLUS® TR Strategy Fund	45,645		414
StocksPLUS® Fund	54,875		546
Total Return Fund	20,898		228
Total PIMCO Funds (Cost $2,640)			2,640
ALLIANZ FUNDS (a)(c) 2.0%
Allianz NACM Emerging Markets Opportunities Fund	1,992		60
Total Allianz Funds (Cost $60)			60
EXCHANGE-TRADED FUNDS 9.9%
iShares MSCI Emerging Markets Index Fund	1,116		150
Vanguard Emerging Markets	1,596		150
Total Exchange-Traded Funds (Cost $300)			300
Total Investments 99.3% (Cost $3,000)		$	3,000
Other Assets and Liabilities (Net) 0.7%			20
Net Assets 100.0%		$	3,020

Notes to Schedule of Investments:

(a) The RealRetirement^™ 2040 Fund is investing in shares of affiliated Funds.

(b) Institutional Class Shares of each PIMCO Fund.

(c) Institutional Class Shares of each Allianz Fund.

16 PIMCO Funds RealRetirement Fund See Accompanying Notes

Schedule of Investments  RealRetirement^™ 2050 Fund March 31, 2008

	SHARES		VALUE (000S)
PIMCO FUNDS (a)(b) 84.4%
CommodityRealReturn Strategy Fund®	6,550	$	120
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)	58,196		600
RealEstateRealReturn Strategy Fund	74,380		450
Small Cap StocksPLUS® TR Strategy Fund	49,614		450
StocksPLUS® Fund	87,437		870
Total Return Fund	5,500		60
Total PIMCO Funds (Cost $2,550)			2,550
ALLIANZ FUNDS (a)(c) 5.0%
Allianz NACM Emerging Markets Opportunities Fund	4,980		150
Total Allianz Funds (Cost $150)			150
EXCHANGE-TRADED FUNDS 9.9%
iShares MSCI Emerging Markets Index Fund	1,116		150
Vanguard Emerging Markets	1,595		150
Total Exchange-Traded Funds (Cost $300)			300
Total Investments 99.3% (Cost $3,000)		$	3,000
Other Assets and Liabilities (Net) 0.7%			20
Net Assets 100.0%		$	3,020

Notes to Schedule of Investments:

(a) The RealRetirement^™ 2050 Fund is investing in shares of affiliated Funds.

(b) Institutional Class Shares of each PIMCO Fund.

(c) Institutional Class Shares of each Allianz Fund.

See Accompanying Notes Annual Report March 31, 2008 17

Notes to Financial Statements

1.  ORGANIZATION

PIMCO Funds (the “Trust”) was established as a Massachusetts business trust on February 19, 1987. The Trust is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end management investment company. Information presented in these financial statements pertains to the Institutional, A and D Classes of five funds (the “Funds”) offered by the Trust. The Funds’ inception date was March 31, 2008.

2.  SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures on the financial statements. Actual results could differ from those estimates.

(a) Determination of Net Asset Value  The Net Asset Value (“NAV”) of a Fund’s shares is valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (the “NYSE Close”) on each day that the New York Stock Exchange (“NYSE”) is open. Information that becomes known to a Fund or its agents after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day.

(b) Security Valuation  With respect to any portion of a Fund’s assets that are invested in one or more open-end management investment companies, a Fund’s NAV will be calculated based upon the NAVs of such investments.

For purposes of calculating the NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services.

Domestic and foreign fixed income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. A Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the NAV may change on days when an investor is not able to purchase, redeem or exchange shares.

Securities and other assets for which market quotes are not readily available are valued at fair value as determined in good faith by the Board of Trustees or persons acting at their direction. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to Pacific Investment Management Company

LLC (“PIMCO”) the responsibility for applying the valuation methods. For instance, certain securities or investments for which daily market quotes are not readily available may be valued, pursuant to guidelines established by the Board of Trustees, with reference to other securities or indices. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Trustees, generally based upon recommendations provided by PIMCO.

Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading for the entire day and no other market prices are available. The Board of Trustees has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be re-evaluated in light of such significant events.

When a Fund uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board of Trustees or persons acting at their direction believe accurately reflects fair value. Fair value pricing may require subjective determinations about the value of a security. While the Trust’s policy is intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Board of Trustees or persons acting at their direction would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold.

(c) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statements of Operations.

(d) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, are declared and distributed to shareholders quarterly. Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than once each year.

Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may change the fiscal year when income and capital items are recognized for tax and U.S. GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps, foreign currency transactions and contingent debt instruments. As a result, income

18 PIMCO Funds RealRetirement Fund

March 31, 2008

dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported on each Fund’s annual financial statements presented under U.S. GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on the accompanying Statements of Changes in Net Assets and have been reclassified to paid in capital. In addition, other amounts have been reclassified between undistributed net investment income, accumulated undistributed net realized gains or losses and/or paid in capital to more appropriately conform financial accounting to tax characterizations of dividend distributions.

(e) Multiclass Operations  Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). For daily dividend Funds, income and non-class specific expenses are allocated daily to each class on the basis of the relative value of settled shares. For non-daily dividend Funds, income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains and losses of each class are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include administrative, distribution and servicing fees.

(f) Cash and Foreign Currency  The functional and reporting currency for the Funds is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. Dollars based on the current exchange rates each business day. Fluctuations in the value of currency holdings and other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains or losses. Realized gains or losses and unrealized appreciation or depreciation on investment securities and income and expenses are translated on the respective dates of such transactions. The effects of changes in foreign currency exchange rates on investments in securities are not segregated on the Statements of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investment securities.

(g) Repurchase Agreements  Each Fund may engage in repurchase transactions. Under the terms of a typical repurchase agreement, a Fund takes possession of an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. The underlying securities for all repurchase agreements are held in safekeeping at the Fund’s custodian or designated subcustodians under tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset on the Statements of Assets and Liabilities. Generally, in the event of counterparty default, a Fund has the right to use the collateral to offset losses incurred. If the counterparty should default, a Fund will seek to sell the securities which it holds as collateral. This could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

(h) New Accounting Pronouncements  In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (the “Statement”). The Statement is effective for fiscal years beginning after November 15, 2007 and will require expanded disclosure about fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Funds and will provide additional information in relation to the Statement in the Funds’ semiannual financial statements for the period ending September 30, 2008.

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (“SFAS 161”). SFAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 may require enhanced disclosures about Funds’ derivative and hedging activities. Management is currently evaluating the impact the adoption of SFAS 161 will have on the Funds’ financial statement disclosures.

3.  MARKET AND CREDIT RISK

In the normal course of business the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (credit risk). Similar to credit risk, the Funds may be exposed to counterparty risk, or the risk that an institution or other entity with which the Funds have unsettled or open transactions will default. The potential loss could exceed the value of the financial assets recorded in the financial statements. Financial assets, which potentially expose the Funds to credit risk, consist principally of cash due from counterparties and investments. The extent of the Funds’ exposure to credit and counterparty risks in respect to these financial assets approximates their carrying value as recorded in the Funds’ Statements of Assets and Liabilities.

4.  FEES AND EXPENSES

(a) Investment Advisory Fee  PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (“AGI”), and serves as investment adviser (the “Adviser”) to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund, at an annual rate based on average daily net assets. The Advisory Fee for all classes is charged at an annual rate as noted in the following table.

(b) Administrative Fee  PIMCO serves as administrator (the “Administrator”), and provides administrative services to the Trust for which it receives a monthly administrative fee based on each share class’s average daily net assets. As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory and Administrative Fees for all classes are charged at an annual rate as noted in the following table:

	Investment Advisory Fee	Administrative Fee
Fund Name	All Classes	Institutional Class	Class A	Class D
RealRetirementTM 2010 Fund(1)	0.70%	0.05%	0.40%	0.40%
RealRetirementTM 2020 Fund(1)	0.70%	0.05%	0.40%	0.40%
RealRetirementTM 2030 Fund(1)	0.75%	0.05%	0.40%	0.40%
RealRetirementTM 2040 Fund(1)	0.80%	0.05%	0.40%	0.40%
RealRetirementTM 2050 Fund(1)	0.80%	0.05%	0.40%	0.40%

⁽¹⁾ PIMCO has contractually agreed to waive the advisory fee and the administrative fee it receives from the Fund in an amount equal to the expenses attributable to advisory and administrative fees of underlying PIMCO Funds indirectly incurred by the Fund in connection with its investments in underlying PIMCO Funds. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO manages the Fund.

Annual Report March 31, 2008 19

Notes to Financial Statements  (Cont.)

(c) Distribution and Servicing Fees  Allianz Global Investors Distributors LLC (“AGID”) is an indirect wholly-owned subsidiary of AGI and serves as the distributor (the “Distributor”) of the Trust’s shares. The Trust is permitted to reimburse AGID on a quarterly basis, out of the Administrative Class assets of each Fund offering Administrative Class Shares in an amount up to 0.25% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Fund shares as their funding medium.

Unreimbursed costs may be carried forward for reimbursement for up to twelve months beyond the date in which it is incurred, subject always to the limit that not more than 0.25% of the average daily net assets attributable to an Administrative Class may be expensed. The effective rate paid to AGID was 0.25% during the current fiscal year with no unreimbursed costs to be carried forward as of March 31, 2008.

Pursuant to the Distribution and Servicing Plans adopted by the A, B, C, D and R Classes of the Trust, the Trust compensates AGID or an affiliate for services provided and expenses incurred in connection with assistance rendered in the sale of shares and services rendered to shareholders and for maintenance of shareholder accounts of the A, B, C, D and R Classes. The Trust paid AGID distribution and servicing fees at effective rates as set forth in the following table (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Allowable Rate
	Distribution Fee	Servicing Fee
Institutional Class
All Funds	—	—
Class A
All Funds	—	0.25%
Class D
All Funds	—	0.25%

(d) Redemption Fees  Shareholders of each Fund in the Trust, except for Money Market Fund, were subject to a Redemption Fee on redemptions and exchanges of 2.00% of the NAV of the Fund shares redeemed or exchanged. From October 1, 2006 to July 30, 2007, Redemption Fees were charged on shares redeemed or exchanged within 7 days, 30 days, or 60 days (depending on the length of the applicable Fund’s holding period) after their acquisition, including shares acquired through exchanges. Effective July 31, 2007, the holding periods for certain Funds were reduced to 7 days or 30 days, or were no longer subject to a Redemption Fee. Actual redemption fees charged are reported on the Statements of Changes in Net Assets.

(e) Fund Expenses  The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) the costs of borrowing money, including interest expenses and bank overdraft charges; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organization expenses and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust’s Multiple Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

PIMCO has agreed to waive a portion of the RealRetirement^™ 2010, RealRetirement^™ 2020, RealRetirement^™ 2030, RealRetirement^™ 2040, and RealRetirement^™ 2050 Funds’ administrative fees in the Funds’ first fiscal year, to the extent that the payment of each Fund’s pro rata share of organizational expenses and Trustee fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.0049% as set forth below (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

Fund Name	Inst’l Class	Class A	Class D
RealRetirementTM 2010 Fund	0.05%	0.40%	0.40%
RealRetirementTM 2020 Fund	0.05%	0.40%	0.40%
RealRetirementTM 2030 Fund	0.05%	0.40%	0.40%
RealRetirementTM 2040 Fund	0.05%	0.40%	0.40%
RealRetirementTM 2050 Fund	0.05%	0.40%	0.40%

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months after the waiver. Expenses that have been waived may still be reimbursed by the Administrator, to the extent the Funds’ annualized total portfolio operating expenses plus the amount so reimbursed does not exceed the operating expense limitation. Organizational expenses will be recorded during the year ended March 31, 2009.

Each unaffiliated Trustee receives an annual retainer of $100,000, plus $9,500 for each Board of Trustees meeting attended in person, $750 ($1,000 in the case of the audit committee chair) for each committee meeting attended and $1,500 for each Board of Trustees meeting attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $15,000 and each other committee chair receives an additional annual retainer of $1,500.

These expenses are allocated on a pro-rata basis to each Fund of the Trust (excluding the All Asset, All Asset All Authority, RealRetirement^™ 2010, RealRetirement^™ 2020, RealRetirement^™ 2030, RealRetirement^™ 2040, and RealRetirement^™ 2050 Funds, which do not bear such expenses) according to its respective net assets. The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(f) Acquired Fund Fees and Expenses (Underlying Fund Expenses)  The Underlying Fund expenses for the Funds are based upon an allocation of a Fund’s assets among the Underlying Funds and upon the total annual operating expenses of the Institutional Class shares of these Underlying Funds. Underlying Fund Expenses will vary with changes in the expenses of the Underlying Funds, as well as allocation of a Fund’s assets.

PIMCO has contractually agreed to waive, first, the administrative fee and, to the extent necessary, the advisory fee it receives from the Funds in an amount equal to the expenses attributable to advisory and administrative fees of underlying PIMCO Funds indirectly incurred by the Funds in connection with the Funds’ investments in underlying PIMCO Funds. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO manages the Funds. The waiver is reflected in the Statement of Operations as a component of Reimbursement by Manager.

5.  RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties as defined by SFAS 57, Related Party Disclosures. Fees payable to these parties are disclosed in Note 4.

20 PIMCO Funds RealRetirement Fund

March 31, 2008

The RealRetirement^™ 2010, RealRetirement^™ 2020, RealRetirement^™ 2030, RealRetirement^™ 2040, and RealRetirement^™ 2050 Funds’ invest substantially all of their assets in Institutional Class shares of other investment companies of the Trust (the “Underlying Funds”). These Underlying Funds are considered to be

affiliated with the RealRetirement^™ 2010, RealRetirement^™ 2020, RealRetirement^™ 2030, RealRetirement^™ 2040, and RealRetirement^™ 2050 Funds. The table below shows the transactions in and earnings from investments in these affiliated Funds for the year ended March 31, 2008 (amounts in thousands):

RealRetirement^™ 2010 Fund

Underlying Funds	Market Value 03/31/2008		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation		Market Value 03/31/2008		Dividend Income		Net Capital and Realized Gain
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)	$	0	$	510	$	0	$	0	$	510	$	0	$	0
Real Return Fund		0		570		0		0		570		0		0
RealEstateRealReturn Strategy Fund		0		450		0		0		450		0		0
Small Cap StocksPLUS® TR Strategy Fund		0		180		0		0		180		0		0
StocksPLUS® Fund		0		300		0		0		300		0		0
Total Return Fund		0		690		0		0		690		0		0
CommodityRealReturn Strategy Fund®		0		300		0		0		300		0		0
Totals	$	0	$	3,000	$	0	$	0	$	3,000	$	0	$	0

RealRetirement^™ 2020 Fund

Underlying Funds	Market Value 03/31/2008		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation		Market Value 03/31/2008		Dividend Income		Net Capital and Realized Gain
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)	$	0	$	564	$	0	$	0	$	564	$	0	$	0
Real Return Fund		0		432		0		0		432		0		0
RealEstateRealReturn Strategy Fund		0		450		0		0		450		0		0
Small Cap StocksPLUS® TR Strategy Fund		0		234		0		0		234		0		0
StocksPLUS® Fund		0		342		0		0		342		0		0
Total Return Fund		0		588		0		0		588		0		0
CommodityRealReturn Strategy Fund®		0		360		0		0		360		0		0
Totals	$	0	$	2,970	$	0	$	0	$	2,970	$	0	$	0

RealRetirement^™ 2030 Fund

Underlying Funds	Market Value 03/31/2008		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation		Market Value 03/31/2008		Dividend Income		Net Capital and Realized Gain
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)	$	0	$	600	$	0	$	0	$	600	$	0	$	0
Real Return Fund		0		162		0		0		162		0		0
RealEstateRealReturn Strategy Fund		0		450		0		0		450		0		0
Small Cap StocksPLUS® TR Strategy Fund		0		312		0		0		312		0		0
StocksPLUS® Fund		0		402		0		0		402		0		0
Total Return Fund		0		516		0		0		516		0		0
CommodityRealReturn Strategy Fund®		0		450		0		0		450		0		0
Totals	$	0	$	2,892	$	0	$	0	$	2,892	$	0	$	0

RealRetirement^™ 2040 Fund

Underlying Funds	Market Value 03/31/2008		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation		Market Value 03/31/2008		Dividend Income		Net Capital and Realized Gain
Allianz NACM Emerging Markets Opportunities Fund	$	0	$	60	$	0	$	0	$	60	$	0	$	0
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)		0		588		0		0		588		0		0
RealEstateRealReturn Strategy Fund		0		450		0		0		450		0		0
Small Cap StocksPLUS® TR Strategy Fund		0		414		0		0		414		0		0
StocksPLUS® Fund		0		546		0		0		546		0		0
Total Return Fund		0		228		0		0		228		0		0
CommodityRealReturn Strategy Fund®		0		414		0		0		414		0		0
Totals	$	0	$	2,700	$	0	$	0	$	2,700	$	0	$	0

Annual Report March 31, 2008 21

Notes to Financial Statements  (Cont.)

RealRetirement^™ 2050 Fund

Underlying Funds	Market Value 03/31/2008		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation		Market Value 03/31/2008		Dividend Income		Net Capital and Realized Gain
Allianz NACM Emerging Markets Opportunities Fund	$	0	$	150	$	0	$	0	$	150	$	0	$	0
International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)		0		600		0		0		600		0		0
RealEstateRealReturn Strategy Fund		0		450		0		0		450		0		0
Small Cap StocksPLUS® TR Strategy Fund		0		450		0		0		450		0		0
StocksPLUS® Fund		0		870		0		0		870		0		0
Total Return Fund		0		60		0		0		60		0		0
CommodityRealReturn Strategy Fund®		0		120		0		0		120		0		0
Totals	$	0	$	2,700	$	0	$	0	$	2,700	$	0	$	0

6.  GUARANTEES AND INDEMNIFICATIONS

Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust’s investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and believes the risk of loss to be remote.

7.  PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2008, were as follows (amounts in thousands):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
RealRetirementTM 2010 Fund	$	0	$	0	$	3,000	$	0
RealRetirementTM 2020 Fund		0		0		3,000		0
RealRetirementTM 2030 Fund		0		0		3,000		0
RealRetirementTM 2040 Fund		0		0		3,000		0
RealRetirementTM 2050 Fund		0		0		3,000		0

8.  SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands):

	RealRetirementTM Fund 2010			RealRetirementTM Fund 2020			RealRetirementTM Fund 2030
	Period from 03/31/2008 to 03/31/2008			Period from 03/31/2008 to 03/31/2008			Period from 03/31/2008 to 03/31/2008
	Shares	Amount		Shares	Amount		Shares	Amount
Receipts for shares sold
Institutional Class	300	$	3,000	300	$	3,000	300	$	3,000
Class A	1		10	1		10	1		10
Class D	1		10	1		10	1		10
Issued as reinvestment of distributions
Institutional Class	0		0	0		0	0		0
Class A	0		0	0		0	0		0
Class D	0		0	0		0	0		0
Cost of shares redeemed
Institutional Class	0		0	0		0	0		0
Class A	0		0	0		0	0		0
Class D	0		0	0		0	0		0
Net increase resulting from Fund share transactions	302	$	3,020	302	$	3,020	302	$	3,020

22 PIMCO Funds RealRetirement Fund

March 31, 2008

	RealRetirementTM Fund 2040			RealRetirementTM Fund 2050
	Period from 03/31/2008 to 03/31/2008			Period from 03/31/2008 to 03/31/2008
	Shares	Amount		Shares	Amount
Receipts for shares sold
Institutional Class	300	$	3,000	300	$	3,000
Class A	1		10	1		10
Class D	1		10	1		10
Issued as reinvestment of distributions
Institutional Class	0		0	0		0
Class A	0		0	0		0
Class D	0		0	0		0
Cost of shares redeemed
Institutional Class	0		0	0		0
Class A	0		0	0		0
Class D	0		0	0		0
Net increase resulting from Fund share transactions	302	$	3,020	302	$	3,020

9.  REGULATORY AND LITIGATION MATTERS

Since February 2004, PIMCO, Allianz Global Investors of America L.P. (“AGI”) (formerly known as Allianz Dresdner Asset Management of America L.P.) (PIMCO’s parent company), and certain of their affiliates, including PIMCO Funds (a complex of mutual funds managed by PIMCO) and Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series) (a complex of mutual funds managed by affiliates of PIMCO), certain trustees of PIMCO Funds, and certain employees of PIMCO have been named as defendants in eleven lawsuits filed in various jurisdictions. These lawsuits concern “market timing,” and they have been transferred to and consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of PIMCO Funds and Allianz Funds during specified periods, or as derivative actions on behalf of PIMCO Funds and Allianz Funds. These lawsuits seek, among other things, unspecified compensatory damages plus interest and in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution.

These actions generally allege that certain hedge funds were allowed to engage in “market timing” in certain funds of PIMCO Funds and Allianz Funds and this alleged activity was not disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, certain trustees of PIMCO Funds, and certain employees of PIMCO who were previously named as defendants have all been dropped as defendants in the market timing actions; however, the plaintiffs continue to assert claims on behalf of the shareholders of PIMCO Funds or on behalf of PIMCO Funds itself against other defendants. By order dated November 3, 2005, the U.S. District Court for the District of Maryland granted PIMCO Funds’ motion to dismiss claims asserted against it in a consolidated amended complaint where PIMCO Funds were named, in the complaint, as a nominal defendant. Thus, at present PIMCO Funds is not a party to any “market timing” lawsuit.

Two nearly identical class action civil complaints were filed in August 2005, in the Northern District of Illinois Eastern Division, alleging that the plaintiffs each purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and PIMCO Funds has been added as a defendant, to the consolidated action. PIMCO and PIMCO Funds strongly believe the complaint is without merit and intend to vigorously defend themselves.

In April 2006, certain registered investment companies and other funds managed by PIMCO were served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.’s bankruptcy in the District of New Jersey. In July 2004, PIMCO was named in this lawsuit and remains a defendant. The plaintiff seeks to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary has since issued notes, of which certain registered investment companies and other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders—including certain registered investment companies and other funds managed by PIMCO—were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the lien in favor of the noteholders and/or the value of the lien. On June 21, 2006, the District of New Jersey overturned the Bankruptcy Court’s decision granting permission to file the adversary proceeding and remanded the matter to the Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August 7, 2006, and instructed the Bankruptcy Court to conduct a “cost-benefit” analysis of the Committee’s claims, including the claims against the noteholders. The Bankruptcy Court held a status conference on October 25, 2006 and set a briefing schedule relating to this cost-benefit analysis. To date, no briefs have been filed. This matter is not expected to have a material adverse effect on either the relevant registered investment companies and other funds or PIMCO.

The foregoing speaks only as of the date of this report. It is possible that these matters and/or other developments resulting from these matters could result in increased fund redemptions or other adverse consequences to the Funds. However, PIMCO and AGID believe that these matters are not likely to have a material adverse effect on the Funds or on PIMCO’s or AGID’s ability to perform their respective investment advisory or distribution services relating to the Funds.

10.  FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under sub-chapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The FASB issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109” (“FIN 48”), in June 2006. FIN 48 permits the recognition of tax benefits of an uncertain tax position only when the position is “more likely than not” to be sustained assuming examination by

Annual Report March 31, 2008 23

Notes to Financial Statements  (Cont.)

taxing authorities. The Funds adopted the provisions of FIN 48 on March 31, 2008. Management has reviewed the Fund’s tax positions for all open tax years, and concluded that adoption had no effect on the Fund’s financial position or results of operations. As of March 31, 2008, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U. S. tax returns. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

As of March 31, 2008, the aggregate cost and net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands):

Fund Name	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation/ Depreciation
RealRetirementTM 2010 Fund	$	3,000	$	0	$	0	$	0
RealRetirementTM 2020 Fund		3,000		0		0		0
RealRetirementTM 2030 Fund		3,000		0		0		0
RealRetirementTM 2040 Fund		3,000		0		0		0
RealRetirementTM 2050 Fund		3,000		0		0		0

24 PIMCO Funds RealRetirement Fund

GLOSSARY: (abbreviations that may be used in the preceding statements)

Counterparty Abbreviations:
ABN	ABN AMRO Bank, N.V.	CSFB	Credit Suisse First Boston	NAB	National Australia Bank Limited
AIG	AIG International, Inc.	DUB	Deutsche Bank AG	RBC	Royal Bank of Canada
BOA	Bank of America	GSC	Goldman Sachs & Co.	RBS	Royal Bank of Scotland Group PLC
BCLY	Barclays Bank PLC	HSBC	HSBC Bank USA	SOG	Societe Generale
BEAR	Bear Stearns & Co., Inc.	JPM	JPMorgan Chase & Co.	UBS	UBS Warburg LLC
BNP	BNP Paribas Bank	LEH	Lehman Brothers, Inc.	WAC	Wachovia Bank N.A.
CITI	Citibank N.A.	MLP	Merrill Lynch & Co., Inc.
CBA	Commonwealth Bank of Australia	MSC	Morgan Stanley
Currency Abbreviations:
AED	UAE Dirham	HUF	Hungarian Forint	PHP	Philippines Peso
AUD	Australian Dollar	IDR	Indonesian Rupiah	PLN	Polish Zloty
BRL	Brazilian Real	ILS	Israeli Shekel	RON	Romanian Leu
CAD	Canadian Dollar	INR	Indian Rupee	RUB	Russian Ruble
CLP	Chilean Peso	JPY	Japanese Yen	SAR	Saudi Riyal
CNY	Chinese Yuan Renminbi	KRW	South Korean Won	SEK	Swedish Krona
COP	Colombia Peso	KZT	Kazakhstan Tenge	SGD	Singapore Dollar
CZK	Czech Koruna	KWD	Kuwaiti Dinar	SKK	Slovakian Koruna
DKK	Danish Krone	MXN	Mexican Peso	TRY	Turkish Lira
EGP	Egyptian Pound	MYR	Mexican Peso	TWD	Taiwan Dollar
EUR	Euro	NOK	Norwegian Krone	USD	United States Dollar
GBP	British Pound Sterling	NZD	New Zealand Dollar	UYU	Uruguay Peso
HKD	Hong Kong Dollar	PEN	Peruvian Nuevo Sol	ZAR	South African Rand
Exchange Abbreviations:
AMEX	American Stock Exchange	LMEX	London Metal Exchange
CBOT	Chicago Board of Trade	NYBEX	New York Board of Trade
CME	Chicago Mercantile Exchange	NYMEX	New York Mercantile Exchange
FTSE	Financial Times Stock Exchange	OTC	Over-the-Counter
ICEX	Iceland Stock Exchange
Index Abbreviations:
CDI	Credit Default Swap Index	GSCI	Goldman Sachs Commodity Index Total Return
CDX	Credit Derivatives Index	HICP	Harmonized Index of Consumer Prices
CMBX	Commercial Mortgage-Backed Index	LCDX	Liquid Credit Derivative Index
CPI	Consumer Price Index	RPI	Retail Price Index
DJAIGCI	Dow Jones-AIG Commodity Index	UKRPI	United Kingdom Retail Price Index
DJAIGTR	Dow Jones-AIG Commodity Index Total Return	USSP	USD Swap Spread
EAFE	Europe, Australasia, and Far East Index
Municipal Bond or Agency Abbreviations:
ACA	American Capital Access Holding Ltd.	HUD	U.S. Department of Housing and Urban Development
AGC	Assured Guaranty Corp.	IBC	Insured Bond Certificate
AMBAC	American Municipal Bond Assurance Corp.	MAIA	Michigan Association of Insurance Agents
CA	California Mortgage	MBIA	Municipal Bond Investors Assurance
FGIC	Financial Guaranty Insurance Co.	PSF	Public School Fund
FHA	Federal Housing Administration	Q-SBLF	Qualified School Bond Loan Fund
FHLMC	Federal Home Loan Mortgage Corporation	Radian	Radian Guaranty, Inc.
FNMA	Federal National Mortgage Association	ST	State
FSA	Financial Security Assurance, Inc.	VA	Department of Veterans Affairs
GNMA	Government National Mortgage Association	XLCA	XL Capital Assurance
GTD	Guaranteed
Other Abbreviations:
ABS	Asset-Backed Security	IG	Investment Grade
CMBS	Collateralized Mortgage-Backed Security	LIBOR	London Interbank Offered Rate
CMM	Constant Maturity Mortgage Rate	MBS	Mortgage-Backed Security
CMO	Collateralized Mortgage Obligation	MSCI	Morgan Stanley Capital International
EM	Emerging Markets	REIT	Real Estate Investment Trust
EURIBOR	Euro Interbank Offered Rate	SPDR	Standard & Poor’s Depository Receipts
HVOL	High Volatility	TIIE	Tasa de Interés Interbancaria de Equilibrio
HY	High Yield	WTI	West Texas Intermediate

Annual Report March 31, 2008 25

Report of Independent Registered Public Accounting Firm

To the Trustees and Class A, Class D and Institutional Class Shareholders of the PIMCO Funds

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights for the Class A, Class D, and Institutional Class shares present fairly, in all material respects, the financial position of the RealRetirement 2010 Fund, RealRetirement 2020 Fund, RealRetirement 2030 Fund, RealRetirement 2040 Fund, and RealRetirement 2050 Fund, five of the seventy Funds constituting the PIMCO Funds, (hereafter referred to as the “Funds”) at March 31, 2008, the results of each of their operations, the changes in each of their net assets and the financial highlights of the Funds for the Class A, Class D and Institutional Class shares for the period indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2008 by correspondence with the custodian and counterparties, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Kansas City, Missouri

May 28, 2008

26 PIMCO Funds RealRetirement Fund

Management of the Trust (Unaudited)

The chart below identifies the Trustees and Officers of the Trust. Each “interested” Trustee as defined by the 1940 Act, is indicated by an asterisk (*). Unless otherwise indicated, the address of all persons below is 840 Newport Center Drive, Newport Beach, CA 92660.

The Funds’ Statement of Additional Information includes more information about the Trustees. To request a free copy, call PIMCO at 1-800-927-4648.

Trustees of the Trust

Name, Age and Position Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Interested Trustees
Brent R. Harris* (48) Chairman of the Board and Trustee	02/1992 to Present	Managing Director and member of Executive Committee, PIMCO. Formerly, Director, PCM Fund, Inc.	101	Chairman and Trustee, PIMCO Variable Insurance Trust; Director and Vice President, StocksPLUS® Management Inc.; and member of Board of Governors and Executive Committee, Investment Company Institute.
R. Wesley Burns* (48) Trustee	11/1997 to Present	Consulting Managing Director, PIMCO. Formerly, Managing Director, PIMCO. Formerly, Director, PCM Fund, Inc.	102	Trustee, PIMCO Variable Insurance Trust; Chairman and Director, PIMCO Strategic Global Government Fund, Inc.; and Director PS Business Parks, Inc. (a Real Estate Investment Trust).
Independent Trustees
E. Philip Cannon (67) Trustee	05/2000 to Present	Proprietor, Cannon & Company (an investment firm). Formerly, President, Houston Zoo (until 2005). Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust. Formerly, Trustee, Allianz Funds (formerly, PIMCO Funds: Multi-Manager Series).
Vern O. Curtis (73) Trustee	02/1995 to Present	Private Investor. Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust.
J. Michael Hagan (68) Trustee	05/2000 to Present	Private Investor and Business Adviser (primarily for manufacturing companies). Formerly, Director, Remedy Temp (staffing). Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust; Director, Ameron International (manufacturing); and Director, Fleetwood Enterprises (manufacturer of housing and recreational vehicles).
William J. Popejoy (70) Trustee	07/1993 to 02/1995 and 08/1995 to Present	Private Investor. Formerly, Director, New Century Financial Corporation (mortgage banking). Formerly, Director, PCM Fund, Inc.	101	Trustee, PIMCO Variable Insurance Trust.

* Each of Mr. Harris and Mr. Burns is an “interested person” of the Trust (as the term is defined in the 1940 Act) because of his affiliations with PIMCO.

** Trustees serve until their successors are duly elected and qualified.

Annual Report March 31, 2008 27

Management of the Trust  (Cont.) (Unaudited)

Executive Officers

Name, Age and Position Held with Trust	Term of Office*** and Length of Time Served	Principal Occupation(s) During Past 5 Years
Ernest L. Schmider (50) President	05/2005 to Present	Managing Director, PIMCO.
David C. Flattum (43) Chief Legal Officer	11/2006 to Present	Executive Vice President and General Counsel, PIMCO. Formerly, Managing Director, Chief Operating Officer and General Counsel, Allianz Global Investors of America L.P. and Partner at Latham and Watkins LLP.
Jennifer E. Durham (37) Chief Compliance Officer	07/2004 to Present	Senior Vice President, PIMCO. Formerly, Vice President and Legal/Compliance Manager, PIMCO.
William H. Gross (63) Senior Vice President	04/1987 to Present	Managing Director and Chief Investment Officer, PIMCO.
Jeffrey M. Sargent (45) Senior Vice President	02/1993 to Present (since 02/1999 as Senior Vice President)	Executive Vice President, PIMCO. Formerly, Senior Vice President, PIMCO.
William S. Thompson, Jr. (62) Senior Vice President	11/1993 to Present (since 02/2003 as Senior Vice President)	Chief Executive Officer and Managing Director, PIMCO.
J. Stephen King, Jr. (45) Vice President - Senior Counsel and Secretary	05/2005 to Present	Senior Vice President and Attorney, PIMCO. Formerly, Vice President, PIMCO; and Associate, Dechert LLP.
Joshua D. Ratner (31) Assistant Secretary	10/2007 to Present	Vice President and Attorney, PIMCO. Formerly, Associate, Skadden, Arps, Slate, Meagher & Flom LLP.
Henrik P. Larsen (38) Vice President	02/1999 to Present	Senior Vice President, PIMCO. Formerly, Vice President, PIMCO.
John P. Hardaway (50) Treasurer	08/1990 to Present	Executive Vice President, PIMCO. Formerly, Senior Vice President, PIMCO.
Erik C. Brown (40) Assistant Treasurer	02/2001 to Present	Senior Vice President, PIMCO. Formerly, Vice President, PIMCO.
Trent W. Walker (33) Assistant Treasurer	05/2007 to Present	Senior Vice President, PIMCO. Formerly, Vice President, PIMCO; Senior Manager, PricewaterhouseCoopers LLP.
Stacie D. Anctil (38) Assistant Treasurer	11/2003 to Present	Vice President, PIMCO. Formerly, Specialist, PIMCO.

*** The Officers of the Trust are re-appointed annually by the Board of Trustees.

28 PIMCO Funds RealRetirement Fund

Approval of Investment Advisory Contract and Administration Agreement

On February 26, 2008, the Board of Trustees (the “Board”) of PIMCO Funds (the “Trust”), including a majority of the independent Trustees (the “Independent Trustees”), approved the Investment Advisory Contract and Administration Agreement (together, the “Agreements”) with Pacific Investment Management Company LLC (“PIMCO”) on behalf of PIMCO RealRetirement 2010 Fund, PIMCO RealRetirement 2020 Fund, PIMCO RealRetirement 2030 Fund, PIMCO RealRetirement 2040 Fund, and PIMCO RealRetirement 2050 Fund, new series of the Trust (each a “Fund” and, together, the “Funds”). The Agreements are currently in effect with respect to other series of the Trust.

The information, material factors and conclusions that formed the basis for the Board’s approval are described below.

1. Information Received

A. Materials Reviewed

In considering whether to approve the Agreements, the Board reviewed materials provided by PIMCO, which included, among other things, comparative industry data with regard to investment performance and expense ratios of funds with investment objectives and policies similar to those of the Funds. The Board also reviewed material provided by counsel to the Trust and the Independent Trustees, which included, among other things, memoranda outlining legal duties of the Board. The Board also reviewed information about the personnel who would be providing investment management and administrative services to the Funds.

B. Review Process

In connection with the approval of the Agreements, the Board reviewed written materials prepared by PIMCO, which included, among other things, comparative fee and performance data for funds in the appropriate Lipper, Inc. (“Lipper”) peer group. Lipper is an independent provider of investment company performance and fee and expense data. The Board also requested and received assistance and advice regarding applicable legal standards from Trust counsel. The Board also heard oral presentations on matters related to the Agreements. The approval determinations were made on the basis of each Trustee’s business judgment after consideration of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. This discussion is not intended to be all-inclusive. This summary describes the most important, but not all, of the factors considered by the Board.

2. Nature, Extent and Quality of Services

A. PIMCO, its Personnel, and Resources

The Board considered the depth and quality of PIMCO’s investment management process, including: its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address the recent growth in assets under management. The Board also considered that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board considered PIMCO’s commitment to investing in information technology supporting investment management and compliance, as well as PIMCO’s continuing efforts to attract and retain qualified personnel and to maintain and enhance its resources and systems.

B. Other Services

The Board considered PIMCO’s policies, procedures and systems to assure compliance with applicable laws and regulations and its commitment to these programs; its efforts to keep the Trustees informed about matters relevant to the Trust and its shareholders; and its attention to matters that may involve conflicts of interest with the Trust. The Board also considered the nature, extent, quality and cost of administrative and shareholder services provided by PIMCO to other series of the Trust under the Agreements.

The Board considered the terms of Trust’s Administration Agreement, under which the Trust pays for the administrative services it requires under what is essentially an all-in fee structure (the “unified fee”). In return, PIMCO would provide or procure administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Board considered PIMCO’s provision of these services to other series of the Trust and its supervision of the Trust’s third party service providers. Ultimately, the Board concluded that the nature, extent and quality of the services to be provided by PIMCO would likely benefit each Fund and its shareholders.

3. Investment Performance

As the Funds were new series at the time of the Board meeting, certain information such as fund performance, was not available with respect to the Funds.

4. Advisory Fees and Total Expenses

PIMCO reported to the Board that, in proposing fees for each Fund, it considered a number of factors, including the type and complexity of the services to be provided, the cost of providing services, the risk assumed by PIMCO in the provision of services, the impact on potential returns from different levels of fees, the competitive marketplace for financial products, and the attractiveness of potential Fund returns to potential investors.

The Board reviewed the proposed advisory fee, administration fee and estimated total expenses of each Fund (each as a percentage of average net assets) and compared such amounts with the fees and expenses of other similar funds. The Board considered that the proposed advisory fee for RealRetirement 2030 Fund, RealRetirement 2040 Fund, and RealRetirement 2050 Fund would periodically decrease at specified periods in the future as these Funds approach their target date.

The Board also considered the Trust’s unified fee structure, under which the Trust pays for the administrative services it requires for one set fee, and in return, PIMCO would provide or procure administrative services and bear the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, legal,

Annual Report March 31, 2008 29

Approval of Investment Advisory Contract and Administration Agreement  (Cont.)

transfer agency and printing costs. The Board noted that the unified administrative fee creates a fund expense ratio that is fixed, rather than variable, and that the fixed expense ratio was viewed by many in the industry as a positive attribute for other series of the Trust. The Board concluded that each Fund’s proposed administrative fees were reasonable in relation to the value of the services to be provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Administration Agreement represent, in effect, a cap on fund expense ratios that would be beneficial to each Fund and its shareholders. The Board further noted that, although the unified fee structure does not have break points, it implicitly reflects economies of scale by fixing the absolute level of Fund expenses at competitive levels.

The Board noted that PIMCO proposed to contractually waive the advisory fee and the administrative fee it received from each Fund in an amount equal to the expenses attributable to advisory and administrative fees of the underlying PIMCO Funds indirectly incurred by each Fund in connection with its investments in underlying PIMCO Funds. The Board also noted that PIMCO proposed to reduce total annual fund operating expenses by waiving a portion of its administrative fee or reimbursing each Fund, to the extent that they would exceed, due to the payment of organizational expenses and pro rata Trustees’ fees, the sum of the Fund’s advisory fee, distribution and service fees (as applicable), administrative fee and other expenses borne by the Fund not covered by the administrative fee, plus 0.49 basis points.

Based on the information presented by PIMCO, members of the Board then determined, in the exercise of their business judgment, that the level of the advisory and administrative fees to be charged by PIMCO, as well as the estimated total expenses of each Fund, are reasonable and approval of the Agreements would likely benefit each Fund and its shareholders.

5. Adviser Costs, Level of Profits and Economies of Scale

As the Funds were new series at the time of the Board meeting, information regarding PIMCO’s costs and the profitability of PIMCO’s relationship with the Funds was not available.

With respect to potential economies of scale, the Board found that because the unified fee protects shareholders against unanticipated increases in the expense ratio due to redemptions, declines in asset values, or increases in the costs of services provided or procured by PIMCO, economies of scale are implicitly recognized in the level of the unified fee (which, together with the advisory fee, serves as a proxy for each Fund’s overall expense ratio).

The Board concluded that each Fund’s proposed cost structure was reasonable and that the unified fee structure inherently involves the sharing of economies of scale between PIMCO and each Fund, to the benefit of Fund shareholders.

6. Ancillary Benefits

The Board considered other benefits received by PIMCO and its affiliates as a result of PIMCO’s relationship with the Trust, including: sales charges and distribution fees received and retained by the Funds’ principal underwriter, an affiliate of PIMCO; and possible ancillary benefits to PIMCO’s institutional investment management business due to the reputation and market penetration of the various series of the Trust, including the Funds. The Board also considered that affiliates of PIMCO will provide distribution and shareholder services to each Fund and its shareholders, for which they may be compensated under the unified administrative fee, or through distribution fees paid pursuant each Fund’s Rule 12b-1 plans. The Board also reviewed PIMCO’s soft dollar policies and procedures, noting that PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds.

7. Conclusions

Based on their review, including their consideration of each of the factors referred to above, the Board concluded that the Agreements were fair and reasonable to each Fund and its shareholders, that each Fund’s shareholders would likely receive reasonable value in return for the advisory fees and other amounts paid to PIMCO by each Fund, and that the approval of the Agreements was in the best interests of each Fund and its shareholders.

30 PIMCO Funds RealRetirement Fund

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

840 Newport Center Drive

Newport Beach, CA 92660

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, NY 10105-4800

Custodian

State Street Bank and Trust Company

801 Pennsylvania

Kansas City, MO 64105

Transfer Agent

Boston Financial Data Services - Midwest

330 W. 9th Street

Kansas City, MO 64105

Legal Counsel

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1055 Broadway

Kansas City, MO 64105

This report is submitted for the general information of the shareholders of the PIMCO Funds.

Item 2.	Code of Ethics.
	As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the “Code”) that applies to the Registrant’s principal executive officer and principal financial officer. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the principal executive officer or principal financial officer during the period covered by this report. A copy of the Code is included as an exhibit to this report.
Item 3.	Audit Committee Financial Expert.
	(a)	The Board of Directors has determined that J. Michael Hagan, who serves on the Board’s audit committee, qualifies as an “audit committee financial expert” as such term is defined in the instructions to this Item 3. The Board has also determined that Mr. Hagan is “independent” as such term is interpreted under this Item 3.
Item 4.	Principal Accountant Fees and Services.
	(a)	Fiscal Year Ended	Audit Fees
		March 31, 2008	$2,665,859
		March 31, 2007	$2,081,832
	(b)	Fiscal Year Ended	Audit-Related Fees(1)
		March 31, 2008	$25,408
		March 31, 2007	$80,600
	(c)	Fiscal Year Ended	Tax Fees(2)
		March 31, 2008	$7,632
		March 31, 2007	$11,840
	(d)	Fiscal Year Ended	All Other Fees(3)
		March 31, 2008	$ —
		March 31, 2007	$ —
		“Audit Fees” represents aggregate fees billed for each of the last two fiscal years for professional services rendered for the audit of the PIMCO Funds (the “Trust” or “Registrant”) annual financial statements for those fiscal years or services that are normally provided by the accountant in connection with statutory or regulatory filings or engagements for those fiscal years.
		“Audit-Related Fees” represents aggregate fees billed for each of the last two fiscal years for assurance and related services reasonably related to the performance of the audit of the Trust’s annual financial statements for those years.
		“Tax Fees” represents aggregate fees billed for each of the last two fiscal years for professional services related to tax compliance, tax advice and tax planning, including review of federal and state income tax returns, review of excise tax distribution requirements and preparation of excise tax returns.
		“All Other Fees” represents aggregate fees, if any, billed for other products and services rendered by the principal accountant to the Trust for the last two fiscal years.
		(1)   Includes aggregate fees billed for review of the Registrant’s semi-annual reports to shareholders and additional Form N-1A filing review.
		(2)    Includes aggregate fees billed for review of the Registrant’s tax returns and tax consulting services.
		(3)   There were no “Other Fees” for the last two fiscal years.
	(e)	Pre-approval policies and procedures
	(1)	The Registrant’s Audit Committee has adopted pre-approval policies and procedures (the “Procedures”) to govern the Audit Committee’s pre-approval of (i) all audit services and permissible non-audit services to be provided to the Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the registrant’s investment adviser and to any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant (collectively, the “Service Affiliates”) if the services provided directly relate to the Registrant’s operations and financial reporting. In accordance with the Procedures, the Audit Committee is responsible for the engagement of the independent accountant to certify the Registrant’s financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Committee may annually pre-approve a list of types or categories of non-audit services that may be provided to the Registrant or its Service Affiliates, or the Audit Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Committee, subject to the ratification by the full Audit Committee no later than its next scheduled meeting.
	(2)	With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
	(f)	Not applicable.
	(g)

	Aggregate Non-Audit Fees Billed to Entity
Entity	March 31, 2008	March 31, 2007
PIMCO Funds	$33,040	$92,440
Pacific Investment Management Company LLC (“PIMCO”)	$943,624	$438,646
Totals	$976,664	$531,086

	(h)	The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser that provides ongoing services to the Registrant’s which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant’s independence.
Item 5.	Audit Committee of Listed Registrants.
	The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The audit committee is comprised of: E. Philip Cannon; Vern O. Curtis; J. Michael Hagan; William J. Popejoy
Item 6.	Schedule of Investments.
	Please note that the Registrant has included a summary schedule of portfolio securities of the Total Return Fund in its annual reports to shareholders, a copy of which is included under Item 1, for this reporting period. The Total Return Fund’s complete schedule of investments in securities of unaffiliated issuers as of the close of this period as set forth in Section 210.12-12 of Regulation S-X is set forth below:

PIMCO Funds

March 31, 2008

Complete Schedule of Investments

Schedule of Investments

Total Return Fund

March 31, 2008

	Principal Amount (000s)		Value (000s)
BANK LOAN OBLIGATIONS 0.6%
Allied Waste North America, Inc.
4.060% due 03/28/2014	$	1,355	$	1,284
4.080% due 03/28/2014		1,581		1,497
4.570% due 03/28/2014		2,899		2,745
4.590% due 03/28/2014		239		226
4.600% due 03/28/2014		3,629		3,437
Community Health Systems, Inc.
4.000% due 07/02/2014		974		900
5.335% due 07/25/2014		19,054		17,605
CSC Holdings, Inc.
4.750% due 03/30/2013		37,497		35,136
Daimler Finance North America LLC
6.800% due 08/03/2012		524,278		436,097
DaVita, Inc.
4.570% due 10/05/2012		629		592
4.600% due 10/05/2012		1,075		1,012
4.630% due 10/05/2012		8,194		7,716
5.760% due 10/05/2012		1,218		1,147
6.230% due 10/05/2012		6,841		6,442
6.730% due 10/05/2012		3,496		3,292
Dex Media West LLC
4.410% due 09/09/2010		719		692
4.530% due 09/09/2010		1,079		1,038
4.580% due 09/09/2010		1,439		1,384
6.330% due 09/09/2010		62		60
First Data Corp.
5.349% due 09/24/2014		931		840
7.580% due 09/24/2014		69		62
Ford Motor Co.
5.800% due 12/15/2013		21,670		17,814
Freescale Semiconductor, Inc.
4.861% due 12/01/2013		2,970		2,512
Fresenius Medical Care Capital Trust
3.954% due 03/22/2013		182		175
4.071% due 03/22/2013		446		427
4.460% due 03/22/2013		52		50
5.818% due 03/22/2013		26		25
General Motors Corp.
7.056% due 11/29/2013		34,640		30,922
Georgia-Pacific Corp.
4.446% due 12/20/2012		2,761		2,565
4.740% due 12/20/2012		33,413		31,042
4.835% due 12/20/2012		3,903		3,626
HCA, Inc.
4.696% due 11/16/2012		17,316		15,777
4.946% due 11/16/2013		4,975		4,583
Health Management Associates, Inc.
6.580% due 02/28/2014		4,859		4,233
Idearc, Inc.
6.330% due 11/17/2013		15,000		12,484
Las Vegas Sands Corp.
3.000% due 05/15/2014		9,900		8,772
4.450% due 05/23/2014		39,402		34,911
Metro-Goldwyn-Mayer, Inc.
5.946% due 04/08/2012		1,950		1,551
8.108% due 04/08/2012		29,314		23,323
Mylan Laboratories, Inc.
5.938% due 10/02/2014		3,912		3,782
6.250% due 10/02/2014		6,088		5,884
NRG Energy, Inc.
4.196% due 02/01/2013		9,408		8,826
4.346% due 02/01/2013		11,553		10,839
6.580% due 02/01/2013		2,964		2,781
RH Donnelley Corp.
4.100% due 06/30/2011		509		474
4.200% due 06/30/2011		148		138
4.300% due 06/30/2011		1,357		1,263
4.500% due 06/30/2011		678		631
4.570% due 03/09/2010		1,652		1,587
4.590% due 09/09/2010		360		335
4.590% due 06/30/2011		468		436
4.600% due 06/30/2011		678		631
4.750% due 06/30/2011		254		236
5.480% due 09/09/2010		535		516
6.330% due 03/09/2010		39		38
Sensata Technologies, Inc.
5.056% due 04/27/2013		4,950		4,306
5.058% due 04/27/2013		13		11
TXU Technology
6.478% due 10/10/2014		2,318		2,113
6.596% due 10/10/2014		18,682		17,021
Yell Group PLC
5.122% due 02/10/2013		33,000		27,691
Total Bank Loan Obligations (Cost $912,672)				807,535
CORPORATE BONDS & NOTES 25.5%
Banking & Finance 19.8%
ABX Financing Co.
5.750% due 10/15/2016		10,000		10,075
ACE INA Holdings, Inc.
5.700% due 02/15/2017		50		50
AIG SunAmerica Global Financing X
6.900% due 03/15/2032		10,000		10,064
AIG-Fp Matched Funding Corp.
2.800% due 06/16/2008		100,000		99,672
Allstate Corp.
6.125% due 12/15/2032		150		144
6.125% due 05/15/2037		1,500		1,384
Allstate Life Global Funding Trusts
2.639% due 03/23/2009		50,000		49,912
American Express Bank FSB
2.616% due 09/26/2008		27,800		27,726
6.000% due 09/13/2017		309,400		302,377
American Express Centurion Bank
2.835% due 04/17/2009		89,100		88,841
2.978% due 12/17/2009		5,000		4,910
6.000% due 09/13/2017		309,400		300,880
American Express Co.
5.250% due 09/12/2011		600		604
5.500% due 09/12/2016		150		145
6.150% due 08/28/2017		53,500		53,385
7.000% due 03/19/2018		203,500		214,176
American Express Credit Corp.
2.609% due 12/19/2008		10,000		9,984
3.000% due 05/16/2008		150		150
3.140% due 04/06/2009		20,300		20,149
3.179% due 03/02/2009		2,480		2,466
American General Corp.
7.500% due 08/11/2010		250		268
American General Finance Corp.
2.750% due 06/15/2008		500		498
2.785% due 06/27/2008		49,940		49,668
5.375% due 10/01/2012		200		197
5.400% due 12/01/2015		100		91
6.900% due 12/15/2017		200,400		196,323
American Honda Finance Corp.
3.050% due 03/09/2009		61,080		61,111
3.148% due 05/12/2009		94,600		94,618
American International Group, Inc.
2.599% due 06/23/2008		70,600		70,291
2.868% due 06/16/2009		15,000		14,999
3.346% due 01/29/2010		217,600		217,178
5.050% due 10/01/2015		41,300		40,366
5.375% due 10/18/2011		4,000		4,064
5.850% due 01/16/2018		165,420		162,751
6.250% due 05/01/2036		100,000		94,876
Ameriprise Financial, Inc.
5.350% due 11/15/2010		145		149
Anadarko Finance Co.
6.750% due 05/01/2011		10,000		10,700
ANZ National International Ltd.
3.168% due 08/07/2009		45,000		44,921
Asian Development Bank
5.820% due 06/16/2028		1,100		1,225
Associates Corp. of North America
8.550% due 07/15/2009		250		264
AXA Financial, Inc.
7.750% due 08/01/2010		100		109
Bank of America Corp.
2.662% due 03/24/2009		47,300		47,261
2.681% due 09/25/2009		102,700		101,708
2.964% due 09/18/2009		100		99
3.155% due 11/06/2009		123,500		122,637
3.220% due 02/17/2009		11,000		10,993
3.346% due 02/11/2009		20,000		19,987
3.375% due 02/17/2009		150		150
4.637% due 10/14/2016		40,000		36,822
4.750% due 08/15/2013		500		503
5.125% due 11/15/2014		125		128
5.200% due 03/15/2018		100		96
5.750% due 12/01/2017		39,770		41,262
6.000% due 09/01/2017		198,720		209,456
7.250% due 10/15/2025		200		212
7.800% due 02/15/2010		500		535
Bank of America N.A.
2.764% due 12/18/2008		1,200		1,197
2.901% due 06/12/2009		165,460		164,630
3.080% due 06/15/2016		100,760		87,256
3.089% due 02/27/2009		229,600		229,185
6.000% due 10/15/2036		70,100		67,284
6.100% due 06/15/2017		1,600		1,683
Bank of Ireland
2.589% due 12/19/2008		50,100		50,059
Bank of New York Mellon Corp.
6.375% due 04/01/2012		200		213
Bank of Scotland PLC
2.818% due 07/17/2008		25,100		25,096
2.890% due 09/14/2009		100		99
4.037% due 07/17/2009		102,500		102,484
Bank One Corp.
2.625% due 06/30/2008		500		499
7.750% due 07/15/2025		200		225
Banque Paribas
6.875% due 03/01/2009		100		103
Barclays Bank PLC
5.450% due 09/12/2012		168,600		172,924
6.050% due 12/04/2017		174,980		171,101
7.434% due 09/29/2049		75,100		68,032

See accompanying notes

Schedule of Investments (Cont.)

Total Return Fund

March 31, 2008

	Principal Amount (000s)		Value (000s)
BB&T Corp.
4.750% due 10/01/2012	$	145	$	145
BBVA U.S. Senior S.A. Unipersonal
4.068% due 04/17/2009		200,000		199,875
Bear Stearns Cos., Inc.
2.786% due 03/30/2009		241,450		229,560
2.875% due 07/02/2008		500		488
3.160% due 08/21/2009		10,200		9,652
3.182% due 02/23/2010		200,300		190,647
3.245% due 01/07/2009		10,000		9,779
3.260% due 09/09/2009		19,980		19,187
3.456% due 04/29/2008		152,605		151,918
3.474% due 01/31/2011		50,000		45,900
3.551% due 01/30/2009		201,500		186,578
4.034% due 10/22/2010		5,000		4,622
4.326% due 07/19/2010		5,700		5,140
4.500% due 10/28/2010		215		203
6.950% due 08/10/2012		318,700		319,271
7.625% due 12/07/2009		80		79
Berkshire Hathaway Finance Corp.
3.375% due 10/15/2008		100		100
BFC Finance Corp.
7.375% due 12/01/2017		1,000		1,209
BHP Billiton Finance Ltd.
5.125% due 03/29/2012		10,000		10,178
BNP Paribas
5.186% due 06/29/2049		600		504
Boeing Capital Corp.
4.750% due 09/15/2008		70		71
6.100% due 03/01/2011		300		320
7.375% due 09/27/2010		135		149
C5 Capital SPV Ltd.
6.196% due 12/01/2049		15,000		14,816
C10 Capital SPV Ltd.
6.722% due 12/31/2049		39,500		36,622
Calabash Re Ltd.
13.700% due 01/08/2010		2,650		2,734
Capital One Financial Corp.
5.700% due 09/15/2011		7,000		6,614
6.750% due 09/15/2017		260,000		247,218
Caterpillar Financial Services Corp.
3.060% due 03/10/2009		28,560		28,507
3.130% due 05/18/2009		101,000		100,621
Charter One Bank N.A.
3.294% due 04/24/2009		100,000		99,423
CIT Group, Inc.
2.729% due 12/19/2008		20,000		18,027
3.021% due 03/12/2010		26,934		21,630
3.100% due 06/08/2009		82,375		68,244
3.190% due 08/17/2009		17,380		14,606
3.215% due 08/15/2008		8,400		7,755
3.302% due 05/23/2008		159,355		156,179
3.401% due 01/30/2009		230,175		200,369
3.524% due 07/28/2011		15,000		11,117
5.000% due 02/01/2015		150		118
6.000% due 02/15/2013		500		332
CitiFinancial, Inc.
6.625% due 06/01/2015		10,000		10,213
Citigroup Capital XXI
8.300% due 12/21/2057		263,530		260,439
Citigroup Funding, Inc.
2.599% due 04/23/2009		2,200		2,173
2.606% due 06/26/2009		300		296
2.980% due 12/08/2008		173,000		171,391
Citigroup Global Markets Holdings, Inc.
2.900% due 03/17/2009		400		395
3.359% due 08/03/2009		39,980		39,435
Citigroup, Inc.
2.695% due 12/26/2008		40,980		40,929
2.701% due 12/28/2009		143,330		140,381
3.130% due 06/09/2009		102,559		101,382
3.160% due 05/18/2011		100,000		95,850
3.162% due 05/02/2008		157,585		157,527
3.220% due 05/18/2010		182,550		178,439
3.291% due 01/30/2009		134,700		133,518
4.250% due 07/29/2009		300		300
5.000% due 09/15/2014		250		236
5.100% due 09/29/2011		3,000		3,002
5.300% due 10/17/2012		37,800		37,947
5.500% due 08/27/2012		93,000		93,655
5.850% due 07/02/2013		24,300		24,691
5.875% due 02/22/2033		75		63
6.000% due 08/15/2017		66,300		65,536
6.125% due 11/21/2017		100,000		100,104
6.125% due 08/25/2036		10,000		8,810
CNA Financial Corp.
5.850% due 12/15/2014		20,500		20,319
6.000% due 08/15/2011		25,000		25,717
6.600% due 12/15/2008		200		203
Commonwealth Bank of Australia
3.098% due 06/08/2009		96,300		96,306
Countrywide Financial Corp.
6.250% due 05/15/2016		25,000		20,327
Countrywide Home Loans, Inc.
4.125% due 09/15/2009		7,235		6,525
6.250% due 04/15/2009		5,000		4,632
Credit Suisse USA, Inc.
3.120% due 12/09/2008		26,380		26,332
5.375% due 03/02/2016		250		251
5.500% due 08/16/2011		400		415
5.500% due 08/15/2013		100		105
7.125% due 07/15/2032		40		42
DBS Bank Ltd.
3.290% due 05/16/2017		22,000		20,458
5.000% due 11/15/2019		8,000		7,350
Deutsche Bank AG
6.000% due 09/01/2017		361,100		376,895
DnB NOR Bank ASA
4.447% due 10/13/2009		100		100
East Lane Re Ltd.
9.239% due 05/06/2011		33,600		33,879
Eksportfinans A/S
4.750% due 12/15/2008		150		152
El Paso Performance-Linked Trust
7.750% due 07/15/2011		7,250		7,451
Enron Credit Linked Notes Trust
8.000% due 08/15/2005 (a)		3,200		2,720
Export-Import Bank of China
4.875% due 07/21/2015		28,200		28,327
FNBC 1993-A Pass-Through Trust
8.080% due 01/05/2018		208		260
Ford Credit de Mexico S.A. de C.V.
4.242% due 03/20/2009		187,000		179,895
Ford Motor Credit Co. LLC
5.625% due 10/01/2008		28,966		28,481
5.700% due 01/15/2010		22,300		19,391
5.800% due 01/12/2009		77,899		74,227
5.828% due 01/15/2010		20,300		16,986
6.625% due 06/16/2008		83,430		82,491
6.750% due 08/15/2008		11,475		11,314
7.250% due 10/25/2011		3,900		3,209
7.375% due 02/01/2011		5,100		4,259
7.875% due 06/15/2010		82,528		72,027
Foundation Re II Ltd.
9.820% due 11/26/2010		40,850		41,717
GATX Financial Corp.
6.273% due 06/15/2011		10,355		10,838
General Electric Capital Corp.
2.619% due 05/19/2008		6,000		5,999
2.669% due 08/22/2008		37,500		37,492
2.672% due 06/20/2014		38,000		36,294
2.739% due 06/22/2009		29,760		29,773
2.840% due 03/16/2009		124,100		123,927
2.900% due 06/15/2009		145,265		145,192
2.920% due 12/15/2009		267,290		264,702
2.931% due 03/12/2010		8,500		8,458
2.941% due 12/12/2008		44,000		44,093
3.120% due 05/19/2008		176,796		176,899
3.156% due 05/10/2010		129,900		127,462
3.244% due 10/24/2008		100		100
3.250% due 06/15/2009		10,000		9,998
3.262% due 02/02/2009		102,768		102,546
3.274% due 10/26/2009		1,700		1,683
3.334% due 04/28/2011		49,970		49,067
3.344% due 07/28/2008		4,005		4,008
3.351% due 04/30/2009		10,479		10,476
3.475% due 05/05/2026		29,950		24,997
3.964% due 01/20/2010		197,600		196,329
3.994% due 10/21/2010		150,450		149,174
4.000% due 05/15/2010		100		100
4.125% due 09/01/2009		140		142
4.250% due 06/15/2012		1,596		1,595
4.686% due 01/05/2009		197,550		197,408
4.706% due 10/06/2010		30,100		29,618
4.820% due 01/08/2016		82,800		75,581
5.500% due 04/28/2011		9,000		9,465
5.875% due 01/14/2038		299,130		289,310
6.000% due 06/15/2012		675		721
6.125% due 02/22/2011		1,100		1,171
6.375% due 11/15/2067		230,200		225,733
6.750% due 03/15/2032		250		268
8.125% due 05/15/2012		250		285
8.310% due 04/13/2009		41,300		43,327
General Motors Acceptance Corp.
7.430% due 12/01/2021		533		538
Genworth Financial, Inc.
6.500% due 06/15/2034		160		148
Genworth Global Funding Trusts
2.860% due 02/10/2009		50,000		49,606
Glitnir Banki HF
4.154% due 04/20/2010		50,000		42,726
4.334% due 01/21/2011		10,000		7,624
4.421% due 01/18/2012		20,000		15,140
GMAC LLC
3.749% due 09/23/2008		42,000		39,629
4.315% due 05/15/2009		123,000		105,157
6.000% due 04/01/2011		15,000		11,637
6.000% due 12/15/2011		100		75
6.500% due 12/15/2018		200		108
6.700% due 06/15/2018		100		55
6.850% due 04/15/2016		200		116
7.000% due 02/15/2018		100		56

See accompanying notes

Schedule of Investments (Cont.)

