The Allianz Funds Board of Trustees has approved several changes to Allianz RCM Healthcare Fund, effective September 4, 2008.

Fund Name Change

The Allianz RCM Healthcare Fund will change its name to the Allianz RCM Wellness Fund to reflect the change in investment policy discussed below.

Investment Policy Change

The Fund’s investment managers believe that long-term trends in the healthcare industry will create attractive investment opportunities in companies focused on preventive medicine, better diagnostics and healthier lifestyles. These trends will be driven by factors such as an aging population, advances in diagnostic technologies and a desire to minimize expensive acute care through early intervention and prevention. In order to better position the Fund to take advantage of these opportunities, the Fund’s investment policy is being revised to include investments in wellness-related companies.

The Fund will change its investment policy to state that it seeks to achieve its investment objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in equity securities of wellness-related companies. Details of these changes may be found in the notice below.

Click on the prospectus link below for a copy of the prospectus or contact your financial advisor or call Shareholder Services at 1-800-426-0107 (Monday through Friday, 8:00 a.m.–8:00 p.m. ET).

ALLIANZ FUNDS IMPORTANT NOTICE REGARDING CHANGE IN INVESTMENT POLICY OF ALLIANZ RCM HEALTHCARE FUND

Effective September 4, 2008, the Allianz RCM Healthcare Fund will change its name to the Allianz RCM Wellness Fund, and the Fund’s policy to invest in the particular type of investments suggested by its name will be revised to state that the Fund seeks to achieve its investment objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in equity securities of wellness-related companies. In connection with this change, the first two paragraphs of the Fund’s Fund Summary are deleted and replaced in their entirety with the following two paragraphs:

The Fund seeks to achieve its investment objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in wellness-related companies. The Fund may invest in U.S. and non-U.S. companies, and currently expects the majority of its non-U.S. investments will normally be in Asia and Western Europe. The Fund may invest up to 15% of its assets in companies organized or headquartered in emerging market countries (but no more than 10% in any one emerging market country). The Fund will invest primarily in equity securities. Although the Fund may invest in companies of any market capitalization, the Fund does not intend to invest more than 15% of its assets in companies with market capitalizations below $100 million. The Fund may also invest a significant percentage of its assets in securities issued in initial public offerings (IPOs).

The Fund considers wellness-related companies to include companies in the healthcare industry as well as any other company that provides products or services that promote or aid in achieving a healthy lifestyle (“healthy-lifestyle companies”), in each case as determined by the Fund’s sub-adviser. Companies in the healthcare industry include any company that designs, manufactures, or sells products or services used for or in connection with healthcare or medicine, such as pharmaceutical companies, biotechnology research firms, companies that sell medical products, companies that own or operate healthcare facilities and companies that design, produce or sell medical, dental and optical products. Healthy lifestyle companies include, but are not limited to, companies that manufacture or distribute goods or services that promote or support physical fitness, companies whose products or services seek to minimize longer-term acute care through early diagnosis, intervention or prevention, companies that manufacture or distribute nutritional supplements or provide products or services to consumers that promote healthy eating habits and companies that provide products or services associated with supplying clean air, water or food.