Fund Information

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Fund Overview
Objective FundObjective To provide total return that closely corresponds, before fees and expenses, to the total return of The BofA Merrill Lynch Liquid US Treasury Index^SM*.
Ticker TRSY	Type Index
NAV $108.16	Change $0.49 \| 0.45%
As of 5/17/2012
Market Price $108.15	Change $0.50 \| 0.46%
As of 5/17/2012
Fund Sector U.S. Treasury
Duration Category Intermediate
Total Expenses 0.15%

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PIMCO Launches Broad U.S. Treasury Index Fund

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PIMCO Broad U.S. Treasury Index Fund

Index

NAV

$108.16

Change

$0.49

0.45%

As of 5/17/2012

Market Price

$108.15

Change

$0.50

0.46%

As of 5/17/2012

Fund Description

The Broad U.S. Treasury Index Fund is an exchange-traded fund (ETF) that aims to capture the returns of The BofA Merrill Lynch Liquid US Treasury Index^SM. The fund aims to achieve the yield, duration and capital preservation inherent in this index, while providing access to the broad Treasury yield curve with one fund rather than multiple Treasury ETFs or individual securities. The fund intends to invest in a liquid basket that includes the three most recently issued 2-year, 3-year, 5-year, 7-year, 10-year, and 30-year U.S. Treasury notes and bonds (including the on-the-run issues, which are the most recent issues in these maturities). These typically offer better liquidity than more seasoned issues, potentially reducing investor transaction costs.

Vineer Bhansali
Dr. Bhansali is a managing director and portfolio manager in the Newport Beach office. He currently oversees PIMCO's quantitative investment portfolios. From 2000, he also headed PIMCO's firmwide analytics department. Prior to joining PIMCO in 2000, he was a proprietary trader in the fixed-income trading group at Credit Suisse First Boston and in the fixed income arbitrage group at Salomon Brothers in New York. Previously, he was head of the exotic and hybrid options trading desk at Citibank in New York. He is the author of numerous scientific and financial papers and of the books "Bond Portfolio Investing and Risk Management," "Pricing and Managing Exotic and Hybrid Options," and "Fixed Income Finance: A Quantitative Approach." He currently serves as an associate editor for the International Journal of Theoretical and Applied Finance. He has 22 years of investment experience and holds a Ph.D. in theoretical particle physics from Harvard University. He has a master's degree in physics and an undergraduate degree from the California Institute of Technology.

Ticker	TRSY
CUSIP	72201R809
Inception Date	10/29/2010
Shares Outstanding	180,000
Total Net Assets	$19,469,661.47
Daily Trading Volume (in shares)	0
Premium/Discount Average (since inception)	0.10%
Premium/Discount as of market close	-0.01%
106.47
5/10/2012
16:00

As of 5/17/2012

Yield Information

Estimated Yield to Maturity	1.21%
SEC 30-Day Yield	1.12%

As of 5/16/2012

Portfolio Information

Number of Holdings	18
Effective Maturity	9.50 Years
Effective Duration	7.70 Years

As of 5/16/2012

Distribution Yield

0.89%

As of 4/30/2012

Full Performance & Risk

Index Information

Index Tracked	BofA Merrill Lynch Liquid US Treasury Index
Index Ticker	G0QL
Inception Date	12/31/1996
Annualized Volatility (since inception)	5.56%
Rebalancing Frequency	Monthly

As of 4/30/2012

Index Description

The BofA Merrill Lynch Liquid US Treasury Index is an unmanaged index that tracks the performance of the three most recently issued 2-year, 3- year, 5-year, 7-year, 10-year and 30-year U.S. Treasury notes and bonds. It is not possible to invest directly in an unmanaged index.

As of 4/30/2012

Dividends and Distributions

Full distribution history

As of 5/16/2012

Top 10 Holdings

U S TREASURY BOND	6.36%
U S TREASURY NOTE	6.33%
U S TREASURY NOTE	6.24%
U S TREASURY NOTE	6.19%
U S TREASURY BOND	5.66%
U S TREASURY BOND	5.66%
U S TREASURY NOTE	5.64%
U S TREASURY NOTE	5.56%
U S TREASURY NOTE	5.54%
U S TREASURY NOTE	5.46%

View all holdings Download all holdings

As of 3/31/2012

Trading Characteristics

Average Volume
In Shares	169
In $	$17,840.54

Bid/Ask Spread
In %	0.23%
In $	$0.24

Fund Tickers
NAV Per Share	TRSY.NV
Und. Trading Value	TRSY.IV
Shares Outstanding	TRSY.SO
Est. Cash	TRSY.EU
Total Cash	TRSY.TC

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and principal value will fluctuate, so that Fund shares may be worth more or less than their original cost when sold. Performance data current to the most recent month-end is available by clicking HERE or by calling 888-400-4ETF.

Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are contained in the fund’s prospectus, which may be obtained by contacting your PIMCO representative or by clicking HERE. Please read the prospectus carefully before you invest.

The last recorded trade price before today, often referred to as a “Closing Price” of

The SEC yield is an annualized yield based on the most recent 30 day period.

PIMCO calculates a Fund's Estimated Yield to Maturity by averaging the yield to maturity of each security held in the Fund on a market weighted basis. PIMCO pulls each security's yield to maturity from PIMCO's Portfolio Analytics database. When not available in the PIMCO's Portfolio Analytics database, PIMCO pulls the security's yield to maturity from Bloomberg. When not available in either database, PIMCO will assign a yield to maturity for that security from a PIMCO matrix based on prior data.

The distribution yield for monthly paying Funds is calculated by annualizing actual dividends distributed for the monthly period ended on the date shown and dividing by the net asset value on the last business day for the same period. The distribution yield for quarterly paying Funds is calculated by taking the average of the prior four quarterly distribution yields. The quarterly distribution yields are calculated by annualizing actual dividends distributed for the quarterly period ended on the most recent quarterly distribution date and dividing by the net asset value for the same date. The yield does not include long- or short-term capital gains distributions.

Effective duration is the duration for a bond with an embedded option when the value is calculated to include the expected change in cash flow caused by the option as interest rates change.

Effective Maturity is the weighted average of the maturities of the underlying bonds. The measure is computed by weighing each bond’s maturity by its market value with respect to the portfolio and the likelihood of any of the bonds being called.

In order to provide additional information regarding the intra-day value of shares of the Fund, the NYSE Arca, Inc. or a market data vendor disseminates every 15 seconds through the facilities of the Consolidated Tape Association or other widely disseminated means an updated Indicative NAV (“iNAV”) for the Fund as calculated by an information provider or market data vendor. The Fund is not involved in or responsible for any aspect of the calculation or dissemination of the iNAV and makes no representation or warranty as to the accuracy of the iNAV.

Net Asset Value (NAV) represents an ETFs per-share value. The per-share value of an ETF is calculated by dividing the total value of the securities in its portfolio, less any liabilities, by the number of ETF shares outstanding. ETF shares are valued as of the close of regular trading (normally 4:00 P.M. Eastern Time) (The “NYSE Close”) on each business day.

The Net Asset Value (NAV), Shares Outstanding and Total Net Assets are calculated as of the close of regular trading on each day that the NYSE Arca is open, and do not reflect security transactions or fund shares created or redeemed on the date stated. Such transactions are recorded on the next business day and reported on the website the following business day.

Returns are average annualized total returns, except for those periods of less than one year, which are cumulative. Market returns are based upon the midpoint of the bid/ask spread at 4:00 pm Eastern time (when NAV is normally determined for most Funds), and do not represent the returns you would receive if you traded shares at other times.

ETF shares may be bought or sold throughout the day at their market price on the exchange on which they are listed. However, there can be no guarantee that an active trading market for PIMCO ETF shares will develop or be maintained, or that their listing will continue or remain unchanged.

Buying or selling ETF shares on an exchange may require the payment of brokerage commissions. Due to these brokerage costs, if any, frequent trading may detract significantly from investment returns.

ETF shares are not sold or bought at their net asset value (NAV) like mutual fund shares. ETF shares’ market price may be at, above or below the funds’ NAV. The NAV of the fund will fluctuate with changes in the market value of its portfolio holdings, and the market price of an ETF’s shares will fluctuate with changes in the NAV as well as supply and demand in the market for the shares. The market price of ETF shares may differ significantly from their NAV during periods of market volatility. ETF shares may only be redeemed directly with the fund at NAV by Authorized Participants, in very large redemption/creation units.

A Word About Risk: An investment in an ETF involves risk, including the loss of principal. Investment return, price, yield and Net Asset Value (NAV) will fluctuate with changes in market conditions. Investments may be worth more or less than the original cost when redeemed. Certain U.S. Government securities are backed by the full faith of the government, obligations of U.S. Government agencies and authorities are supported by varying degrees but are generally not backed by the full faith of the U.S. Government; portfolios that invest in such securities are not guaranteed and will fluctuate in value. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested.

