Prospectus can be found here: http://investments.pimco.com/Products/pages/287.aspx
The answer to your question is the net. See footnotes 4 and 5.
"PIMCO has contractually agreed to waive the Fund’s advisory fee and the supervisory
and administrative fee in an amount equal to the management fee and administrative
services fee, respectively, paid by the PIMCO Cayman Commodity Fund I Ltd. (the
“Subsidiary”) to PIMCO. The Subsidiary pays PIMCO a management fee and an
administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its
net assets. This waiver may not be terminated by PIMCO ."
"Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement excluding interest expense is estimated to be 0.74%"