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		ALLIANZ FUNDS PROFILE	All data as of 10.31.09, unless otherwise indicated.
		Allianz NACM Emerging Markets Opportunities Fund A (AOTAX)

About this Fund

		Change Class

Fund Overview

	Highlights

	Investment process identifies companies experiencing positive fundamental change that is sustainable and just beginning to be recognized in the market. Systematic investment process combines quantitative stock selection with a disciplined confirmation process. Proprietary Emerging Markets Equity Model integrates stock selection decisions to create a portfolio that is well diversified across countries, industries and currencies.

	Investment Process

	Investment universe is comprised of 800 stocks located within emerging markets around the world Through a dynamic set of quantitative factors, NACM's emerging markets equity model identifies investment opportunities based on their prospects for positive change, sustainability and timeliness The resultant model recommendations are reviewed by the portfolio management team to confirm the investment thesis Proprietary optimization techniques are utilized in an effort to construct a portfolio that balances the trade-off between risk and reward

At A Glance


Symbol Lookup
	Symbol	CUSIP
A Shares	AOTAX	018920629

Objective
Seeks maximum long-term capital appreciation

Primary Portfolio
Emerging Market Stocks

Total Fund Assets (in millions)
$82.4

Inception Date
May 27, 2004

Dividend Frequency
At Least Annually

Maximum Sales Charge
5.50%

Net Expense Ratio
1.760%

Gross Expense Ratio
-

> Share Class Pricing

Manager
Kunal Ghosh

Kunal Ghosh joined NACM as a Senior Vice President and Portfolio Manager in 2006. Prior to that Kunal was a portfolio manager at Barclays Global Investors and a quantitative analyst for the Cayuga Hedge Fund. Before beginning his career in investment management Kunal worked for several years as an engineer at Delphi Corporation (formerly Delphi Automotive Systems).

Manager
Steven Tael

Steven Tael is a Vice President and a member of the research team that oversees Nicholas-Applegate's systematic equity strategies.

Management Firm
Nicholas-Applegate Capital Management LLC (NACM)

San Diego, California

Nicholas-Applegate believes that investing in companies undergoing positive change with sustainable characteristics and timely market recognition will result in outstanding investment performance. This investment approach is supported by a foundation of academic research in behavioral finance indicating that investors react inefficiently to changing information. This market inefficiency presents mispricing opportunities that the firm capitalizes on to earn excess return.

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



		Past performance is no guarantee of future results. 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 normally invest in the securities of companies that are tied economically to countries with emerging securities markets. Investing in non-U.S. securities entails additional risks, including political and economic risk and the risk of currency fluctuations; these risks may be enhanced in emerging markets. The Fund may also invest in other equity securities, such as preferred stocks, warrants and debt securities convertible into common stocks, and in fixed-income securities. The Fund may invest up to 20% of its net assets in U.S. companies. The Fund may invest in companies of any capitalization size, and may invest a significant portion of its assets in small and medium capitalization companies. Investments in smaller companies may be more volatile than investments in larger companies. The portfolio managers expect to actively manage the Fund's portfolio, which may often result in frequent trading activity and a high portfolio turnover rate, which may be 200% or more. The Fund may utilize foreign currency exchange contracts, options and other derivative instruments (for example forward contracts and stock index future contracts). Use of these 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 those instruments. © 2006 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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