Total Return Fund

March 31, 2008

	Principal Amount (000s)		Value (000s)
7.200% due 10/15/2017	$	125	$	71
7.250% due 09/15/2017		200		116
7.375% due 04/15/2018		100		58
Golden West Financial Corp.
4.750% due 10/01/2012		100		103
Goldman Sachs Group LP
3.796% due 02/09/2009		10,000		9,975
Goldman Sachs Group, Inc.
2.639% due 12/23/2008		103,000		102,362
2.679% due 12/23/2009		50,000		49,067
2.689% due 12/22/2008		209,375		207,915
2.689% due 06/23/2009		136,400		134,672
2.746% due 03/30/2009		4,700		4,654
2.971% due 06/28/2010		28,120		27,414
3.049% due 03/22/2016		10,000		8,707
3.150% due 11/16/2009		32,480		32,087
3.186% due 11/10/2008		41,000		40,789
3.276% due 03/02/2010		68,584		67,346
3.406% due 07/29/2008		244,670		244,101
3.875% due 01/15/2009		770		772
4.178% due 07/23/2009		15,570		15,437
4.750% due 07/15/2013		500		487
5.000% due 01/15/2011		11,500		11,735
5.250% due 10/15/2013		665		662
5.625% due 01/15/2017		150		144
5.700% due 09/01/2012		2,325		2,390
5.950% due 01/18/2018		270,000		268,054
6.125% due 02/15/2033		20,000		18,267
6.150% due 04/01/2018 (c)		58,100		58,164
6.250% due 09/01/2017		417,000		420,721
6.750% due 10/01/2037		293,300		273,700
6.875% due 01/15/2011		100		107
7.350% due 10/01/2009		150		158
Hartford Financial Services Group, Inc.
5.950% due 10/15/2036		175		155
HBOS Capital Funding LP
6.071% due 06/29/2049		10,000		8,796
HBOS PLC
3.420% due 02/06/2014		100		98
5.920% due 09/29/2049		37,900		27,929
6.657% due 05/29/2049		200		143
HCP, Inc.
5.950% due 09/15/2011		12,350		11,994
6.300% due 09/15/2016		13,000		11,150
Heller Financial, Inc.
7.375% due 11/01/2009		300		321
HSBC Bank USA N.A.
2.980% due 12/14/2009		9,700		9,654
5.875% due 11/01/2034		3,000		2,698
HSBC Capital Funding LP
4.610% due 12/29/2049		400		354
9.547% due 12/29/2049		43,400		46,708
10.176% due 12/29/2049		66,160		79,368
HSBC Finance Capital Trust IX
5.911% due 11/30/2035		2,300		1,868
HSBC Finance Corp.
2.669% due 06/19/2009		158,250		150,082
2.930% due 09/15/2008		175,250		173,592
3.070% due 05/21/2008		96,900		96,943
3.154% due 12/05/2008		73,500		73,038
3.236% due 05/09/2008		9,350		9,349
3.346% due 05/10/2010		31,655		29,243
3.350% due 11/16/2009		63,479		60,605
3.506% due 06/01/2016		10,000		8,246
3.954% due 10/21/2009		72,100		69,614
4.250% due 06/15/2008		250		250
4.508% due 01/15/2014		15,000		13,261
4.750% due 05/15/2009		4,000		4,000
7.000% due 05/15/2012		315		327
HSBC Holdings PLC
6.500% due 05/02/2036		191,500		185,844
6.500% due 09/15/2037		104,000		98,972
7.500% due 07/15/2009		33,000		34,190
IBM International Group Capital LLC
3.646% due 07/29/2009		88,000		88,259
Infrastructure Finance Corp. Ltd. AID Bonds
5.378% due 03/26/2009		2,000		2,043
Inter-American Development Bank
7.375% due 01/15/2010		350		382
International Lease Finance Corp.
3.312% due 05/24/2010		43,180		40,893
4.234% due 04/20/2009		6,500		6,361
4.658% due 01/15/2010		34,630		33,214
4.750% due 07/01/2009		900		898
4.875% due 09/01/2010		160		159
5.059% due 07/11/2011		50,000		44,617
5.250% due 01/10/2013		15,000		14,708
5.300% due 04/15/2008		200		200
5.350% due 03/01/2012		20,000		19,721
5.400% due 02/15/2012		20,000		19,755
iStar Financial, Inc.
5.150% due 03/01/2012		10,000		7,406
5.950% due 10/15/2013		10,000		7,308
Jenkins-Empire Associates
6.840% due 08/01/2008		209		208
John Deere Capital Corp.
3.116% due 09/01/2009		25,000		24,891
4.308% due 04/15/2008		114,360		114,407
4.308% due 07/15/2008		1,000		1,000
4.500% due 08/25/2008		5,100		5,125
5.650% due 07/25/2011		9,000		9,544
7.000% due 03/15/2012		175		194
JPMorgan & Co., Inc. CPI Linked Bond
5.886% due 02/15/2012		600		618
JPMorgan Chase & Co.
2.649% due 12/22/2008		15,200		15,146
2.679% due 06/25/2010		1,300		1,268
3.170% due 03/09/2009		10,000		9,935
4.500% due 01/15/2012		4,000		4,047
4.875% due 03/15/2014		645		632
4.919% due 10/02/2009		52,700		52,141
5.250% due 05/01/2015		700		697
5.750% due 01/02/2013		45		47
6.000% due 01/15/2018		147,320		154,027
JPMorgan Chase Bank N.A.
6.000% due 10/01/2017		317,300		331,535
JPMorgan Chase Capital XV
5.875% due 03/15/2035		75		64
JPMorgan Chase Capital XX
6.550% due 09/29/2036		37,600		33,000
Kaupthing Bank HF
5.750% due 10/04/2011		30,000		23,972
Keycorp
2.706% due 05/26/2009		55,800		55,705
Kreditanstalt fuer Wiederaufbau
3.250% due 03/30/2009		250		251
4.875% due 01/17/2017		50		54
Landsbanki Islands HF
3.792% due 08/25/2009		18,000		16,326
6.100% due 08/25/2011		10,000		8,746
Landwirtschaftliche Rentenbank
4.875% due 11/16/2015		175		190
Lehman Brothers Holdings, Inc.
2.649% due 12/23/2008		478,200		464,982
2.728% due 11/24/2008		8,000		7,801
2.788% due 04/03/2009		166,080		158,371
2.809% due 12/23/2010		100		85
3.115% due 05/29/2008		59,600		59,247
3.170% due 08/21/2009		101,000		96,757
3.170% due 11/16/2009		25,870		24,697
3.232% due 05/25/2010		48,400		43,325
3.938% due 01/23/2009		108,600		104,274
3.950% due 11/10/2009		100		95
3.984% due 10/22/2008		28,100		27,367
4.000% due 04/16/2019		90		88
5.625% due 01/24/2013		141,970		138,247
5.750% due 01/03/2017		200		181
6.200% due 09/26/2014		49,670		49,068
7.875% due 11/01/2009		65		66
Longpoint Re Ltd.
8.050% due 05/08/2010		87,500		88,703
LVB Acquisition Merger Sub, Inc.
10.000% due 10/15/2017		4,500		4,736
10.375% due 10/15/2017 (e)		4,500		4,691
11.625% due 10/15/2017		6,000		6,030
M&I Marshall & Ilsley Bank
5.250% due 09/04/2012		125		121
MBNA Capital B
4.039% due 02/01/2027		7,000		5,859
MBNA Corp.
3.525% due 05/05/2008		10,000		10,008
6.125% due 03/01/2013		100		107
Mellon Bank N.A.
4.750% due 12/15/2014		50		49
Mellon Funding Corp.
5.000% due 12/01/2014		100		95
Merrill Lynch & Co., Inc.
2.629% due 12/22/2008		99,900		99,230
2.696% due 06/26/2009		5,000		4,906
2.900% due 06/16/2008		86,655		86,528
2.928% due 06/16/2008		75,000		74,888
3.158% due 08/14/2009		16,750		16,412
3.166% due 06/30/2008		6,300		6,227
3.168% due 08/22/2008		102,575		102,306
3.334% due 10/27/2008		82,000		81,606
3.341% due 01/30/2009		50,000		49,395
3.395% due 02/06/2009		78,400		77,534
4.250% due 02/08/2010		2,000		1,954
5.000% due 01/15/2015		200		186
6.050% due 08/15/2012		448,500		456,120
6.220% due 09/15/2026		115		97
6.400% due 08/28/2017		168,800		166,980
6.750% due 06/01/2028		115		99
MetLife, Inc.
5.375% due 12/15/2012		200		209
6.400% due 12/15/2036		69,900		55,717
Metropolitan Life Global Funding I
5.125% due 11/09/2011		4,325		4,498
Mizuho Financial Group Cayman Ltd.
8.375% due 01/29/2049		200		199

See accompanying notes

Schedule of Investments (Cont.)

Total Return Fund

March 31, 2008

	Principal Amount (000s)		Value (000s)
Morgan Stanley
3.206% due 02/09/2009	$	119,785	$	118,444
3.361% due 04/25/2008		49,970		49,966
3.468% due 05/14/2008		85,800		85,619
3.625% due 04/01/2008		500		500
4.134% due 01/22/2009		302,300		296,867
4.201% due 01/18/2011		600		561
4.250% due 05/15/2010		2,500		2,466
4.348% due 01/15/2010		49,700		47,536
4.401% due 10/18/2016		60,000		54,138
4.738% due 10/15/2015		10,000		8,110
4.750% due 04/01/2014		460		428
5.375% due 10/15/2015		500		475
5.625% due 01/09/2012		1,000		1,009
5.750% due 08/31/2012		370,000		377,208
6.250% due 08/28/2017		200		199
6.250% due 08/09/2026		225		200
6.750% due 04/15/2011		200		210
MUFG Capital Finance 1 Ltd.
6.346% due 07/29/2049		32,800		26,778
Mystic Re Ltd.
9.390% due 12/05/2008		4,250		4,214
12.090% due 12/05/2008		32,100		31,795
13.090% due 06/07/2011		12,200		12,596
Natexis AMBS Co. LLC
8.440% due 12/29/2049		14,000		14,184
National Australia Bank Ltd.
2.769% due 06/19/2017		75,000		70,067
2.899% due 06/23/2014		25,250		24,736
2.926% due 06/29/2016		10,000		9,376
2.979% due 09/11/2009		300		300
3.578% due 02/08/2010		15,900		15,908
National Rural Utilities Cooperative Finance Corp.
7.250% due 03/01/2012		140		152
Nationwide Health Properties, Inc.
6.500% due 07/15/2011		13,000		13,586
Nordea Bank Sweden AB
8.950% due 11/29/2049		28,000		29,581
ORIX Corp.
5.480% due 11/22/2011		20,000		19,389
Osiris Capital PLC
7.108% due 01/15/2010		12,600		12,527
Petroleum Export Ltd.
5.265% due 06/15/2011		23,947		24,044
Phoenix Quake Ltd.
5.148% due 07/03/2008		36,600		36,600
Phoenix Quake Wind I Ltd.
7.152% due 07/03/2008		36,600		36,607
Phoenix Quake Wind II Ltd.
6.198% due 07/03/2008		13,700		13,510
PMI Group, Inc.
6.000% due 09/15/2016		24,200		19,910
PNC Funding Corp.
5.125% due 12/14/2010		150		152
Popular North America, Inc.
5.046% due 04/06/2009		25,000		24,377
Pricoa Global Funding I
2.981% due 09/12/2008		30,000		29,999
Principal Life Income Funding Trusts
5.100% due 04/15/2014		100		100
Progressive Corp.
6.700% due 06/15/2037		200		178
Prudential Financial, Inc.
3.018% due 06/13/2008		11,030		11,019
3.750% due 05/01/2008		150		150
6.000% due 12/01/2017		40,000		40,419
6.100% due 06/15/2017		100		103
6.625% due 12/01/2037		5,400		5,351
Rabobank Capital Funding II
5.260% due 12/29/2049		11,120		9,562
Rabobank Capital Funding Trust
5.254% due 12/29/2049		120		100
Rabobank Nederland
4.278% due 01/15/2009		81,200		81,168
4.646% due 04/06/2009		7,650		7,643
RBS Capital Trust I
4.709% due 12/29/2049		500		422
Regions Financial Corp.
6.375% due 05/15/2012		125		127
Republic New York Corp.
7.750% due 05/15/2009		4,375		4,516
Residential Reinsurance 2007 Ltd.
9.076% due 06/07/2010		12,500		12,619
10.326% due 06/07/2010		12,500		12,733
10.826% due 06/07/2010		12,500		12,738
13.326% due 06/07/2010		1,500		1,535
Resona Bank Ltd.
5.850% due 09/29/2049		37,950		31,594
Rio Tinto Finance USA Ltd.
2.625% due 09/30/2008		150		149
Rockies Express Pipeline LLC
4.250% due 08/20/2009		2,100		2,101
Royal Bank of Canada
3.875% due 05/04/2009		50		51
5.650% due 07/20/2011		125		131
Royal Bank of Scotland Group PLC
3.944% due 07/21/2008		38,000		37,940
4.452% due 04/11/2008		200,200		200,208
5.000% due 10/01/2014		200		199
6.990% due 10/29/2049		91,500		77,827
7.640% due 03/31/2049		83,100		71,702
7.648% due 08/29/2049		10,195		9,758
9.118% due 03/31/2049		88,400		89,238
Santander Perpetual S.A. Unipersonal
6.671% due 10/29/2049		204,800		184,935
Santander U.S. Debt S.A. Unipersonal
2.659% due 09/19/2008		107,680		107,392
3.024% due 11/20/2008		80,300		80,061
3.074% due 11/20/2009		160,000		158,341
3.205% due 02/06/2009		92,600		92,251
3.954% due 10/21/2008		43,100		43,004
Simon Property Group LP
4.600% due 06/15/2010		8,000		7,947
5.100% due 06/15/2015		200		184
5.600% due 09/01/2011		5,000		5,011
SLM Corp.
2.940% due 12/15/2008		10,000		9,639
3.000% due 03/15/2011		60,000		48,463
3.471% due 07/27/2009		173,690		146,176
3.531% due 01/26/2009		115,250		103,210
3.541% due 07/25/2008		140,965		138,560
3.561% due 10/25/2011		10,000		7,411
4.000% due 01/15/2009		10,500		9,457
4.000% due 01/15/2010		6,500		5,466
5.375% due 01/15/2013		12,920		9,915
SMFG Preferred Capital USD 1 Ltd.
6.078% due 01/29/2049		120,700		95,232
Spinnaker Capital Ltd.
14.300% due 06/15/2008		22,200		22,546
State Street Capital Trust III
8.250% due 12/29/2049		300		297
State Street Capital Trust IV
3.800% due 06/15/2037		30,700		23,106
State Street Corp.
7.650% due 06/15/2010		175		189
Suntrust Bank
6.375% due 04/01/2011		200		208
Svensk ExportKredit AB
4.875% due 09/29/2011		125		133
5.125% due 03/01/2017		75		80
Textron Financial Corp.
3.252% due 11/07/2008		16,500		16,496
TNK-BP Finance S.A.
6.125% due 03/20/2012		39,300		37,089
7.500% due 03/13/2013		50,000		48,938
Toll Brothers Finance Corp.
5.950% due 09/15/2013		10,000		9,606
Toyota Motor Credit Corp.
4.250% due 03/15/2010		500		516
5.500% due 12/15/2008		100		101
TransCapitalInvest Ltd. for OJSC AK Transneft
6.103% due 06/27/2012		25,000		24,515
Travelers Cos., Inc.
6.250% due 06/15/2037		125		116
Travelers Property Casualty Corp.
5.000% due 03/15/2013		70		72
6.375% due 03/15/2033		33		32
TXU Eastern Funding Co.
6.450% due 05/15/2005 (a)		15,270		1,031
U.S. Bancorp
2.708% due 04/28/2009		50,000		49,727
4.500% due 07/29/2010		150		156
U.S. Bank N.A.
6.375% due 08/01/2011		3,000		3,254
UBS AG
5.875% due 12/20/2017		143,300		146,849
UBS Paine Webber Group, Inc.
7.625% due 12/01/2009		100		109
UBS Preferred Funding Trust I
8.622% due 10/29/2049		58,900		58,552
UBS Preferred Funding Trust II
7.247% due 06/29/2049		8,000		7,627
UBS Preferred Funding Trust V
6.243% due 05/29/2049		20,000		16,758
UFJ Finance Aruba AEC
6.750% due 07/15/2013		4,700		5,236
Unicredit Luxembourg Finance S.A.
3.768% due 10/24/2008		98,900		98,810
Unilever Capital Corp.
7.125% due 11/01/2010		100		110
USB Capital IX
6.189% due 04/15/2049		30,600		22,735
USB Realty Corp.
6.091% due 12/22/2049		38,000		24,721
Ventas Realty LP
8.750% due 05/01/2009		30,150		30,753
VTB Capital S.A.
3.839% due 08/01/2008		800		792

See accompanying notes

Schedule of Investments (Cont.)

Total Return Fund

March 31, 2008

	Principal Amount (000s)		Value (000s)
Wachovia Bank N.A.
2.639% due 03/23/2009	$	155,450	$	154,022
2.645% due 06/27/2008		100,000		99,800
3.092% due 02/23/2009		90,900		90,373
3.146% due 12/02/2010		125,000		119,391
3.152% due 05/25/2010		21,100		20,369
4.875% due 02/01/2015		300		284
6.600% due 01/15/2038		10,000		9,294
Wachovia Corp.
2.920% due 03/15/2011		36,600		34,411
3.126% due 12/01/2009		165,620		161,259
3.226% due 06/01/2010		17,600		16,912
3.301% due 10/28/2008		81,945		81,485
5.625% due 10/15/2016		71,600		68,468
5.750% due 02/01/2018		396,720		389,588
Wells Fargo & Co.
2.659% due 03/23/2010		100,150		98,567
2.900% due 09/15/2009		92,130		89,813
4.375% due 01/31/2013		100,000		99,638
4.477% due 01/12/2011		10,000		9,799
5.000% due 11/15/2014		100		101
5.125% due 09/01/2012		300		310
Wells Fargo Bank N.A.
4.750% due 02/09/2015		30,000		29,312
Wells Fargo Capital X
5.950% due 12/15/2036		10,400		9,403
Westpac Banking Corp.
3.040% due 06/06/2008		123,900		123,882
Williams Cos., Inc. Credit Linked Certificate Trust
6.750% due 04/15/2009		4,000		4,090
Wilmington Trust Co.
10.500% due 07/01/2008 (r)		99		99
World Savings Bank FSB
2.890% due 09/14/2009		45,985		46,055
4.125% due 12/15/2009		100		102
XL Capital Europe PLC
6.500% due 01/15/2012		10,000		9,450
Xstrata Finance Canada Ltd.
5.500% due 11/16/2011		11,250		11,556
5.800% due 11/15/2016		100		97
				24,858,920
Industrials 4.0%
America West Airlines, Inc.
6.870% due 01/02/2017		1,342		1,304
American Airlines, Inc.
6.978% due 10/01/2012		12,756		12,612
AmerisourceBergen Corp.
5.625% due 09/15/2012		10,000		10,394
Amgen, Inc.
3.170% due 11/28/2008		407,190		406,790
Anheuser-Busch Cos., Inc.
5.500% due 01/15/2018		9,100		9,429
Apache Corp.
7.950% due 04/15/2026		150		178
AstraZeneca PLC
5.900% due 09/15/2017		69,000		73,096
6.450% due 09/15/2037		73,800		79,479
Atlantic Richfield Co.
5.900% due 04/15/2009		100		103
AutoZone, Inc.
4.750% due 11/15/2010		200		199
5.500% due 11/15/2015		10,050		9,683
Avon Products, Inc.
5.125% due 01/15/2011		10,000		10,262
Baker Hughes, Inc.
6.875% due 01/15/2029		100		111
BHP Billiton Finance USA Ltd.
4.800% due 04/15/2013		145		145
Boeing Co.
8.750% due 08/15/2021		50		67
Boston Scientific Corp.
6.000% due 06/15/2011		10,000		9,800
BP Canada Finance Co.
3.625% due 01/15/2009		500		504
Canadian National Railway Co.
6.250% due 08/01/2034		100		97
Canadian Natural Resources Ltd.
6.250% due 03/15/2038		20,000		19,251
6.500% due 02/15/2037		25,000		24,817
Cardinal Health, Inc.
5.800% due 10/15/2016		13,000		13,091
Caterpillar, Inc.
5.700% due 08/15/2016		100		105
6.050% due 08/15/2036		100		103
7.250% due 09/15/2009		200		212
CBS Corp.
5.625% due 08/15/2012		15,000		14,654
Cisco Systems, Inc.
3.158% due 02/20/2009		73,800		73,816
5.250% due 02/22/2011		500		523
5.500% due 02/22/2016		100		104
Citic Resources Finance Ltd.
6.750% due 05/15/2014		14,000		12,635
Citigroup Global Markets Deutschland AG for OAO Gazprom
10.500% due 10/21/2009		157,170		170,860
CODELCO, Inc.
6.150% due 10/24/2036		23,100		23,235
Colgate-Palmolive Co.
5.980% due 04/25/2012		150		162
Comcast Cable Communications Holdings, Inc.
8.375% due 03/15/2013		300		334
Comcast Cable Communications LLC
7.125% due 06/15/2013		400		426
Comcast Corp.
4.677% due 07/14/2009		7,800		7,592
5.300% due 01/15/2014		26,500		26,045
5.850% due 01/15/2010		420		432
5.850% due 11/15/2015		325		321
5.900% due 03/15/2016		5,000		4,969
6.450% due 03/15/2037		22,000		20,802
7.050% due 03/15/2033		125		128
ConocoPhillips
5.900% due 10/15/2032		300		308
ConocoPhillips Australia Funding Co.
4.643% due 04/09/2009		164,996		164,588
Continental Airlines, Inc.
6.503% due 06/15/2011		9,220		8,999
6.820% due 05/01/2018		4,968		4,724
7.056% due 09/15/2009		40,459		40,307
7.487% due 10/02/2010		1,215		1,205
7.707% due 04/02/2021		2,836		2,845
Costco Wholesale Corp.
5.500% due 03/15/2017		100		104
Cox Communications, Inc.
6.450% due 12/01/2036		5,000		4,838
CSC Holdings, Inc.
7.250% due 07/15/2008		34,275		34,361
CSX Corp.
6.750% due 03/15/2011		10,000		10,576
CVS Caremark Corp.
3.376% due 06/01/2010		116,200		113,003
5.750% due 08/15/2011		16,000		16,767
Daimler Finance North America LLC
3.218% due 03/13/2009		300		296
3.298% due 03/13/2009		112,550		111,103
3.562% due 08/03/2009		10,000		9,848
3.769% due 10/31/2008		10,928		10,898
4.875% due 06/15/2010		10,000		10,071
5.750% due 09/08/2011		25,000		25,570
5.875% due 03/15/2011		20,000		20,480
Dell, Inc.
6.550% due 04/15/2008		80		80
Dow Chemical Co.
5.970% due 01/15/2009		50		51
E.I. Du Pont De Nemours & Co.
4.125% due 04/30/2010		200		204
4.750% due 11/15/2012		175		181
5.000% due 01/15/2013		300		313
5.250% due 12/15/2016		10,000		10,121
Eaton Vance Corp.
6.500% due 10/02/2017		21,100		22,555
EchoStar DBS Corp.
5.750% due 10/01/2008		185,684		185,220
El Paso Corp.
6.375% due 02/01/2009		30,230		30,593
6.500% due 06/01/2008		58,832		59,250
6.750% due 05/15/2009		134,820		137,268
7.000% due 05/15/2011		12,000		12,257
7.000% due 06/15/2017		10,000		10,339
7.625% due 09/01/2008		38,486		39,044
7.750% due 06/15/2010		16,500		17,295
7.750% due 01/15/2032		92,000		94,968
7.800% due 08/01/2031		11,300		11,661
7.875% due 06/15/2012		20,700		21,749
8.050% due 10/15/2030		9,700		10,182
9.625% due 05/15/2012		12,700		13,815
10.750% due 10/01/2010		24,700		27,454
El Paso Natural Gas Co.
8.375% due 06/15/2032		7,220		8,238
Emerson Electric Co.
4.500% due 05/01/2013		95		97
Enbridge, Inc.
4.900% due 03/01/2015		50		48
EnCana Corp.
6.300% due 11/01/2011		10,000		10,645
Enterprise Products Operating LP
4.950% due 06/01/2010		50		51
7.500% due 02/01/2011		10,000		10,759
Fresenius Medical Care Capital Trust
7.875% due 06/15/2011		5,000		5,212
Gannett Co., Inc.
5.750% due 06/01/2011		6,200		6,271
Gaz Capital S.A.
6.212% due 11/22/2016		37,600		34,874
7.288% due 08/16/2037		43,000		39,437
Genentech, Inc.
4.750% due 07/15/2015		100		101
General Dynamics Corp.
4.500% due 08/15/2010		100		103

See accompanying notes

Schedule of Investments (Cont.)

Total Return Fund

March 31, 2008

	Principal Amount (000s)		Value (000s)
General Electric Co.
3.030% due 12/09/2008	$	117,775	$	117,837
5.250% due 12/06/2017		28,700		28,736
General Mills, Inc.
6.000% due 02/15/2012		10,000		10,502
General Motors Corp.
6.375% due 05/01/2008		5,675		5,632
8.100% due 06/15/2024		2,000		1,400
8.250% due 07/15/2023		5,000		3,525
8.800% due 03/01/2021		15,000		11,437
General Motors Nova Scotia Finance Co.
6.850% due 10/15/2008		24,800		24,366
GlaxoSmithKline Capital, Inc.
4.375% due 04/15/2014		100		100
Hess Corp.
6.650% due 08/15/2011		200		216
Hewlett-Packard Co.
6.500% due 07/01/2012		175		191
HJ Heinz Co.
6.428% due 12/01/2020		39,600		40,277
HJ Heinz Finance Co.
6.000% due 03/15/2012		23,000		24,131
Home Depot, Inc.
2.925% due 12/16/2009		4,300		4,102
4.625% due 08/15/2010		215		216
Honeywell International, Inc.
2.928% due 03/13/2009		48,600		48,582
6.125% due 11/01/2011		575		624
International Business Machines Corp.
5.375% due 02/01/2009		350		357
International Paper Co.
4.000% due 04/01/2010		10,000		9,837
JC Penney Corp., Inc.
8.000% due 03/01/2010		16,100		16,815
John Hancock Financial Services, Inc.
5.625% due 12/01/2008		300		306
Johnson & Johnson
6.950% due 09/01/2029		100		119
Johnson Controls, Inc.
5.500% due 01/15/2016		20,000		20,427
Kellogg Co.
5.125% due 12/03/2012		300		311
6.600% due 04/01/2011		10,000		10,796
Kerr-McGee Corp.
6.875% due 09/15/2011		10,000		10,768
Kinder Morgan Energy Partners LP
5.950% due 02/15/2018		25,850		25,667
6.950% due 01/15/2038		25,000		24,610
Kraft Foods, Inc.
4.125% due 11/12/2009		100		100
5.625% due 11/01/2011		20,000		20,412
6.125% due 02/01/2018		148,500		148,786
6.250% due 06/01/2012		10,000		10,427
6.875% due 02/01/2038		63,300		62,488
Kroger Co.
5.500% due 02/01/2013		5,000		5,178
Lennar Corp.
5.950% due 10/17/2011		9,000		7,650
Loews Corp.
5.250% due 03/15/2016		30,000		30,063
Lowe’s Cos., Inc.
5.000% due 10/15/2015		100		101
5.500% due 10/15/2035		50		43
Macys Retail Holdings, Inc.
4.800% due 07/15/2009		15,000		14,833
Mandalay Resort Group
6.500% due 07/31/2009		34,769		34,812
9.500% due 08/01/2008		27,350		27,487
Marathon Oil Corp.
6.000% due 10/01/2017		40,000		40,680
Marriott International, Inc.
4.625% due 06/15/2012		15,000		14,448
Masco Corp.
5.875% due 07/15/2012		5,000		5,047
7.125% due 08/15/2013		10,000		10,087
Mattel, Inc.
6.125% due 06/15/2011		10,000		10,922
Maytag Corp.
5.000% due 05/15/2015		10,000		9,927
Mazda Manufacturing Corp.
10.500% due 07/01/2008 (r)		139		139
Mazda Motor Corp.
10.500% due 07/01/2008 (r)		16		16
McDonald’s Corp.
5.300% due 03/15/2017		125		128
MDC Holdings, Inc.
7.000% due 12/01/2012		10,000		10,103
Medtronic, Inc.
4.375% due 09/15/2010		100		102
Miller Brewing Co.
5.500% due 08/15/2013		15,000		15,965
New Albertson’s, Inc.
6.950% due 08/01/2009		7,000		7,109
Newell Rubbermaid, Inc.
4.000% due 05/01/2010		24,000		23,775
Norfolk Southern Corp.
6.750% due 02/15/2011		150		162
Northrop Grumman Space & Mission Systems Corp.
6.250% due 01/15/2010		5,000		5,270
NSTAR
8.000% due 02/15/2010		100		108
Nucor Corp.
6.400% due 12/01/2037		600		608
Omnicom Group, Inc.
5.900% due 04/15/2016		9,600		9,560
ONEOK Partners LP
6.150% due 10/01/2016		10,000		10,132
6.850% due 10/15/2037		29,800		29,590
Oracle Corp.
5.000% due 01/15/2011		200		205
Packaging Corp. of America
5.750% due 08/01/2013		10,000		10,097
Parker Hannifin Employee Stock Ownership Trust
6.340% due 07/15/2008		56		57
PC Financial Partnership
5.000% due 11/15/2014		10,000		9,779
Peabody Energy Corp.
7.375% due 11/01/2016		18,400		19,136
7.875% due 11/01/2026		22,500		22,444
Pemex Project Funding Master Trust
6.625% due 06/15/2035		46,000		47,847
7.875% due 02/01/2009		3,055		3,180
9.125% due 10/13/2010		25		28
9.375% due 12/02/2008		26,065		27,238
Pepsi Bottling Group, Inc.
7.000% due 03/01/2029		100		116
Pfizer, Inc.
4.650% due 03/01/2018		150		148
Plains All American Pipeline LP
5.625% due 12/15/2013		10,000		10,565
Praxair, Inc.
6.375% due 04/01/2012		200		217
Procter & Gamble Co.
6.875% due 09/15/2009		100		106
Qwest Communications International, Inc.
7.500% due 11/01/2008		16,227		16,389
RadioShack Corp.
7.375% due 05/15/2011		10,000		10,400
Reed Elsevier Capital, Inc.
4.625% due 06/15/2012		5,000		4,943
Reynolds American, Inc.
3.500% due 06/15/2011		45,900		43,146
6.750% due 06/15/2017		100		102
7.250% due 06/01/2013		80,000		85,169
7.625% due 06/01/2016		3,000		3,172
RH Donnelley Corp.
8.875% due 10/15/2017		30,000		18,900
Rohm & Haas Co.
6.000% due 09/15/2017		110,100		112,041
Ryder System, Inc.
5.950% due 05/02/2011		5,000		5,176
Ryland Group, Inc.
5.375% due 06/01/2008		833		833
SABMiller PLC
5.531% due 07/01/2009		25,000		25,080
Safeway, Inc.
3.005% due 03/27/2009		13,000		12,817
Sealed Air Corp.
6.950% due 05/15/2009		10,000		10,313
Siemens Financieringsmaatschappij NV
3.118% due 08/14/2009		96,200		96,299
Sonat, Inc.
7.625% due 07/15/2011		23,220		24,123
Systems 2001 Asset Trust LLC
7.156% due 12/15/2011		15,734		16,946
Target Corp.
5.125% due 01/15/2013		700		719
5.400% due 10/01/2008		200		202
5.875% due 03/01/2012		175		184
7.000% due 01/15/2038		151,500		156,215
Tennessee Gas Pipeline Co.
7.000% due 10/15/2028		14,800		14,824
Texaco Capital, Inc.
5.500% due 01/15/2009		175		178
Time Warner Cable, Inc.
5.400% due 07/02/2012		100		98
Time Warner, Inc.
3.300% due 11/13/2009		102,478		98,166
5.875% due 11/15/2016		2,000		1,906
6.500% due 11/15/2036		20,000		18,410
6.875% due 05/01/2012		350		362
7.625% due 04/15/2031		120		126
Transocean, Inc.
3.214% due 09/05/2008		15,980		15,902
6.625% due 04/15/2011		5,330		5,709
Union Pacific Corp.
5.700% due 08/15/2018		900		897
Union Pacific Railroad Co. 2003 Pass-Through Trust
4.698% due 01/02/2024		142		136

See accompanying notes

Schedule of Investments (Cont.)

