Investors should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. This and other information is contained in the Funds’ prospectus, which may be obtained by contacting your financial advisor, or by clicking here. Please read the prospectus carefully before investing or sending money.

An investment in an ETF involves risk, including the loss of principal. Investment return, price, yield, and NAV will fluctuate with changes in market conditions. Guarantees which apply to the underlying U.S. government securities do not apply to the shares of the fund, which will fluctuate in value. Shares of the fund are not individually redeemable, and shares may only be acquired from and redeemed to the fund in Creation Units. Investors may sell or purchase individual shares in secondary market transactions that do not involve the ETF. Shares of the fund are bought and sold at market price (not net asset value). Brokerage commissions will reduce returns.

While inflation-indexed bonds, including Treasury Inflation-Protected Securities (TIPS), are structured to provide protection against inflation, the value of these bonds is likely to change in response to changes in “real” interest rates (current market interest rates minus the expected impact of inflation). In other words, a rise in real interest rates can lead to a decrease in the value of inflation-indexed bonds and a subsequent decline in the value of the Fund and its shares. A decline in real interest rates could produce the opposite effect.

The Allianz and PIMCO funds are distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105-4800. www.allianzinvestors.com (c) 2009. Investment Products: Not FDIC Insured | May Lose Value | Not Bank Guaranteed