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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of shares. For fund classes with a sales charge, returns have been presented both with and without a sales charge. Please see each fund's profile page for more complete information on the fund, including the necessary risk disclosures.

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. 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 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