Total Return Fund

March 31, 2008

	Principal Amount (000s)		Value (000s)
United Airlines, Inc.
6.071% due 03/01/2013	$	1,839	$	1,821
6.201% due 09/01/2008		3,977		3,937
6.602% due 03/01/2015		2,536		2,524
7.730% due 01/01/2012		29,009		28,719
8.030% due 01/01/2013 (a)		465		526
9.060% due 06/17/2015 (a)		3,580		44
9.200% due 03/22/2008 (a)		2,798		1,413
9.210% due 01/21/2017 (a)		8,980		45
10.020% due 03/22/2014 (a)		9,746		4,593
10.125% due 03/22/2015 (a)		12,104		6,279
10.360% due 11/13/2012 (a)		3,776		44
10.850% due 07/05/2014 (a)		34,111		3
10.850% due 02/19/2015 (a)		2,648		1,301
11.080% due 05/27/2024 (a)(r)		5,427		8
UnitedHealth Group, Inc.
4.875% due 02/15/2013		44,500		44,023
4.875% due 04/01/2013		175		173
6.000% due 02/15/2018		100,000		98,203
United Parcel Service, Inc.
4.250% due 11/15/2012		600		600
United Rentals North America, Inc.
6.500% due 02/15/2012		10,000		9,100
United Technologies Corp.
3.146% due 06/01/2009		107,000		106,651
6.100% due 05/15/2012		150		162
Vale Overseas Ltd.
6.250% due 01/23/2017		39,800		39,848
6.875% due 11/21/2036		39,800		39,042
Viacom, Inc.
5.750% due 04/30/2011		15,200		15,377
Wal-Mart Stores, Inc.
4.550% due 05/01/2013		100		103
5.250% due 09/01/2035		1,850		1,643
5.800% due 02/15/2018		48,500		50,963
6.500% due 08/15/2037		41,800		44,038
Walt Disney Co.
3.090% due 09/10/2009		44,390		44,330
Waste Management, Inc.
7.125% due 12/15/2017		1,800		2,004
7.375% due 08/01/2010		100		105
WellPoint, Inc.
5.000% due 01/15/2011		11,000		11,120
6.375% due 01/15/2012		10,360		11,041
Weyerhaeuser Co.
3.599% due 09/24/2009		2,300		2,268
Whirlpool Corp.
6.125% due 06/15/2011		12,000		12,588
Williams Cos., Inc.
6.375% due 10/01/2010		14,300		14,729
Wyeth
5.500% due 03/15/2013		10,000		10,605
5.950% due 04/01/2037		250		245
Xerox Corp.
3.514% due 12/18/2009		1,200		1,183
9.750% due 01/15/2009		27,950		29,048
Yum! Brands, Inc.
7.650% due 05/15/2008		3,000		3,016
				5,052,853
Utilities 1.7%
Alabama Power Co.
3.125% due 05/01/2008		200		200
3.282% due 08/25/2009		17,000		16,941
5.500% due 10/15/2017		250		257
AT&T Corp.
7.300% due 11/15/2011		1,100		1,193
AT&T Mobility LLC
6.500% due 12/15/2011		80		85
AT&T, Inc.
3.155% due 05/15/2008		71,100		71,126
3.195% due 02/05/2010		113,570		112,554
3.278% due 11/14/2008		16,400		16,404
4.125% due 09/15/2009		250		252
4.950% due 01/15/2013		172,290		173,129
5.100% due 09/15/2014		525		522
5.500% due 02/01/2018		168,000		164,865
6.300% due 01/15/2038		117,600		114,114
6.450% due 06/15/2034		100		98
6.500% due 09/01/2037		307,300		305,045
BellSouth Corp.
3.165% due 08/15/2008		98,950		98,832
4.200% due 09/15/2009		5,000		5,036
4.240% due 04/26/2021		160,300		160,396
5.200% due 09/15/2014		26,000		25,999
6.550% due 06/15/2034		20,000		19,712
British Telecommunications PLC
8.625% due 12/15/2010		200		220
9.125% due 12/15/2030		250		311
CenterPoint Energy, Inc.
5.875% due 06/01/2008		10,000		10,016
Consolidated Edison Co. of New York, Inc.
5.375% due 12/15/2015		100		102
7.500% due 09/01/2010		20,000		21,815
Consolidated Edison, Inc.
3.625% due 08/01/2008		50		50
Deutsche Telekom International Finance BV
2.779% due 03/23/2009		15,100		14,909
3.875% due 07/22/2008		29,459		29,482
Dominion Resources, Inc.
5.200% due 01/15/2016		15,300		15,011
5.700% due 09/17/2012		100		105
DPL, Inc.
8.000% due 03/31/2009		28,000		29,212
Edison Mission Energy
7.200% due 05/15/2019		900		893
Enel Finance International S.A.
5.700% due 01/15/2013		300		311
Entergy Gulf States, Inc.
3.476% due 12/01/2009		15,000		14,687
3.740% due 12/08/2008		28,040		28,117
5.700% due 06/01/2015		50		49
Exelon Corp.
4.900% due 06/15/2015		10,000		9,543
6.750% due 05/01/2011		200		211
FirstEnergy Corp.
6.450% due 11/15/2011		10,000		10,479
Florida Power Corp.
3.468% due 11/14/2008		8,000		7,995
France Telecom S.A.
7.750% due 03/01/2011		970		1,053
Georgia Power Co.
3.245% due 02/17/2009		14,550		14,552
Ipalco Enterprises, Inc.
8.625% due 11/14/2011		50,858		53,782
KT Corp.
4.875% due 07/15/2015		100		95
MidAmerican Energy Co.
4.650% due 10/01/2014		100		99
MidAmerican Energy Holdings Co.
6.125% due 04/01/2036		43,600		42,290
New Cingular Wireless Services, Inc.
8.125% due 05/01/2012		250		280
NGPL Pipe Co. LLC
6.514% due 12/15/2012		165,500		172,121
Niagara Mohawk Power Corp.
7.750% due 10/01/2008		125		127
NiSource Finance Corp.
3.662% due 11/23/2009		30,100		29,230
6.150% due 03/01/2013		12,000		12,422
Ohio Edison Co.
4.000% due 05/01/2008		150		150
5.450% due 05/01/2015		350		343
Ohio Edison Co. Credit-Linked Certificate Trust
5.647% due 06/15/2009		50		51
Peco Energy Co.
5.950% due 10/01/2036		50		48
PPL Energy Supply LLC
5.700% due 10/15/2015		5,000		4,837
6.400% due 11/01/2011		15,000		15,416
Progress Energy, Inc.
4.708% due 01/15/2010		400		399
7.100% due 03/01/2011		23		25
PSEG Power LLC
5.000% due 04/01/2014		400		390
5.500% due 12/01/2015		8,000		7,950
6.950% due 06/01/2012		172		184
Public Service Electric & Gas Co.
5.700% due 12/01/2036		50		48
Qwest Capital Funding, Inc.
6.375% due 07/15/2008		37,494		37,588
7.250% due 02/15/2011		15,500		14,803
Qwest Corp.
5.625% due 11/15/2008		59,710		59,710
6.050% due 06/15/2013		2,800		2,534
7.200% due 11/10/2026		2,150		1,822
7.500% due 06/15/2023		6,850		6,011
7.625% due 06/15/2015		1,700		1,666
7.875% due 09/01/2011		100		100
8.875% due 03/15/2012		26,725		27,393
Ras Laffan Liquefied Natural Gas Co. Ltd.
3.437% due 09/15/2009		19		19
Ras Laffan Liquefied Natural Gas Co. Ltd. II
5.298% due 09/30/2020		57,850		56,693
Ras Laffan Liquefied Natural Gas Co. Ltd. III
5.838% due 09/30/2027		40,650		37,121
Southern California Gas Co.
5.750% due 11/15/2035		75		73
Sprint Capital Corp.
8.375% due 03/15/2012		10,750		9,952
Sprint Nextel Corp.
3.071% due 06/28/2010		100		85
United Telecom, Inc.
6.890% due 07/01/2008 (r)		700		695
United Telephone Co. of the Northwest
6.890% due 07/01/2008 (r)		2,760		2,742

See accompanying notes

Schedule of Investments (Cont.)

Total Return Fund

March 31, 2008

	Principal Amount (000s)		Value (000s)
Verizon Global Funding Corp.
6.875% due 06/15/2012	$	150	$	162
7.250% due 12/01/2010		1,000		1,075
7.375% due 09/01/2012		235		258
7.750% due 12/01/2030		325		354
Verizon New England, Inc.
6.500% due 09/15/2011		300		314
Verizon North, Inc.
5.604% due 01/01/2022		3,000		3,106
5.634% due 01/01/2021		3,000		3,122
Verizon Northwest, Inc.
5.550% due 10/15/2008		250		252
Verizon Virginia, Inc.
4.625% due 03/15/2013		500		487
Virginia Electric and Power Co.
6.350% due 11/30/2037		25,500		26,168
Vodafone Group PLC
3.369% due 02/27/2012		40,000		36,252
5.625% due 02/27/2017		50		49
				2,166,776
Total Corporate Bonds & Notes (Cost $32,685,653)				32,078,549
MUNICIPAL BONDS & NOTES 1.2%
Austin Trust Various States Certificates of Participation Bonds, (FSA Insured), Series 2007
5.000% due 02/01/2037		16,670		15,254
Austin Trust Various States Certificates of Participation Bonds, (FSA Insured), Series 2008
6.000% due 05/01/2026		4,880		5,114
Austin Trust Various States General Obligation Bonds, (FSA Insured), Series 2008
6.000% due 07/01/2024		16,235		16,004
6.000% due 08/01/2031		7,735		7,669
Austin Trust Various States General Obligation Bonds, (MBIA Insured), Series 2008
6.000% due 01/01/2028		13,735		11,619
Austin Trust Various States General Obligation Bonds, Series 2008
5.500% due 06/01/2034		13,225		10,313
6.000% due 06/01/2032		9,590		7,960
Austin Trust Various States Revenue Bonds, (AMBAC Insured), Series 2007
5.500% due 06/01/2037		3,335		3,183
Austin Trust Various States Revenue Bonds, Series 2007
5.000% due 06/15/2038		44,345		43,514
6.538% due 10/01/2037		3,335		2,848
Austin Trust Various States Revenue Bonds, Series 2008
6.000% due 11/01/2027		10,000		10,244
6.000% due 08/15/2030		4,400		3,974
6.000% due 06/15/2037		9,900		9,716
Austin, Texas Water & Wastewater Utilities Revenue Bonds, (AMBAC Insured), Series 2005
9.140% due 05/15/2035		1,955		1,869
Badger, Wisconsin Tobacco Asset Securitization Corporations Revenue Bonds, Series 2002
6.000% due 06/01/2017		2,500		2,516
6.375% due 06/01/2032		7,300		7,332
Badger, Wisconsin Tobacco Asset Securitization Corporations Revenue Notes, Series 2002
5.750% due 06/01/2011		8,515		8,904
Bastrop, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2005
5.000% due 02/15/2037		4,075		3,891
California State Department of Water Resources Revenue Bonds, Series 2000
7.640% due 12/01/2029		2,500		2,531
California State Educational Facilities Authority Revenue Notes, Series 2008
9.103% due 10/01/2015		8,500		7,258
California State General Obligation Bonds, (AMBAC Insured), Series 2007
4.500% due 08/01/2028		97,500		89,611
California State General Obligation Bonds, Series 2007
5.000% due 06/01/2032		5,800		5,704
5.000% due 11/01/2032		63,130		62,075
5.000% due 06/01/2037		27,200		26,506
5.000% due 11/01/2037		52,500		51,153
California State Tobacco Securitization Authority Revenue Bonds, Series 2002
5.750% due 06/01/2029		3,000		2,914
6.125% due 06/01/2038		2,000		1,927
6.125% due 06/01/2043		2,000		1,923
California State Tobacco Securitization Authority Revenue Bonds, Series 2005
0.000% due 06/01/2027 (g)		10,000		9,161
California State University Revenue Bonds, (AMBAC Insured), Series 2005
5.000% due 11/01/2030		5,100		5,103
Chicago, Illinois Board of Education General Obligation Bonds, (FGIC Insured), Series 1999
0.000% due 12/01/2028		21,000		6,444
Chicago, Illinois General Obligation Notes, (FSA Insured), Series 2006
9.246% due 01/01/2014		7,810		5,668
9.248% due 01/01/2014		8,310		6,600
Chicago, Illinois O’Hare International Airport Revenue Bonds, (FGIC Insured), Series 2005
5.000% due 01/01/2033		38,200		37,400
Clark County, Nevada General Obligation Notes, (FGIC Insured), Series 2006
6.807% due 11/01/2013		2,830		2,266
Comal, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2008
9.190% due 02/01/2034 (c)		4,550		3,217
Cook County, Illinois General Obligation Notes, (AMBAC Insured), Series 2006
8.380% due 11/15/2013		3,765		3,330
8.384% due 11/15/2013		6,680		6,217
Cypress-Fairbanks, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2007
4.500% due 02/15/2026		11,000		10,448
Cypress-Fairbanks, Texas Independent School District General Obligation Notes, (PSF-GTD Insured), Series 2006
9.247% due 02/15/2014		4,335		3,905
Detroit, Michigan School District General Obligation Bonds, (FGIC/Q-SBLF Insured), Series 1998
4.750% due 05/01/2028		4,500		4,342
Florida State Board of Education General Obligation Bonds, (MBIA Insured), Series 2008
9.940% due 06/01/2037 (c)		5,575		4,315
Florida State Board of Education General Obligation Bonds, Series 2007
5.000% due 06/01/2027		8,225		8,362
5.000% due 06/01/2028		6,135		6,203
Frisco, Texas Independent School District General Obligation Bonds, (PSF-GTD), Series 2002
0.000% due 08/15/2032		12,190		3,114
0.000% due 08/15/2034		5,265		1,187
Gainesville, Florida Utilities Systems Revenue Bonds, (FSA Insured), Series 2005
9.390% due 10/01/2036		2,275		1,821
Golden State, California Tobacco Securitization Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2033		15,300		12,723
5.125% due 06/01/2047		12,000		9,536
7.290% due 06/01/2047		12,500		7,367
8.540% due 06/01/2047		30,400		23,365
Harris County, Texas Flood Control District General Obligation Notes, Series 2008
9.099% due 10/01/2014		5,270		4,733
Houston, Texas Revenue Notes, (FSA Insured), Series 2008
9.860% due 11/15/2015		3,330		3,106
Houston, Texas Water & Sewer System Revenue Bonds, (FSA Insured), Series 1998
0.000% due 12/01/2028		8,720		2,763
Illinois State Educational Facilities Authority Revenue Bonds, Series 2005
7.610% due 07/01/2033		1,195		1,196
7.610% due 12/01/2033		5,000		4,999
Illinois State Metropolitan Pier & Exposition Authority Revenue Bonds, (MBIA Insured), Series 2002
0.000% due 12/15/2032		55,000		13,890
Indiana State Anderson School Building Corp. Revenue Bonds, (FSA Insured), Series 2006
4.750% due 01/15/2027		2,715		2,636
4.750% due 01/15/2028		2,000		1,928
Indiana State University Revenue Notes, Series 2008
9.856% due 12/15/2015		5,965		5,799
Iowa State Tobacco Settlement Authority Revenue Bonds, Series 2005
6.500% due 06/01/2023		58,830		57,653
Keller, Texas Independent School District General Obligation Notes, (PSF-GTD Insured), Series 2008
9.101% due 08/15/2015		5,335		4,774
King County, Washington General Obligation Notes, Series 2008
9.103% due 01/01/2016		15,200		11,938
King County, Washington Public Hospital District No. 1 General Obligation Bonds, Series 2008
5.250% due 12/01/2037		16,750		16,283
Las Vegas, Nevada Valley Water District General Obligation Bonds, Series 2008
5.000% due 02/01/2031		2,125		2,119
5.000% due 02/01/2033		8,300		8,229
5.000% due 02/01/2035		9,150		9,043
5.000% due 02/01/2036		9,605		9,491
Long Beach, California Community College District General Obligation Bonds, (FGIC Insured), Series 2007
5.000% due 05/01/2032		17,300		17,085

See accompanying notes

Schedule of Investments (Cont.)

Total Return Fund

March 31, 2008

	Principal Amount (000s)		Value (000s)
Los Angeles, California Community College District General Obligation Bonds, (FGIC Insured), Series 2007
5.000% due 08/01/2032	$	26,800	$	26,818
Los Angeles, California Department of Water & Power Revenue Bonds, (AMBAC Insured), Series 2007
5.000% due 07/01/2038		11,900		11,735
Los Angeles, California Department of Water & Power Revenue Notes, (FSA Insured), Series 2006
9.229% due 07/01/2013		5,900		4,826
Los Angeles, California Unified School District General Obligation Bonds, (FSA Insured), Series 2008
9.250% due 07/01/2023 (c)		6,800		6,832
Los Angeles, California Unified School District General Obligation Bonds, (MBIA Insured), Series 2008
9.250% due 07/01/2025 (c)		11,400		10,502
Louisiana State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2001
5.875% due 05/15/2039		560		521
Massachusetts State Water Resources Authority Revenue Bonds, (MBIA Insured), Series 2005
7.570% due 08/01/2034		5,000		4,970
Missouri State Joint Municipal Electric Utility Commission Revenue Bonds, (AMBAC Insured), Series 2007
5.000% due 01/01/2042		39,525		38,088
Nevada State System of Higher Education Revenue Bonds, (AMBAC Insured), Series 2005
9.150% due 07/01/2030		3,335		3,255
Nevada State Truckee Meadows Water Authority Revenue Bonds, (MBIA Insured), Series 2005
5.000% due 07/01/2036		1,853		1,770
New Jersey State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
5.000% due 06/01/2029		13,200		11,149
5.000% due 06/01/2041		2,520		2,031
6.920% due 06/01/2041		13,170		8,061
8.770% due 05/15/2039		9,375		8,076
New York City, New York Municipal Water Finance Authority Revenue Notes, Series 2008
9.101% due 06/15/2015		6,800		5,796
9.860% due 12/15/2013		3,330		3,251
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2007
4.750% due 11/01/2028		7,000		6,874
New York State Counties Tobacco Trust III Revenue Bonds, Series 2005
6.000% due 06/01/2027		19,500		18,546
New York State Environmental Facilities Corporations Revenue Bonds, Series 2006
5.000% due 06/15/2025		9,700		9,935
New York State Metropolitan Transportation Authority Revenue Bonds, (FGIC Insured), Series 2003
5.000% due 11/15/2032		200		197
North Texas State Municipal Water District Revenue Notes, (MBIA Insured), Series 2008
9.615% due 09/01/2014		5,830		5,446
Northside, Texas Independent School District General Obligation Bonds, (PSF-GTD Insured), Series 2005
7.560% due 02/15/2035		4,022		3,975
Ohio State Buckeye Tobacco Settlement Financing Authority Revenue Bonds, Series 2007
5.000% due 06/01/2047		37,625		28,680
5.875% due 06/01/2030		13,700		12,669
8.520% due 06/01/2034		5,000		3,956
8.770% due 06/01/2047		148,075		112,872
Palomar, California Community College District General Obligation Bonds, (FSA Insured), Series 2007
4.750% due 05/01/2032		7,375		7,059
Pennsylvania State Higher Educational Facilities Authority Revenue Notes, Series 2006
9.228% due 07/15/2013		6,375		5,340
Puerto Rico Sales Tax Financing Corp. Revenue Bonds, (AMBAC Insured), Series 2007
0.000% due 08/01/2054		33,000		2,030
Rhode Island State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2002
6.125% due 06/01/2032		7,000		6,681
San Diego, California Tobacco Settlement Revenue Funding Corporations Revenue Bonds, Series 2006
7.125% due 06/01/2032		57,390		55,430
South Carolina State Tobacco Settlement Revenue Management Authority Revenue Bonds, Series 2001
6.375% due 05/15/2028		3,400		3,371
Southbridge, Massachusetts Associates LLC Revenue Bonds, (MBIA Insured), Series 2000
7.590% due 02/01/2022 (r)		31,105		36,641
Southern California State Tobacco Securitization Authority Revenue Bonds, Series 2006
5.000% due 06/01/2037		25,840		20,873
Texas State General Obligation Bonds, Series 2006
5.000% due 04/01/2033		140		139
Texas State General Obligation Notes, Series 2008
9.103% due 10/01/2015		51,805		44,067
9.107% due 10/01/2013		4,930		4,259
9.852% due 04/01/2015		19,970		19,157
9.855% due 04/01/2015		8,330		8,118
University of Arkansas Revenue Bonds, (AMBAC Insured), Series 2007
5.000% due 11/01/2037		400		386
University of Texas Revenue Bonds, Series 2004
4.750% due 07/01/2030		7,745		7,456
Virginia State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2005
5.500% due 06/01/2026		1,050		1,159
Virginia State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
0.000% due 06/01/2046 (g)		11,000		6,728
Washington State Tobacco Settlement Authority Revenue Bonds, Series 2002
6.625% due 06/01/2032		6,850		6,919
West Virginia State Tobacco Settlement Financing Corporations Revenue Bonds, Series 2007
7.467% due 06/01/2047		161,695		154,356
Total Municipal Bonds & Notes (Cost $1,592,391)				1,524,285
COMMODITY INDEX-LINKED NOTES 0.2%
Morgan Stanley (GSCI)
2.546% due 07/07/2008		297,000		295,060
Total Commodity Index-Linked Notes (Cost $297,000)				295,060
U.S. GOVERNMENT AGENCIES 66.8%
Fannie Mae
0.000% due 05/21/2008		4,300		4,289
0.000% due 04/25/2018 - 08/25/2023 (d)		37		33
0.950% due 03/25/2009 (b)		420		2
1.000% due 09/25/2023		4		4
2.719% due 03/25/2034		25		24
2.729% due 03/25/2036		20,966		20,746
2.749% due 08/25/2034		200		194
2.799% due 10/27/2037		81,600		77,301
2.849% due 06/25/2044		19		19
2.949% due 07/25/2021 - 05/25/2042		5,387		5,290
2.999% due 06/25/2029 - 05/25/2031		708		685
3.000% due 01/25/2025		123		122
3.049% due 10/25/2030		126		128
3.099% due 03/25/2017 - 08/25/2030		2,513		2,486
3.175% due 06/25/2018 - 04/18/2028		198		195
3.199% due 05/25/2030		762		762
3.225% due 10/18/2030		1,483		1,462
3.249% due 05/25/2030		762		762
3.499% due 04/25/2032		65		66
3.500% due 02/25/2013 - 09/25/2016		247		247
3.875% due 08/01/2033		49		50
4.000% due 02/25/2009 - 09/01/2020		3,098		3,039
4.236% due 03/01/2034		10,773		10,941
4.250% due 04/25/2028		87		87
4.380% due 03/01/2034		16,951		16,918
4.386% due 11/01/2034		4,929		4,988
4.442% due 09/01/2035		345		350
4.471% due 05/01/2035		53,874		54,617
4.479% due 07/01/2035		5,866		5,908
4.493% due 07/01/2035		7,946		8,023
4.494% due 08/01/2035		12,716		12,851
4.500% due 10/01/2010 - 12/01/2035		10,303		10,320
4.504% due 05/01/2035		6,949		6,963
4.539% due 06/01/2035		4,217		4,243
4.620% due 05/01/2009		35		35
4.638% due 02/01/2035		5,241		5,311
4.656% due 07/01/2033		47		48
4.662% due 11/01/2035		32,175		32,514
4.668% due 05/25/2035		46,500		46,817
4.669% due 01/01/2035		496		502
4.674% due 05/01/2035 - 11/01/2035		44,598		45,140
4.680% due 12/01/2012		369		373
4.684% due 09/01/2035		3,335		3,384
4.692% due 02/01/2035		6,238		6,316
4.694% due 06/01/2035		22,521		22,648
4.705% due 12/01/2034		536		542
4.707% due 09/01/2035		23,210		23,328
4.712% due 06/01/2035		5,103		5,202
4.722% due 09/01/2035		16,403		16,493
4.733% due 08/01/2035		6,660		6,763
4.747% due 11/01/2034 - 03/01/2035		5,167		5,237
4.798% due 11/01/2035		19,801		20,049

See accompanying notes

Schedule of Investments (Cont.)

Total Return Fund

March 31, 2008

	Principal Amount (000s)		Value (000s)
4.825% due 09/01/2034	$	35,091	$	35,024
4.835% due 06/01/2035		331		336
4.850% due 06/01/2015		272		279
4.861% due 01/01/2035		19,309		19,456
4.870% due 05/01/2013		130		132
4.882% due 02/01/2035		10,653		10,767
4.883% due 01/01/2035		22,278		22,467
4.913% due 07/01/2035		5,423		5,555
4.940% due 01/01/2035		25,627		25,859
4.989% due 06/01/2035		1,587		1,621
5.000% due 03/01/2009 - 05/01/2038		13,074,657		13,020,487
5.000% due 10/01/2035 - 03/01/2036 (m)		2,888,354		2,863,418
5.096% due 07/01/2035		5,044		5,205
5.295% due 09/01/2035		78		78
5.310% due 08/25/2033		4,400		4,571
5.322% due 09/01/2017		790		790
5.370% due 08/25/2043		3,000		2,959
5.375% due 03/01/2023		86		88
5.422% due 02/01/2028 - 01/01/2036		158		160
5.483% due 03/01/2033		176		176
5.489% due 09/01/2024		204		205
5.500% due 05/01/2008 - 05/01/2038		37,049,635		37,463,077
5.500% due 05/01/2034 - 01/01/2036 (m)		4,332,355		4,405,238
5.500% due 02/01/2035 (k)		286,152		289,846
5.515% due 11/01/2024		2,460		2,487
5.545% due 01/01/2018		118		119
5.567% due 02/01/2021		140		144
5.625% due 01/01/2020		12		12
5.689% due 04/01/2027		44		45
5.690% due 09/01/2021		15		15
5.709% due 07/01/2034		558		565
5.722% due 07/01/2042 - 10/01/2044		53,286		53,128
5.723% due 12/01/2044		9,392		9,472
5.730% due 05/01/2021		18		19
5.750% due 12/20/2027		1,394		1,407
5.772% due 09/01/2041		66		65
5.825% due 10/01/2020		33		33
5.895% due 12/01/2018		102		102
5.919% due 02/01/2012		71		75
5.922% due 10/01/2030 - 10/01/2040		5,489		5,480
5.930% due 06/01/2022		37		39
5.960% due 04/01/2018		180		185
5.970% due 07/01/2019		14		15
5.973% due 09/01/2034		1,013		1,024
5.975% due 02/25/2023 (b)		58		0
5.980% due 11/01/2011		126		133
5.990% due 02/01/2026		76		78
6.000% due 02/01/2009 - 10/25/2044		14,970,923		15,356,000
6.002% due 01/01/2021		22		22
6.006% due 12/01/2017 - 02/01/2020		872		905
6.021% due 08/01/2027		1,586		1,605
6.024% due 02/01/2024		70		72
6.066% due 02/01/2035		8,981		9,031
6.070% due 12/01/2017 - 02/01/2028		805		814
6.080% due 07/01/2032		145		150
6.089% due 09/01/2019 - 12/01/2036		1,305		1,321
6.139% due 05/01/2030		13		13
6.154% due 12/01/2008		22		22
6.188% due 03/01/2023		444		455
6.189% due 10/01/2034		4,393		4,424
6.196% due 01/01/2020		779		787
6.200% due 12/01/2034		2,829		2,852
6.203% due 11/01/2034		2,798		2,827
6.227% due 10/01/2027		257		271
6.250% due 02/25/2029		1,960		2,090
6.276% due 10/01/2034		8,146		8,267
6.290% due 02/25/2029		500		539
6.300% due 10/17/2038		17,385		17,451
6.303% due 10/01/2024		31		31
6.315% due 11/01/2023 - 12/01/2023		365		374
6.320% due 10/01/2013		1,857		1,878
6.321% due 07/01/2024		160		164
6.340% due 07/01/2021		44		46
6.361% due 05/01/2023		344		355
6.371% due 01/01/2024		114		117
6.378% due 11/01/2025		215		221
6.390% due 05/25/2036		23,286		24,786
6.398% due 12/01/2023		20		21
6.403% due 12/01/2033		952		970
6.409% due 07/01/2019		91		92
6.412% due 02/01/2022		202		203
6.421% due 12/01/2020		611		620
6.438% due 03/01/2019		935		947
6.450% due 12/01/2023		82		84
6.480% due 01/01/2011		71		75
6.500% due 06/01/2008 - 06/25/2044		484,389		507,145
6.500% due 09/25/2008 - 10/25/2022 (b)		10		0
6.507% due 03/01/2025		941		960
6.514% due 09/01/2022		167		170
6.520% due 08/01/2022		1,281		1,336
6.539% due 03/01/2023		869		899
6.540% due 09/01/2021		8		9
6.555% due 05/01/2017		2		2
6.558% due 01/01/2024		56		57
6.569% due 10/01/2019		289		296
6.585% due 11/01/2023		16		17
6.594% due 08/01/2025		1,174		1,198
6.602% due 05/01/2023		159		162
6.603% due 02/01/2027		375		383
6.615% due 08/01/2027		1,730		1,757
6.623% due 10/01/2024		141		145
6.625% due 05/01/2014		81		84
6.644% due 06/01/2023		167		170
6.668% due 11/01/2019		182		186
6.684% due 09/01/2014		21		22
6.704% due 04/01/2027		45		46
6.730% due 06/01/2022		15		16
6.745% due 02/01/2018		46		48
6.750% due 10/25/2023		349		372
6.804% due 10/01/2034		3,985		4,068
6.820% due 06/01/2023		21		21
6.824% due 12/01/2027		380		391
6.825% due 02/01/2020		61		63
6.830% due 05/01/2025		277		286
6.845% due 11/01/2021		72		77
6.850% due 12/01/2026		13		13
6.872% due 09/01/2022		75		76
6.893% due 12/01/2025		366		370
6.900% due 05/25/2023		62		67
6.920% due 11/01/2023		34		34
6.939% due 04/01/2027		62		63
6.970% due 11/01/2025		158		161
6.975% due 09/01/2025		35		36
6.995% due 01/01/2026		157		162
6.996% due 12/01/2025		254		258
7.000% due 01/01/2009 - 01/25/2048		17,491		18,483
7.015% due 09/01/2029		12		12
7.025% due 11/01/2022		21		21
7.041% due 04/01/2027		7		7
7.043% due 05/01/2022		25		25
7.055% due 05/01/2024		84		84
7.063% due 12/01/2022		40		41
7.069% due 11/01/2025		613		622
7.073% due 07/01/2024		751		769
7.077% due 10/01/2024		7		7
7.085% due 03/01/2026		55		57
7.095% due 07/01/2026		12		12
7.110% due 10/01/2009		459		476
7.113% due 09/01/2024		145		149
7.132% due 02/01/2028		67		68
7.138% due 08/01/2023		90		90
7.139% due 09/01/2023		172		178
7.150% due 06/01/2025		78		79
7.155% due 11/01/2025		32		33
7.176% due 12/01/2010		54		57
7.179% due 10/01/2023		25		26
7.200% due 05/01/2021		24		25
7.209% due 06/01/2025		708		719
7.240% due 10/01/2027		175		178
7.244% due 05/01/2026		48		49
7.250% due 01/01/2023 - 11/01/2026		822		890
7.266% due 12/01/2023		70		72
7.289% due 06/01/2024		50		51
7.296% due 08/01/2027		137		141
7.300% due 08/01/2031		132		133
7.307% due 11/01/2025		80		80
7.370% due 02/01/2033		4		4
7.375% due 05/25/2022		1,263		1,360
7.472% due 08/01/2027		36		36
7.500% due 11/01/2010 - 07/25/2041		5,669		6,272
7.502% due 06/01/2030		284		299
7.533% due 10/01/2026		11		12
7.567% due 04/01/2024		376		382
7.722% due 04/01/2026 - 05/01/2027		92		95
7.750% due 06/01/2009 - 01/25/2022		1,961		2,126
7.780% due 01/01/2018		2,055		2,405
7.800% due 10/25/2022		260		285
7.920% due 03/01/2018		2,545		3,004
7.980% due 05/01/2030		6,183		6,774
8.000% due 10/01/2008 - 06/01/2032		4,996		5,427
8.000% due 08/18/2027 (b)		11		3
8.060% due 04/01/2030		1,721		1,901

See accompanying notes

Schedule of Investments (Cont.)

Total Return Fund

March 31, 2008

	Principal Amount (000s)		Value (000s)
8.080% due 04/01/2030	$	945	$	1,045
8.250% due 10/01/2008 - 02/01/2017		8		8
8.490% due 06/01/2025		879		980
8.500% due 10/01/2009 - 10/01/2032		3,865		4,251
8.750% due 01/25/2021		256		284
9.000% due 07/01/2009 - 12/01/2027		1,717		1,905
9.250% due 04/25/2018		24		26
9.300% due 05/25/2018 - 08/25/2019		76		83
9.500% due 11/01/2009 - 07/01/2022		1,066		1,188
9.642% due 09/25/2028		493		526
10.000% due 08/01/2009 - 05/01/2022		151		176
10.500% due 11/01/2013 - 04/01/2022		50		55
11.000% due 11/01/2013 - 11/01/2020		160		181
11.500% due 08/20/2016 - 11/01/2019		6		7
12.000% due 05/01/2016		1		1
12.211% due 09/25/2008		37		37
12.500% due 10/01/2015		3		4
13.250% due 09/01/2011		2		2
14.750% due 08/01/2012		12		14
15.000% due 10/15/2012		38		46
15.500% due 10/01/2012 - 12/01/2012		3		3
15.750% due 12/01/2011 - 08/01/2012		13		16
16.000% due 09/01/2012		21		25
903.212% due 08/25/2021 (b)		0		6
1000.000% due 04/25/2022 (b)		0		5
Farmer Mac
7.983% due 01/25/2012		296		287
Federal Housing Administration
6.780% due 07/25/2040		7,267		7,292
6.875% due 11/01/2015		1,901		1,911
6.880% due 02/01/2041		11,039		11,077
6.896% due 07/01/2020		10,616		10,668
6.900% due 12/01/2040		21,908		21,984
6.960% due 05/01/2016		1,372		1,379
6.997% due 09/01/2019		92		92
7.110% due 05/01/2019		1,704		1,715
7.310% due 06/01/2041		22,787		22,881
7.315% due 08/01/2019		4,763		4,792
7.350% due 04/01/2019 - 11/01/2020		617		622
7.375% due 02/01/2018		157		158
7.400% due 01/25/2020 - 02/01/2021		3,568		3,601
7.430% due 10/01/2018 - 06/01/2024		14,869		15,007
7.450% due 05/01/2021		2,389		2,411
7.460% due 01/01/2023		238		241
7.465% due 11/01/2019		1,913		1,938
7.500% due 03/01/2032		3,141		3,182
7.580% due 12/01/2040		7,167		7,259
7.630% due 08/01/2041		17,195		17,374
7.780% due 11/01/2040		7,165		7,243
8.250% due 01/01/2041		4,584		4,657
8.375% due 02/01/2012		118		120
Freddie Mac
2.859% due 08/25/2031		225		221
2.968% due 07/15/2019 - 10/15/2020		24,873		24,065
3.000% due 05/15/2022		214		214
3.048% due 02/15/2019		12,379		12,302
3.058% due 05/15/2036		94		91
3.168% due 12/15/2029 - 06/15/2031		9,133		8,829
3.218% due 06/15/2018 - 06/15/2031		839		843
3.268% due 11/15/2030 - 12/15/2031		38		38
3.318% due 09/15/2030 - 01/15/2032		242		239
3.500% due 05/15/2016 - 07/15/2032		1,838		1,814
3.599% due 05/25/2043		14,467		14,471
4.000% due 04/01/2011 - 12/15/2024		49,931		49,988
4.250% due 04/15/2023		9,847		9,865
4.500% due 11/01/2008 - 05/01/2034		25,130		25,246
4.540% due 01/01/2034		10,830		10,959
4.551% due 08/01/2035		1,375		1,386
4.585% due 09/01/2035		20,113		20,175
4.629% due 07/01/2035		19,461		19,585
4.701% due 06/01/2035		5,509		5,602
4.827% due 03/01/2035		4,950		5,016
4.837% due 10/01/2035		37,869		38,303
4.846% due 11/01/2035		35,645		36,057
4.876% due 11/01/2034		222		229
4.900% due 10/01/2035		27,206		27,586
4.901% due 10/01/2035		37,129		37,601
4.909% due 07/01/2035		65		67
4.941% due 11/01/2035		27,372		27,786
5.000% due 06/15/2016 - 03/01/2038		291,388		295,373
5.050% due 10/25/2023		998		1,028
5.136% due 05/01/2035		39,541		40,268
5.200% due 10/25/2023		200		201
5.395% due 12/01/2026		914		922
5.500% due 07/01/2022 - 04/01/2038		4,987,881		5,043,242
5.591% due 08/15/2032		5,356		5,326
5.596% due 05/01/2023		14		15
5.722% due 10/25/2044 - 02/25/2045		35,179		34,413
5.751% due 05/01/2018		341		351
5.922% due 07/25/2044		2,631		2,569
5.931% due 05/01/2018		280		290
5.950% due 06/15/2028		40,935		40,826
5.980% due 02/01/2021		6		7
6.000% due 11/15/2008 - 02/01/2038		2,021,610		2,076,622
6.062% due 05/01/2021		1,375		1,387
6.121% due 07/01/2019		9		9
6.154% due 03/01/2021		993		1,025
6.155% due 02/01/2019		271		274
6.168% due 12/01/2018		345		348
6.178% due 01/01/2022		94		96
6.188% due 03/01/2022		1,396		1,430
6.200% due 12/15/2008		181		182
6.250% due 03/15/2028 - 01/15/2036		3,177		3,273
6.265% due 05/01/2020		69		70
6.365% due 01/01/2024		25		25
6.387% due 01/01/2021 - 11/01/2026		515		521
6.500% due 04/01/2008 - 07/25/2043		380,954		400,263
6.500% due 11/15/2008 - 09/15/2023 (b)		32		1
6.520% due 12/01/2023		150		152
6.625% due 04/01/2017		6		6
6.634% due 07/01/2025		800		808
6.671% due 11/01/2020		88		90
6.704% due 12/01/2022		20		21
6.769% due 09/01/2028		3		3
6.786% due 05/01/2020		16		17
6.810% due 07/01/2023		238		239
6.811% due 10/01/2020		10		11
6.832% due 09/01/2023		29		30
6.839% due 04/01/2029		156		159
6.875% due 09/01/2018		59		60
6.917% due 10/01/2020		253		266
6.924% due 06/01/2021		551		560
6.926% due 11/01/2023		234		237
6.940% due 10/01/2022 - 05/01/2023		236		240
6.950% due 07/15/2021 - 08/15/2021		48		49
6.963% due 07/01/2020 - 06/01/2022		189		192
6.979% due 07/01/2032		4		4
6.989% due 08/01/2023 - 04/01/2024		2,088		2,110
6.992% due 12/01/2019		5		5
7.000% due 08/15/2008 - 09/15/2023 (b)		36		7
7.000% due 01/01/2009 - 10/25/2043		45,331		48,689
7.018% due 11/01/2028		774		783
7.022% due 06/01/2024		584		593
7.024% due 01/01/2024		63		65
7.028% due 04/01/2025		138		141
7.030% due 01/01/2019		58		60
7.046% due 11/01/2023		10		10
7.055% due 10/01/2026		450		458
7.075% due 01/01/2019 - 09/01/2027		57		57
7.077% due 08/01/2023		1		1
7.078% due 07/01/2023		71		73
7.105% due 05/01/2018		57		59
7.110% due 07/01/2022		107		110
7.119% due 10/01/2023		201		205
7.125% due 01/01/2019 - 01/01/2028		31		32
7.135% due 07/01/2024		140		142
7.143% due 10/01/2023		130		132
7.146% due 08/01/2023		105		108
7.148% due 06/01/2022		451		463
7.152% due 09/01/2023		195		198
7.156% due 10/01/2023		291		297
7.165% due 02/01/2025		25		25
7.171% due 06/01/2022		151		155

See accompanying notes

Schedule of Investments (Cont.)

