Thanks for mentioning that. I hadn't heard. I did go over to Raddr's site and did some reading. From what I have been able to learn thus far, it doesn't appear to be a huge deal as PIMCO will be able to adapt:
Morningstar Fund Times: PIMCO Says It Can Adapt to Rule, D O Bardy, 12-22-05
A week after the IRS ruled that mutual funds can't use commodity swaps, PIMCO says it will be able to maintain its strategy using other securities.
Portfolio manager John Brynjolfsson says PIMCO Commodity Real Return Plus PCRDX can maintain its dual exposure to commodity prices and inflation-protected securities by using structured notes instead of swaps.
He said the impact on returns of the ruling would be modest...