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		ALLIANZ FUNDS PROFILE	All data as of 10.31.09, unless otherwise indicated.
		Allianz NFJ Renaissance Fund B (PQNBX)


	Effective November 1, 2009, Class B shares of Allianz Funds and PIMCO Funds will no longer be available for purchase, except through exchanges and dividend reinvestments.

About this Fund

		Change Class

Fund Overview

	Highlights

	Seeks to invest in common stocks the portfolio managers believe are trading at attractive valuations. The Fund may focus on small- to medium-capitalization companies but can invest in companies in any capitalization range. Each holding is expected to pay a dividend, which can offer cushioning during periods of market fluctuation.

	Investment Process

	Screen for positive fundamentals—Apply a screen for positive fundamental characteristics to a universe of approximately 1,500 stocks (with a market capitalization between $1 billion and $15 billion). Conduct in-depth research and analysis— Research each of the remaining 300-400 possible investments, looking for companies with low price-to-earnings multiples, dividend yields, and positive prospective earnings, among other factors. Restrict industry concentrations - Attempts to avoid overexposure to any one sector by restricting the number of stocks held in a single industry. Construct portfolio—Select 90-110 of the most attractive securities identified, diversified across industries. Each holding is expected to pay a dividend. Regularly monitor for buy and sell candidates—Continually repeat the research process to identify new buy and sell candidates. Generally, sell a stock when an alternative stock with strong fundamentals demonstrates a lower price-to-earnings ratio, a higher dividend yield, or other qualitative metrics.

At A Glance


Symbol Lookup
	Symbol	CUSIP
B Shares	PQNBX	018918656

Objective
Seeks long-term growth of capital and income

Primary Portfolio
Undervalued small to medium capitalization common stocks

Total Fund Assets (in millions)
$771.1

Inception Date
Apr 18, 1988

Dividend Frequency
At Least Annually

Maximum CDSC
5.00%

Net Expense Ratio
2.020%

Gross Expense Ratio
-

> Share Class Pricing

Manager
Morley D. Campbell

Mr. Campbell, CFA, has over five years of experience in investment and financial analysis. Prior to joining NFJ Investment Group in 2007, Mr. Campbell attended Harvard Business School, where he received an MBA. Before business school, Mr. Campbell worked as an investment banking analyst for Lazard and Merrill Lynch. He received his BBA degree in Finance from the University of Texas in 2003.

Manager
Ben Fischer

Ben Fischer, CFA, is Managing Director and Portfolio Manager of NFJ Investment Group. A founding partner of NFJ, Mr. Fischer's experience in the value sector began in 1966.

Manager
Paul Magnuson

Paul Magnuson is a Managing Director and a Portfolio Manager at NFJ. He has worked in equity analysis and portfolio management since 1985. He received his B.B.A. in finance from the University of Nebraska.

Management Firm
NFJ Investment Group LLC (NFJ)

Dallas, Texas

NFJ employs a deep value equity investment style that focuses on dividends, discipline and diversification. Over the years, the firm's strict adherence to this approach has helped it to deliver consistent results for investors with lower-than-average risk.

> Management Commentary


		Investors should consider the investment objectives, risks, charges and expenses of this Fund carefully before investing. This and other information is contained in the Fund´s prospectus and summary prospectus, if available, which may be obtained by contacting your financial advisor, or by calling 888-877-4626. Click here for the Fund´s prospectus or summary prospectus. Please read them carefully before you invest or send money.



		As of June 8, 2009, the Fund's name was changed and the Fund's former subadviser Oppenheimer Capital LLC was replaced with NFJ Investment Group LLC. Past performance is no guarantee of future results. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. This is not an offer or solicitation for the purchase or sale of any financial instrument. It is presented only to provide information on investment strategies and opportunities. The material contains the current opinions of the author, which are subject to change without notice. Statements concerning financial market trends are based on current market conditions, which will fluctuate. References to specific securities and issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. There is no guarantee that dividend-paying stocks will continue to pay dividends. Price-to-earnings is a ratio of security price to earnings per share. Typically, an undervalued security is characterized by a low P/E ratio, while an overvalued security is characterized by a high P/E ratio. When investing in value securities, the market may not have the same value assessment as the manager, and, therefore, the performance of the securities may decline. The Fund normally invests in smaller companies, which may entail greater risk than larger companies, including higher volatility. The Fund may invest in non-U.S. securities, which may entail greater risk due to foreign economic and political developments. The Fund may use derivative instruments for hedging purposes or as part of its 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 those instruments. 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 Click here to view the Fund's top ten holdings and current sector weightings. All holdings are subject to change. Click here to view the Fund's current standardized performance.


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