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		ALLIANZ FUNDS PROFILE	All data as of 11.30.08, unless otherwise indicated.
		Allianz OCC Equity Premium Strategy Fund A (PGRAX)

About this Fund

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Fund Overview

	Highlights

	Focuses on large-cap stocks without specifically targeting "growth" or "value" issues. Seeks to reduce exposure to equity market volatility while providing current income through an integrated covered call writing strategy.

Investment Process

Large Cap Core Equity Portfolio

Stock selection-Portfolios are constructed bottom-up based on the manager's conviction level about an investment thesis, the degree of intrinsic value discount, and risk management considerations. Stocks typically feature at least 30% risk-adjusted upside to intrinsic value. The objective is to capture the widest mispricings available in the market and aggregate them into an efficient, risk-controlled portfolio.

Risk control-Portfolios are fully diversified. To enhance risk control, the managers apply a quantitative risk measurement overlay whereby they monitor risk-adjusted performance measures to gain a fuller understanding of the risks they are taking and how well they expect to be compensated for taking them.

Call Writing Strategy

The Fund will employ a strategy of writing (selling) call options on securities held in its equity portfolio and, to a lesser extent, on equity indexes and exchange-traded funds (ETFs), ordinarily representing approximately 50% to 90% of the Fund's net assets. Stephen Bond-Nelson will manage the covered call portfolio. The objective of this strategy is to generate current income and reduce overall portfolio volatility.

Why Invest in this Fund

In a secular rising interest rate environment, the income produced by the equity dividends and option premiums might be an attractive alternative to the duration/credit risk of fixed-income investments.
In a low-return environment for stocks and bonds the Fund offers an opportunity to earn gains from the receipt of index option premiums.

At A Glance


Symbol Lookup
	Symbol	CUSIP
A Shares	PGRAX	018918383

Objective
Seeks long-term growth of capital and current income

Primary Portfolio
Common stocks of companies with market capitalizations of at least $5 billion

Total Fund Assets (in millions)
$25.9

Inception Date
Dec 28, 1994

Dividend Frequency
Quarterly

Maximum Sales Charge
5.50%

Expense Ratio
1.280%

> Share Class Pricing

Manager
Stephen Bond-Nelson

Stephen Bond-Nelson is a Co-Portfolio Manager for Oppenheimer Capital. He was previously a portfolio manager at PEA Capital and began his career in investments in 1993.

Manager
Valentin Ivanov

Mr. Ivanov is Vice President and quantitative analyst for Oppenheimer Capital’s Structured Products team and brings 9 years of industry experience to his position.

Manager
Michael Purcell

Mr. Purcell is Assistant Vice President and research analyst for Oppenheimer Capital’s Structured Products team and brings 4 years of industry experience to his position.

Manager
Robert Urquhart

Mr. Urquhart is a Managing Director and Portfolio Manager at Oppenheimer Capital. Mr. Urquhart has an MBA from Harvard Graduate School of Business Administration and a BS from the University of Colorado.

Management Firm
Oppenheimer Capital LLC (OCC)

New York, NY

Oppenheimer Capital (OCC) provides a broad range of innovative equity investment strategies for both institutional and individual investors. The firm’s disciplined approach to money management is focused on delivering alpha to investors’ portfolios through proprietary, bottom-up research that results in differentiated insights.

> 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, which may be obtained by contacting your financial advisor, or by calling 888-877-4626. Click here for the Fund´s prospectus. Please read this prospectus carefully before you invest or send money.



		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. Diversification does not ensure against loss. The Fund will invest primarily in a portfolio of dividend-paying common stocks selected for their potential for capital growth. The Fund will also employ a strategy of writing (selling) call options on securities held in its equity portfolio and, to a lesser extent, on equity indexes and exchange traded funds (ETFs), ordinarily representing a large portion of the Fund's net assets. This Option Strategy is designed to generate gains from options premiums in an attempt to enhance the Fund's cash flow available for distribution to shareholders and to reduce overall portfolio risk. However, there is no assurance that the call option strategy will achieve its objectives. The Fund may invest in foreign securities, may invest without limit in American Depository Receipts (ADRs), and may utilize other derivative instruments not previously mentioned. Use of derivative 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. Investing in non-U.S. securities may entail risk due to foreign economic and political developments; this risk may be enhanced when investing in emerging markets. 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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