The Fund uses an indexing approach and may be affected by a general decline in market segments or asset classes relating to its Underlying Index. The Fund invests in securities and instruments included in, or representative of, its Underlying Index regardless of the investment merits of the Underlying Index.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and the Market Price of the Fund on a given day, generally at the time the NAV is calculated. A premium is the amount that the Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Fund is trading below the reported NAV, expressed as a percentage of the NAV. The since inception premium/discount average is calculated by averaging the daily premium/discount since the inception of the fund. The daily premium/discount is the difference between the daily market price for shares of the Fund and the Fund's net asset value. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated.

The BofA Merrill Lynch Liquid US Treasury Index^sm is an unmanaged index that tracks the performance of the three most recently issued 2-year, 3- year, 5-year, 7-year, 10-year and 30-year U.S. Treasury notes and bonds. It is not possible to invest directly in an unmanaged index.

*“BofA Merrill Lynch” and “The BofA Merrill Lynch Liquid US Treasury Index^sm” are reprinted with permission. © Copyright 2012 Merrill Lynch, Pierce, Fenner & Smith Incorporated (“BofA Merrill Lynch”). All rights reserved. “BofA Merrill Lynch” and “The BofA Merrill Lynch Liquid US Treasury Index^sm” (the "Index") are service marks of BofA Merrill Lynch and/or its affiliates and have been licensed for use for certain purposes by PIMCO on behalf of the PIMCO Broad U.S. Treasury Index Fund (the "Fund") that is based on the Index, and is not issued, sponsored, endorsed or promoted by BofA Merrill Lynch and/or BofA Merrill Lynch’s affiliates nor is BofA Merrill Lynch and/or BofA Merrill Lynch’s affiliates an adviser to the Fund. BofA Merrill Lynch and BofA Merrill Lynch’s affiliates make no representation, express or implied, regarding the advisability of investing in the Fund or the Index and do not guarantee the quality, accuracy, timeliness or completeness of the Index, index values or any index related data included herein, provided herewith or derived there from and assume no liability in connection with their use. As the index provider, BofA Merrill Lynch is licensing certain trademarks, The BofA Merrill Lynch Liquid US Treasury Index^sm and trade names which are composed by BofA Merrill Lynch without regard to PIMCO, the Fund or any investor. BofA Merrill Lynch and BofA Merrill Lynch’s affiliates do not provide investment advice to PIMCO or the Fund and are not responsible for the performance of the Fund.

NAV

Index

NAV

Price

After Tax Return

Growth of $10,000

Yield to Maturity

30 day SEC Yield

Growth of $10,000
Yield to Maturity
30 Day SEC Yield

Download Prospectus

Quarter End Performance

View Month End Performance

Quarter End After Tax Returns

View Month End After Tax

Premium / Discount Analysis for

Percent of Difference	No. of Days	Percent of Total Days	No. of Days	Percent of Total Days
Market Price above or equal to NAV			Market Price below NAV
0 - 0.49%
0.5% - 0.99%
1.0% - 1.49%
1.5% - 1.99%
2.0% - 2.49%
2.5% - 2.99%
3.0% - 3.49%
3.5% - 3.99%
4.0% - 4.49%
4.5% - 4.99%
>= 5.00%
Total

Interest Rate Exposures

Exposure	Fund	Index
Effective Duration
Bull Market Duration
Bear Market Duration
Total Curve Duration

Sector Exposures^*

Exposure	Fund	Index
Mortgage Spread Duration
Corporate Spread Duration
Emerging Markets Spread Duration

As of 3/31/2012

Key Rate Durations

Holding all other maturities constant, this measures the sensitivity of a security or the value of a portfolio to a 1% change in yield for a given maturity

*Benchmark refers to The BofA Merrill Lynch Liquid US Treasury Index^sm, an unmanaged index that tracks the performance of the three most recently issued 2-year, 3- year, 5-year, 7-year, 10-year and 30-year U.S. Treasury notes and bonds. It is not possible to invest directly in an unmanaged index.&

The SEC yield is an annualized yield based on the most recent 30 day period.

Hypothetical Growth of $10,000 is calculated at NAV and assumes that all dividend and capital gain distributions were reinvested. It does not take into account sales charges or the effect of taxes. Results are not indicative of future performance.

Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation.

The tax calculations above assumes a 35% tax rate. PIMCO does not provide legal or tax advice. Please consult your tax and/or legal counsel for specific tax questions and concerns.

Net Asset Value (NAV) represents an ETFs per-share value. The per-share value of an ETF is calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of ETF shares outstanding. ETF shares are valued as of the close of regular trading (normally 4:00 P.M. Eastern Time) (The “NYSE Close”) on each business day.

