Allianz Funds Multi-Strategy Trust

N-CSR 1 dncsr.htm ALLIANZ FUNDS MULTI-STRATEGY TRUST Allianz Funds Multi-Strategy Trust


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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22167

Allianz Funds Multi-Strategy Trust

(Exact name of registrant as specified in charter)


1345 Avenue of the Americas, New York, New York		10105
(Address of principal executive offices)		(Zip code)

Lawrence G. Altadonna

1345 Avenue of the Americas,

New York, New York 10105

(Name and address of agent for service)

Registrant’s telephone number, including area code: 212-739-3371

Date of fiscal year end: November 30, 2010

Date of reporting period: November 30, 2010

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington DC 20549-2001. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss 3507.

ITEM 1. REPORT TO SHAREHOLDERS

LOGO

Annual Report

November 30, 2010

Allianz Multi-Strategy Funds

SHARE CLASSES A, B, C, D, R, P, INSTITUTIONAL, ADMINISTRATIVE

Allianz Global Investors Solutions 2015 Fund

Allianz Global Investors Solutions 2020 Fund

Allianz Global Investors Solutions 2030 Fund

Allianz Global Investors Solutions 2040 Fund

Allianz Global Investors Solutions 2050 Fund

Allianz Global Investors Solutions Core Allocation Fund

Allianz Global Investors Solutions Growth Allocation Fund

Allianz Global Investors Solutions Retirement Income Fund

Allianz AGIC Convertible Fund (formerly Allianz NACM Convertible Fund)

Allianz AGIC Emerging Growth Fund (formerly Allianz NACM Emerging Growth Fund)

Allianz AGIC High Yield Bond Fund (formerly Allianz NACM High Yield Bond Fund)

Allianz AGIC International Growth Fund (formerly Allianz NACM International Growth Fund)

Allianz AGIC International Growth Opportunities Fund (formerly Allianz NACM International Growth Opportunities Fund)

Allianz AGIC Micro Cap Fund (formerly Allianz NACM Micro Cap Fund)

Allianz AGIC Small to Mid Cap Growth Fund (formerly Allianz NACM Small to Mid Cap Growth Fund)

Allianz AGIC Ultra Micro Cap Fund (formerly Allianz NACM Ultra Micro Cap Fund)

Allianz NFJ Global Dividend Value Fund

Allianz RCM All Horizons Fund

Allianz RCM China Equity Fund

Allianz RCM Disciplined Equity Fund

Allianz RCM Global EcoTrends^SM Fund

Allianz RCM Global Water Fund

Allianz RCM International Opportunities Fund

Table of Contents

President’s Letter 2–3

Fund Summary 4–53

Important Information 54–55

Benchmark Descriptions 56–57

Schedules of Investments 58–80

Statements of Assets and Liabilities 82–87

Statements of Operations 88–90

Statements of Changes in Net Assets 92–98

Financial Highlights 100–127

Notes to Financial Statements 128–164

Report of Independent Registered Public Accounting Firm 165

Shareholder Meeting Results/Changes to Board of Trustees and Officers 166

Matters Relating to the Trustees’ Consideration of the Investment Management and Portfolio Management Agreements 167

Federal Income Tax Information 168-169

Board of Trustees and Officers 171–172

A Word About Risk: A fund may be subject to various risks as described in its prospectus. Some of those risks may include, but are not limited to, the following: derivatives risk, small company risk, foreign investment risk and specific sector investment risks. Use of derivative 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 is unable to close out a position when it is most advantageous to do so. Portfolios investing in derivatives could lose more than the principal amount invested in those instruments. Investing in foreign securities may entail risk due to foreign economic and political developments; this risk may be enhanced when investing in emerging markets. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and additional volatility compared to a diversified equity portfolio. Allianz Global Investors Solutions target-date funds seek to manage risk and return by blending two separately-managed portfolios: a return-generating portfolio for growth potential, and a defensive portfolio for principal protection. The balance grows increasingly defensive over time until the target date is reached, after which the Fund’s assets roll into a retirement income strategy. The principal value of the Funds is not guaranteed at any time, including the target date. Please refer to the Fund’s applicable current prospectus for complete details.

LOGO

Brian S. Shlissel

President

Dear Shareholders:

The beginning of a new year is always a special time. It is a time of hope and optimism. A time to set goals and look to the future. And although it may be hard to tell, the days are getting longer. Each morning, the sun rises about a minute earlier. Each evening it lingers for an extra minute, before disappearing over the horizon. A minute here or there — we barely notice. But over a longer period of time, it becomes evident that things are getting brighter.

As we begin 2011, the same may be said of the U.S. economy. It may be hard to tell on a daily basis, but over a longer period of time, there is no question that things are improving. The recession officially came to an end, driven by what has now been five consecutive quarters of growth. Manufacturing has staged an impressive rebound. Exports are growing. Consumers, albeit still cautious, are beginning to spend more. Our politicians in Washington appear to be more focused on bringing clarity to certain outstanding issues, such as taxes and unemployment insurance, which should help build confidence for employers and consumers.

In short, things are indeed getting brighter. It is not unreasonable to hope that 2011 should build on the progress witnessed in 2010.

Twelve Months in Review

The U.S. and global economies advanced throughout 2010. In the U.S., gross domestic product (“GDP”) expanded at 3.7% and 1.7%, in the first and second quarters of 2010, respectively. GDP rose 2.5% during the third quarter. As the fiscal period drew to a close, many economists agreed that growth should continue into 2011 at a similar or slightly faster pace.

However, this growth was not enough to lower the unemployment rate, which remained just under double-digits throughout the year. In turn, this weakness kept interest rates low. The Federal Reserve (“the Fed”) maintained its closely-watched Federal Funds Rate — the interest rate banks charge to lend federal funds to other banks, usually on an overnight basis — in the 0.0% to 0.25% range, and stated that it will continue to do so for an “extended period of time.” The Fed did slightly raise the discount rate, the interest rate it charges to banks for direct loans from 0.50% to 0.75%. Fed Chairman Ben Bernanke stated that economic conditions remain “unusually uncertain.”

Last May, two events served to remind investors that the road to economic recovery is never a straight line. A sudden stock market plunge, a “flash crash,” resulted in enormous but short-lived losses; in Europe, the possibility that several governments might default on their sovereign debt sent many investors scurrying back into Treasuries. This pattern of an appetite for risk and the sudden scorning of it would be repeated, but the overall narrative during the fiscal year was one of advancing stock markets, solid corporate bond performance and a low-yielding Treasury market.

All in all, the fiscal reporting period was positive for both stocks and bonds. In the U.S., the Standard & Poor’s 500 Index returned 9.94%. Two measures of stock performance in developed international and global markets, the MSCI EAFE (Europe, Australasia and Far East) Index and the MSCI World Index, returned 1.11% and 5.98%, respectively, in dollar-denominated terms. The MSCI Emerging Markets Index registered a 4.11% return.


2		Allianz Multi-Strategy Funds

As for bonds, for the fiscal period, the Barclays Capital U.S. Credit Index returned 8.48%, and the Barclays Capital U.S. High Yield Index generated a return of 16.78%. In contrast, the Barclays Capital U.S. Government Bond Index returned 4.83%. The broader bond market index, as measured by the Barclays Capital U.S. Aggregate Index, returned 6.02%.

Allianz Global Investors — Positioned to Face Today’s Challenges

When we reported to you six months ago, the possibility of a second recession — the so-called “double-dip” scenario — seemed possible, though not probable. Steady, albeit unspectacular, growth has made that possibility even more remote now. As 2011 unfolds, we anticipate the U.S. economic expansion to continue, and the extension of the Bush-era tax cuts will most likely add steam to this growth. Hiring should pick up, and we expect that at some point the unemployment rate will begin edging down slowly.

But these gains may be offset to some degree by headwinds. The housing market remains troubled. Consumers, as mentioned, are beginning to spend more, but the spendthrift days of just a few years ago now seem like ancient history. People are saving more and paying down debt, which is good for them, but a drag on an economy that is based so heavily on consumption. Another impediment may come from interest rates, which would rise as the economy improves. In addition, fiscal worries at all levels of

government — from federal on down — are not to be underestimated. Overseas, the specter of debt defaults by certain European governments, efforts by China to cool its rapidly expanding economy and the uncertainty of geopolitical hotspots such as Iran and North Korea present different and complex challenges.

On behalf of Allianz Global Investors Fund Management and our Sub-Advisers, thank you for investing with us. We appreciate your business and trust. We encourage you to consult with your financial advisor and to visit our website, www.allianzinvestors.com, for additional information. We wish you a happy and prosperous New Year.

Sincerely,

LOGO

Brian S. Shlissel

President

Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

Receive this report electronically and eliminate paper mailings. To enroll, go to www.allianzinvestors.com/ edelivery.


		Annual Report		November 30, 2010		3

Allianz Global Investors Solutions 2015 Fund

(Unaudited)

Portfolio Insights

For the fiscal year ended November 30, 2010, Class A Shares of the Allianz Global Investors Solutions 2015 Fund returned 9.67%, at Net Asset Value (“NAV”), outperforming the Dow Jones Real Return 2015 Index (the “benchmark index”), which returned 8.45% during the reporting period.

Initiatives such as the Federal Reserve’s (the “Fed”) purchase of mortgage and Treasury securities, the Fed’s commitment to hold short-term rates near zero and government support for consumer finance markets were major factors behind enhanced stability through the first half of the review period. Beginning in early 2010, investor confidence was shaken by a range of macroeconomic events, including signs that the U.S. and global economies might be slowing and the ongoing debt crisis in Europe. Concerns in the U.S. centered on the waning effects of policy stimulus as unemployment remained stubbornly high and consumer confidence weakened. The uncertain impact of new regulations for the health care and financial services industries also added to the anxiety.

Global equity markets were volatile over the 12-month period, as investors alternated between confidence in the sustainability of growth (particularly in emerging markets) and concerns over fiscal and employment issues. Developed markets contended not only with the heavy fiscal debt burdens of Greece, Ireland and other peripheral European nations, but also a generally slower growth outlook that threatened to dampen the global economic recovery. In contrast, emerging market economies remained on pace to deliver higher growth coming out of the global recession, attracting investors despite concerns about inflationary pressures and the potential for aggressive interest rate tightening in the future. This propelled emerging market equities to strongly outperform developed market equities for the period overall (as measured by the MSCI Emerging Markets Index and MSCI EAFE Index, respectively).

U.S. interest rates, both real and nominal, continued to fall during the fiscal year as the tepid economic recovery showed few signs of gathering steam and inflation remained low. Treasury Inflation Protected Securities (“TIPS”) gained 5.61% during the fiscal year as represented by the Barclays Capital U.S. TIPS Index, supported by declining real yields across the maturity spectrum. These declines were largely the result of slower growth and the widely expected announcement by the Fed late in the period of a second round of quantitative easing. The changes in breakeven inflation levels (i.e., the difference between nominal and real yields) for various segments of the market were mixed during the fiscal year, with 10-year breakevens widening to 2.15% from 2.01% while 5-year breakevens narrowed marginally, down 7 basis points to 1.49%.

The mortgage-backed security (MBS) sector produced positive returns for the 12-month period as a whole, though option-adjusted spreads for the sector widened slightly as investors remained focused on higher-yielding assets. Against this backdrop, corporate bond performance was generally muted for the first two-thirds of the review period as economic concerns were balanced against reassurances by the Fed of ongoing support for credit markets and the economy. The creation of the Greek bailout package late in the second quarter served to reassure markets, as did the growing expectation for further quantitative easing by the Fed, leading to a sharp and sustained rally for risk assets from July through the end of the period. Investors’ renewed risk appetite resulted in particularly strong performance by high yield and emerging markets debt, which returned 16.78% and 12.77%, respectively (as measured by the Barclays Capital U.S. High Yield and J.P. Morgan Emerging Markets Bond Indices).

Defensive Holdings Drive Returns

The Fund’s investments in underlying Funds are grouped into two portfolios: (1) return-generating, including U.S. and global equities, commodities, real estate, and high-yield and emerging markets bonds, and (2) defensive, including TIPS, short-term bonds, and core U.S. and global bonds. The Fund’s performance relative to its benchmark over the 12-month period was largely due to outperformance in the defensive portfolio, which gained from both positive selection effects within fixed income and TIPS as well as positive allocation within defensive sectors due to an underweight in TIPS. Selection was also positive in the return-generating portion of the portfolio. That said, the Fund’s underweight exposure to real estate detracted from relative returns.

During the 12-month period, the Fund held overweight positions in domestic and non-U.S. fixed-income assets and underweight positions in equities, real return assets (real estate and commodities) and TIPS relative to its benchmark, the Dow Jones Real Return 2015 Index. At the end of the period, the Fund was positioned in approximately 68% defensive and 32% return-generating holdings, close to the 69% defensive and 31% return-generating allocations of its 2015 portfolio glide path. The Fund’s greatest active exposure relative to its benchmark was return-generating fixed-income, which we believe offered the portfolio exposure to wide risk spreads yet allowed downside protection during periods of significant market volatility. The Fund ended the period within the expected risk profile.

Average Annual Total Return for the period ended November 30, 2010


	1 Year		Fund Inception† (12/29/08)
Allianz Global Investors Solutions 2015 Fund Class A		9.67%		16.64%
Allianz Global Investors Solutions 2015 Fund Class A (adjusted)		3.64%		13.25%
Allianz Global Investors Solutions 2015 Fund Class C		8.88%		15.77%
Allianz Global Investors Solutions 2015 Fund Class C (adjusted)		7.88%		15.77%
Allianz Global Investors Solutions 2015 Fund Class D		9.62%		16.67%
Allianz Global Investors Solutions 2015 Fund Class R		9.43%		16.40%
Allianz Global Investors Solutions 2015 Fund Class P		9.88%		16.91%
Allianz Global Investors Solutions 2015 Fund Institutional Class		10.02%		17.03%
Allianz Global Investors Solutions 2015 Fund Administrative Class		9.75%		16.74%
Dow Jones Real Return Target Date (DJ RR 2015) Index		8.45%		13.73%
Lipper Mixed-Asset Target 2015 Funds Average		8.84%		15.99%

† The Fund began operations on 12/29/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/08.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at www.allianzinvestors.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 54 and 55 for more information. The Fund’s gross expense ratios are 9.30% for Class A shares, 7.93% for Class C shares, 8.16% for Class D shares, 7.08% for Class R shares, 5.84% for Class P shares, 5.74% for Institutional Class shares and 5.99% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/11. The Fund’s expense ratios net of this reduction are 1.06% for Class A shares, 1.81% for Class C shares, 1.06% for Class D shares, 1.31% for Class R shares, 0.86% for Class P shares, 0.76% for Institutional Class shares and 1.01% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2010, as supplemented to date.


4		Allianz Multi-Strategy Funds

Allianz Global Investors Solutions 2015 Fund (Cont.)

(Unaudited)

Cumulative Returns Through November 30, 2010

LOGO

The benchmark cumulative return began on the last day of the month of the Fund’s inception date.

Fund Allocation


PIMCO Real Return			29.3%
PIMCO Total Return			11.9%
PIMCO Short-Term			8.3%
PIMCO Foreign Bond (U.S. Dollar-Hedged)			7.5%
PIMCO Income			7.0%
Allianz AGIC Income & Growth			4.0%
Allianz NFJ Dividend Value			2.9%
Allianz RCM Global Resources			2.6%
Other			24.5%
Cash & Equivalent — Net			2.0%


Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,081.90	$	1,077.90	$	1,081.30	$	1,080.80	$	1,082.70	$	1,083.20	$	1,082.30
Expenses Paid During Period	$	2.61	$	6.51	$	2.61	$	3.91	$	1.57	$	1.04	$	2.35

	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,022.56	$	1,018.80	$	1,022.56	$	1,021.31	$	1,023.56	$	1,024.07	$	1,022.81
Expenses Paid During Period	$	2.54	$	6.33	$	2.54	$	3.80	$	1.52	$	1.01	$	2.28

For each class of the Fund, expenses (net of waiver and reimbursement) are equal to the annualized expense ratio for the class (0.50% for Class A, 1.25% for Class C, 0.50% for Class D, 0.75% for Class R, 0.30% for Class P , 0.20% for Institutional Class and 0.45% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/365. The expense ratio excludes the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.


		Annual Report		November 30, 2010		5

Allianz Global Investors Solutions 2020 Fund

(Unaudited)

Portfolio Insights

For the fiscal year ended November 30, 2010, Class A Shares of the Allianz Global Investors Solutions 2020 Fund returned 9.60% , at NAV, outperforming the Dow Jones Real Return 2020 Index (the “benchmark index”), which returned 8.84% during the reporting period.

growth coming out of the global recession, attracting investors despite concerns about inflationary pressures and the potential for aggressive interest rate tightening in the future. This propelled emerging market equities to strongly outperform developed market equities for the period overall (as measured by the MSCI Emerging Markets Index and MSCI EAFE Index, respectively).

U.S. interest rates, both real and nominal, continued to fall during the fiscal year, supporting the positive returns of Treasury Inflation Protected Securities (“TIPS”). These declines were largely the result of slower growth and the widely expected announcement by the Fed late in the period of a second round of quantitative easing. Against this backdrop, corporate bond performance was solid, particularly in the lower-quality, higher-yielding segment of the market, which benefited from investors’ appetite for yield. The mortgage-backed security (MBS) sector produced positive returns for the 12-month period as a whole, though option-adjusted spreads for the sector widened slightly as investors remained focused on higher-yielding assets.

Defensive holdings drive returns

The Fund’s investments in underlying Funds are grouped into two portfolios: (1) return-generating, including U.S. and global equities, commodities, real estate, and high-yield and emerging markets

bonds, and (2) defensive, including TIPS, short-term bonds, and core U.S. and global bonds. The Fund’s performance relative to its benchmark over the 12-month period was largely due to outperformance in the defensive portfolio, which gained from both positive selection effects within fixed income and TIPS as well as positive allocation within defensive sectors due to an underweight in TIPS. Selection was also positive in the return-generating portion of the portfolio. That said, the Fund’s underweight exposure to real estate detracted from relative returns.

During the 12-month period, the Fund held overweight positions in domestic and non-U.S. fixed-income assets and underweight positions in equities, real return assets (real estate and commodities) and TIPS relative to its benchmark, the Dow Jones Real Return 2020 Index. At the end of the period, the Fund was positioned in approximately 61% defensive and 39% return-generating holdings, in line with the allocations of its 2020 portfolio glide path. The Fund’s greatest active exposure relative to its benchmark was return-generating fixed-income, which we believe offered the portfolio exposure to wide risk spreads yet allowed downside protection during periods of significant market volatility. The Fund ended the period within the expected risk profile.

Average Annual Total Return for the period ended November 30, 2010


	1 Year		Fund Inception† (12/29/08)
Allianz Global Investors Solutions 2020 Fund Class A		9.60%		17.25%
Allianz Global Investors Solutions 2020 Fund Class A (adjusted)		3.57%		13.85%
Allianz Global Investors Solutions 2020 Fund Class C		8.72%		16.37%
Allianz Global Investors Solutions 2020 Fund Class C (adjusted)		7.72%		16.37%
Allianz Global Investors Solutions 2020 Fund Class D		9.54%		17.25%
Allianz Global Investors Solutions 2020 Fund Class R		9.25%		16.96%
Allianz Global Investors Solutions 2020 Fund Class P		9.81%		17.50%
Allianz Global Investors Solutions 2020 Fund Institutional Class		9.90%		17.62%
Allianz Global Investors Solutions 2020 Fund Administrative Class		9.63%		17.34%
Dow Jones Real Return Target Date (DJ RR 2020) Index		8.84%		14.58%
Lipper Mixed-Asset Target 2020 Funds Average		9.43%		17.12%

† The Fund began operations on 12/29/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/08.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at www.allianzinvestors.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 54 and 55 for more information. The Fund’s gross expense ratios are 9.46% for Class A shares, 9.87% for Class C shares, 9.65% for Class D shares, 8.06% for Class R shares, 5.86% for Class P shares, 5.76% for Institutional Class shares and 6.01% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/11. The Fund’s expense ratios net of this reduction are 1.13% for Class A shares, 1.88% for Class C shares, 1.13% for Class D shares, 1.38% for Class R shares, 0.93% for Class P shares, 0.83% for Institutional Class shares and 1.08% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2010, as supplemented to date.


6		Allianz Multi-Strategy Funds

Allianz Global Investors Solutions 2020 Fund (Cont.)

(Unaudited)

Cumulative Returns Through November 30, 2010

LOGO

The benchmark cumulative return began on the last day of the month of the Fund’s inception date.

Fund Allocation


PIMCO Real Return			25.2%
PIMCO Total Return			12.4%
PIMCO Foreign Bond (U.S. Dollar-Hedged)			7.0%
PIMCO Short-Term			6.8%
PIMCO Income			5.9%
Allianz AGIC Income & Growth			4.7%
Allianz NFJ Dividend Value			3.5%
PIMCO Floating Income			3.3%
Other			30.1%
Cash & Equivalent — Net			1.1%


Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,086.70	$	1,082.30	$	1,086.70	$	1,085.00	$	1,088.10	$	1,088.60	$	1,087.10
Expenses Paid During Period	$	2.77	$	6.68	$	2.77	$	4.08	$	1.73	$	1.20	$	2.51

	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,022.41	$	1,018.65	$	1,022.41	$	1,021.16	$	1,023.41	$	1,023.92	$	1,022.66
Expenses Paid During Period	$	2.69	$	6.48	$	2.69	$	3.95	$	1.67	$	1.17	$	2.43

For each class of the Fund, expenses (net of waiver and reimbursement) are equal to the annualized expense ratio for the class (0.53% for Class A, 1.28% for Class C, 0.53% for Class D, 0.78% for class R, 0.33% for Class P , 0.23% for Institutional Class and 0.48% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/365. The expense ratio excludes the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.


		Annual Report		November 30, 2010		7

Allianz Global Investors Solutions 2030 Fund

(Unaudited)

Portfolio Insights

For the fiscal year ended November 30, 2010, Class A Shares of the Allianz Global Investors Solutions 2030 Fund returned 11.07%, at NAV, outperforming the Dow Jones Real Return 2030 Index (the “benchmark index”), which returned 10.08% during the reporting period.

market economies remained on pace to deliver higher growth coming out of the global recession, attracting investors despite concerns about inflationary pressures and the potential for aggressive interest rate tightening in the future. This propelled emerging market equities to strongly outperform developed market equities for the period overall (as measured by the MSCI Emerging Markets Index and MSCI EAFE Index, respectively).

Return-Generating holdings drive returns

The Fund’s investments in underlying Funds are grouped into two portfolios: (1) return-generating, including U.S. and global equities, commodities,

real estate, and high-yield and emerging markets bonds, and (2) defensive, including TIPS, short-term bonds, and core U.S. and global bonds. Over the 12- month period, the Fund’s allocation to the return-generating portfolio added value. The return-generating portfolio outperformed due to positive selection effects in equities as well as in return-generating fixed income and real return assets. These positive selection effects compensated for negative allocation effects driven largely by a relatively underweight exposure to real estate.

During the 12-month period, the Fund was on average relatively overweight in return-generating assets (2%) and underweight in defensive assets (3%) versus its benchmark. At the end of the period, the Fund was positioned in approximately 37% defensive and 63% return-generating holdings, close to the 38% defensive and 62% return-generating allocation of its 2030 glidepath. The Fund’s greatest active exposure relative to its benchmark was return-generating fixed-income, which we believe offered the portfolio exposure to wide risk spreads yet allowed downside protection during periods of significant market volatility. The Fund ended the period within the expected risk profile.

Average Annual Total Return for the period ended November 30, 2010


	1 Year		Fund Inception† (12/29/08)
Allianz Global Investors Solutions 2030 Fund Class A		11.07%		20.63%
Allianz Global Investors Solutions 2030 Fund Class A (adjusted)		4.96%		17.13%
Allianz Global Investors Solutions 2030 Fund Class C		10.17%		19.86%
Allianz Global Investors Solutions 2030 Fund Class C (adjusted)		9.17%		19.86%
Allianz Global Investors Solutions 2030 Fund Class D		11.04%		20.74%
Allianz Global Investors Solutions 2030 Fund Class R		10.73%		20.47%
Allianz Global Investors Solutions 2030 Fund Class P		11.27%		21.03%
Allianz Global Investors Solutions 2030 Fund Institutional Class		11.35%		21.14%
Allianz Global Investors Solutions 2030 Fund Administrative Class		11.04%		20.84%
Dow Jones Real Return Target Date (DJ RR 2030) Index		10.08%		17.61%
Lipper Mixed-Asset Target 2030 Funds Average		10.14%		18.98%

† The Fund began operations on 12/29/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/08.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at www.allianzinvestors.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 54 and 55 for more information. The Fund’s gross expense ratios are 8.69% for Class A shares, 9.27% for Class C shares, 8.51% for Class D shares, 7.27% for Class R shares, 5.90% for Class P shares, 5.80% for Institutional Class shares and 6.05% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/11. The Fund’s expense ratios net of this reduction are 1.40% for Class A shares, 2.15% for Class C shares, 1.40% for Class D shares, 1.65% for Class R shares, 1.20% for Class P shares, 1.10% for Institutional Class shares and 1.35% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2010, as supplemented to date.


8		Allianz Multi-Strategy Funds

Allianz Global Investors Solutions 2030 Fund (Cont.)

(Unaudited)

Cumulative Returns Through November 30, 2010

LOGO

The benchmark cumulative return began on the last day of the month of the Fund’s inception date.

Fund Allocation


PIMCO Real Return			10.7%
PIMCO Total Return			9.9%
PIMCO Foreign Bond (U.S. Dollar-Hedged)			6.0%
PIMCO Short-Term			5.9%
Allianz AGIC Income & Growth			4.9%
Allianz RCM Disciplined Equity			4.7%
Allianz AGIC International Growth Opportunities			4.4%
Allianz AGIC Emerging Growth			4.3%
Other			48.1%
Cash & Equivalents — Net			1.1%


Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,108.90	$	1,104.10	$	1,108.60	$	1,107.00	$	1,109.80	$	1,110.30	$	1,108.90
Expenses Paid During Period	$	3.33	$	7.28	$	3.33	$	4.65	$	2.27	$	1.75	$	3.07

	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,021.91	$	1,018.15	$	1,021.91	$	1,020.66	$	1,022.91	$	1,023.41	$	1,022.16
Expenses Paid During Period	$	3.19	$	6.98	$	3.19	$	4.46	$	2.18	$	1.67	$	2.94

For each class of the Fund, expenses (net of waiver and reimbursement) are equal to the annualized expense ratio for the class (0.63% for Class A, 1.38% for Class C, 0.63% for Class D, 0.88% for Class R, 0.43% for Class P, 0.33% for Institutional Class and 0.58% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/365. The expense ratio excludes the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.


		Annual Report		November 30, 2010		9

Allianz Global Investors Solutions 2040 Fund

(Unaudited)

Portfolio Insights

For the fiscal year ended November 30, 2010, Class A Shares of the Allianz Global Investors Solutions 2040 Fund returned 12.48%, at NAV, outperforming the Dow Jones Real Return 2040 Index (the “benchmark index”), which returned 11.10% during the reporting period.

Return-Generating holdings drive returns

The Fund’s investments in underlying Funds are grouped into two portfolios: (1) return-generating, including U.S. and global equities, commodities,

real estate, and high-yield and emerging markets bonds, and (2) defensive, including TIPS, short-term bonds, and core U.S. and global bonds. Over the 12- month period, the Fund’s allocation to the return-generating portfolio added value. The return-generating portfolio outperformed due to positive selection effects in equities as well as in return-generating fixed income and real return assets. These positive selection effects compensated for negative allocation effects driven largely by a relatively underweight exposure to real estate.

During the 12-month period, the Fund was on average significantly overweight in return-generating assets (by 12% relative to its benchmark) and underweight in defensive assets (13% relative to its benchmark), a stance which enhanced returns. At the end of the period, the Fund was positioned in approximately 9% defensive and 91% return-generating holdings, as compared to the 2% defensive and 98% return-generating allocation of its 2040 glidepath. The Fund’s greatest active exposure relative to its benchmark was return-generating fixed-income, which we believe offered the portfolio exposure to wide risk spreads yet allowed downside protection during periods of significant market volatility. The Fund ended the period within the expected risk profile.

Average Annual Total Return for the period ended November 30, 2010


	1 Year		Fund Inception† (12/29/08)
Allianz Global Investors Solutions 2040 Fund Class A		12.48%		23.75%
Allianz Global Investors Solutions 2040 Fund Class A (adjusted)		6.29%		20.16%
Allianz Global Investors Solutions 2040 Fund Class C		11.61%		22.74%
Allianz Global Investors Solutions 2040 Fund Class C (adjusted)		10.61%		22.74%
Allianz Global Investors Solutions 2040 Fund Class D		12.49%		23.66%
Allianz Global Investors Solutions 2040 Fund Class R		12.19%		23.43%
Allianz Global Investors Solutions 2040 Fund Class P		12.64%		23.97%
Allianz Global Investors Solutions 2040 Fund Institutional Class		12.83%		24.11%
Allianz Global Investors Solutions 2040 Fund Administrative Class		12.48%		23.78%
Dow Jones Real Return Target Date (DJ RR 2040) Index		11.10%		20.66%
Lipper Mixed-Asset Target 2040 Funds Average		10.49%		19.84%

† The Fund began operations on 12/29/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/08.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at www.allianzinvestors.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 54 and 55 for more information. The Fund’s gross expense ratios are 11.15% for Class A shares, 11.51% for Class C shares, 10.05% for Class D shares, 9.63% for Class R shares, 6.05% for Class P shares, 5.95% for Institutional Class shares and 6.20% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/11. The Fund’s expense ratios net of this reduction are 1.44% for Class A shares, 2.19% for Class C shares, 1.44% for Class D shares, 1.69% for Class R shares, 1.24% for Class P shares, 1.14% for Institutional Class shares and 1.39% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2010, as supplemented to date.


10		Allianz Multi-Strategy Funds

Allianz Global Investors Solutions 2040 Fund (Cont.)

(Unaudited)

Cumulative Returns Through November 30, 2010

LOGO

The benchmark cumulative return began on the last day of the month of the Fund’s inception date.

Fund Allocation


Allianz RCM Disciplined Equity			7.1%
Allianz NFJ Dividend Value			7.0%
Allianz AGIC Income & Growth			6.9%
PIMCO Commodity RealReturn Strategy			6.2%
Allianz NFJ Small-Cap Value			6.2%
Allianz AGIC Emerging Growth			6.1%
Allianz NFJ Global Dividend Value			5.8%
Allianz AGIC Emerging Markets Opportunities			5.5%
Other			48.3%
Cash & Equivalents — Net			0.9%


Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,132.50	$	1,128.80	$	1,133.10	$	1,131.50	$	1,134.20	$	1,134.60	$	1,133.30
Expenses Paid During Period	$	2.99	$	6.99	$	2.99	$	4.33	$	1.93	$	1.39	$	2.73

	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,022.26	$	1,018.50	$	1,022.26	$	1,021.01	$	1,023.26	$	1,023.76	$	1,022.51
Expenses Paid During Period	$	2.84	$	6.63	$	2.84	$	4.10	$	1.83	$	1.32	$	2.59

For each class of the Fund, expenses (net of waiver and reimbursement) are equal to the annualized expense ratio for the class (0.56% for Class A, 1.31% for Class C, 0.56% for Class D, 0.81% for Class R, 0.36% for Class P, 0.26% for Institutional Class and 0.51% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/365. The expense ratio excludes the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.


		Annual Report		November 30, 2010		11

Allianz Global Investors Solutions 2050 Fund

(Unaudited)

Portfolio Insights

For the fiscal year ended November 30, 2010, Class A Shares of the Allianz Global Investors Solutions 2050 Fund returned 13.02%, at NAV, outperforming the Dow Jones Real Return 40+ Index (the “benchmark index”), which returned 11.41% during the reporting period.

and the potential for aggressive interest rate tightening in the future. This propelled emerging market equities to strongly outperform developed market equities for the period overall (as measured by the MSCI Emerging Markets Index and MSCI EAFE Index, respectively).

Return-Generating holdings drive returns

generating portfolio added value. The return-generating portfolio outperformed due to positive selection effects in equities as well as in return-generating fixed income and real return assets. These positive selection effects compensated for negative allocation effects driven largely by a relatively underweight exposure to real estate.

During the 12-month period, the Fund held overweight positions in equities, real return assets (real estate and commodities) and TIPS relative to its benchmark index. At the end of the reporting period, the Fund was positioned in approximately 4% defensive and 96% return-generating holdings, as compared with the 100% return-generating allocation of its 2050 portfolio glidepath. The Allianz Global Investors Solutions glide path calls for 100% return-generating assets for the 2050 Fund, therefore the Fund was overweight in return-generating assets versus the benchmark (which had an average allocation of 90% return-generating assets over the period here), which enhanced relative performance. On average, the Fund was relatively overweight in return-generating assets (6%) versus its benchmark over the period.

The Fund’s greatest active exposure relative to its benchmark was return-generating fixed-income, which we believe offered the portfolio exposure to wide risk spreads yet allowed downside protection during periods of significant market volatility. The Fund ended the period within the expected risk profile.

Average Annual Total Return for the period ended November 30, 2010


	1 Year		Fund Inception† (12/29/08)
Allianz Global Investors Solutions 2050 Fund Class A		13.02%		24.03%
Allianz Global Investors Solutions 2050 Fund Class A (adjusted)		6.80%		20.43%
Allianz Global Investors Solutions 2050 Fund Class C		12.21%		23.21%
Allianz Global Investors Solutions 2050 Fund Class C (adjusted)		11.21%		23.21%
Allianz Global Investors Solutions 2050 Fund Class D		12.99%		24.08%
Allianz Global Investors Solutions 2050 Fund Class R		12.75%		23.81%
Allianz Global Investors Solutions 2050 Fund Class P		13.26%		24.39%
Allianz Global Investors Solutions 2050 Fund Institutional Class		13.34%		24.50%
Allianz Global Investors Solutions 2050 Fund Administrative Class		13.09%		24.20%
Dow Jones Real Return 40+ Index		11.41%		21.96%
Lipper Mixed-Asset Target 2050+ Funds Average		10.56%		20.29%

† The Fund began operations on 12/29/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/08.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at www.allianzinvestors.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 54 and 55 for more information. The Fund’s gross expense ratios are 9.56% for Class A shares, 10.28% for Class C shares, 11.28% for Class D shares, 9.78% for Class R shares, 6.74% for Class P shares, 6.64% for Institutional Class shares and 6.89% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/11. The Fund’s expense ratios net of this reduction are 1.46% for Class A shares, 2.21% for Class C shares, 1.46% for Class D shares, 1.71% for Class R shares, 1.26% for Class P shares, 1.16% for Institutional Class shares and 1.41% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2010, as supplemented to date.


12		Allianz Multi-Strategy Funds

Allianz Global Investors Solutions 2050 Fund (Cont.)

(Unaudited)

Cumulative Returns Through November 30, 2010

LOGO

The benchmark cumulative return began on the last day of the month of the Fund’s inception date.

Fund Allocation


Allianz RCM Disciplined Equity			7.9%
PIMCO Commodity RealReturn Strategy			7.4%
Allianz NFJ Dividend Value			7.2%
Allianz AGIC Income & Growth			6.9%
Allianz AGIC Emerging Growth			6.8%
Allianz NFJ Small-Cap Value			6.4%
Allianz AGIC International Growth Opportunities			5.9%
Allianz AGIC Emerging Markets Opportunities			5.9%
Other			45.1%
Cash & Equivalents — Net			0.5%


Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,138.70	$	1,134.50	$	1,138.70	$	1,137.20	$	1,140.40	$	1,140.80	$	1,139.50
Expenses Paid During Period	$	3.00	$	7.01	$	3.00	$	4.34	$	1.93	$	1.40	$	2.74

	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,022.26	$	1,018.50	$	1,022.26	$	1,021.01	$	1,023.26	$	1,023.76	$	1,022.51
Expenses Paid During Period	$	2.84	$	6.63	$	2.84	$	4.10	$	1.83	$	1.32	$	2.59


		Annual Report		November 30, 2010		13

Allianz Global Investors Solutions Core Allocation Fund

(Unaudited)

Portfolio Insights

For the fiscal year ended November 30, 2010, Class A Shares of the Allianz Global Investors Solutions Core Allocation Fund returned 11.56%, at NAV, outperforming the blended 60% MSCI All Country World and 40% Barclays Capital U.S. Aggregate Bond Index (the “benchmark index”), which returned 7.20% during the reporting period.

global economic recovery. In contrast, emerging market economies remained on pace to deliver higher growth coming out of the global recession, attracting investors despite concerns about inflationary pressures and the potential for aggressive interest rate tightening in the future. This propelled emerging market equities to strongly outperform developed market equities for the period overall (as measured by the MSCI Emerging Markets Index and MSCI EAFE Index, respectively).

Selection and allocation drive returns

The Fund’s investments in underlying Funds are grouped into two portfolios: (1) return-generating, including U.S. and global equities, commodities,

real estate, and high-yield and emerging markets bonds, and (2) defensive, including TIPS, short-term bonds, and core U.S. and global bonds. Over the 12-month period, the Fund’s performance relative to its benchmark was due to both positive selection and allocation effects. The equity and U.S. fixed income portions of the portfolio outperformed the MSCI All Country World and Barclays Capital U.S. Aggregate Bond Indexes, respectively, while underweight allocations to both also enhanced returns. Off-benchmark positions in commodities, real estate, non-U.S. fixed income and TIPS further supported the Fund’s relative performance. Within equities, the Fund’s overweight exposure to the U.S., and small capitalization U.S. stocks in particular, counteracted negative selection within developed international equities.

At the end of the reporting period, the Fund was positioned in approximately 28% defensive and 72% return-generating holdings, close to its model allocation of 30% defensive and 70% return-generating holdings. The Fund’s greatest active exposure relative to its benchmark was return-generating fixed-income, which we believe offered the portfolio exposure to wide risk spreads yet allowed downside protection during periods of significant market volatility. The Fund ended the period within the expected risk profile.

Average Annual Total Return for the period ended November 30, 2010


	1 Year		5 Years		10 Years		Fund Inception† (9/30/98)
Allianz Global Investors Solutions Core Allocation Fund Class A		11.56%		4.48%		4.79%		5.75%
Allianz Global Investors Solutions Core Allocation Fund Class A (adjusted)		5.43%		3.30%		4.20%		5.26%
Allianz Global Investors Solutions Core Allocation Fund Class B		10.86%		3.71%		4.24%		5.30%
Allianz Global Investors Solutions Core Allocation Fund Class B (adjusted)		5.86%		3.38%		4.24%		5.30%
Allianz Global Investors Solutions Core Allocation Fund Class C		10.65%		3.69%		4.00%		4.96%
Allianz Global Investors Solutions Core Allocation Fund Class C (adjusted)		9.65%		3.69%		4.00%		4.96%
Allianz Global Investors Solutions Core Allocation Fund Class D		11.48%		4.48%		4.80%		5.76%
Allianz Global Investors Solutions Core Allocation Fund Class R		11.30%		4.23%		4.54%		5.50%
Allianz Global Investors Solutions Core Allocation Fund Class P		11.77%		4.71%		5.02%		5.98%
Allianz Global Investors Solutions Core Allocation Fund Institutional Class		11.88%		4.96%		5.28%		6.27%
Allianz Global Investors Solutions Core Allocation Fund Administrative Class		11.62%		4.54%		4.85%		5.82%
MSCI All Country World Index		7.16%		2.48%		2.64%		4.35%
60% MSCI AC World Index, 40% Barclays Capital U.S. Aggregate Bond Index		7.20%		4.45%		4.44%		5.31%
Barclays Capital U.S. Aggregate Bond Index		6.02%		6.23%		6.15%		5.78%
Lipper Mixed-Asset Target Allocation Moderate Funds Average		8.71%		2.97%		3.43%		4.34%

† The Fund began operations on 9/30/98. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 9/30/98.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at www.allianzinvestors.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares, 5% contingent deferred sales charge (CDSC) on Class B shares and 1% CDSC on Class C shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 54 and 55 for more information. The Fund’s gross expense ratios are 2.12% for Class A shares, 2.84% for Class B shares, 2.87% for Class C shares, 2.11% for Class D shares, 2.36% for Class R shares, 1.94% for Class P shares, 1.84% for Institutional Class shares and 2.09% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/11. The Fund’s expense ratios net of this reduction are 1.32% for Class A shares, 2.07% for Class B shares, 2.07% for Class C shares, 1.32% for Class D shares, 1.57% for Class R shares, 1.12% for Class P shares, 1.02% for Institutional Class shares and 1.27% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2010, as supplemented to date.


14		Allianz Multi-Strategy Funds

Allianz Global Investors Solutions Core Allocation Fund (Cont.)

(Unaudited)

Cumulative Returns Through November 30, 2010

LOGO

The benchmark cumulative return began on the last day of the month of the Fund’s inception date.

Fund Allocation


PIMCO Total Return			12.0%
PIMCO Real Return			7.7%
Allianz AGIC Income & Growth			6.1%
PIMCO Foreign Bond (U.S. Dollar-Hedged)			6.1%
Allianz AGIC International Growth Opportunities			5.2%
Allianz RCM Large-Cap Growth			4.7%
Allianz NFJ Global Dividend Value			4.6%
Allianz AGIC Emerging Markets Opportunities			4.6%
Other			48.7%
Cash & Equivalents — Net			0.3%


Shareholder Expense Example	Actual Performance
	Class A		Class B		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,115.10	$	1,111.30	$	1,109.70	$	1,114.90	$	1,112.90	$	1,115.80	$	1,115.60	$	1,115.20
Expenses Paid During Period	$	2.60	$	6.56	$	6.56	$	2.60	$	3.92	$	1.54	$	1.01	$	2.33

	Hypothetical Performance
	(5% return before expenses)
	Class A		Class B		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,022.61	$	1,018.85	$	1,018.85	$	1,022.61	$	1,021.36	$	1,023.61	$	1,024.12	$	1,022.86
Expenses Paid During Period	$	2.48	$	6.28	$	6.28	$	2.48	$	3.75	$	1.47	$	0.96	$	2.23

For each class of the Fund, expenses (net of waiver and reimbursement) are equal to the annualized expense ratio for the class (0.49% for Class A, 1.24% for Class B, 1.24% for Class C, 0.49% for Class D, 0.74% for Class R, 0.29% for Class P, 0.19% for Institutional Class and 0.44% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/365. The expense ratio excludes the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.


		Annual Report		November 30, 2010		15

Allianz Global Investors Solutions Growth Allocation Fund

(Unaudited)

Portfolio Insights

For the fiscal year ended November 30, 2010, Class A Shares of the Allianz Global Investors Solutions Growth Allocation Fund returned 13.08%, at NAV, outperforming the MSCI All Country World Index (the “benchmark index”), which returned 7.16% during the reporting period.

Selection and allocation drive returns

The Fund’s investments in underlying Funds are grouped into two portfolios: (1) return-generating,

including U.S. and global equities, commodities, real estate, and high-yield and emerging markets bonds, and (2) defensive, including TIPS, short-term bonds, and core U.S. and global bonds. Over the 12-month period, the Fund’s performance relative to its benchmark was due to both positive selection and allocation effects. The equity portion of the portfolio outperformed the MSCI All Country World Index, while allocations to real assets and non-U.S. fixed income also added value. The Fund’s exposure to core U.S. fixed income assets detracted slightly from relative returns.

During the 12- month period, the Fund held overweight positions in domestic and non-U.S. fixed income assets, commodities and real estate, and underweight positions in equities, relative to its benchmark index. At the end of the reporting period, the Fund was positioned in approximately 4% defensive and 96% return-generating holdings, as compared with the 100% return-generating allocation of its global equity benchmark of the MSCI All Country World Index. The Fund’s greatest active exposure relative to its benchmark was return-generating fixed-income, which we believe offered the Fund exposure to wide risk spreads yet allowed downside protection during periods of significant market volatility. The Fund ended the period within the expected risk profile.

Average Annual Total Return for the period ended November 30, 2010


	1 Year		Fund Inception† (4/27/09)
Allianz Global Investors Solutions Growth Allocation Fund Class A		13.08%		29.21%
Allianz Global Investors Solutions Growth Allocation Fund Class A (adjusted)		6.86%		24.70%
Allianz Global Investors Solutions Growth Allocation Fund Class C		12.34%		28.31%
Allianz Global Investors Solutions Growth Allocation Fund Class C (adjusted)		11.34%		28.31%
Allianz Global Investors Solutions Growth Allocation Fund Class D		13.15%		29.26%
Allianz Global Investors Solutions Growth Allocation Fund Class R		12.91%		28.97%
Allianz Global Investors Solutions Growth Allocation Fund Class P		13.38%		29.55%
Allianz Global Investors Solutions Growth Allocation Fund Institutional Class		13.49%		29.67%
Allianz Global Investors Solutions Growth Allocation Fund Administrative Class		13.20%		29.33%
MSCI All Country World Index		7.16%		26.17%
Lipper Mixed-Asset Target Allocation Growth Funds Average		9.51%		20.56%

† The Fund began operations on 4/27/09. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 4/30/09.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at www.allianzinvestors.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 54 and 55 for more information. The Fund’s gross expense ratios are 6.05% for Class A shares, 6.80% for Class C shares, 6.05% for Class D shares, 6.30% for Class R shares, 5.90% for Class P shares, 5.80% for Institutional Class shares and 6.05% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/11. The Fund’s expense ratios net of this reduction are 1.44% for Class A shares, 2.19% for Class C shares, 1.44% for Class D shares, 1.69% for Class R shares, 1.24% for Class P shares, 1.14% for Institutional Class shares and 1.39% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2010, as supplemented to date.


16		Allianz Multi-Strategy Funds

Allianz Global Investors Solutions Growth Allocation Fund (Cont.)

(Unaudited)

Cumulative Returns Through November 30, 2010

LOGO

The benchmark cumulative return began on the last day of the month of the Fund’s inception date.

Fund Allocation


Allianz RCM Disciplined Equity			8.0%
Allianz NFJ Dividend Value			7.4%
PIMCO Commodity RealReturn Strategy			7.2%
Allianz AGIC Income & Growth			7.1%
Allianz NFJ Small-Cap Value			6.3%
Allianz AGIC Emerging Growth			6.3%
Allianz NFJ Global Dividend Value			6.2%
Allianz AGIC Emerging Markets Opportunities			5.5%
Other			45.6%
Cash & Equivalents — Net			0.4%


Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,140.30	$	1,135.90	$	1,140.10	$	1,139.20	$	1,141.40	$	1,141.80	$	1,140.50
Expenses Paid During Period	$	2.90	$	6.91	$	2.90	$	4.24	$	1.83	$	1.29	$	2.63

	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,022.36	$	1,018.60	$	1,022.36	$	1,021.11	$	1,023.36	$	1,023.87	$	1,022.61
Expenses Paid During Period	$	2.74	$	6.53	$	2.74	$	4.00	$	1.72	$	1.22	$	2.48

For each class of the Fund, expenses (net of waiver and reimbursement) are equal to the annualized expense ratio for the class (0.54% for Class A, 1.29% for Class C, 0.54% for Class D, 0.79% for Class R, 0.34% for Class P, 0.24% for Institutional Class and 0.49% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/365. The expense ratio excludes the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.


		Annual Report		November 30, 2010		17

Allianz Global Investors Solutions Retirement Income Fund

(Unaudited)

Portfolio Insights

For the fiscal year ended November 30, 2010, Class A Shares of the Allianz Global Investors Solutions Retirement Income Fund returned 8.86%, at NAV, outperforming the Dow Jones Real Return Today Index (the “benchmark index”), which returned 8.23% during the reporting period.

slower growth outlook that threatened to dampen the global economic recovery. In contrast, emerging market economies remained on pace to deliver higher growth coming out of the global recession, attracting investors despite concerns about inflationary pressures and the potential for aggressive interest rate tightening in the future. This propelled emerging market equities to strongly outperform developed market equities for the period overall (as measured by the MSCI Emerging Markets Index and MSCI EAFE Index, respectively).

Selection and allocation drive returns

The Fund’s investments in underlying Funds are grouped into two portfolios: (1) return-generating, including U.S. and global equities, commodities, real estate, and high-yield and emerging markets bonds, and (2) defensive, including TIPS, short-term bonds, and core U.S. and global bonds. During the 12-month period, the Fund’s performance relative to its benchmark was due to the outperformance of the defensive portfolio. The defensive portfolio outperformed due to both positive selection effects within fixed income and TIPS as well an underweight to TIPS. The Fund was overweight defensive assets in general, and underweight in equities and real return assets (real estate and commodities), during the period. This stance slightly detracted from relative performance.

At the end of the reporting period, the Fund was positioned in approximately 76% defensive and 24% return-generating holdings, close to its model allocation of 75% defensive and 25% return-generating holdings. The Fund’s greatest active exposure relative to its benchmark was return-generating fixed-income, which we believe offered the portfolio exposure to wide risk spreads yet allowed downside protection during periods of significant market volatility. The Fund ended the period within the expected risk profile.

Average Annual Total Return for the period ended November 30, 2010


	1 Year		Fund Inception† (12/29/08)
Allianz Global Investors Solutions Retirement Income Fund Class A		8.86%		15.90%
Allianz Global Investors Solutions Retirement Income Fund Class A (adjusted)		2.88%		12.53%
Allianz Global Investors Solutions Retirement Income Fund Class C		8.09%		15.06%
Allianz Global Investors Solutions Retirement Income Fund Class C (adjusted)		7.09%		15.06%
Allianz Global Investors Solutions Retirement Income Fund Class D		8.89%		15.90%
Allianz Global Investors Solutions Retirement Income Fund Class R		8.61%		15.64%
Allianz Global Investors Solutions Retirement Income Fund Class P		9.13%		16.17%
Allianz Global Investors Solutions Retirement Income Fund Institutional Class		9.24%		16.28%
Allianz Global Investors Solutions Retirement Income Fund Administrative Class		8.94%		15.98%
Dow Jones Real Return Target Date (DJ RR Today) Index		8.23%		13.26%
Lipper Mixed-Asset Target Allocation Conservative Funds Average		8.25%		14.45%

† The Fund began operations on 12/29/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/08.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at www.allianzinvestors.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 54 and 55 for more information. The Fund’s gross expense ratios are 8.06% for Class A shares, 9.65% for Class C shares, 8.08% for Class D shares, 6.58% for Class R shares, 5.33% for Class P shares, 5.23% for Institutional Class shares and 5.48% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/11. The Fund’s expense ratios net of this reduction are 1.06% for Class A shares, 1.81% for Class C shares, 1.06% for Class D shares, 1.31% for Class R shares, 0.86% for Class P shares, 0.76% for Institutional Class shares and 1.01% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2010, as supplemented to date.


18		Allianz Multi-Strategy Funds

Allianz Global Investors Solutions Retirement Income Fund (Cont.)

(Unaudited)

Cumulative Returns Through November 30, 2010

LOGO

The benchmark cumulative return began on the last day of the month of the Fund’s inception date.

Fund Allocation


PIMCO Real Return			32.7%
PIMCO Total Return			11.4%
PIMCO Short-Term			9.9%
PIMCO Foreign Bond (U.S. Dollar-Hedged)			7.9%
PIMCO Income			7.8%
Allianz AGIC Income & Growth			4.1%
Allianz NFJ Dividend Value			2.5%
iShares Barclays TIPS Bond Fund			2.3%
Other			19.5%
Cash & Equivalent — Net			1.9%


Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,075.50	$	1,071.30	$	1,076.00	$	1,074.20	$	1,077.30	$	1,077.20	$	1,075.80
Expenses Paid During Period	$	2.71	$	6.59	$	2.71	$	4.00	$	1.67	$	1.15	$	2.45

	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,022.46	$	1,018.70	$	1,022.46	$	1,021.21	$	1,023.46	$	1,023.97	$	1,022.71
Expenses Paid During Period	$	2.64	$	6.43	$	2.64	$	3.90	$	1.62	$	1.12	$	2.38

For each class of the Fund, expenses (net of waiver and reimbursement) are equal to the annualized expense ratio for the class (0.52% for Class A, 1.27% for Class C, 0.52% for Class D, 0.77% for Class R, 0.32% for Class P, 0.22% for Institutional and 0.47% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/365. The expense ratio excludes the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.


		Annual Report		November 30, 2010		19

Allianz AGIC Convertible Fund (formerly Allianz NACM Convertible Fund)

(Unaudited)

Portfolio Insights

For the 12-month period ended November 30, 2010, Class A Shares of the Allianz AGIC Convertible Fund returned 20.15%, at NAV, outperforming its benchmark, the Merrill Lynch All Convertibles Index (the “benchmark index”), which returned 17.24% during the reporting period.

Although market sentiment varied throughout 2010, the net result for the convertible market was a solid year. The Merrill Lynch All Convertibles Index returned 17.24% for the 12 months ending November 30, 2010. By way of comparison, the convertible market outperformed the S&P 500 and 10-year Treasury returns of 9.94% and 7.0%, respectively, for the year.

The factors driving the year’s performance did not change significantly over the course of the year. Although several hiccups occurred throughout the period, including mixed economic data releases and European sovereign concerns, these risks abated quickly. Ultimately, stronger corporate profitability and an improving economy had the greatest influence on investor sentiment. Improved balance sheets and operating performance of issuers were supplemented by the incredible new corporate issuance volume that bolstered liquidity and was used to refinance high-cost debt. Political risk abated after the November elections, and more accommodative decisions were made in Washington regarding taxes and further monetary policy easing (QE2). These factors also led to a healthy year-end rally in the equity markets and a sell-off in the Treasury market, all of which added to the general appetite for convertible investing.

Convertibles moved up in line with their historical equity upside participation in the final months of the review period. Unlike the first half of the year where credit improvement was the bigger driver of convertible returns, equity responsiveness contributed more later in the period.

All industries posted positive returns for the year. Leading industries included energy, industrials, transportation and consumer discretionary. Industrial and consumer discretionary names performed well on better-than-expected earnings. Transportation companies moved higher as airlines cut capacity and

business travel improved, while energy issuers were positively impacted as the macro headlines helped sentiment on the group and oil prices moved higher throughout the year. Underperforming industries included healthcare, media and consumer staples.

Below investment grade issuers and smaller-capitalized companies outperformed over the time period. Total return convertibles outperformed the yield and busted categories.

New convertible issuance picked up as the year went on, and reached a total of $34.8 billion. In the first half of the period, many companies accessed the corporate debt markets instead of the convertible markets in order to avoid shareholder dilution at depressed stock prices. As the equity markets moved higher, convertible new issuance increased.

Portfolio Specifics

Positions in the consumer discretionary, industrials and energy industries helped performance in the quarter. Select automotive issues in the consumer discretionary industry were higher as automobile sales exceeded expectations and production schedules were increased for 2011. Industrial issuers performed well on improving operating statistics and solid end market demand. Energy companies moved higher on an improving global economic outlook and higher oil prices.

Other holdings were less beneficial. Issuers in the healthcare and consumer staples industries hurt relative performance. Generic drug manufacturing companies underperformed as international end markets deteriorated, possibly impacting unreleased fourth quarter earnings. Consumer staples issuers fell from favor as investors rotated into higher beta companies.

The portfolio’s aggregate conversion premium at the end of the period was approximately 20%, indicating a return to a more balanced, asymmetric risk return level. The portfolio is well positioned to participate on the upside and protect on the downside.

Outlook

The outlook for the convertible market is positive. The improvement in third quarter corporate earnings should continue in the fourth quarter. U.S. corporate cash levels are high, debt levels have been reduced and maturities have been extended. In addition, consumers are spending again and labor conditions are improving.

In 2011, companies are expected to use the high cash levels on their balance sheets and future free cash flow to boost shareholder value. Share buybacks, increased dividends and merger and acquisition activity are possible uses of excess cash. These factors should benefit equity and convertible investors.

While credit spread tightening should continue as high yield credit spreads remain above their historical average, positive convertible returns will be dependent on the equity markets going forward. Even though global and economic risk headlines persist, likely driving a continuation of choppy short-term performance, few companies have seen a change in demand or order patterns. Fundamentals thus remain intact and this should provide a positive backdrop for the U.S. equity markets. Convertible bonds should benefit from any credit spread tightening and higher equity prices, an attractive option for total return investors.

Our disciplined approach of focusing on companies that are exceeding expectations and improving their credit statistics will be rewarded as those companies differentiate themselves from their peer group. In this environment, we believe companies that have reasonable earnings visibility should command premium valuations relative to other companies.

We continue to build the portfolio one company at a time, by identifying those that we believe are opportunistically capitalizing on change. In addition, we are maintaining our discipline of seeking to identify the best convertibles with the optimal risk/reward profile, 70-80% of the upside and 40-50% of the downside. At Allianz Global Investors Capital, a discriminating environment that rewards corporations for exceeding expectations bodes well for our convertible investment process.


20		Allianz Multi-Strategy Funds

Allianz AGIC Convertible Fund (formerly Allianz NACM Convertible Fund) (Cont.)

(Unaudited)

Average Annual Total Return for the period ended November 30, 2010


	1 Year		5 Years		10 Years		Fund Inception† (4/19/93)
Allianz AGIC Convertible Fund Class A		20.15%		8.11%		5.45%		10.43%
Allianz AGIC Convertible Fund Class A (adjusted)		13.54%		6.89%		4.86%		10.08%
Allianz AGIC Convertible Fund Class C		19.24%		7.30%		4.67%		9.61%
Allianz AGIC Convertible Fund Class C (adjusted)		18.24%		7.30%		4.67%		9.61%
Allianz AGIC Convertible Fund Class D		20.15%		8.11%		5.45%		10.43%
Allianz AGIC Convertible Fund Class R		19.85%		7.84%		5.19%		10.16%
Allianz AGIC Convertible Fund Class P		20.35%		8.34%		5.68%		10.67%
Allianz AGIC Convertible Fund Institutional Class		20.46%		8.44%		5.78%		10.78%
Allianz AGIC Convertible Fund Administrative Class		20.14%		8.10%		5.45%		10.43%
Merrill Lynch All Convertibles Index		17.24%		5.12%		4.98%		7.90%
Lipper Convertible Securities Funds Average		15.71%		4.38%		4.66%		7.90%

† The Fund began operations on 4/19/93. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 4/30/93.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at www.allianzinvestors.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 54 and 55 for more information. The Fund’s gross expense ratios are 1.01% for Class A shares, 1.76% for Class C shares, 1.01% for Class D shares, 1.26% for Class R shares, 0.86% for Class P shares, 0.76% for Institutional Class shares and 1.01% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/11. The Fund’s expense ratios net of this reduction are 1.01% for Class A shares, 1.76% for Class C shares, 1.01% for Class D shares, 1.26% for Class R shares, 0.86% for Class P shares, 0.76% for Institutional Class shares and 1.01% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2010, as supplemented to date.


		Annual Report		November 30, 2010		21

Cumulative Returns Through November 30, 2010

LOGO

The benchmark cumulative return began on the last day of the month of the Fund’s inception date.

Industry Allocation


Technology			9.9%
Pharmaceuticals			7.1%
Communications			6.2%
Oil & Gas			5.9%
Telecommunications			4.0%
Auto Components			3.8%
Commercial Services			3.7%
Biotechnology			3.7%
Other			52.6%
Cash & Equivalents — Net			3.1%

Moody’s Ratings*

(as a % of total investments)

LOGO

*	The letter ratings are provided to indicate the creditworthiness of the underlying bonds in the portfolio and generally range from AAA (highest) to D (lowest). Ratings do not apply to the Fund.

Allianz AGIC Convertible Fund (formerly Allianz NACM Convertible Fund) (Cont.)

(Unaudited)


Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value*	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,141.70	$	1,137.50	$	1,141.70	$	1,140.30	$	1,183.40	$	1,143.40	$	1,141.50
Expenses Paid During Period	$	5.15	$	9.48	$	4.94	$	6.55	$	4.45	$	3.98	$	5.26

	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,020.26	$	1,016.19	$	1,020.46	$	1,018.95	$	1,020.86	$	1,021.36	$	1,020.16
Expenses Paid During Period	$	4.86	$	8.95	$	4.66	$	6.17	$	4.26	$	3.75	$	4.96

* Class P commenced operations on June 7, 2010. The Actual expense example for Class P is based on its period since inception; its Hypothetical expense example is based on the period beginning June 1, 2010.

For each class of the Fund, expenses (net of waiver and reimbursement) are equal to the annualized expense ratio for the class (0.96% for Class A, 1.77% for Class C, 0.92% for Class D, 1.22% for Class R, 0.84% for Class P, 0.74% for Institutional Class and 0.98% for Administrative Class), multiplied by the average account value over the period, multiplied by 183 (176 for Class P)/365 for the Actual expense example and 183/365 for the Hypothetical expense example.


22		Allianz Multi-Strategy Funds

(THIS PAGE INTENTIONALLY LEFT BLANK)


		Annual Report		November 30, 2010		23

Allianz AGIC Emerging Growth Fund (formerly Allianz NACM Emerging Growth Fund)

(Unaudited)

Portfolio Insights

For the 12-month period ended November 30, 2010, Institutional Shares of the Allianz AGIC Emerging Growth Fund returned 27.76%, at NAV, underperforming its benchmark, the Russell 2000 Growth Index (the “benchmark index”), which returned 30.25% during the reporting period.

U.S. equities posted gains for the 12-month period overall. Stocks were supported by the economy’s return to expansion (as measured by gross domestic product growth), although growth was slow and the employment and housing markets remained stubbornly weak. Concerns about default risks in heavily indebted European countries led to pullbacks in the U.S. market in February and May. With the effects of economic stimulus running their course and the pace of the recovery waning, market volatility persisted through the summer. Equities began a rally in September on expectations that the Federal Open Market Committee (the “FOMC”) would initiate a second round of quantitative easing (which the FOMC did formally announce in November), reducing the risk of a double-dip recession. However, stocks’ advance slowed in November as investors resumed a more cautious stance.

Within the small-cap growth universe (as measured by the Russell 2000 Growth Index) cyclical sectors outperformed, led by energy, information technology and consumer discretionary. Conversely, utilities, health care and financials were the weakest performing sectors, although all had positive returns for the period.

Stock selection diminished gains

The Fund’s underperformance for the period was largely attributable to stock selection in the information technology and industrials sectors. A position in semiconductor equipment and materials provider Brooks Automation was the most detrimental to relative performance within the sector, and was among the Fund’s weakest performing stocks on an absolute basis. The Fund also lacked exposure to the triple-digit return of communications equipment maker Acme Packet, which further diminished relative performance. Industrials stock Aegean Marine Petroleum Network was the Fund’s largest performance detractor from both a relative and absolute

standpoint. Shares of the marine fuel logistics company declined on disappointing second quarter earnings.

The Fund had better stock selection results in the consumer discretionary sector. Communications and media company Liberty Media and apparel maker Quiksilver were the Fund’s second and third largest positive contributors on a relative basis, respectively. The former is benefiting from its 40% stake in satellite radio operator Sirius XM, which is witnessing strong subscriber growth. The energy sector also added to relative performance, led by Mariner Energy, an oil and gas exploration company which rose in price after Apache Corp. announced their intent to acquire the company at a significant premium. The top contributor to absolute returns was a position in computer chipmaker Cirrus Logic. The stock was propelled by higher than expected revenues due to strong demand for Apple Inc. products, which run on Cirrus-supplied semiconductors.

Average Annual Total Return for the period ended November 30, 2010


	1 Year		5 Years		10 Years		Fund Inception† (10/1/93)
Allianz AGIC Emerging Growth Fund Institutional Class		27.76%		5.22%		2.49%		6.87%
Russell 2000 Growth Index		30.25%		3.74%		3.63%		5.47%
Lipper Small-Cap Growth Funds Average		24.71%		2.57%		7.54%		9.60%

† The Fund began operations on 10/1/93. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 9/30/93.


24		Allianz Multi-Strategy Funds

Allianz AGIC Emerging Growth Fund (formerly Allianz NACM Emerging Growth Fund) (Cont.)

(Unaudited)

Cumulative Returns Through November 30, 2010

LOGO

The benchmark cumulative return began on the last day of the month of the Fund’s inception date.

Industry Allocation


Oil, Gas & Consumable Fuels			9.7%
Machinery			7.3%
Software			6.6%
Semiconductors & Semiconductor Equipment			4.9%
Chemicals			4.8%
Trading Companies & Distributors			4.6%
Specialty Retail			4.5%
IT Services			3.6%
Other			52.5%
Cash & Equivalents—Net			1.5%


Shareholder Expense Example	Actual Performance
	Institutional Class
Beginning Account Value (6/1/10)	$	1,000.00
Ending Account Value (11/30/10)	$	1,137.30
Expenses Paid During Period	$	6.32

	Hypothetical Performance
	(5% return before expenses)
	Institutional Class
Beginning Account Value (6/1/10)	$	1,000.00
Ending Account Value (11/30/10)	$	1,019.15
Expenses Paid During Period	$	5.97

For the Fund, expenses (net of waiver and reimbursement) are equal to the annualized expense ratio of 1.18% multiplied by the average account value over the period, multiplied by 183/365.


		Annual Report		November 30, 2010		25

Allianz AGIC High Yield Bond Fund (formerly Allianz NACM High Yield Bond Fund)

(Unaudited)

Portfolio Insights

For the 12-month period ended November 30, 2010, Class A Shares of the Allianz AGIC High Yield Bond Fund returned 15.56%, at NAV, underperforming its benchmark, the Merrill Lynch High Yield Master II Index (the “benchmark index”), which returned 16.75% during the reporting period.

There were many investors who believed in the potential for high yield in 2010, but also many doubters. Those who didn’t believe the high yield bond rally of 2009 could be followed up by another year of double-digit returns certainly left some performance on the table. The Merrill Lynch High Yield Master II Index returned 16.75% for the 12-month period ended November 30, 2010. By way of comparison, the high yield market outperformed the 10-year Treasury return of 7.0% for the period.

The factors driving the year’s performance did not change significantly over the course of the year. Although several hiccups occurred throughout the period, including mixed economic data releases and European sovereign concerns, these risks abated quickly. Ultimately, stronger corporate profitability and an improving economy had the greatest influence on investor sentiment. Defaults remained low throughout the year. Improved balance sheets and operating performance of issuers were supplemented by the incredible new issuance volume that bolstered liquidity and was used to refinance high-cost debt. Political risk abated after the November elections, and more accommodative decisions were made in Washington regarding taxes and further monetary policy easing (QE2). These factors also led to a healthy year-end rally in the equity markets and a sell-off in the Treasury market, all of which added to the general appetite for credit investing.

A deeper look into the startling volume of new issuance during the period shows another beneficial impact on the market. The obvious product of a new offering for an issuer is the retirement of maturing or high- cost debt. As an investor in the market, there are other benefits. One is liquidity. Some, if not many, of the older issues in the market were tightly held coming out of the difficult period of 2008. The dealer desks have contracted, and those desks were less willing to get short (offer paper) in a period of tight liquidity. Therefore, investors were given a fresh look into existing issuers which previously were unavailable to buy. The second benefit is the offset to an increased average market price occurring over the majority of the last 18 months where convexity began to have an impact. In other words, high yield bonds generally do not trade significantly higher than their call prices, especially as that call date moves to within 12 months. By contrast, new near-par priced issues have the ability to move to a premium, offering more total return opportunities.

All industries contributed to the market’s return. Leading industries included broadcasting, insurance and airlines. While all industries were positive in the period, the laggards included utilities and food and drug retail.

The Treasury move downward late in the period had a negative impact on the BB / tighter spread issuers in the market. This was seen in the BB-rated sleeve’s return versus the CCC-rated sleeve, which produced the highest-performing rating subgroup for the year.

New issuance remained robust in the final months of the period, with 195 deals priced, raising $91 billion in proceeds for issuers. Through November 2010, issuers raised more than $275 billion. The new issuance dollar amount easily exceeded the next-largest year—2009—when $180 billion was raised. Looking at the 2010 use of proceeds, 66.5% was used for refinancing.

The ratio of upgrades to downgrades was approximately 3:2 for the period. The positive credit trend remains consistent. The trailing 12-month default rate ended the period at approximately 2.16% on an issuer-weighted basis. On a dollar-weighted basis, the LTM default rate was only 0.7%. Mutual fund flows brought in more than $10 billion for the year.

Portfolio Specifics

Multiple factors contributed to the Fund’s performance for the year. First, superior issuer selection was easy to identify, as several issuers were taken out via tenders due to merger, acquisition and refinancing activity. These issues came from a variety of industries, but notable movers came from the energy, metals and industrials industries. Next, and equally additive, was the lack of negative contributors. While the year ended positively, and the rising tide lifted most of boats, there was some choppiness for both the index and peer group, which we were largely able to avoid. Another challenge, and newer to the scheme of recent risks, was the rising 10-year Treasury yield. We have always avoided low-coupon, long-duration issues as they are more sensitive to interest rates and thus detract from one of the primary goals in high yield investing—diversification. Many of these unattractive issues are fallen angels; not only is the structure potentially negative but also most of these issues lack protective covenants. Throughout our history in managing in the asset class, the portfolio has proven to protect against rising Treasury rates.

Several industries in the portfolio generated positive performance. Among the recent best were energy, utilities and chemicals.

There were few negative performers, and no negative returns by any one industry. That said, not all positions were equally strong. Lagging industry allocations included broadcasting, telecommunications—wireline and homebuilders. The portfolio lacked exposure to broadcasting, which moved higher in the period. An overweight to telecom also hurt due to some of the lower quality or higher beta issuers outperforming in the period. The portfolio benefited from its exposure to rising homebuilders during the period, but its participation was limited due to an underweight relative to the benchmark.

New buys were again plentiful in the final quarter of the Fund’s fiscal year. Most buys were selected from the enormous new issuance calendar, where options were plentiful amid the expanding economic rebound. Because of that volume, it was again prudent to be selective. The issuers added were diversified among many

industries. One industry of note was energy. The majority of all new issuance market-wide fell into the category of refinancing activity. In energy, by contrast, several of the new issues were new names to the market. The issues not only exhibited solid current operations, with positive outlook for growth in 2011 and beyond, they also represented some of the best total return characteristics.

Many issues exited the portfolio due to corporate actions, such as calls or tenders, as mentioned previously. Sales continued to be concentrated among issuers that appreciated in price to levels no longer attractive on a relative value basis.

Market Outlook:

Looking ahead, the outlook for the high yield market is positive. While the market’s general trajectory was higher throughout last year, spreads did not contract materially until there was a rise in Treasury rates late in the fiscal year. Spreads ended the period at approximately 620 basis points over comparable Treasuries, above the historical average. More importantly, this stage of the market cycle is best compared to the mid 1990’s and mid 2000’s. When considering spreads in the context of those market environments, which exhibited economic recovery, low defaults and ample liquidity, spreads are currently as much as 150 to 200 basis points too wide. Spread contraction going forward will likely be generated by a combination of rising interest rates and price appreciation.

Treasury rates rose late in 2010, and should that trend continue, it is likely to constrain significant upward price movement in high yield bonds. That said, the spread advantage of high yield bonds should allow prices to remain stable, and possibly improve, resulting in a coupon or better total return for 2011. Generally, high yield bond prices are also constrained by their call prices as they rise above par. However, the considerable volume of new issuance, and the increasing amount of merger and acquisition activity, has lessened the impact of any price ceiling.

The only way spreads would widen from these levels would be an increase in the default rate. The probability of default rates rising significantly in the next 12 months is near zero. Most strategists have reduced their default expectations further for 2011.

If a rising rate forecast is included in an asset allocation strategy decision, an allocation to high yield is an obvious choice. Among fixed income alternatives high yield bonds can be a contributor from both a diversification and relative performance perspective.

We continue to build your portfolio one company at a time, by identifying companies which we believe are opportunistically capitalizing on change. At Allianz Global Investors Capital, we recognize that the long-term driver of total return in a high yield portfolio is company fundamentals. Because fundamentals can only be discovered and monitored through rigorous credit analysis, which is the cornerstone of our approach, we will continue to apply our philosophy and process to managing change and information.


26		Allianz Multi-Strategy Funds

Allianz AGIC High Yield Bond Fund (formerly Allianz NACM High Yield Bond Fund) (Cont.)

(Unaudited)

Average Annual Total Return for the period ended November 30, 2010


	1 Year		5 Years		10 Years		Fund Inception† (7/31/96)
Allianz AGIC High Yield Bond Fund Class A		15.56%		7.93%		7.70%		7.95%
Allianz AGIC High Yield Bond Fund Class A (adjusted)		9.21%		6.72%		7.09%		7.53%
Allianz AGIC High Yield Bond Fund Class C		14.88%		7.16%		6.92%		7.16%
Allianz AGIC High Yield Bond Fund Class C (adjusted)		13.88%		7.16%		6.92%		7.16%
Allianz AGIC High Yield Bond Fund Class D		15.58%		7.94%		7.70%		7.95%
Allianz AGIC High Yield Bond Fund Class R		15.35%		7.68%		7.44%		7.69%
Allianz AGIC High Yield Bond Fund Class P		15.78%		8.11%		7.87%		8.12%
Allianz AGIC High Yield Bond Fund Institutional Class		16.23%		8.47%		8.22%		8.47%
Allianz AGIC High Yield Bond Fund Administrative Class		15.62%		7.94%		7.71%		7.96%
Merrill Lynch High Yield Master II Index		16.75%		8.63%		8.66%		7.27%
Lipper High Current Yield Funds Average		15.26%		6.37%		7.04%		5.70%

† The Fund began operations on 7/31/96. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 7/31/96.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at www.allianzinvestors.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 54 and 55 for more information. The Fund’s gross expense ratios are 1.15% for Class A shares, 1.90% for Class C shares, 1.15% for Class D shares, 1.40% for Class R shares, 1.00% for Class P shares, 0.90% for Institutional Class shares and 1.15% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/11. The Fund’s expense ratios net of this reduction are 1.12% for Class A shares, 1.87% for Class C shares, 1.12% for Class D shares, 1.37% for Class R shares, 0.97% for Class P shares, 0.64% for Institutional Class shares and 1.12% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2010, as supplemented to date.


		Annual Report		November 30, 2010		27

Cumulative Returns Through November 30, 2010

LOGO

The benchmark cumulative return began on the last day of the month of the Fund’s inception date.

Industry Allocation


Telecommunications			12.6%
Commercial Services			10.9%
Oil & Gas			8.3%
Financial Services			6.5%
Building & Construction			4.8%
Retail			4.8%
Multi-Media			4.4%
Auto Components			3.7%
Other			40.5%
Cash & Equivalents — Net			3.5%

Moody’s Ratings*

(as a % of total investments)

LOGO

*	The letter ratings are provided to indicate the creditworthiness of the underlying bonds in the portfolio and generally range from AAA (highest) to D (lowest). Ratings do not apply to the Fund.

Allianz AGIC High Yield Bond Fund (formerly Allianz NACM High Yield Bond Fund) (Cont.)

(Unaudited)


Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,094.10	$	1,091.80	$	1,094.20	$	1,093.50	$	1,095.80	$	1,098.60	$	1,095.00
Expenses Paid During Period	$	5.83	$	9.75	$	5.83	$	7.14	$	5.04	$	3.31	$	9.17

	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,019.50	$	1,015.74	$	1,019.50	$	1,018.25	$	1,020.26	$	1,021.91	$	1,019.50
Expenses Paid During Period	$	5.62	$	9.40	$	5.62	$	6.88	$	4.86	$	3.19	$	5.62

For each class of the Fund, expenses (net of waiver and reimbursement) are equal to the annualized expense ratio for the class (1.11% for Class A, 1.86% for Class C, 1.11% for Class D, 1.36% for class R, 0.96% for Class P, 0.63% for Institutional Class and 1.11% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/365.


28		Allianz Multi-Strategy Funds

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		Annual Report		November 30, 2010		29

Allianz AGIC International Growth Fund (formerly Allianz NACM International Growth Fund)

(Unaudited)

Portfolio Insights

For the 12-month period ended November 30, 2010, Class A Shares of the Allianz AGIC International Growth Fund returned 7.99%, at NAV, outperforming its benchmark, the MSCI EAFE Index (the “benchmark index”), which returned 1.11% during the reporting period.

The diverging paths of the developed and emerging worlds kept international equity markets volatile during the reporting period. Developed markets contended not only with the heavy fiscal debt burdens of Greece, Ireland and other peripheral European nations, but also a generally slower growth outlook that threatened to dampen the global economic recovery. In contrast, emerging market economies remained on pace to deliver higher growth coming out of the global recession, attracting investors despite concerns about inflationary pressures and the potential for aggressive interest rate tightening in the future. This propelled emerging market equities to strongly outperform developed market equities for the period overall (as measured by the MSCI Emerging Markets Index and MSCI EAFE Index, respectively).

Within international developed markets, the strongest-performing markets were in Asia, excluding Japan (Hong Kong and Singapore), and the Nordic region

(Sweden and Denmark). The weakest performers were not surprisingly those facing sovereign debt crises: Greece, Ireland, Italy, Portugal, and Spain. On a sector basis, consumer discretionary and industrials led, while financials lagged the most.

Stock selection and country strategy drove outperformance

Stock selection was the strongest in the financials and information technology sectors. Within the financials sector, the fund was favorably positioned with exposure to strong-performing Asian banks such as BOC Hong Kong and CIMB Group, alongside selective investments in European financials, including zero weights to Banco Santander, Banco Bilbao Vizcaya Argentaria, AXA, and Societe Generale. BOC Hong Kong reported strong earnings and growth potential, boosted by its high exposure to developing opportunities in China. CIMB Group is a Malaysia-based lender whose share price benefited from the company’s bid to develop a regional banking franchise across Southeast Asia.

An information technology stock, ARM Holdings, was the Fund’s top contributor to performance on both a relative and absolute basis. The U.K. company designs microprocessors, including those

used in the Apple iPhone and iPad, and benefited from high demand for those end products.

Stock picks in the telecommunication services and utilities sectors, however, were sources of relative underperformance. Koninklijke KPN, a Netherlands telecom provider, and Tokyo Electric Power, an electricity generator and distributor in the Tokyo area, were two of the largest relative laggards. BNP Paribas, a France-based provider of retail banking, asset management, and corporate and investment banking services, was a detractor during the reporting period.

Our country allocation strategy further supported relative returns during the period. Exposure to South Korea and Malaysia, which are not represented in the benchmark index, proved advantageous, as these markets advanced strongly during the period. An underweight to Spain, among the largest decliners in the benchmark index during the period, reduced the Fund’s exposure to weakness there. However, this was somewhat offset by relative losses from an overweight to Brazil (also not in the benchmark index) and an underweight to Sweden, one of the top-performing markets during the review period.

Average Annual Total Return for the period ended November 30, 2010


	1 Year		5 Years		10 Years		Fund Inception† (12/27/96)
Allianz AGIC International Growth Fund Class A		7.99%		3.65%		2.14%		6.74%
Allianz AGIC International Growth Fund Class A (adjusted)		2.05%		2.48%		1.56%		6.31%
Allianz AGIC International Growth Fund Class C		7.38%		2.91%		1.39%		5.95%
Allianz AGIC International Growth Fund Class C (adjusted)		6.38%		2.91%		1.39%		5.95%
Allianz AGIC International Growth Fund Class D		8.10%		3.67%		2.15%		6.75%
Allianz AGIC International Growth Fund Class R		7.83%		3.40%		1.89%		6.47%
Allianz AGIC International Growth Fund Class P		8.44%		3.95%		2.42%		7.03%
Allianz AGIC International Growth Fund Institutional Class		8.70%		4.11%		2.55%		7.16%
MSCI EAFE Index		1.11%		1.80%		3.05%		4.05%
Lipper International Large-Cap Growth Funds Average		6.39%		3.59%		3.53%		4.96%

† The Fund began operations on 12/27/96. Benchmark return and Lipper performance comparisons began on 12/31/96.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at www.allianzinvestors.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 54 and 55 for more information. The Fund’s gross expense ratios are 2.11% for Class A shares, 2.86% for Class C shares, 2.11% for Class D shares, 2.36% for Class R shares, 1.96% for Class P shares and 1.86% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/11. The Fund’s expense ratios net of this reduction are 1.56% for Class A shares, 2.31% for Class C shares, 1.56% for Class D shares, 1.82% for Class R shares, 1.30% for Class P shares and 1.04% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2010, as supplemented to date.


30		Allianz Multi-Strategy Funds

Allianz AGIC International Growth Fund (formerly Allianz NACM International Growth Fund) (Cont.)

(Unaudited)

Cumulative Returns Through November 30, 2010

LOGO

The benchmark cumulative return began on the last day of the month of the Fund’s inception date.

Country Allocation


United Kingdom			21.6%
Germany			14.2%
Japan			10.4%
Switzerland			7.0%
Belgium			5.9%
Australia			5.8%
Hong Kong			5.8%
France			5.1%
Other			23.6%
Cash & Equivalents—Net			0.6%


Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class R		Class P		Institutional Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,170.30	$	1,163.90	$	1,170.10	$	1,167.70	$	1,171.50	$	1,173.90
Expenses Paid During Period	$	8.49	$	12.53	$	8.49	$	9.89	$	7.08	$	5.40

	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class R		Class P		Institutional Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,017.15	$	1,013.41	$	1,017.15	$	1,015.86	$	1,018.45	$	1,020.00
Expenses Paid During Period	$	7.85	$	11.60	$	7.85	$	9.15	$	6.54	$	4.99

For each class of the Fund, expenses (net of waiver and reimbursement) are equal to the annualized expense ratio for the class (1.56% for Class A, 2.31% for Class C, 1.56% for Class D, 1.82% for Class R, 1.30% for Class P and 0.99% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/365.


		Annual Report		November 30, 2010		31

Allianz AGIC International Growth Opportunities Fund (formerly Allianz NACM International Growth Opportunities Fund)

(Unaudited)

Portfolio Insights

For the 12-month period ended November 30, 2010, Class A Shares of the Allianz AGIC International Growth Opportunities Fund returned 17.70%, at NAV, outperforming its benchmark, the S&P Developed Ex-US Small Cap Growth Index (the “benchmark index”), which returned 11.92% during the reporting period.

The diverging paths of the developed and emerging worlds kept international equity markets volatile during the reporting period. Developed markets contended not only with the heavy fiscal debt burdens of Greece, Ireland and other peripheral European nations, but also a generally slower growth outlook that threatened to dampen the global economic recovery. In contrast, emerging market economies remained on pace to deliver higher growth coming out of the global recession, attracting investors despite concerns about inflationary pressures and the potential for aggressive interest rate tightening in the future. This propelled emerging market equities to outperform developed market equities for the period overall (as measured by the MSCI Emerging Markets Index and MSCI EAFE Index, respectively).

Against this backdrop, non-U.S. small-cap stocks (as represented by the S&P Developed Ex-US Small Cap Growth Index) rose during the period. The materials

and energy sectors experienced the largest increases. Utilities, which declined, and financials, which was essentially flat, were the bottom performing sectors. Canada and the United Kingdom were the top benchmark performers, while Greece’s market had the lowest return.

Successful stock picking led to outperformance

The Fund’s best contributor to absolute performance was ARM Holdings, a U.K. semiconductor company that designs chips for a range of digital electronics including the Apple iPhone and iPad. ARM benefited from high demand for electronic devices. Stock selection in the consumer discretionary and financials sectors supported performance as well. ASOS, a U.K. holding company whose primary business is online fashion and beauty products retailing, was the top relative contributor and second best absolute contributor. Notable performance also came from 7 Days Group, China’s third largest economy hotel chain. Both ASOS and 7 Days had triple-digit returns during the reporting period. In financials, Banco Estado, which provides financial products and services in branches across Brazil, was a standout.

From a country perspective, both stock selection and country allocation were beneficial to relative performance. Stock picks in the U.K., Spain, and Switzerland, contributed significantly, although gains were somewhat hampered by selection in Canada, Ireland, and Japan. Exposure to Brazil, which is not represented in the benchmark index, provided an additional boost to relative returns, as did underweights to lagging markets such as Japan and Spain.

However, stock selection in industrials fell short of expectations. A position in Italy’s Ansaldo STS was among the main detractors from both relative and absolute performance. Ansaldo is engaged in the business of railway and underground transportation systems and services. The holding contributing the least to performance, both from a relative and absolute standpoint, was Belgium-based EVS Broadcast Equipment, which provides live outside broadcast digital video production systems.

Average Annual Total Return for the period ended November 30, 2010


	1 Year		5 Years		10 Years		Fund Inception† (12/31/97)
Allianz AGIC International Growth Opportunities Fund Class A		17.70%		8.17%		7.41%		13.69%
Allianz AGIC International Growth Opportunities Fund Class A (adjusted)		11.22%		6.95%		6.80%		13.19%
Allianz AGIC International Growth Opportunities Fund Class C		16.85%		7.37%		6.61%		12.85%
Allianz AGIC International Growth Opportunities Fund Class C (adjusted)		15.85%		7.37%		6.61%		12.85%
Allianz AGIC International Growth Opportunities Fund Class D		17.74%		8.17%		7.41%		13.69%
Allianz AGIC International Growth Opportunities Fund Class R		17.44%		7.91%		7.14%		13.41%
Allianz AGIC International Growth Opportunities Fund Class P		18.12%		8.47%		7.75%		14.08%
Allianz AGIC International Growth Opportunities Fund Institutional Class		18.22%		8.63%		7.86%		14.17%
Allianz AGIC International Growth Opportunities Fund Administrative Class		17.74%		8.17%		7.41%		13.69%
S&P Developed Ex-US Small Cap Growth Index		11.92%		4.32%		8.63%		8.08%
Lipper International Small/Mid-Cap Growth Funds Average		16.28%		5.41%		7.75%		10.89%

† The Fund began operations on 12/31/97. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/97.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at www.allianzinvestors.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 54 and 55 for more information. The Fund’s gross expense ratios are 1.63% for Class A shares, 2.38% for Class C shares, 1.63% for Class D shares, 1.88% for Class R shares, 1.48% for Class P shares, 1.38% for Institutional Class shares and 1.63% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/11. The Fund’s expense ratios net of this reduction are 1.63% for Class A shares, 2.38% for Class C shares, 1.63% for Class D shares, 1.88% for Class R shares, 1.36% for Class P shares, 1.23% for Institutional Class shares and 1.63% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2010, as supplemented to date.


32		Allianz Multi-Strategy Funds

Allianz AGIC International Growth Opportunities Fund (formerly Allianz NACM International Growth Opportunities Fund) (Cont.)

(Unaudited)

Cumulative Returns Through November 30, 2010

LOGO

The benchmark cumulative return began on the last day of the month of the Fund’s inception date.

Country Allocation


United Kingdom			21.9%
Switzerland			4.6%
Singapore			5.0%
Japan			9.7%
Germany			6.7%
China			5.8%
Canada			5.6%
Brazil			4.6%
Other			31.3%
Cash & Equivalents — Net			4.8%


Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,273.70	$	1,269.60	$	1,274.20	$	1,272.70	$	1,276.30	$	1,276.90	$	1,274.20
Expenses Paid During Period	$	9.40	$	13.65	$	9.41	$	10.82	$	7.70	$	6.96	$	9.41

	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,016.80	$	1,013.04	$	1,016.80	$	1,015.54	$	1,018.30	$	1,018.95	$	1,016.80
Expenses Paid During Period	$	8.34	$	12.11	$	8.34	$	9.60	$	6.83	$	6.17	$	8.34

For each class of the Fund, expenses (net of waiver and reimbursement) are equal to the annualized expense ratio for the class (1.65% for Class A, 2.40% for Class C, 1.65% for Class D, 1.90% for Class R, 1.35% for Class P, 1.22% for Institutional Class and 1.65% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/365.


		Annual Report		November 30, 2010		33

Allianz AGIC Micro Cap Fund (formerly Allianz NACM Micro Cap Fund)

(Unaudited)

Portfolio Insights

For the 12-month period ended November 30, 2010, Institutional Class Shares of the Allianz AGIC Micro Cap Fund returned 32.18%, outperforming its benchmark, the Russell Microcap Growth Index (the “benchmark index”), which returned 26.94% during the reporting period.

U.S. equities posted gains for the 12-month period overall. Stocks were supported by the economy’s return to expansion (as measured by gross domestic product growth), although growth was slow and the employment and housing markets remained stubbornly weak. Concerns about default risks in heavily indebted European countries led to pullbacks in the U.S. market in February and May. With the effects of economic stimulus running their course and the pace of the recovery waning, market volatility persisted through the summer. Equities began to rally in September on expectations that the Federal Open Market Committee (the “FOMC”) would initiate a second round of quantitative easing (which the FOMC did formally announce in November), reducing the risk of a double-dip recession. However, stocks’ advance slowed in November as investors resumed a more cautious stance.

Sector performance in the micro-cap growth universe (as measured by the Russell Microcap Growth Index)

diverged widely. Consumer staples had a negative return for the period, while the top three sectors—energy, information technology and telecommunication services—were up more than 40%.

Good stock selection supported returns

The Fund’s outperformance relative to the benchmark index was driven by stock selection in the information technology sector, where holdings in MIPS Technologies, Cirrus Logic, and Keithley Instruments were among the standouts. MIPS Technologies licenses technologies used in consumer electronics and was also the Fund’s overall top contributing stock on an absolute basis for the period. The company posted earnings that outpaced expectations due to improving demand and restructuring efforts. Computer chipmaker Cirrus Logic was the top contributor to absolute returns. The stock was propelled by higher than expected revenues due to strong demand for

Apple Inc. products, which run on Cirrus-supplied semiconductors. Keithley Instruments is a leader in advanced electrical test instruments whose shares soared following an announcement in the third quarter that it would be acquired by Danaher.

These holdings more than offset weakness from Local.com, the Fund’s largest absolute detractor. Concerns about management changes and recent acquisition activity at the local search web site operator sent its share price tumbling.

The energy sector was another contributor, with oil and gas exploration and production company ClaytonWilliams Energy adding to relative gains. The company’s stock appreciated on debt reduction efforts, a ramp in oil production and set service costs. Relative performance was also supported by stock selection in the industrials sector with a holding in Acacia Research, which acquires and licenses patents.

However, stock selection in health care was less favorable. A position in BioScrip, a specialty pharmacy services company, suffered after the company withdrew its 2010 earnings outlook and reported third quarter earnings below expectations. Additionally, the Fund did not own Questor Pharmaceuticals, a stock in the benchmark index that generated a triple-digit return during the period.

Average Annual Total Return for the period ended November 30, 2010


	1 Year		5 Years		10 Years		Fund Inception† (7/12/95)
Allianz AGIC Micro Cap Fund Institutional Class		32.18%		3.63%		6.08%		11.39%
Russell Microcap Growth Index		26.94%		–0.22%		3.41%		4.73%
Lipper Small-Cap Growth Funds Average		28.55%		2.81%		3.68%		7.22%

† The Fund began operations on 7/12/95. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 6/30/05.


34		Allianz Multi-Strategy Funds

Allianz AGIC Micro Cap Fund (formerly Allianz NACM Micro Cap Fund) (Cont.)

(Unaudited)

Cumulative Returns Through November 30, 2010

LOGO

The benchmark cumulative return began on the last day of the month of the Fund’s inception date.

Industry Allocation


Oil, Gas & Consumable Fuels			9.5%
Semiconductors & Semiconductor Equipment			7.6%
Internet Software & Services			7.5%
Machinery			7.2%
Electronic Equipment, Instruments & Components			5.7%
Software			5.7%
Chemicals			4.1%
Health Care Providers & Services			3.5%
Other			46.7%
Cash & Equivalents — Net			2.5%


Shareholder Expense Example	Actual Performance
	Institutional Class
Beginning Account Value (6/1/10)	$	1,000.00
Ending Account Value (11/30/10)	$	1,149.00
Expenses Paid During Period	$	8.51

	Hypothetical Performance
	(5% return before expenses)
	Institutional Class
Beginning Account Value (6/1/10)	$	1,000.00
Ending Account Value (11/30/10)	$	1,017.15
Expenses Paid During Period	$	7.99

For the Fund, expenses (net of waiver and reimbursement) are equal to the annualized expense ratio of 1.58% multiplied by the average account value over the period, multiplied by 183/365.


		Annual Report		November 30, 2010		35

Allianz AGIC Small to Mid Cap Growth Fund (formerly Allianz NACM Small to Mid Cap Growth Fund)

(Unaudited)

Portfolio Insights

For the 12-month period ended November 30, 2010, Institutional Class Shares of the Allianz AGIC Small to Mid Cap Growth Fund returned 22.31% underperforming its benchmark, the Russell 2500 Growth Index (the “benchmark index”), which returned 29.16% during the reporting period.

Within the small- to mid-cap growth universe (as measured by the Russell 2500 Growth Index) all sectors advanced for the period under review. Cyclical sectors outperformed, led by information technology, consumer discretionary, and energy. Conversely, utilities, financials, and health care had the smallest gains.

Disappointing stock picks tempered returns

Relative underperformance was driven primarily by unfavorable stock selection in the information technology, financials and consumer discretionary sectors. Semiconductor manufacturer, Advanced Energy Industries, was lower on worries of overcapacity and subsequent pricing pressures, while shares of Dollar Financial, a diversified financial services provider serving unbanked and under-banked customers, came under pressure due to currency headwind concerns and higher finance costs associated with a recent financing. Apparel company, Collective Brands, fell on weak comparable same store sales and Chinese currency

appreciation risk. Rehabilitation services provider Rehabcare Group was a significant relative detractor as well as the most detrimental holding to absolute returns during the period. Industrials stock Aegean Marine Petroleum Network shares, a marine fuel logistics company, declined on disappointing second quarter earnings.

However, stock selection in the materials sector mitigated some of the relative losses. A position in Kraton Performance Polymers performed especially well. The niche chemical manufacturer reported higher profits due to broad-based product demand and pricing power. The Fund’s top contributor to both relative and absolute returns was communications and media company Liberty Media, which is benefiting from its stake in satellite radio operator Sirius XM.

Average Annual Total Return for the period ended November 30, 2010


	1 Year		Fund Inception† (7/31/07)
Allianz AGIC Small to Mid Cap Growth Fund Institutional Class		22.31%		–0.73%
Russell 2500 Growth Index		29.16%		0.66%
Lipper Small-Cap Growth Funds Average		24.71%		–1.27%

† The Fund began operations on 7/31/07. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 7/31/07.


36		Allianz Multi-Strategy Funds

Allianz AGIC Small to Mid Cap Growth Fund (formerly Allianz NACM Small to Mid Cap Growth Fund) (Cont.)

(Unaudited)

Cumulative Returns Through November 30, 2010

LOGO

The benchmark cumulative return began on the last day of the month of the Fund’s inception date.

Industry Allocation


Oil Gas & Consumable Fuels			9.2%
Software			9.1%
Machinery			7.3%
Chemicals			6.0%
Semiconductors & Semiconductor Equipment			4.8%
Trading Companies & Distributors			4.6%
Internet Software & Services			4.1%
Specialty Retail			3.9%
Other			49.5%
Cash & Equivalents — Net			1.5%


Shareholder Expense Example	Actual Performance
	Institutional Class
Beginning Account Value (6/1/10)	$	1,000.00
Ending Account Value (11/30/10)	$	1,124.40
Expenses Paid During Period	$	5.54

	Hypothetical Performance
	(5% return before expenses)
	Institutional Class
Beginning Account Value (6/1/10)	$	1,000.00
Ending Account Value (11/30/10)	$	1,019.85
Expenses Paid During Period	$	5.27

For the Fund, expenses (net of waiver and reimbursement) are equal to the annualized expense ratio of 1.04% multiplied by the average account value over the period, multiplied by 183/365.


		Annual Report		November 30, 2010		37

Allianz AGIC Ultra Micro Cap Fund (formerly Allianz NACM Ultra Micro Cap Fund)

(Unaudited)

Portfolio Insights

For the 12-month period ended November 30, 2010, Institutional Class Shares of the Allianz AGIC Ultra Micro Cap Fund returned 48.38% outperforming its benchmark, the Russell Microcap Growth Index (the “benchmark index”), which returned 26.94% during the reporting period.

U.S. equities posted gains for the 12-month period overall. Stocks were supported by the economy’s return to expansion (as measured by gross domestic product growth), although growth was slow and the employment and housing markets remained stubbornly weak. Concerns about default risks in heavily indebted European countries led to pullbacks in the U.S. market in February and May. With the effects of economic stimulus running their course and the pace of the recovery waning, market volatility persisted through the summer. In September, equities rallied on expectations that the Federal Open Market Committee (the “FOMC”) would initiate a second round of quantitative easing (which the FOMC did formally announce in November), reducing the risk of a double-dip recession. However, stocks’ advance slowed in November as investors resumed a more cautious stance.

Sector performance in the micro-cap growth universe (as measured by the Russell Microcap Growth Index)

diverged widely. Consumer staples had a negative return for the period, while the top three sectors—energy, information technology and telecommunication services—were up more than 40%.

Performance predominantly driven by stock selection

The Fund significantly outperformed the benchmark index during the period almost entirely due to favorable stock selection. On a relative basis, five of the portfolio’s top 10 positive contributors came from the information technology sector. Holdings in Keithley Instruments and MIPS Technologies were the best relative and absolute contributors to performance in the sector as well as the overall portfolio. Keithley Instruments is a leader in advanced electrical test instruments whose shares soared following an announcement that it would be acquired by Danaher. MIPS Technologies licenses technologies used in consumer electronics. The company posted revenue and earnings that outpaced expectations due to improving demand and restructuring efforts. The industrials sector was another major

contributor. Shares of CAI International, a shipping container leasing and management company, benefited from rising rental revenue and high utilization rates. Stock picks in the consumer discretionary sector rounded out the top three performing sectors, led by a position in Lifetime Brands, which designs and markets kitchenware and home décor products including the KitchenAid, Farberware, and Cuisinart brands. The stock price moved higher after the company reported strong fourth quarter 2009 earnings which were driven by cost cutting efforts and margin expansion.

However, stock selection in health care was less favorable. A position in Bioscrip, a specialty pharmacy services company, suffered after the company withdrew its 2010 earnings outlook and reported third quarter earnings below expectations. Additionally, the Fund did not own Questor Pharmaceuticals, a stock in the benchmark index that generated a triple-digit return for the period. Absolute returns were hurt most by a position in Verso Paper, a socially and environmentally responsible paper producer.

Average Annual Total Return for the period ended November 30, 2010


	1 Year		Fund Inception† (1/28/08)
Allianz AGIC Ultra Micro Cap Fund Institutional Class		48.38%		10.41%
Russell Microcap Growth Index		26.94%		0.83%
Lipper Small-Cap Growth Funds Average		24.71%		1.94%

† The Fund began operations on 1/28/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 1/31/08.


38		Allianz Multi-Strategy Funds

Allianz AGIC Ultra Micro Cap Fund (formerly Allianz NACM Ultra Micro Cap Fund) (Cont.)

(Unaudited)

Cumulative Returns Through November 30, 2010

LOGO

The benchmark cumulative return began on the last day of the month of the Fund’s inception date.

Industry Allocation


Oil, Gas & Consumable Fuels			7.4%
Software			7.1%
Electronic Equipment, Instruments & Components			6.4%
Auto Components			5.4%
Trading Companies & Distributors			5.3%
Textiles, Apparel & Luxury Goods			3.9%
Internet Software & Services			3.9%
Communications Equipment			3.8%
Other			53.4%
Cash & Equivalents — Net			3.4%


Shareholder Expense Example	Actual Performance
	Institutional Class
Beginning Account Value (6/1/10)	$	1,000.00
Ending Account Value (11/30/10)	$	1,176.70
Expenses Paid During Period	$	12.55

	Hypothetical Performance
	(5% return before expenses)
	Institutional Class
Beginning Account Value (6/1/10)	$	1,000.00
Ending Account Value (11/30/10)	$	1,013.54
Expenses Paid During Period	$	11.61

For the Fund, expenses (net of waiver and reimbursement) are equal to the annualized expense ratio of 2.30% multiplied by the average account value over the period, multiplied by 183/365.


		Annual Report		November 30, 2010		39

Allianz NFJ Global Dividend Value Fund

(Unaudited)

Portfolio Insights

For the 12-month period ended November 30, 2010, Class A Shares of the Allianz NFJ Global Dividend Value Fund returned 4.71%, at NAV, underperforming its benchmark, the MSCI All Country World Index (the “benchmark index”), which returned 7.16% during the reporting period.

The diverging paths of the developed and emerging worlds kept international equity markets volatile during the 12-month period. Developed markets contended not only with the heavy fiscal debt burdens of Greece, Ireland and other peripheral European nations, but also a generally slower growth outlook that threatened to dampen the global economic recovery. In contrast, emerging market economies remained on pace to deliver higher growth coming out of the global recession, attracting investors despite concerns about inflationary pressures and the potential for aggressive interest rate tightening in the future. This propelled emerging market equities to strongly outperform developed market equities for the period overall (as measured by the MSCI Emerging Markets Index and MSCI EAFE Index, respectively).

Global equity returns (as measured by the MSCI All Country World Index) were supported by gains in the U.S. market, which had a relatively moderate return but is the largest country in the benchmark index. Stronger appreciation was found in smaller markets across the Asia Pacific-ex Japan and Latin America regions, including Hong Kong, Thailand, Indonesia, Malaysia, Chile, and Colombia. Greece declined the most with the other heavily indebted peripheral European countries (Ireland, Italy, Spain, and Portugal) following suit. Global sector performance was driven by consumer discretionary and industrials, while the financials sector fell modestly.

Stock selection and sector exposures diminished relative performance

A combination of disappointing stock picks across a range of sectors and a tilt away from some of the market’s more economically sensitive sectors led the Fund to slightly underperform the benchmark index.

The Fund’s largest absolute and relative detractor was a position in Ageas (formerly Fortis). The Belgium-based insurance company has continued to struggle after its post-financial crisis bailout failed to turn its share price around and the company was divided and sold off. Concerns about exposure to Greek debt in Ageas’ portfolio caused further volatility in share prices during the period. In the energy sector, absolute and relative returns were hurt by exposure to Total, the France-based international integrated oil and gas company. Pension reform protests in France in September and October of 2010 took a toll on Total’s refining operations and led to fuel shortages in some areas. Additionally, a recent analyst report cautioned that the company may be facing slower growth and higher expenses. A holding in Diamond Offshore Drilling (U.S.) also dampened performance as expectations for regulatory and operational changes in the wake of the Gulf oil crisis put pressure on the share prices of offshore drillers. Stock selection in the industrials sector also negativly affected performance. The Fund held aerospace and defense companies Elbit Systems (Israel) and BAE Systems (U.K.), which saw their share prices tumble.

Finally, the Fund’s relative underweightings in the consumer discretionary, materials, industrials and information technology sectors further dampened performance. These sectors were the top performing groups in the benchmark index during the period.

However, stock selection in other sectors fared better. The Fund’s largest contributor to relative and absolute returns was Altria Group, the U.S.-based holding company of cigarette maker Philip Morris, which reported rising earnings despite lower sales volumes. On a sector basis, the Fund’s overweight in utilities and underweight in financials benefitted returns. Shares of U.K. power generation company International Power rallied on an announcement in July that the company was exploring a reverse takeover with GDF Suez, an electricity and natural gas provider based in France. A position in Colombia’s largest bank, Bancolombia, was also among the top contributors to both relative and absolute results.

Country exposures which is a result of our bottom-up investment process, added modestly to relative performance. Overweightings to Turkey, South Korea, and Colombia boosted relative returns, as did underweightings to laggards such as Japan, Italy, and Greece. However, the negative influence of overweightings to Israel and France and underweights to Hong Kong and the U.S. somewhat tempered gains.

Average Annual Total Return for the period ended November 30, 2010


	1 Year		Fund Inception† (6/26/09)
Allianz NFJ Global Dividend Value Fund Class A		4.71%		18.16%
Allianz NFJ Global Dividend Value Fund Class A (adjusted)		-1.05%		13.58%
Allianz NFJ Global Dividend Value Fund Class C		3.99%		17.29%
Allianz NFJ Global Dividend Value Fund Class C (adjusted)		3.01%		17.29%
Allianz NFJ Global Dividend Value Fund Class D		4.68%		18.15%
Allianz NFJ Global Dividend Value Fund Class P		4.90%		18.36%
Allianz NFJ Global Dividend Value Fund Institutional Class		5.07%		18.51%
MSCI All Country World Index		7.16%		19.85%
Lipper Global Multi-Cap Growth Funds Average		9.28%		21.87%

† The Fund began operations on 6/26/09. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 6/30/09.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at www.allianzinvestors.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 54 and 55 for more information. The Fund’s gross expense ratios are 5.31% for Class A shares, 6.06% for Class C shares, 5.31% for Class D shares, 5.16% for Class P shares and 5.06% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/11. The Fund’s expense ratios net of this reduction are 1.50% for Class A shares, 2.25% for Class C shares, 1.50% for Class D shares, 1.30% for Class P shares and 1.20% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2010, as supplemented to date.


40		Allianz Multi-Strategy Funds

Allianz NFJ Global Dividend Value Fund (Cont.)

(Unaudited)

Cumulative Returns Through November 30, 2010

LOGO

The benchmark cumulative return began on the last day of the month of the Fund’s inception date.

Country Allocation


United States			35.5%
United Kingdom			11.3%
France			6.8%
Brazil			5.9%
Korea (Republic of)			5.9%
Australia			4.1%
Canada			3.9%
Germany			3.7%
Other			18.8%
Cash & Equivalents — Net			4.1%


Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,113.80	$	1,109.90	$	1,113.80	$	1,114.40	$	1,115.60
Expenses Paid During Period	$	7.95	$	11.90	$	7.95	$	6.89	$	6.36

	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,017.55	$	1,013.79	$	1,017.55	$	1,018.55	$	1,019.05
Expenses Paid During Period	$	7.59	$	11.36	$	7.59	$	6.58	$	6.07

For each class of the Fund, expenses (net of waiver and reimbursement) are equal to the annualized expense ratio for the class (1.50% for Class A, 2.25% for Class C, 1.50% for Class D, 1.30% for Class P, and 1.20% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/365.


		Annual Report		November 30, 2010		41

Allianz RCM All Horizons Fund

(Unaudited)

Portfolio Insights

For the 12-month period ended November 30, 2010, Class A Shares of the Allianz RCM All Horizons Fund returned 7.06%, at NAV, outperforming its benchmark, the MSCI World Index (the “benchmark index”), which returned 5.98% during the reporting period.

Uncertainties about high levels of debt in some European countries and the effects on the global economy were the leading issues over much of the year, driving high levels of volatility. Correlations rose sharply in May as macroeconomic concerns drove the market lower. Sentiment lifted during the summer on the positive results of the euro-area bank stress test, followed by rising expectations for further quantitative easing in the U.S. This helped markets to rally through to November, when renewed fears about the European

sovereign debt crisis and tightening monetary policy in China led markets to sell off again. Both foreign exchange and commodity markets displayed large moves during the period.

Stock selection produced outperformance

The Fund’s outperformance during the period was driven by strong stock selection within the consumer discretionary, consumer staples and materials sectors, as well as strong stock selection within Australia and France.

Two leading performers were LVMH Moet Hennessy Louis Vuitton and Estee Lauder. Shares of both companies were bolstered by strong financial results during the period as well as

favorable investor sentiment stemming from positive outlooks for product sales. Another top performer was Mecox Lane, a Chinese online retailer that launched its initial public offering (IPO) in the U.S. during the period. After its strong opening in the U.S. market, the stock rapidly reached our target valuation and was sold.

The largest underperformer during the period was Vertex Pharmaceuticals, a global biotechnology company. The company’s share price was negatively affected when trial data for one of its Hepatitis C drugs did not match expectations and investor interest shifted toward a competitor with a rival drug.

Average Annual Total Return for the period ended November 30, 2010


	1 Year		Fund Inception† (7/15/08)
Allianz RCM All Horizons Fund Class A		7.06%		–4.34%
Allianz RCM All Horizons Fund Class A (adjusted)		1.17%		–6.59%
Allianz RCM All Horizons Fund Class C		6.18%		–5.11%
Allianz RCM All Horizons Fund Class C (adjusted)		5.18%		–5.11%
Allianz RCM All Horizons Fund Class D		7.05%		–4.34%
Allianz RCM All Horizons Fund Class P		7.32%		–4.08%
Allianz RCM All Horizons Fund Institutional Class		7.50%		–3.97%
MSCI World Index		5.98%		–2.15%
Lipper Global Large-Cap Growth Funds Average		7.84%		–3.90%

† The Fund began operations on 7/15/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 7/31/08.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at www.allianzinvestors.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 54 and 55 for more information. The Fund’s gross expense ratios are 22.14% for Class A shares, 18.92% for Class C shares, 17.90% for Class D shares, 14.01% for Class P shares and 13.91% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/11. The Fund’s expense ratios net of this reduction are 1.66% for Class A shares, 2.41% for Class C shares, 1.66% for Class D shares, 1.40% for Class P shares and 1.30% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2010, as supplemented to date.


42		Allianz Multi-Strategy Funds

Allianz RCM All Horizons Fund (Cont.)

(Unaudited)

Cumulative Returns Through November 30, 2010

LOGO

The benchmark cumulative return began on the last day of the month of the Fund’s inception date.

Country Allocation


United States			40.0%
Australia			8.2%
Canada			8.2%
Japan			5.8%
China			5.8%
Switzerland			3.0%
United Kingdom			2.6%
Germany			2.5%
Other			8.9%
Cash & Equivalents — Net			15.0%


Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,152.30	$	1,148.30	$	1,151.30	$	1,153.80	$	1,154.80
Expenses Paid During Period	$	8.96	$	12.98	$	8.95	$	7.56	$	7.02

	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,016.75	$	1,012.99	$	1,016.75	$	1,018.05	$	1,018.55
Expenses Paid During Period	$	8.39	$	12.16	$	8.39	$	7.08	$	6.58

For each class of the Fund, expenses (net of waiver and reimbursement) are equal to the annualized expense ratio for the class (1.66% for Class A, 2.41% for Class C, 1.66% for Class D, 1.40% for Class P and 1.30% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/365.


		Annual Report		November 30, 2010		43

Allianz RCM China Equity Fund

(Unaudited)

Portfolio Insights

For the period from June 7, 2010 (inception) through November 30, 2010, Class A Shares of the Allianz RCM China Equity Fund, at NAV, returned 32.07%, significantly outperforming its benchmark, the MSCI China Index (the “benchmark index”), which returned 17.29%.

In China, 2010 corporate earnings were generally positive. However, sentiment was mixed as investors worried about potential government intervention to control inflation though price controls, potential rate increases, and slower-than-expected loan growth in 2011 given continuous increases in reserve requirement ratios (RRRs) for lenders. Speculation about these measures capped market upside as investors turned more cautious. Overall, Chinese markets rose during

the reporting period (as measured by the MSCI China Index), with gains in both the H-shares and Red chips markets.

Stock selection was the primary driver (more than 90%) of outperformance during the reporting period. The Fund’s stock selection was particularly strong in the consumer discretionary and industrials sectors. The Fund’s overweight in these sectors also contributed positively to returns.

At the stock level, the key contributor to returns was Brilliance China Automotive (up 192% for the reporting period). The share price of Brilliance China was supported by strong earnings results for the first half of 2010 driven by robust demand

for luxury sedans, strong minibus sales growth and a sharp recovery in margins after the disposal of their Zhonghua sedan business in the fourth quarter of 2009. Looking ahead, the company may benefit further from renewed management refocus on the profitability of the company’s minibus business. On the contrary, stock selection in the financials sector (insurance in particular) slightly detracted from returns during the reporting period. China Life Insurance underperformed on concerns of a slowdown in its value of new business as well as an equity market write down. However, we maintained a positive view on the stock in the medium term given still low penetration rate and rising income in China which should be supportive of growth of life insurance products

Cumulative Total Return for the period ended November 30, 2010


	Fund Inception† (6/7/10)
Allianz RCM China Equity Fund Class A		32.07%
Allianz RCM China Equity Fund Class A (adjusted)		24.80%
Allianz RCM China Equity Fund Class C		31.87%
Allianz RCM China Equity Fund Class C (adjusted)		30.87%
Allianz RCM China Equity Fund Class D		32.27%
Allianz RCM China Equity Fund Class P		32.47%
Allianz RCM China Equity Fund Institutional Class		32.53%
MSCI China Index		17.29%
Lipper China Region Funds Average		22.69%

† The Fund began operations on 6/7/10. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 5/31/2010.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at www.allianzinvestors.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 54 and 55 for more information. The Fund’s gross expense ratios are 7.14% for Class A shares, 7.89% for Class C shares, 7.14% for Class D shares, 6.99% for Class P shares and 6.89% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/11. The Fund’s expense ratios net of this reduction are 1.90% for Class A shares, 2.65% for Class C shares, 1.90% for Class D shares, 1.65% for Class P shares and 1.55% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2010, as supplemented to date.


44		Allianz Multi-Strategy Funds

Allianz RCM China Equity Fund (Cont.)

(Unaudited)

Cumulative Returns Through November 30, 2010

LOGO

The benchmark cumulative return began on the last day of the month of the Fund’s inception date.

Industry Allocation


Commercial Banks			17.4%
Oil, Gas & Consumable Fuels			8.8%
Insurance			8.5%
Specialty Retail			8.3%
Electronic Equipment, Instruments & Components			6.4%
Machinery			5.2%
Electrical Equipment			4.1%
Commercial Services & Supplies			3.3%
Other			35.0%
Cash & Equivalents — Net			3.0%


Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (6/7/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,320.70	$	1,318.70	$	1,322.70	$	1,324.70	$	1,325.30
Expenses Paid During Period	$	10.57	$	14.73	$	10.58	$	9.20	$	8.64

	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,015.54	$	1,011.78	$	1,015.54	$	1,016.80	$	1,017.30
Expenses Paid During Period	$	9.60	$	13.36	$	9.60	$	8.34	$	7.84

The Fund commenced operations on June 7, 2010. The Actual expense example is based on the period since inception; the Hypothetical expense example is based on the period beginning June 1, 2010.

For each class of the Fund, expenses (net of waiver and reimbursement) are equal to the annualized expense ratio for the class (1.90% for Class A, 2.65% for Class C, 1.90% for Class D, 1.65% for Class P and 1.55% for Institutional Class), multiplied by the average account value over the period, multiplied by 175/365 for the Actual expense example and 183/365 for Hypothetical expense example.


		Annual Report		November 30, 2010		45

Allianz RCM Disciplined Equity Fund

(Unaudited)

Portfolio Insights

For the 12-month period ended November 30, 2010, Class A Shares of the Allianz RCM Disciplined Equity Fund returned 8.38%, at NAV, underperforming its benchmark, the S&P 500 Index (the “benchmark index”), which returned 9.94% during the reporting period.

U.S. equities posted gains for the 12-month period overall. Stocks were supported by the economy’s return to expansion (as measured by gross domestic product growth), although growth was slow and the employment and housing markets remained stubbornly weak. Concerns about default risks in heavily indebted European countries led to pullbacks in the U.S. market in February and May. With the effects of economic stimulus running their course and the pace of the recovery waning, market volatility persisted through the summer. Equities began rallying again in September on expectations that the Federal Open Market Committee (the “FOMC”) would initiate a

second round of quantitative easing (which the FOMC did formally announce in November), reducing the risk of a double-dip recession. However, stocks’ advance slowed in November as investors resumed a more cautious stance.

Stock selection dampened relative gains

The Fund’s relative underperformance was primarily driven by stock selection, despite the positive effect of sector allocation. Health care holding Medtronic was the largest detractor from relative returns during the reporting period. Shares of the medical device company were hurt by disappointing sales and earnings for the first fiscal quarter due to shrinking demand for spinal and cardiac devices. Other significant detractors included Cisco Systems, Lockheed Martin, Walgreen, and Baxter International.

Other holdings, however, fared better. The leading contributor to performance was global mining company Freeport-McMoRan Copper & Gold, whose profit margins strongly benefited from rising commodity prices for copper and gold. Other positions that boosted relative performance included National Oilwell Varco, Intuit, Autodesk, and an underweight in Exxon Mobil.

The Fund’s sector allocation was additive as well. Relative gains from an underweight position in financials and an overweight position in industrials more than compensated for weakness caused by an underweight position in consumer discretionary and an overweight position in health care.

Average Annual Total Return for the period ended November 30, 2010


	1 Year		Fund Inception† (7/15/08)
Allianz RCM Disciplined Equity Fund Class A		8.38%		3.07%
Allianz RCM Disciplined Equity Fund Class A (adjusted)		2.42%		0.65%
Allianz RCM Disciplined Equity Fund Class C		7.51%		2.31%
Allianz RCM Disciplined Equity Fund Class C (adjusted)		6.51%		2.31%
Allianz RCM Disciplined Equity Fund Class D		8.29%		3.06%
Allianz RCM Disciplined Equity Fund Class P		8.63%		3.35%
Allianz RCM Disciplined Equity Fund Institutional Class		8.78%		3.44%
S&P 500 Index		9.94%		1.13%
Lipper Large-Cap Core Funds Average		8.39%		–1.28%

† The Fund began operations on 7/15/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 7/31/08.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at www.allianzinvestors.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 54 and 55 for more information. The Fund’s gross expense ratios are 3.97% for Class A shares, 4.72% for Class C shares, 3.98% for Class D shares, 3.73% for Class P shares and 3.63% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/11. The Fund’s expense ratios net of this reduction are 1.34% for Class A shares, 2.09% for Class C shares, 1.34% for Class D shares, 1.08% for Class P shares and 0.98% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2010, as supplemented to date.


46		Allianz Multi-Strategy Funds

Allianz RCM Disciplined Equity Fund (Cont.)

(Unaudited)

Cumulative Returns Through November 30, 2010

LOGO

The benchmark cumulative return began on the last day of the month of the Fund’s inception date.

Industry Allocation


Oil, Gas & Consumable Fuels			8.1%
Energy Equipment & Services			8.0%
Aerospace & Defense			6.8%
Pharmaceuticals			6.2%
Software			5.1%
Semiconductors & Semiconductors Equipment			4.4%
Communications Equipment			4.4%
Health Care Equipment & Supplies			4.3%
Other			48.7%
Cash & Equivalents — Net			4.0%


Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (6/1/10)		$1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,095.60	$	1,091.50	$	1,094.40	$	1,096.60	$	1,097.10
Expenses Paid During Period	$	7.04	$	10.96	$	7.04	$	5.68	$	5.15

	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,018.35	$	1,014.59	$	1,018.35	$	1,019.65	$	1,020.16
Expenses Paid During Period	$	6.78	$	10.56	$	6.78	$	5.47	$	4.96

For each class of the Fund, expenses (net of waiver and reimbursement) are equal to the annualized expense ratio for the class (1.34% for Class A, 2.09% for Class C, 1.34% for Class D, 1.08% for Class P and 0.98% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/365.


		Annual Report		November 30, 2010		47

Allianz RCM Global EcoTrends^SM Fund

(Unaudited)

Portfolio Insights

For the 12-month period ended November 30, 2010, Class A Shares of the Allianz RCM Global EcoTrends ^SM Fund returned -9.93%, at NAV. In comparison, the Fund’s benchmark, the FTSE ET 50 Index (the “benchmark index”) returned -9.25% for the same period.

The diverging paths of the developed and emerging worlds kept international equity markets volatile during the 12-month period. Developed markets contended not only with the heavy fiscal debt burdens of Greece, Ireland and other peripheral European nations, but also a generally slower growth outlook that threatened to dampen the global economic recovery. In contrast, emerging market economies remained on pace to deliver higher growth coming out of the global recession, attracting investors despite concerns about inflationary pressures and the potential for aggressive interest rate tightening in the future. This propelled emerging market equities to strongly outperform developed market equities for the period overall (as measured by the MSCI EAFE and MSCI Emerging Markets Indices, respectively).

Performance drivers

For the period, the Fund’s allocation to energy efficiency companies was the largest thematic

contributor to underperformance. Stock selection in the wind segment also detracted, though the Fund’s thematic positioning in wind was positive, as was stock selection in the pollution control, solar and water treatment themes.

Key detractors amongst individual stocks included U.S. LED company CREE. Our view of the industry at the beginning of the period was one of limited opportunity given the unclear commercial potential as well as rich valuations. After heavy research, however, we gained conviction in the longer-term story, and subsequently initiated positions in several LED companies, including CREE. Although the strong performance of these companies (a group also including Veeco) gives us confidence in our decision to invest, the Fund’s participation came too late in the period to enjoy the full benefit.

An overweight position in Spanish wind turbine manufacturer Gamesa also detracted from performance, though in the longer-term we retain

our positive view on tier 1 turbine manufacturing companies such as Gamesa (and Danish Vestas). Despite the currently poor sentiment in the wake of profit warnings, we are encouraged by strong order inflow and attractive valuations.

Among contributors, Austrian hydro-turbine producer Andritz was the biggest overweight position in the Fund and among the top contributors over the last 12 months, with its share price up more than 40%. After trading sideways for much of the summer, Andritz shares rose again in November on excellent financial results indicating strong order intake and increases in margins following robust demand for hydro and pulp and paper equipment.

The U.K. electronic control and process instrumentation producer Spectris was another top performer. 2010 earnings estimates have risen by nearly half over the past year. Spectris also made a well-received acquisition of a small networking products business called N-Tron during the period, further supporting the upward revision of earnings estimates.

Average Annual Total Return for the period ended November 30, 2010


	1 Year		Fund Inception† (1/31/07)
Allianz RCM Global EcoTrends^SM Fund Class A		–9.93%		–5.84%
Allianz RCM Global EcoTrends^SM Fund Class A (adjusted)		–14.89%		–7.22%
Allianz RCM Global EcoTrends^SM Fund Class C		–10.60%		–6.46%
Allianz RCM Global EcoTrends^SM Fund Class C (adjusted)		–11.49%		–6.46%
Allianz RCM Global EcoTrends^SM Fund Class D		–9.93%		–5.76%
Allianz RCM Global EcoTrends^SM Fund Class P		–9.80%		–5.56%
Allianz RCM Global EcoTrends^SM Fund Institutional Class		–9.66%		–5.47%
FTSE ET 50 Index		–9.25%		–3.98%
Lipper Global Natural Resources Funds Average		7.37%		3.14%

† The reorganization of Allianz RCM Global EcoTrends^SM Fund, a closed-end interval fund, into an open-end mutual fund was approved by the Fund’s shareholders on August 20, 2008. This transition took place on September 2, 2008. Benchmark return and Lipper performance comparisons began on 1/31/07.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at www.allianzinvestors.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 54 and 55 for more information. The Fund’s gross expense ratios are 2.02% for Class A shares, 2.82% for Class C shares, 2.14% for Class D shares, 1.79% for Class P shares and 1.69% for Institutional Class shares. These ratios do not include an expense reduction, contractually agreed through at least 3/31/11. The Fund’s expense ratios net of this reduction are 1.80% for Class A shares, 2.55% for Class C shares, 1.80% for Class D shares, 1.57% for Class P shares and 1.47% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2010, as supplemented to date.


48		Allianz Multi-Strategy Funds

Allianz RCM Global EcoTrends^SM Fund (Cont.)

(Unaudited)

Cumulative Returns Through November 30, 2010

LOGO

The benchmark cumulative return began on the last day of the month of the Fund’s inception date.

Country Allocation


United States			31.4%
Germany			8.9%
Denmark			7.5%
Japan			6.0%
United Kingdom			5.7%
Spain			4.1%
France			4.0%
Hong Kong			3.9%
Other			23.2%
Cash & Equivalents — Net			5.3%


Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,055.10	$	1,051.20	$	1,055.10	$	1,055.40	$	1,056.50
Expenses Paid During Period	$	8.55	$	12.70	$	8.50	$	8.04	$	6.91

	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,016.75	$	1,012.68	$	1,016.80	$	1,017.25	$	1,018.35
Expenses Paid During Period	$	8.39	$	12.46	$	8.34	$	7.89	$	6.78

For each class of the Fund, expenses (net of waiver and reimbursement) are equal to the annualized expense ratio for the class (1.66% for Class A, 2.47% for Class C, 1.65% for Class D, 1.56% for Class P and 1.34% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/365.


		Annual Report		November 30, 2010		49

Allianz RCM Global Water Fund

(Unaudited)

Portfolio Insights

For the 12-month period ended November 30, 2010, Class A Shares of the Allianz RCM Global Water Fund returned 9.63% , at NAV, underperforming its benchmark, the S&P Global Water Index (the “benchmark index”), which returned 10.12% during the reporting period.

The diverging paths of the developed and emerging worlds kept international equity markets volatile during the 12-month period. Developed markets contended not only with the heavy fiscal debt burdens of Greece, Ireland and other peripheral European nations, but also a generally slower growth outlook that threatened to dampen the global economic recovery. In contrast, emerging market economies remained on pace to deliver higher growth coming out of the global recession, attracting investors despite concerns about inflationary pressures and the potential for aggressive interest rate tightening in the future. This propelled emerging market equities to strongly outperform developed market equities for the period overall (as measured by the MSCI EAFE and MSCI Emerging Markets Indices, respectively).

Performance drivers

We attribute much of the Fund’s outperformance to our decision to underweight utilities and instead focus on quality industrial companies with potential for structural growth as well as sustainable margins. This decision led to a number of positions which boosted relative returns. In China, our market research into the waste water treatment equipment sector led us to avoid Douyan Global Water. This decision supported relative returns as the stock dropped significantly over the course of the year. Similar research on end markets for pulp in South America and irrigation equipment in the U.S. confirmed our investment cases for holdings Andritz and Lindsay, both of which subsequently became the best-performing water stocks in 2010. The decision to not invest in basic construction material companies like Mueller Water or Fomento de Construcciones y Contratas S.A. (FCC) in Spain also proved benefical for the Fund’s performance.

Detrimental to performance were overweight positions in the engineering consultancy segment, particularly Arcadis, Stantec, Tetra Tech and RPS, which suffered from investor concerns about public budget cuts resulting in less public engineering work. The Fund’s returns were also hampered by its lack of exposure to stocks and industries that performed well during the review period. Key detractors included underweightings in U.S. motor manufacturer Franklin Electric, Italian pump and hydraulics producer Interpump, and Finnish chemical company Kemira. Underweightings to selected U.K. water utilities also hurt performance in cases where stocks benefited from speculation about purchases by infrastructure funds.

Average Annual Total Return for the period ended November 30, 2010


	1 Year		Fund Inception† (3/31/08)
Allianz RCM Global Water Fund Class A		9.63%		–3.81%
Allianz RCM Global Water Fund Class A (adjusted)		3.60%		–5.83%
Allianz RCM Global Water Fund Class C		8.70%		–4.55%
Allianz RCM Global Water Fund Class C (adjusted)		7.70%		–4.55%
Allianz RCM Global Water Fund Class D		9.70%		–3.80%
Allianz RCM Global Water Fund Class P		9.95%		–3.56%
Allianz RCM Global Water Fund Institutional Class		9.96%		–3.50%
S&P Global Water Index		10.12%		–2.20%
Lipper Global Natural Resources Funds Average		7.37%		–7.03%

† The Fund began operations on 3/31/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 3/31/08.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at www.allianzinvestors.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 54 and 55 for more information. The Fund’s gross expense ratios are 2.04% for Class A shares, 2.79% for Class C shares, 2.40% for Class D shares, 1.78% for Class P shares and 1.68% for Institutional Class shares. These ratios do not include an expense reduction, contractually agreed through at least 3/31/11. The Fund’s expense ratios net of this reduction are 1.80% for Class A shares, 2.55% for Class C shares, 1.80% for Class D shares, 1.54% for Class P shares and 1.44% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2010, as supplemented to date.


50		Allianz Multi-Strategy Funds

Allianz RCM Global Water Fund (Cont.)

(Unaudited)

Cumulative Returns Through November 30, 2010

LOGO

The benchmark cumulative return began on the last day of the month of the Fund’s inception date.

Country Allocation


United States			45.0%
United Kingdom			16.0%
Switzerland			9.8%
Austria			6.6%
France			5.2%
Japan			3.8%
Hong Kong			3.1%
Brazil			2.4%
Other			5.4%
Cash & Equivalents — Net			2.7%


Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,189.20	$	1,184.10	$	1,191.10	$	1,192.10	$	1,192.70
Expenses Paid During Period	$	9.82	$	13.96	$	9.89	$	8.46	$	7.92

	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,016.09	$	1,012.28	$	1,016.04	$	1,017.35	$	1,017.85
Expenses Paid During Period	$	9.05	$	12.86	$	9.10	$	7.79	$	7.28

For each class of the Fund, expenses (net of waiver and reimbursement) are equal to the annualized expense ratio for the class (1.79% for Class A, 2.55% for Class C, 1.80% for Class D, 1.54% for Class P and 1.44% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/365.


		Annual Report		November 30, 2010		51

Allianz RCM International Opportunities Fund

(Unaudited)

Portfolio Insights

For the 12-month period ended November 30, 2010, Class A Shares of the Allianz RCM International Opportunities Fund returned 1.50%, at NAV, outperforming its benchmark, the MSCI EAFE Index (the “benchmark index”), which returned 1.11% during the reporting period.

Performance helped by stock selection and sector exposures

The Fund’s outperformance during the period was driven by both strong stock selection and sector allocation. Relative underweight positions in financials and utilities benefited performance as did an overweight position in information technology. Stock selection was the most favorable within information technology, health care and consumer staples, as well as within the U.K. and Germany.

The leading performer was LVMH Moet Hennessy Louis Vuitton. Shares of the diversified luxury goods group were bolstered by strong financial results during the period and favorable investor sentiment stemming from positive outlooks for product sales. Another strong performer was Baidu, the dominant online search engine in China. The company gained market share as a censorship dispute between the Chinese government and rival Google caused

Google to temporarily leave the market. Atlas Copco, the Swedish mining and construction equipment maker, also produced strong results during the reporting period as the company continued to benefit from growth in India and China.

The two largest underperforming positions were European financial stocks Banco Santander and BNP Paribas. Both stocks came under pressure from concerns over their exposure to debt in peripheral Europe. However, this was offset by the Fund’s underweighting to financials as a whole along with better performance from other holdings such as Standard Chartered and ANZ Bank. These banks had greater exposure to more robust growth in the Asia Pacific region.

Average Annual Total Return for the period ended November 30, 2010


	1 Year		Fund Inception† (7/15/08)
Allianz RCM International Opportunities Fund Class A		1.50%		–6.62%
Allianz RCM International Opportunities Fund Class A (adjusted)		–4.08%		–8.82%
Allianz RCM International Opportunities Fund Class C		0.71%		–7.34%
Allianz RCM International Opportunities Fund Class C (adjusted)		–0.29%		–7.34%
Allianz RCM International Opportunities Fund Class D		1.42%		–6.65%
Allianz RCM International Opportunities Fund Class P		1.74%		–6.41%
Allianz RCM International Opportunities Fund Institutional Class		1.83%		–6.31%
MSCI EAFE Index		1.11%		–4.92%
Lipper International Large-Cap Growth Funds Average		6.39%		–4.02%

† The Fund began operations on 7/15/08. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 7/31/08.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at www.allianzinvestors.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 54 and 55 for more information. The Fund’s gross expense ratios are 17.58% for Class A shares, 12.95% for Class C shares, 10.14% for Class D shares, 4.66% for Class P shares and 4.56% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/11. The Fund’s expense ratios net of this reduction are 1.56% for Class A shares, 2.31% for Class C shares, 1.56% for Class D shares, 1.30% for Class P shares and 1.20% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 1, 2010, as supplemented to date.


52		Allianz Multi-Strategy Funds

Allianz RCM International Opportunities Fund (Cont.)

(Unaudited)

Cumulative Returns Through November 30, 2010

LOGO

The benchmark cumulative return began on the last day of the month of the Fund’s inception date.

Country Allocation


United Kingdom			19.7%
Japan			16.6%
France			11.8%
Germany			7.5%
Switzerland			7.1%
Netherlands			4.1%
Brazil			3.9%
Sweden			3.4%
Other			22.0%
Cash & Equivalents — Net			3.9%


Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,153.80	$	1,149.10	$	1,153.80	$	1,155.30	$	1,156.20
Expenses Paid During Period	$	8.42	$	12.45	$	8.42	$	7.02	$	6.49

	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (6/1/10)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (11/30/10)	$	1,019.05	$	1,017.25	$	1,013.49	$	1,017.25	$	1,018.55
Expenses Paid During Period	$	6.07	$	7.89	$	11.66	$	7.89	$	6.58

For each class of the Fund, expenses (net of waiver and reimbursement) are equal to the annualized expense ratio for the class (1.56% for Class A, 2.31% for Class C, 1.56% for Class D, 1.30% for Class P and 1.20% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/365.


		Annual Report		November 30, 2010		53

Important Information

The inception date on each Fund Summary page is the inception date of the Fund’s oldest share class or classes. The oldest share class for Allianz RCM Global EcoTrends^SM Fund is the A share class, and the C, D, P, and Institutional Class shares were first offered in 9/08. Prior to this date, the Fund was a closed-end interval fund. The oldest share classes for Allianz RCM Global Water Fund are A, C, D, and P, and the Institutional Class shares were first offered in 7/08. The oldest share class for Allianz AGIC International Growth Fund is the Institutional share class and the A, C, D, P and R share classes were first offered in 2/09. Allianz Global Investors Solutions Core Allocation Fund reorganized on May 4, 2009 when its predecessor merged into the Trust. The Core Allocation Fund’s shares were first offered in 9/98. On April 12, 2010, the following funds reorganized when their predecessors merged into series of the Trust (including fund’s inception date): Allianz AGIC Convertible Fund (4/93), Allianz AGIC High Yield Bond Fund (7/96), Allianz AGIC International Growth Opportunities Fund (12/97), Allianz AGIC Emerging Growth Fund (10/93), Allianz AGIC Micro Cap Fund (7/95), Allianz AGIC Ultra Micro Cap Fund (1/08), Allianz AGIC Small to Mid Cap Growth Fund (7/07). For each of these new AGIC funds, Institutional Class is the oldest share class, except that for AGIC International Growth Opportunities Fund, the oldest share class of the predecessor fund merged into Class P.

Returns measure performance from the inception of the oldest share class to the present, so some returns predate the inception of the actual share class. Those returns are calculated by adjusting the returns of the oldest share class to reflect the indicated share class’s different operating expenses. Total return performance assumes that all dividend and capital gain distributions were reinvested on the payable date.

Class A shares are subject to an initial sales charge. Class C shares are subject to a 1% contingent deferred sales charge (“CDSC”) for shares redeemed in the first year. Class D shares are continuously offered through financial service firms, such as broker-dealers or registered investment advisers. Class R shares are generally available only to 401(k) plans, 457 plans, employer sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans, non-qualified deferred compensation plans and healthcare benefit funding plans. Class P shares are offered primarily through certain asset allocation, wrap fee and other similar programs offered by broker-dealers and other intermediaries. Institutional Class shares are offered primarily for direct investment by investors such as pension and profit sharing plans, employee benefit trusts, endowments, foundations, corporations and high net worth individuals. Administrative Class shares are offered primarily through employee benefit plan alliances, broker-dealers and other intermediaries.

November 1, 2009, Class B shares of Allianz Multi-Strategy Funds are no longer available for purchase, except through exchanges and dividend reinvestments.

The Lipper Averages are calculated by Lipper, Inc. They are based on the total return performance, with distributions reinvested and operating expenses deducted, of funds included by Lipper in the stated category. Lipper does not take into account sales charges.

The Cumulative Returns charts for each Fund assume the initial investment was made on the first day of the Fund’s initial fiscal year. The charts reflect any sales load that would have applied at the time of purchase or any CDSC that would have applied if a full redemption occurred on the last business day of the most recent fiscal year. Results assume that all dividends and capital gain distributions were reinvested. They do not take into account the effect of taxes. The benchmark cumulative return began on the last day of the month of the respective Fund’s inception date.

Proxy Voting

The Trust’s Investment Manager and each Sub-Adviser have adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by Allianz Funds Multi-Strategy Trust (the “Trust”) as the policies and procedures that the Sub-Advisers will use when voting proxies on behalf of the Funds. Copies of the written Proxy Policy and the factors that the Sub-Advisers may consider in determining how to vote proxies for each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling 1-800-988-8380 (retail classes) or 1-800-498-5413 (Class P, Institutional and Administrative classes) and on the Allianz Global Investors Distributors Web site at www.allianzinvestors.com, and on the Securities and Exchange Commission’s (“SEC”) Web site at http://www.sec.gov.

Form N-Q

The Trust files complete schedules of each Fund’s portfolio holdings with the SEC on Form N-Q for the first and third quarters of each fiscal year, which are available on the SEC’s Web site at http://www.sec.gov. A copy of the Trust’s Form N-Q is available without charge, upon request, by calling 1-800-988-8380 (retail classes) or 1-800-498-5413 (Class P, Institutional and Administrative classes). In addition, the Trust’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.


54		Allianz Multi-Strategy Funds

The following disclosure provides important information regarding each Fund’s Shareholder Expense Example, which appears on each Fund Summary page in this Annual Report. Please refer to this information when reviewing the Shareholder Expense Example for a Fund.

Shareholder Expense Example

Shareholders of a Fund, you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including investment management fees; distribution and/or service (12b-1) fees and other Fund expenses. The Shareholder Expense Example is intended to help shareholders understand ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Shareholder Expense Example is based on an investment of $1,000.00 invested at the beginning of the period, as indicated, and held for the entire period through November 30, 2010.

Actual Expenses

The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = $8.60), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical Performance (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading “Hypothetical Performance (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

All the information on the Fund Summary pages, including Portfolio Insights, Total Return, Cumulative Return charts, Shareholder Expense Examples and Allocation Summaries is unaudited.

Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY, 10105, www.allianzinvestors.com, 1-800-988-8380 (retail classes) or 1-800-498-5413 (Class P, Institutional and Administrative classes).


		Annual Report		November 30, 2010		55

Benchmark Descriptions

Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an index.

Prior to November 1, 2006, performance data for the MSCI Indices was calculated gross of dividend tax withholding. Performance data presently shown for the Indices is net of dividend tax withholding. This recalculation results in lower performance for the Indices.


Index		Description
Barclays Capital U.S. Aggregate Bond Index		The Barclays Capital U.S. Aggregate Bond Index is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, and Asset-Backed Securities Index. It is generally considered to be representative of the domestic, investment-grade, fixed-rate, taxable bond market.

Dow Jones Real Return Target Date Index DJ RR 2015 Index; DJ RR 2020 Index; DJ RR 2030 Index; DJ RR 2040 Index; DJ RR 40+ Index; DJ RR Today Index		Each Dow Jones Real Return Target Date Index is a composite of other indexes. The sub-indexes represent traditional stocks and bonds in addition to real return assets such as inflation-linked bonds, commodities and real estate securities that are considered to potentially counterbalance inflation. The component asset classes are weighted within each index to reflect a targeted level of risk at the beginning and end of the investment horizon. Over time, the weights are adjusted based on predetermined formulas to systematically reduce the level of potential risk as the index’s maturity date approaches.

FTSE ET 50 Index		The FTSE ET 50 Index is comprised of the 50 largest environmental technology companies by market capitalization (approximately $650 million to $9 billion) from a global universe of 400 pure-play environmental technology companies.

Merrill Lynch All Convertibles Index		The Merrill Lynch All Convertibles Index is a widely used, unmanaged index that measures the performance of U.S. dollar-denominated convertible securities not currently in bankruptcy with a total market value greater than $50 million at issuance.

Merrill Lynch High Yield Master II Index		The Merrill Lynch High Yield Master II Index is an unmanaged index consisting of U.S. dollar denominated bonds that are issued in countries having a BBB3 or higher debt rating with at least one year remaining until maturity. All bonds must have a credit rating below investment grade but not in default.

MSCI All Country World Index (Also known as: MSCI AC World Index and MSCI ACWI)		The MSCI All Country World Index (MSCI ACWI) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. As of May 2010 the MSCI ACWI consisted of 45 country indices comprising 24 developed and 21 emerging market country indices.

MSCI China Index		The MSCI China Index consists of a range of country, composite and non-domestic indices for the Chinese market, intended for both international and domestic investors. The Index is calculated according to the MSCI Global Investable Market Indices (GIMI) Methodology.

MSCI EAFE Index		The MSCI Europe Australasia Far East (MSCI EAFE) Index is a widely recognized, unmanaged index of issuers located in the countries of Europe, Australia, and the Far East.

MSCI World Index		The MSCI World Index is a free float adjusted market capitalization index that is designed to measure global developed market equity.

Russell 2000 Growth Index		The Russell 2000 Growth Index is an unmanaged index composed of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2500 Growth Index		The Russell 2500 Growth Index is an unmanaged index composed of those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

Russell Microcap Growth Index		The Russell Microcap Growth Index measures the performance of the microcap growth segment of the U.S. Equity market. It includes those Russell Microcap Index companies with higher price-to-book ratios and higher forecasted growth values.

S&P 500 Index		The Standard & Poor’s 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The Index focuses on the large-cap segment of the U.S. equities market.


56		Allianz Multi-Strategy Funds

Benchmark Descriptions (Cont.)


Index		Description
S&P Developed Ex-US Small Cap Growth Index		The Standard & Poor’s Developed Ex-US Small Cap Growth Index is an unmanaged index representing small capitalization securities, defined as the bottom 15% of any given country’s available market capitalization excluding the U.S.

S&P Global Water Index		The Standard & Poor’s Global Water Index is comprised of 50 of the largest publicly traded companies in water-related businesses that meet specific invest ability requirements. The Index is designed to provide liquid exposure to the leading publicly-listed companies in the global water industry, from both developed markets and emerging markets.


		Annual Report		November 30, 2010		57

Schedules of Investments

November 30, 2010

Allianz Global Investors Solutions 2015 Fund


	Shares		Value
ALLIANZ FUNDS (a)(b)—14.5%
AGIC Emerging Markets Opportunities		2,917		$75,576
AGIC Income & Growth		20,696		256,008
AGIC International		6,434		84,926
NFJ Dividend Value		17,108		184,085
NFJ Small-Cap Value		5,134		147,450
RCM Global Resources (c)		10,315		167,526


Total Allianz Funds (cost—$735,922)				915,571


ALLIANZ FUNDS MULTI-STRATEGY TRUST (a)(b)—9.4%
AGIC Emerging Growth (c)		5,226		67,107
AGIC International Growth Opportunities		3,908		122,919
NFJ Global Dividend Value		6,727		119,935
RCM Disciplined Equity		10,385		157,961
RCM International Opportunities		9,958		126,067


Total Allianz Funds Multi-Strategy Trust (cost—$463,454)				593,989


EXCHANGE-TRADED FUNDS—2.4%
iShares Barclays TIPS Bond Fund (cost—$142,288)		1,418		155,243


OTHER MUTUAL FUNDS (d)—1.2%
ING Global Real Estate Fund (cost—$66,225)		4,674		73,234


PIMCO FUNDS (a)(b)—70.5%
Commodity RealReturn Strategy		14,354		124,161
Floating Income		17,775		158,376
Foreign Bond (U.S. Dollar-Hedged)		44,135		473,568
Income		39,661		445,389
International StocksPlus^® TR Strategy (U.S. Dollar-Hedged)		7,458		66,378
Real Return		160,106		1,855,626
RealEstateRealReturn Strategy		13,903		64,510
Short-Term		52,747		523,775
Total Return		65,570		753,406


Total PIMCO Funds (cost—$3,987,727)				4,465,189


Total Investments (cost—$5,395,616)—98.0%				6,203,226


Other assets less liabilities—2.0%				128,243


Net Assets—100.0%				$6,331,469

Allianz Global Investors Solutions 2020 Fund


	Shares		Value
ALLIANZ FUNDS (a)(b)—17.1%
AGIC Emerging Markets Opportunities		3,365		$87,191
AGIC Income & Growth		20,624		255,120
AGIC International		6,062		80,014
AGIC Systematic Growth		4,240		56,727
NFJ Dividend Value		17,524		188,554
NFJ Small-Cap Value		4,896		140,621
RCM Global Resources (c)		7,248		117,716


Total Allianz Funds (cost—$743,190)				925,943


ALLIANZ FUNDS MULTI-STRATEGY TRUST (a)(b)—12.1%
AGIC Emerging Growth (c)		5,549		71,255
AGIC International Growth Opportunities		4,690		147,508
NFJ Global Dividend Value		8,858		157,936
RCM Disciplined Equity		10,554		160,527
RCM International Opportunities		9,237		116,936


Total Allianz Funds Multi-Strategy Trust (cost—$507,381)				654,162


EXCHANGE-TRADED FUNDS—2.3%
iShares Barclays TIPS Bond Fund (cost—$114,304)		1,139		124,698


OTHER MUTUAL FUNDS (d)—1.1%
ING Global Real Estate Fund (cost—$56,257)		4,027		63,102


PIMCO FUNDS (a)(b)—66.3%
Commodity RealReturn Strategy		19,534		168,972
Floating Income		20,256		180,478
Foreign Bond (U.S. Dollar-Hedged)		35,501		380,928
Income		28,630		321,514
International StocksPlus^® TR Strategy (U.S. Dollar-Hedged)		6,596		58,704
Real Return		117,619		1,363,206
RealEstateRealReturn Strategy		16,239		75,350
Short-Term		37,207		369,462
Total Return		58,616		673,494


Total PIMCO Funds (cost—$3,184,753)				3,592,108


Total Investments (cost—$4,605,885)—98.9%				5,360,013


Other assets less liabilities—1.1%				59,929


Net Assets—100.0%				$5,419,942

Allianz Global Investors Solutions 2030 Fund


	Shares		Value
ALLIANZ FUNDS (a)(b)—27.9%
AGIC Emerging Markets Opportunities		9,699		$251,307
AGIC Income & Growth		24,813		306,935
AGIC International		10,713		141,412
AGIC Opportunity (c)		3,005		64,030
AGIC Systematic Growth		14,680		196,422
NFJ Dividend Value		25,395		273,249
NFJ Renaissance		3,845		63,433
NFJ Small-Cap Value		9,041		259,662
RCM Global Resources (c)		12,562		204,002


Total Allianz Funds (cost—$1,385,786)				1,760,452


ALLIANZ FUNDS MULTI-STRATEGY TRUST (a)(b)—21.2%
AGIC Emerging Growth (c)		21,369		274,382
AGIC International Growth Opportunities		8,817		277,292
NFJ Global Dividend Value		15,326		273,258
RCM Disciplined Equity		19,328		293,977
RCM International Opportunities		17,414		220,467


Total Allianz Funds Multi-Strategy Trust (cost—$1,010,423)				1,339,376


OTHER MUTUAL FUNDS (d)—1.3%
ING Global Real Estate Fund (cost—$75,538)		5,404		84,685


PIMCO FUNDS (a)(b)—48.5%
Commodity RealReturn Strategy		30,024		259,705
Emerging Markets Bond		7,539		84,215
Floating Income		24,740		220,431
Foreign Bond (U.S. Dollar-Hedged)		35,118		376,815
Income		22,016		247,242
International StocksPlus^® TR Strategy (U.S. Dollar-Hedged)		9,683		86,179
Real Return		58,203		674,576
RealEstateRealReturn Strategy		24,064		111,658
Short-Term		37,620		373,561
Total Return		54,193		622,682


Total PIMCO Funds (cost—$2,738,055)				3,057,064


Total Investments (cost—$5,209,802)—98.9%				6,241,577


Other assets less liabilities—1.1%				68,380


Net Assets—100.0%				$6,309,957


Notes to Schedules of Investments:
(a) Affiliated mutual fund.

(b) Institutional Class share of each mutual fund.

(c) Non-income producing.

(d) Class W share of each mutual fund.

Glossary:
TIPS—Treasury Inflation Protected Securities


58		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements

Schedules of Investments

November 30, 2010

Allianz Global Investors Solutions 2040 Fund


	Shares		Value
ALLIANZ FUNDS (a)(b)—40.5%
AGIC Emerging Markets Opportunities		10,852		$281,184
AGIC Income & Growth		28,427		351,639
AGIC International		13,837		182,643
AGIC Opportunity (c)		3,595		76,611
AGIC Systematic Growth		15,746		210,676
NFJ Dividend Value		33,037		355,479
NFJ Renaissance		4,343		71,667
NFJ Small-Cap Value		10,936		314,071
RCM Global Resources (c)		13,321		216,341


Total Allianz Funds (cost—$1,580,295)				2,060,311


ALLIANZ FUNDS MULTI-STRATEGY TRUST (a)(b)—29.3%
AGIC Emerging Growth (c)		24,325		312,333
AGIC International Growth Opportunities		8,860		278,664
NFJ Global Dividend Value		16,475		293,758
RCM Disciplined Equity		23,655		359,787
RCM International Opportunities		19,419		245,842


Total Allianz Funds Multi-Strategy Trust (cost—$1,096,062)				1,490,384


OTHER MUTUAL FUNDS (d)—1.9%
ING Global Real Estate Fund (cost—$87,966)		6,297		98,670


PIMCO FUNDS (a)(b)—27.4%
Commodity RealReturn Strategy		36,465		315,424
Emerging Markets Bond		15,308		170,991
Floating Income		29,555		263,331
Foreign Bond (U.S. Dollar-Hedged)		13,737		147,399
International StocksPlus^® TR Strategy (U.S. Dollar-Hedged)		10,564		94,019
RealEstateRealReturn Strategy		26,330		122,169
Short-Term		18,364		182,354
Total Return		8,601		98,830


Total PIMCO Funds (cost—$1,211,542)				1,394,517


Total Investments (cost—$3,975,865)—99.1%				5,043,882


Other assets less liabilities—0.9%				48,248


Net Assets—100.0%				$5,092,130

Allianz Global Investors Solutions 2050 Fund


	Shares		Value
ALLIANZ FUNDS (a)(b)—42.4%
AGIC Emerging Markets Opportunities		11,137		$288,573
AGIC Income & Growth		27,504		340,221
AGIC International		13,793		182,062
AGIC Opportunity (c)		5,025		107,087
AGIC Systematic Growth		16,117		215,651
NFJ Dividend Value		32,757		352,465
NFJ Renaissance		4,468		73,727
NFJ Small-Cap Value		10,998		315,873
RCM Global Resources (c)		13,226		214,793


Total Allianz Funds (cost—$1,604,658)				2,090,452


ALLIANZ FUNDS MULTI-STRATEGY TRUST (a)(b)—31.3%
AGIC Emerging Growth (c)		25,999		333,826
AGIC International Growth Opportunities		9,238		290,533
NFJ Global Dividend Value		15,895		283,415
RCM Disciplined Equity		25,711		391,067
RCM International Opportunities		19,044		241,094


Total Allianz Funds Multi-Strategy Trust (cost—$1,137,748)				1,539,935


OTHER MUTUAL FUNDS (d)—2.0%
ING Global Real Estate Fund (cost—$87,923)		6,290		98,570


PIMCO FUNDS (a)(b)—23.8%
Commodity RealReturn Strategy		42,372		366,514
Emerging Markets Bond		16,558		184,949
Floating Income		28,436		253,366
Foreign Bond (U.S. Dollar-Hedged)		9,715		104,247
International StocksPlus^® TR Strategy (U.S. Dollar-Hedged)		10,572		94,090
RealEstateRealReturn Strategy		28,065		130,220
Short-Term		3,735		37,093


Total PIMCO Funds (cost—$978,163)				1,170,479


Total Investments (cost—$3,808,492)—99.5%				4,899,436


Other assets less liabilities—0.5%				24,895


Net Assets—100.0%				$4,924,331

Allianz Global Investors Solutions Core Allocation Fund


	Shares		Value
ALLIANZ FUNDS (a)(b)—37.9%
AGIC Emerging Markets Opportunities		391,665		$10,148,032
AGIC Income & Growth		1,092,283		13,511,542
AGIC International		643,908		8,499,585
AGIC Opportunity (c)		256,394		5,463,751
AGIC Systematic Growth		171,665		2,296,875
NFJ Dividend Value		490,913		5,282,224
NFJ Large Cap Value		504,142		6,584,097
NFJ Renaissance		287,256		4,739,720
NFJ Small-Cap Value		252,018		7,237,959
RCM Global Resources (c)		601,391		9,766,587
RCM Large-Cap Growth		789,498		10,381,897

Total Allianz Funds (cost—$66,321,894)				83,912,269


ALLIANZ FUNDS MULTI-STRATEGY TRUST (a)(b)—21.3%
AGIC Emerging Growth (c)		663,684		8,521,701
AGIC International Growth Opportunities		368,436		11,587,301
NFJ Global Dividend Value		574,869		10,249,921
RCM Disciplined Equity		575,151		8,748,041
RCM International Opportunities		645,460		8,171,526

Total Allianz Funds Multi-Strategy Trust (cost—$37,828,798)				47,278,490


OTHER MUTUAL FUNDS (e)—1.0%
ING Global Real Estate Fund (cost—$2,039,788)		146,135		2,287,018


PIMCO FUNDS (a)(b)—39.5%
Commodity RealReturn Strategy		842,675		7,289,141
Emerging Markets Bond		384,514		4,295,016
Floating Income		829,608		7,391,805
Foreign Bond (U.S. Dollar-Hedged)		1,257,964		13,497,956
International StocksPlus^® TR Strategy (U.S. Dollar-Hedged)		367,623		3,271,848
Real Return		1,473,816		17,081,529
RealEstateRealReturn Strategy		780,292		3,620,554
Short-Term		437,744		4,346,801
Total Return		2,317,257		26,625,280

Total PIMCO Funds (cost—$77,501,206)				87,419,930


	Principal Amount (000s)
Repurchase Agreement—0.3%
State Street Bank & Trust Co., dated 11/30/10, 0.01%, due 12/1/10, proceeds $602,000; collateralized by U.S. Treasury Notes, 1.375%, due 5/15/13, valued at $616,979 including accrued interest
(cost—$602,000)		$602		602,000

Total Investments (cost—$184,293,686)—100.0%				221,499,707

Other assets less liabilities—0.0%				78,709

Net Assets—100.0%				$221,578,416

Notes to Schedules of Investments:
(a) Affiliated mutual fund.

(b) Institutional Class share of each mutual fund.

(c) Non-income producing.

(d) Class W share of each mutual fund.

(e) Class I share of each mutual fund.


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			59

Schedules of Investments

November 30, 2010

Allianz Global Investors Solutions Growth Allocation Fund


	Shares		Value
ALLIANZ FUNDS (a)(b)—42.3%
AGIC Emerging Markets Opportunities		12,361		$320,261
AGIC Income & Growth		33,859		418,840
AGIC International		16,470		217,408
AGIC Opportunity (c)		5,645		120,295
AGIC Systematic Growth		17,773		237,800
NFJ Dividend Value		40,406		434,768
NFJ Renaissance		5,337		88,069
NFJ Small-Cap Value		12,858		369,268
RCM Global Resources (c)		16,683		270,937


Total Allianz Funds (cost—$1,959,981)				2,477,646


ALLIANZ FUNDS MULTI-STRATEGY TRUST (a)(b)—31.2%
AGIC Emerging Growth (c)		28,577		366,929
AGIC International Growth Opportunities		10,166		319,723
NFJ Global Dividend Value		20,284		361,672
RCM Disciplined Equity		30,840		469,072
RCM International Opportunities		24,764		313,506


Total Allianz Funds Multi-Strategy Trust (cost—$1,421,742)				1,830,902


OTHER MUTUAL FUNDS (d)—2.0%
ING Global Real Estate (cost—$104,364)		7,403		116,005


PIMCO FUNDS (a)(b)—24.1%
Commodity RealReturn Strategy		48,799		422,109
Emerging Markets Bond		18,190		203,187
Floating Income		34,001		302,946
Foreign Bond (U.S. Dollar-Hedged)		10,929		117,268
International StocksPlus^® TR Strategy (U.S. Dollar-Hedged)		17,491		155,676
RealEstateRealReturn Strategy		32,820		152,285
Total Return		5,098		58,574


Total PIMCO Funds (cost—$1,209,620)				1,412,045


Total Investments (cost—$4,695,707)—99.6%				5,836,598


Other assets less liabilities—0.4%				25,874


Net Assets—100.0%				$5,862,472

Allianz Global Investors Solutions Retirement Income Fund


	Shares		Value
ALLIANZ FUNDS (a)(b)—12.1%
AGIC Emerging Markets Opportunities		2,174		$56,332
AGIC Income & Growth		23,165		286,551
AGIC International		5,093		67,228
NFJ Dividend Value		16,482		177,345
NFJ Small-Cap Value		4,885		140,301
RCM Global Resources (c)		7,384		119,907


Total Allianz Funds (cost—$704,461)				847,664


ALLIANZ FUNDS MULTI-STRATEGY TRUST (a)(b)—7.9%
AGIC Emerging Growth (c)		4,625		59,382
AGIC International Growth Opportunities		3,139		98,722
NFJ Global Dividend Value		7,428		132,450
RCM Disciplined Equity		9,191		139,789
RCM International Opportunities		9,490		120,150


Total Allianz Funds Multi-Strategy Trust (cost—$452,891)				550,493


EXCHANGE-TRADED FUNDS—2.3%
iShares Barclays TIPS Bond Fund (cost—$149,963)		1,493		163,454


OTHER MUTUAL FUNDS (d)—0.9%
ING Global Real Estate Fund (cost—$59,108)		4,209		65,947


PIMCO FUNDS (a)(b)—74.9%
Commodity RealReturn Strategy		13,136		113,621
Floating Income		11,187		99,680
Foreign Bond (U.S. Dollar-Hedged)		51,705		554,793
Income		48,745		547,407
International StocksPlus^® TR Strategy (U.S. Dollar-Hedged)		8,410		74,850
Real Return		197,759		2,292,027
RealEstateRealReturn Strategy		16,293		75,600
Short-Term		69,621		691,338
Total Return		69,838		802,438


Total PIMCO Funds (cost—$4,758,732)				5,251,754


	Principal Amount (000s)
Repurchase Agreement—1.5%
State Street Bank & Trust Co., dated 11/30/10, 0.01%, due 12/1/10, proceeds $105,000; collateralized by U.S. Treasury Notes, 1.375%, due 5/15/13, valued at $112,178 including accrued interest
(cost—$105,000)		$105		$105,000

Total Investments (cost—$6,230,155)—99.6%				6,984,312

Other assets less liabilities—0.4%				31,244

Net Assets—100.0%				$7,015,556




Notes to Schedules of Investments:
(a) Affiliated mutual fund.

(b) Institutional Class share of each mutual fund.

(c) Non-income producing.

(d) Class W share of each mutual fund.

Glossary:
TIPS—Treasury Inflation Protected Securities


60		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements

Schedule of Investments

Allianz AGIC Convertible Fund

November 30, 2010

Credit
Rating
(Moody’s/
S&P)*

Principal
Amount
(000s)

Value

CONVERTIBLE BONDS—82.5%

Aerospace & Defense—1.2%

Triumph Group, Inc.,

2.625%, 10/1/26

NR/NR

$3,745

$5,935,825

Airlines—1.2%

Continental Airlines, Inc.,

4.50%, 1/15/15

B3/CCC+

3,560

5,954,100

Auto Components—3.8%

BorgWarner, Inc.,

3.50%, 4/15/12

NR/BBB

3,625

6,805,938

Titan International, Inc., (a)

5.625%, 1/15/17

NR/B+

3,460

6,228,000

TRW Automotive, Inc., (a)

3.50%, 12/1/15

B2/B+

3,390

6,013,012

19,046,950

Automotive—1.2%

Ford Motor Co.,

4.25%, 12/15/36

Ba3/B

3,165

6,100,538

Biotechnology—2.4%

Gilead Sciences, Inc., (a)

1.625%, 5/1/16

NR/NR

5,395

5,691,725

Illumina, Inc.,

0.625%, 2/15/14

NR/NR

2,370

6,538,238

12,229,963

Building & Construction—2.5%

Lennar Corp., (a)

2.00%, 12/1/20

B3/B+

6,625

6,210,938

MasTec, Inc.,

4.00%, 6/15/14

NR/B+

5,445

6,534,000

12,744,938

Commercial Services—3.7%

Alliance Data Systems Corp.,

1.75%, 8/1/13

NR/NR

5,840

6,015,200

Coinstar, Inc.,

4.00%, 9/1/14

NR/BB+

3,740

6,502,925

United Rentals, Inc.,

4.00%, 11/15/15

NR/NR

3,285

6,372,900

18,891,025

Communications—6.2%

Digital River, Inc., (a)

2.00%, 11/1/30

NR/NR

6,085

6,092,606

Interpublic Group of Cos., Inc.,

4.75%, 3/15/23

Ba2/BB

5,515

6,459,444

Priceline.com, Inc., (a)

1.25%, 3/15/15

NR/BBB-

4,420

6,497,400

Symantec Corp.,

1.00%, 6/15/13

NR/BBB

5,590

6,421,512

VeriSign, Inc.,

3.25%, 8/15/37

NR/NR

5,335

6,088,569

31,559,531

Computers & Peripherals—3.5%

EMC Corp.,

1.75%, 12/1/13

NR/A-

4,335

6,242,400

NetApp, Inc.,

1.75%, 6/1/13

NR/NR

2,710

4,498,600

SanDisk Corp.,

1.50%, 8/15/17

NR/BB-

6,235

6,694,831

17,435,831

Diversified Manufacturing—3.5%

Actuant Corp.,

2.00%, 11/15/23

NR/B+

5,110

6,272,525

Griffon Corp., (a)

4.00%, 1/15/17

NR/NR

5,070

5,399,550


	Credit Rating (Moody’s/ S&P)*		Principal Amount (000s)		Value

Textron, Inc.,
4.50%, 5/1/13		NR/BBB-		$3,215		$5,835,225

						17,507,300

Electrical Equipment—2.3%
EnerSys,
3.375%, 6/1/38		B2/BB		5,915		6,602,619
General Cable Corp., VRN, (b)
4.50%, 11/15/29		B2/B		4,225		4,842,906

						11,445,525

Energy—1.2%
Peabody Energy Corp.,
4.75%, 12/15/66		Ba3/B+		5,020		6,293,825

Healthcare & Hospitals—2.4%
AMERIGROUP Corp.,
2.00%, 5/15/12		NR/BB		5,340		6,141,000
Fisher Scientific International, Inc.,
3.25%, 3/1/24		Baa2/BBB+		4,550		5,903,625

						12,044,625

Hotels/Gaming—2.4%
Gaylord Entertainment Co., (a)
3.75%, 10/1/14		NR/NR		4,335		6,161,119
Wyndham Worldwide Corp.,
3.50%, 5/1/12		Ba1/BBB-		2,610		6,084,562

						12,245,681

Household Durables—1.1%
Newell Rubbermaid, Inc.,
5.50%, 3/15/14		NR/BBB-		2,540		5,346,700

Insurance—2.3%
American Equity Investment Life Holding Co., (a)
3.50%, 9/15/15		NR/NR		5,545		5,995,531
MGIC Investment Corp.,
5.00%, 5/1/17		NR/CCC+		5,190		5,592,225

						11,587,756

Machinery—2.5%
AGCO Corp.,
1.25%, 12/15/36		NR/BB+		4,935		6,236,606
Roper Industries, Inc.,
zero coupon, 1/15/34		Ba1/BB+		7,030		6,344,575

						12,581,181

Materials & Processing—3.6%
Alcoa, Inc.,
5.25%, 3/15/14		Baa3/NR		2,860		6,224,075
Newmont Mining Corp.,
1.25%, 7/15/14		NR/BBB+		4,325		6,033,375
Steel Dynamics, Inc.,
5.125%, 6/15/14		NR/BB+		5,125		6,073,125

						18,330,575

Multi-Media—2.4%
Liberty Media LLC,
3.125%, 3/30/23		B1/BB-		5,365		5,928,325
3.50%, 1/15/31		B1/BB-		11,345		6,012,850

						11,941,175

Oil & Gas—4.6%
Cameron International Corp.,
2.50%, 6/15/26		Baa1/BBB+		4,440		6,199,350

Credit
Rating
(Moody’s/
S&P)*

Principal
Amount
(000s)

Value

Oil States International, Inc.,

2.375%, 7/1/25

NR/NR

$3,395

$6,454,744

Petroleum Development Corp., (a)

3.25%, 5/15/16

NR/NR

3,540

3,792,225

Pioneer Natural Resources Co.,

2.875%, 1/15/38

NR/BB+

4,770

6,785,325

23,231,644

Pharmaceuticals—7.1%

BioMarin Pharmaceutical, Inc.,

1.875%, 4/23/17

NR/B-

4,845

7,037,362

Endo Pharmaceuticals Holdings, Inc.,

1.75%, 4/15/15

NR/NR

4,460

6,004,275

Mylan, Inc.,

3.75%, 9/15/15

NR/BB-

3,610

5,920,400

Salix Pharmaceuticals Ltd.,

2.75%, 5/15/15

NR/NR

5,380

6,657,750

Teva Pharmaceutical Finance Co. BV,

1.75%, 2/1/26

A3/A-

1,045

1,122,069

Valeant Pharmaceuticals International, Inc., (a)

5.375%, 8/1/14

NR/NR

2,650

5,121,125

Viropharma, Inc.,

2.00%, 3/15/17

NR/NR

3,745

4,039,919

35,902,900

Real Estate Investment Trust—3.7%

Boston Properties L.P.,

3.75%, 5/15/36

NR/A-

5,735

6,344,344

Developers Diversified Realty Corp.,

1.75%, 11/15/40

NR/NR

6,330

6,314,175

Host Hotels & Resorts L.P., (a)

2.50%, 10/15/29

NR/BB+

4,560

6,104,700

18,763,219

Retail—1.8%

RadioShack Corp., (a)

2.50%, 8/1/13

Ba1/NR

2,805

2,973,300

Saks, Inc.,

2.00%, 3/15/24

B3/B+

6,030

6,346,575

9,319,875

Technology—9.9%

Cadence Design Systems, Inc., (a)

2.625%, 6/1/15

NR/NR

4,870

5,984,012

Concur Technologies, Inc., (a)

2.50%, 4/15/15

NR/NR

5,190

6,098,250

CSG Systems International, Inc., (a)

3.00%, 3/1/17

NR/NR

4,300

4,423,625

Intel Corp.,

3.25%, 8/1/39

A2/A-

4,930

6,020,762

Nuance Communications, Inc.,

2.75%, 8/15/27

NR/B-

5,800

6,735,250

Rovi Corp., (a)

2.625%, 2/15/40

NR/NR

4,790

6,376,688

Salesforce.com, Inc., (a)

0.75%, 1/15/15

NR/NR

3,785

6,543,319

Teradyne, Inc.,

4.50%, 3/15/14

NR/NR

1,775

4,095,813

Veeco Instruments, Inc.,

4.125%, 4/15/12

NR/NR

2,305

3,722,575

50,000,294

Telecommunications—4.0%

Anixter International, Inc.,

1.00%, 2/15/13

NR/B+

5,410

5,890,137


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			61

Schedule of Investments (cont.)

Allianz AGIC Convertible Fund

November 30, 2010

Credit
Rating
(Moody’s/
S&P)*

Principal
Amount
(000s)

Value

Qwest Communications International, Inc., (d)(e)

3.50%, 11/15/25

WR/B+

$4,440

$6,434,004

SBA Communications Corp.,

1.875%, 5/1/13

NR/NR

5,520

5,996,100

Time Warner Telecom, Inc.,

2.375%, 4/1/26

B3/B-

1,905

2,083,594

20,403,835

Toys—0.7%

Jakks Pacific, Inc., (a)

4.50%, 11/1/14

NR/NR

2,695

3,783,106

Wholesale—1.3%

WESCO International, Inc.,

6.00%, 9/15/29

NR/B

3,560

6,755,100

Total Convertible Bonds
(cost—$349,756,145)

417,383,017

CONVERTIBLE PREFERRED STOCK—11.8%

Automobiles—1.2%

General Motors Co., Ser. B, (f)

4.75%, 12/1/13

NR/NR

122,125

6,191,738

Diversified Financial Services—1.2%

Citigroup, Inc.,

7.50%, 12/15/12

NR/NR

49,335

6,166,875

Financial Services—3.6%

AMG Capital Trust I,

5.10%, 4/15/36

NR/BB

144,275

6,925,200

Fifth Third Bancorp, Ser. G, (c)

8.50%, 6/30/13

Ba1/BB

45,170

5,984,077

SLM Corp., Ser. C,

7.25%, 12/15/10

Ba3/BB-

8,425

4,927,698

17,836,975

Food Products—1.0%

Archer-Daniels-Midland Co.,

6.25%, 6/1/11

NR/BBB+

134,765

5,084,683

Household Durables—1.2%

Stanley Black & Decker, Inc., (f)

4.75%, 11/17/15

Baa3/BBB+

59,730

6,084,695

Insurance—1.0%

XL Group PLC,

10.75%, 8/15/11

Baa2/BBB-

182,200

5,203,632

Oil, Gas & Consumable Fuels—1.2%

Apache Corp., Ser. D,

6.00%, 8/1/13

NR/NR

100,050

6,068,032

Transportation—1.4%

Kansas City Southern, (c)

5.125%, 2/20/11

NR/B-

4,305

6,887,010

Total Convertible Preferred Stock

(cost—$53,130,322)

59,523,640

Credit
Rating
(Moody’s/
S&P)*

Principal
Amount
(000s)

Value

SHORT-TERM INVESTMENTS—5.3%

Convertible Bonds—2.6%

Biotechnology—1.3%

United Therapeutics Corp.,

0.50%, 10/15/11

NR/NR

$3,945

$6,657,188

Oil & Gas—1.3%

Core Laboratories L.P.,

0.25%, 10/31/11

NR/NR

3,430

6,444,112

Total Convertible Bonds

(cost—$11,134,996)

13,101,300

Repurchase Agreement—2.7%

State Street Bank & Trust Co., dated 11/30/10, 0.01%, due 12/1/10, proceeds $13,723,004; collateralized by U.S. Treasury Notes, 1.375%, due 5/15/13, valued at $14,001,854, including accrued interest

(cost—$13,723,000)

13,723

13,723,000

Total Short-Term Investments

(cost—$24,857,996)

26,824,300

Total Investments

(cost—$427,744,463)—99.6%

503,730,957

Other assets less
liabilities—0.4%

1,840,990

Net Assets—100.0%

$505,571,947




Notes to Schedule of Investments:
* Unaudited.

(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

(b) Step Bond—Coupon is a fixed rate for an initial period then resets at a specific date and rate.

(c) Perpetual maturity. Maturity date shown is the first call date.

(d) Fair-Valued—Security with a value of $6,434,004, representing 1.3% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(e) Security converted, to be settled after November 30, 2010.

(f) Non-income producing.

Glossary:
NR—Not Rated

VRN—Variable Rate Note. Instruments whose interest rates change on specified date (such as a coupon date or interest payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). The interest rate disclosed reflects the rate in effect on November 30, 2010.

WR—Withdrawn Rating


62		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements

Schedule of Investments

Allianz AGIC Emerging Growth Fund

November 30, 2010


	Shares		Value

COMMON STOCK—98.5%
Aerospace & Defense—1.4%
AAR Corp. (a)		5,900		$144,904
Triumph Group, Inc.		1,500		126,195

				271,099

Air Freight & Logistics—0.6%
UTI Worldwide, Inc.		6,700		128,975

Auto Components—0.8%
Modine Manufacturing Co. (a)		10,800		149,688

Biotechnology—2.2%
BioMarin Pharmaceutical, Inc. (a)		5,900		159,772
Incyte Corp. Ltd. (a)		7,100		103,021
Martek Biosciences Corp. (a)		3,600		79,200
Regeneron Pharmaceuticals, Inc. (a)		3,200		92,224

				434,217

Building Products—0.5%
Griffon Corp. (a)		8,300		100,596

Capital Markets—1.3%
BGC Partners, Inc., Class A		17,300		132,345
MF Global Holdings Ltd. (a)		16,200		127,170

				259,515

Chemicals—4.8%
Cytec Industries, Inc.		2,000		95,660
Ferro Corp. (a)		14,600		208,342
Kraton Performance Polymers, Inc. (a)		3,900		111,072
Methanex Corp.		5,500		161,205
PolyOne Corp. (a)		10,700		133,322
Terra Nitrogen Co. L.P. (a)		1,200		116,304
TPC Group, Inc. (a)		4,800		134,016

				959,921

Commercial Services & Supplies—2.4%
Deluxe Corp.		6,000		127,140
Knoll, Inc.		7,800		119,730
Metalico, Inc. (a)		23,600		103,132
Steelcase, Inc., Class A		14,800		141,784

				491,786

Communications Equipment—2.5%
ADTRAN, Inc.		4,000		124,560
Finisar Corp. (a)		4,300		82,216
Ixia (a)		8,600		136,396
Riverbed Technology, Inc. (a)		4,600		155,986

				499,158

Construction & Engineering—1.4%
Chicago Bridge & Iron Co. NV (a)		4,800		135,888
MasTec, Inc. (a)		10,100		144,733

				280,621

Consumer Finance—0.8%
First Cash Financial Services, Inc. (a)		5,900		169,861

Containers & Packaging—0.5%
Boise, Inc.		13,200		97,020

Diversified Consumer Services—0.6%
Sotheby’s		2,900		116,319

Diversified Financial Services—0.5%
Compass Diversified Holdings		6,400		106,240

Diversified Telecommunication Services—0.6%
AboveNet, Inc. (a)		2,000		117,400


	Shares		Value

Electrical Equipment—3.2%
Baldor Electric		3,100		$196,261
Belden, Inc.		5,300		176,384
EnerSys (a)		4,200		126,798
GrafTech International Ltd. (a)		7,100		139,160

				638,603

Electronic Equipment, Instruments & Components—1.4%
OSI Systems, Inc. (a)		4,300		149,941
Vishay Intertechnology, Inc. (a)		9,400		134,044

				283,985

Energy Equipment & Services—1.7%
Complete Production Services, Inc. (a)		6,900		196,305
RPC, Inc.		4,800		140,640

				336,945

Food & Staples Retailing—1.0%
Pantry, Inc. (a)		5,100		104,754
United Natural Foods, Inc. (a)		2,500		93,600

				198,354

Food Products—2.5%
B&G Foods, Inc.		10,400		132,912
Darling International, Inc. (a)		12,000		138,960
Diamond Foods, Inc.		3,000		139,620
Hain Celestial Group, Inc. (a)		3,100		82,181

				493,673

Health Care Equipment & Supplies—1.1%
Hill-Rom Holdings, Inc.		3,400		134,572
Natus Medical, Inc. (a)		6,300		81,018

				215,590

Health Care Providers & Services—2.2%
Air Methods Corp. (a)		2,900		142,767
Health Management Associates, Inc., Class A (a)		18,200		162,162
MWI Veterinary Supply, Inc. (a)		2,300		140,530

				445,459

Hotels, Restaurants & Leisure—3.6%
Buffalo Wild Wings, Inc. (a)		2,500		121,225
Cracker Barrel Old Country Store, Inc.		1,800		94,788
DineEquity, Inc. (a)		2,200		117,524
Gaylord Entertainment Co. (a)		4,800		164,784
Ruby Tuesday, Inc. (a)		7,700		98,483
Six Flags Entertainment Corp. (a)		2,300		124,775

				721,579

Internet Software & Services—2.1%
IAC/InterActiveCorp. (a)		5,400		152,064
SAVVIS, Inc. (a)		5,600		140,728
Terremark Worldwide, Inc. (a)		10,400		124,436

				417,228

IT Services—3.6%
Acxiom Corp. (a)		7,700		130,977
Camelot Information Systems, Inc. ADR (a)		1,600		34,904
CSG Systems International, Inc. (a)		6,200		116,684
iGate Corp.		6,000		120,000
VeriFone Holdings, Inc. (a)		5,100		177,225
Wright Express Corp. (a)		3,500		150,745

				730,535


	Shares		Value

Leisure Equipment & Products—0.6%
Polaris Industries, Inc.		1,700		$123,573

Life Sciences Tools & Services—1.1%
Bruker Corp. (a)		8,600		132,612
Parexel International Corp. (a)		5,500		96,580

				229,192

Machinery—7.3%
ArvinMeritor, Inc. (a)		8,300		148,155
Chart Industries, Inc. (a)		5,600		177,128
CIRCOR International, Inc.		3,500		138,250
Greenbrier Cos., Inc. (a)		7,800		146,328
NACCO Industries, Inc., Class A		1,300		120,393
Nordson Corp.		1,300		103,259
Robbins & Myers, Inc.		4,500		139,545
Sauer-Danfoss, Inc. (a)		4,800		145,872
Titan International, Inc.		10,300		164,594
Wabash National Corp. (a)		16,400		173,020

				1,456,544

Marine—0.4%
American Commercial Lines, Inc. (a)		2,700		89,100

Media—2.5%
Knology, Inc. (a)		10,700		164,673
Liberty Media Corp.—Capital, Ser. A (a)		4,000		230,320
Sinclair Broadcast Group, Inc., Class A		14,500		112,375

				507,368

Metals & Mining—2.5%
Century Aluminum Co. (a)		8,600		119,067
Globe Specialty Metals, Inc.		8,200		132,922
Horsehead Holding Corp. (a)		11,300		131,419
Worthington Industries, Inc.		7,900		126,558

				509,966

Oil, Gas & Consumable Fuels—9.7%
Atlas Pipeline Partners L.P. (a)		5,100		121,329
Berry Petroleum Co., Class A		3,500		133,385
Brigham Exploration Co. (a)		5,400		135,810
Carrizo Oil & Gas, Inc. (a)		6,100		177,022
Clayton Williams Energy, Inc. (a)		2,000		150,320
Georesources, Inc. (a)		7,000		139,440
Gulfport Energy Corp. (a)		9,000		167,760
International Coal Group, Inc. (a)		17,300		131,653
Northern Oil and Gas, Inc. (a)		7,700		175,945
Petroleum Development Corp. (a)		3,500		124,670
Swift Energy Co. (a)		5,000		182,450
Transglobe Energy Corp. (a)		10,900		181,049
World Fuel Services Corp.		4,000		120,400

				1,941,233

Pharmaceuticals—2.6%
Endo Pharmaceuticals Holdings, Inc. (a)		4,300		154,843
Jazz Pharmaceuticals, Inc. (a)		7,200		119,880
Nektar Therapeutics (a)		10,400		131,768
Salix Pharmaceuticals Ltd. (a)		2,800		125,020

				531,511

Professional Services—1.9%
Acacia Research—Acacia Technologies (a)		3,500		95,375
Korn/Ferry International (a)		8,000		138,560
SFN Group, Inc. (a)		16,100		137,977

				371,912


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			63

Schedule of Investments (cont.)

Allianz AGIC Emerging Growth Fund

November 30, 2010


	Shares		Value

Real Estate Management & Development—0.8%
Forest City Enterprises, Inc., Class A (a)		10,200		$156,570

Road & Rail—2.6%
Arkansas Best Corp.		4,800		118,248
Avis Budget Group, Inc. (a)		10,200		135,558
Genesee & Wyoming, Inc., Class A (a)		3,200		151,968
Marten Transport Ltd.		5,600		120,400

				526,174

Semiconductors & Semiconductor Equipment—4.9%
Advanced Energy Industries, Inc. (a)		7,200		84,096
Daqo New Energy Corp. ADR (a)		7,400		77,774
Entropic Communications, Inc. (a)		25,800		230,652
JA Solar Holdings Co., Ltd. ADR (a)		13,600		94,248
LDK Solar Co., Ltd. ADR (a)		9,200		92,000
Netlogic Microsystems, Inc. (a)		2,600		81,120
Renesola Ltd. ADR (a)		10,900		89,707
Skyworks Solutions, Inc. (a)		3,500		89,075
TriQuint Semiconductor, Inc. (a)		12,700		151,257

				989,929

Software—6.6%
Ariba, Inc. (a)		6,000		121,410
Cadence Design Systems, Inc. (a)		14,800		116,328
Compuware Corp. (a)		12,200		125,660
Mentor Graphics Corp. (a)		13,000		146,185
Netscout Systems, Inc. (a)		4,400		97,196
Quest Software, Inc. (a)		4,700		118,910
Taleo Corp., Class A (a)		4,400		135,080
THQ, Inc. (a)		26,700		136,170
TIBCO Software, Inc. (a)		8,900		174,796
Verint Systems, Inc. (a)		4,600		151,340

				1,323,075

Specialty Retail—4.5%
AnnTaylor Stores Corp. (a)		5,800		156,078
JOS A Bank Clothiers, Inc. (a)		2,750		123,860
Men’s Wearhouse, Inc.		4,600		131,192
OfficeMax, Inc. (a)		7,100		121,339
PEP Boys-Manny Moe & Jack		8,100		100,359
Sally Beauty Holdings, Inc. (a)		11,100		152,625
Tractor Supply Co.		2,900		123,163

				908,616

Textiles, Apparel & Luxury Goods—2.1%
Deckers Outdoor Corp. (a)		2,400		184,560
Oxford Industries, Inc.		4,800		118,560
Steven Madden Ltd. (a)		2,600		117,650

				420,770

Thrifts & Mortgage Finance—0.5%
MGIC Investment Corp. (a)		12,800		109,056

Trading Companies & Distributors—4.6%
Aircastle Ltd.		13,500		129,330
Rush Enterprises, Inc., Class A (a)		6,600		115,962
TAL International Group, Inc.		5,400		152,982
Titan Machinery, Inc. (a)		6,100		127,886
United Rentals, Inc. (a)		6,800		133,416
Watsco, Inc.		1,800		108,486


	Shares		Value

WESCO International, Inc. (a)		3,300		$157,476

				925,538


Total Common Stock (cost—$15,396,494)				19,784,494


	Principal Amount (000s)
Repurchase Agreement—1.8%
State Street Bank & Trust Co., dated 11/30/10, 0.01%, due 12/1/10, proceeds $354,000; collateralized by U.S. Treasury Notes, 1.375%, due 5/15/13, valued at $362,029 including accrued interest (cost—$354,000)		$354		354,000


Total Investments (cost—$15,750,494)—100.3%				20,138,494


Liabilities in excess of other assets—(0.3)%				(59,679	)


Net Assets—100.0%				$20,078,815


Notes to Schedule of Investments:
(a) Non-income producing.

Glossary:
ADR—American Depositary Receipt


64		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements

Schedule of Investments

Allianz AGIC High Yield Bond Fund

November 30, 2010

Credit
Rating
(Moody’s/
S&P)*

Principal
Amount
(000s)

Value

CORPORATE BONDS & NOTES—96.5%

Aerospace & Defense—2.4%

BE Aerospace, Inc.,

8.50%, 7/1/18

Ba3/BB

$675

$735,750

TransDigm, Inc.,

7.75%, 7/15/14

B3/B-

895

924,088

Triumph Group, Inc.,

8.00%, 11/15/17

B1/B+

620

641,700

2,301,538

Apparel & Textiles—1.1%

Oxford Industries, Inc.,

11.375%, 7/15/15

B1/BB-

245

276,238

Quiksilver, Inc.,

6.875%, 4/15/15

Caa1/CCC+

845

806,975

1,083,213

Auto Components—3.7%

American Axle & Manufacturing, Inc.,

7.875%, 3/1/17

B3/B-

1,715

1,706,425

Cooper-Standard Automotive, Inc., (a)

8.50%, 5/1/18

B2/B+

865

926,631

Titan International, Inc., (a)

7.875%, 10/1/17

B1/B+

880

919,600

3,552,656

Automotive—0.7%

Navistar International Corp.,

8.25%, 11/1/21

B1/BB-

650

700,375

Building & Construction—4.8%

Beazer Homes USA, Inc., (a)

9.125%, 5/15/19

Caa2/CCC

1,760

1,663,200

Interline Brands, Inc., (a)

7.00%, 11/15/18

B2/BB-

1,500

1,513,125

MasTec, Inc.,

7.625%, 2/1/17

B1/B+

655

655,000

Standard Pacific Corp.,

8.375%, 5/15/18

B3/B-

710

734,850

4,566,175

Chemicals—3.0%

Hexion US Finance Corp.,

8.875%, 2/1/18

B3/CCC+

965

998,775

Huntsman International LLC,

8.625%, 3/15/20

B3/B-

785

841,913

Momentive Performance Materials, Inc.,

11.50%, 12/1/16

Caa2/CCC

1,000

1,055,000

2,895,688

Commercial Services—10.9%

Avis Budget Car Rental LLC,

7.75%, 5/15/16

B3/B

865

869,325

Cardtronics, Inc.,

8.25%, 9/1/18

B2/BB-

960

1,008,000

Cenveo Corp.,

7.875%, 12/1/13

Caa1/B-

650

638,625

10.50%, 8/15/16 (a)

B3/B-

1,000

1,032,500

Deluxe Corp.,

7.375%, 6/1/15

Ba1/BB-

595

618,800

Hertz Corp.,

10.50%, 1/1/16

B3/CCC+

590

622,450

Interactive Data Corp., (a)

10.25%, 8/1/18

Caa1/B-

565

613,025

KAR Auction Services, Inc.,

8.75%, 5/1/14

B3/CCC+

830

862,163

National Money Mart Co.,

10.375%, 12/15/16

B2/B+

810

866,700

Credit
Rating
(Moody’s/
S&P)*

Principal
Amount
(000s)

Value

PHH Corp., (a)

9.25%, 3/1/16

Ba2/BB+

$680

$700,400

RSC Equipment Rental, Inc.,

9.50%, 12/1/14

Caa2/B-

920

952,200

United Rentals North America, Inc.,

8.375%, 9/15/20

Caa1/CCC+

1,625

1,612,812

10,397,000

Communications—1.2%

Affinion Group, Inc.,

11.50%, 10/15/15

Caa1/B-

1,085

1,098,562

Consumer Products—1.3%

Jarden Corp.,

7.50%, 5/1/17

B2/B

430

452,575

Revlon Consumer Products Corp.,

9.75%, 11/15/15

B3/B

745

785,975

1,238,550

Diversified Manufacturing—0.9%

Polypore International, Inc., (a)

7.50%, 11/15/17

B3/B-

645

$656,288

Polypore, Inc.,

8.75%, 5/15/12

B3/B-

182

183,365

839,653

Electrical Equipment—0.7%

General Cable Corp.,

7.125%, 4/1/17

Ba3/B+

620

637,050

Electronics—3.7%

Kemet Corp., (a)

10.50%, 5/1/18

B1/B

1,495

1,607,125

NXP BV, (a)

9.75%, 8/1/18

B3/B-

1,000

1,085,000

Sanmina-SCI Corp.,

8.125%, 3/1/16

B2/CCC+

850

856,375

3,548,500

Energy—0.8%

Cloud Peak Energy Resources LLC,

8.25%, 12/15/17

B1/BB-

675

739,125

Financial Services—6.5%

Ally Financial, Inc.,

6.75%, 12/1/14

B3/B

972

1,003,590

American General Finance Corp.,

6.90%, 12/15/17

B3/B

715

570,212

BAC Capital Trust XI,

6.625%, 5/23/36

Baa3/BB

530

511,810

CIT Group, Inc.,

7.00%, 5/1/16

B3/B+

1,600

1,580,000

Ford Motor Credit Co. LLC,

8.125%, 1/15/20

Ba2/B+

795

912,596

International Lease Finance Corp., (a)

8.625%, 9/15/15

B1/BB+

545

576,338

SLM Corp.,

8.45%, 6/15/18

Ba1/BBB-

1,000

1,044,832

6,199,378

Health Care Equipment & Supplies—0.6%

Hanger Orthopedic Group, Inc., (a)

7.125%, 11/15/18

B3/B

585

574,031

Healthcare & Hospitals—3.5%

Community Health Systems, Inc.,

8.875%, 7/15/15

B3/B

1,490

1,562,637

HCA, Inc.,

9.25%, 11/15/16

B2/BB-

860

922,350

Sun Healthcare Group, Inc.,

9.125%, 4/15/15

B3/CCC+

755

811,625

3,296,612

Credit
Rating
(Moody’s/
S&P)*

Principal
Amount
(000s)

Value

Hotels/Gaming—2.2%

Harrah’s Operating Co., Inc.,

11.25%, 6/1/17

Caa1/B

$315

$344,925

12.75%, 4/15/18 (a)

Ca/CCC

1,005

989,925

MGM Resorts International,

11.375%, 3/1/18

Caa1/CCC+

705

729,675

2,064,525

Household Durables—0.9%

Libbey Glass, Inc., (a)

10.00%, 2/15/15

B2/B

765

822,375

Internet Software & Services—1.2%

Equinix, Inc.,

8.125%, 3/1/18

Ba2/B+

465

489,412

Terremark Worldwide, Inc.,

12.00%, 6/15/17

B1/B-

610

692,350

1,181,762

Leisure—2.4%

NCL Corp. Ltd.,

9.50%, 11/15/18 (a)

Caa1/B

385

394,144

11.75%, 11/15/16

B2/B+

520

591,500

Travelport LLC,

9.875%, 9/1/14

B3/CCC+

1,360

1,353,200

2,338,844

Leisure Equipment & Products—0.8%

Scientific Games Corp., (a)

8.125%, 9/15/18

B1/BB-

735

740,512

Machinery—0.8%

Baldor Electric Co.,

8.625%, 2/15/17

B3/B

695

778,400

Materials & Processing—0.8%

Novelis, Inc.,

11.50%, 2/15/15

B1/B-

620

762,600

Multi-Media—4.4%

Cablevision Systems Corp.,

8.625%, 9/15/17

B1/B+

655

715,587

CCO Holdings LLC, (a)

7.875%, 4/30/18

B2/B

450

468,000

Clear Channel Worldwide Holdings, Inc.,

9.25%, 12/15/17

B2/B

800

852,000

McClatchy Co.,

11.50%, 2/15/17

B1/B-

350

368,375

Media General, Inc.,

11.75%, 2/15/17

B2/B

950

983,250

Mediacom Broadband LLC,

8.50%, 10/15/15

B3/B-

780

781,950

4,169,162

Oil & Gas—8.3%

Allis-Chalmers Energy, Inc.,

9.00%, 1/15/14

Caa1/B-

810

826,200

BreitBurn Energy Partners L.P., (a)

8.625%, 10/15/20

B3/B+

900

902,250

Carrizo Oil & Gas, Inc., (a)

8.625%, 10/15/18

B3/B-

1,485

1,485,000

Energy Transfer Equity L.P.,

7.50%, 10/15/20

Ba2/BB-

885

920,400

Exterran Holdings, Inc., (a)

7.25%, 12/1/18

Ba3/BB

645

646,612

Frac Tech Services LLC, (a)

7.125%, 11/15/18

B2/B+

1,465

1,457,675

Petrohawk Energy Corp.,

7.25%, 8/15/18

B3/B+

375

375,938

7.875%, 6/1/15

B3/B+

390

403,650


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			65

Schedule of Investments (cont.)

Allianz AGIC High Yield Bond Fund

November 30, 2010

Credit
Rating
(Moody’s/
S&P)*

Principal
Amount
(000s)

Value

Pioneer Drilling Co.,

9.875%, 3/15/18

NR/B

$870

$922,200

7,939,925

Paper/Paper Products—0.8%

Neenah Paper, Inc.,

7.375%, 11/15/14

B1/BB-

775

787,594

Pharmaceuticals—0.4%

Endo Pharmaceuticals Holdings, Inc. (a),

7.00%, 12/15/20

Ba2/BB+

390

394,875

Real Estate Investment Trust—0.6%

CB Richard Ellis Services, Inc.,

11.625%, 6/15/17

Ba2/B+

485

564,419

Retail—4.8%

Brown Shoe Co., Inc.,

8.75%, 5/1/12

B3/B+

555

568,875

DineEquity, Inc., (a)

9.50%, 10/30/18

B3/CCC+

675

702,000

Inergy L.P.,

8.25%, 3/1/16

Ba3/B+

845

883,025

Neiman Marcus Group, Inc.,

10.375%, 10/15/15

Caa2/CCC+

1,080

1,142,100

Rite Aid Corp.,

8.625%, 3/1/15

Caa3/CCC

965

825,075

Star Gas Partners L.P., (a)

8.875%, 12/1/17

B2/B-

515

511,137

4,632,212

Technology—3.1%

Advanced Micro Devices, Inc.,

8.125%, 12/15/17

Ba3/B+

920

975,200

First Data Corp.,

9.875%, 9/24/15

Caa1/B-

535

457,425

Freescale Semiconductor, Inc.,

8.875%, 12/15/14

Caa2/CCC

1,495

1,524,900

2,957,525

Telecommunications—12.6%

Cincinnati Bell, Inc.,

8.75%, 3/15/18

B3/B-

1,790

1,628,900

Crown Castle International Corp.,

9.00%, 1/15/15

B1/B-

500

553,750

DigitalGlobe, Inc.,

10.50%, 5/1/14

Ba3/BBB-

850

964,750

Global Crossing Ltd.,

12.00%, 9/15/15

B2/B

650

734,500

Hughes Network Systems LLC,

9.50%, 4/15/14

B1/B

990

1,019,700

9.50%, 4/15/14

B1/B

900

927,000

Intelsat Jackson Holdings S.A.,

9.50%, 6/15/16

B3/B+

735

779,100

ITC Deltacom, Inc.,

10.50%, 4/1/16

B3/B-

1,135

1,222,963

Millicom International Cellular S.A.,

10.00%, 12/1/13

B1/NR

955

970,519

Nextel Communications, Inc.,

7.375%, 8/1/15

Ba2/BB-

965

936,050

NII Capital Corp.,

8.875%, 12/15/19

B1/BB-

470

511,125

West Corp.,

11.00%, 10/15/16

Caa1/B-

935

1,007,462

Windstream Corp.,

8.625%, 8/1/16

Ba3/B+

770

802,725

12,058,544

Trading Companies & Distributors—0.9%

Aircastle Ltd.,

9.75%, 8/1/18

Ba3/BB+

810

882,900

Credit
Rating
(Moody’s/
S&P)*

Principal
Amount
(000s)

Value

Transportation—2.3%

Kansas City Southern Railway,

8.00%, 6/1/15

B1/BB-

$670

$718,575

Quality Distribution LLC, (a)(b)

9.875%, 11/1/18

Caa1/B-

1,500

1,475,625

2,194,200

Utilities—2.5%

Calpine Corp., (a)

7.50%, 2/15/21

B1/B+

1,520

1,501,000

Edison Mission Energy,

7.00%, 5/15/17

B3/B-

1,150

908,500

2,409,500

Wholesale—0.9%

WESCO Distribution, Inc.,

7.50%, 10/15/17

B1/B

890

906,688

Total Corporate Bonds & Notes (cost—$87,372,811)

92,254,668

Repurchase Agreement—0.9%

State Street Bank & Trust Co., dated 11/30/10, 0.01%, due 12/1/10, proceeds $854,000; collateralized by U.S. Treasury Notes, 1.375%, due 5/15/13, valued at $871,929 including accrued interest

(cost—$854,000)

854

854,000

Total Investments
(cost—$88,226,811)—97.4%

93,108,668

Other assets less liabilities—2.6%

2,482,601

Net Assets—100.0%

$95,591,269




Notes to Schedule of Investments:
* Unaudited.

(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

(b) Fair-Valued—Security with a value of $1,475,625, representing 1.5% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

Glossary:
NR—Not Rated


66		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements

Schedule of Investments

Allianz AGIC International Growth Fund

November 30, 2010


	Shares		Value

COMMON STOCK—98.3%
Australia—5.8%
BHP Billiton Ltd.		54,722		$2,249,782
Incitec Pivot Ltd.		458,425		1,638,560
Rio Tinto Ltd.		27,753		2,179,042

				6,067,384

Belgium—5.9%
Anheuser-Busch InBev NV		29,644		1,620,632
Bekaert S.A.		13,512		1,278,828
Millicom International Cellular S.A.		14,400		1,249,632
Umicore		42,169		1,998,731

				6,147,823

Brazil—1.9%
Vale S.A. ADR		63,400		2,008,512

Canada—2.6%
Barrick Gold Corp.		31,048		1,600,263
Canadian Natural Resources Ltd.		28,627		1,101,242

				2,701,505

China—2.0%
Baidu, Inc. ADR (b)		10,100		1,062,419
Sinopharm Group Co.		272,400		990,891

				2,053,310

Denmark—3.7%
Danske Bank A/S (b)		43,573		1,080,774
Novo Nordisk A/S, Class B		27,680		2,746,764

				3,827,538

France—5.1%
Cie Generale d’Optique Essilor International S.A.		25,642		1,601,475
Eutelsat Communications		42,780		1,440,086
L’Oreal S.A.		12,929		1,374,047
Vallourec S.A.		9,882		935,973

				5,351,581

Germany—14.2%
Adidas AG		27,653		1,735,007
Aixtron AG		45,177		1,367,897
Bayerische Motoren Werke AG		38,799		2,912,068
Fresenius Medical Care AG & Co. KGaA		26,262		1,516,253
Infineon Technologies AG (b)		261,465		2,313,806
Kabel Deutschland Holding AG (b)		22,505		1,048,149
Siemens AG		21,199		2,310,616
Tognum AG		71,370		1,693,181

				14,896,977

Hong Kong—5.8%
AIA Group Ltd. (b)		212,193		612,113
BOC Hong Kong Holdings Ltd.		713,500		2,438,642
Hongkong Land Holdings Ltd.		207,000		1,403,254
Wharf Holdings Ltd.		241,000		1,606,448

				6,060,457

Italy—1.6%
Saipem SpA		39,554		1,646,927


	Shares		Value

Japan—10.4%
Canon, Inc.		34,600		$1,627,940
Fanuc Corp.		16,400		2,344,094
Honda Motor Co., Ltd.		52,000		1,880,888
Komatsu Ltd.		60,100		1,660,927
Mitsubishi Corp.		45,200		1,141,114
Mitsubishi Estate Co., Ltd.		57,000		960,732
Mitsubishi UFJ Financial Group, Inc.		261,200		1,238,488

				10,854,183

Korea (Republic of)—1.5%
Hyundai Motor Co.		10,745		1,596,948

Malaysia—1.4%
CIMB Group Holdings Bhd.		566,400		1,507,674

Netherlands—3.8%
ASML Holding NV		45,054		1,466,320
Heineken NV		30,479		1,410,061
Nutreco Holding NV		16,074		1,128,862

				4,005,243

Norway—1.2%
DnB NOR ASA		100,400		1,228,630

Russian Federation—0.1%
Mail.ru Group Ltd. GDR (b)		2,248		92,168

Singapore—0.9%
DBS Group Holdings Ltd.		87,000		921,897

South Africa—1.1%
Aspen Pharmacare Holdings Ltd. (b)		87,047		1,143,002

Switzerland—7.0%
Cie Financiere Richemont S.A.		44,188		2,383,377
Nestle S.A.		62,955		3,420,310
Temenos Group AG (b)		46,511		1,553,781

				7,357,468

Taiwan—0.7%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		72,900		783,675

United Kingdom—21.6%
Admiral Group PLC		79,262		1,887,439
ARM Holdings PLC		215,643		1,335,654
AstraZeneca PLC		41,916		1,959,346
Barclays PLC		288,249		1,158,107
British American Tobacco PLC		41,289		1,498,955
HSBC Holdings PLC		273,301		2,765,668
HSBC Holdings PLC (c)		50,800		514,303
Imagination Technologies Group PLC (b)		225,991		1,265,660
Petrofac Ltd.		61,992		1,342,611
Reckitt Benckiser Group PLC		34,301		1,818,140
Shire PLC		77,381		1,813,155
Standard Chartered PLC		60,281		1,623,844
Tullow Oil PLC		75,998		1,354,681
Vodafone Group PLC		907,797		2,264,863

				22,602,426


Total Common Stock (cost—$88,574,937)				102,855,328


	Principal Amount (000s)		Value
Repurchase Agreement—1.1%
State Street Bank & Trust Co., dated 11/30/10, 0.01%, due 12/1/10, proceeds $1,090,000; collateralized by U.S. Treasury Notes, 1.375%, due 5/15/13, valued at $1,116,681 including accrued interest (cost—$1,090,000)		$1,090		$1,090,000


Total Investments (cost—$89,664,937) (a)—99.4%				103,945,328


Other assets less liabilities—0.6%				666,987


Net Assets—100.0%				$104,612,315


Notes to Schedule of Investments:
(a) Securities with an aggregate value of $93,297,155, representing 89.2% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(b) Non-income producing.

(c) Security trading on Hong Kong Stock Exchange.

Glossary:
ADR—American Depositary Receipt

GDR—Global Depositary Receipt


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			67

Schedule of Investments

Allianz AGIC International Growth Opportunities Fund

November 30, 2010


	Shares		Value

COMMON STOCK—91.8%
Australia—2.8%
Mount Gibson Iron Ltd. (b)		994,551		$1,840,328
Reject Shop Ltd.		119,580		1,949,525

				3,789,853

Belgium—3.3%
Bekaert S.A.		24,327		2,302,402
Umicore		45,375		2,150,690

				4,453,092

Brazil—2.7%
Drogasil S.A.		79,400		1,944,017
Mills Estruturas e Servicos de Engenharia S.A. (b)		118,500		1,710,530

				3,654,547

Canada—5.6%
Calfrac Well Services Ltd.		78,800		2,391,135
Capstone Mining Corp. (b)		507,900		2,147,276
NAL Oil & Gas Trust, UNIT		91,600		1,072,556
Valeant Pharmaceuticals International, Inc.		81,000		2,095,470

				7,706,437

China—5.8%
7 Days Group Holdings Ltd. ADR (b)		89,300		2,118,196
Concord Medical Services Holdings Ltd. ADR (b)		215,700		1,630,692
Huabao International Holdings Ltd.		1,311,000		2,072,748
Minth Group Ltd.		1,024,000		1,733,273
Noah Holdings Ltd. ADR (b)		18,500		298,960
Peace Mark Holdings Ltd. (b)(c)		2,428,000		—

				7,853,869

Finland—1.4%
Outotec Oyj		40,149		1,974,819

France—3.0%
EDF Energies Nouvelles S.A.		35,053		1,308,801
Ingenico		91,782		2,728,436

				4,037,237

Germany—6.7%
GEA Group AG		87,234		2,091,847
Kabel Deutschland Holding AG (b)		67,028		3,121,766
Wacker Neuson SE (b)		95,429		1,442,258
Wirecard AG		186,384		2,456,189

				9,112,060

Hong Kong—4.2%
Dah Sing Financial Holdings Ltd.		290,000		2,008,502
Mongolian Mining Corp. (b)		1,500,000		1,641,962
VTech Holdings Ltd.		198,300		2,079,898

				5,730,362

Indonesia—1.4%
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT (b)		11,600,500		1,861,935


	Shares		Value

Ireland—1.8%
Kingspan Group PLC		138,384		$1,086,758
Smurfit Kappa Group PLC (b)		156,173		1,376,472

				2,463,230

Italy—3.7%
Autogrill SpA (b)		174,078		2,224,375
Maire Tecnimont SpA		413,710		1,620,930
Prysmian SpA		79,714		1,268,360

				5,113,665

Japan—9.7%
Air Water, Inc.		127,000		1,503,866
FP Corp.		36,500		1,905,994
K’s Holdings Corp.		106,100		2,762,537
Nabtesco Corp.		100,100		1,845,317
OKUMA Corp. (b)		284,000		1,893,986
Torishima Pump Manufacturing Co., Ltd.		92,900		1,622,687
Towa Pharmaceutical Co., Ltd.		29,200		1,634,258

				13,168,645

Malaysia—3.0%
Alliance Financial Group Bhd.		2,496,300		2,481,279
Supermax Corp. Bhd.		1,226,500		1,605,067

				4,086,346

Netherlands—3.8%
Ten Cate NV		66,422		2,247,508
Unit 4 NV		105,983		2,917,847

				5,165,355

Norway—0.5%
Petroleum Geo-Services ASA (b)		52,482		635,613

Singapore—5.0%
Goodpack Ltd.		1,799,000		2,805,860
Hyflux Ltd.		707,000		1,686,290
M1 Ltd.		1,367,000		2,289,647

				6,781,797

Spain—0.9%
Tecnicas Reunidas S.A.		22,786		1,232,132

Switzerland—4.6%
Banque Cantonale Vaudoise		2,281		1,034,397
Dufry Group (b)		25,024		3,011,231
Partners Group Holding AG		12,814		2,234,089

				6,279,717

United Kingdom—21.9%
ARM Holdings PLC		395,741		2,451,149
Chemring Group PLC		43,934		1,957,187
Cookson Group PLC (b)		203,906		1,708,870
Croda International PLC		129,799		2,937,091
Dechra Pharmaceuticals PLC		153,980		1,204,726
Hargreaves Lansdown PLC		336,949		2,583,307
IG Group Holdings PLC		415,282		3,177,476
Inchcape PLC (b)		436,997		2,208,193
John Wood Group PLC		343,333		2,493,129
Meggitt PLC		342,389		1,731,206
Petrofac Ltd.		57,574		1,246,927
Senior PLC		811,802		1,681,939
SuperGroup PLC (b)		100,672		2,458,466
Victrex PLC		109,069		2,026,798

				29,866,464


Total Common Stock (cost—$97,977,078)				124,967,175


	Shares		Value
PREFERRED STOCK—1.9%
Brazil—1.9%
Banco do Estado do Rio Grande do Sul, Class B (cost—$693,254)		233,300		$2,651,940


RIGHTS—0.0%
Hong Kong—0.0%
Dah Sing Financial Holdings Ltd., expires 12/10/10 (b) (cost—$0)		36,250		74,227


EQUITY-LINKED SECURITY—1.5%
	Units
Credit Suisse-Giant Manufacturing Co., Ltd., Expires 8/22/11 (b) (cost—$880,774)		524,918		2,015,685


	Principal Amount (000s)
Repurchase Agreement—4.8%
State Street Bank & Trust Co., dated 11/30/10, 0.01%, due 12/1/10, proceeds $6,490,002; collateralized by U.S. Treasury Notes, 1.375%, due 5/15/13, valued at $6,623,601 including accrued interest (cost—$6,490,000)		$6,490		6,490,000


Total Investments (cost—$106,041,106) (a)—100.0%				136,199,027


Liabilities in excess of other assets—(0.0)%				(43,644	)


Net Assets—100.0%				$136,155,383


Notes to Schedule of Investments:
(a) Securities with an aggregate value of $95,124,319, representing 69.9% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(b) Non-income producing.

(c) Fair-Valued— Security with a value of $—. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

Glossary:
ADR—American Depositary Receipt
UNIT—More than one class of securities traded together.


68		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements

Schedule of Investments

Allianz AGIC Micro Cap Fund

November 30, 2010


	Shares		Value

COMMON STOCK—97.5%
Air Freight & Logistics—1.6%
Air Transport Services Group, Inc. (a)		71,200		$525,456
Pacer International, Inc. (a)		70,600		394,654

				920,110

Auto Components—3.0%
Amerigon, Inc. (a)		40,900		429,450
SORL Auto Parts, Inc. (a)		38,400		355,200
Standard Motor Products, Inc.		36,400		457,912
Stoneridge, Inc. (a)		38,600		501,800

				1,744,362

Biotechnology—0.9%
Micromet, Inc. (a)		43,500		315,810
OncoGenex Pharmaceutical, Inc. (a)		12,300		197,538

				513,348

Chemicals—4.1%
LSB Industries, Inc. (a)		23,300		537,298
Omnova Solutions, Inc. (a)		74,000		649,720
TPC Group, Inc. (a)		22,800		636,576
Zagg, Inc. (a)		77,100		555,120

				2,378,714

Commercial Banks—1.4%
Cardinal Financial Corp.		35,100		363,636
WesBanco, Inc.		24,200		421,806

				785,442

Commercial Services & Supplies—2.2%
Metalico, Inc. (a)		104,800		457,976
Schawk, Inc.		20,500		367,770
Team, Inc. (a)		22,700		462,172

				1,287,918

Communications Equipment—2.0%
Anaren, Inc. (a)		25,100		457,071
Ceragon Networks Ltd. (a)		42,500		453,050
Oplink Communications, Inc. (a)		15,100		261,079

				1,171,200

Computers & Peripherals—0.5%
Stratasys, Inc. (a)		8,100		273,942

Containers & Packaging—0.7%
Boise, Inc.		52,300		384,405

Diversified Financial Services—0.5%
Encore Capital Group, Inc. (a)		15,600		290,004

Electrical Equipment—2.0%
Lihua International, Inc. (a)		38,700		463,626
PowerSecure International, Inc. (a)		31,600		272,392
Satcon Technology Corp. (a)		119,300		421,129

				1,157,147

Electronic Equipment, Instruments & Components—5.7%
DDi Corp.		49,800		522,402
Kemet Corp. (a)		46,300		655,145
LeCroy Corp. (a)		50,700		471,003
Measurement Specialties, Inc. (a)		24,700		631,826
Newport Corp. (a)		39,300		571,029
Spectrum Control, Inc. (a)		27,900		426,033

				3,277,438


	Shares		Value

Energy Equipment & Services—1.8%
Basic Energy Services, Inc. (a)		34,400		$498,800
Gulf Island Fabrication, Inc.		19,100		511,116

				1,009,916

Health Care Equipment & Supplies—2.8%
Antares Pharma, Inc. (a)		197,900		282,997
Cantel Medical Corp.		20,800		419,952
ICU Medical, Inc. (a)		9,200		337,180
Natus Medical, Inc. (a)		24,100		309,926
Symmetry Medical, Inc. (a)		35,000		285,950

				1,636,005

Health Care Providers & Services—3.5%
America Service Group, Inc.		23,700		347,916
Bio-Reference Labs, Inc. (a)		22,020		461,759
Continucare Corp. (a)		87,200		411,584
MWI Veterinary Supply, Inc. (a)		7,900		482,690
U.S. Physical Therapy, Inc. (a)		16,100		308,959

				2,012,908

Health Care Technology—2.1%
Computer Programs & Systems, Inc.		8,600		401,534
Omnicell, Inc. (a)		32,300		432,820
Vital Images, Inc. (a)		28,300		379,786

				1,214,140

Hotels, Restaurants & Leisure—2.8%
AFC Enterprises, Inc. (a)		43,400		576,352
Caribou Coffee Co., Inc. (a)		45,400		496,676
Shuffle Master, Inc. (a)		47,400		508,602

				1,581,630

Household Durables—1.1%
Kid Brands, Inc. (a)		43,900		413,099
Lifetime Brands, Inc. (a)		15,500		228,470

				641,569

Internet Software & Services—7.5%
Internap Network Services Corp. (a)		76,600		400,618
Internet Capital Group, Inc. (a)		49,500		613,305
KIT Digital, Inc. (a)		41,100		565,947
LivePerson, Inc. (a)		77,200		745,752
support.com, Inc. (a)		85,500		553,185
Terremark Worldwide, Inc. (a)		51,800		619,787
Vocus, Inc. (a)		17,900		438,192
Zix Corp. (a)		96,900		372,096

				4,308,882

IT Services—1.3%
Lionbridge Technologies, Inc. (a)		78,500		255,910
Virtusa Corp. (a)		33,800		461,032

				716,942

Machinery—7.2%
Altra Holdings, Inc. (a)		26,500		444,670
American Railcar Industries, Inc. (a)		25,800		387,258
Cascade Corp.		12,000		438,240
Columbus McKinnon Corp. (a)		23,000		377,430
Commercial Vehicle Group, Inc. (a)		28,500		403,845
Greenbrier Cos., Inc. (a)		24,900		467,124
NN, Inc. (a)		47,500		475,000
Titan International, Inc.		39,400		629,612
Wabash National Corp. (a)		50,700		534,885

				4,158,064


	Shares		Value

Marine—0.4%
American Commercial Lines, Inc. (a)		7,600		$250,800

Media—0.6%
Ballantyne Strong, Inc. (a)		51,400		352,604

Metals & Mining—2.4%
Brush Engineered Materials, Inc. (a)		17,500		616,000
Horsehead Holding Corp. (a)		38,500		447,755
Puda Coal, Inc. (a)		21,700		305,536

				1,369,291

Oil, Gas & Consumable Fuels—9.5%
Abraxas Petroleum Corp. (a)		160,700		684,582
Approach Resources, Inc. (a)		33,100		604,737
Clayton Williams Energy, Inc. (a)		12,200		916,952
Georesources, Inc. (a)		28,200		561,744
Gulfport Energy Corp. (a)		56,800		1,058,752
Kodiak Oil & Gas Corp. (a)		117,000		585,000
Magnum Hunter Resources Corp. (a)		112,300		689,522
Rex Energy Corp. (a)		31,800		376,830

				5,478,119

Paper & Forest Products—1.5%
KapStone Paper and
Packaging Corp. (a)		30,000		441,600
Neenah Paper, Inc.		22,000		405,240

				846,840

Personal Products—0.9%
Elizabeth Arden, Inc. (a)		24,900		530,619

Pharmaceuticals—2.1%
AVANIR Pharmaceuticals, Inc. (a)		55,500		237,540
Hi-Tech Pharmacal Co., Inc. (a)		18,400		437,552
Inspire Pharmaceuticals, Inc. (a)		29,100		203,118
Jazz Pharmaceuticals, Inc. (a)		20,000		333,000

				1,211,210

Professional Services—2.4%
Acacia Research—Acacia
Technologies (a)		31,900		869,275
SFN Group, Inc. (a)		59,900		513,343

				1,382,618

Road & Rail—1.2%
Saia, Inc. (a)		23,900		360,173
Vitran Corp., Inc. (a)		29,100		337,560

				697,733

Semiconductors & Semiconductor Equipment—7.6%
Amtech Systems, Inc. (a)		20,200		418,140
AXT, Inc. (a)		80,200		661,650
Ceva, Inc. (a)		25,500		591,600
Daqo New Energy Corp. ADR (a)		29,800		313,198
Entropic Communications, Inc. (a)		56,500		505,110
EZchip Semiconductor Ltd. (a)		9,300		226,455
MIPS Technologies, Inc. (a)		52,900		718,911
Photronics, Inc. (a)		54,000		345,060
Silicon Image, Inc. (a)		78,600		602,862

				4,382,986

Software—5.7%
Bottomline Technologies, Inc. (a)		32,300		611,439


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			69

Schedule of Investments (cont.)

Allianz AGIC Micro Cap Fund

November 30, 2010


	Shares		Value

Kenexa Corp. (a)		26,400		$483,384
Magma Design Automation, Inc. (a)		119,900		496,386
OPNET Technologies, Inc.		31,200		758,784
Radiant Systems, Inc. (a)		19,300		348,365
Sonic Solutions, Inc. (a)		23,400		233,532
THQ, Inc. (a)		64,100		326,910

				3,258,800

Specialty Retail—2.0%
Lithia Motors, Inc., Class A		34,400		445,824
Shoe Carnival, Inc. (a)		24,900		690,726

				1,136,550

Textiles, Apparel & Luxury Goods—2.8%
Kenneth Cole Productions, Inc. (a)		18,000		243,540
Oxford Industries, Inc.		17,300		427,310
Perry Ellis International, Inc. (a)		20,800		565,968
Unifi, Inc. (a)		26,134		371,626

				1,608,444

Thrifts & Mortgage Finance—0.7%
WSFS Financial Corp.		9,200		400,200

Trading Companies & Distributors—3.0%
CAI International, Inc. (a)		31,400		642,130
DXP Enterprises, Inc. (a)		26,500		570,280
Titan Machinery, Inc. (a)		25,800		540,897

				1,753,307


Total Common Stock (cost—$41,121,669)				56,124,207


	Principal Amount (000s)
Repurchase Agreement—2.2%
State Street Bank & Trust Co., dated 11/30/10, 0.01%, due 12/1/10, proceeds $1,266,000; collateralized by U.S. Treasury Notes, 1.375%, due 5/15/13, valued at $1,295,146 including accrued interest (cost—$1,266,000)		$1,266		1,266,000


Total Investments (cost—$42,387,669)—99.7%				57,390,207


Other assets less liabilities—0.3%				201,268


Net Assets—100.0%				$57,591,475


Notes to Schedule of Investments:
(a) Non-income producing.

Glossary:
ADR—American Depositary Receipt


70		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements

Schedule of Investments

Allianz AGIC Small to Mid Cap Growth Fund

November 30, 2010


	Shares		Value

COMMON STOCK—98.5%
Aerospace & Defense—0.9%
Triumph Group, Inc.		300		$25,239

Air Freight & Logistics—0.8%
UTI Worldwide, Inc.		1,200		23,100

Auto Components—1.6%
Modine Manufacturing Co. (a)		1,600		22,176
Standard Motor Products, Inc.		1,900		23,902

				46,078

Biotechnology—2.7%
Alexion Pharmaceuticals, Inc. (a)		430		32,873
BioMarin Pharmaceutical, Inc. (a)		900		24,372
United Therapeutics Corp. (a)		300		18,879

				76,124

Chemicals—6.0%
Celanese Corp., Ser. A		700		25,900
CF Industries Holdings, Inc.		200		24,154
Ferro Corp. (a)		1,700		24,259
Methanex Corp.		900		26,379
PolyOne Corp. (a)		1,800		22,428
Terra Nitrogen Co. L.P. (a)		200		19,384
TPC Group, Inc. (a)		1,000		27,920

				170,424

Commercial Services & Supplies—1.4%
Deluxe Corp.		900		19,071
Steelcase, Inc., Class A		2,200		21,076

				40,147

Communications Equipment—0.8%
ADTRAN, Inc.		700		21,798

Construction & Engineering—1.5%
Chicago Bridge & Iron Co. NV (a)		800		22,648
MasTec, Inc. (a)		1,400		20,062

				42,710

Containers & Packaging—0.7%
Packaging Corp. of America		800		20,520

Diversified Telecommunication Services—0.6%
AboveNet, Inc. (a)		300		17,610

Electrical Equipment—2.7%
Baldor Electric		500		31,655
Belden, Inc.		900		29,952
EnerSys (a)		500		15,095

				76,702

Electronic Equipment, Instruments & Components—2.5%
Kemet Corp. (a)		1,866		26,404
OSI Systems, Inc. (a)		700		24,409
Vishay Intertechnology, Inc. (a)		1,400		19,964

				70,777

Energy Equipment & Services—2.6%
Complete Production
Services, Inc. (a)		1,000		28,450
McDermott International, Inc. (a)		1,200		21,996
RPC, Inc.		800		23,440

				73,886

Food & Staples Retailing—0.5%
United Natural Foods, Inc. (a)		400		14,976


	Shares		Value

Food Products—1.4%
B&G Foods, Inc.		1,700		$21,726
Darling International, Inc. (a)		1,700		19,686

				41,412

Health Care Equipment & Supplies—1.3%
Hill-Rom Holdings, Inc.		500		19,790
Resmed, Inc. (a)		560		17,892

				37,682

Health Care Providers & Services—1.6%
DaVita, Inc. (a)		300		21,810
Health Management Associates, Inc., Class A (a)		2,700		24,057

				45,867

Hotels, Restaurants & Leisure—2.5%
Gaylord Entertainment Co. (a)		800		27,464
Ruby Tuesday, Inc. (a)		1,400		17,906
Wyndham Worldwide Corp.		900		25,875

				71,245

Household Durables—2.1%
Jarden Corp.		600		18,420
Newell Rubbermaid, Inc.		1,300		21,801
Tempur-Pedic International, Inc. (a)		600		21,066

				61,287

Internet Software & Services—4.1%
IAC/InterActiveCorp. (a)		1,000		28,160
SAVVIS, Inc. (a)		900		22,617
support.com, Inc. (a)		4,300		27,821
Terremark Worldwide, Inc. (a)		1,600		19,144
Vocus, Inc. (a)		800		19,584

				117,326

IT Services—1.6%
Alliance Data Systems Corp. (a)		300		18,924
Camelot Information Systems, Inc. ADR (a)		100		2,129
VeriFone Systems, Inc. (a)		700		24,325

				45,378

Life Sciences Tools & Services—0.8%
Bruker Corp. (a)		1,400		21,588

Machinery—7.3%
AGCO Corp. (a)		600		27,084
ArvinMeritor, Inc. (a)		1,300		23,205
Chart Industries, Inc. (a)		800		25,304
Flowserve Corp.		200		21,092
NACCO Industries, Inc., Class A		200		18,522
Sauer-Danfoss, Inc. (a)		700		21,273
SPX Corp.		300		19,704
Wabash National Corp. (a)		2,200		23,210
WABCO Holdings, Inc. (a)		600		29,820

				209,214

Media—2.8%
Interpublic Group of Cos., Inc. (a)		2,400		25,560
Liberty Media Corp.—Capital, Ser. A (a)		600		34,548
Liberty Media Corp.—Starz, Ser. A (a)		300		18,854

				78,962

Metals & Mining—2.4%
Century Aluminum Co. (a)		1,200		16,614
Horsehead Holding Corp. (a)		1,800		20,934
Walter Energy, Inc.		300		30,792

				68,340


	Shares		Value

Multiline Retail—0.8%
Dollar Tree, Inc. (a)		400		$21,980

Oil, Gas & Consumable Fuels—9.2%
Alpha Natural Resources, Inc. (a)		400		19,824
Atlas Pipeline Partners L.P. (a)		800		19,032
Berry Petroleum Co., Class A		700		26,677
Brigham Exploration Co. (a)		900		22,635
Carrizo Oil & Gas, Inc. (a)		800		23,216
Clayton Williams Energy, Inc. (a)		200		15,032
Georesources, Inc. (a)		1,200		23,904
Northern Oil and Gas, Inc. (a)		1,200		27,420
Oasis Petroleum, Inc. (a)		700		17,766
Petroleum Development Corp. (a)		500		17,810
Swift Energy Co. (a)		700		25,543
Transglobe Energy Corp. (a)		1,500		24,915

				263,774

Personal Products—1.0%
Herbalife Ltd.		400		27,452

Pharmaceuticals—2.8%
Endo Pharmaceuticals
Holdings, Inc. (a)		700		25,207
Mylan, Inc. (a)		1,100		21,521
Salix Pharmaceuticals Ltd. (a)		400		17,860
Valeant Pharmaceuticals International, Inc.		600		15,522

				80,110

Professional Services—1.3%
Korn/Ferry International (a)		1,300		22,516
SFN Group, Inc. (a)		1,900		16,283

				38,799

Real Estate Management & Development—1.7%
CB Richard Ellis Group, Inc., Class A (a)		1,300		24,947
Forest City Enterprises, Inc., Class A (a)		1,600		24,560

				49,507

Road & Rail—2.3%
Genesee & Wyoming, Inc., Class A (a)		500		23,745
Kansas City Southern (a)		500		23,670
Marten Transport Ltd.		900		19,350

				66,765

Semiconductors & Semiconductor Equipment—4.8%
Atmel Corp. (a)		2,300		23,897
AXT, Inc. (a)		2,400		19,800
Daqo New Energy Corp. ADR (a)		1,200		12,612
Entropic Communications, Inc. (a)		1,300		11,622
LDK Solar Co., Ltd. ADR (a)		1,600		16,000
Photronics, Inc. (a)		2,800		17,892
Renesola Ltd. ADR (a)		1,600		13,168
Skyworks Solutions, Inc. (a)		840		21,378

				136,369

Software—9.1%
Ariba, Inc. (a)		1,100		22,259
Cadence Design Systems, Inc. (a)		2,600		20,436
Compuware Corp. (a)		2,300		23,690
Magma Design Automation, Inc. (a)		6,400		26,496
Mentor Graphics Corp. (a)		2,000		22,490
Nuance Communications, Inc. (a)		1,270		22,447


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			71

Schedule of Investments (cont.)

