The daily section presents performance dating from the inception of the actual share class only.

**This is the inception date of the Nicholas-Applegate Emerging Markets Opportunities Fund (the 'Predecessor Fund'), which was reorganized into the Allianz NACM Emerging Markets Opportunities Fund on 8/18/06. The returns presented are for Class A shares of the Fund, which were first offered on 8/21/06. These returns are based on the historic performance of the Predecessor Fund's Class I shares prior to the reorganization, adjusted to reflect the Fund's A Class shares' different charges and expenses. Total return performance assumes that all dividend and capital gains distributions were reinvested on the payable date and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

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.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. It is not possible to invest directly in an index. Prior to November 1, 2006, performance data for the MSCI Index was calculated gross of dividend tax withholding. Performance data presently shown for the Index is net of dividend tax withholding. This recalculation results in lower performance for the Index.

^The Lipper Category returns and rankings are calculated by Lipper Inc., a Reuters Company, which is a nationally recognized organization that compares the performance of mutual funds with similar investment objectives. The Category returns represent the average performance of included funds, while rankings compare an individual fund's returns to those of the other funds in its category. Both are based on total return performance, with capital gains and dividends reinvested, with annual operating expenses deducted, but without including front- or back-end sales charges. Rankings begin with the actual share class inception. Rankings are relative to a peer group and do not necessarily mean that the fund had high total returns.

Growth of $10,000 and Best/Worst 1-Year Period results are calculated at NAV and assume that all dividend and capital gain distributions were reinvested. They do not take into account sales charges or the effect of taxes. Results are not indicative of future performance.

PIMCO Funds & 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. NOT FDIC INSURED / MAY LOSE VALUE / NO BANK GUARANTEE