Allianz Global Investors will close the Allianz NFJ Small-Cap Value Fund to new investors beginning April 20, 2009.

The board of trustees for the fund has determined that closing the fund is a prudent measure and in keeping with its fiduciary responsibility given capacity constraints and a shrinking pool of stocks in which to invest fueled by the market collapse in the second half of 2008.

However, shareholders of record as of the April 20 closing date will still be permitted to purchase additional shares of the fund for as long as they continue to own shares.

Additionally, participants in a specified benefit plan that owned shares of the fund on behalf of participants as of July 31, 2009 may still buy shares of the fund, provided that, as of the close of business on June 30, 2009, the plan sponsor or third-party administrator to the plan, had a contractual agreement with the distributor or the fund’s administrator to offer shares of, or provide services to, the fund. This includes 401(k) plans, 457 plans, employer sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans, non-qualified deferred compensation plans and healthcare benefit funding plans.

Restrictions on new purchases of the Allianz NFJ Small-Cap Value Fund do not apply to clients in discretionary mutual fund wrap programs if the fund is part of the program’s allocation model as of the closing date. Also, 529 college savings plans that feature the NFJ Small-Cap Value Fund will remain eligible to purchase shares of the fund on behalf of its participants.

Shareholders of other Allianz Funds, Allianz Multi-Strategy Funds and PIMCO Funds will no longer be allowed to exchange any of their shares for shares of the NFJ Small-Cap Value Fund unless the shareholders are independently eligible to purchase shares of the fund under the aforementioned circumstances.