Allianz AGIC Small to Mid Cap Growth Fund

November 30, 2010


	Shares		Value

Red Hat, Inc. (a)		400		$17,400
Rovi Corp. (a)		570		31,447
THQ, Inc. (a)		4,000		20,400
TIBCO Software, Inc. (a)		1,300		25,532
Verint Systems, Inc. (a)		800		26,320

				258,917

Specialty Retail—3.9%
Abercrombie & Fitch Co., Class A		400		20,100
AnnTaylor Stores Corp. (a)		800		21,528
JOS A Bank Clothiers, Inc. (a)		450		20,268
OfficeMax, Inc. (a)		1,300		22,217
PetSmart, Inc.		700		26,502

				110,615

Textiles, Apparel & Luxury Goods—1.4%
Hanesbrands, Inc. (a)		700		19,005
Phillips-Van Heusen Corp.		300		20,352

				39,357

Thrifts & Mortgage Finance—0.8%
MGIC Investment Corp. (a)		2,600		22,152

Trading Companies & Distributors—4.6%
Aircastle Ltd.		2,200		21,076
DXP Enterprises, Inc. (a)		1,000		21,520
Rush Enterprises, Inc., Class A (a)		1,000		17,570
TAL International Group, Inc.		800		22,664
United Rentals, Inc. (a)		1,000		19,620
WESCO International, Inc. (a)		600		28,632

				131,082

Wireless Telecommunication Services—1.6%
NII Holdings, Inc. (a)		600		23,256
SBA Communications Corp., Class A (a)		600		23,490

				46,746


Total Investments (cost—$2,180,272)—98.5%				2,812,017


Other assets less liabilities—1.5%				41,925


Net Assets—100.0%				$2,853,942

Notes to Schedule of Investments:

(a) Non-income producing.

Glossary:

ADR—American Depositary Receipt


72		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements

Schedule of Investments

Allianz AGIC Ultra Micro Cap Fund

November 30, 2010


	Shares		Value

COMMON STOCK—96.6%
Aerospace & Defense—1.4%
CPI Aerostructures, Inc. (a)		4,700		$63,497

Air Freight & Logistics—0.9%
Pacer International, Inc. (a)		7,300		40,807

Auto Components—5.4%
Amerigon, Inc. (a)		3,800		39,900
Motorcar Parts of America, Inc. (a)		7,200		87,624
SORL Auto Parts, Inc. (a)		4,600		42,550
Stoneridge, Inc. (a)		6,300		81,900

				251,974

Biotechnology—0.4%
OncoGenex Pharmaceutical, Inc. (a)		1,100		17,666

Chemicals—3.3%
Flotek Industries, Inc. (a)		14,100		52,311
Material Sciences Corp. (a)		9,200		45,356
Zagg, Inc. (a)		7,500		54,000

				151,667

Commercial Banks—1.1%
Lakeland Bancorp, Inc.		4,700		49,115

Commercial Services & Supplies—3.0%
Ceco Environmental Corp. (a)		6,900		37,812
Metalico, Inc. (a)		10,790		47,152
Multi-Color Corp.		2,700		52,785

				137,749

Communications Equipment—3.8%
Alliance Fiber Optic Products, Inc.		4,200		43,554
AudioCodes Ltd. (a)		13,079		59,248
Silicom Ltd. (a)		4,400		71,324

				174,126

Computers & Peripherals—1.0%
OCZ Technology Group, Inc. (a)		11,000		44,440

Construction & Engineering—0.9%
Furmanite Corp. (a)		6,600		43,758

Diversified Financial Services—0.8%
Marlin Business Services Corp. (a)		3,500		37,100

Diversified Telecommunication Services—1.1%
8x8, Inc. (a)		19,500		51,480

Electrical Equipment—2.4%
LaBarge, Inc. (a)		3,000		42,510
PowerSecure International, Inc. (a)		3,800		32,756
Satcon Technology Corp. (a)		10,000		35,300

				110,566

Electronic Equipment, Instruments & Components—6.4%
DDi Corp.		4,500		47,205
LeCroy Corp. (a)		7,200		66,888
Measurement Specialties, Inc. (a)		3,500		89,530
PC Connection, Inc. (a)		5,000		45,100
Spectrum Control, Inc. (a)		3,000		45,810

				294,533

Energy Equipment & Services—2.7%
Bolt Technology Corp. (a)		2,700		35,262
Geokinetics, Inc. (a)		4,800		41,280
Mitcham Industries, Inc. (a)		5,200		49,400

				125,942


	Shares		Value

Food Products—1.0%
Inventure Foods, Inc. (a)		11,700		$45,279

Health Care Equipment & Supplies—3.6%
Cardiovascular Systems, Inc. (a)		5,300		47,488
LeMaitre Vascular, Inc. (a)		5,800		38,744
Synergetics USA, Inc. (a)		9,900		34,056
Vascular Solutions, Inc. (a)		4,320		45,706

				165,994

Health Care Providers & Services—2.9%
America Service Group, Inc.		2,620		38,462
Continucare Corp. (a)		10,300		48,616
U.S. Physical Therapy, Inc. (a)		2,510		48,167

				135,245

Health Care Technology—1.8%
HealthStream, Inc. (a)		7,700		47,509
Transcend Services, Inc. (a)		2,400		38,400

				85,909

Hotels, Restaurants & Leisure—2.0%
Caribou Coffee Co., Inc. (a)		4,900		53,606
Famous Dave’s Of America, Inc. (a)		4,200		41,580

				95,186

Household Durables—2.0%
Kid Brands, Inc. (a)		5,000		47,050
Lifetime Brands, Inc. (a)		3,000		44,220

				91,270

Internet & Catalog Retail—1.1%
Valuevision Media, Inc. (a)		15,100		52,699

Internet Software & Services—3.9%
Internap Network Services Corp. (a)		7,900		41,317
NaviSite, Inc. (a)		11,100		39,294
Saba Software, Inc. (a)		6,600		39,798
support.com, Inc. (a)		9,000		58,230

				178,639

IT Services—2.7%
Computer Task Group, Inc. (a)		4,300		42,355
PRGX Global, Inc. (a)		7,600		44,156
WidePoint Corp. (a)		29,200		38,836

				125,347

Machinery—3.6%
Key Technology, Inc. (a)		2,800		46,704
NN, Inc. (a)		6,500		65,000
Twin Disc, Inc.		2,200		53,680

				165,384

Media—0.7%
Ballantyne Strong, Inc. (a)		4,900		33,614

Metals & Mining—3.4%
Puda Coal, Inc. (a)		4,600		64,768
Universal Stainless & Alloy (a)		1,500		46,905
WHX Corp. (a)		4,400		47,828

				159,501

Oil, Gas & Consumable Fuels—7.4%
Abraxas Petroleum Corp. (a)		20,500		87,330
Approach Resources, Inc. (a)		3,600		65,772
Georesources, Inc. (a)		3,000		59,760
Magnum Hunter Resources Corp. (a)		13,500		82,890
Triangle Petroleum Corp. (a)		7,700		46,200

				341,952

Paper & Forest Products—0.7%
Neenah Paper, Inc.		1,700		31,314

Professional Services—1.7%
Barrett Business Services, Inc.		2,900		43,007


	Shares		Value

National Technical Systems, Inc.		4,400		$34,848

				77,855

Road & Rail—2.3%
Celadon Group, Inc. (a)		3,326		44,801
Quality Distribution, Inc. (a)		9,050		62,807

				107,608

Semiconductors & Semiconductor Equipment—3.7%
Amtech Systems, Inc. (a)		2,700		55,890
AXT, Inc. (a)		10,000		82,500
PDF Solutions, Inc. (a)		7,900		31,521

				169,911

Software—7.1%
Allot Communications Ltd. (a)		6,600		55,374
Callidus Software, Inc. (a)		8,900		42,898
ePlus., Inc. (a)		1,800		41,760
Evolving Systems, Inc.		5,100		40,290
Fundtech Ltd. (a)		2,300		36,687
Magic Software Enterprises Ltd.		9,400		61,006
Magma Design Automation, Inc. (a)		12,400		51,336

				329,351

Specialty Retail—1.2%
Shoe Carnival, Inc. (a)		2,100		58,254

Textiles, Apparel & Luxury Goods—3.9%
LJ International, Inc. (a)		10,200		36,414
Perry Ellis International, Inc. (a)		2,200		59,862
RG Barry Corp.		3,700		42,550
Rocky Brands, Inc. (a)		4,700		43,475

				182,301

Trading Companies & Distributors—5.3%
Aceto Corp.		5,900		44,191
CAI International, Inc. (a)		4,500		92,025
DXP Enterprises, Inc. (a)		2,500		53,800
Titan Machinery, Inc. (a)		2,600		54,509

				244,525


Total Common Stock (cost—$3,459,246)				4,471,558


	Principal Amount (000s)
Repurchase Agreement—2.3%
State Street Bank & Trust Co., dated 11/30/10, 0.01%, due 12/1/10, proceeds $107,000; collateralized by U.S. Treasury Notes, 1.375%, due 5/15/13, valued at $112,178 including accrued interest (cost—$107,000)		$107		107,000


Total Investments (cost—$3,566,246)—98.9%				4,578,558


Other assets less liabilities—1.1%				50,115


Net Assets—100.0%				$4,628,673


Notes to Schedule of Investments:
(a) Non-income producing.


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			73

Schedule of Investments

Allianz NFJ Global Dividend Value Fund

November 30, 2010


	Shares		Value

COMMON STOCK—95.9%
Australia—4.1%
BHP Billiton Ltd.		9,000		$370,017
Telstra Corp. Ltd.		138,800		373,496

				743,513

Belgium—1.9%
Delhaize Group S.A.		5,100		348,730

Brazil—5.9%
Banco Bradesco S.A. ADR		17,900		359,074
Cia de Saneamento Basico do Estado de Sao Paulo ADR		7,900		356,685
Cia Energetica de Minas Gerais ADR		20,900		356,972

				1,072,731

Canada—3.9%
Toronto-Dominion Bank/The		5,000		363,950
TransCanada Corp.		9,600		339,168

				703,118

China—1.9%
China Mobile Ltd. ADR		7,000		348,950

France—6.8%
Sanofi-Aventis S.A.		10,400		630,437
Total S.A.		12,400		601,902

				1,232,339

Germany—3.7%
RWE AG		5,200		323,032
Siemens AG		3,200		348,789

				671,821

Israel—1.7%
Elbit Systems Ltd.		6,600		308,880

Japan—2.1%
Mitsubishi Corp.		14,900		376,164

Korea (Republic of)—5.9%
POSCO		900		353,426
SK Telecom Co., Ltd.		4,800		708,292

				1,061,718

Norway—2.0%
Seadrill Ltd.		12,100		369,862

Russian Federation—1.9%
Lukoil OAO ADR		6,400		350,784

Spain—1.6%
Banco Santander S.A.		29,342		279,713

Sweden—2.0%
Svenska Cellulosa AB, Class B		24,100		351,723

Switzerland—1.8%
Zurich Financial Services AG		1,500		333,746

Turkey—1.9%
Turkcell Iletisim Hizmet AS ADR		20,200		344,208

United Kingdom—11.3%
AstraZeneca PLC		7,400		345,910
BAE Systems PLC		65,400		336,470
Diageo PLC		19,500		348,155
Marks & Spencer Group PLC		55,400		321,540
Pearson PLC		23,500		338,947
Unilever PLC		12,600		348,856

				2,039,878


	Shares		Value

United States—35.5%
Altria Group, Inc.		14,500		$348,000
Annaly Capital Management, Inc., REIT		39,700		722,143
Axis Capital Holdings Ltd.		10,400		367,536
CenturyLink, Inc.		8,607		370,015
ConocoPhillips		6,100		367,037
Diamond Offshore Drilling, Inc.		4,800		310,848
Goldman Sachs Group, Inc./The		2,200		343,508
Intel Corp.		18,500		390,720
International Business Machines Corp.		2,500		353,650
Kimberly-Clark Corp.		5,900		365,151
KLA-Tencor Corp.		10,300		377,701
Marathon Oil Corp.		10,500		351,435
Microsoft Corp.		14,400		363,024
Pfizer, Inc.		20,800		338,832
V.F. Corp.		4,300		356,384
Waste Management, Inc.		10,000		342,500
Xerox Corp.		31,600		362,136

				6,430,620


Total Common Stock (cost—$16,563,172)				17,368,498


	Principal Amount (000s)
Repurchase Agreement—3.7%
State Street Bank & Trust Co., dated 11/30/10, 0.01%, due 12/1/10, proceeds $660,000; collateralized by U.S. Treasury Notes, 1.375%, due 5/15/13, valued at $678,167, including accrued interest (cost—$660,000)		$660		660,000


Total Investments (cost—$17,223,172) (a)—99.6%				18,028,498


Other assets less liabilities—0.4%				77,293


Net Assets—100.0%				$18,105,791


Notes to Schedule of Investments:
(a) Securities with an aggregate value of $7,809,207, representing 43.1% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

Glossary:
ADR—American Depositary Receipt
REIT—Real Estate Investment Trust


74		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements

Schedule of Investments

Allianz RCM All Horizons Fund

November 30, 2010


	Shares		Value

COMMON STOCK—85.0%
Australia—8.2%
Australia & New Zealand Banking Group Ltd.		2,870		$62,211
Dart Energy Ltd. (b)		28,090		31,771
Mesoblast Ltd. (b)		10,070		33,365
White Energy Co., Ltd. (b)		17,867		59,800

				187,147

Brazil—2.3%
Banco Santander Brasil S.A. ADR		3,945		51,482

Canada—8.2%
Potash Corp. of Saskatchewan, Inc.		244		35,109
Romarco Minerals, Inc. (b)		17,295		44,141
Suncor Energy, Inc.		1,678		56,361
Trican Well Service Ltd.		2,621		50,401

				186,012

China—5.8%
Bitauto Holdings Ltd. ADR (b)		1,366		17,553
China Merchants Bank Co., Ltd.		20,500		52,699
Dongfeng Motor Group Co., Ltd.		32,000		60,694

				130,946

France—2.2%
LVMH Moet Hennessy Louis Vuitton S.A.		334		50,588

Germany—2.5%
Adidas AG		893		56,029

Hong Kong—2.2%
Mongolian Mining Corp. (b)		44,973		49,229

Japan—5.8%
Canon, Inc.		1,300		61,165
Nidec Corp.		700		69,858

				131,023

Netherlands—2.2%
TNT NV		2,121		50,585

Switzerland—3.0%
Tyco International Ltd.		1,800		68,202

United Kingdom—2.6%
BHP Billiton PLC		1,663		59,092

United States—40.0%
Abbott Laboratories		1,083		50,370
Alpha Natural Resources, Inc. (b)		1,170		57,985
Anadarko Petroleum Corp.		776		49,788
Cisco Systems, Inc. (b)		3,324		63,688
Estee Lauder Cos., Inc., Class A		1,026		76,868
Freeport-McMoRan Copper & Gold, Inc.		490		49,647
Google, Inc., Class A (b)		104		57,794
Human Genome Sciences, Inc. (b)		1,143		28,038
Marathon Oil Corp.		1,952		65,334
National-Oilwell Varco, Inc.		960		58,838
Pride International, Inc. (b)		1,471		45,748
Prudential Financial, Inc.		819		41,507
Southwestern Energy Co. (b)		1,662		60,164
U.S. Bancorp		1,910		45,420
Vertex Pharmaceuticals, Inc. (b)		1,408		46,647
Wells Fargo & Co.		2,536		69,005


	Shares		Value

Zions Bancorporation		2,056		$39,989

				906,830


Total Common Stock (cost—$1,772,225)				1,927,165


	Principal Amount (000s)
Repurchase Agreement—14.9%
State Street Bank & Trust Co., dated 11/30/10, 0.01%, due 12/1/10, proceeds $338,000; collateralized by U.S. Treasury Notes, 1.375%, due 5/15/13, valued at $346,732 including accrued interest (cost—$338,000)		$338		338,000


Total Investments (cost—$2,110,225) (a)—99.9%				2,265,165


Other assets less liabilities—0.1%				3,099


Net Assets—100.0%				$2,268,264


Notes to Schedule of Investments:
(a) Securities with an aggregate value of $616,086, representing 27.2% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(b) Non-income producing.

Glossary:
ADR—American Depositary Receipt


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			75

Schedule of Investments

Allianz RCM China Equity Fund

November 30, 2010


	Shares		Value

COMMON STOCK—96.6%
Bermuda—1.8%
Pou Sheng International Holdings Ltd. (b)		472,000		$91,010

China—62.3%
Anhui Conch Cement Co., Ltd., Class H		18,000		76,100
Bank of China Ltd., Class H		379,000		201,339
BBMG Corp., Class H		61,000		87,462
China Coal Energy Co., Ltd., Class H		117,000		182,994
China Construction Bank Corp., Class H		312,000		281,647
China Everbright International Ltd.		297,000		165,357
China Life Insurance Co., Ltd., Class H		71,500		305,257
China Minsheng Banking Corp., Ltd., Class H		110,500		98,178
China Mobile Ltd.		14,500		144,077
China National Materials Co., Ltd., Class H		162,000		156,067
China Oilfield Services Ltd., Class H		30,000		54,472
China Railway Group Ltd., Class H		120,000		83,534
China Rongsheng Heavy Industry Group Co., Ltd. (b)		104,000		101,789
China Telecom Corp. Ltd., Class H		100,000		50,055
CSR Corp. Ltd., Class H		86,000		102,435
Industrial & Commercial Bank of China, Class H		363,000		281,340
Ping An Insurance Group Co. of China Ltd., Class H		10,000		116,004
Sinopec Shanghai Petrochemical Co., Ltd., Class H		330,000		160,523
Tingyi Cayman Islands Holding Corp.		32,000		78,858
Vinda International Holdings Ltd.		37,500		41,633
Wumart Stores, Inc., Class H		16,000		42,074
Zhuzhou CSR Times Electric Co., Ltd., Class H		52,700		200,684
ZTE Corp., Class H		18,800		68,774

				3,080,653

Hong Kong—32.5%
Beijing Enterprises Holdings Ltd.		17,500		110,085
Brilliance China Automotive Holdings Ltd. (b)		100,000		91,859
China Foods Ltd.		48,000		34,305
CNOOC Ltd.		117,000		251,801
Digital China Holdings Ltd.		114,000		231,381
GZI Transportation Ltd.		120,000		65,389
Hong Kong Exchange & Clearing Ltd.		2,900		65,936
Natural Beauty Bio-Technology Ltd.		320,000		94,183
Pico Far East Holdings Ltd.		402,000		78,181
Poly Hong Kong Investments Ltd.		118,000		109,674
Sa Sa International Holdings Ltd.		132,000		155,108
Wasion Group Holdings Ltd.		126,000		84,070
Wynn Macau Ltd.		36,400		73,069
Zhongsheng Group Holdings Ltd. (b)		67,500		163,255

				1,608,296


Total Common Stock (cost—$4,013,395)				4,779,959


	Shares		Value

RIGHTS—0.4%
China—0.4%
Bank of China Ltd., expires 12/3/10 (b)		42,500		$7,717
China Construction Bank Corp., Class H, expires 12/8/10 (b)		23,800		7,908
Industrial & Commercial Bank of China, Class H, expires 12/16/10 (b)(c)		16,335		5,364

Total Rights (cost—$0)				20,989


	Principal Amount (000s)
Repurchase Agreement—4.0%
State Street Bank & Trust Co., dated 11/30/10, 0.01%, due 12/1/10, proceeds $198,000; collateralized by U.S. Treasury Notes, 1.375%, due 5/15/13, valued at $203,960 including accrued interest (cost—$198,000)		$198		198,000


Total Investments (cost—$4,211,395) (a)—101.0%				4,998,948


Liabilities in excess of other assets—(1.0)%				(50,759	)


Net Assets—100.0%				$4,948,189


Notes to Schedule of Investments:
(a) Securities with an aggregate value of $4,678,170, representing 94.5% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(b) Non-income producing.

(c) Fair-Valued—Security with a value of $5,364, representing 0.1% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.


76		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements

Schedule of Investments

Allianz RCM Disciplined Equity Fund

November 30, 2010


	Shares		Value

COMMON STOCK—96.0%
Aerospace & Defense—6.8%
Boeing Co.		11,360		$724,427
Lockheed Martin Corp.		6,380		434,095
Raytheon Co.		5,100		235,875

				1,394,397

Beverages—3.2%
PepsiCo, Inc.		10,000		646,300

Biotechnology—3.3%
Amgen, Inc. (a)		8,450		445,230
Genzyme Corp. (a)		3,180		226,480

				671,710

Capital Markets—4.0%
Morgan Stanley		7,500		183,450
Northern Trust Corp.		6,900		347,070
SEI Investments Co.		12,300		277,734

				808,254

Chemicals—1.7%
Air Products & Chemicals, Inc.		4,020		346,605

Communications Equipment—4.4%
Cisco Systems, Inc. (a)		29,250		560,430
QUALCOMM, Inc.		7,100		331,854

				892,284

Computers & Peripherals—3.3%
Apple, Inc. (a)		1,250		388,938
EMC Corp. (a)		13,780		296,132

				685,070

Diversified Financial Services—2.4%
JPMorgan Chase & Co.		12,980		485,193

Diversified Telecommunication Services—4.3%
AT&T, Inc.		15,900		441,861
Verizon Communications, Inc.		13,550		433,735

				875,596

Electronic Equipment, Instruments & Components—3.4%
Corning, Inc.		24,600		434,436
FLIR Systems, Inc. (a)		9,900		265,370

				699,806

Energy Equipment & Services—8.0%
Cameron International Corp. (a)		9,050		435,396
National-Oilwell Varco, Inc.		8,970		549,771
Schlumberger Ltd.		8,400		649,656

				1,634,823

Financial Services—4.2%
PNC Financial Services Group, Inc.		4,100		220,785
U.S. Bancorp		10,140		241,129
Wells Fargo & Co.		14,800		402,708

				864,622

Food & Staples Retailing—2.7%
Wal-Mart Stores, Inc.		10,280		556,045

Food Products—2.3%
Archer-Daniels-Midland Co.		16,200		469,638

Health Care Equipment & Supplies—4.3%
Baxter International, Inc.		4,600		223,330
Medtronic, Inc.		11,600		388,948
Varian Medical Systems, Inc. (a)		4,170		274,511

				886,789


	Shares		Value

Hotels, Restaurants & Leisure—1.1%
McDonald’s Corp.		1,100		$86,130
Starbucks Corp.		4,610		141,066

				227,196

Household Products—2.3%
Procter & Gamble Co.		7,800		476,346

Industrial Conglomerates—3.3%
General Electric Co.		42,800		677,524

Insurance—2.8%
Chubb Corp.		3,940		224,619
MetLife, Inc.		9,010		343,732

				568,351

Internet Software & Services—1.9%
eBay, Inc. (a)		13,600		396,168

Machinery—0.5%
Caterpillar, Inc.		1,320		111,672

Metals & Mining—2.0%
Freeport-McMoRan Copper & Gold, Inc.		3,990		404,267

Oil, Gas & Consumable Fuels—8.1%
Chevron Corp.		7,180		581,365
Exxon Mobil Corp.		12,100		841,676
Williams Cos., Inc.		10,050		229,240

				1,652,281

Pharmaceuticals—6.2%
Johnson & Johnson		14,660		902,323
Pfizer, Inc.		22,200		361,638

				1,263,961

Semiconductors & Semiconductor Equipment—4.4%
Intel Corp.		27,400		578,688
Texas Instruments, Inc.		9,900		314,820

				893,508

Software—5.1%
Activision Blizzard, Inc.		20,300		238,322
Adobe Systems, Inc. (a)		13,300		368,809
Autodesk, Inc. (a)		8,600		303,494
Intuit, Inc. (a)		2,950		132,425

				1,043,050


Total Common Stock (cost—$17,452,229)				19,631,456


	Principal Amount (000s)
Repurchase Agreement—4.1%
State Street Bank & Trust Co., dated 11/30/10, 0.01%, due 12/1/10, proceeds $846,000; collateralized by U.S. Treasury Notes, 1.375%, due 5/15/13, valued at $866,830 including accrued interest (cost—$846,000)		$846		846,000


Total Investments (cost—$18,298,229)—100.1%				20,477,456


Liabilities in excess of other assets—(0.1)%				(15,119	)


Net Assets—100.0%				$20,462,337




Notes to Schedule of Investments:
(a) Non-income producing.


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			77

Schedule of Investments

Allianz RCM Global EcoTrends^SM Fund

November 30, 2010


	Shares		Value

COMMON STOCK—94.7%
Australia—1.8%
Sims Metal Management Ltd.		70,859		$1,200,734

Austria—3.5%
Andritz AG		29,768		2,362,375

Belgium—1.2%
Hansen Transmissions International NV (c)		1,014,187		827,408

Canada—1.1%
Stantec, Inc. (c)		28,075		733,224

China—3.3%
China Everbright International Ltd.		1,093,000		608,537
Renesola Ltd. (c)(d)		116,431		478,111
Suntech Power Holdings Co., Ltd. ADR (c)		57,252		408,779
Trina Solar Ltd. ADR (c)		17,205		384,016
Yingli Green Energy Holding Co., Ltd. ADR (c)		37,972		374,024

				2,253,467

Denmark—7.5%
Novozymes A/S, Class B		22,091		2,883,497
Vestas Wind Systems A/S (c)		75,820		2,161,207

				5,044,704

Finland—2.7%
Outotec Oyj		37,024		1,821,109

France—4.0%
Bureau Veritas S.A.		21,253		1,548,776
EDF Energies Nouvelles S.A.		11,427		426,659
Suez Environnement Co.		39,514		702,879

				2,678,314

Germany—8.9%
Aixtron AG		87,764		2,657,372
Rational AG		5,344		1,081,791
Siemens AG		9,288		1,012,359
SMA Solar Technology AG		3,787		329,133
Wacker Chemie AG		5,696		971,967

				6,052,622

Hong Kong—3.9%
Fook Woo Group Holdings Ltd. (c)		986,000		348,013
GCL Poly Energy Holdings Ltd. (c)		533,000		172,878
Guangdong Investment Ltd.		1,156,000		577,434
Nine Dragons Paper Holdings Ltd.		1,006,000		1,511,155

				2,609,480

Ireland—1.6%
Kingspan Group PLC		137,134		1,068,041

Japan—6.0%
Honda Motor Co., Ltd.		17,500		632,991
Horiba Ltd.		36,900		981,045
Kurita Water Industries Ltd.		85,900		2,469,737

				4,083,773

Netherlands—1.3%
Arcadis NV		43,788		912,803

Philippines—1.3%
Energy Development Corp.		7,095,593		900,747


	Shares		Value

Spain—4.1%
EDP Renovaveis S.A. (c)		25,775		$124,062
Gamesa Corp. Tecnologica S.A. (c)		302,962		2,019,984
Iberdrola Renovables S.A.		221,291		649,796

				2,793,842

Switzerland—1.6%
ABB Ltd. (c)		56,335		1,090,593

Taiwan—3.8%
Epistar Corp.		148,000		501,550
Epistar Corp. GDR (a)(d)		113,000		1,918,740
Tong Hsing Electronic Industries Ltd.		30,000		140,448

				2,560,738

United Kingdom—5.7%
Aveva Group PLC		60,411		1,410,119
eaga PLC		69,667		56,589
RPS Group PLC		303,351		1,061,937
Spectris PLC		73,320		1,304,150

				3,832,795

United States—31.4%
Covanta Holding Corp.		36,701		576,940
Cree, Inc. (c)		35,333		2,303,005
Danaher Corp.		29,380		1,270,685
Donaldson Co., Inc.		10,965		595,290
Eaton Corp.		9,198		886,687
EnerNOC, Inc. (c)		13,400		328,702
First Solar, Inc. (c)		5,557		682,678
Itron, Inc. (c)		27,291		1,549,310
ITT Corp.		28,897		1,329,262
Nalco Holding Co.		75,693		2,226,888
Ormat Technologies, Inc.		8,805		235,974
Pall Corp.		17,220		779,549
Range Resources Corp.		18,343		770,223
Rubicon Technology, Inc. (c)		6,534		143,356
Southwestern Energy Co. (c)		15,227		551,217
Stericycle, Inc. (c)		39,598		2,926,292
Tetra Tech, Inc. (c)		53,473		1,235,761
Thermo Fisher Scientific, Inc. (c)		33,842		1,721,204
Veeco Instruments, Inc. (c)		26,743		1,176,157

				21,289,180


Total Common Stock (cost—$72,618,098)				64,115,949


	Principal Amount (000s)
Repurchase Agreement—6.5%
State Street Bank & Trust Co., dated 11/30/10, 0.01%, due 12/1/10, proceeds $4,399,001; collateralized by Freddie Mac, 0.515%, due 11/26/12, valued at $4,488,750 including accrued interest (cost—$4,399,000)		$4,399		4,399,000


Total Investments (cost—$77,017,098) (b)—101.2%				68,514,949


Liabilities in excess of other assets—(1.2)%				(809,421	)


Net Assets—100.0%				$67,705,528





Notes to Schedule of Investments:
(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

(b) Securities with an aggregate value of $35,552,635, representing 52.5% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) Non-income producing.

(d) Fair-Valued—Securities with an aggregate value of $2,396,851, representing 3.5% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

Glossary:
ADR—American Depositary Receipt
GDR—Global Depositary Receipt


78		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements

Schedule of Investments

Allianz RCM Global Water Fund

November 30, 2010


	Shares		Value

COMMON STOCK—97.3%
Austria—6.6%
Andritz AG		47,771		$3,791,086

Brazil—2.4%
Cia de Saneamento Basico do Estado de Sao Paulo ADR		30,854		1,393,058

Canada—1.9%
Stantec, Inc. (b)		41,072		1,072,661

China—1.3%
China Everbright International Ltd.		1,357,000		755,521

France—5.2%
Suez Environnement Co.		67,373		1,198,439
Veolia Environnement S.A.		69,776		1,837,261

				3,035,700

Hong Kong—3.1%
China Water Affairs Group Ltd.		2,064,000		785,727
Guangdong Investment Ltd.		2,047,810		1,022,903

				1,808,630

Japan—3.8%
Kurita Water Industries Ltd.		77,300		2,222,475

Netherlands—2.2%
Arcadis NV		61,926		1,290,907

Switzerland—9.8%
Geberit AG		28,094		5,670,965

United Kingdom—16.0%
Halma PLC		147,256		719,500
Hyder Consulting PLC		25,000		148,643
Pennon Group PLC		174,538		1,706,348
RPS Group PLC		494,592		1,731,412
Severn Trent PLC		100,367		2,256,319
United Utilities Group PLC		293,108		2,719,267

				9,281,489

United States—45.0%
American Water Works Co., Inc.		22,408		549,220
Aqua America, Inc.		98,081		2,113,646
Badger Meter, Inc.		27,056		1,147,716
Calgon Carbon Corp. (b)		86,934		1,214,468
Danaher Corp.		89,149		3,855,694
IDEX Corp.		77,343		2,898,042
ITT Corp.		59,591		2,741,186
Layne Christensen Co. (b)		39,629		1,306,568
Lindsay Corp.		11,133		657,292
Nalco Holding Co.		146,036		4,296,379
Pentair, Inc.		25,000		822,500
Roper Industries, Inc.		13,095		948,209
Tetra Tech, Inc. (b)		68,208		1,576,287
Valmont Industries, Inc.		7,709		623,350
Watts Water Technologies, Inc., Class A		40,689		1,324,427

				26,074,984


Total Common Stock (cost—$54,034,254)				56,397,476


	Principal Amount (000s)		Value

Repurchase Agreement—2.6%
State Street Bank & Trust Co., dated 11/30/10, 0.01%, due 12/1/10, proceeds $1,490,000; collateralized by U.S. Treasury Notes, 1.375%, due 5/15/13, valued at $1,524,601, including accrued interest (cost—$1,490,000)		$1,490		$1,490,000


Total Investments (cost—$55,524,254) (a)—99.9%				57,887,476

Other assets less liabilities—0.1%				78,537


Net Assets—100.0%				$57,966,013


Notes to Schedule of Investments:
(a) Securities with an aggregate value of $27,708,130, representing 47.8% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(b) Non-income producing.

Glossary:
ADR—American Depositary Receipt


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			79

Schedule of Investments

Allianz RCM International Opportunities Fund

November 30, 2010


	Shares		Value

COMMON STOCK—93.3%
Australia—2.3%
Australia & New Zealand Banking Group Ltd.		14,116		$305,985

Belgium—1.7%
Anheuser-Busch InBev NV		3,953		216,110

Brazil—3.9%
Itau Unibanco Holding S.A. ADR		10,770		251,264
Localiza Rent A Car S.A.		10,900		179,018
Petroleo Brasileiro S.A. ADR		2,502		81,165

				511,447

China—1.6%
China Life Insurance Co., Ltd.		28,000		119,541
Dongfeng Motor Group Co., Ltd.		48,000		91,041

				210,582

Denmark—1.5%
Novo Nordisk A/S, Class B		1,939		192,413

France—11.8%
Air Liquide S.A.		1,546		180,772
BNP Paribas		4,795		283,622
Eutelsat Communications		4,011		135,021
Gemalto NV		3,134		122,420
LVMH Moet Hennessy Louis Vuitton S.A.		2,679		405,765
Total S.A.		4,815		233,723
Vinci S.A.		3,610		174,624

				1,535,947

Germany—4.7%
Adidas AG		2,114		132,637
BASF SE		3,903		290,546
Bayer AG		2,623		190,017

				613,200

Hong Kong—2.8%
AIA Group Ltd. (c)		20,975		60,507
BOC Hong Kong Holdings Ltd.		39,500		135,005
CNOOC Ltd.		79,000		170,019

				365,531

Ireland—1.3%
WPP PLC		15,326		169,842

Israel—2.3%
Check Point Software Technologies Ltd. (c)		3,600		154,332
Teva Pharmaceutical Industries Ltd. ADR		3,000		150,120

				304,452

Italy—1.2%
Saipem SpA		3,689		153,600

Japan—16.6%
Canon, Inc.		4,800		225,841
Hitachi Construction Machinery Co., Ltd.		6,900		156,939
Ibiden Co., Ltd.		4,700		128,839
Inpex Corp.		21		107,803
KDDI Corp.		25		142,644
Kubota Corp.		21,000		189,768
Mitsui & Co., Ltd.		13,700		213,636
Murata Manufacturing Co., Ltd.		2,000		121,888
Nidec Corp.		2,300		229,532
Shin-Etsu Chemical Co., Ltd.		3,000		146,191
SMC Corp.		700		110,992


	Shares		Value

Sony Corp.		8,500		$301,336
Sumitomo Mitsui Financial Group, Inc.		2,900		89,055

				2,164,464

Korea (Republic of)—1.2%
Samsung Electronics Co., Ltd. GDR (a)		450		157,500

Netherlands—4.1%
Koninklijke DSM NV		4,713		229,906
Koninklijke Philips Electronics NV		6,733		182,048
TNT NV		4,913		117,173

				529,127

Portugal—1.7%
Energias de Portugal S.A.		30,696		97,991
Galp Energia SGPS S.A., Class B		7,803		130,347

				228,338

Spain—3.3%
Banco Santander S.A.		22,622		215,652
Telefonica S.A.		9,906		210,380

				426,032

Sweden—3.4%
Atlas Copco AB, Class A		14,277		315,269
Skandinaviska Enskilda Banken AB, Class A		18,940		137,604

				452,873

Switzerland—7.1%
ABB Ltd. (c)		10,412		201,567
Nestle S.A.		7,747		420,890
Novartis AG		3,950		210,364
Sonova Holding AG		728		91,019

				923,840

Taiwan—1.1%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		13,904		149,468

United Kingdom—19.7%
BG Group PLC		9,493		171,627
BHP Billiton PLC		7,521		267,249
Centrica PLC		33,719		161,135
Compass Group PLC		19,634		169,795
HSBC Holdings PLC		42,436		429,431
Prudential PLC		15,188		134,392
Reckitt Benckiser Group PLC		4,228		224,107
Shire PLC		6,284		147,244
Standard Chartered PLC		10,467		281,959
Vodafone Group PLC		132,044		329,437
Xstrata PLC		13,082		262,641

				2,579,017


Total Common Stock (cost—$10,872,177)				12,189,768


PREFERRED STOCK—2.8%
Germany—2.8%
Fresenius SE		2,145		184,881
Henkel AG & Co. KGaA		2,889		177,171


Total Preferred Stock (cost—$283,039)				362,052


	Principal Amount (000s)		Value

Repurchase Agreement—2.9%
State Street Bank & Trust Co., dated 11/30/10, 0.01%, due 12/1/10, proceeds $379,000; collateralized by U.S. Treasury Notes, 1.375%, due 5/15/13, valued at $387,524 including accrued interest (cost—$379,000)		$379		$379,000


Total Investments (cost—$11,534,216) (b)—99.0%				12,930,820


Other assets less liabilities—1.0%				133,250


Net Assets—100.0%				$13,064,070


Notes to Schedule of Investments:
(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

(b) Securities with an aggregate value of $11,368,446, representing 87.0% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) Non-income producing.

Glossary:
ADR—American Depositary Receipt
GDR—Global Depositary Receipt


80		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements

(THIS PAGE INTENTIONALLY LEFT BLANK)


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			81

Statements of Assets and Liabilities


November 30, 2010
	AGI Solutions 2015		AGI Solutions 2020		AGI Solutions 2030		AGI Solutions 2040		AGI Solutions 2050		AGI Solutions Core Allocation			AGI Solutions Growth Allocation

Assets:
Investments, at value	$	228,477	$	187,800	$	84,685	$	98,670	$	98,570	$	2,287,018		$	116,005
Investments in Affiliates, at value		5,974,749		5,172,213		6,156,892		4,945,212		4,800,866		218,610,689			5,720,593
Repurchase agreements, at value		—		—		—		—		—		602,000			—
Cash		54,606		42,229		35,051		33,026		35,319		503			52,930
Foreign currency, at value		—		—		—		—		—		—			—
Receivable for investments sold		—		—		—		—		—		—			—
Receivable for Fund shares sold		56,599		—		14,689		—		—		256,539			709
Dividends and interest receivable (net of foreign taxes)		—		—		—		—		—		—			—
Receivable from Investment Manager		84,419		73,219		75,025		70,847		56,995		231,359			38,453
Tax reclaims receivable		—		—		—		—		—		—			—
Prepaid expenses and other assets		233		220		229		535		212		4,425			964
Total Assets		6,399,083		5,475,681		6,366,571		5,148,290		4,991,962		221,992,533			5,929,654

Liabilities:
Payable for investments purchased		—		—		—		—		—		—			—
Payable for Fund shares redeemed		—		—		—		—		3,014		92,359			—
Investment management fees payable		—		—		—		—		—		—			—
Distribution fees payable		193		185		392		78		86		66,595			365
Servicing fees payable		137		115		233		61		57		37,264			336
Payable for organizational expenses		—		—		—		—		—		—			—
Accrued expenses		67,284		55,439		55,989		56,021		64,474		217,899			66,481
Total Liabilities		67,614		55,739		56,614		56,160		67,631		414,117			67,182
Net Assets	$	6,331,469	$	5,419,942	$	6,309,957	$	5,092,130	$	4,924,331	$	221,578,416		$	5,862,472

Net Assets Consist of:
Shares of beneficial interest:
Par value ($0.00001 per share)	$	3	$	3	$	3	$	2	$	2	$	209		$	3
Paid-in-capital in excess of par		5,263,769		4,424,523		4,947,457		3,633,768		3,434,545		226,163,824			4,391,908
Undistributed (dividends in excess of) net investment income		162,036		154,053		163,325		163,830		169,939		783,347			173,447
Accumulated net realized gain (loss)		98,051		87,235		167,397		226,513		228,901		(42,574,985	)		156,223
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		807,610		754,128		1,031,775		1,068,017		1,090,944		37,206,021			1,140,891
Net Assets	$	6,331,469	$	5,419,942	$	6,309,957	$	5,092,130	$	4,924,331	$	221,578,416		$	5,862,472

Cost of Investments	$	208,513	$	170,561	$	75,538	$	87,966	$	87,923	$	2,039,788		$	104,364
Cost of Investments in Affiliates	$	5,187,103	$	4,435,324	$	5,134,264	$	3,887,899	$	3,720,569	$	181,651,898		$	4,591,343
Cost of Repurchase Agreements		—		—		—		—		—	$	602,000			—
Cost of Foreign Currency		—		—		—		—		—		—			—


82		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements



AGI Solutions Retirement Income			AGIC Convertible			AGIC Emerging Growth			AGIC High Yield Bond			AGIC International Growth			AGIC International Growth Opportunities			AGIC Micro Cap			AGIC Small to Mid Cap Growth			AGIC Ultra Micro Cap


$	229,401		$	490,007,957		$	19,784,494		$	92,254,668		$	102,855,328		$	129,709,027		$	56,124,207		$	2,812,017		$	4,471,558
	6,649,911			—			—			—			—			—			—			—			—
	105,000			13,723,000			354,000			854,000			1,090,000			6,490,000			1,266,000			—			107,000
	295			412			722			365,241			766			26,995			822			36,744			284
	—			—			—			—			33,486			17,558			—			—			—
	—			2,140,251			29,861			—			1,516,032			—			301,079			3,424			62,722
	5,953			1,252,319			706			350,947			45,312			46,079			29,997			—			26,500
	—			2,635,165			17,676			1,836,871			156,408			139,982			28,675			1,624			1,136
	69,844			—			11,039			18,715			—			—			—			50,823			49,393
	—			—			—			—			57,924			87,044			—			—			—
	235			14,830			1,018			4,404			4,247			4,958			1,649			630			647
	7,060,639			509,773,934			20,199,516			95,684,846			105,759,503			136,521,643			57,752,429			2,905,262			4,719,240


	—			3,192,708			65,148			—			1,032,313			—			18,810			7,469			40,916
	—			522,950			1,103			438			—			127,151			31			—			—
	—			271,055			—			—			20,053			114,250			72,631			—			—
	917			10,886			—			191			67			124			—			—			—
	445			2,205			—			361			82			73			—			—			—
	—			59,454			6,782			6,782			—			6,782			6,782			6,782			6,782
	43,721			142,729			47,668			85,805			94,673			117,880			62,700			37,069			42,869
	45,083			4,201,987			120,701			93,577			1,147,188			366,260			160,954			51,320			90,567
$	7,015,556		$	505,571,947		$	20,078,815		$	95,591,269		$	104,612,315		$	136,155,383		$	57,591,475		$	2,853,942		$	4,628,673



$	4		$	180		$	16		$	98		$	212		$	44		$	42		$	3		$	3
	6,185,514			428,834,173			17,483,111			91,900,309			95,101,573			137,493,043			51,548,771			3,024,188			3,508,931
	(1	)		2,798,193			(4,033	)		281,094			838,860			1,348,175			—			(197	)		1
	75,882			(2,047,093	)		(1,788,279	)		(1,472,089	)		(5,611,698	)		(32,844,403	)		(8,959,876	)		(801,797	)		107,426
	754,157			75,986,494			4,388,000			4,881,857			14,283,368			30,158,524			15,002,538			631,745			1,012,312
$	7,015,556		$	505,571,947		$	20,078,815		$	95,591,269		$	104,612,315		$	136,155,383		$	57,591,475		$	2,853,942		$	4,628,673

$	209,071		$	414,021,463		$	15,396,494		$	87,372,811		$	88,574,937		$	99,551,106		$	41,121,669		$	2,180,272		$	3,459,246
$	5,916,084			—			—			—			—			—			—			—			—
$	105,000		$	13,723,000		$	354,000		$	854,000		$	1,090,000		$	6,490,000		$	1,266,000			—		$	107,000
	—			—			—			—		$	33,472		$	17,576			—			—			—


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			83

Statements of Assets and Liabilities (Cont.)


November 30, 2010
	AGI Solutions 2015		AGI Solutions 2020		AGI Solutions 2030		AGI Solutions 2040		AGI Solutions 2050		AGI Solutions Core Allocation		AGI Solutions Growth Allocation

Net Assets:
Class A	$	229,203	$	153,527	$	285,995	$	78,456	$	57,003	$	72,414,954	$	815,062
Class B		—		—		—		—		—		18,029,761		—
Class C		304,871		204,029		541,524		22,281		34,911		87,546,510		496,981
Class D		204,096		187,376		294,487		177,433		166,533		34,072		21,547
Class R		13,384		13,514		14,302		15,186		16,699		13,456		15,001
Class P		13,500		13,630		14,426		15,111		15,204		6,432,820		15,109
Institutional Class		5,552,953		4,834,275		5,144,838		4,768,596		4,618,820		37,093,323		4,483,699
Administrative Class		13,462		13,591		14,385		15,067		15,161		13,520		15,073

Shares Issued and Outstanding:
Class A		11,889		7,902		13,766		3,585		2,591		6,844,830		36,992
Class B		—		—		—		—		—		1,679,422		—
Class C		15,972		10,620		26,306		1,029		1,598		8,193,330		22,783
Class D		10,577		9,643		14,147		8,111		7,568		3,226		976
Class R		695		696		687		695		760		1,277		682
Class P		697		699		690		687		688		609,427		683
Institutional Class		286,389		247,541		245,697		216,790		208,801		3,538,250		202,513
Administrative Class		696		698		689		687		687		1,254		682

Net Asset Value and Redemption Price Per Share:*
Class A		$19.28		$19.43		$20.78		$21.88		$22.00		$10.58		$22.03
Class B		—		—		—		—		—		10.74		—
Class C		19.09		19.21		20.59		21.65		21.85		10.69		21.81
Class D		19.30		19.43		20.82		21.88		22.01		10.56		22.06
Class R		19.27		19.40		20.80		21.85		21.97		10.54		22.01
Class P		19.37		19.51		20.92		21.97		22.10		10.56		22.12
Institutional Class		19.39		19.53		20.94		22.00		22.12		10.48		22.14
Administrative Class		19.34		19.48		20.88		21.93		22.06		10.78		22.08

*	Rounded amounts from underlying records.


84		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements



AGI Solutions Retirement Income		AGIC Convertible		AGIC Emerging Growth		AGIC High Yield Bond		AGIC International Growth		AGIC International Growth Opportunities		AGIC Micro Cap		AGIC Small to Mid Cap Growth		AGIC Ultra Micro Cap


$	594,676	$	10,500,251		—	$	1,295,789	$	225,167	$	97,063		—		—		—
	—		—		—		—		—		—		—		—		—
	1,398,115		226,931		—		311,461		100,230		176,465		—		—		—
	179,095		2,179,626		—		169,472		34,531		38,438		—		—		—
	14,500		10,830		—		10,698		17,494		11,066		—		—		—
	13,332		21,417,214		—		10,724		14,630		46,635,718		—		—		—
	4,802,544		471,226,248		$20,078,815		93,782,411		104,220,263		89,185,549		$57,591,475		$2,853,942		$4,628,673
	13,294		10,847		—		10,714		—		11,084		—		—		—


	32,108		372,237		—		129,243		46,139		3,095		—		—		—
	—		—		—		—		—		—		—		—		—
	76,140		8,019		—		31,096		20,751		5,652		—		—		—
	9,630		77,392		—		17,305		7,063		1,225		—		—		—
	774		384		—		1,092		3,584		353		—		—		—
	724		761,744		—		1,096		2,976		1,536,782		—		—		—
	261,050		16,781,117		1,563,491		9,572,917		21,145,788		2,835,448		4,172,629		292,561		349,233
	722		386		—		1,095		—		353		—		—		—


	$18.52		$28.21		—		$10.03		$4.88		$31.36		—		—		—
	—		—		—		—		—		—		—		—		—
	18.36		28.30		—		10.02		4.83		31.22		—		—		—
	18.60		28.16		—		9.79		4.89		31.37		—		—		—
	18.73		28.17		—		9.80		4.88		31.32		—		—		—
	18.41		28.12		—		9.78		4.92		30.35		—		—		—
	18.40		28.08		$12.84		9.80		4.93		31.45		$13.80		$9.76		$13.25
	18.40		28.14		—		9.78		—		31.37		—		—		—


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			85

Statements of Assets and Liabilities (Cont.)

November 30, 2010


	NFJ Global Dividend Value		RCM All Horizons

Assets:
Investments, at value	$	17,368,498	$	1,927,165
Repurchase agreements, at value		660,000		338,000
Cash		178		878
Foreign currency, at value		6,794		15
Receivable for investments sold		379,808		42,990
Receivable for Fund shares sold		30,145		—
Dividends and interest receivable (net of foreign taxes)		42,367		4,902
Tax reclaims receivable		538		—
Receivable from Investment Manager		39,540		27,920
Prepaid expenses		298		642
Total Assets		18,528,166		2,342,512

Liabilities:
Payable for investments purchased		360,966		—
Payable for Fund shares redeemed		972		—
Investment management fees payable		—		—
Distribution fees payable		680		74
Servicing fees payable		554		84
Payable for organizational expenses		—		—
Accrued expenses and other liabilities		59,203		74,090
Total Liabilities		422,375		74,248
Net Assets	$	18,105,791	$	2,268,264

Net Assets Consist of:
Shares of beneficial interest:
Par value ($0.00001 per share)	$	10	$	2
Paid-in-capital in excess of par		16,955,277		2,439,000
Undistributed (dividends in excess of) net investment income		26,241		76,330
Accumulated net realized gain (loss)		319,157		(401,849	)
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		805,106		154,781
Net Assets	$	18,105,791	$	2,268,264

Cost of Investments	$	16,563,172	$	1,772,225
Cost of Repurchase Agreements	$	660,000	$	338,000
Cost of Foreign Currency	$	6,803	$	15

Net Assets:
Class A	$	1,468,499	$	271,740
Class C		1,210,285		115,922
Class D		203,295		13,746
Class P		12,727		9,057
Institutional Class		15,210,985		1,857,799

Shares Issued and Outstanding:
Class A		81,993		20,311
Class C		68,160		8,758
Class D		11,383		1,026
Class P		714		674
Institutional Class		853,197		138,261

Net Asset Value and Redemption Price Per Share:*
Class A		$17.91		$13.38
Class C		17.76		13.24
Class D		17.86		13.40
Class P		17.82		13.44
Institutional Class		17.83		13.44

*	Rounded amounts from underlying records.


86		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements


RCM China Equity			RCM Disciplined Equity		RCM Global EcoTrends^SM			RCM Global Water			RCM International Opportunities


$	4,800,948		$	19,631,456	$	64,115,949		$	56,397,476		$	12,551,820
	198,000			846,000		4,399,000			1,490,000			379,000
	323			618		455			641			894
	—			—		28,950			10			1,496
	44,339			—		—			—			156,675
	—			6,201		10,118			246,567			102
	3,563			50,039		44,795			59,615			34,062
	—			—		30,145			112,822			9,288
	56,278			20,026		—			—			20,031
	44			1,067		1,671			1,575			884
	5,103,495			20,555,407		68,631,083			58,308,706			13,154,252


	—			—		382,560			—			—
	—			4,147		328,005			112,465			—
	—			—		76,112			52,991			—
	244			385		4,124			13,920			30
	240			561		12,745			9,619			17
	111,311			—		—			—			—
	43,511			87,977		122,009			153,698			90,135
	155,306			93,070		925,555			342,693			90,182
$	4,948,189		$	20,462,337	$	67,705,528		$	57,966,013		$	13,064,070



$	2		$	13	$	36		$	67		$	10
	3,959,473			17,553,465		111,176,714			72,083,984			12,129,580
	(1,503	)		143,934		(6,295	)		1,492			156,430
	202,669			585,698		(34,960,156	)		(16,488,101	)		(618,070	)
	787,548			2,179,227		(8,504,771	)		2,368,571			1,396,120
$	4,948,189		$	20,462,337	$	67,705,528		$	57,966,013		$	13,064,070

$	4,013,395		$	17,452,229	$	72,618,098		$	54,034,254		$	11,155,216
$	198,000		$	846,000	$	4,399,000		$	1,490,000		$	379,000
	—			—	$	29,038		$	11		$	1,500


$	238,799		$	1,740,037	$	52,421,135		$	22,774,236		$	19,875
	386,996			615,062		6,400,215			22,224,893			45,601
	386,111			362,292		341,724			1,157,159			11,525
	13,247			10,816		8,455,080			10,432,064			8,545
	3,923,036			17,734,130		87,374			1,377,661			12,978,524


	12,056			115,169		2,793,562			2,602,811			1,576
	19,570			41,305		346,612			2,576,903			3,650
	19,459			23,958		18,193			132,478			914
	666			711		448,329			1,189,756			675
	197,333			1,166,123		4,623			158,122			1,025,375


	$19.81			$15.11		$18.76			$8.75			$12.61
	19.78			14.89		18.47			8.62			12.49
	19.84			15.12		18.78			8.73			12.61
	19.87			15.21		18.86			8.77			12.66
	19.88			15.21		18.90			8.71			12.66


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			87

Statements of Operations


Year ended November 30, 2010
	AGI Solutions 2015			AGI Solutions 2020			AGI Solutions 2030			AGI Solutions 2040			AGI Solutions 2050			AGI Solutions Core Allocation

Investment Income:
Interest	$	1		$	1		$	1		$	—		$	—		$	51
Dividends, net of foreign withholding taxes		6,892			5,572			343			421			399			10,199
Dividends from investments in Affiliates		186,903			169,484			178,366			173,663			169,660			6,723,720
Miscellaneous income		—			—			—			—			—			—
Total Income		193,796			175,057			178,710			174,084			170,059			6,733,970

Expenses:
Investment management fees		44,294			38,420			45,947			40,103			37,952			1,805,998
Distribution and/or servicing fees — Administrative Class		32			32			34			35			35			32
Distribution fees — Class B		—			—			—			—			—			188,404
Distribution fees — Class C		888			671			1,662			256			151			657,191
Distribution fees — Class R		32			32			33			35			36			31
Administrative servicing fees — Class P		12			13			15			15			15			2,012
Administrative servicing fees — Institutional Class #		—			—			—			—			—			—
Servicing fees — Class A		429			228			647			292			111			157,411
Servicing fees — Class B		—			—			—			—			—			62,801
Servicing fees — Class C		296			224			554			85			50			219,064
Servicing fees — Class D		364			376			541			280			312			48
Servicing fees — Class R		32			32			33			35			36			31
Sub-transfer agent fees — Class A		41			28			74			39			40			28,660
Sub-transfer agent fees — Class B		—			—			—			—			—			23,677
Sub-transfer agent fees — Class C		64			31			36			24			—			37,210
Sub-transfer agent fees — Class D		33			61			71			20			85			—
Sub-transfer agent fees — Class R		—			—			—			—			—			—
Sub-transfer agent fees — Class P		—			—			—			—			—			1,184
Sub-transfer agent fees — Institutional Class		—			126			167			64			—			10,377
Administration fees		—			—			—			—			—			—
Legal fees		23,531			23,918			24,315			24,146			19,110			92,650
Trustees’ fees		2,813			2,135			2,224			930			185			78,744
Audit and tax service fees		24,546			23,751			23,748			23,745			23,548			35,395
Registration fees		119,183			118,006			118,227			118,354			118,309			157,803
Custodian and accounting agent fees		58,792			58,478			58,508			59,422			57,056			49,356
Interest expense		—			—			—			—			—			—
Shareholder communications expense		9,048			2,784			4,202			4,102			2,428			52,353
Transfer agent fees		6,153			5,480			4,544			5,168			2,934			101,777
Organizational expenses		—			—			—			—			—			—
Miscellaneous expenses		4,174			6,619			6,216			6,103			5,384			7,675
Total Expenses		294,757			281,445			291,798			283,253			267,777			3,769,884
Less: Fee Waiver/Reimbursement from Investment Manager		(281,370	)		(268,614	)		(270,084	)		(269,810	)		(255,322	)		(1,948,669	)
Net Expenses		13,387			12,831			21,714			13,443			12,455			1,821,215
Net Investment Income (Loss)		180,409			162,226			156,996			160,641			157,604			4,912,755

Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		9,181			7,007			—			616			—			—
Investments in Affiliates		82,793			74,317			157,757			216,185			219,447			7,637,097
Foreign currency transactions		—			—			—			—			—			—
Net capital gain distributions received from underlying Affiliated funds		36,312			32,566			45,276			41,618			40,089			1,879,089
Net change in unrealized appreciation/depreciation of:
Investments		1,578			2,476			9,147			10,704			10,647			247,230
Investments in Affiliates		218,269			176,867			227,383			128,368			148,318			7,273,373
Foreign currency transactions		—			—			—			—			—			—
Net Realized and Change in Unrealized Gain (Loss)		348,133			293,233			439,563			397,491			418,501			17,036,789
Net Increase in Net Assets Resulting from Investment Operations	$	528,542		$	455,459		$	596,559		$	558,132		$	576,105		$	21,949,544

#	See Note 14(c).


88		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements



AGI Solutions Growth Allocation			AGI Solutions Retirement Income			AGIC Convertible			AGIC Emerging Growth			AGIC High Yield Bond			AGIC International Growth			AGIC International Growth Opportunities			AGIC Micro Cap			AGIC Small to Mid Cap Growth			AGIC Ultra Micro Cap


$	2		$	3		$	10,718,057		$	37		$	6,690,824		$	1,379		$	301		$	74		$	1		$	19
	495			7,234			3,738,070			114,810			—			1,526,546			2,475,190			185,000			15,918			8,648
	185,541			179,627			—			—			—			—			—			—			—			—
	—			—			72,595			198			61,401			4,430			5,577			—			643			—
	186,038			186,864			14,528,722			115,045			6,752,225			1,532,355			2,481,068			185,074			16,562			8,667


	42,814			42,035			2,489,061			158,160			329,396			586,424			1,075,774			677,429			19,404			42,862
	35			31			16			—			16			—			16			—			—			—
	—			—			—			—			—			—			—			—			—			—
	2,614			5,697			465			—			394			877			194			—			—			—
	34			33			16			—			16			36			16			—			—			—
	15			12			10,741			—			7			14			36,535			—			—			—
	—			—			18,745			—			—			—			—			—			—			—
	1,303			1,100			4,007			—			690			383			56			—			—			—
	—			—			—			—			—			—			—			—			—			—
	871			1,899			155			—			131			292			65			—			—			—
	39			256			531			—			80			65			39			—			—			—
	35			33			16			—			16			36			16			—			—			—
	56			158			11			—			—			67			—			—			—			—
	—			—			—			—			—			—			—			—			—			—
	59			162			—			—			—			14			—			—			—			—
	—			119			—			—			—			—			—			—			—			—
	—			10			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—
	—			81			—			—			—			4,970			—			6,081			—			1,138
	—			—			380,548			27,416			50,511			—			257,449			115,730			4,999			5,251
	22,410			22,629			56,083			22,728			26,444			28,066			29,798			24,890			20,887			20,978
	1,877			1,771			127,192			4,527			18,961			19,319			25,946			13,084			2,047			1,587
	25,625			24,404			56,500			25,001			41,500			36,933			31,501			28,500			21,414			26,500
	92,620			118,320			161,910			16,290			116,238			110,555			112,103			22,717			22,501			6,452
	58,572			64,198			60,277			42,086			52,237			298,302			417,373			40,658			35,282			34,654
	—			—			—			—			—			172			—			—			—			—
	4,204			1,824			31,831			7,288			25,085			4,998			14,580			15,746			3,681			4,700
	6,557			3,903			10,433			2,458			6,730			7,509			7,212			3,481			1,969			932
	—			—			59,454			6,782			6,782			—			6,782			6,782			6,782			6,782
	4,709			4,072			13,151			4,975			6,884			9,207			8,617			4,971			1,440			2,448
	264,449			292,747			3,481,143			317,711			682,118			1,108,239			2,024,072			960,069			140,406			154,284
	(246,962	)		(270,692	)		(57,322	)		(94,010	)		(222,688	)		(416,885	)		(463,717	)		(44,624	)		(112,254	)		(88,765	)
	17,487			22,055			3,423,821			223,701			459,430			691,354			1,560,355			915,445			28,152			65,519
	168,551			164,809			11,104,901			(108,656	)		6,292,795			841,001			920,713			(730,371	)		(11,590	)		(56,852	)



	171			8,988			41,619,727			3,010,764			3,179,130			(729,585	)		8,066,964			9,597,860			1,000,823			555,145
	145,969			63,004			—			—			—			—			—			—			—			—
	—			—			—			—			—			(1,184	)		(117,792	)		—			—			—

	43,000			30,171			—			—			—			—			—			—			—			—

	11,641			1,079			31,210,486			2,178,646			1,027,878			3,190,213			11,484,922			6,922,206			(201,421	)		624,680
	196,181			232,579			—			—			—			—			—			—			—			—
	—			—			—			—			—			(1,670	)		(16,569	)		—			—			—
	396,962			335,821			72,830,213			5,189,410			4,207,008			2,457,774			19,417,525			16,520,066			799,402			1,179,825

$	565,513		$	500,630		$	83,935,114		$	5,080,754		$	10,499,803		$	3,298,775		$	20,338,238		$	15,789,695		$	787,812		$	1,122,973


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			89

Statements of Operations (Cont.)


Year ended November 30, 2010
	NFJ Global Dividend Value			RCM All Horizons			RCM China Equity			RCM Disciplined Equity			RCM Global EcoTrends^SM			RCM Global Water			RCM International Opportunities

Investment Income:
Interest	$	49		$	21		$	11		$	59		$	159		$	113		$	24
Dividends, net of foreign withholding taxes		326,562			25,475			26,332			327,307			966,300			1,231,134			328,401
Total Income		326,611			25,496			26,343			327,366			966,459			1,231,247			328,425

Expenses:
Investment management fees		77,499			19,419			20,396			120,950			846,241			531,910			110,205
Distribution fees — Class C		3,988			686			388			5,079			55,277			160,450			268
Administrative servicing fees — Class P		12			7			6			11			8,625			10,810			7
Servicing fees — Class A		2,153			547			160			3,788			170,271			56,130			59
Servicing fees — Class C		1,329			229			130			1,693			18,426			53,484			89
Servicing fees — Class D		372			22			116			766			1,199			1,484			28
Sub-transfer agent fees — Class A		1,275			39			—			404			34,599			18,461			4
Sub-transfer agent fees — Class C		299			18			—			98			5,489			26,864			208
Sub-transfer agent fees — Class D		369			1,513			—			1,796			181			6,005			572
Sub-transfer agent fees — Class P		—			—			—			—			2,932			7,079			—
Sub-transfer agent fees — Institutional Class		—			—			—			398			—			—			—
Legal fees		24,444			16,077			6,520			23,894			18,227			25,148			14,963
Trustees’ fees		2,344			1,002			444			2,221			26,143			18,928			3,335
Audit and tax service fees		33,112			24,165			26,000			31,666			45,551			44,979			35,473
Registration fees		65,274			65,601			9,868			67,951			80,480			74,095			65,442
Custodian and accounting agent fees		108,718			88,179			40,770			69,534			126,921			89,286			95,318
Interest expense		—			—			—			—			185			1,067			27
Shareholder communications expense		1,483			3,998			2,082			5,606			35,028			8,127			8,840
Transfer agent fees		4,897			489			197			5,743			29,762			19,644			74
Organizational expenses		—			—			111,311			—			—			—			—
Excise tax		338			3			—			—			—			2,015			—
Miscellaneous expenses		3,187			4,645			1,643			5,210			11,578			8,990			4,724
Total Expenses		331,093			226,639			220,031			346,808			1,517,115			1,164,956			339,636
Less: Fee Waiver/Reimbursement from Investment Manager		(212,714	)		(198,213	)		(190,240	)		(163,381	)		—			(22,481	)		(183,487	)
Net Expenses		118,379			28,426			29,791			183,427			1,517,115			1,142,475			156,149
Net Investment Income (Loss)		208,232			(2,930	)		(3,448	)		143,939			(550,656	)		88,772			172,276

Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		343,945			233,494			204,753			592,016			(8,477,576	)		(1,636,534	)		(7,090	)
Foreign currency transactions		(3,025	)		(107	)		(142	)		—			(78,508	)		(62,226	)		(12,819	)
Net change in unrealized appreciation/depreciation of:
Investments		395,186			(72,404	)		787,553			748,772			(916,626	)		6,407,925			39,813
Foreign currency transactions		(305	)		56			(5	)		—			(1,401	)		(179	)		(1,046	)
Net Realized and Change in Unrealized Gain (Loss)		735,801			161,039			992,159			1,340,788			(9,474,111	)		4,708,986			18,858
Net Increase (Decrease) in Net Assets Resulting from Investment Operations	$	944,033		$	158,109		$	988,711		$	1,484,727		$	(10,024,767	)	$	4,797,758		$	191,134


90		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements

(THIS PAGE INTENTIONALLY LEFT BLANK)


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			91

Statements of Changes in Net Assets


	AGI Solutions 2015						AGI Solutions 2020						AGI Solutions 2030

	Year ended November 30, 2010			Period December 29, 2008** through November 30, 2009			Year ended November 30, 2010			Period December 29, 2008** through November 30, 2009			Year ended November 30, 2010			Period December 29, 2008** through November 30, 2009

Increase (Decrease) in Net Assets from:

Investment Operations:
Net investment income	$	180,409		$	116,006		$	162,226		$	111,390		$	156,996		$	87,772
Net realized gain on investments		9,181			—			7,007			—			—			—
Net realized gain (loss) on investments in Affiliates		82,793			31,630			74,317			42,426			157,757			36,744
Net capital gain distributions received from underlying Affiliated funds		36,312			7,609			32,566			5,764			45,276			6,038
Net change in unrealized appreciation/depreciation of investments		1,578			18,386			2,476			14,763			9,147			—
Net change in unrealized appreciation/depreciation of investments in Affiliates		218,269			569,377			176,867			560,022			227,383			795,245
Net increase (decrease) in net assets resulting from investment operations		528,542			743,008			455,459			734,365			596,559			925,799

Dividends and Distributions to Shareholders from:
Net investment income
Class A		(2,876	)		—			(1,766	)		—			(5,267	)		—
Class B		—			—			—			—			—			—
Class C		(2,587	)		—			(991	)		—			(1,829	)		—
Class D		(3,914	)		—			(2,417	)		—			(3,372	)		—
Class R		(409	)		—			(403	)		—			(294	)		—
Class P		(451	)		—			(445	)		—			(337	)		—
Institutional Class		(161,476	)		—			(145,464	)		—			(111,659	)		—
Administrative Class		(435	)		—			(429	)		—			(321	)		—
Net realized capital gains
Class A		(540	)		—			(507	)		—			(1,611	)		—
Class C		(555	)		—			(314	)		—			(626	)		—
Class D		(734	)		—			(693	)		—			(1,035	)		—
Class R		(85	)		—			(128	)		—			(103	)		—
Class P		(84	)		—			(126	)		—			(103	)		—
Institutional Class		(29,640	)		—			(40,616	)		—			(33,224	)		—
Administrative Class		(85	)		—			(127	)		—			(104	)		—
Return of Capital
Class A		—			—			—			—			—			—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class D		—			—			—			—			—			—
Class R		—			—			—			—			—			—
Class P		—			—			—			—			—			—
Institutional Class		—			—			—			—			—			—
Administrative Class		—			—			—			—			—			—
Total Dividends and Distributions to Shareholders		(203,871	)		—			(194,426	)		—			(159,885	)		—

Fund Share Transactions:
Net proceeds from the sale of shares		1,305,368			857,493			1,214,638			92,930			1,346,210			657,760
Issued in reinvestment of dividends and distributions		203,871			—			193,669			—			158,030			—
Cost of shares redeemed		(84,878	)		(18,064	)		(75,680	)		(1,013	)		(212,520	)		(1,996	)
Net increase (decrease) from Fund share transactions		1,424,361			839,429			1,332,627			91,917			1,291,720			655,764
Redemption Fees		—			—			—			—			—			—
Total Increase (Decrease) in Net Assets		1,749,032			1,582,437			1,593,660			826,282			1,728,394			1,581,563

Net Assets:
Beginning of period		4,582,437			3,000,000			3,826,282			3,000,000			4,581,563			3,000,000
End of period*	$	6,331,469		$	4,582,437		$	5,419,942		$	3,826,282		$	6,309,957		$	4,581,563
*Including undistributed (dividends in excess of) net investment income of:	$	162,036		$	123,633		$	154,053		$	117,172		$	163,325		$	93,834

†	Year end changed from June 30 to November 30.

**	Commencement of operations.


92		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements


AGI Solutions 2040						AGI Solutions 2050						AGI Solutions Core Allocation									AGI Solutions Growth Allocation						AGI Solutions Retirement Income

Year ended November 30, 2010			Period December 29, 2008** through November 30, 2009			Year ended November 30, 2010			Period December 29, 2008** through November 30, 2009			Year ended November 30, 2010			Period July 1, 2009† through November 30, 2009			Year ended June 30, 2009			Year ended November 30, 2010			Period April 27, 2009** through November 30, 2009			Year ended November 30, 2010			Period December 29, 2008** through November 30, 2009




$	160,641		$	69,667		$	157,604		$	68,983		$	4,912,755		$	1,260,127		$	5,844,675		$	168,551		$	40,171		$	164,809		$	115,040
	616			—			—			—			—			—			—			171			—			8,988			—
	216,185			34,621			219,447			39,595			7,637,097			(2,839,440	)		(47,175,075	)		145,969			31,217			63,004			47,911
	41,618			9,087			40,089			8,929			1,879,089			209,186			4,096,881			43,000			8,884			30,171			8,588
	10,704			—			10,647			—			247,230			—			—			11,641			—			1,079			19,251
	128,368			928,945			148,318			931,979			7,273,373			30,880,632			(9,048,428	)		196,181			933,069			232,579			501,248
	558,132			1,042,320			576,105			1,049,486			21,949,544			29,510,505			(46,281,947	)		565,513			1,013,341			500,630			692,038



	(4,017	)		—			(643	)		—			(2,234,683	)		(226,968	)		(2,305,373	)		(989	)		—			(12,374	)		(1,594	)
	—			—			—			—			(613,938	)		(72,559	)		(1,384,734	)		—			—			—			—
	(803	)		—			(206	)		—			(2,141,855	)		(202,562	)		(3,647,880	)		(4,295	)		—			(18,686	)		(202	)
	(1,025	)		—			(2,034	)		—			(592	)		(53	)		(52	)		(222	)		—			(2,846	)		(464	)
	(279	)		—			(259	)		—			(435	)		(55	)		(50	)		(203	)		—			(298	)		(238	)
	(317	)		—			(302	)		—			(66,403	)		(7,231	)		(52	)		(233	)		—			(558	)		(289	)
	(100,646	)		—			(92,398	)		—			(1,395,115	)		(90,782	)		(699,356	)		(70,909	)		—			(188,518	)		(87,822	)
	(301	)		—			(286	)		—			(222	)		(48	)		(54	)		(222	)		—			(530	)		(286	)

	(1,308	)		—			(290	)		—			—			—			—			(410	)		—			(2,846	)		—
	(337	)		—			(128	)		—			—			—			—			(1,931	)		—			(1,993	)		—
	(354	)		—			(883	)		—			—			—			—			(97	)		—			(809	)		—
	(106	)		—			(129	)		—			—			—			—			(97	)		—			(135	)		—
	(105	)		—			(129	)		—			—			—			—			(97	)		—			(136	)		—
	(32,397	)		—			(37,999	)		—			—			—			—			(28,500	)		—			(41,890	)		—
	(106	)		—			(129	)		—			—			—			—			(97	)		—			(135	)		—

	—			—			—			—			—			—			(430,051	)		—			—			—			—
	—			—			—			—			—			—			(258,312	)		—			—			—			—
	—			—			—			—			—			—			(680,486	)		—			—			—			—
	—			—			—			—			—			—			(10	)		—			—			—			—
	—			—			—			—			—			—			(9	)		—			—			—			—
	—			—			—			—			—			—			(10	)		—			—			—			—
	—			—			—			—			—			—			(130,460	)		—			—			—			—
	—			—			—			—			—			—			(10	)		—			—			—			—
	(142,101	)		—			(135,815	)		—			(6,453,243	)		(600,258	)		(9,536,899	)		(108,302	)		—			(271,754	)		(90,895	)


	609,451			370,056			258,038			175,293			51,752,620			25,158,266			37,430,642			2,626,056			184,320			2,453,476			600,923
	142,092			—			135,815			—			5,421,410			502,386			7,771,256			108,260			—			258,233			90,360
	(325,422	)		(162,398	)		(47,688	)		(86,903	)		(62,827,799	)		(17,750,037	)		(92,475,689	)		(1,523,283	)		(3,433	)		(202,462	)		(14,993	)
	426,121			207,658			346,165			88,390			(5,653,769	)		7,910,615			(47,273,791	)		1,211,033			180,887			2,509,247			676,290
	—			—			—			—			—			—			222			—			—			—			—
	842,152			1,249,978			786,455			1,137,876			9,842,532			36,820,862			(103,092,415	)		1,668,244			1,194,228			2,738,123			1,277,433


	4,249,978			3,000,000			4,137,876			3,000,000			211,735,884			174,915,022			278,007,437			4,194,228			3,000,000			4,277,433			3,000,000
$	5,092,130		$	4,249,978		$	4,924,331		$	4,137,876		$	221,578,416		$	211,735,884		$	174,915,022		$	5,862,472		$	4,194,228		$	7,015,556		$	4,277,433
$	163,830		$	78,762		$	169,939		$	77,920		$	783,347		$	869,055		$	(818	)	$	173,447		$	49,064		$	(1	)	$	32,752


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			93

Statements of Changes in Net Assets (Cont.)


	AGIC Convertible									AGIC Emerging Growth

	Year ended November 30, 2010			Period April 1, 2009† through November 30, 2009			Year ended March 31, 2009			Year ended November 30, 2010			Period April 1, 2009† through November 30, 2009			Year ended March 31, 2009

Increase (Decrease) in Net Assets from:

Investment Operations:
Net investment income (loss)	$	11,104,901		$	8,791,209		$	6,993,667		$	(108,656	)	$	(50,280	)	$	(40,240	)
Net realized gain (loss) on investments and foreign currency transactions		41,619,727			(14,456,729	)		(22,074,355	)		3,010,764			336,862			(3,991,029	)
Net change in unrealized appreciation/depreciation of investments and foreign currency transactions		31,210,486			93,128,823			(49,650,857	)		2,178,646			4,245,852			(1,566,687	)
Net increase (decrease) in net assets resulting from investment operations		83,935,114			87,463,303			(64,731,545	)		5,080,754			4,532,434			(5,597,956	)

Dividends and Distributions to Shareholders from:
Net investment income
Class A		(11,440	)		—			—			—			—			—
Class C		(3	)		—			—			—			—			—
Class D		(491	)		—			—			—			—			—
Class R		(78	)		—			—			—			—			—
Class P		(252,997	)		—			—			—			—			—
Institutional Class		(6,200,528	)		(755,722	)		(477,679	)		—			—			—
Administrative Class		(106	)		—			—			—			—			—
Class R — (liquidated)		—			—			—			—			—			—
Institutional Class — (converted)#		(4,642,295	)		(4,972,169	)		(5,559,726	)		—			—			—
Class II — (liquidated)		(514,654	)		(558,980	)		(621,794	)		—			—			—
Class III — (liquidated)		—			—			—			—			—			—
Net realized capital gains
Class R — (liquidated)		—			—			—			—			—			—
Class P		—			—			—			—			—			—
Institutional Class		—			—			(107,496	)		—			—			—
Institutional Class — (converted)#		—			—			(1,514,785	)
Class II — (liquidated)		—			—			(237,582	)		—			—			—
Class III — (liquidated)		—			—			—			—			—			—
Total Dividends and Distributions to Shareholders		(11,622,592	)		(6,286,871	)		(8,519,062	)		—			—			—

Fund Share Transactions:
Net proceeds from the sale of shares		117,113,698	#		46,556,573			113,574,938			7,957,810			4,741,014			6,075,433
Issued in reorganization		—			—			—			—			—			—
Issued in reinvestment of dividends and distributions		2,731,505			1,297,017			1,463,035			—			—			—
Cost of shares redeemed		(107,797,022	)#		(5,701,089	)		(54,008,977	)		(9,401,355	)		(959,179	)		(2,719,406	)
Net increase (decrease) from Fund share transactions		12,048,181			42,152,501			61,028,996			(1,443,545	)		3,781,835			3,356,027
Total Increase (Decrease) in Net Assets		84,360,703			123,328,933			(12,221,611	)		3,637,209			8,314,269			(2,241,929	)

Net Assets:
Beginning of period		421,211,244			297,882,311			310,103,922			16,441,606			8,127,337			10,369,266
End of period*	$	505,571,947		$	421,211,244		$	297,882,311		$	20,078,815		$	16,441,606		$	8,127,337
* Including undistributed (dividends in excess of) net investment income of:	$	2,798,193		$	2,876,588		$	373,877		$	(4,033	)	$	—		$	—

†	Year end changed from March 31 to November 30.

#	See Note 14(c).


94		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements


AGIC High Yield Bond									AGIC International Growth						AGIC International Growth Opportunities									AGIC Micro Cap

Year ended November 30, 2010			Period April 1, 2009† through November 30, 2009			Year ended March 31, 2009			Year ended November 30, 2010			Year ended November 30, 2009			Year ended November 30, 2010			Period April 1, 2009† through November 30, 2009			Year ended March 31, 2009			Year ended November 30, 2010			Period April 1, 2009† through November 30, 2009			Year ended March 31, 2009




$	6,292,795		$	4,174,325		$	4,078,388		$	841,001		$	92,397		$	920,713		$	615,838		$	1,033,056		$	(730,371	)	$	(388,526	)	$	(346,977	)
	3,179,130			(539,498	)		(3,328,327	)		(730,769	)		(4,743,971	)		7,949,172			(2,540,078	)		(29,386,784	)		9,597,860			(716,133	)		(15,983,886	)
	1,027,878			13,269,547			(7,257,264	)		3,188,543			6,498,696			11,468,353			41,909,827			(38,245,341	)		6,922,206			16,046,066			(6,288,864	)
	10,499,803			16,904,374			(6,507,203	)		3,298,775			1,847,122			20,338,238			39,985,587			(66,599,069	)		15,789,695			14,941,407			(22,619,727	)



	(26,121	)		—			—			(921	)		—			—			—			—			—			—			—
	(3,982	)		—			—			(317	)		—			—			—			—			—			—			—
	(3,007	)		—			—			(272	)		—			—			—			—			—			—			—
	(532	)		—			—			(131	)		—			—			—			—			—			—			—
	(577	)		—			—			(155	)		—			(417,626	)		—			—			—			—			—
	(6,111,671	)		(3,919,569	)		(4,454,710	)		(114,067	)		(335,280	)		(160,879	)		—			—			—			—			—
	(568	)		—			—			—			—			—			—			—			—			—			—
	—			—			—			—			(59,818	)		—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—			—
	—			—			—			—			(340,309	)		—			—			—			—			—			—
	—			—			—			—			—			(456,260	)		—			—			—			—			—

	—			—			—			—			(408,740	)		—			—			—			—			—			—
	—			—			—			—			—			—			—			(10,682,297	)		—			—			—
	—			—			—			—			(1,375,956	)		—			—			(450,051	)		—			—			(18,218	)

	—			—			—			—			(1,427,888	)		—			—			—			—			—			—
	—			—			—			—			—			—			—			(3,457,540	)		—			—			—
	(6,146,458	)		(3,919,569	)		(4,454,710	)		(115,863	)		(3,947,991	)		(1,034,765	)		—			(14,589,888	)		—			—			(18,218	)


	41,041,065			19,433,673			25,191,406			11,584,025			3,762,905			90,798,559			24,357,819			64,511,983			13,524,553			3,236,727			15,606,664
	—			—			—			99,372,339			—			—			—			—			—			—			—
	5,698,486			3,536,124			4,193,149			63,345			3,745,980			997,215			—			14,480,102			—			—			18,097
	(25,168,619	)		(15,520,970	)		(19,459,996	)		(17,168,366	)		(10,721,963	)		(91,646,953	)		(10,421,507	)		(56,474,346	)		(25,716,370	)		(4,362,160	)		(12,931,589	)
	21,570,932			7,448,827			9,924,559			93,851,343			(3,213,078	)		148,821			13,936,312			22,517,739			(12,191,817	)		(1,125,433	)		2,693,172
	25,924,277			20,433,632			(1,037,354	)		97,034,255			(5,313,947	)		19,452,294			53,921,899			(58,671,218	)		3,597,878			13,815,974			(19,944,773	)


	69,666,992			49,233,360			50,270,714			7,578,060			12,892,007			116,703,089			62,781,190			121,452,408			53,993,597			40,177,623			60,122,396
$	95,591,269		$	69,666,992		$	49,233,360		$	104,612,315		$	7,578,060		$	136,155,383		$	116,703,089		$	62,781,190		$	57,591,475		$	53,993,597		$	40,177,623
$	281,094		$	324,794		$	8,941		$	838,860		$	114,906		$	1,348,175		$	1,580,019		$	982,464		$	—		$	—		$	—


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			95

Statements of Changes in Net Assets (Cont.)


	AGIC Small to Mid Cap Growth									AGIC Ultra Micro Cap

	Year ended November 30, 2010			Period April 1, 2009† through November 30, 2009			Year ended March 31, 2009			Year ended November 30, 2010			Period April 1, 2009† through November 30, 2009			Year ended March 31, 2009

Increase (Decrease) in Net Assets from:

Investment Operations:
Net investment income (loss)	$	(11,590	)	$	(5,732	)	$	(18,408	)	$	(56,852	)	$	(19,355	)	$	(27,138	)
Net realized gain (loss) on investments and foreign currency transactions		1,000,823			190,746			(1,672,761	)		555,145			72,454			(489,084	)
Net change in unrealized appreciation/depreciation of investments and foreign currency transactions		(201,421	)		1,273,543			(257,128	)		624,680			554,095			(122,292	)
Net increase (decrease) in net assets resulting from investment operations		787,812			1,458,557			(1,948,297	)		1,122,973			607,194			(638,514	)

Dividends and Distributions to Shareholders from:
Net investment income
Class A		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class D		—			—			—			—			—			—
Class P		—			—			—			—			—			—
Institutional Class		—			—			—			—			—			—
Net realized capital gains
Class A		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class D		—			—			—			—			—			—
Class P		—			—			—			—			—			—
Institutional Class		—			—			—			—			—			—
Total Dividends and Distributions to Shareholders		—			—			—			—			—			—

Fund Share Transactions:
Net proceeds from the sale of shares		5,094			—			188,770			2,568,563			171,603			856,224
Issued in reinvestment of dividends and distributions		—			—			—			—			—			—
Cost of shares redeemed		(2,500,000	)		—			—			(843,669	)		(82,062	)		(19,787	)
Net increase (decrease) from Fund share transactions		(2,494,906	)		—			188,770			1,724,894			89,541			836,437
Total Increase (Decrease) in Net Assets		(1,707,094	)		1,458,557			(1,759,527	)		2,847,867			696,735			197,923

Net Assets:
Beginning of period		4,561,036			3,102,479			4,862,006			1,780,806			1,084,071			886,148
End of period*	$	2,853,942		$	4,561,036		$	3,102,479		$	4,628,673		$	1,780,806		$	1,084,071
* Including undistributed (dividends in excess of) net investment income of:	$	(197	)	$	—		$	—		$	1		$	—		$	—

†	Year end changed from March 31 to November 30.

**	Commencement of operations.


96		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements


NFJ Global Dividend Value						RCM All Horizons						RCM China Equity			RCM Disciplined Equity

Year ended November 30, 2010			Period June 26, 2009** through November 30, 2009			Year ended November 30, 2010			Year ended November 30, 2009			Period June 7, 2010** through November 30, 2010			Year ended November 30, 2010			Year ended November 30, 2009




$	208,232		$	28,613		$	(2,930	)	$	12,071		$	(3,448	)	$	143,939		$	71,162

	340,920			97,645			233,387			(265,791	)		204,611			592,016			545,921

	394,881			410,225			(72,348	)		661,647			787,548			748,772			2,382,064

	944,033			536,483			158,109			407,927			988,711			1,484,727			2,999,147



	(32,058	)		(46	)		(582	)		(15	)		—			(5,407	)		(342	)
	(17,554	)		(1	)		(1	)		(3	)		—			(36	)		(306	)
	(6,184	)		(13	)		(47	)		(15	)		—			(850	)		(25	)
	(580	)		(17	)		(49	)		(33	)		—			(42	)		(36	)
	(202,021	)		(4,923	)		(12,658	)		(7,875	)		—			(64,574	)		(11,932	)

	(5,976	)		—			—			—			—			(60,608	)		(1,033	)
	(2,073	)		—			—			—			—			(23,070	)		(908	)
	(731	)		—			—			—			—			(4,193	)		(121	)
	(236	)		—			—			—			—			(371	)		(121	)
	(57,953	)		—			—			—			—			(436,490	)		(36,374	)

	(325,366	)		(5,000	)		(13,337	)		(7,941	)		—			(595,641	)		(51,198	)


	14,706,103			367,852			365,051			70,972			1,443,725			9,098,357			8,894,177

	320,286			4,985			13,337			7,941			—			589,211			51,198
	(943,585	)		—			(61,164	)		—			(484,247	)		(3,584,364	)		(668,878	)

	14,082,804			372,837			317,224			78,913			959,478			6,103,204			8,276,497
	14,701,471			904,320			461,996			478,899			1,948,189			6,992,290			11,224,446


	3,404,320			2,500,000			1,806,268			1,327,369			3,000,000			13,470,047			2,245,601
$	18,105,791		$	3,404,320		$	2,268,264		$	1,806,268		$	4,948,189		$	20,462,337		$	13,470,047
$	26,241		$	19,893		$	76,330		$	13,305		$	(1,503	)	$	143,934		$	70,904


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			97

Statements of Changes in Net Assets (Cont.)


	RCM Global EcoTrends^SM						RCM Global Water						RCM International Opportunities

	Year ended November 30, 2010			Year ended November 30, 2009			Year ended November 30, 2010			Year ended November 30, 2009			Year ended November 30, 2010			Year ended November 30, 2009

Increase (Decrease) in Net Assets from:

Investment Operations:
Net investment income (loss)	$	(550,656	)	$	(466,616	)	$	88,772		$	328,106		$	172,276		$	103,203
Net realized gain (loss) on investments and foreign currency transactions		(8,556,084	)		(14,126,191	)		(1,698,760	)		(8,114,842	)		(19,909	)		(565,135	)
Net change in unrealized appreciation/depreciation of investments and foreign currency transactions		(918,027	)		37,042,102			6,407,746			21,257,510			38,767			2,872,662
Net increase (decrease) in net assets resulting from investment operations		(10,024,767	)		22,449,295			4,797,758			13,470,774			191,134			2,410,730

Dividends to Shareholders from:
Net investment income
Class A		—			—			(25,562	)		(572,331	)		(230	)		(35	)
Class C		—			—			(55	)		(467,207	)		(21	)		(8	)
Class D		—			—			(517	)		(193	)		(51	)		(35	)
Class P		—			—			(19,546	)		(270,825	)		(45	)		(44	)
Institutional Class		—			—			(1,633	)		(637	)		(92,048	)		(22,633	)
Total Dividends to Shareholders		—			—			(47,313	)		(1,311,193	)		(92,395	)		(22,755	)

Fund Share Transactions:
Net proceeds from the sale of shares		10,959,479			30,098,783			13,616,098			16,982,094			1,388,543			7,616,721
Issued in reinvestment of dividends and distributions		—			—			12,275			101,368			92,395			22,756
Cost of shares redeemed		(36,249,662	)		(30,999,736	)		(19,309,004	)		(17,878,140	)		(1,029,155	)		(1,528	)
Net increase (decrease) from Fund share transactions		(25,290,183	)		(900,953	)		(5,680,631	)		(794,678	)		451,783			7,637,949
Redemption Fees		—			803			—			706			—			—
Total Increase (Decrease) in Net Assets		(35,314,950	)		21,549,145			(930,186	)		11,365,609			550,522			10,025,924

Net Assets:
Beginning of period		103,020,478			81,471,333			58,896,199			47,530,590			12,513,548			2,487,624
End of period*	$	67,705,528		$	103,020,478		$	57,966,013		$	58,896,199		$	13,064,070		$	12,513,548
*Including undistributed (dividends in excess of) net investment income of:	$	(6,295	)	$	(15,409	)	$	1,492		$	20,244		$	156,430		$	89,368


98		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements

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See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			99

Financial Highlights


For a Share Outstanding for the Period ended:	Net Asset Value Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss) (a)		Total from Investment Operations		Dividends from Net Investment Income
AGI Solutions 2015:
Class A
11/30/2010	$	18.38	$	0.48	$	1.22	$	1.70	$	(0.68	)
12/29/2008* - 11/30/2009		15.00		0.53		2.85		3.38		—
Class C
11/30/2010	$	18.25	$	0.36	$	1.19	$	1.55	$	(0.59	)
12/29/2008* - 11/30/2009		15.00		0.40		2.85		3.25		—
Class D
11/30/2010	$	18.40	$	0.52	$	1.18	$	1.70	$	(0.68	)
12/29/2008* - 11/30/2009		15.00		0.53		2.87		3.40		—
Class R
11/30/2010	$	18.35	$	0.53	$	1.13	$	1.66	$	(0.62	)
12/29/2008* - 11/30/2009		15.00		0.47		2.88		3.35		—
Class P
11/30/2010	$	18.43	$	0.61	$	1.13	$	1.74	$	(0.68	)
12/29/2008* - 11/30/2009		15.00		0.53		2.90		3.43		—
Institutional Class
11/30/2010	$	18.45	$	0.61	$	1.14	$	1.75	$	(0.69	)
12/29/2008* - 11/30/2009		15.00		0.55		2.90		3.45		—
Administrative Class
11/30/2010	$	18.40	$	0.58	$	1.14	$	1.72	$	(0.66	)
12/29/2008* - 11/30/2009		15.00		0.51		2.89		3.40		—
AGI Solutions 2020:
Class A
11/30/2010	$	18.58	$	0.52	$	1.18	$	1.70	$	(0.66	)
12/29/2008* - 11/30/2009		15.00		0.53		3.05		3.58		—
Class C
11/30/2010	$	18.46	$	0.32	$	1.22	$	1.54	$	(0.60	)
12/29/2008* - 11/30/2009		15.00		0.40		3.06		3.46		—
Class D
11/30/2010	$	18.59	$	0.52	$	1.17	$	1.69	$	(0.66	)
12/29/2008* - 11/30/2009		15.00		0.53		3.06		3.59		—
Class R
11/30/2010	$	18.55	$	0.55	$	1.09	$	1.64	$	(0.60	)
12/29/2008* - 11/30/2009		15.00		0.47		3.08		3.55		—
Class P
11/30/2010	$	18.62	$	0.64	$	1.10	$	1.74	$	(0.66	)
12/29/2008* - 11/30/2009		15.00		0.54		3.08		3.62		—
Institutional Class
11/30/2010	$	18.64	$	0.64	$	1.12	$	1.76	$	(0.68	)
12/29/2008* - 11/30/2009		15.00		0.55		3.09		3.64		—
Administrative Class
11/30/2010	$	18.60	$	0.61	$	1.10	$	1.71	$	(0.64	)
12/29/2008* - 11/30/2009		15.00		0.52		3.08		3.60		—

*	Commencement of operations.

(a)

Calculated on average shares outstanding during the period.

(b)

Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of waivers and reimbursements. Total return may reflect adjustments to conform to generally accepted accounting principles. Total investment return for a period of less than one year is not annualized.

(c)

Annualized.

(d)

Does not include expenses of the investment companies in which the Fund invests.


100		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements


Distributions from Net Realized Capital Gains			Total Dividends and Distributions			Net Asset Value End of Period		Total Return (b)			Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (d)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (d)			Ratio of Net Investment Income to Average Net Assets (d)			Portfolio Turnover


$	(0.12	)	$	(0.80	)	$	19.28		9.67	%	$	229		0.50	%		5.47	%		2.62	%		24	%
	—			—			18.38		22.53			78		0.50	(c)		9.98	(c)		3.36	(c)		21

$	(0.12	)	$	(0.71	)	$	19.09		8.88	%	$	305		1.25	%		7.23	%		1.99	%		24	%
	—			—			18.25		21.67			71		1.25	(c)		8.61	(c)		2.61	(c)		21

$	(0.12	)	$	(0.80	)	$	19.30		9.62	%	$	204		0.50	%		5.74	%		2.84	%		24	%
	—			—			18.40		22.67			91		0.50	(c)		8.84	(c)		3.36	(c)		21

$	(0.12	)	$	(0.74	)	$	19.27		9.43	%	$	13		0.75	%		5.77	%		2.87	%		24	%
	—			—			18.35		22.33			12		0.75	(c)		7.76	(c)		3.11	(c)		21

$	(0.12	)	$	(0.80	)	$	19.37		9.88	%	$	14		0.30	%		5.38	%		3.32	%		24	%
	—			—			18.43		22.87			12		0.30	(c)		6.52	(c)		3.56	(c)		21

$	(0.12	)	$	(0.81	)	$	19.39		10.02	%	$	5,553		0.20	%		5.26	%		3.32	%		24	%
	—			—			18.45		23.00			4,306		0.20	(c)		6.42	(c)		3.66	(c)		21

$	(0.12	)	$	(0.78	)	$	19.34		9.75	%	$	13		0.45	%		5.54	%		3.17	%		24	%
	—			—			18.40		22.67			12		0.45	(c)		6.67	(c)		3.41	(c)		21


$	(0.19	)	$	(0.85	)	$	19.43		9.60	%	$	154		0.53	%		6.52	%		2.79	%		23	%
	—			—			18.58		23.87			40		0.53	(c)		10.16	(c)		3.38	(c)		25

$	(0.19	)	$	(0.79	)	$	19.21		8.72	%	$	204		1.28	%		8.05	%		1.72	%		23	%
	—			—			18.46		23.07			30		1.28	(c)		10.57	(c)		2.63	(c)		25

$	(0.19	)	$	(0.85	)	$	19.43		9.54	%	$	187		0.53	%		5.95	%		2.80	%		23	%
	—			—			18.59		23.93			65		0.53	(c)		10.35	(c)		3.38	(c)		25

$	(0.19	)	$	(0.79	)	$	19.40		9.25	%	$	13		0.78	%		6.30	%		2.99	%		23	%
	—			—			18.55		23.67			12		0.78	(c)		8.76	(c)		3.13	(c)		25

$	(0.19	)	$	(0.85	)	$	19.51		9.81	%	$	14		0.33	%		5.93	%		3.44	%		23	%
	—			—			18.62		24.13			13		0.33	(c)		6.56	(c)		3.58	(c)		25

$	(0.19	)	$	(0.87	)	$	19.53		9.90	%	$	4,834		0.23	%		5.80	%		3.44	%		23	%
	—			—			18.64		24.27			3,654		0.23	(c)		6.46	(c)		3.68	(c)		25

$	(0.19	)	$	(0.83	)	$	19.48		9.63	%	$	14		0.48	%		6.08	%		3.29	%		23	%
	—			—			18.60		24.00			12		0.48	(c)		6.71	(c)		3.43	(c)		25


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			101

Financial Highlights (Cont.)


For a Share Outstanding for the Period ended:	Net Asset Value Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss) (a)		Total from Investment Operations		Dividends from Net Investment Income
AGI Solutions 2030:
Class A
11/30/2010	$	19.36	$	0.50	$	1.59	$	2.09	$	(0.51	)
12/29/2008* - 11/30/2009		15.00		0.41		3.95		4.36		—
Class C
11/30/2010	$	19.28	$	0.26	$	1.66	$	1.92	$	(0.45	)
12/29/2008* - 11/30/2009		15.00		0.28		4.00		4.28		—
Class D
11/30/2010	$	19.40	$	0.47	$	1.62	$	2.09	$	(0.51	)
12/29/2008* - 11/30/2009		15.00		0.41		3.99		4.40		—
Class R
11/30/2010	$	19.37	$	0.49	$	1.54	$	2.03	$	(0.44	)
12/29/2008* - 11/30/2009		15.00		0.34		4.03		4.37		—
Class P
11/30/2010	$	19.45	$	0.58	$	1.56	$	2.14	$	(0.51	)
12/29/2008* - 11/30/2009		15.00		0.41		4.04		4.45		—
Institutional Class
11/30/2010	$	19.47	$	0.59	$	1.56	$	2.15	$	(0.52	)
12/29/2008* - 11/30/2009		15.00		0.43		4.04		4.47		—
Administrative Class
11/30/2010	$	19.43	$	0.55	$	1.54	$	2.09	$	(0.48	)
12/29/2008* - 11/30/2009		15.00		0.39		4.04		4.43		—
AGI Solutions 2040:
Class A
11/30/2010	$	20.08	$	0.73	$	1.71	$	2.44	$	(0.49	)
12/29/2008* - 11/30/2009		15.00		0.30		4.78		5.08		—
Class C
11/30/2010	$	19.92	$	0.57	$	1.69	$	2.26	$	(0.38	)
12/29/2008* - 11/30/2009		15.00		0.19		4.73		4.92		—
Class D
11/30/2010	$	20.05	$	0.52	$	1.92	$	2.44	$	(0.46	)
12/29/2008* - 11/30/2009		15.00		0.32		4.73		5.05		—
Class R
11/30/2010	$	20.03	$	0.59	$	1.80	$	2.39	$	(0.42	)
12/29/2008* - 11/30/2009		15.00		0.26		4.77		5.03		—
Class P
11/30/2010	$	20.12	$	0.68	$	1.80	$	2.48	$	(0.48	)
12/29/2008* - 11/30/2009		15.00		0.33		4.79		5.12		—
Institutional Class
11/30/2010	$	20.13	$	0.70	$	1.82	$	2.52	$	(0.50	)
12/29/2008* - 11/30/2009		15.00		0.35		4.78		5.13		—
Administrative Class
11/30/2010	$	20.09	$	0.65	$	1.80	$	2.45	$	(0.46	)
12/29/2008* - 11/30/2009		15.00		0.31		4.78		5.09		—

*	Commencement of operations.

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized.

(d)

Does not include expenses of the investment companies in which the Fund invests.


102		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements


Distributions from Net Realized Capital Gains			Total Dividends and Distributions			Net Asset Value End of Period		Total Return (b)			Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (d)			Expenses to Average Net Assets without Fee Waiver/ Reimbursement (d)			Ratio of Net Investment Income to Average Net Assets (d)			Portfolio Turnover



$	(0.16	)	$	(0.67	)	$	20.78		11.07	%	$	286		0.63	%		5.46	%		2.57	%		33	%
	—			—			19.36		29.07			179		0.63	(c)		9.16	(c)		2.47	(c)		11

$	(0.16	)	$	(0.61	)	$	20.59		10.17	%	$	542		1.38	%		7.39	%		1.32	%		33	%
	—			—			19.28		28.53			78		1.38	(c)		9.74	(c)		1.72	(c)		11

$	(0.16	)	$	(0.67	)	$	20.82		11.04	%	$	295		0.63	%		5.63	%		2.41	%		33	%
	—			—			19.40		29.33			123		0.63	(c)		8.98	(c)		2.47	(c)		11

$	(0.16	)	$	(0.60	)	$	20.80		10.73	%	$	14		0.88	%		5.79	%		2.53	%		33	%
	—			—			19.37		29.13			13		0.88	(c)		7.74	(c)		2.22	(c)		11

$	(0.16	)	$	(0.67	)	$	20.92		11.27	%	$	14		0.43	%		5.41	%		2.97	%		33	%
	—			—			19.45		29.67			13		0.43	(c)		6.37	(c)		2.67	(c)		11

$	(0.16	)	$	(0.68	)	$	20.94		11.35	%	$	5,145		0.33	%		5.29	%		3.02	%		33	%
	—			—			19.47		29.80			4,163		0.33	(c)		6.27	(c)		2.77	(c)		11

$	(0.16	)	$	(0.64	)	$	20.88		11.04	%	$	14		0.58	%		5.55	%		2.82	%		33	%
	—			—			19.43		29.53			13		0.58	(c)		6.52	(c)		2.52	(c)		11


$	(0.15	)	$	(0.64	)	$	21.88		12.48	%	$	79		0.56	%		5.99	%		3.57	%		44	%
	—			—			20.08		33.87			23		0.56	(c)		11.53	(c)		1.93	(c)		13

$	(0.15	)	$	(0.53	)	$	21.65		11.61	%	$	22		1.31	%		6.66	%		2.82	%		44	%
	—			—			19.92		32.80			42		1.31	(c)		11.89	(c)		1.18	(c)		13

$	(0.15	)	$	(0.61	)	$	21.88		12.49	%	$	177		0.56	%		6.58	%		2.51	%		44	%
	—			—			20.05		33.67			45		0.56	(c)		10.43	(c)		1.93	(c)		13

$	(0.15	)	$	(0.57	)	$	21.85		12.19	%	$	15		0.81	%		6.50	%		2.90	%		44	%
	—			—			20.03		33.53			14		0.81	(c)		10.01	(c)		1.68	(c)		13

$	(0.15	)	$	(0.63	)	$	21.97		12.64	%	$	15		0.36	%		6.10	%		3.35	%		44	%
	—			—			20.12		34.13			13		0.36	(c)		6.43	(c)		2.13	(c)		13

$	(0.15	)	$	(0.65	)	$	22.00		12.83	%	$	4,769		0.26	%		5.98	%		3.43	%		44	%
	—			—			20.13		34.20			4,100		0.26	(c)		6.33	(c)		2.23	(c)		13

$	(0.15	)	$	(0.61	)	$	21.93		12.48	%	$	15		0.51	%		6.24	%		3.20	%		44	%
	—			—			20.09		33.93			13		0.51	(c)		6.58	(c)		1.98	(c)		13


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			103

Financial Highlights (Cont.)


For a Share Outstanding for the Period ended:	Net Asset Value Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss) (a)		Total from Investment Operations		Dividends from Net Investment Income
AGI Solutions 2050:
Class A
11/30/2010	$	20.07	$	0.62	$	1.93	$	2.55	$	(0.43	)
12/29/2008* - 11/30/2009		15.00		0.31		4.76		5.07		—
Class C
11/30/2010	$	19.96	$	0.43	$	1.96	$	2.39	$	(0.31	)
12/29/2008* - 11/30/2009		15.00		0.18		4.78		4.96		—
Class D
11/30/2010	$	20.09	$	0.62	$	1.93	$	2.55	$	(0.44	)
12/29/2008* - 11/30/2009		15.00		0.32		4.77		5.09		—
Class R
11/30/2010	$	20.06	$	0.61	$	1.88	$	2.49	$	(0.39	)
12/29/2008* - 11/30/2009		15.00		0.26		4.80		5.06		—
Class P
11/30/2010	$	20.14	$	0.71	$	1.89	$	2.60	$	(0.45	)
12/29/2008* - 11/30/2009		15.00		0.33		4.81		5.14		—
Institutional Class
11/30/2010	$	20.16	$	0.73	$	1.89	$	2.62	$	(0.47	)
12/29/2008* - 11/30/2009		15.00		0.34		4.82		5.16		—
Administrative Class
11/30/2010	$	20.11	$	0.68	$	1.89	$	2.57	$	(0.43	)
12/29/2008* - 11/30/2009		15.00		0.30		4.81		5.11		—

*	Commencement of operations.

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized.

(d)

Does not include expenses of the investment companies in which the Fund invests.


104		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements


Distributions from Net Realized Capital Gains			Total Dividends and Distributions			Net Asset Value End of Period		Total Return (b)			Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (d)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (d)			Ratio of Net Investment Income to Average Net Assets (d)			Portfolio Turnover


$	(0.19	)	$	(0.62	)	$	22.00		13.02	%	$	57		0.56	%		6.28	%		3.05	%		37	%
	—			—			20.07		33.80			30		0.56	(c)		9.92	(c)		1.91	(c)		11

$	(0.19	)	$	(0.50	)	$	21.85		12.21	%	$	35		1.31	%		7.37	%		2.11	%		37	%
	—			—			19.96		33.07			13		1.31	(c)		10.64	(c)		1.16	(c)		11

$	(0.19	)	$	(0.63	)	$	22.01		12.99	%	$	166		0.56	%		6.36	%		3.04	%		37	%
	—			—			20.09		33.93			91		0.56	(c)		11.64	(c)		1.91	(c)		11

$	(0.19	)	$	(0.58	)	$	21.97		12.75	%	$	17		0.81	%		6.49	%		2.98	%		37	%
	—			—			20.06		33.73			13		0.81	(c)		10.14	(c)		1.66	(c)		11

$	(0.19	)	$	(0.64	)	$	22.10		13.26	%	$	15		0.36	%		6.08	%		3.48	%		37	%
	—			—			20.14		34.27			14		0.36	(c)		7.10	(c)		2.11	(c)		11

$	(0.19	)	$	(0.66	)	$	22.12		13.34	%	$	4,619		0.26	%		5.97	%		3.56	%		37	%
	—			—			20.16		34.40			3,963		0.26	(c)		7.00	(c)		2.21	(c)		11

$	(0.19	)	$	(0.62	)	$	22.06		13.09	%	$	15		0.51	%		6.23	%		3.32	%		37	%
	—			—			20.11		34.07			14		0.51	(c)		7.25	(c)		1.96	(c)		11


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			105

Financial Highlights (Cont.)


For a Share Outstanding for the Period ended:	Net Asset Value Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss) (a)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AGI Solutions Core Allocation:
Class A
11/30/2010	$	9.84	$	0.26	$	0.85		$	1.11		$	(0.37	)	$	—
7/1/2009** - 11/30/2009		8.45		0.08		1.35			1.43			(0.04	)		—
6/30/2009		10.62		0.30		(1.98	)		(1.68	)		(0.40	)		—
6/30/2008		12.57		0.33		(0.96	)		(0.63	)		(0.86	)		(0.32	)
6/30/2007		11.78		0.24		1.47			1.71			(0.77	)		(0.15	)
6/30/2006		11.08		0.19		0.80			0.99			(0.16	)		(0.13	)
Class B
11/30/2010	$	9.92	$	0.22	$	0.83		$	1.05		$	(0.23	)	$	—
7/1/2009** - 11/30/2009		8.53		0.05		1.36			1.41			(0.02	)		—
6/30/2009		10.70		0.23		(1.99	)		(1.76	)		(0.33	)		—
6/30/2008		12.57		0.24		(0.96	)		(0.72	)		(0.69	)		(0.32	)
6/30/2007		11.72		0.15		1.46			1.61			(0.61	)		(0.15	)
6/30/2006		11.01		0.10		0.81			0.91			(0.07	)		(0.13	)
Class C
11/30/2010	$	9.89	$	0.19	$	0.85		$	1.04		$	(0.24	)	$	—
7/1/2009** - 11/30/2009		8.50		0.05		1.36			1.41			(0.02	)		—
6/30/2009		10.68		0.24		(2.01	)		(1.77	)		(0.33	)		—
6/30/2008		12.55		0.24		(0.95	)		(0.71	)		(0.70	)		(0.32	)
6/30/2007		11.72		0.15		1.46			1.61			(0.63	)		(0.15	)
6/30/2006		11.01		0.10		0.81			0.91			(0.07	)		(0.13	)
Class D
11/30/2010	$	9.83	$	0.23	$	0.87		$	1.10		$	(0.37	)	$	—
7/1/2009** - 11/30/2009		8.44		0.08		1.35			1.43			(0.04	)		—
5/4/2009* - 6/30/2009		8.20		0.02		0.27			0.29			(0.04	)		—
Class R
11/30/2010	$	9.81	$	0.24	$	0.84		$	1.08		$	(0.35	)	$	—
7/1/2009** - 11/30/2009		8.44		0.07		1.34			1.41			(0.04	)		—
5/4/2009* - 6/30/2009		8.20		0.02		0.27			0.29			(0.04	)		—
Class P
11/30/2010	$	9.84	$	0.26	$	0.86		$	1.12		$	(0.40	)	$	—
7/1/2009** - 11/30/2009		8.44		0.08		1.36			1.44			(0.04	)		—
5/4/2009* - 6/30/2009		8.20		0.03		0.26			0.29			(0.04	)		—
Institutional Class
11/30/2010	$	9.77	$	0.29	$	0.83		$	1.12		$	(0.41	)	$	—
7/1/2009** - 11/30/2009		8.38		0.09		1.34			1.43			(0.04	)		—
6/30/2009		10.55		0.33		(1.97	)		(1.64	)		(0.43	)		—
6/30/2008		12.54		0.36		(0.91	)		(0.55	)		(0.98	)		(0.32	)
6/30/2007		11.80		0.33		1.44			1.77			(0.88	)		(0.15	)
6/30/2006		11.09		0.24		0.82			1.06			(0.22	)		(0.13	)
Administrative Class
11/30/2010	$	9.83	$	0.27	$	0.86		$	1.13		$	(0.18	)	$	—
7/1/2009** - 11/30/2009		8.44		0.08		1.35			1.43			(0.04	)		—
5/4/2009* - 6/30/2009		8.20		0.03		0.26			0.29			(0.04	)		—

*	Commencement of operations.

**	On April 14, 2009, the Board of Trustees approved a change in the Fund’s fiscal year from June 30 to November 30.

(a)

Calculated on average shares outstanding during the period.

(b)

Less than $0.01 per share.


106		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements


Tax Basis Return of Capital			Total Dividends and Distributions			Redemption Fees (a)			Net Asset Value End of Period		Total Return (c)			Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimburse ment (d)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimburse ment (d)			Ratio of Net Investment Income to Average Net Assets (d)			Portfolio Turnover



$	—		$	(0.37	)	$	—		$	10.58		11.56	%	$	72,415		0.51	%		1.42	%		2.58	%		46	%
	—			(0.04	)		—			9.84		16.93			57,225		0.52	(e)		1.39	(e)		1.98	(e)		11
	(0.09	)		(0.49	)		—	(b)		8.45		(15.51	)		47,224		0.63			0.76			3.51			69
	(0.14	)		(1.32	)		—	(b)		10.62		(5.45	)		63,265		0.65			0.65			2.74			17
	—			(0.92	)		—	(b)		12.57		14.82			70,370		0.72			0.72			1.98			17
	—			(0.29	)		—	(b)		11.78		9.03			65,643		0.65			0.65			1.65			6

$	—		$	(0.23	)	$	—		$	10.74		10.86	%	$	18,030		1.26	%		2.19	%		2.13	%		46	%
	—			(0.02	)		—			9.92		16.44			31,698		1.27	(e)		2.11	(e)		1.23	(e)		11
	(0.08	)		(0.41	)		—	(b)		8.53		(16.12	)		29,177		1.39			1.50			2.67			69
	(0.14	)		(1.15	)		—	(b)		10.70		(6.07	)		60,519		1.40			1.40			2.03			17
	—			(0.76	)		—	(b)		12.57		13.98			82,725		1.47			1.47			1.19			17
	—			(0.20	)		—	(b)		11.72		8.20			80,506		1.40			1.40			0.86			6

$	—		$	(0.24	)	$	—		$	10.69		10.65	%	$	87,546		1.26	%		2.16	%		1.93	%		46	%
	—			(0.02	)		—			9.89		16.62			89,277		1.27	(e)		2.14	(e)		1.23	(e)		11
	(0.08	)		(0.41	)		—	(b)		8.50		(16.21	)		80,857		1.39			1.50			2.74			69
	(0.14	)		(1.16	)		—	(b)		10.68		(6.10	)		138,659		1.40			1.40			1.99			17
	—			(0.78	)		—	(b)		12.55		14.06			168,495		1.47			1.47			1.23			17
	—			(0.20	)		—	(b)		11.72		8.21			140,987		1.40			1.40			0.87			6

$	—		$	(0.37	)	$	—		$	10.56		11.48	%	$	34		0.51	%		1.41	%		2.28	%		46	%
	—			(0.04	)		—			9.83		16.95			13		0.52	(e)		1.38	(e)		1.98	(e)		11
	(0.01	)		(0.05	)		—			8.44		3.55			10		0.52	(e)		1.34	(e)		1.85	(e)		69

$	—		$	(0.35	)	$	—		$	10.54		11.30	%	$	13		0.76	%		1.64	%		2.38	%		46	%
	—			(0.04	)		—			9.81		16.78			12		0.77	(e)		1.63	(e)		1.73	(e)		11
	(0.01	)		(0.05	)		—			8.44		3.52			10		0.77	(e)		1.68	(e)		1.61	(e)		69

$	—		$	(0.40	)	$	—		$	10.56		11.77	%	$	6,433		0.31	%		1.39	%		2.54	%		46	%
	—			(0.04	)		—			9.84		16.99			1,658		0.31	(e)		1.21	(e)		2.19	(e)		11
	(0.01	)		(0.05	)		—			8.44		3.55			1,477		0.27	(e)		1.37	(e)		2.04	(e)		69

$	—		$	(0.41	)	$	—		$	10.48		11.88	%	$	37,093		0.21	%		1.15	%		2.91	%		46	%
	—			(0.04	)		—			9.77		17.14			31,841		0.20	(e)		1.11	(e)		2.30	(e)		11
	(0.10	)		(0.53	)		—	(b)		8.38		(15.16	)		16,150		0.13			0.30			3.89			69
	(0.14	)		(1.44	)		—	(b)		10.55		(4.85	)		15,564		0.10			0.10			3.04			17
	—			(1.03	)		—	(b)		12.54		15.49			13,155		0.17			0.17			2.64			17
	—			(0.35	)		—	(b)		11.80		9.56			745		0.10			0.10			2.05			6

$	—		$	(0.18	)	$	—		$	10.78		11.62	%	$	14		0.46	%		1.37	%		2.68	%		46	%
	—			(0.04	)		—			9.83		17.07			12		0.52	(e)		1.36	(e)		1.98	(e)		11
	(0.01	)		(0.05	)		—			8.44		3.57			10		0.32	(e)		1.20	(e)		2.05	(e)		69

(c)

(d)

Does not include expenses of the investment companies in which the Fund invests.