Total Return Fund

March 31, 2008

	Principal Amount (000s)		Value (000s)
7.174% due 10/01/2024	$	218	$	221
7.176% due 08/01/2023		588		605
7.199% due 02/01/2023		82		84
7.200% due 06/01/2024		260		268
7.209% due 08/01/2023		101		104
7.240% due 09/01/2023		138		141
7.253% due 09/01/2023		583		595
7.274% due 06/01/2020		91		94
7.282% due 09/01/2023		373		377
7.283% due 03/01/2024		316		321
7.299% due 10/01/2023		178		180
7.305% due 07/01/2027		12		13
7.310% due 05/01/2023		80		81
7.326% due 04/01/2023		17		17
7.340% due 02/01/2026		417		430
7.364% due 07/01/2030		1,066		1,101
7.438% due 08/01/2023		46		46
7.464% due 05/01/2023		58		59
7.500% due 09/01/2008 - 11/01/2037		19,901		21,232
7.502% due 07/01/2019		234		241
7.606% due 10/01/2023		56		57
7.645% due 05/01/2025		5,790		6,213
8.000% due 04/01/2010 - 09/15/2024		5,052		5,173
8.250% due 06/15/2022		274		297
8.500% due 06/01/2008 - 06/01/2030		2,899		3,012
8.750% due 04/01/2009 - 12/15/2020		129		129
8.900% due 11/15/2020		931		1,011
9.000% due 04/01/2009 - 07/01/2030		727		748
9.000% due 05/01/2022 (b)		6		1
9.250% due 07/01/2017		3		3
9.500% due 09/01/2016 - 12/01/2022		702		755
10.000% due 11/01/2011 - 03/01/2021		64		72
10.100% due 09/01/2016		103		122
10.250% due 04/01/2009 - 07/01/2009		15		16
10.500% due 10/01/2017 - 01/01/2021		25		31
10.750% due 09/01/2009		2		2
11.000% due 06/01/2011 - 05/01/2020		39		46
11.250% due 10/01/2009 - 09/01/2015		3		3
11.500% due 01/01/2018		3		3
12.500% due 12/01/2012		1		1
13.250% due 10/01/2013		51		61
14.000% due 04/01/2016		3		3
15.500% due 08/01/2011		2		2
884.500% due 01/15/2021 (b)		0		3
1007.500% due 02/15/2022 (b)		0		5
Ginnie Mae
2.936% due 06/20/2030		46		46
3.036% due 09/20/2030		228		225
3.218% due 06/16/2031 - 03/16/2032		584		575
3.268% due 10/16/2030		822		812
3.318% due 02/16/2030 - 04/16/2032		3,944		3,897
3.368% due 12/16/2025		122		121
3.418% due 02/16/2030		2,699		2,671
3.468% due 02/16/2030		1,235		1,224
3.486% due 03/20/2031		215		214
4.500% due 11/16/2028 - 07/15/2033		8,047		8,052
5.000% due 10/20/2029 - 07/20/2037		4,180		4,208
5.125% due 12/20/2015 - 12/20/2029		30,481		30,451
5.500% due 01/15/2032 - 02/20/2036		1,764		1,796
5.625% due 07/20/2017 - 08/20/2030		37,816		38,120
5.650% due 10/15/2012		3		4
5.750% due 02/20/2032		1,666		1,682
6.000% due 10/15/2008 - 08/15/2037		113,788		117,787
6.250% due 01/20/2028 - 03/20/2030		7,951		8,103
6.375% due 02/20/2017 - 05/20/2030		66,835		68,374
6.500% due 10/15/2008 - 07/15/2040		64,043		67,358
6.670% due 08/15/2040		917		954
6.750% due 06/20/2028 - 10/16/2040		43,632		47,094
7.000% due 06/15/2008 - 11/15/2032		7,800		8,230
7.250% due 07/16/2028		3		3
7.500% due 07/15/2008 - 05/15/2032		8,588		9,090
7.700% due 03/15/2041		6,533		7,261
7.750% due 12/20/2020 - 12/15/2040		1,581		1,709
8.000% due 10/15/2009 - 10/20/2031		1,214		1,329
8.250% due 06/15/2008 - 04/15/2020		108		118
8.300% due 06/15/2019		22		24
8.500% due 09/15/2009 - 04/15/2031		1,059		1,165
9.000% due 09/15/2008 - 01/15/2031		1,185		1,302
9.250% due 12/20/2016		3		3
9.500% due 11/15/2008 - 07/15/2025		503		557
10.000% due 02/15/2013 - 02/15/2025		467		556
10.250% due 02/20/2019		10		11
10.500% due 12/15/2015 - 09/15/2021		103		124
11.000% due 04/15/2010 - 04/20/2019		20		23
11.500% due 04/15/2013 - 10/15/2015		11		13
12.000% due 11/15/2012 - 05/15/2016		89		106
13.000% due 12/15/2012		3		3
13.500% due 10/15/2012 - 09/15/2014		26		32
15.000% due 08/15/2011 - 11/15/2012		34		41
16.000% due 11/15/2011 - 05/15/2012		29		35
17.000% due 11/15/2011 - 12/15/2011		13		16
Small Business Administration
3.870% due 01/01/2014		1,271		1,273
4.340% due 03/01/2024		244		236
4.504% due 02/01/2014		104		102
4.524% due 02/10/2013		16,464		16,492
4.684% due 09/10/2014		5,138		5,147
4.754% due 08/10/2014		63		63
4.770% due 04/01/2024		1,149		1,156
4.870% due 12/01/2024		2,261		2,269
4.890% due 12/01/2023		1,418		1,416
4.930% due 01/01/2024		2,925		2,959
4.950% due 03/01/2025		2,464		2,422
4.980% due 11/01/2023		9,729		9,875
5.090% due 10/01/2025		980		982
5.110% due 04/01/2025 - 08/01/2025		2,176		2,193
5.130% due 09/01/2023		6,050		6,132
5.160% due 02/01/2028		2,700		2,738
5.190% due 07/01/2024		372		380
5.290% due 12/01/2027		90,642		92,067
5.310% due 05/01/2027		488		496
5.340% due 11/01/2021		8,023		8,246
5.780% due 08/01/2027		98		100
5.950% due 05/01/2009		179		180
6.030% due 02/01/2012		10,291		10,594
6.340% due 03/01/2021		12,860		13,511
6.344% due 08/01/2011		968		999
6.640% due 02/01/2011		2,358		2,449
6.700% due 12/01/2016		3,814		3,965
6.900% due 12/01/2020		4,209		4,470
6.950% due 11/01/2016		994		1,036
7.150% due 03/01/2017		1,725		1,806
7.190% due 12/01/2019		156		166
7.449% due 08/01/2010		7,411		7,599
7.452% due 09/10/2010		904		946
7.500% due 04/01/2017		1,028		1,080
7.540% due 08/10/2009		5,307		5,478
7.630% due 06/01/2020		7,349		7,888
7.640% due 03/10/2010		2,586		2,703
7.700% due 07/01/2016		121		127
8.017% due 02/10/2010		8,763		9,174
Tennessee Valley Authority
4.250% due 03/15/2013		180		180
6.000% due 03/15/2013		250		280
U.S. Department of Housing and Urban Development
3.820% due 08/01/2009		2,400		2,451
Vendee Mortgage Trust
0.448% due 06/15/2023 (b)		24,398		242
6.500% due 09/15/2024		18,003		19,594
6.813% due 01/15/2030		2,308		2,323
Total U.S. Government Agencies (Cost $82,637,877)				84,045,105
U.S. TREASURY OBLIGATIONS 0.7%
Treasury Inflation Protected Securities (h)
1.875% due 07/15/2015		191,384		206,381
3.000% due 07/15/2012		81,804		91,672

See accompanying notes

Schedule of Investments (Cont.)

Total Return Fund

March 31, 2008

	Principal Amount (000s)		Value (000s)
U.S. Treasury Notes
2.750% due 02/28/2013	$	386,400	$	392,166
3.250% due 12/31/2009		130,600		134,243
Total U.S. Treasury Obligations (Cost $822,660)				824,462
MORTGAGE-BACKED SECURITIES 3.4%
American Home Mortgage Assets Trust
5.246% due 11/25/2046		60,503		48,236
American Home Mortgage Investment Trust
4.290% due 10/25/2034		526		475
4.390% due 02/25/2045		99,500		90,928
4.440% due 02/25/2045		46		42
Arran Residential Mortgages Funding PLC
2.955% due 04/12/2036		830		830
Banc of America Commercial Mortgage, Inc.
4.772% due 07/11/2043		94,824		94,232
5.414% due 09/10/2047		14,500		14,274
5.740% due 05/10/2045		28,900		29,257
Banc of America Funding Corp.
4.113% due 05/25/2035		160,547		152,588
4.622% due 02/20/2036		79		76
5.250% due 09/20/2034		200		192
Banc of America Mortgage Securities, Inc.
5.500% due 11/25/2033		187		183
6.500% due 10/25/2031		379		369
6.500% due 09/25/2033		17,178		16,962
7.235% due 07/20/2032		1,473		1,436
BCAP LLC Trust
2.769% due 01/25/2037		130,576		92,128
Bear Stearns Adjustable Rate Mortgage Trust
4.125% due 03/25/2035		476		456
4.536% due 08/25/2033		57		53
4.550% due 08/25/2035		274		262
4.617% due 01/25/2034		480		449
4.750% due 10/25/2035		129,117		124,663
4.760% due 01/25/2034		22		21
5.031% due 04/25/2033		214		208
5.072% due 11/25/2034		4,042		3,926
5.299% due 04/25/2033		6,779		6,572
5.401% due 04/25/2033		20,703		19,288
5.437% due 04/25/2033		633		589
5.550% due 02/25/2033		14,827		13,730
5.950% due 11/25/2034		131		130
6.099% due 11/25/2030		10,063		9,737
6.764% due 02/25/2033		109		102
6.851% due 01/25/2034		40		39
Bear Stearns Alt-A Trust
2.799% due 02/25/2034		123		87
2.819% due 04/25/2035		5,573		3,769
3.986% due 02/25/2034		11,761		10,769
5.332% due 09/25/2034		488		425
5.371% due 05/25/2035		185,425		160,678
5.706% due 09/25/2035		86,414		71,067
5.882% due 01/25/2036		40,346		31,783
6.943% due 01/25/2035		10,016		6,010
Bear Stearns Commercial Mortgage Securities
3.688% due 11/11/2041		2,134		2,120
5.060% due 11/15/2016		7,735		7,722
5.155% due 10/12/2042		25,000		24,895
5.405% due 12/11/2040		15,435		15,525
5.457% due 03/11/2039		13,650		13,618
5.694% due 06/11/2050		20,000		19,729
6.440% due 06/16/2030		6,984		6,986
7.000% due 05/20/2030		34,454		36,274
Bear Stearns Mortgage Securities, Inc.
6.056% due 06/25/2030		282		286
CC Mortgage Funding Corp.
2.779% due 05/25/2036		6,630		4,976
Citicorp Mortgage Securities, Inc.
5.250% due 12/25/2033		250		228
Citigroup Commercial Mortgage Trust
2.888% due 08/15/2021		54		51
Citigroup Mortgage Loan Trust, Inc.
4.098% due 08/25/2035		17,608		17,566
4.248% due 08/25/2035		106,026		100,735
4.682% due 08/25/2035		125,118		121,888
4.700% due 12/25/2035		64,204		62,413
4.748% due 08/25/2035		208		207
Collateralized Mortgage Obligation Trust
8.000% due 09/20/2021		557		556
Commercial Mortgage Acceptance Corp.
7.030% due 06/15/2031		58		59
Commercial Mortgage Asset Trust
6.975% due 01/17/2032		145		152
Countrywide Alternative Loan Trust
2.686% due 05/20/2046		2,658		2,419
2.799% due 05/25/2036		4,113		3,117
2.949% due 09/25/2035		4,155		3,290
4.500% due 06/25/2035		796		789
6.000% due 10/25/2032		4,205		4,113
6.000% due 01/25/2037		18,820		15,204
6.250% due 12/25/2033		39		35
Countrywide Home Loan Mortgage Pass-Through Trust
2.829% due 05/25/2035		22,800		17,970
2.889% due 04/25/2035		26,791		21,194
2.919% due 03/25/2035		27		21
2.929% due 02/25/2035		23		19
2.939% due 02/25/2035		27		22
2.939% due 06/25/2035		608		536
2.979% due 09/25/2034		56		47
3.943% due 07/25/2034		8,800		8,280
5.250% due 02/20/2036		58,956		48,829
5.500% due 11/25/2035		11,654		7,691
5.750% due 07/19/2031		28		28
6.500% due 01/25/2034		664		668
7.076% due 10/19/2032		9		9
7.500% due 06/25/2035		643		648
CS First Boston Mortgage Securities Corp.
4.427% due 04/25/2034		61,139		59,306
5.215% due 03/25/2032		568		513
5.638% due 05/25/2032		32		32
6.445% due 05/25/2032		167		168
6.466% due 06/25/2032		46		46
6.500% due 04/25/2033		3,010		2,888
6.556% due 06/25/2032		15		15
7.290% due 09/15/2041		241		247
7.500% due 12/25/2032		6		6
Denver Arena Trust
6.940% due 11/15/2019		2,724		2,679
Deutsche ALT-A Securities, Inc. Alternate Loan Trust
2.669% due 12/25/2036		31,576		30,140
2.689% due 08/25/2037		20,835		20,357
DLJ Commercial Mortgage Corp.
7.300% due 06/10/2032		484		493
DLJ Mortgage Acceptance Corp.
6.502% due 08/01/2021 (r)		269		253
8.000% due 03/25/2022		22		21
Drexel Burnham Lambert CMO Trust
9.500% due 11/20/2017		28		28
First Nationwide Trust
6.750% due 08/21/2031		4,521		4,513
First Republic Mortgage Loan Trust
3.079% due 06/25/2030		2,336		2,106
3.118% due 08/15/2032		443		427
3.168% due 11/15/2031		19		17
Fund America Investors Corp. II
6.009% due 06/25/2023		13		13
6.459% due 06/25/2023		311		309
GE Capital Commercial Mortgage Corp.
4.229% due 12/10/2037		23,188		22,860
GMAC Mortgage Securities, Inc.
8.950% due 08/20/2017		48		53
Government Lease Trust
4.000% due 05/18/2011		35,750		36,513
6.480% due 05/18/2011		10,420		10,903
GS Mortgage Securities Corp. II
6.044% due 08/15/2018		10,475		10,637
6.620% due 10/18/2030		14,340		14,318
6.624% due 05/03/2018		55,900		61,299
GSR Mortgage Loan Trust
2.949% due 01/25/2034		108		92
4.396% due 12/25/2034		87		79
4.539% due 09/25/2035		109,911		103,616
4.749% due 09/25/2035		76,345		71,969
5.250% due 11/25/2035		215,330		192,441
5.312% due 06/25/2034		90		85
5.500% due 03/25/2035		150		146
6.000% due 03/25/2032		119		114
GSRPM Mortgage Loan Trust
3.299% due 01/25/2032		2,340		2,291
Harborview Mortgage Loan Trust
2.729% due 04/19/2038		31,225		23,670
2.799% due 03/19/2037		20,708		15,615
2.876% due 06/20/2035		2,155		1,680
2.909% due 01/19/2035		4,733		4,145
2.929% due 02/19/2034		16		15
3.938% due 06/19/2034		6,800		6,669
Indymac ARM Trust
6.395% due 01/25/2032		990		989
6.446% due 01/25/2032		224		224
6.947% due 08/25/2031		501		502
Indymac Index Mortgage Loan Trust
5.189% due 01/25/2036		20,524		15,418
5.711% due 04/25/2037		23,025		18,250
5.989% due 04/25/2037		51,232		39,433
Indymac Loan Trust
2.879% due 07/25/2009		34		33
JPMorgan Alternative Loan Trust
2.669% due 05/25/2036		1,188		1,178
JPMorgan Chase Commercial Mortgage Securities Corp.
5.336% due 05/15/2047		187,521		182,308
5.420% due 01/15/2049		54,669		53,016
5.440% due 06/12/2047		27,800		27,057
5.747% due 02/12/2049		100		100
JPMorgan Mortgage Trust
4.766% due 07/25/2035		170		149
4.916% due 02/25/2036		20,189		19,801
5.006% due 07/25/2035		46,640		45,129

See accompanying notes

Schedule of Investments (Cont.)

Total Return Fund

March 31, 2008

	Principal Amount (000s)		Value (000s)
LB Mortgage Trust
8.432% due 01/20/2017	$	16,260	$	17,664
LB-UBS Commercial Mortgage Trust
3.323% due 03/15/2027		1,169		1,159
4.563% due 09/15/2026		14,000		13,770
5.424% due 02/15/2040		21,400		20,830
5.866% due 09/15/2045		16,135		16,109
5.969% due 03/15/2026		61		61
Lehman Brothers Floating Rate Commercial Mortgage Trust
2.898% due 09/15/2021		1,081		1,017
MASTR Adjustable Rate Mortgages Trust
3.786% due 11/21/2034		11,700		11,150
5.189% due 05/25/2034		150		140
6.164% due 10/25/2032		3,862		3,852
MASTR Asset Securitization Trust
5.500% due 09/25/2033		2,363		2,271
MASTR Seasoned Securities Trust
6.206% due 09/25/2017		24,955		25,291
6.500% due 08/25/2032		47,677		46,084
Mellon Residential Funding Corp.
3.168% due 11/15/2031		20,191		18,224
3.561% due 12/15/2030		4,293		4,135
3.601% due 06/15/2030		697		664
3.991% due 10/20/2029		12,420		11,994
Merrill Lynch Countrywide Commercial Mortgage Trust
5.957% due 08/12/2049		9,300		9,402
Merrill Lynch Mortgage Investors, Inc.
2.809% due 02/25/2036		83		67
4.910% due 12/25/2032		124		119
Merrill Lynch Mortgage Trust
4.929% due 07/12/2034		5,863		5,852
MLCC Mortgage Investors, Inc.
2.929% due 06/25/2028		4,110		3,885
3.198% due 03/15/2025		246		199
4.250% due 10/25/2035		175,013		164,446
Morgan Stanley Capital I
2.878% due 10/15/2020		53,923		50,161
5.569% due 12/15/2044		26,000		25,298
5.809% due 12/12/2049		40,085		39,830
6.160% due 04/03/2014		2,057		2,067
6.170% due 10/03/2034		1,389		1,394
Morgan Stanley Dean Witter Capital I
5.500% due 04/25/2017		47		47
Nomura Asset Acceptance Corp.
7.000% due 02/19/2030		3,028		3,058
Pacific Collateralized Mortgage Obligation Trust
8.000% due 03/20/2018		39		40
Paine Webber CMO Trust
1359.500% due 08/01/2019 (b)		0		3
Prime Mortgage Trust
2.999% due 02/25/2019		3,048		2,884
2.999% due 02/25/2034		15,537		14,039
Provident Funding Mortgage Loan Trust
3.901% due 10/25/2035		14,906		14,366
4.431% due 04/25/2034		18,236		17,679
Prudential-Bache CMO Trust
8.400% due 03/20/2021		425		424
RAAC Series 2005-SP1
5.000% due 09/25/2034		9,944		9,940
Regal Trust IV
4.170% due 09/29/2031		1,403		1,399
Resecuritization Mortgage Trust
2.856% due 04/26/2021		1		1
Residential Accredit Loans, Inc.
2.699% due 09/25/2046		16,363		15,111
2.779% due 06/25/2046		177,340		144,860
Residential Asset Mortgage Products, Inc.
2.769% due 07/25/2024		1,134		1,133
Residential Funding Mortgage Securities I
6.500% due 03/25/2032		703		672
Salomon Brothers Mortgage Securities VII, Inc.
3.099% due 05/25/2032		177		168
7.167% due 12/25/2030		150		145
Santa Barbara Savings & Loan Association
9.500% due 11/20/2018		244		246
Sears Mortgage Securities
12.000% due 02/25/2014		74		74
Securitized Asset Sales, Inc.
7.282% due 11/26/2023		145		142
Sequoia Mortgage Trust
2.886% due 07/20/2033		250		238
2.909% due 10/19/2026		399		379
4.080% due 04/20/2035		48,388		44,307
Structured Adjustable Rate Mortgage Loan Trust
5.317% due 08/25/2034		873		810
5.450% due 01/25/2036		14,486		13,043
5.726% due 01/25/2035		284		269
Structured Asset Mortgage Investments, Inc.
2.719% due 08/25/2036		18,282		13,679
2.769% due 03/25/2037		55		39
2.789% due 06/25/2036		2,617		1,989
2.809% due 07/19/2035		414		347
2.819% due 05/25/2036		80		60
2.889% due 09/19/2032		13,393		12,211
2.909% due 03/19/2034		20		18
2.909% due 12/25/2035		5,455		4,208
5.804% due 04/30/2030		2		2
6.286% due 05/25/2022		1,931		1,835
Structured Asset Securities Corp.
5.250% due 12/25/2034		10,189		9,730
5.381% due 03/25/2033		10,796		10,623
5.463% due 10/25/2035		174		167
6.039% due 02/25/2032		2,429		2,241
6.150% due 07/25/2032		1,363		1,267
6.397% due 05/25/2032		104		103
7.108% due 01/25/2032		2,437		2,340
Structured Mortgage Asset Residential Trust
7.250% due 07/25/2024		40		40
TBW Mortgage-Backed Pass-Through Certificates
2.709% due 01/25/2037		98		93
6.080% due 09/25/2036		4,785		4,664
Thornburg Mortgage Securities Trust
2.704% due 05/25/2046		19,694		19,341
2.719% due 09/25/2046		5,553		5,190
Union Planters Mortgage Finance Corp.
6.750% due 01/25/2028		4,000		3,903
6.800% due 01/25/2028		1,977		2,000
Wachovia Bank Commercial Mortgage Trust
2.908% due 09/15/2021		2,264		2,128
5.342% due 12/15/2043		194,050		187,475
WaMu Mortgage Pass-Through Certificates
2.859% due 11/25/2045		6,305		5,089
2.889% due 08/25/2045		342		338
2.889% due 10/25/2045		44,800		35,788
2.909% due 01/25/2045		24		19
3.139% due 12/25/2027		1,861		1,691
3.239% due 12/25/2027		29,845		28,276
3.495% due 11/25/2034		80		69
4.208% due 06/25/2033		19,826		19,781
5.220% due 02/27/2034		490		466
5.306% due 06/25/2046		50,239		39,652
5.326% due 02/25/2046		142		111
5.470% due 05/25/2046		3,616		2,792
5.526% due 11/25/2042		313		297
5.572% due 10/25/2046		1,311		1,078
5.726% due 06/25/2042		1,990		1,810
5.726% due 08/25/2042		280		257
5.826% due 11/25/2046		2,469		2,046
Washington Mutual MSC Mortgage Pass-Through Certificates
3.951% due 06/25/2033		15,252		14,819
6.662% due 05/25/2033		363		354
6.773% due 02/25/2031		65		65
7.020% due 02/25/2033		104		102
Wells Fargo Mortgage-Backed Securities Trust
3.541% due 09/25/2034		35,719		33,958
3.988% due 12/25/2034		574		539
4.329% due 07/25/2035		49,635		42,518
4.950% due 03/25/2036		242,162		230,859
5.218% due 03/25/2036		9,056		8,593
Total Mortgage-Backed Securities (Cost $4,422,529)				4,224,982
ASSET-BACKED SECURITIES 1.3%
Accredited Mortgage Loan Trust
2.649% due 02/25/2037		9,294		8,851
ACE Securities Corp.
2.649% due 06/25/2036		5,063		4,997
2.649% due 07/25/2036		11,976		11,723
2.679% due 02/25/2036		801		799
Ameriquest Mortgage Securities, Inc.
3.029% due 10/25/2033		73		63
Amortizing Residential Collateral Trust
2.869% due 06/25/2032		315		289
2.889% due 07/25/2032		3		3
Argent Securities, Inc.
2.649% due 10/25/2036		9,723		9,506
2.659% due 05/25/2036		501		499
Asset-Backed Funding Certificates
2.659% due 10/25/2036		3,762		3,651
Asset-Backed Securities Corp. Home Equity
2.659% due 07/25/2036		4,520		4,455
2.679% due 05/25/2037		12,793		12,423
2.759% due 05/25/2035		39		35
2.874% due 09/25/2034		84		75
BA Credit Card Trust
3.890% due 04/15/2013		163,200		161,605
Bank One Issuance Trust
2.928% due 12/15/2010		30,150		30,150
Bear Stearns Asset-Backed Securities Trust
2.639% due 02/25/2037		9,401		9,179
2.659% due 05/25/2036		1,039		1,006
2.669% due 12/25/2036		13,906		12,517
2.689% due 04/25/2036		3,871		3,845
2.749% due 01/25/2037		34,147		31,885
2.789% due 01/25/2047		698		652
2.799% due 09/25/2034		8		8
2.919% due 12/25/2034		10		10
2.929% due 10/25/2032		8,335		7,209

See accompanying notes

Schedule of Investments (Cont.)

Total Return Fund

March 31, 2008

	Principal Amount (000s)		Value (000s)
2.999% due 10/27/2032	$	3,172	$	2,963
5.787% due 06/25/2043		2,969		2,772
Brazos Student Finance Corp.
2.780% due 06/01/2023		3,519		3,477
Carrington Mortgage Loan Trust
2.639% due 05/25/2036		1,737		1,722
2.649% due 08/25/2036		4,074		4,014
2.649% due 01/25/2037		140		131
Cendant Mortgage Corp.
5.989% due 07/25/2043		2,177		2,036
Chase Funding Mortgage Loan Asset-Backed Certificates
3.099% due 10/25/2031		20		19
3.239% due 08/25/2032		1,726		1,642
3.339% due 10/25/2032		112		95
Chase Issuance Trust
3.609% due 05/16/2011 (c)		26,500		26,500
CIT Group Home Equity Loan Trust
2.869% due 06/25/2033		10		9
Citigroup Mortgage Loan Trust, Inc.
2.639% due 09/25/2036		2,231		2,176
2.649% due 11/25/2036		4,881		4,768
2.659% due 05/25/2037		3,374		3,214
2.669% due 12/25/2036		891		829
2.669% due 05/25/2037 (r)		27,445		26,232
Community Program Loan Trust
4.500% due 10/01/2018		7,775		7,742
4.500% due 04/01/2029		26,000		23,143
Conseco Finance
3.268% due 05/15/2032		145		123
Countrywide Asset-Backed Certificates
2.629% due 01/25/2046		33,539		32,859
2.649% due 03/25/2037		21,589		20,725
2.649% due 05/25/2037		2,307		2,232
2.649% due 07/25/2037		145		139
2.649% due 08/25/2037		64,858		61,930
2.669% due 06/25/2036		590		589
2.669% due 07/25/2036		693		693
2.669% due 08/25/2036		127		127
2.679% due 06/25/2037		14,292		13,345
2.759% due 02/25/2036		6,955		6,410
3.079% due 12/25/2031		3		3
3.265% due 07/25/2036		269		269
Credit-Based Asset Servicing & Securitization LLC
2.659% due 03/25/2036		40		40
2.669% due 01/25/2037		140		135
3.149% due 04/25/2032		616		567
CS First Boston Mortgage Securities Corp.
3.219% due 01/25/2032		412		372
3.299% due 07/25/2032		52		46
3.875% due 08/25/2032		1,556		1,416
Delta Funding Home Equity Loan Trust
3.638% due 09/15/2029		210		193
Discover Card Master Trust I
3.192% due 10/16/2013		400		390
Equity One Asset-Backed Securities, Inc.
3.159% due 11/25/2032		161		150
Equivantage Home Equity Loan Trust
7.300% due 10/25/2025		2		2
Fieldstone Mortgage Investment Corp.
2.679% due 05/25/2036		2,031		2,006
First Alliance Mortgage Loan Trust
2.500% due 01/25/2025		9		9
3.296% due 03/20/2031		1,210		1,145
First Franklin Mortgage Loan Asset-Backed Certificates
2.629% due 07/25/2036		7,571		7,466
2.649% due 10/25/2036		19,785		19,129
2.649% due 11/25/2036		6,675		6,043
2.649% due 03/25/2037		11,292		10,835
2.669% due 03/25/2036		49		49
2.669% due 12/25/2036		10,932		9,750
2.679% due 02/25/2036		176		175
2.689% due 01/25/2036		1,287		1,283
2.969% due 12/25/2034		592		461
First USA Credit Card Master Trust
2.935% due 04/18/2011		20,000		19,977
FMAC Loan Receivables Trust
6.500% due 09/15/2020		36		31
7.900% due 04/15/2019		20		20
Fremont Home Loan Trust
2.649% due 10/25/2036		9,728		9,594
2.769% due 01/25/2036		26		26
Green Tree Financial Corp.
6.240% due 11/01/2016		37		39
6.480% due 12/01/2030		19		19
6.870% due 04/01/2030		867		855
Greenpoint Manufactured Housing
7.270% due 06/15/2029		110		98
GSAMP Trust
2.639% due 08/25/2036		336		330
2.669% due 01/25/2036		2,830		2,704
2.669% due 02/25/2036		544		543
2.689% due 11/25/2035		1,224		1,135
2.889% due 03/25/2034		679		665
GSR Mortgage Loan Trust
2.699% due 11/25/2030		23		23
HFC Home Equity Loan Asset-Backed Certificates
2.826% due 01/20/2034		16,353		13,274
2.886% due 09/20/2033		35		34
2.968% due 03/20/2036		12,420		11,434
Home Equity Asset Trust
2.659% due 05/25/2037		24,863		23,783
2.679% due 05/25/2036		3,440		3,417
3.199% due 11/25/2032		154		131
HSBC Asset Loan Obligation
2.659% due 12/25/2036		1,927		1,845
HSI Asset Securitization Corp. Trust
2.649% due 12/25/2036		68,886		64,044
2.679% due 12/25/2035		1,229		1,223
IMC Home Equity Loan Trust
7.115% due 07/25/2026		73		72
7.310% due 11/20/2028		43		43
7.500% due 04/25/2026		42		42
7.520% due 08/20/2028		31		31
Indymac Residential Asset-Backed Trust
2.639% due 08/25/2036		6,148		6,110
2.659% due 04/25/2037		134		128
IXIS Real Estate Capital Trust
2.659% due 08/25/2036		2,859		2,842
JPMorgan Mortgage Acquisition Corp.
2.639% due 08/25/2036		6,144		5,988
2.649% due 07/25/2036		8,183		7,722
2.659% due 05/25/2037		19,155		18,240
2.679% due 08/25/2036		17,382		16,301
2.689% due 10/25/2036		622		592
Lehman ABS Mortgage Loan Trust
2.689% due 06/25/2037		18,178		17,476
Lehman XS Trust
2.669% due 05/25/2046		177		168
2.679% due 04/25/2046		13,798		13,618
2.679% due 06/25/2046		13,591		12,965
2.679% due 08/25/2046		4,739		4,627
2.689% due 05/25/2046		13,661		13,271
Long Beach Mortgage Loan Trust
2.639% due 07/25/2036		7,545		7,467
2.689% due 01/25/2046		132		132
2.739% due 02/25/2036		18,916		18,574
2.879% due 10/25/2034		4,796		4,336
MASTR Asset-Backed Securities Trust
2.649% due 03/25/2036		2,960		2,938
2.649% due 01/25/2037		325		312
2.659% due 10/25/2036		563		557
2.679% due 01/25/2036		1,457		1,448
Merrill Lynch First Franklin Mortgage Loan Trust
2.659% due 07/25/2037		10,000		9,167
Merrill Lynch Mortgage Investors, Inc.
2.629% due 05/25/2037		2,442		2,396
2.659% due 03/25/2037		74		74
2.669% due 08/25/2036		777		741
2.669% due 02/25/2037		2,915		2,886
2.669% due 07/25/2037		24,443		23,433
2.719% due 02/25/2037		8,629		7,951
Mesa Trust Asset-Backed Certificates
2.999% due 12/25/2031		2,151		2,128
Mid-State Trust
6.340% due 10/15/2036		22,047		20,967
7.340% due 07/01/2035		957		1,025
7.791% due 03/15/2038		3,742		3,699
8.330% due 04/01/2030		19,557		20,560
Morgan Stanley ABS Capital I
2.639% due 04/25/2036		594		592
2.639% due 06/25/2036		49		49
2.649% due 07/25/2036		362		334
2.659% due 03/25/2036		259		258
2.669% due 12/25/2035		525		523
2.669% due 03/25/2036		1,578		1,574
2.699% due 09/25/2036		200		176
3.399% due 07/25/2037		32,710		31,381
Morgan Stanley Home Equity Loans
2.649% due 04/25/2036		1,280		1,274
2.649% due 12/25/2036		24,776		23,776
2.679% due 12/25/2035		451		448
Morgan Stanley IXIS Real Estate Capital Trust
2.649% due 11/25/2036		101		96
2.709% due 11/25/2036		200		173
MPC Natural Gas Funding Trust
6.200% due 03/15/2013		3,942		4,150
Nationstar Home Equity Loan Trust
2.659% due 03/25/2037		17,630		16,774
Nelnet Student Loan Trust
2.606% due 12/24/2018		215		214
2.616% due 12/22/2014		1,066		1,065
3.341% due 01/26/2015		555		555
3.421% due 07/25/2016		1,488		1,487
New Century Home Equity Loan Trust
2.659% due 05/25/2036		194		193
2.869% due 09/25/2035		38,976		35,823
Newcastle Mortgage Securities Trust
2.669% due 03/25/2036		588		585
Nomura Asset Acceptance Corp.
2.739% due 01/25/2036		3,158		2,965

See accompanying notes

Schedule of Investments (Cont.)

