The expense ratios listed above for Allianz NACM Emerging Markets Opportunities Fund, Allianz NACM Income & Growth Fund, Allianz NFJ Mid-Cap Value Fund and Allianz OCC International Equity Fund are effective as of 7/1/07.

Returns measure performance from the inception of the oldest share class to the present and assume that all dividend and capital gain distributions were reinvested on the payable date. For fund classes with a sales charge, returns have been presented both with and without a sales charge. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please see each fund's profile page for more complete information on the fund, including the necessary risk disclosures.

These Funds may use derivative instruments for hedging purposes or as part of an investment strategy. The 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. Portfolios investing in derivatives could lose more than the principal amount invested in these instruments

Equity funds are subject to the basic stock market risk that a particular security, or securities in general, may decrease in value. When investing in value securities, the market may not necessarily have the same value assessment as the manager, and, therefore, the performance of the securities may decline. Investments in overseas markets pose special risks, including currency fluctuation and political risks, and the portfolio is expected to be more volatile than that of a U.S. only portfolio. The securities of emerging markets may be less liquid and are subject to the risks of currency fluctuations and political developments. Small-cap stocks may be subject to a higher degree of risk than more established companies’ securities.  The illiquidity of the small-cap market may adversely affect the value of these investments.

Each sector of the bond market entails risk. 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 guarantee on Treasuries and Government Bonds is to the timely repayment of principal and interest.  Shares of the Funds are not guaranteed. Mortgage-backed securities and Corporate Bonds may be sensitive to interest rates. When interest rates rise, the value of fixed income securities generally declines. There is no assurance that private guarantors or insurers will meet their obligations. 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. Investing in foreign securities may entail risk due to foreign economic and political developments; this risk may be enhanced when investing in emerging markets. These 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.  Portfolios investing in derivatives could lose more than the principal amount invested in these instruments

The principal value of inflation indexed bonds adjusts to the rate of inflation. If the index measuring inflation rises or falls, the principal value will be adjusted accordingly, which will influence the interest payable on these securities. A fund which concentrates its assets in one or a few sectors may entail greater risk than a fully diversified fund and should be considered as only part of a diversified portfolio.

The PIMCO CommodityRealReturn Strategy Fund may invest in and will typically seek to gain exposure to the commodity markets by investing in commodity-linked derivative instruments, swap transactions, or index-linked and commodity-linked "structured" notes. The value of a commodity-linked derivative is generally based on price movements of a physical commodity such as energy, mineral or agricultural products, a commodity futures contract or commodity index, or other economic variables based on changes in the value of commodities or the commodities' markets. These instruments are backed by a portfolio of inflation-indexed securities and other fixed income instruments. Investments in commodities may be affected by overall market movements, changes in interest rates, and other factors such as weather, disease, embargoes and international economic and political developments. A Fund’s investments in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities. The PIMCO All Asset and All Asset All Authority Funds' NAV will fluctuate in response to changes in the NAV of the underlying Funds, and the cost of investing in those Funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds.

* The Contingent Deferred Sales Charge (CDSC) on Class C shares of this fund is imposed only on shares redeemed in the first year.

**  The Contingent Deferred Sales Charge (CDSC) on Class C shares of this fund is imposed only on shares redeemed in the first 18  months.

PIMCO Funds and Allianz Funds are distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105-4800, www.allianzinvestors.com, 1-888-877-4626.

Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED