Allianz Global Investors Launches Global EcoTrends Fund.

The Fund Seeks Long-Term Growth of Capital by Investing in Environment-Related Sectors

NEW YORK -- Allianz Global Investors, the asset management arm of Allianz SE (NYSE: AZ), announced today that it has launched the Allianz RCM Global Eco Trends Fund which invests in companies with exposure to "Eco-Sectors" including the EcoEnergy, Pollution Control and Clean Water sectors.

"Protecting the environment is likely to be a major focus in the 21st century and many companies stand to benefit - both those that provide solutions to environmental problems and those that utilize those solutions," said Bozena Jankowska, lead portfolio manager of the Allianz RCM Global EcoTrends Fund.

The Fund offers access to three environment-related sectors:

* EcoEnergy - e.g., alternative energy and energy efficiency

* Pollution Control - e.g., environmental quality, waste management and recycling

* Clean Water - e.g., water treatment and supply

RCM Capital Management LLC (RCM SF), also a subsidiary of Allianz SE, has been retained to manage the Fund's assets, and RCM SF has in turn retained its affiliate, Allianz Global Investors Advisory GmbH (AGIA), to conduct the day to day portfolio management for the Fund. The portfolio management team is led by portfolio manager Bozena Jankowska, team head of Sustainability Research at AGIA. Ms. Jankowska received a BS in Environmental Science from the University of Sussex and a Master's in Environmental Technology, specializing in business and the environment, from Imperial College of Science, Technology and Medicine. The Fund's management team also includes Paul Schofield, deputy portfolio manager. Gunnar Miller, managing director and co-head of Global Research for RCM and head of Equity Research for AGIA, oversees the research efforts on behalf of all global portfolios managed by AGIA including the Fund.

"In our opinion, the environment appears to be having a significant impact on businesses and financial markets, and population growth and industrialization are likely to put a strain on limited resources such as fossil fuels, precious metals and fresh water," said Ms. Jankowska. "We believe that historically high oil prices have heightened interest in alternative sources of energy and that a tightening regulatory environment around the world has and will continue to encourage companies in all markets to commit more resources to environmental business practices."

The Allianz RCM Global EcoTrends Fund is an "interval" fund, a type of closed-end fund that limits when investors can sell shares, in part to give the manager more flexibility in managing the underlying assets. In contrast to open-end funds, this structure allows the manager to invest a greater portion of the Fund's assets in smaller, potentially less liquid securities, which are part of the Fund's investment universe. Allianz Global Investors currently plans to offer additional shares of the Fund through a continuous offering. The Fund is offered through its principal underwriter, Allianz Global Investors Distributors, LLC, an affiliate of Allianz Global Investors and a member of the NASD.

About Allianz Global Investors

Allianz Global Investors of America, the U.S. investment arm of Allianz SE, provides access to the specialized equity and fixed-income expertise of the Allianz-affiliated investment firms, including PIMCO, NFJ Investment Group, RCM, Nicholas-Applegate and Oppenheimer Capital. The Fund's manager, Allianz Global Investors Fund Management, is a subsidiary of Allianz Global Investors and, together with its investment management affiliates, had approximately $691.9 billion in assets under management as of September 30, 2006. Our investment solutions - including mutual funds, managed accounts and closed-end funds - represent a broad spectrum of asset classes and investment styles.

About RCM and AGIA

RCM Capital Management LLC (RCM SF) was founded in 1970 as a boutique equity asset manager and today is a part of RCM, a global investment organization consisting of separate affiliated entities, owned by Allianz SE, with offices in key financial centers around the world, including San Francisco, London, Frankfurt, Hong Kong, Tokyo, and Sydney. As of September 30, 2006, these affiliated entities collectively advised or managed approximately $140.0 billion, including approximately $19.1 billion managed by RCM SF. The day-to-day portfolio management of the Fund is conducted by Allianz Global Investors Advisory GmbH (AGIA), an affiliate of RCM SF and part of RCM, with its principal offices in Frankfurt, Germany and personnel under its supervision in London, England. As of September 30, 2006 AGIA managed approximately $27.4 billion, principally for its clients in Europe.

Investors should carefully consider the Fund's investment objective, risks, charges and expenses before investing, including the special risks associated with non-U.S. securities, including emerging markets securities, and the risks of investing in a relative narrow group of sectors and in companies with limited operating histories and/or small market capitalizations. Investors should consider the limited liquidity of an interest in the Fund due to its "interval fund" structure. The prospectus, which contains this and other information about the Fund, should be read carefully before investing. The Fund is distributed by Allianz Global Investors Distributors LLC. For a prospectus, please call your financial advisor or 1-877-819-2224.