(e)

Annualized.


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			107

Financial Highlights (Cont.)


For a Share Outstanding for the Period ended:	Net Asset Value Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (a)		Total from Investment Operations		Dividends from Net Investment Income
AGI Solutions Growth Allocation:
Class A
11/30/2010	$	19.96	$	0.47	$	2.09	$	2.56	$	(0.35	)
4/27/2009* - 11/30/2009		15.00		0.17		4.79		4.96		—
Class C
11/30/2010	$	19.87	$	0.44	$	1.96	$	2.40	$	(0.32	)
4/27/2009* - 11/30/2009		15.00		0.09		4.78		4.87		—
Class D
11/30/2010	$	19.96	$	0.63	$	1.94	$	2.57	$	(0.33	)
4/27/2009* - 11/30/2009		15.00		0.17		4.79		4.96		—
Class R
11/30/2010	$	19.93	$	0.62	$	1.91	$	2.53	$	(0.31	)
4/27/2009* - 11/30/2009		15.00		0.14		4.79		4.93		—
Class P
11/30/2010	$	19.99	$	0.71	$	1.91	$	2.62	$	(0.35	)
4/27/2009* - 11/30/2009		15.00		0.19		4.80		4.99		—
Institutional Class
11/30/2010	$	20.00	$	0.73	$	1.91	$	2.64	$	(0.36	)
4/27/2009* - 11/30/2009		15.00		0.20		4.80		5.00		—
Administrative Class
11/30/2010	$	19.97	$	0.68	$	1.90	$	2.58	$	(0.33	)
4/27/2009* - 11/30/2009		15.00		0.17		4.80		4.97		—
AGI Solutions Retirement Income:
Class A
11/30/2010	$	17.81	$	0.47	$	1.05	$	1.52	$	(0.61	)
12/29/2008* - 11/30/2009		15.00		0.53		2.71		3.24		(0.43	)
Class C
11/30/2010	$	17.83	$	0.28	$	1.11	$	1.39	$	(0.66	)
12/29/2008* - 11/30/2009		15.00		0.41		2.72		3.13		(0.30	)
Class D
11/30/2010	$	17.83	$	0.49	$	1.04	$	1.53	$	(0.56	)
12/29/2008* - 11/30/2009		15.00		0.52		2.72		3.24		(0.41	)
Class R
11/30/2010	$	17.86	$	0.49	$	1.01	$	1.50	$	(0.43	)
12/29/2008* - 11/30/2009		15.00		0.47		2.74		3.21		(0.35	)
Class P
11/30/2010	$	17.85	$	0.57	$	0.99	$	1.56	$	(0.80	)
12/29/2008* - 11/30/2009		15.00		0.54		2.74		3.28		(0.43	)
Institutional Class
11/30/2010	$	17.85	$	0.57	$	1.01	$	1.58	$	(0.83	)
12/29/2008* - 11/30/2009		15.00		0.55		2.74		3.29		(0.44	)
Administrative Class
11/30/2010	$	17.83	$	0.54	$	0.99	$	1.53	$	(0.76	)
12/29/2008* - 11/30/2009		15.00		0.52		2.74		3.26		(0.43	)

*	Commencement of operations.

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized.

(d)

Does not include expenses of the investment companies in which the Fund invests.


108		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements


Distributions from Net Realized Capital Gains			Total Dividends and Distributions			Net Asset Value End of Period		Total Return (b)			Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimburse ment (d)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimburse ment (d)			Ratio of Net Investment Income to Average Net Assets (d)			Portfolio Turnover


$	(0.14	)	$	(0.49	)	$	22.03		13.08	%	$	815		0.54	%		5.64	%		2.29	%		66	%
	—			—			19.96		33.07			41		0.54	(c)		6.46	(c)		1.57	(c)		6

$	(0.14	)	$	(0.46	)	$	21.81		12.34	%	$	497		1.29	%		6.28	%		2.18	%		66	%
	—			—			19.87		32.47			181		1.29	(c)		7.21	(c)		0.82	(c)		6

$	(0.14	)	$	(0.47	)	$	22.06		13.15	%	$	22		0.54	%		5.48	%		3.05	%		66	%
	—			—			19.96		33.07			13		0.54	(c)		6.46	(c)		1.57	(c)		6

$	(0.14	)	$	(0.45	)	$	22.01		12.91	%	$	15		0.79	%		5.61	%		3.04	%		66	%
	—			—			19.93		32.87			13		0.79	(c)		6.71	(c)		1.32	(c)		6

$	(0.14	)	$	(0.49	)	$	22.12		13.38	%	$	15		0.34	%		5.21	%		3.48	%		66	%
	—			—			19.99		33.27			13		0.34	(c)		6.31	(c)		1.77	(c)		6

$	(0.14	)	$	(0.50	)	$	22.14		13.49	%	$	4,484		0.24	%		5.11	%		3.58	%		66	%
	—			—			20.00		33.33			3,920		0.24	(c)		6.21	(c)		1.87	(c)		6

$	(0.14	)	$	(0.47	)	$	22.08		13.20	%	$	15		0.49	%		5.36	%		3.33	%		66	%
	—			—			19.97		33.13			13		0.49	(c)		6.46	(c)		1.62	(c)		6


$	(0.20	)	$	(0.81	)	$	18.52		8.86	%	$	595		0.52	%		5.29	%		2.65	%		22	%
	—			(0.43	)		17.81		21.95			256		0.52	(c)		8.79	(c)		3.42	(c)		26

$	(0.20	)	$	(0.86	)	$	18.36		8.09	%	$	1,398		1.27	%		6.16	%		1.56	%		22	%
	—			(0.30	)		17.83		21.11			133		1.27	(c)		10.38	(c)		2.67	(c)		26

$	(0.20	)	$	(0.76	)	$	18.60		8.89	%	$	179		0.52	%		5.75	%		2.75	%		22	%
	—			(0.41	)		17.83		21.93			73		0.52	(c)		8.81	(c)		3.42	(c)		26

$	(0.20	)	$	(0.63	)	$	18.73		8.61	%	$	15		0.77	%		5.62	%		2.70	%		22	%
	—			(0.35	)		17.86		21.72			12		0.77	(c)		7.31	(c)		3.17	(c)		26

$	(0.20	)	$	(1.00	)	$	18.41		9.13	%	$	13		0.32	%		5.13	%		3.20	%		22	%
	—			(0.43	)		17.85		22.19			12		0.32	(c)		6.06	(c)		3.62	(c)		26

$	(0.20	)	$	(1.03	)	$	18.40		9.24	%	$	4,803		0.22	%		5.04	%		3.22	%		22	%
	—			(0.44	)		17.85		22.30			3,779		0.22	(c)		5.96	(c)		3.72	(c)		26

$	(0.20	)	$	(0.96	)	$	18.40		8.94	%	$	13		0.47	%		5.28	%		3.05	%		22	%
	—			(0.43	)		17.83		22.03			12		0.47	(c)		6.21	(c)		3.47	(c)		26


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			109

Financial Highlights (Cont.)


For a Share Outstanding for the Period ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss) (a)			Total from Investment Operations			Dividends from Net Investment Income
AGIC Convertible:
Class A
4/12/2010* - 11/30/2010	$	26.22	$	0.38		$	1.82		$	2.20		$	(0.21	)
Class C
4/12/2010* - 11/30/2010	$	26.22	$	0.24		$	1.84		$	2.08		$	—	(f)
Class D
4/12/2010* - 11/30/2010	$	26.22	$	0.40		$	1.79		$	2.19		$	(0.25	)
Class R
4/12/2010* - 11/30/2010	$	26.22	$	0.33		$	1.82		$	2.15		$	(0.20	)
Class P
6/7/2010* - 11/30/2010	$	24.02	$	0.27		$	4.11		$	4.38		$	(0.28	)
Institutional Class
11/30/2010	$	23.92	$	0.62		$	4.20		$	4.82		$	(0.66	)
4/1/2009** - 11/30/2009		19.01		0.50			4.77			5.27			(0.36	)
3/31/2009		24.88		0.43			(5.73	)		(5.30	)		(0.43	)
3/31/2008		24.35		0.37			0.58			0.95			(0.32	)
3/31/2007		24.57		0.45			2.03			2.48			(0.47	)
3/31/2006		22.44		0.27			3.45			3.72			(0.55	)
Administrative Class
4/12/2010* - 11/30/2010	$	26.22	$	0.37		$	1.83		$	2.20		$	(0.28	)
AGIC Emerging Growth:
Institutional Class
11/30/2010	$	10.05	$	(0.06	)	$	2.85		$	2.79		$	—
4/1/2009** - 11/30/2009		6.59		(0.03	)		3.49			3.46			—
3/31/2009		11.45		(0.04	)		(4.82	)		(4.86	)		—
3/31/2008		13.09		(0.06	)		(0.70	)		(0.76	)		—
3/31/2007		13.90		(0.07	)		0.19			0.12			—
3/31/2006		9.77		(0.11	)		4.25			4.14			—

*	Commencement of operations.

**	On November 13, 2009, the Board of Trustees approved a change in the Fund’s fiscal year from March 31 to November 30.

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized.

(d)

Ratio of expenses to average net assets net of reimbursement/recoupment offset was 0.99%, 0.98%, 0.89%, 0.85% and 0.87% for the period ended November 30, 2009 and the years ended March 31, 2009, March 31, 2008, March 31, 2007 and March 31, 2006, respectively.

(e)

Ratio of expenses to average net assets net of reimbursement/recoupment offset was 1.16%, 0.90%, 0.72%, 0.72% and 1.17% for the period ended November 30, 2009 and the years ended March 31, 2009, March 31, 2008, March 31, 2007 and March 31, 2006, respectively.

(f)

Less than $(0.01) per share.


110		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements


Distributions from Net Realized Capital Gains			Total Dividends and Distributions			Net Asset Value End of Period		Total Return (b)			Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover


$	—		$	(0.21	)	$	28.21		8.46	%	$	10,500		0.96	%(c)		0.97	%(c)		2.25	%(c)		116	%

$	—		$	—	(f)	$	28.30		7.94	%	$	227		1.77	%(c)		1.77	%(c)		1.40	%(c)		116	%

$	—		$	(0.25	)	$	28.16		8.46	%	$	2,180		0.93	%(c)		0.94	%(c)		2.31	%(c)		116	%

$	—		$	(0.20	)	$	28.17		8.29	%	$	11		1.25	%(c)		1.26	%(c)		1.97	%(c)		116	%

$	—		$	(0.28	)	$	28.12		18.34	%	$	21,417		0.84	%(c)		0.87	%(c)		2.35	%(c)		116	%

$	—		$	(0.66	)	$	28.08		20.46	%	$	471,226		0.77	%		0.80	%		2.42	%		116	%
	—			(0.36	)		23.92		27.85			64,996		1.00	(c)(d)		1.00	(c)		3.34	(c)		84
	(0.14	)		(0.57	)		19.01		(21.30	)		20,664		1.03	(d)		1.03			1.86			91
	(0.10	)		(0.42	)		24.88		3.84			47,773		1.03	(d)		1.03			1.45			98
	(2.23	)		(2.70	)		24.35		10.79			39,022		1.02	(d)		1.02			1.89			92
	(1.04	)		(1.59	)		24.57		17.15			31,627		1.03	(d)		1.14			1.02			92

$	—		$	(0.28	)	$	28.14		8.45	%	$	11		0.98	%(c)		0.99	%(c)		2.23	%(c)		116	%


$	—		$	—		$	12.84		27.76	%	$	20,079		1.19	%		1.71	%		(0.57	)%		168	%
	—			—			10.05		52.50			13,942		1.18	(c)		1.18	(c)(e)		(0.53	)(c)		97
	—			—			6.59		(42.45	)		6,591		1.21			1.21	(e)		(0.34	)		146
	(0.88	)		(0.88	)		11.45		(7.01	)		7,499		1.21			1.21	(e)		(0.46	)		129
	(0.93	)		(0.93	)		13.09		1.30			7,409		1.21			1.21	(e)		(0.54	)		148
	(0.01	)		(0.01	)		13.90		42.38			6,721		1.50			1.89	(e)		(1.04	)		128


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			111

Financial Highlights (Cont.)


For a Share Outstanding for the Period ended:	Net Asset Value Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss) (a)			Total from Investment Operations			Dividends from Net Investment Income
AGIC High Yield Bond:
Class A
4/12/2010* - 11/30/2010	$	9.65	$	0.49	$	0.19		$	0.68		$	(0.30	)
Class C
4/12/2010* - 11/30/2010	$	9.65	$	0.45	$	0.19		$	0.64		$	(0.27	)
Class D
4/12/2010* - 11/30/2010	$	9.65	$	0.48	$	0.18		$	0.66		$	(0.52	)
Class R
4/12/2010* - 11/30/2010	$	9.65	$	0.47	$	0.18		$	0.65		$	(0.50	)
Class P
4/12/2010* - 11/30/2010	$	9.65	$	0.50	$	0.17		$	0.67		$	(0.54	)
Institutional Class
11/30/2010	$	9.17	$	0.83	$	0.61		$	1.44		$	(0.81	)
4/1/2009** - 11/30/2009		7.40		0.52		1.77			2.29			(0.52	)
3/31/2009		9.36		0.71		(1.90	)		(1.19	)		(0.77	)
3/31/2008		10.27		0.76		(0.86	)		(0.10	)		(0.81	)
3/31/2007		10.00		0.73		0.30			1.03			(0.76	)
3/31/2006		10.04		0.70		0.02			0.72			(0.76	)
Administrative Class
4/12/2010* - 11/30/2010	$	9.65	$	0.49	$	0.17		$	0.66		$	(0.53	)

*	Commencement of operations.

**	On November 13, 2009, the Board of Trustees approved a change in the Fund’s fiscal year from March 31 to November 30.

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized.

(d)

Ratio of expenses to average net assets net of reimbursement/recoupment offset was 0.61%, 0.61%, 0.57%, 0.52% and 0.56% for the period ended November 30, 2009 and the years ended March 31, 2009, March 31, 2008, March 31, 2007 and March 31, 2006, respectively.


112		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements


Net Asset Value End of Period		Total Return (b)			Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover


$	10.03		7.07	%	$	1,296		1.11	%(c)		1.47	%(c)		7.70	%(c)		144	%

$	10.02		6.73	%	$	311		1.87	%(c)		2.21	%(c)		7.12	%(c)		144	%

$	9.79		7.09	%	$	169		1.11	%(c)		1.47	%(c)		7.84	%(c)		144	%

$	9.80		6.97	%	$	11		1.36	%(c)		1.63	%(c)		7.74	%(c)		144	%

$	9.78		7.22	%	$	11		0.97	%(c)		1.14	%(c)		8.13	%(c)		144	%

$	9.80		16.23	%	$	93,782		0.63	%		0.93	%		8.65	%		144	%
	9.17		31.50			69,667		0.61	(c)		0.61	(c)(d)		9.08	(c)		120
	7.40		(13.01	)		49,233		0.64			0.64	(d)		8.56			55
	9.36		(1.06	)		50,271		0.63			0.63	(d)		7.66			81
	10.27		10.76			63,925		0.64			0.64	(d)		7.21			92
	10.00		7.40			81,187		0.64			0.82	(d)		6.70			112

$	9.78		7.12	%	$	11		1.12	%(c)		1.28	%(c)		7.98	%(c)		144	%


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			113

Financial Highlights (Cont.)


For a Share Outstanding for the Period ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss) (a)			Total from Investment Operations			Dividends from Net Investment Income
AGIC International Growth:
Class A
11/30/2010	$	4.58	$	0.02		$	0.34		$	0.36		$	(0.06	)
2/2/2009* - 11/30/2009		3.40		0.03			1.15			1.18			—
Class C
11/30/2010	$	4.55	$	(0.01	)	$	0.34		$	0.33		$	(0.05	)
2/2/2009* - 11/30/2009		3.40		(—	)(e)		1.15			1.15			—
Class D
11/30/2010	$	4.58	$	0.01		$	0.36		$	0.37		$	(0.06	)
2/2/2009* - 11/30/2009		3.40		0.03			1.15			1.18			—
Class R
11/30/2010	$	4.57	$	—	(f)	$	0.35		$	0.35		$	(0.04	)
2/2/2009* - 11/30/2009		3.40		0.02			1.15			1.17			—
Class P
11/30/2010	$	4.59	$	0.03		$	0.35		$	0.38		$	(0.05	)
2/2/2009* - 11/30/2009		3.40		0.04			1.15			1.19			—
Institutional Class
11/30/2010	$	4.60	$	0.06		$	0.33		$	0.39		$	(0.06	)
11/30/2009		4.98		0.06			0.90			0.96			(0.17	)
4/1/2008** - 11/30/2008		8.46		0.10			(3.58	)		(3.48	)		—
3/31/2008		22.35		0.17			3.82			3.99			(0.29	)
3/31/2007		22.69		0.07			2.86			2.93			(0.07	)
3/31/2006		20.47		0.16			6.05			6.21			—

*	Commencement of operations.

**	On November 14, 2008, the Board of Trustees approved a change in the Fund’s fiscal year from March 31 to November 30.

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized.

(d)

Ratio of expenses to average net assets net of reimbursement/recoupment offset was 1.12%, 0.99%, 1.14% and 0.99% for the period ended November 30, 2008 and the years ended March 31, 2008, March 31, 2007 and March 31, 2006, respectively.

(e)

Less than $(0.01) per share.

(f)

Less than $0.01 per share.


114		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements


Distributions from Net Realized Capital Gains			Total Dividends and Distributions			Net Asset Value End of Period		Total Return (b)			Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover


$	—		$	(0.06	)	$	4.88		7.99	%	$	225		1.56	%		2.89	%		0.36	%		118	%
	—			—			4.58		34.71			43		1.56	(c)		4.40	(c)		0.69	(c)		133

$	—		$	(0.05	)	$	4.83		7.38	%	$	100		2.31	%		4.29	%		(0.28	)%		118	%
	—			—			4.55		33.82			28		2.31	(c)		5.15	(c)		(0.06	)(c)		133

$	—		$	(0.06	)	$	4.89		8.10	%	$	35		1.56	%		3.59	%		0.26	%		118	%
	—			—			4.58		34.71			22		1.56	(c)		4.40	(c)		0.69	(c)		133

$	—		$	(0.04	)	$	4.88		7.83	%	$	17		1.82	%		4.03	%		0.05	%		118	%
	—			—			4.57		34.41			13		1.82	(c)		4.65	(c)		0.43	(c)		133

$	—		$	(0.05	)	$	4.92		8.44	%	$	15		1.30	%		3.71	%		0.59	%		118	%
	—			—			4.59		35.00			14		1.30	(c)		4.25	(c)		0.95	(c)		133

$	—		$	(0.06	)	$	4.93		8.70	%	$	104,220		1.00	%		1.60	%		1.22	%		118	%
	(1.17	)		(1.34	)		4.60		29.21			7,458		0.95			3.91			1.30			133
	—			—			4.98		(41.13	)		5,878		1.42	(c)		1.42	(c)(d)		1.90	(c)		29
	(17.59	)		(17.88	)		8.46		11.37			9,496		1.38			1.38	(d)		1.02			113
	(3.20	)		(3.27	)		22.35		13.80			15,000		1.41			1.41	(d)		0.30			119
	(3.99	)		(3.99	)		22.69		33.63			45,889		1.37			1.37	(d)		0.73			167


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			115

Financial Highlights (Cont.)


For a Share Outstanding for the Period ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss) (a)			Total from Investment Operations			Dividends from Net Investment Income
AGIC International Growth Opportunities:
Class A
4/12/2010* - 11/30/2010	$	28.30	$	(0.01	)	$	3.07		$	3.06		$	—
Class C
4/12/2010* - 11/30/2010	$	28.30	$	(0.24	)	$	3.16		$	2.92		$	—
Class D
4/12/2010* - 11/30/2010	$	28.30	$	0.04		$	3.03		$	3.07		$	—
Class R
4/12/2010* - 11/30/2010	$	28.30	$	0.05		$	2.97		$	3.02		$	—
Class P
11/30/2010	$	25.86	$	0.20		$	4.45		$	4.65		$	(0.16	)
4/1/2009** - 11/30/2009		16.29		0.14			9.43			9.57			—
3/31/2009		40.10		0.33			(19.44	)		(19.11	)		—
3/31/2008		57.36		0.14			3.43			3.57			(1.27	)
3/16/2007		49.86		0.05			9.07			9.12			—
3/31/2006		35.01		(0.01	)		15.10			15.09			(0.24	)
Institutional Class
11/30/2010	$	26.91	$	0.24		$	4.94		$	5.18		$	(0.64	)
4/1/2009** - 11/30/2009		16.93		0.17			9.81			9.98			—
3/31/2009		41.28		0.34			(19.99	)		(19.65	)		—
3/31/2008		57.63		0.39			3.17			3.56			(0.35	)
3/16/2007		50.01		0.02			9.22			9.24			—
3/31/2006		35.02		0.13			15.06			15.19			(0.20	)
Administrative Class
4/12/2010* - 11/30/2010	$	28.30	$	0.09		$	2.98		$	3.07		$	—

*	Commencement of operations.

**	On November 13, 2009, the Board of Trustees approved a change in the Fund’s fiscal year from March 31 to November 30.

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized.

(d)

Ratio of expenses to average net assets net of reimbursement/recoupment offset was 1.41%, 1.17%, 1.13%, 1.18% and 1.07% for the period ended November 30, 2009 and the years ended March 31, 2009, March 31, 2008, March 31, 2007 and March 31, 2006, respectively.

(e)

Ratio of expenses to average net assets net of reimbursement/recoupment offset was 1.26%, 1.01%, 1.00%, 1.03% and 0.91% for the period ended November 30, 2009 and the years ended March 31, 2009, March 31, 2008, March 31, 2007 and March 31, 2006, respectively.


116		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements


Distributions from Net Realized Capital Gains			Total Dividends and Distributions			Net Asset Value End of Period		Total Return (b)			Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover


$	—		$	—		$	31.36		10.81	%	$	97		1.66	%(c)		1.70	%(c)		(0.07	)%(c)		57	%

$	—		$	—		$	31.22		10.32	%	$	176		2.44	%(c)		2.48	%(c)		(1.23	)%(c)		57	%

$	—		$	—		$	31.37		10.85	%	$	38		1.66	%(c)		1.83	%(c)		0.22	%(c)		57	%

$	—		$	—		$	31.32		10.67	%	$	11		1.91	%(c)		2.35	%(c)		0.27	%(c)		57	%

$	—		$	(0.16	)	$	30.35		18.12	%	$	46,636		1.37	%		1.77	%		0.74	%		57	%
	—			—			25.86		58.75			66,137		1.41	(c)		1.41	(c)(d)		0.90	(c)		64
	(4.70	)		(4.70	)		16.29		(48.16	)		39,680		1.44			1.44	(d)		1.14			106
	(19.56	)		(20.83	)		40.10		2.74			113,239		1.44			1.44	(d)		0.26			86
	(1.62	)		(1.62	)		57.36		18.71			104,003		1.43			1.43	(d)		0.09			127
	—			(0.24	)		49.86		43.34			107,749		1.38			1.38	(d)		(0.02	)		168

$	—		$	(0.64	)	$	31.45		18.22	%	$	89,186		1.23	%		1.70	%		0.86	%		57	%
	—			—			26.91		58.95			14,224		1.26			1.26	(c)(e)		1.09	(c)		64
	(4.70	)		(4.70	)		16.93		(48.08	)		6,828		1.29			1.29	(e)		1.27			106
	(19.56	)		(19.91	)		41.28		2.90			8,213		1.27			1.27	(e)		0.57			86
	(1.62	)		(1.62	)		57.63		18.90			73,640		1.28			1.28	(e)		0.05			127
	—			(0.20	)		50.01		43.55			32,565		1.22			1.22	(e)		0.36			168

$	—		$	—		$	31.37		10.85	%	$	11		1.66	%(c)		2.04	%(c)		0.53	%(c)		57	%


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			117

Financial Highlights (Cont.)


For a Share Outstanding for the Period ended:	Net Asset Value Beginning of Period		Net Investment (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss) (a)			Total from Investment Operations			Distributions from Net Realized Capital Gains
AGIC Micro Cap:
Institutional Class
11/30/2010	$	10.44	$	(0.15	)	$	3.51		$	3.36		$	—
4/1/2009** -11/30/2009		7.58		(0.07	)		2.93			2.86			—
3/31/2009		11.60		(0.07	)		(3.95	)		(4.02	)		—	(g)
3/31/2008		15.33		(0.18	)		(1.49	)		(1.67	)		(2.06	)
3/31/2007		17.43		(0.12	)		(0.19	)		(0.31	)		(1.79	)
3/31/2006		12.83		(0.11	)		5.06			4.95			(0.35	)
AGIC Small to Mid Cap Growth:
Institutional Class
11/30/2010	$	7.98	$	(0.03	)	$	1.81		$	1.78		$	—
4/1/2009** - 11/30/2009		5.42		(0.01	)		2.57			2.56			—
3/31/2009		9.02		(0.03	)		(3.57	)		(3.60	)		—
7/31/2007* - 3/31/2008		10.00		(0.03	)		(0.95	)		(0.98	)		—
AGIC Ultra Micro Cap:
Institutional Class
11/30/2010	$	8.93	$	(0.22	)	$	4.54		$	4.32		$	—
4/1/2009** - 11/30/2009		5.78		(0.10	)		3.25			3.15			—
3/31/2009		9.28		(0.16	)		(3.34	)		(3.50	)		—
1/28/2008* - 3/31/2008		10.00		(0.03	)		(0.69	)		(0.72	)		—

*	Commencement of operations.

**	On November 13, 2009, the Board of Trustees approved a change in the Fund’s fiscal year from March 31 to November 30.

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized.

(d)

Ratio of expenses to average net assets net of reimbursement/recoupment offset was 1.63%, 0.91%, 1.38%, 1.19% and 1.10% for the period ended November 30, 2009 and the years ended March 31, 2009, March 31, 2008, March 31, 2007 and March 31, 2006, respectively. Net expenses include certain items not subject to expense reimbursements for periods prior to January 23, 2006.

(e)

Ratio of expenses to average net assets net of reimbursement/recoupment offset was 0.91%, 0.81% and 0.80% for the period ended November 30, 2009, the year ended March 31, 2009 and the period ended March 31, 2008, respectively.

(f)

Ratio of expenses to average net assets net of reimbursement/recoupment offset was 2.22%, 2.31% and 2.15% for the period ended November 30, 2009, the year ended March 31, 2009 and the period ended March 31, 2008, respectively.

(g)

Less than $(0.01) per share.


118		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements


Net Asset Value End of Period		Total Return (b)			Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment (Loss) to Average Net Assets			Portfolio Turnover


$	13.80		32.18	%	$	57,591		1.57	%		1.64	%		(1.25	)%		112	%
	10.44		37.73			53,994		1.55	(c)		1.55	(c)(d)		(1.14	)(c)		86
	7.58		(34.63	)		40,178		1.58			1.58	(d)		(0.64	)		104
	11.60		(13.25	)		60,122		1.58			1.58	(d)		(1.19	)		139
	15.33		(1.35	)		84,405		1.58			1.58	(d)		(0.75	)		165
	17.43		39.04			78,058		1.57			1.64	(d)		(0.78	)		180


$	9.76		22.31	%	$	2,854		0.97	%		4.85	%		(0.40	)%		144	%
	7.98		47.23			4,561		0.95	(c)		0.95	(c)(e)		(0.21	)(c)		119
	5.42		(39.91	)		3,102		0.97			0.97	(e)		(0.44	)		179
	9.02		9.80			4,862		0.95	(c)		0.95	(c)(e)		(0.50	)(c)		105


$	13.25		48.38	%	$	4,629		2.29	%		5.40	%		(1.99	)%		123	%
	8.93		54.50			1,781		2.31	(c)		2.31	(c)(f)		(1.81	)(c)		87
	5.78		(37.72	)		1,084		2.40			2.40	(f)		(2.05	)		109
	9.28		(7.20	)		886		2.31	(c)		2.31	(c)(f)		(2.10	)(c)		19


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			119

Financial Highlights (Cont.)


For a Share Outstanding for the Period ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss) (a)			Total from Investment Operations			Dividends from Net Investment Income
NFJ Global Dividend Value
Class A
11/30/2010	$	18.16	$	0.43		$	0.38		$	0.81		$	(0.71	)
6/26/2009* - 11/30/2009		15.00		0.15			3.04			3.19			(0.03	)
Class C
11/30/2010	$	18.12	$	0.28		$	0.41		$	0.69		$	(0.70	)
6/26/2009* - 11/30/2009		15.00		0.10			3.02			3.12			—	(d)
Class D
11/30/2010	$	18.17	$	0.43		$	0.37		$	0.80		$	(0.76	)
6/26/2009* - 11/30/2009		15.00		0.15			3.04			3.19			(0.02	)
Class P
11/30/2010	$	18.17	$	0.46		$	0.38		$	0.84		$	(0.84	)
6/26/2009* - 11/30/2009		15.00		0.16			3.04			3.20			(0.03	)
Institutional Class
11/30/2010	$	18.17	$	0.41		$	0.46		$	0.87		$	(0.86	)
6/26/2009* - 11/30/2009		15.00		0.17			3.03			3.20			(0.03	)
RCM All Horizons:
Class A
11/30/2010	$	12.58	$	(0.04	)	$	0.92		$	0.88		$	(0.08	)
11/30/2009		9.73		0.06			2.81			2.87			(0.02	)
7/15/2008* - 11/30/2008		15.00		0.01			(5.28	)		(5.27	)		—
Class C
11/30/2010	$	12.47	$	(0.13	)	$	0.90		$	0.77		$	—	(d)
11/30/2009		9.70		(0.03	)		2.80			2.77			—	(d)
7/15/2008* - 11/30/2008		15.00		(0.02	)		(5.28	)		(5.30	)		—
Class D
11/30/2010	$	12.58	$	(0.05	)	$	0.93		$	0.88		$	(0.06	)
11/30/2009		9.73		0.05			2.82			2.87			(0.02	)
7/15/2008* - 11/30/2008		15.00		0.01			(5.28	)		(5.27	)		—
Class P
11/30/2010	$	12.60	$	(0.02	)	$	0.93		$	0.91		$	(0.07	)
11/30/2009		9.74		0.08			2.83			2.91			(0.05	)
7/15/2008* - 11/30/2008		15.00		0.03			(5.29	)		(5.26	)		—
Institutional Class
11/30/2010	$	12.60	$	(0.01	)	$	0.94		$	0.93		$	(0.09	)
11/30/2009		9.75		0.09			2.82			2.91			(0.06	)
7/15/2008* - 11/30/2008		15.00		0.03			(5.28	)		(5.25	)		—

*	Commencement of operations.

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized.

(d)

Less than $(0.01) per share.


120		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements


Distributions from Net Realized Capital Gains			Total Dividends and Distributions			Net Asset Value End of Period		Total Return (b)			Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover


$	(0.35	)	$	(1.06	)	$	17.91		4.71	%	$	1,469		1.50	%		4.55	%		2.41	%		40	%
	—			(0.03	)		18.16		21.24			282		1.50	(c)		9.11	(c)		2.04	(c)		22

$	(0.35	)	$	(1.05	)	$	17.76		3.99	%	$	1,210		2.25	%		5.11	%		1.57	%		40	%
	—			—	(d)		18.12		20.80			89		2.25	(c)		9.86	(c)		1.29	(c)		22

$	(0.35	)	$	(1.11	)	$	17.86		4.68	%	$	203		1.50	%		4.53	%		2.44	%		40	%
	—			(0.02	)		18.17		21.27			35		1.50	(c)		9.11	(c)		2.04	(c)		22

$	(0.35	)	$	(1.19	)	$	17.82		4.90	%	$	13		1.30	%		4.45	%		2.63	%		40	%
	—			(0.03	)		18.17		21.31			12		1.30	(c)		8.96	(c)		2.24	(c)		22

$	(0.35	)	$	(1.21	)	$	17.83		5.07	%	$	15,211		1.20	%		3.40	%		2.32	%		40	%
	—			(0.03	)		18.17		21.34			2,986		1.20	(c)		8.86	(c)		2.34	(c)		22


$	—		$	(0.08	)	$	13.38		7.06	%	$	271		1.66	%		10.98	%		(0.36	)%		193	%
	—			(0.02	)		12.58		29.58			65		1.66			22.14			0.48			171
	—			—			9.73		(35.13	)		7		1.66	(c)		18.41	(c)		0.30	(c)		120

$	—		$	—	(d)	$	13.24		6.18	%	$	116		2.41	%		11.74	%		(1.09	)%		193	%
	—			—	(d)		12.47		28.58			33		2.41			18.92			(0.27	)		171
	—			—			9.70		(35.33	)		8		2.41	(c)		19.16	(c)		(0.43	)(c)		120

$	—		$	(0.06	)	$	13.40		7.05	%	$	14		1.66	%		29.09	%		(0.41	)%		193	%
	—			(0.02	)		12.58		29.58			10		1.66			17.90			0.48			171
	—			—			9.73		(35.13	)		6		1.66	(c)		18.41	(c)		0.30	(c)		120

$	—		$	(0.07	)	$	13.44		7.32	%	$	9		1.40	%		11.06	%		(0.17	)%		193	%
	—			(0.05	)		12.60		29.97			8		1.40			14.01			0.74			171
	—			—			9.74		(35.07	)		7		1.40	(c)		18.15	(c)		0.56	(c)		120

$	—		$	(0.09	)	$	13.44		7.50	%	$	1,858		1.30	%		10.97	%		(0.06	)%		193	%
	—			(0.06	)		12.60		29.96			1,690		1.30			13.91			0.84			171
	—			—			9.75		(35.00	)		1,299		1.30	(c)		18.05	(c)		0.66	(c)		120


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			121

Financial Highlights (Cont.)


For a Share Outstanding for the Period ended:	Net Asset Value Beginning of Period		Net Investment (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss) (a)		Total from Investment Operations		Total Dividends and Distributions
RCM China Equity:
Class A
6/7/2010* - 11/30/2010	$	15.00	$	(0.09	)	$	4.90	$	4.81	$	—
Class C
6/7/2010* - 11/30/2010	$	15.00	$	(0.17	)	$	4.95	$	4.78	$	—
Class D
6/7/2010* - 11/30/2010	$	15.00	$	(0.08	)	$	4.92	$	4.84	$	—
Class P
6/7/2010* - 11/30/2010	$	15.00	$	(0.02	)	$	4.89	$	4.87	$	—
Institutional Class
6/7/2010* - 11/30/2010	$	15.00	$	(0.01	)	$	4.89	$	4.88	$	—

*	Commencement of operations.

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized.


122		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements


Net Asset Value End of Period		Total Return (b)			Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment (Loss) to Average Net Assets (c)			Portfolio Turnover


$	19.81		32.07	%	$	239		1.90	%		8.21	%		(0.99	)%		21	%

$	19.78		31.87	%	$	387		2.65	%		8.88	%		(1.88	)%		21	%

$	19.84		32.27	%	$	386		1.90	%		8.10	%		(0.91	)%		21	%

$	19.87		32.47	%	$	13		1.65	%		8.13	%		(0.19	)%		21	%

$	19.88		32.53	%	$	3,923		1.55	%		8.01	%		(0.08	)%		21	%


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			123

Financial Highlights (Cont.)


For a Share Outstanding for the Period ended:	Net Asset Value Beginning of Period			Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss) (a)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Dividends and Distributions
RCM Disciplined Equity:
Class A
11/30/2010	$	14.53		$	0.08		$	1.09		$	1.17		$	(0.05	)	$	(0.54	)	$	(0.59	)
11/30/2009		10.58			0.08			4.11			4.19			(0.06	)		(0.18	)		(0.24	)
7/15/2008* - 11/30/2008		15.00			0.04			(4.46	)		(4.42	)		—			—			—
Class C
11/30/2010	$	14.39		$	(0.03	)	$	1.07		$	1.04		$	—	(e)	$	(0.54	)	$	(0.54	)
11/30/2009		10.56			(0.02	)		4.09			4.07			(0.06	)		(0.18	)		(0.24	)
7/15/2008* - 11/30/2008		15.00			0.02			(4.46	)		(4.44	)		—			—			—
Class D
11/30/2010	$	14.57		$	0.09		$	1.07		$	1.16		$	(0.07	)	$	(0.54	)	$	(0.61	)
11/30/2009		10.58			0.08			4.13			4.21			(0.04	)		(0.18	)		(0.22	)
7/15/2008* - 11/30/2008		15.00			0.04			(4.46	)		(4.42	)		—			—			—
Class P
11/30/2010	$	14.60		$	0.12		$	1.09		$	1.21		$	(0.06	)	$	(0.54	)	$	(0.60	)
11/30/2009		10.59			0.11			4.13			4.24			(0.05	)		(0.18	)		(0.23	)
7/15/2008* - 11/30/2008		15.00			0.05			(4.46	)		(4.41	)		—			—			—
Institutional Class
11/30/2010	$	14.60		$	0.13		$	1.10		$	1.23		$	(0.08	)	$	(0.54	)	$	(0.62	)
11/30/2009		10.60			0.12			4.12			4.24			(0.06	)		(0.18	)		(0.24	)
7/15/2008* - 11/30/2008		15.00			0.06			(4.46	)		(4.40	)		—			—			—
RCM Global EcoTrends^SM:
Class A
11/30/2010	$	20.84		$	(0.12	)	$	(1.96	)	$	(2.08	)	$	—		$	—		$	—
11/30/2009		16.34			(0.09	)		4.59			4.50			—			—			—
11/30/2008		36.99			(0.24	)		(20.03	)		(20.27	)		—			(0.38	)		(0.38	)
1/31/2007* - 11/30/2007		23.88	**		(0.19	)		13.35			13.16			—			—			—
Class C
11/30/2010	$	20.66		$	(0.26	)	$	(1.93	)	$	(2.19	)	$	—		$	—		$	—
11/30/2009		16.32			(0.25	)		4.59			4.34			—			—			—
9/02/2008* - 11/30/2008		31.57			(0.07	)		(15.18	)		(15.25	)		—			—			—
Class D
11/30/2010	$	20.85		$	(0.11	)	$	(1.96	)	$	(2.07	)	$	—		$	—		$	—
11/30/2009		16.34			(0.12	)		4.63			4.51			—			—			—
9/02/2008* - 11/30/2008		31.57			(0.07	)		(15.16	)		(15.23	)		—			—			—
Class P
11/30/2010	$	20.91		$	(0.08	)	$	(1.97	)	$	(2.05	)	$	—		$	—		$	—
11/30/2009		16.36			(0.05	)		4.60			4.55			—			—			—
9/02/2008* - 11/30/2008		31.57			(0.04	)		(15.17	)		(15.21	)		—			—			—
Institutional Class
11/30/2010	$	20.92		$	(0.06	)	$	(1.96	)	$	(2.02	)	$	—		$	—		$	—
11/30/2009		16.36			(0.03	)		4.59			4.56			—			—			—
9/02/2008* - 11/30/2008		31.57			(0.04	)		(15.17	)		(15.21	)		—			—			—

*	Commencement of operations.

**	Initial public offering price of $25.00 per share less underwriting discount of $1.125 per share.

(a)

Calculated on average shares outstanding during the period.

(b)


124		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements


Redemption Fees (a)(f)			Common Stock Offering Costs			Net Asset Value End of Period		Total Return (b)			Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover


$	—		$	—		$	15.11		8.38	%	$	1,740		1.34	%		2.24	%		0.53	%		30	%
	—			—			14.53		40.58			1,686		1.34			3.97			0.63			34
	—			—			10.58		(29.47	)		60		1.34	(c)		10.22	(c)		0.80	(c)		18

$	—		$	—		$	14.89		7.51	%	$	615		2.09	%		2.92	%		(0.23	)%		30	%
	—			—			14.39		39.51			628		2.09			4.72			(0.12	)		34
	—			—			10.56		(29.60	)		53		2.09	(c)		10.97	(c)		0.47	(c)		18

$	—		$	—		$	15.12		8.29	%	$	362		1.34	%		2.68	%		0.59	%		30	%
	—			—			14.57		40.66			59		1.34			3.98			0.63			34
	—			—			10.58		(29.47	)		7		1.34	(c)		10.22	(c)		0.79	(c)		18

$	—		$	—		$	15.21		8.63	%	$	11		1.08	%		2.04	%		0.79	%		30	%
	—			—			14.60		41.03			10		1.08			3.73			0.89			34
	—			—			10.59		(29.40	)		7		1.08	(c)		9.96	(c)		1.05	(c)		18

$	—		$	—		$	15.21		8.78	%	$	17,734		0.98	%		1.93	%		0.92	%		30	%
	—			—			14.60		40.98			11,087		0.98			3.63			0.99			34
	—			—			10.60		(29.33	)		2,119		0.98	(c)		9.86	(c)		1.15	(c)		18


$	—		$	—		$	18.76		(9.98	)%	$	52,421		1.74	%		1.74	%		(0.61	)%		35	%
	—	(e)		—			20.84		27.54			86,025		2.02			2.02			(0.48	)		39
	—	(e)		—			16.34		(55.36	)		80,610		1.52	(d)		1.67	(d)		(0.78	)		67
	—			(0.05	)		36.99		54.90			176,337		1.78	(c)(d)		1.78	(c)(d)		(0.96	)(c)		27

$	—		$	—		$	18.47		(10.60	)%	$	6,400		2.51	%		2.51	%		(1.34	)%		35	%
	—	(e)		—			20.66		26.59			7,682		2.82			2.82			(1.28	)		39
	—	(e)		—			16.32		(48.31	)		746		2.40	(c)(d)		3.12	(c)(d)		(1.97	)(c)		67

$	—		$	—		$	18.78		(9.93	)%	$	342		1.73	%		1.73	%		(0.58	)%		35	%
	—	(e)		—			20.85		27.60			535		2.14			2.14			(0.60	)		39
	—	(e)		—			16.34		(48.21	)		5		1.65	(c)(d)		2.37	(c)(d)		(1.32	)(c)		67

$	—		$	—		$	18.86		(9.80	)%	$	8,455		1.57	%		1.57	%		(0.42	)%		35	%
	—	(e)		—			20.91		27.81			8,754		1.79			1.79			(0.25	)		39
	—	(e)		—			16.36		(48.18	)		97		1.40	(c)(d)		2.12	(c)(d)		(0.97	)(c)		67

$	—		$	—		$	18.90		(9.66	)%	$	88		1.39	%		1.39	%		(0.31	)%		35	%
	—	(e)		—			20.92		27.87			24		1.69			1.69			(0.15	)		39
	—	(e)		—			16.36		(48.18	)		13		1.30	(c)(d)		2.02	(c)(d)		(0.92	)(c)		67

(c)

Annualized.

(d)

Inclusive of expenses offset by custody credits earned on cash balances at the custodian bank. (See note 1(k) in Notes to Financial Statements).

(e)

Less than $(0.01) per share.

(f)

Effective May 1, 2009, Fund redemption fees were eliminated.


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			125

Financial Highlights (Cont.)


For a Share Outstanding for the Period ended:	Net Asset Value Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss) (a)			Total from Investment Operations			Dividends from Net Investment Income
RCM Global Water:
Class A
11/30/2010	$	7.99	$	0.03		$	0.74		$	0.77		$	(0.01	)
11/30/2009		6.28		0.06			1.84			1.90			(0.19	)
3/31/2008* - 11/30/2008		10.00		0.20			(3.92	)		(3.72	)		—
Class C
11/30/2010	$	7.93	$	(0.03	)	$	0.72		$	0.69		$	—	(g)
11/30/2009		6.24		0.01			1.84			1.85			(0.16	)
3/31/2008* - 11/30/2008		10.00		0.16			(3.92	)		(3.76	)		—
Class D
11/30/2010	$	7.98	$	0.03		$	0.73		$	0.76		$	(0.01	)
11/30/2009		6.27		0.04			1.86			1.90			(0.19	)
3/31/2008* - 11/30/2008		10.00		0.21			(3.94	)		(3.73	)		—
Class P
11/30/2010	$	7.99	$	0.05		$	0.74		$	0.79		$	(0.01	)
11/30/2009		6.29		0.08			1.83			1.91			(0.21	)
3/31/2008* - 11/30/2008		10.00		0.21			(3.92	)		(3.71	)		—
Institutional Class
11/30/2010	$	7.94	$	0.05		$	0.74		$	0.79		$	(0.02	)
11/30/2009		6.29		0.09			1.82			1.91			(0.26	)
7/15/2008* - 11/30/2008		9.01		0.07			(2.79	)		(2.72	)		—
RCM International Opportunities:
Class A
11/30/2010	$	12.49	$	0.07		$	0.12		$	0.19		$	(0.07	)
11/30/2009		9.22		0.13			3.19			3.32			(0.05	)
7/15/2008* - 11/30/2008		15.00		0.03			(5.81	)		(5.78	)		—
Class C
11/30/2010	$	12.41	$	0.02		$	0.07		$	0.09		$	(0.01	)
11/30/2009		9.20		0.04			3.18			3.22			(0.01	)
7/15/2008* - 11/30/2008		15.00		—	(e)		(5.80	)		(5.80	)		—
Class D
11/30/2010	$	12.49	$	0.12		$	0.06		$	0.18		$	(0.06	)
11/30/2009		9.22		0.12			3.20			3.32			(0.05	)
7/15/2008* - 11/30/2008		15.00		0.03			(5.81	)		(5.78	)		—
Class P
11/30/2010	$	12.51	$	0.15		$	0.07		$	0.22		$	(0.07	)
11/30/2009		9.23		0.15			3.20			3.35			(0.07	)
7/15/2008* - 11/30/2008		15.00		0.04			(5.81	)		(5.77	)		—
Institutional Class
11/30/2010	$	12.52	$	0.16		$	0.07		$	0.23		$	(0.09	)
11/30/2009		9.24		0.17			3.18			3.35			(0.07	)
7/15/2008* - 11/30/2008		15.00		0.05			(5.81	)		(5.76	)		—

*	Commencement of operations.

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized.


126		Allianz Multi-Strategy Funds Annual Report		11.30.10		See accompanying Notes to Financial Statements


Redemption Fees (a)(f)			Net Asset Value End of Period		Total Return (b)			Net Assets End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover


$	—		$	8.75		9.63	%	$	22,774		1.80	%		1.80	%		0.41	%		40	%
	—	(e)		7.99		30.93			23,787		2.04			2.04			0.90			47
	—	(e)		6.28		(37.20	)		20,589		1.60	(c)(d)		2.10	(c)(d)		3.44	(c)		54

$	—		$	8.62		8.70	%	$	22,225		2.56	%		2.60	%		(0.37	)%		40	%
	—	(e)		7.93		30.19			22,393		2.79			2.79			0.15			47
	—	(e)		6.24		(37.60	)		18,727		2.35	(c)(d)		2.85	(c)(d)		2.73	(c)		54

$	—		$	8.73		9.70	%	$	1,157		1.84	%		2.74	%		0.34	%		40	%
	—	(e)		7.98		31.11			156		2.40			2.40			0.55			47
	—	(e)		6.27		(37.30	)		6		1.60	(c)(d)		2.10	(c)(d)		3.45	(c)		54

$	—		$	8.77		9.95	%	$	10,432		1.56	%		1.64	%		0.62	%		40	%
	—	(e)		7.99		31.26			12,016		1.78			1.78			1.16			47
	—	(e)		6.29		(37.10	)		8,193		1.35	(c)(d)		1.85	(c)(d)		3.64	(c)		54

$	—		$	8.71		9.96	%	$	1,378		1.46	%		1.48	%		0.61	%		40	%
	—	(e)		7.94		31.42			544		1.68			1.68			1.26			47
	—	(e)		6.29		(30.19	)		16		1.25	(c)(d)		1.56	(c)(d)		2.44	(c)		54


$	—		$	12.61		1.50	%	$	20		1.56	%		2.86	%		0.59	%		29	%
	—			12.49		36.19			42		1.56			17.58			1.16			35
	—			9.22		(38.53	)		6		1.56	(c)		9.65	(c)		0.71	(c)		9

$	—		$	12.49		0.71	%	$	46		2.31	%		4.24	%		0.20	%		29	%
	—			12.41		35.05			32		2.31			12.95			0.41			35
	—			9.20		(38.67	)		6		2.31	(c)		10.40	(c)		(0.04	)(c)		9

$	—		$	12.61		1.42	%	$	11		1.56	%		7.98	%		0.96	%		29	%
	—			12.49		36.19			11		1.56			10.14			1.16			35
	—			9.22		(38.53	)		6		1.56	(c)		9.65	(c)		0.71	(c)		9

$	—		$	12.66		1.74	%	$	9		1.30	%		2.70	%		1.22	%		29	%
	—			12.51		36.46			9		1.30			4.66			1.42			35
	—			9.23		(38.47	)		7		1.30	(c)		9.39	(c)		0.97	(c)		9

$	—		$	12.66		1.83	%	$	12,978		1.20	%		2.61	%		1.33	%		29	%
	—			12.52		36.53			12,420		1.20			4.56			1.52			35
	—			9.24		(38.40	)		2,463		1.20	(c)		9.29	(c)		1.07	(c)		9

(d)

Inclusive of expenses offset by custody credits earned on cash balances at the custodian bank. (See note 1(k) in Notes to Financial Statements).

(e)

Less than $0.01 per share.

(f)

Effective May 1, 2009, Fund redemption fees were eliminated.

(g)

Less than $(0.01) per share.


See accompanying Notes to Financial Statements		11.30.10		Allianz Multi-Strategy Funds Annual Report			127

Notes to Financial Statements

November 30, 2010

1.	ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Allianz Funds Multi-Strategy Trust (the “Trust”) was organized on January 10, 2008, as an open-end registered investment management company organized as a Massachusetts business trust. The Trust currently consists of the following twenty-three separate investment funds, each the “Fund” and collectively the “Funds”: Allianz Global Investors (“AGI”) Solutions 2015 Fund, AGI Solutions 2020 Fund, AGI Solutions 2030 Fund, AGI Solutions 2040 Fund, AGI Solutions 2050 Fund, AGI Solutions Core Allocation Fund, AGI Solutions Growth Allocation Fund, AGI Solutions Retirement Income Fund, Allianz AGIC Convertible Fund, Allianz AGIC Emerging Growth Fund, Allianz AGIC High Yield Bond Fund, Allianz AGIC International Growth Fund, Allianz AGIC International Growth Opportunities Fund, Allianz AGIC Micro Cap Fund, Allianz AGIC Small to Mid Cap Growth Fund, Allianz AGIC Ultra Micro Cap Fund, Allianz NFJ Global Dividend Value Fund, Allianz RCM All Horizons Fund, Allianz RCM China Equity Fund, Allianz RCM Disciplined Equity Fund, Allianz RCM Global EcoTrends^SM Fund, Allianz RCM Global Water Fund and Allianz RCM International Opportunities Fund. Allianz Global Investors Fund Management LLC (the “Investment Manager”), serves as the Funds’ Investment Manager and is an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P. (“Allianz Global”). Allianz Global is an indirect, wholly-owned subsidary of Allianz SE, a publicly traded European insurance and financial services company. Currently, the Trust may offer up to seven classes of shares: A, C, D, P, R, Administrative and Institutional shares. As of November 1, 2009, Class B shares are no longer available for purchase, except through exchanges and dividend reinvestments. The Funds are authorized to issue an unlimited amount of $0.00001 par value shares of beneficial interest.

On March 19, 2010, Nicholas-Applegate International Growth Fund merged into Allianz AGIC International Growth Fund. Nicholas-Applegate International Growth Fund transferred substantially all of its assets and liabilities in exchange for Institutional Class shares of Allianz AGIC International Growth Fund.

On April 12, 2010, the following Nicholas-Applegate funds reorganized into the corresponding new funds of the Trust: Nicholas-Applegate U.S. Convertible Fund into Allianz AGIC Convertible Fund, Nicholas-Applegate U.S. Emerging Growth Fund into Allianz AGIC Emerging Growth Fund, Nicholas-Applegate U.S. High Yield Bond Fund into Allianz AGIC High Yield Bond Fund, Nicholas-Applegate U.S. International Growth Opportunities Fund into Allianz AGIC International Growth Opportunities Fund, Nicholas-Applegate U.S. Micro Cap Fund into Allianz AGIC Micro Cap Fund, Nicholas-Applegate U.S. Small to Mid Cap Growth Fund into Allianz AGIC Small to Mid Cap Growth Fund and Nicholas-Applegate U.S. Ultra Micro Cap Fund into Allianz AGIC Ultra Micro Cap Fund. Nicholas-Applegate U.S. Convertible Fund transferred substantially all of its assets and liabilities of Class IV shares in exchange for Institutional Class shares of Allianz AGIC Convertible Fund and transferred substantially all of its assets and liabilities of Class I and Class II shares in exchange for Class P shares of Allianz AGIC Convertible Fund. Nicholas-Applegate International Growth Opportunities Fund transferred substantially all of its assets and liabilities of Class II and Class III shares in exchange for Institutional Class shares of Allianz AGIC International Growth Opportunities Fund and transferred substantially all of its assets and liabilities of Class I shares in exchange for Class P shares of Allianz AGIC International Growth Opportunities Fund. Nicholas-Applegate U.S. Emerging Growth Fund, Nicholas-Applegate U.S. High Yield Bond Fund, Nicholas-Applegate U.S. Micro Cap Fund, Nicholas-Applegate U.S. Small to Mid Cap Growth Fund and Nicholas-Applegate U.S. Ultra Micro Cap Fund transferred substantially all of their assets and liabilities in exchange for Institutional Class shares of the corresponding Fund in the Trust (Allianz AGIC Emerging Growth Fund, Allianz AGIC High Yield Bond Fund, Allianz AGIC Micro Cap Fund, Allianz AGIC Small to Mid Cap Growth Fund and Allianz AGIC Ultra Micro Cap Fund). The costs and expenses of these reorganization transactions were borne by the Investment Manager and Allianz Global Investors Capital LLC (“AGI Capital”) pursuant to a cost-sharing agreement.