Buying or selling ETF shares on an exchange may require the payment of brokerage commissions. Due to these brokerage costs, if any, frequent trading may detract significantly from investment returns.

*“BofA Merrill Lynch” and “The BofA Merrill Lynch Liquid US Treasury Index^sm” are reprinted with permission. © Copyright 2012 Merrill Lynch, Pierce, Fenner & Smith Incorporated (“BofA Merrill Lynch”). All rights reserved. “BofA Merrill Lynch” and “The BofA Merrill Lynch Liquid US Treasury Index^sm” (the "Index") are service marks of BofA Merrill Lynch and/or its affiliates and have been licensed for use for certain purposes by PIMCO on behalf of the PIMCO Broad U.S. Treasury Index Fund (the "Fund") that is based on the Index, and is not issued, sponsored, endorsed or promoted by BofA Merrill Lynch and/or BofA Merrill Lynch’s affiliates nor is BofA Merrill Lynch and/or BofA Merrill Lynch’s affiliates an adviser to the Fund. BofA Merrill Lynch and BofA Merrill Lynch’s affiliates make no representation, express or implied, regarding the advisability of investing in the Fund or the Index and do not guarantee the quality, accuracy, timeliness or completeness of the Index, index values or any index related data included herein, provided herewith or derived there from and assume no liability in connection with their use. As the index provider, BofA Merrill Lynch is licensing certain trademarks, The BofA Merrill Lynch Liquid US Treasury Index^sm and trade names which are composed by BofA Merrill Lynch without regard to PIMCO, the Fund or any investor. BofA Merrill Lynch and BofA Merrill Lynch’s affiliates do not provide investment advice to PIMCO or the Fund and are not responsible for the performance of the Fund.

Maturity Distribution

Years	Fund	Index
0-1
1-3
3-5
5-10
10-20
20+
Effective Maturity (yrs)	yr	yr

Sector Allocation

Percent of:

Mkt value
Duration

Region Breakdown (By Country of Exposure)

View by: Mkt value Duration

Credit Rating

Top 10 Holdings

View all holdings Download all holdings

Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are contained in the fund’s prospectus, which may be obtained by contacting your PIMCO representative or by clicking HERE. Please read the prospectus carefully before you invest.

**Other net assets (liabilities) includes, but is not limited to, unsettled activity from shareholder and portfolio security trades, and accrued interest and expenses.

Current holdings are subject to risk. Holdings are subject to change at any time.

Buying or selling ETF shares on an exchange may require the payment of brokerage commissions. Due to these brokerage costs, if any, frequent trading may detract significantly from investment returns.

Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Securities for which a rating is not available are labeled “Not Rated” or “NR”. U.S. Treasury, U.S. Agency, U.S. Agency mortgage-backed securities and other Sovereign (foreign or domestic) securities appear under "Government" or “GOVT”. Credit-quality ratings for each issue are obtained using ratings derived from Standard & Poor's (S&P), Moody's Investors Service, and Fitch Ratings. When ratings from two or more of the agencies are available, the lower rating is used. When a rating from only one agency is available, that rating is used. The credit rating for Other net assets (liabilities) appears as “NL“ in the fund holdings. The credit quality of a particular security or group of securities does not ensure the stability or safety of the overall portfolio.

Dividends and Distributions

Full distribution history

Dividend and Capital Gains Distribution

Download All Data

Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are contained in the fund’s prospectus, which may be obtained by contacting your PIMCO representative or by clicking HERE. Please read the prospectus carefully before you invest.

Each Fund distributes substantially all of its net investment income to shareholders in the form of dividends. Each Fund, except the 25+ Year Zero Coupon U.S. Treasury Index Fund, intends to declare and distribute income dividends monthly to shareholders of record. The 25+ Year Zero Coupon U.S. Treasury Index Fund intends to declare and distribute income dividends quarterly to shareholders of record. Dividend payments are made through DTC participants and indirect participants to beneficial owners then of record with proceeds received from a Fund.

No dividend reinvestment service is provided by the Trust. Financial intermediaries may make available the DTC book-entry Dividend Reinvestment Service for use by beneficial owners of Fund shares for reinvestment of their dividend distributions. Beneficial owners should contact their financial intermediary to determine the availability and costs of the service and the details of participation therein. Financial intermediaries may require beneficial owners to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and net capital gains will be automatically reinvested in additional whole shares of the Fund purchased in the secondary market.

Buying or selling ETF shares on an exchange may require the payment of brokerage commissions. Due to these brokerage costs, if any, frequent trading may detract significantly from investment returns.

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PIMCO Broad U.S. Treasury Index Fund

NAV

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Fund Description

Portfolio Management