Total Return Fund

March 31, 2008

	Principal Amount (000s)		Value (000s)
Option One Mortgage Loan Trust
2.639% due 02/25/2037	$	3,530	$	3,371
Ownit Mortgage Loan Asset-Backed Certificates
2.659% due 03/25/2037		5,510		5,412
Popular ABS Mortgage Pass-Through Trust
2.689% due 06/25/2047		38,538		36,060
PP&L Transition Bond Co. LLC
7.150% due 06/25/2009		344		351
Quest Trust
3.029% due 12/25/2033		702		477
Renaissance Home Equity Loan Trust
2.959% due 11/25/2034		177		158
3.299% due 08/25/2032		104		93
Residential Asset Mortgage Products, Inc.
2.669% due 05/25/2036		3,042		2,995
2.749% due 11/25/2035		193		186
Residential Asset Securities Corp.
2.639% due 06/25/2036		4,118		4,090
2.649% due 09/25/2036		11,029		10,925
2.659% due 04/25/2036		3,782		3,754
2.669% due 11/25/2036		47		45
2.679% due 10/25/2036		18,712		18,148
Residential Funding Mortgage Securities II, Inc.
2.699% due 12/25/2035		7,963		7,267
Residential Mortgage Loan Trust
4.635% due 09/25/2029		15		14
SACO I, Inc.
2.659% due 05/25/2036		8,003		6,067
2.819% due 06/25/2035		1,939		1,767
2.849% due 12/25/2035		297		212
Salomon Brothers Mortgage Securities VII, Inc.
2.899% due 03/25/2032		705		684
3.159% due 09/25/2028		1,728		1,643
Saxon Asset Securities Trust
3.119% due 08/25/2032		733		722
3.139% due 01/25/2032		1		1
Securitized Asset-Backed Receivables LLC Trust
2.659% due 03/25/2036		4,427		4,372
2.659% due 12/25/2036		1,812		1,645
SLM Student Loan Trust
3.311% due 04/25/2014		40,518		40,363
3.321% due 10/25/2016		1,567		1,561
3.321% due 07/25/2017		4,536		4,510
3.321% due 10/25/2018		2,264		2,248
3.331% due 01/25/2016		2,206		2,201
3.341% due 04/27/2015		686		686
3.470% due 01/26/2015		69,200		68,832
Soundview Home Equity Loan Trust
2.639% due 11/25/2036		253		252
2.649% due 10/25/2036		1,177		1,139
2.659% due 06/25/2036		366		365
2.719% due 03/25/2036		2,358		2,320
Specialty Underwriting & Residential Finance
2.629% due 06/25/2037		90		88
2.659% due 02/25/2037		1,613		1,598
2.679% due 12/25/2036		3,384		3,364
Structured Asset Investment Loan Trust
2.659% due 04/25/2036		324		322
3.299% due 04/25/2033		2,194		1,889
Structured Asset Securities Corp.
2.679% due 01/25/2037		27,226		24,733
2.889% due 01/25/2033		6,683		6,042
4.900% due 04/25/2035		32,330		29,884
Washington Mutual Asset-Backed Certificates
2.649% due 01/25/2037		24,234		22,703
2.669% due 04/25/2036		939		935
Wells Fargo Home Equity Trust
2.839% due 10/25/2035		96		93
2.839% due 11/25/2035		32,631		32,115
2.849% due 12/25/2035		101,814		99,113
WFS Financial Owner Trust
3.590% due 10/19/2009		1,195		1,196
WMC Mortgage Loan Pass-Through Certificates
3.498% due 05/15/2030		2,879		2,853
3.718% due 10/15/2029		1,266		1,250
Total Asset-Backed Securities (Cost $1,686,404)				1,623,875
SOVEREIGN ISSUES 0.1%
Banque Centrale de Tunisie
7.375% due 04/25/2012		4,220		4,579
Canada Mortgage & Housing Corp.
2.950% due 06/02/2008		50		50
4.800% due 10/01/2010		100		106
China Development Bank
5.000% due 10/15/2015		29,300		29,209
Export-Import Bank of Korea
4.901% due 10/04/2011		88,600		88,751
Hydro Quebec
2.677% due 09/29/2049		5,600		4,880
7.500% due 04/01/2016		150		184
Italy Government International Bond
3.250% due 05/15/2009		160		162
4.500% due 01/21/2015		150		159
5.375% due 06/15/2033		50		53
Korea Development Bank
3.364% due 10/31/2008		100		100
4.750% due 07/20/2009		300		303
Korea Expressway Corp.
5.125% due 05/20/2015		100		93
Province of Manitoba Canada
7.750% due 07/17/2016		200		252
Province of New Brunswick Canada
5.200% due 02/21/2017		125		137
Province of Nova Scotia Canada
5.125% due 01/26/2017		150		163
Province of Ontario Canada
5.125% due 07/17/2012		100		109
5.500% due 10/01/2008		150		152
Province of Quebec Canada
5.000% due 07/17/2009		100		103
Republic of Korea
8.875% due 04/15/2008		50		50
Russia Government International Bond
8.250% due 03/31/2010		611		648
South Africa Government International Bond
5.875% due 05/30/2022		100		94
6.500% due 06/02/2014		27,000		28,181
Total Sovereign Issues (Cost $156,452)				158,518
FOREIGN CURRENCY-DENOMINATED ISSUES 3.3%
American International Group, Inc.
4.875% due 03/15/2067	EUR	30,000		35,792
Atlas Reinsurance PLC
8.690% due 01/10/2010		3,000		4,819
Banque Centrale de Tunisie
7.500% due 08/06/2009	EUR	2,300		3,740
Bauhaus Securities Ltd.
4.698% due 10/30/2052		65		103
BBVA International Preferred S.A. Unipersonal
4.952% due 09/29/2049		18,000		23,016
Brazil Notas do Tesouro Nacional Series F
10.000% due 01/01/2012	BRL	4,810,676		2,484,947
10.000% due 01/01/2013		190,000		96,360
10.000% due 01/01/2017		1,518,624		722,714
Brazilian Government International Bond
10.250% due 01/10/2028		111,300		59,370
BTM Curacao Holdings NV
1.570% due 11/29/2049	JPY	1,000,000		10,007
Citigroup, Inc.
4.250% due 02/25/2030	EUR	60,000		65,072
Countrywide Home Loans, Inc.
4.823% due 11/24/2008		9,100		13,074
Danske Bank A/S
4.878% due 02/28/2049		8,000		10,805
5.684% due 12/29/2049	GBP	16,400		27,128
Ford Motor Credit Co. LLC
5.250% due 06/16/2008	EUR	15,000		11,945
Gaz Capital S.A.
5.875% due 06/01/2015		20,000		28,380
General Electric Capital Corp.
4.625% due 09/15/2066		10,000		13,717
5.500% due 09/15/2067		151,800		227,042
General Motors Corp.
8.375% due 07/05/2033		25,000		26,548
HBOS PLC
4.875% due 03/29/2049		14,090		18,301
KBC Bank Funding Trust IV
8.220% due 11/29/2049		5,000		8,132
Lloyds TSB Capital
7.375% due 12/29/2049		26,000		41,373
Mexican Bonos
7.250% due 12/15/2016	MXN	275,000		25,588
Mizuho Finance Cayman Ltd.
1.879% due 01/01/2049	JPY	1,000,000		10,137
New Zealand Government CPI Linked Bond
4.500% due 02/15/2016	NZD	81,500		85,537
Nordic Telephone Co. Holdings ApS
6.050% due 11/30/2013	EUR	11,308		16,813
6.300% due 11/30/2014		13,540		20,276
Norinchukin Finance Ltd.
5.625% due 09/28/2016	GBP	25,000		45,960
Poland Government International Bond
5.750% due 03/24/2010	PLN	54,490		24,223
Pylon Ltd.
6.117% due 12/29/2008	EUR	250		393
Sumitomo Mitsui Banking Corp.
1.340% due 06/02/2049	JPY	1,000,000		9,886
1.766% due 12/31/2049		1,100,000		11,105
Total Foreign Currency-Denominated Issues (Cost $4,083,170)				4,182,303
SHORT-TERM INSTRUMENTS 6.3%
CERTIFICATES OF DEPOSIT 1.9%
Abbey National Treasury Services PLC
3.069% due 07/02/2008		386,400		385,294
Bank of Ireland
4.298% due 01/15/2010		34,200		33,622

See accompanying notes

Schedule of Investments (Cont.)

Total Return Fund

March 31, 2008

	Principal Amount (000s)		Value (000s)
Calyon Financial, Inc.
2.731% due 06/29/2010	$	43,140	$	43,019
4.035% due 01/16/2009		317,800		317,593
Capital One Bank USA N.A.
3.218% due 02/23/2009		100,000		96,880
Capmark Bank
4.250% due 11/05/2019		100		100
Fortis Bank NY
2.622% due 04/28/2008		1,000		1,000
2.646% due 09/30/2008		187,070		186,820
2.649% due 06/30/2008		304,730		304,635
HSBC Bank USA N.A.
3.294% due 07/28/2008		74,800		74,879
Lehman Brothers Bank FSB
4.000% due 01/28/2016		100		100
Nordea Bank Finland PLC
3.028% due 05/28/2008		154,800		154,881
3.046% due 04/09/2009		432,700		432,440
Skandinaviska Enskilda Banken AB
3.050% due 08/21/2008		7,000		7,000
3.060% due 02/13/2009		237,460		237,400
Unicredito Italiano NY
3.085% due 05/29/2008		141,400		141,453
				2,417,116
COMMERCIAL PAPER 2.3%
Abbey National Treasury Services PLC
2.870% due 04/08/2008		80,300		80,255
ABN AMRO N.A. Finance
3.015% due 05/13/2008		17,930		17,867
3.025% due 04/04/2008		39,000		38,990
4.350% due 04/07/2008		2,300		2,298
4.500% due 04/07/2008		10,400		10,392
ANZ National International Ltd.
3.050% due 05/19/2008		33,100		32,965
Banco Santander Central Hispano S.A.
2.725% due 06/13/2008		29,800		29,625
2.770% due 06/09/2008		21,900		21,778
2.990% due 05/21/2008		21,900		21,809
Bank of America Corp.
2.770% due 05/01/2008		39,800		39,708
2.900% due 05/05/2008		7,800		7,779
2.950% due 04/23/2008		3,700		3,693
2.975% due 06/02/2008		82,000		81,608
2.980% due 04/28/2008		30,700		30,631
Barclays U.S. Funding Corp.
2.790% due 06/11/2008		3,600		3,580
3.025% due 05/20/2008		4,100		4,083
3.125% due 04/23/2008		2,500		2,495
3.765% due 04/18/2008		4,600		4,592
4.330% due 04/08/2008		12,000		11,990
Calyon Financial, Inc.
2.935% due 05/05/2008		11,800		11,767
3.010% due 04/22/2008		7,900		7,886
3.050% due 04/04/2008		1,500		1,500
CBA (de) Finance
2.750% due 06/12/2008		3,000		2,983
2.950% due 05/05/2008		52,700		52,553
2.980% due 05/01/2008		1,700		1,696
3.000% due 04/07/2008		4,300		4,298
3.000% due 04/28/2008		5,800		5,787
3.000% due 05/21/2008		6,500		6,473
3.000 % due 05/28/2008		42,200		42,000
3.020% due 04/21/2008		200		200
3.800% due 04/15/2008		14,400		14,379
Danske Corp.
2.750% due 05/27/2008		30,000		29,872
2.800% due 04/14/2008		1,000		999
3.075% due 04/01/2008		54,900		54,900
DnB NOR Bank ASA
2.950% due 05/21/2008		24,790		24,688
3.020% due 04/30/2008		3,700		3,691
3.100% due 04/30/2008		3,400		3,392
3.150% due 04/15/2008		2,100		2,097
3.150% due 04/16/2008		400		399
4.660% due 04/17/2008		12,200		12,175
Fannie Mae
1.350% due 04/01/2008		255,000		255,000
2.420% due 05/02/2008		7,000		6,985
2.498% due 06/04/2008		14,800		14,727
Federal Home Loan Bank
1.500% due 04/01/2008		328,100		328,100
Freddie Mac
2.272% due 05/27/2008		1,400		1,396
2.439% due 06/09/2008		1,000		995
2.690% due 04/03/2008		800		800
HSBC Bank USA N.A.
2.880% due 06/06/2008		13,700		13,627
2.910% due 05/30/2008		300		299
2.970% due 05/30/2008		4,400		4,379
2.990% due 05/28/2008		600		597
3.740% due 04/18/2008		21,100		21,063
ING Funding LLC
2.890% due 05/05/2008		6,800		6,781
2.980% due 04/04/2008		7,200		7,198
2.980% due 04/14/2008		2,400		2,397
2.990% due 04/09/2008		84,900		84,844
3.010% due 04/23/2008		2,900		2,895
3.710% due 04/18/2008		600		599
3.740% due 04/18/2008		5,000		4,991
Intesa Funding LLC
2.760% due 06/16/2008		9,200		9,144
3.100% due 04/22/2008		27,820		27,770
Lloyds TSB Bank PLC
2.950% due 04/08/2008		16,600		16,590
2.960% due 05/30/2008		18,900		18,808
Nordea N.A., Inc.
2.950% due 04/09/2008		17,400		17,389
2.960% due 04/07/2008		4,200		4,198
2.980% due 04/04/2008		73,700		73,682
2.980% due 04/08/2008		300		300
Rabobank USA Financial Corp.
2.970% due 04/07/2008		7,000		6,997
3.000% due 04/08/2008		3,000		2,998
3.000% due 04/09/2008		11,300		11,292
Royal Bank of Canada
2.980% due 05/22/2008		5,307		5,285
Royal Bank of Scotland Group PLC
2.750% due 06/09/2008		16,600		16,512
2.820% due 06/09/2008		19,300		19,198
2.900% due 05/08/2008		22,200		22,134
2.950% due 05/06/2008		2,300		2,293
2.950% due 05/08/2008		10,000		9,970
2.950% due 06/04/2008		5,900		5,871
2.960% due 06/06/2008		30,800		30,643
3.020% due 05/14/2008		2,607		2,598
3.030% due 05/21/2008		53,200		52,976
3.040% due 05/21/2008		3,200		3,186
3.050% due 04/02/2008		3,000		3,000
3.050% due 04/07/2008		3,300		3,298
3.050% due 05/01/2008		4,500		4,489
3.070% due 04/02/2008		5,400		5,400
3.070% due 04/30/2008		37,700		37,607
3.080% due 04/16/2008		4,000		3,995
3.090% due 05/06/2008		11,000		10,967
3.110% due 05/06/2008		11,300		11,266
3.150% due 07/22/2008		6,000		5,949
3.160% due 05/02/2008		10,200		10,172
3.170% due 04/29/2008		4,050		4,040
3.800% due 04/14/2008		12,800		12,782
3.800% due 04/16/2008		23,700		23,662
3.830% due 04/02/2008		3,200		3,200
San Paolo U.S. Financial Co.
2.980% due 04/29/2008		1,500		1,497
3.030% due 04/30/2008		38,000		37,907
3.030% due 05/28/2008		94,000		93,549
3.045% due 04/29/2008		24,900		24,841
3.100% due 04/23/2008		11,600		11,578
3.180% due 04/11/2008		13,200		13,188
3.740% due 05/16/2008		600		597
Skandinaviska Enskilda Banken AB
4.370% due 04/10/2008		2,100		2,098
Stadshypotek, Inc.
3.040% due 04/04/2008		22,500		22,494
3.040% due 06/09/2008		45,000		44,750
3.055% due 05/22/2008		102,900		102,455
4.300% due 04/08/2008		10,400		10,391
Svenska Handelsbanken AB
2.970% due 05/13/2008		1,500		1,495
2.990% due 05/12/2008		5,636		5,617
3.010% due 04/14/2008		2,600		2,597
Swedbank AB
4.420% due 04/11/2008		5,500		5,493
4.460% due 04/09/2008		6,500		6,494
4.750% due 04/01/2008		1,900		1,900
UBS Finance Delaware LLC
2.940% due 06/05/2008		38,000		37,801
2.940% due 06/06/2008		123,800		123,140
2.970% due 04/23/2008		6,400		6,388
2.985% due 05/01/2008		6,700		6,683
3.000% due 06/02/2008		5,799		5,770
3.020% due 04/04/2008		35,100		35,091
3.020% due 04/23/2008		4,000		3,993
3.020% due 04/30/2008		4,900		4,888
3.035% due 06/02/2008		22,600		22,487
3.040% due 06/02/2008		28,800		28,655
3.050% due 04/16/2008		1,100		1,099
3.050% due 04/23/2008		5,500		5,490
3.065% due 04/01/2008		43,800		43,800
3.070% due 04/23/2008		9,400		9,382
3.110% due 04/30/2008		82,300		82,094
4.140% due 05/12/2008		13,500		13,436
Unicredito Italiano SpA
2.830% due 06/16/2008		700		696
2.990% due 05/14/2008		3,900		3,886
3.070% due 04/08/2008		1,000		999
3.080% due 04/30/2008		5,000		4,988
3.850% due 05/02/2008		39,700		39,568
4.450% due 04/08/2008		11,000		10,990
4.665% due 04/04/2008		5,100		5,098

See accompanying notes

Schedule of Investments (Cont.)

Total Return Fund

March 31, 2008

	Principal Amount (000s)		Value (000s)
Westpac Trust Securities NZ Ltd.
3.040% due 05/09/2008	$	10,500	$	10,466
4.320% due 04/07/2008		6,600		6,595
				2,889,631
Repurchase Agreements 1.0%
Credit Suisse Securities (USA) LLC
1.200% due 04/01/2008 (Dated 03/31/2008. Collateralized by U.S. Treasury Notes 4.875% due 06/30/2009 valued at $1,538. Repurchase proceeds are $1,500.)		1,500		1,500
Deutsche Bank AG
1.200% due 04/01/2008 (Dated 03/31/2008. Collateralized by U.S. Treasury Bills 1.460% due 05/08/2008 valued at $1,093,180. Repurchase proceeds are $1,071,436.)		1,071,400		1,071,400
Fixed Income Clearing Corp.
1.900% due 04/01/2008		142,851		142,851
(Dated 03/31/2008. Collateralized by Federal Home Loan Bank 0.000% due 05/30/2008 valued at $49,812 and Freddie Mac 0.000%—3.000% due 05/13/2008—06/09/2008 valued at $95,898. Repurchase proceeds are $142,859.)				1,215,751
U.S. Treasury Bills 1.1%
0.877% due 04/10/2008 - 08/07/2008 (f)(i)(j)		1,351,240		1,348,093
Total Short-Term Instruments (Cost $7,877,364)				7,870,591
Purchased Options (p) 1.2% (Cost $412,709)				1,474,509
Total Investments 110.6% (Cost $137,586,881)				139,109,774
Written Options (q) (1.0%) (Premiums $575,863)				(1,325,068	)
Other Assets and Liabilities (Net) (9.6%)				(12,016,751	)
Net Assets (l) 100.0%			$	125,767,955

See accompanying notes

Notes to Schedule of Investments

(amounts in thousands*, except number of contracts):

* A zero balance may reflect actual amounts rounding to less than one thousand.

(a) Security is in default.

(b) Interest only security.

(c) When-issued security.

(d) Principal only security.

(e) Payment in-kind bond security.

(f) Coupon represents a weighted average rate.

(g) Security becomes interest bearing at a future date.

(h) Principal amount of security is adjusted for inflation.

(i) Securities with an aggregate market value of $268,202 have been pledged as collateral for swap and swaption contracts on March 31, 2008.

(j) Securities with an aggregate market value of $15,966 and cash of $113,000 have been pledged as collateral for delayed-delivery securities on March 31, 2008.

(k) Securities with an aggregate market value of $289,846 have been pledged as collateral for delayed-delivery mortgage-backed securities on March 31, 2008.

(l) As of March 31, 2008, portfolio securities with an aggregate value of $828,083 and derivative instruments with an aggregate depreciation of ($46,261) were valued in good faith and pursuant to the guidelines established by the Board of Trustees.

(m) The average amount of borrowings outstanding during the period ended March 31, 2008 was $3,249,403 at a weighted average interest rate of 4.090%. On March 31, 2008, securities valued at $5,318,188 were pledged as collateral for reverse repurchase agreements.

(n) Cash of $984,271 has been segregated with the custodian to cover margin requirements for the following open futures contracts on March 31, 2008:

Description	Type	Expiration Month	# of Contracts	Unrealized Appreciation/ (Depreciation)
90-Day Eurodollar December Futures	Long	12/2008	168,937	$	1,195,105
90-Day Eurodollar December Futures	Long	12/2009	8,261		2,219
90-Day Eurodollar June Futures	Long	06/2008	104,756		646,660
90-Day Eurodollar June Futures	Long	06/2009	7,903		541
90-Day Eurodollar March Futures	Long	03/2009	45,418		200,204
90-Day Eurodollar March Futures	Long	03/2010	358		2,242
90-Day Eurodollar September Futures	Long	09/2008	38,167		254,442
90-Day Eurodollar September Futures	Long	09/2009	14,534		10,761
Euro-Bobl June Futures	Long	06/2008	2,413		(7,200	)
Euro-Schatz June Futures	Short	06/2008	7,998		5,621
U.S. Treasury 2-Year Note June Futures	Short	06/2008	35,845		(18,607	)
U.S. Treasury 5-Year Note June Futures	Short	06/2008	117,464		(103,112	)
U.S. Treasury 10-Year Note June Futures	Long	06/2008	80,338		135,287
U.S. Treasury 30-Year Bond June Futures	Short	06/2008	37		(137	)
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2008	26,137		46,710
United Kingdom 90-Day LIBOR Sterling Interest Rate December Futures	Long	12/2009	2,016		870
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2008	54,869		28,556
United Kingdom 90-Day LIBOR Sterling Interest Rate June Futures	Long	06/2009	12,624		37,922
United Kingdom 90-Day LIBOR Sterling Interest Rate March Futures	Long	03/2009	29,184		94,008
United Kingdom 90-Day LIBOR Sterling Interest Rate September Futures	Long	09/2008	42,890		52,758
				$	2,584,850

(o) Swap agreements outstanding on March 31, 2008:

Credit Default Swaps on Securities

Reference Entity	Buy/Sell Protection(1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
ABX Financing Co. 5.750% due 10/15/2016	Buy	(0.530	)%	12/20/2016	BEAR	$	10,000	$	265
American International Group, Inc. 0.000% convertible until 11/09/2031	Sell	0.195	%	03/20/2010	BOA		50,000		(1,711	)
American International Group, Inc. 5.600% due 10/18/2016	Sell	0.250	%	09/20/2008	GSC		90,000		(787	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.900	%	06/20/2009	DUB		25,000		(40	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.730	%	03/20/2013	DUB		25,000		(102	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.750	%	03/20/2013	JPM		10,000		(31	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.780	%	03/20/2013	DUB		10,000		(19	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.790	%	03/20/2013	CSFB		10,000		(14	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.790	%	03/20/2013	DUB		25,000		(36	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.800	%	03/20/2013	BCLY		18,900		(19	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.800	%	03/20/2013	CSFB		10,000		(10	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.800	%	03/20/2013	DUB		20,000		(20	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.800	%	03/20/2013	GSC		10,000		(10	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.810	%	03/20/2013	BCLY		30,000		(17	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.810	%	03/20/2013	CSFB		20,000		(11	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.815	%	03/20/2013	BCLY		25,000		(8	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.820	%	03/20/2013	DUB		20,000		(2	)
American International Group, Inc. 6.250% due 05/01/2036	Sell	2.020	%	03/20/2013	DUB		10,000		87
American International Group, Inc. 6.250% due 05/01/2036	Sell	2.030	%	03/20/2013	CSFB		20,000		183
American International Group, Inc. 6.250% due 05/01/2036	Sell	2.050	%	03/20/2013	BOA		20,000		201
American International Group, Inc. 6.250% due 05/01/2036	Sell	2.150	%	03/20/2013	CITI		9,600		143
American International Group, Inc. 6.250% due 05/01/2036	Sell	2.210	%	03/20/2013	LEH		24,700		438
American International Group, Inc. 6.250% due 05/01/2036	Sell	2.250	%	03/20/2013	UBS		25,000		446
American International Group, Inc. 6.250% due 05/01/2036	Sell	2.270	%	03/20/2013	CSFB		15,000		281
American International Group, Inc. 6.250% due 05/01/2036	Sell	1.800	%	06/20/2013	DUB		25,000		(52	)
AmerisourceBergen Corp. 5.625% due 09/15/2012	Buy	(0.600	)%	09/20/2012	MSC		10,000		263
Anadarko Finance Co. 6.750% due 05/01/2011	Buy	(0.260	)%	06/20/2011	LEH		10,600		130
AutoZone, Inc. 5.500% due 11/15/2015	Buy	(0.810	)%	12/20/2015	RBS		10,000		225
Avon Products, Inc. 5.125% due 01/15/2011	Buy	(0.160	)%	03/20/2011	CSFB		10,000		40
Bank of America Corp. 6.250% due 04/15/2012	Sell	0.850	%	03/20/2013	BNP		25,000		27
Bank of America Corp. 6.250% due 04/15/2012	Sell	0.920	%	03/20/2013	CITI		10,000		38
Bank of America Corp. 6.250% due 04/15/2012	Sell	0.925	%	03/20/2013	MSC		20,000		81
Bank of America Corp. 6.250% due 04/15/2012	Sell	0.950	%	03/20/2013	RBS		10,000		52
Bank of America Corp. 6.250% due 04/15/2012	Sell	0.970	%	03/20/2013	BNP		10,000		61
Bank of America Corp. 6.250% due 04/15/2012	Sell	0.980	%	03/20/2013	UBS		10,000		66
Bank of America Corp. floating rate based on 3-Month USD-LIBOR plus 0.260% due 10/14/2016	Buy	(0.170	)%	12/20/2016	MLP		5,000		258
Bank of America Corp. floating rate based on 3-Month USD-LIBOR plus 0.260% due 10/14/2016	Buy	(0.170	)%	12/20/2016	UBS		35,000		1,806
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	0.740	%	09/20/2012	RBS		10,000		(481	)
Bear Stearns Cos., Inc. 5.300% due 10/30/2015	Sell	1.130	%	09/20/2012	LEH		10,000		(327	)
BellSouth Corp. 4.200% due 09/15/2009	Buy	(0.140	)%	09/20/2009	BEAR		5,000		17
BellSouth Corp. 5.200% due 09/15/2014	Buy	(0.325	)%	09/20/2014	LEH		35,000		577
BHP Billiton Finance Ltd. 5.125% due 03/29/2012	Buy	(0.135	)%	03/20/2012	BOA		10,000		322
Boston Scientific Corp. 6.000% due 06/15/2011	Buy	(0.500	)%	06/20/2011	UBS		10,000		589
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.430	%	10/20/2011	LEH		25,000		189
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.120	%	11/20/2011	LEH		2,500		(15	)

Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.140	%	11/20/2011	LEH	50,000	(261	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.140	%	11/20/2011	MSC	50,000	(261	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	0.980	%	01/20/2012	BCLY	15,000	(222	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	0.980	%	01/20/2012	DUB	7,500	(111	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.620	%	03/20/2013	BCLY	20,900	(119	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.660	%	03/20/2013	MSC	47,000	(183	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.710	%	05/20/2013	MLP	15,000	38
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.720	%	05/20/2013	LEH	30,000	91
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.210	%	01/20/2014	LEH	25,000	(800	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.920	%	03/20/2016	LEH	25,000	(261	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.980	%	03/20/2016	LEH	6,900	(45	)
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.950	%	04/20/2016	MLP	300	0
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	2.090	%	05/20/2016	CSFB	10,000	68
Brazilian Government International Bond 12.250% due 03/06/2030	Sell	1.520	%	01/20/2017	MSC	6,000	(245	)
California State General Obligation Bonds, Series 2003 5.250% due 02/01/2018	Sell	0.560	%	03/20/2018	LEH	25,000	(196	)
Canadian Natural Resources Ltd. 5.450% due 10/01/2012	Buy	(0.380	)%	12/20/2012	BOA	10,000	271
Capital One Financial Corp. 5.700% due 09/15/2011	Buy	(0.350	)%	09/20/2011	UBS	7,000	670
Cardinal Health, Inc. 5.800% due 10/15/2016	Buy	(0.420	)%	12/20/2016	BCLY	13,000	427
CBS Corp. 5.625% due 08/15/2012	Buy	(0.590	)%	09/20/2012	BEAR	15,000	684
CenterPoint Energy, Inc. 5.875% due 06/01/2008	Buy	(0.170	)%	06/20/2008	CSFB	10,300	11
China Government International Bond 4.750% due 10/29/2013	Sell	0.230	%	03/20/2010	LEH	50,000	(300	)
Chrysler Financial 9.360% due 08/03/2012	Sell	5.050	%	09/20/2012	DUB	6,000	(778	)
CIT Group, Inc. 7.750% due 04/02/2012	Sell	7.550	%	03/20/2009	RBS	25,000	(1,573	)
CIT Group, Inc. 7.750% due 04/02/2012	Sell	7.650	%	03/20/2009	DUB	10,000	(620	)
CIT Group, Inc. 7.750% due 04/02/2012	Sell	7.300	%	03/20/2010	JPM	25,000	(2,392	)
CIT Group, Inc. 7.750% due 04/02/2012	Sell	7.300	%	03/20/2010	RBS	25,000	(2,392	)
CIT Group, Inc. 7.750% due 04/02/2012	Sell	7.350	%	03/20/2010	JPM	10,000	(949	)
CIT Group, Inc. 7.750% due 04/02/2012	Sell	7.350	%	03/20/2010	RBS	15,000	(1,423	)
CIT Group, Inc. 7.750% due 04/02/2012	Sell	7.550	%	03/20/2010	DUB	15,000	(1,375	)
CIT Group, Inc. 7.750% due 04/02/2012	Sell	7.600	%	03/20/2010	BNP	10,000	(909	)
CitiFinancial, Inc. 6.625% due 06/01/2015	Buy	(0.145	)%	06/20/2015	BCLY	11,000	1,041
Citigroup, Inc. 6.125% due 11/21/2017	Buy	(0.800	)%	12/20/2017	DUB	30,000	2,118
Citigroup, Inc. 6.500% due 01/18/2011	Sell	0.320	%	09/20/2012	LEH	25,000	(1,379	)
Citigroup, Inc. 6.500% due 01/18/2011	Sell	0.530	%	09/20/2012	JPM	359,600	(16,772	)
Citigroup, Inc. 6.500% due 01/18/2011	Sell	0.810	%	03/20/2013	BOA	20,000	(785	)
Citigroup, Inc. 6.500% due 01/18/2011	Sell	0.810	%	03/20/2013	UBS	20,000	(785	)
Citigroup, Inc. 6.500% due 01/18/2011	Sell	0.820	%	03/20/2013	DUB	10,000	(388	)
Citigroup, Inc. 6.500% due 01/18/2011	Buy	(0.830	)%	12/20/2017	JPM	10,000	684
Citigroup, Inc. 6.500% due 01/18/2011	Buy	(0.820	)%	12/20/2017	HSBC	3,000	207
Citigroup, Inc. 6.500% due 01/18/2011	Buy	(0.770	)%	12/20/2017	JPM	10,000	728
CNA Financial Corp. 5.850% due 12/15/2014	Buy	(0.690	)%	12/20/2014	BOA	10,600	397
CNA Financial Corp. 5.850% due 12/15/2014	Buy	(0.470	)%	12/20/2014	CITI	10,200	512
CNA Financial Corp. 6.000% due 08/15/2011	Buy	(0.440	)%	09/20/2011	BEAR	10,300	221
CNA Financial Corp. 6.000% due 08/15/2011	Buy	(0.295	)%	09/20/2011	BCLY	15,000	393
Comcast Corp. 5.300% due 01/15/2014	Buy	(0.390	)%	03/20/2014	BCLY	15,000	12
Comcast Corp. 5.300% due 01/15/2014	Buy	(0.360	)%	03/20/2014	MSC	11,500	689
Comcast Corp. 5.900% due 03/15/2016	Buy	(0.535	)%	03/20/2016	BEAR	15,000	985
Countrywide Financial Corp. 6.250% due 05/15/2016	Buy	(0.710	)%	06/20/2016	DUB	26,000	4,151
CSX Corp. 6.750% due 03/15/2011	Buy	(0.165	)%	03/20/2011	BEAR	10,600	208
CVS Caremark Corp. 5.750% due 08/15/2011	Buy	(0.250	)%	09/20/2011	CSFB	10,200	84
CVS Caremark Corp. 5.750% due 08/15/2011	Buy	(0.240	)%	09/20/2011	RBS	6,200	53
Daimler Finance N.A. LLC 4.875% due 06/15/2010	Buy	(0.520	)%	06/20/2010	BEAR	10,000	30
Daimler Finance N.A. LLC 5.750% due 09/08/2011	Buy	(0.535	)%	09/20/2011	BCLY	15,000	142
Daimler Finance N.A. LLC 5.750% due 09/08/2011	Buy	(0.480	)%	09/20/2011	RBS	10,000	113
Daimler Finance N.A. LLC 5.875% due 03/15/2011	Buy	(0.655	)%	03/20/2011	BEAR	10,000	32
Daimler Finance N.A. LLC 5.875% due 03/15/2011	Buy	(0.520	)%	03/20/2011	BEAR	10,000	71
Dominion Resources, Inc. 5.200% due 01/15/2016	Buy	(0.430	)%	03/20/2016	MLP	15,000	318

E.I. Du Pont De Nemours & Co. 5.250% due 12/15/2016	Buy	(0.210	)%	12/20/2016	DUB	10,000	240
EnCana Corp. 6.300% due 11/01/2011	Buy	(0.230	)%	12/20/2011	LEH	10,300	219
Enterprise Products Operating LP 7.500% 02/01/2011	Buy	(0.200	)%	03/20/2011	MLP	10,700	304
Exelon Corp. 4.900% due 06/15/2015	Buy	(0.520	)%	06/20/2015	MLP	10,000	698
Fannie Mae 5.500% due 06/09/2033	Sell	0.510	%	03/20/2013	BCLY	50,000	(7	)
Fannie Mae 5.500% due 06/09/2033	Sell	0.520	%	03/20/2013	RBS	75,000	24
Fannie Mae 5.500% due 06/09/2033	Sell	0.570	%	03/20/2013	BNP	50,000	132
Fannie Mae 5.500% due 06/09/2033	Sell	0.630	%	03/20/2013	LEH	50,000	271
Fannie Mae 5.500% due 06/09/2033	Sell	0.730	%	03/20/2013	DUB	8,400	88
Fannie Mae 5.500% due 06/09/2033	Sell	0.730	%	03/20/2013	RBS	15,000	158
Fannie Mae 5.500% due 06/09/2033	Sell	0.810	%	03/20/2013	RBS	50,000	719
FirstEnergy Corp. 6.450% due 11/15/2011	Buy	(0.130	)%	12/20/2011	MLP	10,000	313
Florida State Board of Education General Obligation Notes, Series 2005 5.000% due 06/01/2018	Sell	0.470	%	03/20/2018	CITI	10,000	(36	)
Florida State Board of Education General Obligation Notes, Series 2005 5.000% due 06/01/2018	Sell	0.470	%	03/20/2018	LEH	15,000	(53	)
Ford Motor Credit Co. LLC 6.625% due 06/16/2008	Buy	(1.070	)%	06/20/2008	LEH	37,000	494
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.400	%	09/20/2008	CSFB	10,000	(205	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.150	%	06/20/2010	JPM	10,000	(1,137	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.350	%	12/20/2010	UBS	10,000	(1,086	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.750	%	03/20/2011	MSC	10,000	(1,266	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.750	%	03/20/2011	UBS	5,000	(633	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.760	%	03/20/2011	LEH	10,000	(1,264	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.450	%	06/20/2011	BNP	10,000	(1,389	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.470	%	06/20/2011	UBS	25,000	(3,462	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.500	%	06/20/2011	MSC	20,000	(2,757	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.600	%	06/20/2011	JPM	15,000	(2,038	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.760	%	06/20/2011	DUB	10,000	(1,326	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.770	%	06/20/2011	DUB	10,000	(1,324	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.800	%	06/20/2011	UBS	25,000	(3,295	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.830	%	06/20/2011	DUB	10,000	(1,312	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.920	%	06/20/2011	DUB	10,000	(1,294	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.020	%	06/20/2011	DUB	10,000	(1,273	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.050	%	06/20/2011	GSC	10,000	(1,267	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.050	%	06/20/2011	LEH	10,000	(1,267	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.320	%	06/20/2011	JPM	10,000	(1,212	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.620	%	09/20/2011	DUB	25,000	(3,440	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.850	%	09/20/2012	DUB	10,000	(1,652	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	3.850	%	09/20/2012	GSC	5,800	(958	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	4.150	%	09/20/2012	BCLY	10,000	(1,581	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.620	%	09/20/2012	JPM	10,000	(1,234	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.620	%	09/20/2012	MLP	5,100	(629	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.650	%	09/20/2012	DUB	3,500	(429	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.700	%	09/20/2012	GSC	10,000	(1,215	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.750	%	09/20/2012	DUB	10,000	(1,203	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.750	%	09/20/2012	JPM	8,000	(962	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.800	%	09/20/2012	BCLY	4,100	(488	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.800	%	09/20/2012	CITI	10,000	(1,191	)
Ford Motor Credit Co. LLC 7.000% due 10/01/2013	Sell	5.850	%	09/20/2012	DUB	10,000	(1,179	)
Ford Motor Credit Co. LLC 7.250% due 10/25/2011	Sell	4.000	%	12/20/2008	LEH	3,100	(113	)
Ford Motor Credit Co. LLC 7.250% due 10/25/2011	Sell	4.300	%	12/20/2008	LEH	3,000	(103	)
Ford Motor Credit Co. LLC 7.250% due 10/25/2011	Sell	7.250	%	03/20/2009	DUB	6,900	(138	)
Ford Motor Credit Co. LLC 7.250% due 10/25/2011	Sell	5.850	%	09/20/2012	GSC	12,800	(1,509	)
Ford Motor Credit Co. LLC 7.875% due 06/15/2010	Buy	(2.310	)%	06/20/2010	LEH	40,000	5,761
Gannett Co., Inc. 5.750% due 06/01/2011	Buy	(0.330	)%	06/20/2011	JPM	6,500	379
GATX Financial Corp. 6.273% due 06/15/2011	Buy	(0.220	)%	06/20/2011	BEAR	10,500	250
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.190	%	03/20/2010	LEH	50,000	(960	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.193	%	03/20/2010	BOA	50,000	(958	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.620	%	03/20/2011	BCLY	32,500	(554	)

General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.640	%	12/20/2012	BCLY	33,800	(927	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.910	%	03/20/2013	BCLY	50,000	(841	)
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	1.580	%	03/20/2013	BCLY	25,000	350
General Electric Capital Corp. 6.000% due 06/15/2012	Sell	0.280	%	03/20/2016	JPM	10,000	(693	)
General Mills, Inc. 6.000% due 02/15/2012	Buy	(0.180	)%	03/20/2012	BEAR	10,400	117
General Motors Corp. 7.125% due 07/15/2013	Sell	1.810	%	09/20/2008	BEAR	11,700	(305	)
General Motors Corp. 7.125% due 07/15/2013	Sell	6.150	%	09/20/2008	MLP	25,000	(108	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.500	%	12/20/2012	BOA	30,300	(5,865	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.500	%	12/20/2012	DUB	6,400	(1,239	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.550	%	12/20/2012	JPM	7,000	(1,345	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.600	%	12/20/2012	CITI	6,400	(1,221	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.600	%	12/20/2012	DUB	14,600	(2,784	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.630	%	12/20/2012	CITI	7,700	(1,462	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.630	%	12/20/2012	MSC	7,600	(1,443	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.800	%	12/20/2012	BNP	7,200	(1,332	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.850	%	12/20/2012	BCLY	18,200	(3,341	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.860	%	12/20/2012	GSC	15,000	(2,749	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.880	%	12/20/2012	MLP	14,100	(2,576	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.900	%	12/20/2012	UBS	34,900	(6,356	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.950	%	12/20/2012	CITI	15,000	(2,710	)
General Motors Corp. 7.125% due 07/15/2013	Sell	4.950	%	12/20/2012	UBS	10,000	(1,807	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.000	%	12/20/2012	GSC	10,000	(1,793	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.000	%	12/20/2012	LEH	10,000	(1,793	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.000	%	12/20/2012	RBS	10,000	(1,793	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.010	%	12/20/2012	DUB	10,000	(1,790	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.070	%	12/20/2012	BCLY	10,000	(1,773	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.150	%	12/20/2012	BOA	15,000	(2,625	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.150	%	12/20/2012	DUB	15,000	(2,625	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.150	%	12/20/2012	GSC	4,400	(770	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.150	%	12/20/2012	JPM	10,000	(1,750	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.150	%	12/20/2012	LEH	29,700	(5,197	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.200	%	12/20/2012	LEH	10,000	(1,735	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.250	%	12/20/2012	CITI	10,000	(1,721	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.250	%	12/20/2012	GSC	20,000	(3,442	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.250	%	12/20/2012	UBS	10,000	(1,721	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.450	%	12/20/2012	CITI	10,000	(1,664	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.450	%	12/20/2012	DUB	25,000	(4,160	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.450	%	12/20/2012	LEH	5,000	(832	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.500	%	12/20/2012	BOA	10,000	(1,649	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.500	%	12/20/2012	DUB	10,000	(1,649	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.550	%	12/20/2012	BOA	15,000	(2,453	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.900	%	12/20/2012	CITI	25,000	(3,838	)
General Motors Corp. 7.125% due 07/15/2013	Sell	6.450	%	12/20/2012	BOA	10,000	(1,378	)
General Motors Corp. 7.125% due 07/15/2013	Sell	6.450	%	12/20/2012	GSC	5,000	(689	)
General Motors Corp. 7.125% due 07/15/2013	Sell	6.550	%	12/20/2012	DUB	15,000	(2,023	)
General Motors Corp. 7.125% due 07/15/2013	Sell	6.550	%	12/20/2012	LEH	10,000	(1,349	)
General Motors Corp. 7.125% due 07/15/2013	Sell	6.650	%	12/20/2012	MLP	9,400	(1,241	)
General Motors Corp. 7.125% due 07/15/2013	Sell	6.660	%	12/20/2012	DUB	10,000	(1,317	)
General Motors Corp. 7.125% due 07/15/2013	Sell	6.820	%	12/20/2012	GSC	25,000	(3,179	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.000	%	03/20/2013	CSFB	5,000	130
General Motors Corp. 7.125% due 07/15/2013	Sell	5.000	%	03/20/2013	DUB	30,000	856
General Motors Corp. 7.125% due 07/15/2013	Sell	7.700	%	03/20/2013	GSC	30,000	(3,152	)
General Motors Corp. 7.125% due 07/15/2013	Sell	7.750	%	03/20/2013	BOA	10,000	(1,036	)
General Motors Corp. 7.125% due 07/15/2013	Sell	7.880	%	03/20/2013	BOA	10,000	(998	)
General Motors Corp. 7.125% due 07/15/2013	Sell	7.920	%	03/20/2013	GSC	10,000	(986	)
General Motors Corp. 7.125% due 07/15/2013	Sell	8.000	%	03/20/2013	RBS	10,000	(963	)
General Motors Corp. 7.125% due 07/15/2013	Sell	8.220	%	03/20/2013	BOA	25,000	(2,246	)

General Motors Corp. 7.125% due 07/15/2013	Sell	8.300	%	03/20/2013	CITI	10,000	(875	)
General Motors Corp. 7.125% due 07/15/2013	Sell	8.450	%	03/20/2013	DUB	25,000	(2,078	)
General Motors Corp. 7.125% due 07/15/2013	Sell	8.850	%	03/20/2013	BOA	25,000	(1,657	)
General Motors Corp. 7.125% due 07/15/2013	Sell	9.100	%	03/20/2013	CITI	10,000	(570	)
General Motors Corp. 7.125% due 07/15/2013	Sell	9.100	%	03/20/2013	DUB	10,000	(570	)
General Motors Corp. 7.125% due 07/15/2013	Sell	9.100	%	03/20/2013	GSC	4,900	(280	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.000	%	06/20/2013	CITI	20,000	(96	)
General Motors Corp. 7.125% due 07/15/2013	Sell	5.000	%	06/20/2013	MSC	5,000	(37	)
Glitnir Banki HF floating rate based on 3-Month USD-LIBOR plus 0.260% due 04/20/2010	Buy	(0.170	)%	06/20/2010	BOA	50,000	9,621
Glitnir Banki HF floating rate based on 3-Month USD-LIBOR plus 0.440% due 01/21/2011	Buy	(0.340	)%	03/20/2011	JPM	10,000	2,249
Glitnir Banki HF floating rate based on 3-Month USD-LIBOR plus 0.470% due 01/18/2012	Buy	(0.365	)%	03/20/2012	DUB	20,000	5,136
GMAC LLC 6.000% due 04/01/2011	Buy	(1.250	)%	06/20/2011	RBS	15,000	3,983
GMAC LLC 6.875% due 08/28/2012	Sell	1.050	%	09/20/2008	MSC	1,400	(79	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.450	%	09/20/2008	GSC	50,000	(2,237	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.450	%	09/20/2008	MLP	25,000	(1,118	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.500	%	09/20/2008	MLP	50,000	(2,224	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.700	%	09/20/2008	DUB	15,000	(653	)
GMAC LLC 6.875% due 08/28/2012	Sell	4.250	%	09/20/2008	JPM	35,000	(1,428	)
GMAC LLC 6.875% due 08/28/2012	Sell	4.500	%	09/20/2008	LEH	20,000	(791	)
GMAC LLC 6.875% due 08/28/2012	Sell	4.600	%	09/20/2008	CITI	25,000	(977	)
GMAC LLC 6.875% due 08/28/2012	Sell	4.600	%	09/20/2008	UBS	3,800	(148	)
GMAC LLC 6.875% due 08/28/2012	Sell	4.750	%	09/20/2008	BCLY	25,000	(958	)
GMAC LLC 6.875% due 08/28/2012	Sell	5.000	%	03/20/2009	CITI	7,700	312
GMAC LLC 6.875% due 08/28/2012	Sell	8.500	%	03/20/2009	LEH	7,800	(458	)
GMAC LLC 6.875% due 08/28/2012	Sell	8.700	%	03/20/2009	JPM	10,000	(570	)
GMAC LLC 6.875% due 08/28/2012	Sell	5.000	%	06/20/2009	MLP	7,800	(397	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.600	%	09/20/2009	GSC	50,000	(7,180	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.600	%	09/20/2009	LEH	25,000	(3,590	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.600	%	09/20/2009	UBS	25,000	(3,590	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.900	%	09/20/2009	LEH	25,000	(3,499	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.950	%	09/20/2009	GSC	25,000	(3,484	)
GMAC LLC 6.875% due 08/28/2012	Sell	3.750	%	09/20/2012	JPM	12,000	(2,769	)
GMAC LLC 6.875% due 08/28/2012	Sell	4.000	%	09/20/2012	DUB	10,000	(2,246	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.580	%	09/20/2012	RBS	10,000	(345	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.800	%	09/20/2012	JPM	20,000	(510	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.830	%	09/20/2012	BNP	7,000	(170	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.850	%	09/20/2012	MSC	25,000	(587	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.900	%	09/20/2012	UBS	5,000	(107	)
Goldman Sachs Group, Inc. 6.600% due 01/15/2012	Sell	0.920	%	09/20/2012	BCLY	5,000	(103	)
Goldman Sachs Group, Inc. floating rate based on 3-Month USD-LIBOR plus 0.450% due 03/22/2016	Buy	(0.330	)%	03/20/2016	BEAR	10,000	763
HCP, Inc. 5.950% due 09/15/2011	Buy	(0.610	)%	09/20/2011	JPM	5,000	549
HCP, Inc. 5.950% due 09/15/2011	Buy	(0.530	)%	09/20/2011	CSFB	7,350	825
HCP, Inc. 6.300% due 09/15/2016	Buy	(0.650	)%	09/20/2016	MLP	13,500	2,900
H.J. Heinz Finance Co. 6.000% due 03/15/2012	Buy	(0.390	)%	03/20/2012	BEAR	15,400	90
H.J. Heinz Finance Co. 6.000% due 03/15/2012	Buy	(0.370	)%	03/20/2012	BEAR	8,200	54
HSBC Finance Corp. 7.000% due 05/15/2012	Sell	1.800	%	03/20/2010	RBS	16,700	(164	)
HSBC Finance Corp. floating rate based on 3-Month USD-LIBOR plus 0.250% due 01/15/2014	Buy	(0.165	)%	12/20/2013	BNP	15,000	1,645
HSBC Finance Corp. floating rate based on 3-Month USD-LIBOR plus 0.430% due 06/01/2016	Buy	(0.220	)%	06/20/2016	BEAR	10,000	653
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.390	%	12/20/2008	RBS	33,000	(156	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.400	%	12/20/2008	LEH	3,500	(16	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.420	%	12/20/2008	DUB	17,000	(77	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.370	%	03/20/2009	BCLY	4,440	(30	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.450	%	03/20/2009	MSC	14,300	(87	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	0.450	%	06/20/2009	RBS	32,000	(297	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.310	%	12/20/2011	RBS	44,300	(1,080	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.330	%	12/20/2011	RBS	50,000	(1,184	)
Indonesia Government International Bond 6.750% due 03/10/2014	Sell	1.085	%	03/20/2012	RBS	24,270	(881	)

International Lease Finance Corp. 5.250% due 01/10/2013	Buy	(0.200	)%	03/20/2013	GSC	15,000	1,078
International Lease Finance Corp. 5.350% due 03/01/2012	Buy	(0.130	)%	03/20/2012	MLP	20,000	1,207
International Lease Finance Corp. 5.400% due 02/15/2012	Buy	(0.170	)%	03/20/2012	LEH	20,000	1,178
International Paper Co. 4.000% due 04/01/2010	Buy	(0.190	)%	03/20/2010	MSC	9,700	352
iStar Financial, Inc. 5.150% due 03/01/2012	Buy	(0.400	)%	03/20/2012	BCLY	10,000	2,539
iStar Financial, Inc. 5.950% due 10/15/2013	Buy	(0.600	)%	12/20/2013	MSC	10,000	2,918
JC Penney Corp., Inc. 8.000% due 03/01/2010	Buy	(0.270	)%	03/20/2010	DUB	17,500	536
John Deere Capital Corp. 5.650% due 07/25/2011	Buy	(0.140	)%	09/20/2011	CSFB	9,000	161
Johnson Controls, Inc. 5.500% due 01/15/2016	Buy	(0.500	)%	03/20/2016	BEAR	20,000	606
JPMorgan Chase & Co. 4.750% due 03/01/2015	Sell	0.850	%	03/20/2013	LEH	10,000	(61	)
JPMorgan Chase & Co. 4.750% due 03/01/2015	Sell	0.860	%	03/20/2013	MSC	19,000	(107	)
JPMorgan Chase & Co. 4.750% due 03/01/2015	Sell	0.870	%	03/20/2013	RBS	10,000	(52	)
JPMorgan Chase & Co. 4.750% due 03/01/2015	Sell	0.880	%	03/20/2013	BNP	10,000	(47	)
JPMorgan Chase & Co. 4.750% due 03/01/2015	Sell	0.930	%	03/20/2013	BNP	15,000	(26	)
JPMorgan Chase & Co. 4.750% due 03/01/2015	Sell	0.930	%	03/20/2013	BOA	10,000	(18	)
JPMorgan Chase & Co. 4.750% due 03/01/2015	Sell	1.850	%	03/20/2013	DUB	25,000	994
Kaupthing Bank HF 5.750% due 10/04/2011	Buy	(0.550	)%	12/20/2011	CSFB	20,000	4,648
Kaupthing Bank HF 5.750% due 10/04/2011	Buy	(0.530	)%	12/20/2011	DUB	10,000	2,329
Kellogg Co. 6.600% due 04/01/2011	Buy	(0.110	)%	06/20/2011	LEH	10,500	94
Kerr-McGee Corp. 6.875% due 09/15/2011	Buy	(0.160	)%	09/20/2011	RBS	10,500	85
Kraft Foods, Inc. 5.625% due 11/01/2011	Buy	(0.160	)%	12/20/2011	BEAR	10,000	290
Kraft Foods, Inc. 5.625% due 11/01/2011	Buy	(0.150	)%	12/20/2011	BEAR	10,000	293
Kraft Foods, Inc. 6.250% due 06/01/2012	Buy	(0.170	)%	06/20/2012	BEAR	10,400	346
Kroger Co. 5.500% due 02/01/2013	Buy	(0.530	)%	03/20/2013	MSC	5,000	46
Landsbanki Islands HF 6.100% due 08/25/2011	Buy	(0.395	)%	09/20/2011	RBS	10,300	1,923
Landsbanki Islands HF floating rate based on 3-Month USD-LIBOR plus 0.700% due 08/25/2009	Buy	(0.330	)%	09/20/2009	RBS	18,000	1,929
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.160	%	06/20/2008	DUB	50,000	(434	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.190	%	09/20/2008	BCLY	29,200	(513	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.300	%	09/20/2008	RBS	56,200	(957	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	0.700	%	09/20/2012	RBS	10,000	(889	)
Lehman Brothers Holdings, Inc. 6.625% due 01/18/2012	Sell	1.000	%	09/20/2012	MLP	10,000	(773	)
Lennar Corp. 5.950% due 10/17/2011	Buy	(0.785	)%	12/20/2011	DUB	9,000	1,590
Loews Corp. 5.250% due 03/15/2016	Buy	(0.300	)%	03/20/2016	BEAR	9,800	254
Loews Corp. 5.250% due 03/15/2016	Buy	(0.280	)%	03/20/2016	BEAR	20,000	546
Macy’s Retail Holdings, Inc. 4.800% due 07/15/2009	Buy	(0.190	)%	09/20/2009	BOA	5,000	114
Macy’s Retail Holdings, Inc. 4.800% due 07/15/2009	Buy	(0.160	)%	09/20/2009	CSFB	10,000	233
Marriott International, Inc. 4.625% due 06/15/2012	Buy	(0.260	)%	06/20/2012	CITI	15,000	1,077
Masco Corp. 5.875% due 07/15/2012	Buy	(0.580	)%	09/20/2012	MSC	5,000	449
Masco Corp. 7.125% due 08/15/2013	Buy	(0.680	)%	09/20/2013	MSC	10,800	1,047
Mattel, Inc. 6.125% due 06/15/2011	Buy	(0.400	)%	06/20/2011	JPM	10,300	166
Maytag Corp. 5.000% due 05/15/2015	Buy	(0.460	)%	06/20/2015	BEAR	10,000	163
MDC Holdings, Inc. 7.000% due 12/01/2012	Buy	(1.350	)%	12/20/2012	MLP	10,500	286
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Sell	0.590	%	09/20/2012	RBS	10,000	(839	)
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Sell	0.880	%	09/20/2012	CSFB	5,000	(363	)
Merrill Lynch & Co., Inc. 5.000% due 01/15/2015	Sell	0.920	%	09/20/2012	BCLY	5,000	(355	)
Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.220	%	03/20/2009	CSFB	2,200	(1	)
Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.180	%	05/20/2009	HSBC	15,000	(19	)
Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.920	%	03/20/2016	JPM	6,950	(257	)
Mexico Government International Bond 7.500% due 04/08/2033	Sell	0.920	%	03/20/2016	LEH	41,200	(1,521	)
Miller Brewing Co. 5.500% due 08/15/2013	Buy	(0.400	)%	09/20/2013	LEH	15,000	555
Morgan Stanley 6.600% due 04/01/2012	Sell	0.590	%	09/20/2012	RBS	10,000	(514	)
Morgan Stanley 6.600% due 04/01/2012	Sell	0.900	%	09/20/2012	GSC	5,000	(195	)
Morgan Stanley 6.600% due 04/01/2012	Sell	0.920	%	09/20/2012	BCLY	5,000	(191	)
Morgan Stanley floating rate based on 3-Month USD-LIBOR plus 0.450% due 10/18/2016	Buy	(0.340	)%	12/20/2016	LEH	20,000	1,859
Morgan Stanley floating rate based on 3-Month USD-LIBOR plus 0.450% due 10/18/2016	Buy	(0.320	)%	12/20/2016	RBS	15,000	1,414
Morgan Stanley floating rate based on 3-Month USD-LIBOR plus 0.480% due 10/15/2015	Buy	(0.285	)%	12/20/2015	BEAR	10,000	908
Multiple Reference Entities of Gazprom	Sell	0.970	%	11/20/2008	HSBC	23,800	(31	)

Multiple Reference Entities of Gazprom	Sell	1.000	%	11/20/2008	CSFB	34,600	(42	)
Multiple Reference Entities of Gazprom	Sell	0.360	%	05/20/2009	HSBC	18,000	(302	)
Multiple Reference Entities of Gazprom	Sell	0.850	%	11/20/2011	LEH	44,300	(2,652	)
Multiple Reference Entities of Gazprom	Sell	0.870	%	11/20/2011	MSC	50,000	(2,958	)
Multiple Reference Entities of Gazprom	Sell	0.970	%	10/20/2012	JPM	45,400	(3,298	)
Multiple Reference Entities of Gazprom	Sell	1.020	%	10/20/2012	JPM	45,400	(3,205	)
Multiple Reference Entities of Gazprom	Sell	2.170	%	02/20/2013	JPM	58,600	(1,788	)
Multiple Reference Entities of Gazprom	Sell	2.180	%	02/20/2013	JPM	49,900	(1,498	)
Multiple Reference Entities of Gazprom	Sell	2.180	%	02/20/2013	MSC	29,600	(888	)
Nationwide Health Properties, Inc. 6.500% due 07/15/2011	Buy	(0.620	)%	09/20/2011	DUB	13,600	689
Newell Rubbermaid, Inc. 4.000% due 05/01/2010	Buy	(0.190	)%	06/20/2010	LEH	10,000	78
Newell Rubbermaid, Inc. 4.000% due 05/01/2010	Buy	(0.130	)%	06/20/2010	CITI	14,000	127
NiSource Finance Corp. 6.150% due 03/01/2013	Buy	(0.540	)%	03/20/2013	RBS	12,400	672
Northrop Grumman Space & Mission Systems Corp. 6.250% due 01/15/2010	Buy	(0.110	)%	03/20/2010	JPM	5,000	10
Omnicom Group, Inc. 5.900% due 04/15/2016	Buy	(0.380	)%	06/20/2016	MSC	9,600	452
ONEOK Partners LP 6.150% due 10/01/2016	Buy	(0.660	)%	12/20/2016	BEAR	10,200	406
ORIX Corp. 5.480% due 11/22/2011	Buy	(0.280	)%	12/20/2011	MLP	20,000	1,765
Packaging Corp. of America 5.750% due 08/01/2013	Buy	(0.940	)%	09/20/2013	CSFB	10,000	173
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.250	%	12/20/2008	DUB	9,800	(34	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.260	%	12/20/2008	BCLY	12,000	(40	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.300	%	02/20/2009	CSFB	500	(2	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.270	%	03/20/2009	CSFB	8,600	(50	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.730	%	01/20/2012	JPM	12,600	(326	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.750	%	01/20/2012	MSC	44,400	(1,116	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	0.760	%	01/20/2012	HSBC	4,600	(114	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	1.250	%	01/20/2017	JPM	2,800	(163	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	1.200	%	02/20/2017	CSFB	14,400	(915	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	1.230	%	02/20/2017	BEAR	10,000	(614	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	1.170	%	04/20/2017	DUB	20,000	(1,268	)
Panama Government International Bond 8.875% due 09/30/2027	Sell	1.170	%	04/20/2017	LEH	20,000	(1,268	)
PC Financial Partnership 5.000% due 11/15/2014	Buy	(0.480	)%	12/20/2014	LEH	10,000	413
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.290	%	12/20/2008	BCLY	29,000	1
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.290	%	12/20/2008	LEH	300	0
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.320	%	03/20/2009	LEH	4,900	(5	)
Pemex Project Funding Master Trust 9.500% due 09/15/2027	Sell	0.250	%	05/20/2009	HSBC	19,000	(37	)
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.320	%	12/20/2008	LEH	29,000	(7	)
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.330	%	12/20/2008	DUB	13,000	(2	)
Peru Government International Bond 8.750% due 11/21/2033	Sell	0.310	%	03/20/2009	MSC	3,500	(7	)
Petroleos Mexicanos 9.500% due 09/15/2027	Sell	0.760	%	07/20/2011	DUB	300	(3	)
Plains All American Pipeline LP 5.625% due 12/15/2013	Buy	(0.550	)%	12/20/2013	MSC	10,000	460
PMI Group, Inc. 6.000% due 09/15/2016	Buy	(0.460	)%	09/20/2016	BEAR	9,500	2,437
PMI Group, Inc. 6.000% due 09/15/2016	Buy	(0.420	)%	09/20/2016	LEH	15,000	3,878
PPL Energy Supply LLC 5.700% due 10/15/2015	Buy	(0.600	)%	12/20/2015	MSC	5,000	331
PPL Energy Supply LLC 6.400% due 11/01/2011	Buy	(0.435	)%	12/20/2011	BOA	15,000	473
Proctor & Gamble Co. 4.950% due 08/15/2014	Sell	0.070	%	09/20/2008	LEH	370,000	(44	)
Prudential Financial, Inc. 4.500% due 07/15/2013	Sell	2.250	%	03/20/2013	GSC	10,000	268
PSEG Power LLC 5.500% due 12/01/2015	Buy	(0.520	)%	12/20/2015	BCLY	8,000	525
Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	4.160	%	09/20/2010	CSFB	3,000	(61	)
Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	4.170	%	09/20/2010	CSFB	5,000	(100	)
Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	4.170	%	09/20/2010	GSC	5,000	(100	)
Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	4.650	%	09/20/2010	CSFB	2,000	(18	)
Qwest Capital Funding, Inc. 7.250% due 02/15/2011	Sell	4.750	%	09/20/2010	BOA	5,000	(34	)
RadioShack Corp. 7.375% due 05/15/2011	Buy	(1.250	)%	06/20/2011	BOA	10,700	92
Reed Elsevier Capital, Inc. 4.625% due 06/15/2012	Buy	(0.290	)%	06/20/2012	MLP	5,000	137
Residential Capital LLC 6.500% due 04/17/2013	Sell	1.130	%	06/20/2009	MLP	25,000	(8,921	)
RH Donnelley Corp. 8.875% due 01/15/2016	Buy	(3.080	)%	09/20/2012	LEH	5,000	1,991
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.245	%	06/20/2008	MSC	41,800	1

