Allianz Global Investors Fund Notice to Shareholders

17 August 2007

Allianz Global Investors Fund
Investment company with variable capital (SICAV)
Registered office: 6A, route de Trèves, L-2633 Senningerberg
Commercial register Luxembourg B 71.182

The falling volume of the Allianz RCM Europe Equity High Alpha subfund (the “Subfund”) makes it increasingly difficult to efficiently and economically manage the Subfund. The costs incurred hurt the performance of the Subfund.

For this reason, the Board of Directors of Allianz Global Investors Fund SICAV has decided, as at 21 September 2007, to merge Allianz RCM Europe Equity High Alpha (“subfund being absorbed”) into Allianz-dit Top Selection Europa A EUR (“absorbing subfund”). This will provide for a larger subfund that can be more efficiently managed.

The investment objectives of both subfunds are essentially oriented towards achieving long-term capital growth and returns appropriate to the risk, focussing on the European equity markets.

Shareholders in the subfund being absorbed will automatically, and at no cost, receive shares in the absorbing subfund on 21 September 2007. The number of shares to be credited is calculated on the basis of the ratio of the share value of the subfund being absorbed to that of the absorbing subfund as at 21 September 2007.

Shares in the subfund being absorbed will no longer be issued effective 17 August 2007. The issue of shares in the absorbing subfund will not be affected.

Shares in the subfund being absorbed will no longer be redeemed effective 19 September 2007. The redemption of shares in the absorbing subfund will not be affected.

Before the merger, shares in the subfund being absorbed may be exchanged for shares in the absorbing subfund at no cost, or they may be redeemed at no cost.

Any costs incurred during the merger will be charged to the absorbing subfund.

Shareholders who are not in agreement with the merger may redeem their shares without paying any fees until 18 September 2007.

Senningerberg, August 2007

The Board of Directors