Russia Government International Bond 7.500% due 03/31/2030	Sell	0.590	%	09/20/2008	MSC	21,700	2
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.305	%	12/20/2008	MSC	43,000	(75	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.310	%	03/20/2009	LEH	12,800	(46	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.275	%	05/20/2009	BCLY	17,000	(75	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.780	%	03/20/2016	MSC	22,400	(1,188	)
Russia Government International Bond 7.500% due 03/31/2030	Sell	0.800	%	03/20/2016	JPM	22,400	(1,158	)
Ryder System, Inc. 5.950% due 05/02/2011	Buy	(0.270	)%	06/20/2011	BEAR	5,300	118
Ryland Group, Inc. 5.375% due 06/01/2008	Buy	(0.370	)%	06/20/2008	BOA	2,500	21
Sealed Air Corp. 6.950% due 05/15/2009	Buy	(0.200	)%	06/20/2009	BCLY	10,500	69
Simon Property Group LP 4.600% due 06/15/2010	Buy	(0.180	)%	06/20/2010	JPM	8,000	250
Simon Property Group LP 5.600% due 09/01/2011	Buy	(0.220	)%	09/20/2011	RBS	5,100	255
SLM Corp. 5.125% due 08/27/2012	Sell	3.050	%	03/20/2009	BCLY	25,000	(1,536	)
SLM Corp. 5.125% due 08/27/2012	Sell	3.350	%	03/20/2009	GSC	25,000	(1,466	)
SLM Corp. 5.125% due 08/27/2012	Sell	3.700	%	03/20/2009	JPM	10,000	(554	)
SLM Corp. 5.125% due 08/27/2012	Sell	3.800	%	03/20/2009	GSC	15,000	(816	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.000	%	03/20/2009	BCLY	10,000	(526	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.500	%	03/20/2009	BOA	10,000	(479	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.550	%	03/20/2009	MLP	25,000	(1,185	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.600	%	03/20/2009	CITI	75,000	(3,521	)
SLM Corp. 5.125% due 08/27/2012	Sell	5.000	%	03/20/2009	JPM	35,000	(1,512	)
SLM Corp. 5.125% due 08/27/2012	Sell	5.250	%	03/20/2009	MLP	20,000	(817	)
SLM Corp. 5.125% due 08/27/2012	Sell	5.600	%	03/20/2009	MLP	50,000	(1,879	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.450	%	06/20/2009	BOA	50,000	(3,012	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.530	%	03/20/2010	DUB	20,000	(1,669	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.600	%	03/20/2010	BNP	5,000	(411	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.350	%	06/20/2010	BOA	50,000	(4,715	)
SLM Corp. 5.125% due 08/27/2012	Sell	4.100	%	03/20/2011	RBS	10,000	(1,158	)
Sprint Capital Corp. 8.375% due 03/15/2012	Buy	(0.545	)%	03/20/2012	LEH	11,000	2,029
State of California General Obligation Notes, Series 2005 5.000% due 03/01/2018	Sell	0.610	%	03/20/2018	GSC	25,000	(104	)
Time Warner, Inc. 5.875% due 11/15/2016	Buy	(0.700	)%	12/20/2016	RBS	12,000	1,116
Toll Brothers Finance Corp. 5.950% due 09/15/2013	Buy	(1.390	)%	09/20/2013	MSC	9,800	665
Transocean, Inc. 6.625% due 04/15/2011	Buy	(0.280	)%	06/20/2011	LEH	5,600	79
UBS Warburg LLC 4.549% due 04/18/2012	Sell	0.760	%	03/20/2013	BNP	30	(1	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.700	%	12/20/2008	LEH	29,000	(114	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.710	%	12/20/2008	BCLY	9,000	(35	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.720	%	12/20/2008	BCLY	800	(3	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.720	%	12/20/2008	DUB	14,000	(52	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.610	%	02/20/2009	MSC	23,580	(189	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.630	%	03/20/2009	BCLY	14,600	(136	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.700	%	04/20/2009	HSBC	47,600	(319	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	0.520	%	05/20/2009	HSBC	31,000	(355	)
Ukraine Government International Bond 7.650% due 06/11/2013	Sell	1.500	%	01/20/2012	DUB	8,000	(305	)
Viacom, Inc. 5.750% due 04/30/2011	Buy	(0.640	)%	06/20/2011	MSC	5,200	150
Viacom, Inc. 5.750% due 04/30/2011	Buy	(0.470	)%	06/20/2011	UBS	10,000	18
Wachovia Corp. 3.625% due 02/17/2009	Sell	1.240	%	03/20/2013	DUB	10,000	(232	)
Wachovia Corp. 3.625% due 02/17/2009	Sell	1.250	%	03/20/2013	MSC	15,000	(341	)
Wachovia Corp. 3.625% due 02/17/2009	Sell	2.500	%	03/20/2013	RBS	10,000	326
Wachovia Corp. 3.625% due 02/17/2009	Sell	3.000	%	03/20/2013	DUB	10,000	557
Wachovia Corp. 3.625% due 02/17/2009	Sell	3.020	%	03/20/2013	RBS	39,100	2,206
WellPoint, Inc. 5.000% due 1/15/2011	Buy	(0.165	)%	03/20/2011	RBS	11,000	348
WellPoint, Inc. 6.375% due 1/15/2012	Buy	(0.100	)%	03/20/2012	LEH	10,800	559
Wells Fargo & Co. floating rate based on 3-Month USD-LIBOR plus 0.200% due 10/28/2015	Sell	0.850	%	03/20/2013	BOA	8,000	(37	)
Wells Fargo & Co. floating rate based on 3-Month USD-LIBOR plus 0.200% due 10/28/2015	Sell	0.850	%	03/20/2013	LEH	10,000	(46	)
Wells Fargo & Co. floating rate based on 3-Month USD-LIBOR plus 0.200% due 10/28/2015	Sell	0.850	%	03/20/2013	MSC	10,000	(46	)
Wells Fargo & Co. floating rate based on 3-Month USD-LIBOR plus 0.200% due 10/28/2015	Sell	0.900	%	03/20/2013	UBS	22,000	(51	)
Wells Fargo & Co. floating rate based on 3-Month USD-LIBOR plus 0.200% due 10/28/2015	Sell	0.920	%	03/20/2013	BOA	25,000	(18	)
Wells Fargo Bank N.A. 4.750% due 02/09/2015	Buy	(0.140	)%	03/20/2015	GSC	10,000	506

Whirlpool Corp. 6.125% due 06/15/2011	Buy	(0.360	)%	06/20/2011	JPM	12,500		168
Wyeth 5.500% due 03/15/2013	Buy	(0.150	)%	03/20/2013	MSC	10,000		182
Xerox Corp. 9.750% due 01/15/2009	Buy	(0.120	)%	01/20/2009	MLP	10,500		75
XL Capital Europe PLC 6.500% due 01/15/2012	Buy	(0.310	)%	03/20/2012	BCLY	10,600		1,125
Xstrata Finance Canada Ltd. 5.500% due 11/16/2011	Buy	(0.290	)%	12/20/2011	JPM	11,250		429
Yum! Brands, Inc. 7.650% due 05/15/2008	Buy	(0.080	)%	06/20/2008	BOA	3,200		1
							$	(192,284	)

Credit Default Swaps on Credit Indices

Reference Entity	Buy/Sell Protection(1)	(Pay)/Receive Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
CMBX N.A. AAA 3 Index	Sell	0.080	%	04/13/2049	CSFB	$	45,000	$	2,351
CMBX N.A. AAA 3 Index	Sell	0.080	%	12/13/2049	CITI		25,000		1,819
CMBX N.A. AAA 3 Index	Sell	0.080	%	12/13/2049	GSC		58,800		3,255
CMBX N.A. AAA 3 Index	Sell	0.080	%	12/13/2049	LEH		50,000		3,280
CMBX N.A. AAA 3 Index	Sell	0.080	%	12/13/2049	MSC		565,800		32,805
Dow Jones CDX N.A. HY8 Index	Sell	0.360	%	06/20/2012	CITI		103,340		(4,166	)
Dow Jones CDX N.A. HY8 Index	Sell	0.401	%	06/20/2012	CITI		130,069		(5,056	)
Dow Jones CDX N.A. HY8 Index	Sell	0.415	%	06/20/2012	CITI		99,365		(3,814	)
Dow Jones CDX N.A. HY8 Index	Sell	1.833	%	06/20/2012	MLP		51,800		(5,118	)
Dow Jones CDX N.A. HY8 Index	Sell	1.846	%	06/20/2012	CITI		35,500		(3,490	)
Dow Jones CDX N.A. HY8 Index	Sell	1.847	%	06/20/2012	MLP		40,400		(3,970	)
Dow Jones CDX N.A. HY8 Index	Sell	2.070	%	06/20/2012	MLP		48,800		(4,380	)
Dow Jones CDX N.A. HY8 Index	Sell	2.080	%	06/20/2012	MLP		31,000		(2,771	)
Dow Jones CDX N.A. HY8 Index	Sell	2.080	%	06/20/2012	MSC		7,600		(679	)
Dow Jones CDX N.A. HY8 Index	Sell	2.127	%	06/20/2012	MLP		25,200		(2,207	)
Dow Jones CDX N.A. HY8 Index	Sell	2.140	%	06/20/2012	MSC		65,700		(5,721	)
Dow Jones CDX N.A. HY8 Index	Sell	2.144	%	06/20/2012	CITI		32,300		(2,808	)
Dow Jones CDX N.A. HY8 Index	Sell	2.170	%	06/20/2012	MSC		23,800		(2,045	)
Dow Jones CDX N.A. HY8 Index	Sell	2.179	%	06/20/2012	CITI		22,600		(1,934	)
Dow Jones CDX N.A. IG9 Index	Sell	0.600	%	12/20/2012	DUB		27,300		299
Dow Jones CDX N.A. IG9 Index	Sell	0.600	%	12/20/2012	GSC		653,900		5,166
Dow Jones CDX N.A. IG9 Index	Sell	0.600	%	12/20/2012	LEH		312,600		2,503
Dow Jones CDX N.A. IG9 Index	Sell	0.600	%	12/20/2012	RBS		30,800		321
Dow Jones CDX N.A. IG9 Index	Sell	0.695	%	12/20/2012	DUB		100,000		869
Dow Jones CDX N.A. IG9 Index	Sell	0.695	%	12/20/2012	GSC		14,600		127
Dow Jones CDX N.A. IG9 Index	Sell	0.701	%	12/20/2012	DUB		83,200		746
Dow Jones CDX N.A. IG9 Index	Sell	0.705	%	12/20/2012	DUB		10,200		93
Dow Jones CDX N.A. IG9 Index	Sell	0.705	%	12/20/2012	GSC		22,700		207
Dow Jones CDX N.A. IG9 Index	Sell	0.708	%	12/20/2012	DUB		14,400		133
Dow Jones CDX N.A. IG9 Index	Sell	0.710	%	12/20/2012	DUB		28,600		268
Dow Jones CDX N.A. IG9 Index	Sell	0.711	%	12/20/2012	MSC		400,000		3,223
Dow Jones CDX N.A. IG9 Index	Sell	0.770	%	12/20/2012	DUB		170,000		1,979
Dow Jones CDX N.A. IG9 Index	Sell	0.771	%	12/20/2012	MSC		190,000		2,000
Dow Jones CDX N.A. IG9 Index	Sell	0.780	%	12/20/2012	DUB		250,000		3,041
Dow Jones CDX N.A. IG9 Index	Sell	0.830	%	12/20/2012	GSC		30,000		(131	)
Dow Jones CDX N.A. IG9 Index	Sell	0.940	%	12/20/2012	GSC		35,000		20
Dow Jones CDX N.A. IG9 Index	Sell	0.963	%	12/20/2012	MSC		102,700		162
Dow Jones CDX N.A. IG9 Index	Sell	0.975	%	12/20/2012	GSC		98,800		210
Dow Jones CDX N.A. IG9 Index	Sell	0.990	%	12/20/2012	DUB		50,000		140
Dow Jones CDX N.A. IG9 Index	Sell	1.160	%	12/20/2012	DUB		100,000		1,043
Dow Jones CDX N.A. IG9 Index	Sell	1.180	%	12/20/2012	DUB		30,000		340
Dow Jones CDX N.A. IG10 Index	Sell	1.550	%	06/20/2013	MLP		217,200		(841	)
Dow Jones CDX N.A. IG10 Index	Sell	1.550	%	06/20/2013	MSC		717,400		(1,862	)
								$	15,407

⁽¹⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. As a buyer of protection, the Fund will generally receive from the seller of protection an amount up to the notional amount of the swap if a credit event occurs.

Interest Rate Swaps

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Expiration Date	Counterparty	Notional Amount		Unrealized Appreciation/ (Depreciation)
Pay	3-Month Australian Bank Bill	7.000	%	09/15/2009	BCLY	AUD	764,000	$	(2,712	)
Pay	3-Month Australian Bank Bill	7.000	%	09/15/2009	CITI		1,528,000		(5,564	)
Pay	3-Month Australian Bank Bill	7.000	%	09/15/2009	DUB		764,000		(2,904	)
Pay	3-Month Australian Bank Bill	7.000	%	09/15/2009	UBS		216,300		(825	)
Pay	3-Month Australian Bank Bill	7.500	%	03/15/2010	UBS		210,700		1,257
Pay	3-Month USD-LIBOR	4.000	%	06/18/2010	DUB	$	4,594,380		32,712
Pay	3-Month USD-LIBOR	4.000	%	06/18/2010	MSC		5,771,500		40,548
Pay	3-Month USD-LIBOR	4.000	%	06/18/2010	RBS		5,639,310		20,922
Receive	3-Month USD-LIBOR	4.000	%	06/18/2013	BCLY		1,978,300		(44,634	)
Receive	3-Month USD-LIBOR	4.000	%	06/18/2013	DUB		1,237,100		(8,046	)
Receive	3-Month USD-LIBOR	4.000	%	06/18/2013	MSC		310,100		(3,570	)
Receive	3-Month USD-LIBOR	4.000	%	06/18/2013	RBS		5,261,300		(60,980	)
Pay	3-Month USD-LIBOR	0.000	%	06/20/2037	RBS		160,000		4,047
Receive	3-Month USD-LIBOR	5.000	%	06/18/2038	BOA		203,600		(17,885	)
Receive	3-Month USD-LIBOR	5.000	%	06/18/2038	DUB		73,200		925
Receive	3-Month USD-LIBOR	5.000	%	06/18/2038	MLP		312,600		(2,318	)
Receive	3-Month USD-LIBOR	5.000	%	06/18/2038	MSC		204,200		929
Receive	3-Month USD-LIBOR	5.000	%	06/18/2038	RBS		493,800		792
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.090	%	10/15/2010	BNP	EUR	65,400		305
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.103	%	10/15/2010	BCLY		50,700		569
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	2.146	%	10/15/2010	UBS		58,500		501
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948	%	03/15/2012	BCLY		105,800		(2,355	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.948	%	03/15/2012	JPM		266,400		(5,777	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.955	%	03/28/2012	RBS		74,030		(1,613	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.950	%	03/30/2012	RBS		75,400		(1,689	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960	%	03/30/2012	GSC		74,100		(1,653	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.960	%	04/05/2012	BCLY		34,200		(776	)
Pay	5-Year French CPI Ex Tobacco Daily Reference Index	1.958	%	04/10/2012	JPM		261,440		(6,358	)
Pay	6-Month Australian Bank Bill	7.500	%	03/15/2011	JPM	AUD	242,000		299
Pay	6-Month Australian Bank Bill	7.500	%	03/15/2011	UBS		1,079,200		2,731
Pay	6-Month Australian Bank Bill	7.000	%	03/20/2013	DUB		352,100		(6,547	)
Receive	6-Month Australian Bank Bill	6.500	%	03/20/2018	DUB		483,800		6,769
Pay	6-Month EUR-LIBOR	4.500	%	03/19/2010	JPM	EUR	535,200		4,616
Pay	6-Month EUR-LIBOR	4.500	%	03/19/2010	MSC		189,900		1,680
Pay	6-Month EUR-LIBOR	4.000	%	06/18/2010	MSC		754,400		(5,169	)
Pay	6-Month EUR-LIBOR	4.000	%	09/17/2013	MSC		221,200		(3,325	)
Pay	6-Month EUR-LIBOR	4.000	%	06/15/2018	BCLY		370,900		4,051
Pay	6-Month EUR-LIBOR	4.000	%	06/15/2018	DUB		2,000		22
Pay	6-Month GBP-LIBOR	6.000	%	12/20/2008	BCLY	GBP	752,700		1,604
Pay	6-Month GBP-LIBOR	6.000	%	12/20/2008	DUB		417,800		767
Pay	6-Month GBP-LIBOR	6.000	%	03/20/2009	BCLY		2,418,300		4,977
Pay	6-Month GBP-LIBOR	6.000	%	03/20/2009	RBS		385,600		307
Pay	6-Month GBP-LIBOR	5.000	%	06/15/2009	BCLY		971,000		8,245
Pay	6-Month GBP-LIBOR	5.000	%	06/15/2009	CSFB		100,500		894
Pay	6-Month GBP-LIBOR	5.000	%	06/15/2009	GSC		863,700		6,962
Pay	6-Month GBP-LIBOR	5.000	%	06/15/2009	HSBC		387,000		4,093
Pay	6-Month GBP-LIBOR	5.000	%	06/15/2009	RBS		396,000		1,653

Pay	6-Month GBP-LIBOR	6.000	%	06/19/2009	GSC		2,493,700		50,027
Pay	6-Month GBP-LIBOR	6.000	%	06/19/2009	MSC		2,500,000		46,951
Pay	6-Month GBP-LIBOR	6.000	%	06/19/2009	RBS		626,300		12,164
Pay	6-Month GBP-LIBOR	5.000	%	09/18/2009	GSC		1,675,000		24,394
Pay	6-Month GBP-LIBOR	6.000	%	09/18/2009	MSC		500,000		7,483
Pay	6-Month GBP-LIBOR	4.500	%	09/20/2009	HSBC		325,000		(6,548	)
Pay	6-Month GBP-LIBOR	4.500	%	09/20/2009	LEH		130,500		(2,624	)
Pay	6-Month GBP-LIBOR	4.500	%	09/20/2009	MLP		154,700		(3,134	)
Pay	6-Month GBP-LIBOR	4.500	%	09/20/2009	UBS		250,000		(5,083	)
Pay	6-Month GBP-LIBOR	6.000	%	12/19/2009	GSC		188,200		7,329
Pay	6-Month GBP-LIBOR	6.000	%	03/20/2010	GSC		300,000		5,509
Pay	6-Month GBP-LIBOR	5.000	%	06/16/2011	BCLY		1,930		(31	)
Pay	6-Month GBP-LIBOR	5.000	%	03/20/2013	BCLY		66,200		1,356
Pay	6-Month GBP-LIBOR	4.750	%	09/17/2013	BCLY		148,900		(1,524	)
Pay	6-Month GBP-LIBOR	4.750	%	09/17/2013	RBS		146,900		(1,377	)
Pay	6-Month GBP-LIBOR	5.000	%	09/17/2013	GSC		216,400		(88	)
Pay	6-Month GBP-LIBOR	5.000	%	09/17/2013	HSBC		262,900		(285	)
Receive	6-Month GBP-LIBOR	4.000	%	12/15/2035	BCLY		92,900		7,099
Receive	6-Month GBP-LIBOR	4.000	%	12/15/2035	MLP		54,200		4,262
Receive	6-Month GBP-LIBOR	4.000	%	12/15/2036	BCLY		258,300		18,160
Receive	6-Month GBP-LIBOR	4.000	%	12/15/2036	HSBC		214,800		10,772
Receive	6-Month GBP-LIBOR	4.000	%	12/15/2036	RBS		359,300		24,521
Receive	6-Month GBP-LIBOR	5.500	%	12/15/2036	GSC		166,100		(19,679	)
Receive	6-Month GBP-LIBOR	5.500	%	12/15/2036	RBS		41,900		(5,310	)
Receive	6-Month GBP-LIBOR	5.000	%	12/19/2037	GSC		24,000		(3,661	)
Receive	6-Month GBP-LIBOR	5.000	%	03/20/2038	GSC		36,100		(2,039	)
Pay	6-Month JPY-LIBOR	2.000	%	12/19/2017	BCLY	JPY	14,230,000		6,931
Pay	6-Month JPY-LIBOR	2.000	%	12/19/2017	DUB		27,490,000		13,469
Pay	28-Day Mexico Interbank TIIE Banxico	7.780	%	04/03/2012	GSC	MXN	614,000		487
Pay	28-Day Mexico Interbank TIIE Banxico	8.720	%	09/05/2016	BCLY		190,000		1,046
Pay	28-Day Mexico Interbank TIIE Banxico	8.720	%	09/05/2016	CITI		814,300		3,081
Pay	28-Day Mexico Interbank TIIE Banxico	8.720	%	09/05/2016	MLP		488,500		1,623
Pay	28-Day Mexico Interbank TIIE Banxico	8.900	%	09/12/2016	MSC		483,200		3,174
Pay	28-Day Mexico Interbank TIIE Banxico	8.170	%	11/04/2016	CITI		921,900		2,233
Receive	30-Day USD-CMM Rate	5.000	%	02/20/2009	MLP	$	302,100		(16,289	)
Receive	30-Day USD-CMM Rate	5.500	%	05/21/2009	MLP		362,800		(12,992	)
Pay	BRL-CDI-Compounded	11.360	%	01/04/2010	BCLY	BRL	485,600		(7,049	)
Pay	BRL-CDI-Compounded	11.430	%	01/04/2010	MLP		148,200		(2,029	)
Pay	BRL-CDI-Compounded	11.430	%	01/04/2010	MSC		170,000		(2,327	)
Pay	BRL-CDI-Compounded	11.465	%	01/04/2010	GSC		126,400		(1,680	)
Pay	BRL-CDI-Compounded	12.780	%	01/04/2010	MSC		427,800		211
Pay	BRL-CDI-Compounded	12.860	%	01/04/2010	GSC		7,100		2
Pay	BRL-CDI-Compounded	12.948	%	01/04/2010	MLP		203,900		554
Pay	BRL-CDI-Compounded	14.370	%	01/04/2010	MLP		193,200		4,074
Pay	BRL-CDI-Compounded	10.575	%	01/02/2012	UBS		214,800		(3,805	)
Pay	USSP Semi 2-Year Index	0.780	%	01/05/2009	MSC		500,000		238
Pay	USSP Semi 2-Year Index	0.690	%	01/08/2009	BNP		535,700		(787	)
Pay	USSP Semi 2-Year Index	0.710	%	02/05/2009	BNP		432,000		(704	)
Pay	USSP Semi 5-Year Index	0.763	%	02/05/2009	BNP		85,900		(207	)
Receive	USSP Semi 10-Year Index	0.620	%	01/05/2009	MSC		117,000		88
								$	126,463

(p) Purchased options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	# of Contracts	Cost		Value
Put - CME 90-Day Eurodollar June Futures	$	92.250	06/16/2008	100	$	1	$	0
Put - CME 90-Day Eurodollar September Futures		92.250	09/15/2008	128		1		0
					$	2	$	0

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Exercise Rate		Expiration Date	Notional Amount		Cost		Value
Call - OTC 2-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Pay	3.500	%	02/02/2009	$	8,437,400	$	89,609	$	141,016
Call - OTC 2-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Pay	4.750	%	09/26/2008		8,429,000		40,690		348,271
Call - OTC 2-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Pay	4.750	%	09/26/2008		12,079,200		43,039		499,091
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	4.750	%	09/26/2008		4,753,400		18,342		196,402
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150	%	12/15/2008		13,866,000		126,082		179,712
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.000	%	02/02/2009		4,951,600		51,076		53,255
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.150	%	02/02/2009		2,664,200		28,773		32,978
Call - OTC 2-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Pay	3.600	%	07/02/2009		1,570,400		15,096		23,784
									$	412,707	$	1,474,509

(q) Written options outstanding on March 31, 2008:

Options on Exchange-Traded Futures Contracts

Description	Exercise Price		Expiration Date	# of Contracts	Premium		Value
Call - CBOT U.S. Treasury 10-Year Note June Futures	$	118.000	05/23/2008	55,493	$	64,050	$	117,923
Call - CBOT U.S. Treasury 10-Year Note June Futures		120.000	05/23/2008	13,702		16,791		16,271
Put - CBOT U.S. Treasury 10-Year Note June Futures		114.000	05/23/2008	55,669		81,299		12,177
Put - CBOT U.S. Treasury 10-Year Note June Futures		116.000	05/23/2008	6,904		5,646		3,668
					$	167,786	$	150,039

Interest Rate Swaptions

Description	Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Exercise Rate		Expiration Date	Notional Amount		Premium		Value
Call - OTC 5-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.300	%	02/02/2009	$	2,934,400	$	70,906	$	113,436
Call - OTC 7-Year Interest Rate Swap	BCLY	3-Month USD-LIBOR	Receive	4.600	%	02/02/2009		564,000		18,105		28,216
Call - OTC 5-Year Interest Rate Swap	BOA	3-Month USD-LIBOR	Receive	4.950	%	09/26/2008		3,666,900		41,140		245,330
Call - OTC 5-Year Interest Rate Swap	LEH	3-Month USD-LIBOR	Receive	4.950	%	09/26/2008		5,253,400		43,835		351,473
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.950	%	09/26/2008		2,070,900		18,391		138,551
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.300	%	12/15/2008		4,587,300		119,758		179,860
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	3.950	%	02/02/2009		2,153,000		54,069		63,275
Call - OTC 7-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.250	%	02/02/2009		888,200		26,779		32,752
Call - OTC 5-Year Interest Rate Swap	RBS	3-Month USD-LIBOR	Receive	4.200	%	07/02/2009		683,000		15,094		22,136
									$	408,077	$	1,175,029

(r) Restricted securities as of March 31, 2008:

Issuer Description	Coupon		Maturity Date	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Citigroup Mortgage Loan Trust, Inc.	2.669	%	05/25/2037	05/16/2007	$	27,445	$	26,232	0.02	%
DLJ Mortgage Acceptance Corp.	6.502	%	08/01/2021	07/21/1992		272		253	0.00	%
Mazda Manufacturing Corp.	10.500	%	07/01/2008	08/30/1993		140		139	0.00	%
Mazda Motor Corp.	10.500	%	07/01/2008	03/14/2003		17		16	0.00	%
Southbridge, Massachusetts Associates LLC Revenue Bonds, (MBIA Insured), Series 2000	7.590	%	02/01/2022	10/10/2000		30,653		36,641	0.03	%
United Airlines, Inc.	11.080	%	05/27/2024	12/28/2001		0		8	0.00	%
United Telecom, Inc.	6.890	%	07/01/2008	09/22/2003		702		695	0.00	%
United Telephone Co. of the Northwest	6.890	%	07/01/2008	05/02/2002		2,750		2,742	0.00	%
Wilmington Trust Co.	10.500	%	07/01/2008	03/14/2003		99		99	0.00	%
					$	62,078	$	66,825	0.05	%

(s) Short sales outstanding on March 31, 2008:

Description	Coupon		Maturity Date	Principal Amount		Proceeds		Value(2)
Fannie Mae	5.000	%	04/01/2038	$	236,000	$	233,345	$	233,603
Fannie Mae	6.000	%	04/01/2038		662,933		667,563		679,195
Fannie Mae	6.500	%	04/01/2038		69,400		71,030		71,883
Freddie Mac	5.000	%	03/01/2038		300		297		289
Freddie Mac	5.000	%	04/01/2038		300		288		297
Freddie Mac	5.500	%	04/01/2038		390,000		393,534		393,839
Ginnie Mae	5.500	%	04/01/2038		900		914		918
Ginnie Mae	6.000	%	04/01/2038		75,900		78,130		78,331
U.S. Treasury Notes	2.000	%	02/28/2010		403,300		405,564		408,055
U.S. Treasury Notes	2.125	%	01/31/2010		404,400		406,977		410,718
U.S. Treasury Notes	2.750	%	02/28/2013		401,700		407,389		409,525
U.S. Treasury Notes	2.875	%	01/31/2013		272,700		276,085		280,522
U.S. Treasury Notes	3.125	%	11/30/2009		2,669,400		2,731,568		2,773,013
U.S. Treasury Notes	3.250	%	12/31/2009		1,426,400		1,461,909		1,480,198
U.S. Treasury Notes	3.500	%	12/15/2009		2,150,000		2,214,628		2,246,330
U.S. Treasury Notes	4.250	%	08/15/2013		341,700		369,051		375,578
U.S. Treasury Notes	4.250	%	11/15/2013		792,600		857,434		881,740
U.S. Treasury Notes	4.500	%	05/15/2017		1,486,400		1,591,517		1,644,512
						$	12,167,223	$	12,368,546

⁽²⁾ Market value includes $130,804 of interest payable on short sales.

(t) Foreign currency contracts outstanding on March 31, 2008:

Type	Currency	Principal Amount Covered by Contract	Settlement Month	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Buy	AED	142,666	05/2008	$	24	$	(203	)	$	(179	)
Buy	AUD	2,030	04/2008		11		0			11
Buy	BRL	2,905,891	07/2008		85,164		0			85,164
Sell		3,219,350	07/2008		48,299		0			48,299
Buy		1,448,376	12/2008		8,951		(118	)		8,833
Sell		2,435,642	12/2008		36,368		0			36,368
Buy	CAD	962	04/2008		0		(29	)		(29	)
Sell	EUR	443,471	04/2008		0		(8,531	)		(8,531	)
Buy	GBP	103,607	04/2008		0		(379	)		(379	)
Sell		1,323,969	04/2008		1,912		(5,572	)		(3,660	)
Buy	IDR	692,193,600	05/2008		0		(3,730	)		(3,730	)
Buy	INR	8,649,218	05/2008		8,745		0			8,745
Buy		6,151,127	08/2008		0		(3,058	)		(3,058	)
Buy	JPY	3,239,412	04/2008		0		(22	)		(22	)
Sell		3,239,412	04/2008		114		0			114
Buy		32,281,352	05/2008		3,602		(4,163	)		(561	)
Sell		62,045,847	05/2008		4,118		0			4,118
Buy	KRW	55,563,421	05/2008		0		(4,388	)		(4,388	)
Buy		289,595,238	08/2008		0		(15,750	)		(15,750	)
Buy	KWD	10,922	05/2008		2,031		0			2,031
Buy	MXN	5,080,421	07/2008		18,881		0			18,881
Sell		4,476,807	07/2008		0		(4,861	)		(4,861	)

Buy	MYR	987,961	05/2008		11,943		0			11,943
Sell	NZD	106,557	04/2008		1,561		0			1,561
Buy	PHP	3,614,599	05/2008		7,469		0			7,469
Buy	PLN	84,608	07/2008		5,098		0			5,098
Sell		82,904	07/2008		0		(3,778	)		(3,778	)
Buy	RUB	14,659,361	07/2008		35,705		0			35,705
Sell		8,442,728	07/2008		0		(16,769	)		(16,769	)
Buy		112,495	11/2008		150		0			150
Sell		22,136	11/2008		0		(44	)		(44	)
Buy	SAR	146,032	05/2008		9		(185	)		(176	)
Buy	SEK	400,798	06/2008		2,439		0			2,439
Buy	SGD	464,677	05/2008		26,650		0			26,650
Buy		422,728	11/2008		8,212		0			8,212
Buy	ZAR	179,933	07/2008		0		(3,924	)		(3,924	)
				$	317,456	$	(75,504	)	$	241,952

Item 7.	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
	Not applicable.
Item 8.	Portfolio Managers of Closed-End Management Investment Companies
	Not applicable.
Item 9.	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchases.
	Not applicable.
Item 10.	Submission of Matters to a Vote of Security Holders.
	Not applicable.

Item 11.	Controls and Procedures.
	(a)	The principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
	(b)	There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.	Exhibits.
	(a)(1)	Exhibit 99.CODE—Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.
	(a)(2)	Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
	(b)	Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PIMCO Funds
By:	/s/    ERNEST L. SCHMIDER
	Ernest L. Schmider
	President, Principal Executive Officer
	Date: June 6, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/    ERNEST L. SCHMIDER
	Ernest L. Schmider
	President, Principal Executive Officer
	Date: June 6, 2008
By:	/s/    JOHN P. HARDAWAY
	John P. Hardaway
	Treasurer, Principal Financial Officer
	Date: June 6, 2008