Each Fund sold and issued shares of beneficial interest to Allianz Global as follows:


AGI Solutions 2015/AGI Solutions 2020/AGI Solutions 2030/ AGI Solutions 2040/AGI Solutions 2050/AGI Solutions Retirement Income
Class	Date		Shares		Amount
A		12/29/08		667	$	10,000
C		12/29/08		667		10,000
D		12/29/08		667		10,000
R		12/29/08		666		10,000
P		12/29/08		666		10,000
Institutional		12/29/08		196,000		2,940,000
Administrative		12/29/08		667		10,000
				200,000	$	3,000,000


AGI Solutions Core Allocation
Class	Date		Shares		Amount
D		5/4/09		1,220	$	10,000
R		5/4/09		1,220		10,000
P		5/4/09		1,220		10,000
Administrative		5/4/09		1,220		10,000
				4,880	$	40,000

AGI Solutions Growth Allocation
Class	Date		Shares		Amount
A		4/27/09		667	$	10,000
C		4/27/09		666		10,000
D		4/27/09		666		10,000
R		4/27/09		667		10,000
P		4/27/09		667		10,000
Institutional		4/27/09		196,000		2,940,000
Administrative		4/27/09		667		10,000
				200,000	$	3,000,000

AGIC Convertible
Class	Date		Shares		Amount
A		4/12/10		382	$	10,000
C		4/12/10		382		10,000
D		4/12/10		381		10,000
R		4/12/10		381		10,000
P		6/7/10		416		10,000
Administrative		4/12/10		381		10,000
				2,323	$	60,000

AGIC High Yield Bond
Class	Date		Shares		Amount
A		4/12/10		1,037	$	10,000
C		4/12/10		1,037		10,000
D		4/12/10		1,036		10,000
R		4/12/10		1,036		10,000
P		4/12/10		1,036		10,000
Administrative		4/12/10		1,036		10,000
				6,218	$	60,000


128		Allianz Multi-Strategy Funds Annual Report		11.30.10


AGIC International Growth
Class	Date		Shares		Amount
A		2/2/09		2,941	$	10,000
C		2/2/09		2,941		10,000
D		2/2/09		2,941		10,000
R		2/2/09		2,941		10,000
P		2/2/09		2,941		10,000
				14,705	$	50,000

AGIC International Growth Opportunities
Class	Date		Shares		Amount
A		4/12/10		353	$	10,000
C		4/12/10		353		10,000
D		4/12/10		354		10,000
R		4/12/10		354		10,000
Administrative		4/12/10		353		10,000
				1,767	$	50,000


NFJ Global Dividend Value
Class	Date		Shares		Amount
A		6/26/09		667	$	10,000
C		6/26/09		667		10,000
D		6/26/09		666		10,000
P		6/26/09		667		10,000
Institutional		6/26/09		164,000		2,460,000
				166,667	$	2,500,000

RCM All Horizons
Class	Date		Shares		Amount
A		7/15/08		667	$	10,000
C		7/15/08		666		10,000
D		7/15/08		667		10,000
P		7/15/08		667		10,000
Institutional		7/15/08		133,333		2,000,000
				136,000	$	2,040,000

RCM China Equity
Class	Date		Shares		Amount
A		6/7/10		667	$	10,000
C		6/7/10		667		10,000
D		6/7/10		667		10,000
P		6/7/10		666		10,000
Institutional		6/7/10		197,333		2,960,000
				200,000	$	3,000,000

RCM Disciplined Equity
Class	Date		Shares		Amount
A		7/15/08		667	$	10,000
C		7/15/08		666		10,000
D		7/15/08		667		10,000
P		7/15/08		667		10,000
Institutional		7/15/08		200,000		3,000,000
				202,667	$	3,040,000


RCM Global EcoTrends^SM
Class	Date		Shares		Amount
A		1/18/07		4,189	$	100,012
C		9/2/08		317		10,000
D		9/2/08		317		10,000
P		9/2/08		317		10,000
Institutional		9/2/08		317		10,000
				5,457	$	140,012

RCM Global Water
Class	Date		Shares		Amount
A		3/31/08		1,000	$	10,000
C		3/31/08		1,000		10,000
D		3/31/08		1,000		10,000
P		3/31/08		10,000		100,000
Institutional		7/15/08		1,110		10,000
				14,110	$	140,000


RCM International Opportunities
Class	Date		Shares		Amount
A		7/15/08		667	$	10,000
C		7/15/08		667		10,000
D		7/15/08		667		10,000
P		7/15/08		667		10,000
Institutional		7/15/08		266,666		4,000,000
				269,334	$	4,040,000

The investment objective of AGI Solutions 2015, AGI Solutions 2020, AGI Solutions 2030, AGI Solutions 2040 and AGI Solutions 2050 is to seek capital growth and preservation consistent with its asset allocation as the target date in the Fund name approaches, and thereafter current income, and secondarily, capital appreciation. AGI Solutions Core Allocation’s investment objective is to seek after-inflation capital appreciation and current income. AGI Solutions Retirement Income’s investment objective is to seek current income and secondarily, capital appreciation. The investment objective of AGI Solutions Growth Allocation Fund is to seek after-inflation capital appreciation and, secondarily, current income. Allianz AGIC Convertible’s investment objective is to seek maximum total return, consisting of capital appreciation and current income. The investment objective of Allianz AGIC International Growth, Allianz RCM All Horizons, Allianz RCM China Equity, Allianz RCM Disciplined Equity, Allianz RCM Global EcoTrends^SM, Allianz RCM Global Water and Allianz RCM International Opportunities is to seek long-term capital appreciation. Allianz AGIC High Yield Bond’s investment objective is to seek a high level of current income and capital growth. The investment objective of Allianz AGIC Emerging Growth, Allianz AGIC International Growth Opportunities, Allianz AGIC Micro Cap, Allianz AGIC Small to Mid Cap Growth and Allianz AGIC Ultra Micro Cap is to seek maximum long-term capital appreciation. Allianz NFJ Global Dividend Value’s investment objective is to seek long-term growth of capital and income. There is no guarantee that the Funds will meet their stated objectives.

The preparation of the Funds’ financial statements in accordance with accounting principles generally accepted in the United States of America requires the Funds’ management to make estimates and assumptions that affect the reported amounts and disclosures in the Funds’ financial statements. Actual results could differ from those estimates.

In the normal course of business, the Funds enter into contracts that contain a variety of representations that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.


		11.30.10		Allianz Multi-Strategy Funds Annual Report			129

Notes to Financial Statements (Cont.)

November 30, 2010

The following is a summary of significant accounting policies consistently followed by the Funds:

(a) Valuation of Investments. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, on the basis of quotes obtained from a quotation reporting system, established market makers, or independent pricing services. Investments in underlying funds are valued at the closing net asset value per share of each underlying fund as reported on each business day.

Portfolio securities and other financial instruments for which market quotations are not readily available, or with respect to which a development/event occurs that may significantly impact the value of a security, are fair-valued, in good faith, pursuant to procedures established by the Board of Trustees, or persons acting at their discretion pursuant to procedures established by the Board of Trustees. The Funds’ investments are valued daily using prices supplied by an independent pricing service or dealer quotations, or by using the last sale price on the exchange that is the primary market for such securities, or the mean between the last quoted bid and ask price. The market value for NASDAQ National Market and Small Cap Securities may also be calculated using the NASDAQ Official Closing Price instead of the last reported sales price. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Short-term securities maturing in 60 days or less are valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days. Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the net asset value (“NAV”) of each Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange (“NYSE”) is closed.

The prices used by the Funds to value securities may differ from the value that would be realized if the securities were sold and these differences could be material to the Funds’ financial statements. Each Fund’s NAV is normally determined as of the close of regular trading (normally 4:00 p.m., Eastern time) on the NYSE on each day the NYSE is open for business.

The prices of certain portfolio securities or other financial instruments may be determined at a time prior to the close of regular trading on the NYSE. When fair valuing securities, the Funds may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the time the Fund’s NAV is calculated. With respect to certain foreign securities, the Funds may fair-value securities using modeling tools provided by third-party vendors. The Funds have retained a statistical research service to assist in determining the fair value of foreign securities. This service utilizes statistics and programs based on historical performance of markets and other economic data to assist in making fair value estimates. Fair value estimates used by the Funds for foreign securities may differ from the value realized from the sale of those securities and the difference could be material to the Funds’ financial statements. Fair value pricing may require subjective determinations about the value of a security or other asset, and fair values used to determine each Fund’s NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets held by a Fund.

(b) Fair Value Measurement. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants. The three levels of the fair value hierarchy are described below:

•

Level 1—quoted prices in active markets for identical investments that the Funds have the ability to access

•

Level 2—valuations based on other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) or quotes from inactive exchanges

•

Level 3—valuations based on significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

An investment asset’s or liability’s level within the fair value hierarchy is based on the lowest level input, individually or in aggregate, that is significant to fair value measurement. The objective of fair value measurement remains the same even when there is a significant decrease in the volume and level of activity for an asset or liability and regardless of the valuation techniques used.

The valuation techniques used by the Funds to measure fair value during the year ended November 30, 2010 maximized the use of observable inputs and minimized the use of unobservable inputs. When fair-valuing securities, the Funds utilized multi-dimensional relational pricing models and the estimation of the price that would have prevailed in a liquid market for an international equity given information available at the time of evaluation.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following are certain inputs and techniques that the Funds generally use to evaluate how to classify each major category of assets and liabilities, for Level 2 and Level 3, in accordance with Generally Accepted Accounting Principles (“GAAP”).

Equity Securities (Common and Preferred Stock)—Equity securities traded in inactive markets and certain foreign equity securities are valued using inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from independent pricing services that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable, the values of equity securities are categorized as Level 2. To the extent that these inputs are unobservable the values are categorized as Level 3.

Corporate Bonds and Notes—Corporate bonds and notes are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are valued by independent pricing services using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, and option adjusted spread models that include base curve and spread curve inputs. Adjustments to individual bonds can be applied to recognize trading differences compared to other bonds issued by the same issuer. High yield bonds are valued by independent pricing services based primarily on broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable, the values of corporate bonds are categorized as Level 2. To the extent that these inputs are unobservable the values are categorized as Level 3.

Convertible Bonds—Convertible bonds are valued by independent pricing services based on various inputs and techniques, which include broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the


130		Allianz Multi-Strategy Funds Annual Report		11.30.10

issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable, the values of convertible bonds are categorized as Level 2. To the extent that these inputs are unobservable the values are categorized as Level 3.

Forward Foreign Currency Contracts—Forward foreign currency contracts are valued by independent pricing services using various inputs and techniques, which include broker-dealer quotations, actual trading

information and foreign currency exchange rates gathered from leading market makers and foreign currency exchange trading centers throughout the world. To the extent that these inputs are observable, the values of forward foreign currency contracts are categorized as Level 2. To the extent that these inputs are unobservable the values are categorized as Level 3.

The Funds’ policy is to recognize transfers between levels at the end of the reporting period.

A summary of the inputs used at November 30, 2010 in valuing each Fund’s assets and liabilities is listed below:

AGI Solutions 2015:


	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/10

Investments in Securities — Assets
Allianz Funds	$	915,571		—		—	$	915,571
Allianz Funds Multi-Strategy Trust		593,989		—		—		593,989
Exchange-Traded Funds		155,243		—		—		155,243
Other Mutual Funds		73,234		—		—		73,234
PIMCO Funds		4,465,189		—		—		4,465,189
Total Investments	$	6,203,226		—		—	$	6,203,226
AGI Solutions 2020:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/10

Investments in Securities — Assets
Allianz Funds	$	925,943		—		—	$	925,943
Allianz Funds Multi-Strategy Trust		654,162		—		—		654,162
Exchange-Traded Funds		124,698		—		—		124,698
Other Mutual Funds		63,102		—		—		63,102
PIMCO Funds		3,592,108		—		—		3,592,108
Total Investments	$	5,360,013		—		—	$	5,360,013
AGI Solutions 2030:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/10

Investments in Securities — Assets
Allianz Funds	$	1,760,452		—		—	$	1,760,452
Allianz Funds Multi-Strategy Trust		1,339,376		—		—		1,339,376
Other Mutual Funds		84,685		—		—		84,685
PIMCO Funds		3,057,064		—		—		3,057,064
Total Investments	$	6,241,577		—		—	$	6,241,577
AGI Solutions 2040:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/10

Investments in Securities — Assets
Allianz Funds	$	2,060,311		—		—	$	2,060,311
Allianz Funds Multi-Strategy Trust		1,490,384		—		—		1,490,384
Other Mutual Funds		98,670		—		—		98,670
PIMCO Funds		1,394,517		—		—		1,394,517
Total Investments	$	5,043,882		—		—	$	5,043,882


		11.30.10		Allianz Multi-Strategy Funds Annual Report			131

Notes to Financial Statements (Cont.)

November 30, 2010


AGI Solutions 2050:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/10

Investments in Securities — Assets
Allianz Funds	$	2,090,452		—		—	$	2,090,452
Allianz Funds Multi-Strategy Trust		1,539,935		—		—		1,539,935
Other Mutual Funds		98,570		—		—		98,570
PIMCO Funds		1,170,479		—		—		1,170,479
Total Investments	$	4,899,436		—		—	$	4,899,436
AGI Solutions Core Allocation:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/10

Investments in Securities — Assets
Allianz Funds	$	83,912,269		—		—	$	83,912,269
Allianz Funds Multi-Strategy Trust		47,278,490		—		—		47,278,490
Other Mutual Funds		2,287,018		—		—		2,287,018
PIMCO Funds		87,419,930		—		—		87,419,930
Repurchase Agreement		—	$	602,000		—		602,000
Total Investments	$	220,897,707	$	602,000		—	$	221,499,707
AGI Solutions Growth Allocation:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/10

Investments in Securities — Assets
Allianz Funds	$	2,477,646		—		—	$	2,477,646
Allianz Funds Multi-Strategy Trust		1,830,902		—		—		1,830,902
Other Mutual Funds		116,005		—		—		116,005
PIMCO Funds		1,412,045		—		—		1,412,045
Total Investments	$	5,836,598		—		—	$	5,836,598
AGI Solutions Retirement Income:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/10

Investments in Securities — Assets
Allianz Funds	$	847,664		—		—	$	847,664
Allianz Funds Multi-Strategy Trust		550,493		—		—		550,493
Exchange-Traded Funds		163,454		—		—		163,454
Other Mutual Funds		65,947		—		—		65,947
PIMCO Funds		5,251,754		—		—		5,251,754
Repurchase Agreement		—	$	105,000		—		105,000
Total Investments	$	6,879,312	$	105,000		—	$	6,984,312
AGIC Convertible:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/10

Investments in Securities — Assets
Convertible Bonds:
Oil & Gas		—	$	19,439,419	$	3,792,225	$	23,231,644
Telecommunications		—		13,969,831		6,434,004		20,403,835
All Other		—		373,747,538		—		373,747,538
Convertible Preferred Stock:
Financial Services		—		17,836,975		—		17,836,975
Transportation		—		6,887,010		—		6,887,010
All Other	$	34,799,655		—		—		34,799,655
Short-Term Investments		—		26,824,300		—		26,824,300
Total Investments	$	34,799,655	$	458,705,073	$	10,226,229	$	503,730,957


132		Allianz Multi-Strategy Funds Annual Report		11.30.10


AGIC Emerging Growth:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs			Value at 11/30/10

Investments in Securities — Assets
Common Stock	$	19,784,494		—		—		$	19,784,494
Repurchase Agreement		—	$	354,000		—			354,000
Total Investments	$	19,784,494	$	354,000		—		$	20,138,494
AGIC High Yield Bond:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs			Value at 11/30/10

Investments in Securities — Assets
Corporate Bonds & Notes:
Transportation		—	$	718,575	$	1,475,625		$	2,194,200
All Other		—		90,060,468		—			90,060,468
Repurchase Agreement		—		854,000		—			854,000
Total Investments		—	$	91,633,043	$	1,475,625		$	93,108,668
AGIC International Growth:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs			Value at 11/30/10

Investments in Securities — Assets
Common Stock:
Belgium	$	1,249,632	$	4,898,191		—		$	6,147,823
Brazil		2,008,512		—		—			2,008,512
Canada		2,701,505		—		—			2,701,505
China		1,062,419		990,891		—			2,053,310
Germany		1,048,149		13,848,828		—			14,896,977
Hong Kong		612,113		5,448,344		—			6,060,457
Taiwan		783,675		—		—			783,675
All Other		—		68,203,069		—			68,203,069
Repurchase Agreement		—		1,090,000		—			1,090,000
Total Investments	$	9,466,005	$	94,479,323		—		$	103,945,328
AGIC International Growth Opportunities:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs			Value at 11/30/10

Investments in Securities — Assets
Common Stock:
Brazil	$	3,654,547		—		—		$	3,654,547
Canada		7,706,437		—		—			7,706,437
China		4,047,848	$	3,806,021		—	†		7,853,869
Germany		3,121,766		5,990,294		—			9,112,060
Hong Kong		1,641,962		4,088,400		—			5,730,362
Indonesia		1,861,935		—		—			1,861,935
Ireland		2,463,230		—		—			2,463,230
United Kingdom		5,345,131		24,521,333		—			29,866,464
All Other		—		56,718,271		—			56,718,271
Preferred Stock		2,651,940		—		—			2,651,940
Rights		74,227		—		—			74,227
Equity-Linked Security		—		2,015,685		—			2,015,685
Repurchase Agreement		—		6,490,000		—			6,490,000
Total Investments	$	32,569,023	$	103,630,004		—	†	$	136,199,027

†	Peace Mark Holdings Ltd. is fair-valued at $0.


		11.30.10		Allianz Multi-Strategy Funds Annual Report			133

Notes to Financial Statements (Cont.)

November 30, 2010


AGIC Micro Cap:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/10

Investments in Securities — Assets
Common Stock	$	56,124,207		—		—	$	56,124,207
Repurchase Agreement		—	$	1,266,000		—		1,266,000
Total Investments	$	56,124,207	$	1,266,000		—	$	57,390,207
AGIC Small to Mid Cap Growth:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/10

Investments in Securities — Assets
Common Stock	$	2,812,017		—		—	$	2,812,017
AGIC Ultra Micro Cap:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/10

Investments in Securities — Assets
Common Stock	$	4,471,558		—		—	$	4,471,558
Repurchase Agreement		—	$	107,000		—		107,000
Total Investments	$	4,471,558	$	107,000		—	$	4,578,558
NFJ Global Dividend Value:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/10

Investments in Securities — Assets
Common Stock:
Australia		—	$	743,513		—	$	743,513
Belgium		—		348,730		—		348,730
France		—		1,232,339		—		1,232,339
Germany		—		671,821		—		671,821
Japan		—		376,164		—		376,164
Korea (Republic of)		—		1,061,718		—		1,061,718
Norway		—		369,862		—		369,862
Spain		—		279,713		—		279,713
Sweden		—		351,723		—		351,723
Switzerland		—		333,746		—		333,746
United Kingdom		—		2,039,878		—		2,039,878
All Other	$	9,559,291		—		—		9,559,291
Repurchase Agreement		—		660,000		—		660,000
Total Investments	$	9,559,291	$	8,469,207		—	$	18,028,498
RCM All Horizons:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/10

Investments in Securities — Assets
Common Stock:
Australia	$	31,771	$	155,376		—	$	187,147
China		17,553		113,393		—		130,946
France		—		50,588		—		50,588
Germany		—		56,029		—		56,029
Japan		—		131,023		—		131,023
Netherlands		—		50,585		—		50,585
United Kingdom		—		59,092		—		59,092
All Other		1,261,755		—		—		1,261,755
Repurchase Agreement		—		338,000		—		338,000
Total Investments	$	1,311,079	$	954,086		—	$	2,265,165


134		Allianz Multi-Strategy Funds Annual Report		11.30.10


RCM China Equity:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/10

Investments in Securities — Assets
Common Stock:
China	$	101,789	$	2,978,864		—	$	3,080,653
All Other		—		1,699,306		—		1,699,306
Rights		15,625		—	$	5,364		20,989
Repurchase Agreement		—		198,000		—		198,000
Total Investments	$	117,414	$	4,876,170	$	5,364	$	4,998,948
RCM Disciplined Equity:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/10

Investments in Securities — Assets
Common Stock	$	19,631,456		—		—	$	19,631,456
Repurchase Agreement		—	$	846,000		—		846,000
Total Investments	$	19,631,456	$	846,000		—	$	20,477,456
RCM Global EcoTrends^SM:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/10

Investments in Securities — Assets
Common Stock:
Belgium	$	827,408		—		—	$	827,408
Canada		733,224		—		—		733,224
China		1,166,819	$	608,537	$	478,111		2,253,467
Germany		1,081,791		4,970,831		—		6,052,622
Ireland		1,068,041		—		—		1,068,041
Taiwan		—		641,998		1,918,740		2,560,738
United States		21,289,180		—		—		21,289,180
All Other		—		29,331,269		—		29,331,269
Repurchase Agreement		—		4,399,000		—		4,399,000
Total Investments	$	26,166,463	$	39,951,635	$	2,396,851	$	68,514,949
RCM Global Water:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/10

Investments in Securities — Assets
Common Stock:
Brazil	$	1,393,058		—		—	$	1,393,058
Canada		1,072,661		—		—		1,072,661
United Kingdom		148,643	$	9,132,846		—		9,281,489
United States		26,074,984		—		—		26,074,984
All Other		—		18,575,284		—		18,575,284
Repurchase Agreement		—		1,490,000		—		1,490,000
Total Investments	$	28,689,346	$	29,198,130		—	$	57,887,476


		11.30.10		Allianz Multi-Strategy Funds Annual Report			135

Notes to Financial Statements (Cont.)

November 30, 2010


RCM International Opportunities:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 11/30/10

Investments in Securities — Assets
Common Stock:
Brazil	$	511,447		—		—	$	511,447
Hong Kong		60,507	$	305,024		—		365,531
Israel		304,452		—		—		304,452
Korea (Republic of)		157,500		—		—		157,500
Taiwan		149,468		—		—		149,468
All Other		—		10,701,370		—		10,701,370
Preferred Stock		—		362,052		—		362,052
Repurchase Agreement		—		379,000		—		379,000
Total Investments	$	1,183,374	$	11,747,446		—	$	12,930,820

There were no significant transfers between Levels 1 and 2 during the year ended November 30, 2010 except for Allianz AGIC International Growth Opportunities Fund. Allianz AGIC International Growth Opportunities Fund transferred $52,251,782 out of Level 1 and into Level 2 as a result of utilizing modeling tools provided by a third-party vendor to value its securities at November 30, 2010.

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the year ended November 30, 2010, was as follows:

AGIC Convertible:


	Beginning Balance 11/30/09		Net Purchases (Sales) and Settlements		Accrued Discounts (Premiums)			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/ Depreciation		Transfers into Level 3		Transfers out of Level 3		Ending Balance 11/30/10

Investments in Securities — Assets
Convertible Bonds:
Oil & Gas		—	$	3,673,059		—			—	$	119,166		—		—	$	3,792,225
Telecommunications		—		4,876,393	$	(6,272	)	$	70,450		1,493,433		—		—		6,434,004
Total Investments		—	$	8,549,452	$	(6,272	)	$	70,450	$	1,612,599		—		—	$	10,226,229

The net change in unrealized appreciation/depreciation of Level 3 investments which the Fund held at November 30, 2010 was $1,612,599. Net realized gain (loss) and net change in unrealized appreciation/depreciation are reflected on the Statements of Operations.

AGIC High Yield Bond:


	Beginning Balance 11/30/09		Net Purchases (Sales) and Settlements		Accrued Discounts (Premiums)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3		Ending Balance 11/30/10

Investments in Securities — Assets
Corporate Bonds & Notes:
Transportation		—	$	1,493,240	$	44		—	$	(17,659	)		—		—	$	1,475,625
Total Investments		—		1,493,240		44		—	$	(17,659	)		—		—	$	1,475,625

The net change in unrealized appreciation/depreciation of Level 3 investments which the Fund held at November 30, 2010 was $(17,659). Net realized gain (loss) and net change in unrealized appreciation/depreciation are reflected on the Statements of Operations.

AGIC International Growth Opportunities:


	Beginning Balance 11/30/09		Net Purchases (Sales) and Settlements		Accrued Discounts (Premiums)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3		Ending Balance 11/30/10

Investments in Securities — Assets
Common Stock:
China	$	3,133		—		—		—	$	(3,133	)		—		—		—	†
Total Investments	$	3,133		—		—		—	$	(3,133	)		—		—		—	†

†	Peace Mark Holdings Ltd. is fair-valued at $0.

The net change in unrealized appreciation/depreciation of Level 3 investments which the Fund held at November 30, 2010 was $(3,133). Net realized gain (loss) and net change in unrealized appreciation/depreciation are reflected on the Statements of Operations.


136		Allianz Multi-Strategy Funds Annual Report		11.30.10

RCM All Horizons:


	Beginning Balance 11/30/09		Net Purchases (Sales) and Settlements			Accrued Discounts (Premiums)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/ Depreciation		Transfers into Level 3		Transfers out of Level 3		Ending Balance 11/30/10

Investments in Securities — Assets
Common Stock:
Australia	$	2,651	$	(2,704	)		—		—	$	53		—		—		—
Total Investments	$	2,651	$	(2,704	)		—		—	$	53		—		—		—

RCM China Equity:


	Beginning Balance 6/7/10†		Net Purchases (Sales) and Settlements		Accrued Discounts (Premiums)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/ Depreciation		Transfers into Level 3		Transfers out of Level 3		Ending Balance 11/30/10

Investments in Securities — Assets
Rights		—		—		—		—	$	5,364		—		—	$	5,364
Total Investments		—		—		—		—	$	5,364		—		—	$	5,364

†	Commencement of operations.

The net change in unrealized appreciation/depreciation of Level 3 investments which the Fund held at November 30, 2010 was $5,364. Net realized gain (loss) and net change in unrealized appreciation/depreciation are reflected on the Statements of Operations.

RCM Global EcoTrends^SM:


	Beginning Balance 11/30/09		Net Purchases (Sales) and Settlements		Accrued Discounts (Premiums)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3**		Transfers out of Level 3		Ending Balance 11/30/10

Investments in Securities—Assets
Common Stock:
China		—		—		—		—		—		$	478,111		—	$	478,111
Taiwan		—	$	2,047,108		—		—	$	(128,368	)		—		—		1,918,740
Total Investments		—	$	2,047,108		—		—	$	(128,368	)	$	478,111		—	$	2,396,851

**	Transferred out of Level 2 into Level 3 because sufficient observable inputs were not available.

The net change in unrealized appreciation/depreciation of Level 3 investments which the Fund held at November 30, 2010 was $117,830. Net realized gain (loss) and net change in unrealized appreciation/depreciation are reflected on the Statements of Operations.

(c) Investment Transactions and Investment Income. Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on an identified cost basis. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, and then are recorded as soon after the ex-dividend date as the Funds, using reasonable diligence, become aware of such dividends. Dividends from underlying funds are recorded as dividend income, while capital gain distributions are recorded as net capital gain distributions received from underlying funds on the Statements of Operations. Interest income is recorded on an accrual basis. Expenses are recorded on an accrual basis and such expenses exclude those of the underlying funds. Expenses of the underlying funds are reflected in the net asset values of those funds.

(d) Federal Income Taxes. The Funds intend to distribute all of their taxable income and to comply with the requirements of Subchapter M of the U.S. Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, no provision for U.S. federal

income taxes is required. The Funds may be subject to excise tax to the extent of distributions to shareholders.

Accounting for uncertainty in income taxes establishes for all entities, including pass-through entities such as the Funds, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. The Funds’ management has determined that its evaluation has resulted in no material impact to the Funds’ financial statements at November 30, 2010. Each Fund’s federal tax returns for the period since inception or for the prior three years, whichever is shorter, remain subject to examination by the Internal Revenue Service.

(e) Dividends and Distributions to Shareholders. The Funds (except for AGI Solutions Core Allocation, AGI Solutions Retirement Income, AGIC Convertible, AGIC High Yield Bond and NFJ Global Dividend Value) declare dividends and distributions from net investment income and net realized capital gains, if any, annually. AGI Solutions Core Allocation, AGI Solutions Retirement Income, AGIC Convertible and NFJ Global Dividend Value declare dividends from net investment income quarterly and distributions from net realized capital gains, if any, annually. AGIC High Yield Bond declares dividends from net investment income monthly and distributions from net realized capital gains, if any, annually. The Funds record dividends


		11.30.10		Allianz Multi-Strategy Funds Annual Report			137

Notes to Financial Statements (Cont.)

November 30, 2010

and distributions to their respective shareholders on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book-tax” differences are considered either temporary or permanent in nature. To the extent that these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal income tax treatment. Temporary differences do not require reclassification. To the extent that dividends and/or distributions exceed current and accumulated earnings and profits for federal income tax purposes, they are reported as dividends and/or distributions to shareholders from return of capital.

(f) Multi-Class Operations. Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income, non-class specific expenses, and realized and unrealized capital gains and losses of each Fund are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, currently include distribution, servicing, administrative servicing and sub-transfer agent fees.

(g) Foreign Currency Translation. The Funds’ accounting records are maintained in U.S. dollars as follows: (1) the foreign currency market value of investments and other assets and liabilities denominated in foreign currency are translated at the prevailing exchange rate at the end of the period; and (2) purchases and sales, income and expenses are translated at the prevailing exchange rate on the respective dates of such transactions. The resulting net foreign currency gain (loss) is included in the Funds’ Statements of Operations.

The Funds do not generally isolate that portion of the results of operations arising as a result of changes in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities. Accordingly, such foreign currency gain (loss) is included in net realized and unrealized gain (loss) on investments. However, the Funds do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations pursuant to U.S. federal income tax regulations; such amount is categorized as foreign currency gain (loss) for both financial reporting and income tax reporting purposes.

(h) Foreign Taxes on Dividends. Dividend income in the Statements of Operations is shown net of foreign taxes withheld on dividends from foreign securities. Foreign taxes withheld were as follows: AGIC Emerging Growth—$279, AGIC International Growth—$141,094, AGIC International Growth Opportunities—$144,934, AGIC Micro Cap—$1,603, AGIC Small to Mid Cap Growth—$378, AGIC Ultra Micro Cap—$224, NFJ Global Dividend Value—$13,585, RCM All Horizons—$979, RCM China Equity—$1,477, RCM Global EcoTrends^SM—$82,964, RCM Global Water—$84,056 and RCM International Opportunities—$33,422.

(i) Repurchase Agreements. The Funds enter into transactions with their custodian bank or securities brokerage firms whereby they purchase securities under agreements to resell such securities at an agreed upon price and date (“repurchase agreements”). The Funds, through their custodian, take possession of securities collateralizing the repurchase agreement. Such agreements are carried at the contract amount in the financial statements, which is considered to represent fair-value. Collateral pledged (the securities received), which consists primarily of U.S. government obligations and asset-backed securities, is held by the custodian bank for the benefit of the Funds until maturity of the repurchase agreement. Provisions of the repurchase agreements and the procedures adopted by the Funds require that the market value of the collateral, including accrued interest thereon, be sufficient in the event of default by the counterparty. If the counterparty defaults and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited.

(j) Equity-Linked Securities. Certain Funds purchase equity-linked securities, also known as participation notes, equity swaps, and zero strike calls and warrants. Equity-linked securities are primarily used by a Fund as an alternative means to more efficiently and effectively access what is generally an emerging securities market. The Fund deposits cash with its custodian (or broker, if legally permitted) in an amount near or equal to the selling price of the underlying security in exchange for an equity linked security. Upon sale, the Fund receives cash from the broker or custodian equal to the value of the underlying security. Aside from market risk of the underlying securities, there is a risk of default by the counterparty to the transaction. In the event of insolvency of the counterparty, the Fund might be unable to obtain its expected benefit. In addition, while a Fund will seek to enter into such transactions only with parties that are capable of entering into closing transactions with the Fund, there can be no assurance that the Fund will be able to close out such a transaction with the counterparty or obtain an offsetting position with any counterparty, at any time prior to the end of the term of the underlying agreement. This may impair the Fund’s ability to enter into other transactions at a time when doing so might be advantageous.

(k) Custody Credits on Cash Balances. The Funds benefit from an expense offset arrangement with their custodian bank, whereby uninvested cash balances earn credits that reduce monthly custodian and accounting agent expenses. Had these cash balances been invested in income-producing securities, they would have generated income for the Funds. Cash overdrafts, if any, are included in custodian and accounting agent fees.

2.	PRINCIPAL RISKS

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to, among other things, changes in the market (market price risk) or failure of the other party to a transaction to perform (counterparty risk). The Funds are also exposed to various other risks such as, but not limited to, interest rate, foreign currency and credit risks.

Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by the Funds are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is used primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e. yield) movements.

The Funds are exposed to credit risk, which is the risk of losing money if the issuer or guarantor of a fixed income security is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.

To the extent the Funds directly invest in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, they will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including economic growth, inflation, changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or the imposition of currency controls or other political developments in the United States or abroad. As a result, the


138		Allianz Multi-Strategy Funds Annual Report		11.30.10

Funds’ investments in foreign currency-denominated securities may reduce the returns of the Funds.

The Funds are subjected to elements of risk not typically associated with investments in the U.S., due to concentrated investments in foreign issuers located in a specific country or region. Such concentrations will subject the Funds to additional risks resulting from future political or economic conditions in such country or region and the possible imposition of adverse governmental laws of currency exchange restrictions affecting such country or region, which could cause the securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies.

The market values of equity securities, such as common and preferred stock, or equity-related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity-related investments generally have greater market price volatility than fixed income securities.

The Funds are exposed to counterparty risk, or the risk that an institution or other entity with which the Funds have unsettled or open transactions will default. The potential loss to the Funds could exceed the value of the financial assets recorded in the Funds’ financial statements. Financial assets, which potentially expose the Funds to counterparty risk, consist principally of cash due from counterparties and investments. The Funds’ sub-advisers, AGI Capital, Allianz Global Investors Solutions LLC (“AGIS”), NFJ Investment Group LLC (“NFJ”), RCM Asia Pacific Limited (“RCM AP”), RCM Capital Management LLC (“RCM”) and Allianz Global Investors Advisory GmbH (“AGIA”), each an affiliate of the Investment Manager, seek to minimize the Funds’ counterparty risk by performing reviews of each counterparty and by minimizing concentration of counterparty risk by undertaking transactions with multiple customers and counterparties on recognized and reputable exchanges. Delivery of securities sold is only made once the Funds have received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.

The considerations and factors surrounding the settlement of certain purchases and sales made on a delayed-delivery basis are governed by Master Securities Forward Transaction Agreements (“Master Forward Agreements”) between the Funds and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

The Funds are also party to Master Repurchase Agreements (“Master Repo Agreements”) with select counterparties. The Master Repo Agreements maintain provisions for initiation, income payments, events of default, and maintenance of collateral.

The counterparty risk associated with certain contracts may be reduced by master netting arrangements to the extent that if an event of default occurs, all amounts with the counterparty are terminated and settled on a net basis. The Funds’ overall exposure to counterparty risk with respect to transactions subject to master netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

3.	UNDERLYING FUNDS AND OTHER ACQUIRED FUNDS RISK

AGI Solutions 2015, AGI Solutions 2020, AGI Solutions 2030, AGI Solutions 2040, AGI Solutions 2050, AGI Solutions Core Allocation, AGI Solutions

Growth Allocation and AGI Solutions Retirement Income invest their assets primarily in Underlying Funds. The Funds may also invest a portion of their assets in affiliated and unaffiliated exchange-trade funds (“ETFs”), mutual funds and pooled vehicles other than the Underlying Funds (together, “Other Acquired Funds”). Accordingly, the Funds’ investment performance depends upon a favorable allocation among the Underlying Funds and Other Acquired Funds as well as the ability of the Underlying Funds to achieve their objectives. There can be no assurance that the investment objective of any Underlying Fund will be achieved. The risks associated with investing in each Fund are closely related to the risks associated with the securities and other investments held by the Underlying Funds and Other Acquired Funds.

Investing in the Underlying Funds and Other Acquired Funds involves certain additional expenses and tax results that would not be present in a direct investment in the Underlying Funds or Other Acquired Funds. Each Fund’s net asset value will fluctuate in response to changes in the net asset values of the Underlying Funds and Other Acquired Funds in which it invests. The extent to which the investment performance and risks associated with each Fund correlate to those of a particular Underlying Fund or Other Acquired Fund will depend upon the extent to which each Fund’s assets are allocated from time to time for investment in the Underlying Fund or Other Acquired Fund, which will vary. Each Fund’s investment in a particular Underlying Fund may exceed 25% of its assets. To the extent that a Fund invests a significant portion of its assets in an Underlying Fund, it will be particularly sensitive to the risks associated with that Underlying Fund.

4.	FINANCIAL DERIVATIVE INSTRUMENTS

Disclosure about derivative instruments and hedging activities requires qualitative disclosure regarding objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosure about credit-risk-related contingent features in derivative agreements. The disclosure requirements distinguish between derivatives which are accounted for as “hedges” and those that do not qualify for such accounting. Although the Funds sometimes use derivatives for hedging purposes, the Funds reflect derivatives at fair value and recognize changes in fair value through the Funds’ Statements of Operations, and such derivatives do not qualify for hedge accounting treatment.

Forward Foreign Currency Contracts. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. The Funds or underlying funds enter into forward foreign currency contracts for the purpose of hedging against foreign currency risk arising from the investment or anticipated investment in securities denominated in foreign currencies. The Funds also enter into these contracts for purposes of increasing exposure to a foreign currency or shifting exposure to foreign currency fluctuations from one country to another. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. All commitments are marked to market daily at the applicable exchange rates and any resulting unrealized appreciation or depreciation is recorded. Realized gains or losses are recorded at the time the forward contract matures or by delivery of the currency. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In addition, these contracts may involve market price risk in excess of the unrealized gain (loss) reflected in the Funds’ Statements of Assets and Liabilities, if any. At November 30, 2010, the Funds did not have any open foreign currency contracts.

Fair Value of Derivative Instruments at November 30, 2010

The following is a summary of the fair valuations of the Funds’ derivative instruments categorized by risk exposure.


		11.30.10		Allianz Multi-Strategy Funds Annual Report			139

Notes to Financial Statements (Cont.)

November 30, 2010

The effect of derivative instruments on the Funds’ Statements of Operations for the year ended November 30, 2010:

AGIC International Growth:



Location	Foreign Exchange Contracts
Net realized gain on:
Foreign currency transactions (forward foreign currency contracts)	$	307

RCM All Horizons:



Location	Foreign Exchange Contracts
Net realized gain on:
Foreign currency transactions (forward foreign currency contracts)	$	157
Net change in unrealized appreciation/depreciation of:
Foreign currency transactions (forward foreign currency contracts)	$	72

5.	INVESTMENT MANAGER/SUB-ADVISERS/DISTRIBUTOR

Investment Advisory Fee. Each Fund has entered into an Investment Management Agreement (collectively the “Agreements”) with the Investment Manager. Subject to the supervision of the Board of Trustees, the Investment Manager is responsible for managing, either directly or through others selected by it, each Fund’s investment activities, business affairs and administrative matters. Pursuant to the Agreements, the Investment Manager receives an annual fee from each Fund, payable monthly, at an annual rate of each Fund’s average daily net assets as indicated in the following table.



	Management Fee			Effective Management Fee
AGI Solutions 2015		0.80	%		0.15	%
AGI Solutions 2020		0.80			0.15
AGI Solutions 2030		0.85			0.16
AGI Solutions 2040		0.85			0.15
AGI Solutions 2050		0.85			0.15
AGI Solutions Core Allocation		0.85			0.15
AGI Solutions Growth Allocation		0.85			0.16
AGI Solutions Retirement Income		0.75			0.16
AGIC Convertible*		0.57			0.56
AGIC Emerging Growth*		0.90			0.85
AGIC High Yield Bond*		0.48			0.45
AGIC International Growth		0.85			0.85
AGIC International Growth Opportunities*		1.00			0.89
AGIC Micro Cap*		1.25			1.16
AGIC Small to Mid Cap Growth*		0.80			0.67
AGIC Ultra Micro Cap*		1.50			1.50
NFJ Global Dividend Value		0.85			0.85
RCM All Horizons		0.95			0.95
RCM China Equity		1.10			1.10
RCM Disciplined Equity		0.70			0.70
RCM Global EcoTrends^SM		1.00			1.00
RCM Global Water		0.95			0.95
RCM International Opportunities		0.85			0.85

*	Prior to April 12, 2010, pursuant to investment management agreements, AGIC Convertible, AGIC Emerging Growth, AGIC High Yield Bond, AGIC International Growth Opportunities, AGIC Micro Cap, AGIC Small to Mid Cap Growth and AGIC Ultra Micro Cap paid AGI Capital a monthly fee at an annual

rate of 0.55%, 0.75%, 0.40%, 0.70%, 1.00%, 0.50% and 1.50%, respectively, of each Fund’s average daily net assets. These rates did not include administrative fees paid to AGI Capital and were reflected as other expenses in the AGIC Funds’ prospectuses prior to the Funds April 12, 2010 reorganization into the Trust.

The Investment Manager has retained its affiliates, AGI Capital, AGIS, NFJ and RCM to manage the Funds’ investments. Subject to the supervision of the Investment Manager, AGI Capital, AGIS, NFJ and RCM (collectively “the Sub-Advisers”) are responsible for making all of the investment decisions for the Funds for which they are the sub-adviser as detailed below. The Investment Manager, not the Funds, pays a portion of the fees it receives as Investment Manager to the Sub-Advisers in return for their services. RCM has retained its affiliates, AGIA and RCM AP to conduct the day to day portfolio management of all the Funds it sub-advises with the exception of RCM Disciplined Equity as detailed below. RCM (and not the RCM Funds or the Investment Manager), in turn, pays AGIA and RCM AP an annual fee, payable monthly for their services.


Sub-Adviser(s)		Funds
AGIS		AGI Solutions 2015, AGI Solutions 2020, AGI Solutions 2030, AGI Solutions 2040, AGI Solutions 2050, AGI Solutions Core Allocation, AGI Solutions Growth Allocation, AGI Solutions Retirement Income
AGI Capital		AGIC Convertible, AGIC Emerging Growth, AGIC High Yield Bond, AGIC International Growth, AGIC International Growth Opportunities, AGIC Micro Cap, AGIC Small to Mid Cap Growth, AGIC Ultra Micro Cap
NFJ		NFJ Global Dividend Value
RCM		RCM Disciplined Equity
RCM & AGIA		RCM All Horizons, RCM Global EcoTrends^SM, RCM Global Water and RCM International Opportunities
RCM & RCM AP		RCM China Equity

Distribution and Servicing Fees. Allianz Global Investors Distributors LLC (the “Distributor”), an affiliate of Allianz Global, the Investment Manager and the Sub-Advisers, serves as the distributor of the Funds’ shares pursuant to separate Distribution Servicing Plans for Class A, B, C, D and R. The Distributor, for each of the Funds, receives (i) servicing fees of 0.25% of the average daily net assets of each of Class A, B, C, D and R in connection with personal services rendered to shareholders of each class and the maintenance of shareholder accounts, and (ii) distribution fees of 0.75% of the average daily net assets of each of Class B and C and 0.25% of average daily net assets of Class R in connection with the distribution of Class B, C and R shares.

Pursuant to the Distribution and Servicing Plans adopted by the A, B, C, D and R classes, the Funds compensate the Distributor for services provided and expenses incurred in connection with assistance rendered in the sale of shares and services rendered to shareholders and for maintenance of shareholder accounts.

Pursuant to the Distribution Plan for the Administrative Class shares, the Funds are permitted to reimburse the Distributor out of the Administrative Class’ assets of each Fund offering Administrative Class shares, in an amount up to 0.25% on an annual basis of the average net assets of the Class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration plans or programs that use fund shares as their funding medium. Unreimbursed costs may be carried forward for reimbursement for up to twelve months marketing of Administrative Class shares and/or for providing shareholder services at an annual rate of up to 0.25% of the average daily net assets of the Funds attributable to the Administrative Class.

The Distributor also receives the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares and contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A, B and C shares. For the period ended November 30, 2010, the Distributor received $537,262 representing commissions (sales charges) and contingent deferred sales charges.


140		Allianz Multi-Strategy Funds Annual Report		11.30.10

6.	EXPENSE LIMITATION

The Trust and the Investment Manager have entered into Expense Limitation and Management Fee Waiver Agreements as indicated below:



				Expense Limitation %

	Management Fee Waiver %(1)			Class A			Class B			Class C			Class D			Class R			Class P			Institutional Class			Administrative Class
AGI Solutions 2015(2)		0.65	%		0.50	%		N/A			1.25	%		0.50	%		0.75	%		0.30	%		0.20	%		0.45	%
AGI Solutions 2020(2)		0.65			0.53			N/A			1.28			0.53			0.78			0.33			0.23			0.48
AGI Solutions 2030(2)		0.70			0.63			N/A			1.38			0.63			0.88			0.43			0.33			0.58
AGI Solutions 2040(2)		0.70			0.56			N/A			1.31			0.56			0.81			0.36			0.26			0.51
AGI Solutions 2050(2)		0.70			0.56			N/A			1.31			0.56			0.81			0.36			0.26			0.51
AGI Solutions Core Allocation(5)		0.70			1.32			2.07	%		2.07			1.32			1.57			1.12			1.02			1.27
AGI Solutions Growth Allocation(2)		0.70			0.54			N/A			1.29			0.54			0.79			0.34			0.24			0.49
AGI Solutions Retirement Income(2)		0.60			0.52			N/A			1.27			0.52			0.77			0.32			0.22			0.47
AGIC Convertible(3)		N/A			1.05			N/A			1.80			1.05			1.30			0.82			0.72			1.05
AGIC Emerging Growth(3)		N/A			N/A			N/A			N/A			N/A			N/A			N/A			1.16			N/A
AGIC High Yield Bond(3)		N/A			1.08			N/A			1.83			1.08			1.33			0.93			0.60			1.08
AGIC International Growth(4)		N/A			1.56			N/A			2.31			1.56			1.82			1.30			0.97			N/A
AGIC International Growth Opportunities(3)		N/A			1.62			N/A			2.37			1.62			1.87			1.32			1.19			1.62
AGIC Micro Cap(3)		N/A			N/A			N/A			N/A			N/A			N/A			N/A			1.54			N/A
AGIC Small to Mid Cap Growth(3)		N/A			N/A			N/A			N/A			N/A			N/A			N/A			0.90			N/A
AGIC Ultra Micro Cap(3)		N/A			N/A			N/A			N/A			N/A			N/A			N/A			2.23			N/A
NFJ Global Dividend Value(7)		N/A			1.50			N/A			2.25			1.50			N/A			1.30			1.20			N/A
RCM All Horizons(7)		N/A			1.66			N/A			2.41			1.66			N/A			1.40			1.30			N/A
RCM China Equity(6)		N/A			1.90			N/A			2.65			1.90			N/A			1.65			1.55			N/A
RCM Disciplined Equity(7)		N/A			1.34			N/A			2.09			1.34			N/A			1.08			0.98			N/A
RCM Global EcoTrends^SM(7)		N/A			1.80			N/A			2.55			1.80			N/A			1.57			1.47			N/A
RCM Global Water (7)		N/A			1.80			N/A			2.55			1.80			N/A			1.54			1.44			N/A
RCM International Opportunities(7)		N/A			1.56			N/A			2.31			1.56			N/A			1.30			1.20			N/A

(1)

The Investment Manager has contractually agreed to waive a portion of its management fee with respect to the noted Funds. The waiver is calculated on the average daily net assets of each applicable Fund that are attributable to investments in either Underlying Funds (Allianz Funds, Allianz Funds Multi-Strategy Trust, PIMCO Equity Series and PIMCO Funds) or Other Acquired Funds (affiliated or unaffiliated ETFs and other mutual funds and pooled vehicles) based on the rates disclosed in the above table. This waiver with respect to investments in Underlying Funds and Other Acquired Funds for which the Investment Manager or an affiliated person thereof serves as investment adviser is terminable only by the Board of Trustees of the Trust, and the waiver with respect to investments in unaffiliated Other Acquired Funds will continue through at least March 31, 2011. This waiver does not apply to net assets of the Fund not invested in shares of Underlying Funds or Other Acquired Funds (e.g., direct investments in other securities and instruments).

(2)

(3)

The Investment Manager has contractually agreed, until March 31, 2011, to irrevocably waive its management fee, and/or reimburse the Fund, to the extent that, Total Annual Fund Operating Expenses, including payment of organizational expenses, but excluding Trustees, interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed the rates noted in the table above based upon the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit.

(4)

The Investment Manager has contractually agreed, until March 31, 2011, to irrevocably waive its management fee, and/or reimburse the Fund, to the extent that, Total Annual Fund Operating Expenses, including payment of organizational expenses, but excluding interest, tax and extraordinary expenses and certain credits and other expenses (and also excluding Trustees’ expenses with respect to the waiver for Institutional Class shares only), exceed the rates noted in the table above upon the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit.

(5)

The Investment Manager has contractually agreed, until March 31, 2011, to irrevocably waive its management fee, and/or reimburse the Fund, to the extent that, after the application of the fee waiver described in footnote (1) above, Total Annual Fund Operating Expenses, including payment of organizational expenses and Acquired Fund Fees and Expenses, but excluding interest, tax, and extraordinary expenses and certain credits and other expenses, exceed the rates noted in the table above based upon the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. For purposes of applying the expense limitation, Acquired Fund Fees and Expenses will be re-estimated on a quarterly basis and factored in at those times to the ongoing waiver and reimbursement arrangement to the extent they differ from those stated in the table. The Expense Limitation Agreement will renew for additional one-year periods unless terminated by the Trust’s Board of Trustees.

(6)

The Investment Manager has contractually agreed, until June 30, 2011, to irrevocably waive its management fee, and/or reimburse the Fund, to the extent that, Total Annual Fund Operating Expenses, including payment of organizational expenses, but excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed the rates noted in the table above based upon the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts until November 30, 2014, provided total expenses, including such recoupment, do not exceed the annual expense limit.

(7)

The Investment Manager has contractually agreed, until March 31, 2011, to irrevocably waive its management fee, and/or reimburse the Fund, to the extent that, Total Annual Fund Operating Expenses, including payment of organizational expenses, but excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed the rates noted in the table above based upon the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit.


		11.30.10		Allianz Multi-Strategy Funds Annual Report			141

Notes to Financial Statements (Cont.)

November 30, 2010

7.	REDEMPTION FEES

Redemption fees were eliminated effective May 1, 2009.

8.	INVESTMENTS IN SECURITIES

Purchases and sales of investments, other than short-term securities, for the year ended November 30, 2010, were:


		Purchases		Sales
AGI Solutions 2015	$	2,660,165	$	1,323,613
AGI Solutions 2020		2,398,370		1,098,068
AGI Solutions 2030		3,063,209		1,752,077
AGI Solutions 2040		2,527,189		2,046,039
AGI Solutions 2050		2,028,610		1,629,081
AGI Solutions Core Allocation		96,826,964		102,470,485
AGI Solutions Growth Allocation		4,591,206		3,257,469
AGI Solutions Retirement Income		3,614,431		1,235,755


		Purchases		Sales
AGIC Convertible	$	510,697,372	$	499,344,466
AGIC Emerging Growth		29,991,485		31,531,737
AGIC High Yield Bond		121,954,222		101,031,761
AGIC International Growth		164,090,164		80,866,263
AGIC International Growth Opportunities		66,028,176		68,724,098
AGIC Micro Cap		62,668,355		76,111,896
AGIC Small to Mid Cap Growth		4,078,319		6,553,587
AGIC Ultra Micro Cap		4,998,754		3,442,127
NFJ Global Dividend Value		16,922,602		3,553,163
RCM All Horizons		3,601,618		3,831,688
RCM China Equity		4,587,049		778,408
RCM Disciplined Equity		9,870,356		5,063,987
RCM Global EcoTrends^SM		28,603,050		55,432,646
RCM Global Water		21,706,188		26,603,017
RCM International Opportunities		3,879,067		3,658,297

9.	INCOME TAX INFORMATION

At November 30, 2010, the components of distributable taxable earning were as follows:


	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Capital Loss Carryforwards(1)		Post-October Deferral(2)		Post-October Currency Loss Deferral(2)
AGI Solutions 2015	$	206,870	$	53,604		—		—		—
AGI Solutions 2020		176,180		65,663		—		—		—
AGI Solutions 2030		230,872		101,869		—		—		—
AGI Solutions 2040		193,292		198,732		—		—		—
AGI Solutions 2050		217,720		181,888		—		—		—
AGI Solutions Core Allocation		783,347		—	$	40,671,473		—		—
AGI Solutions Growth Allocation		234,213		113,562		—		—		—
AGI Solutions Retirement Income		34,085		45,601		—		—		—
AGIC Convertible		4,421,111		—		1,574,767		—		—
AGIC Emerging Growth		—		—		1,760,102		—		—
AGIC High Yield Bond		281,094		—		1,332,767		—		—
AGIC International Growth		851,240		—		5,124,455		—	$	3,227
AGIC International Growth Opportunities		1,437,475		—		31,834,149	$	528,767		13,675
AGIC Micro Cap		—		4,875,399		13,435,405		—		—
AGIC Small to Mid Cap Growth		—		—		794,641		—		—
AGIC Ultra Micro Cap		—		276,055		155,512		—		—
NFJ Global Dividend Value		236,457		124,598		—		—		1,141
RCM All Horizons		138,059		—		394,219		—		—
RCM China Equity		207,663		—		—		—		—
RCM Disciplined Equity		597,450		136,098		—		—		—
RCM Global EcoTrends^SM		—		—		34,956,235		—		4,934
RCM Global Water		5,184		—		15,931,992		1,514		2,467
RCM International Opportunities		159,364		—		617,980		—		1,567

(1)

Capital losses available to offset future net capital gains, including acquired capital loss carryovers which may be limited under current tax law, expiring in varying amounts as shown below.

(2)

Capital and foreign currency losses realized during the period November 1, 2010 through November 30, 2010 which the Fund elected to defer to the following taxable year pursuant to income tax regulations.


142		Allianz Multi-Strategy Funds Annual Report		11.30.10

At November 30, 2010, the Funds had capital loss carryforwards expiring in the following years:



	2011		2012		2013		2014		2015		2016			2017			2018
AGI Solutions 2015		—		—		—		—		—		—			—			—
AGI Solutions 2020		—		—		—		—		—		—			—			—
AGI Solutions 2030		—		—		—		—		—		—			—			—
AGI Solutions 2040		—		—		—		—		—		—			—			—
AGI Solutions 2050		—		—		—		—		—		—			—			—
AGI Solutions Core Allocation		—		—		—		—		—		—		$	40,671,473			—
AGI Solutions Growth Allocation		—		—		—		—		—		—			—			—
AGI Solutions Retirement Income		—		—		—		—		—		—			—			—
AGIC Convertible		—		—		—		—		—		—			1,574,767			—
AGIC Emerging Growth		—		—		—		—		—		—			1,760,102			—
AGIC High Yield Bond		—		—		—		—		—		—			1,332,767			—
AGIC International Growth		—		—		—		—		—	$	818,167	*		3,222,528	*	$	1,083,760
AGIC International Growth Opportunities		—		—		—		—		—		13,102,155			18,731,994			—
AGIC Micro Cap		—		—		—		—		—		3,901,919	*		9,533,486	*		—
AGIC Small to Mid Cap Growth		—		—		—		—		—		—			794,641			—
AGIC Ultra Micro Cap		—		—		—		—		—		58,224	*		97,288	*		—
NFJ Global Dividend Value		—		—		—		—		—		—			—			—
RCM All Horizons		—		—		—		—		—		7,476			386,743			—
RCM China Equity		—		—		—		—		—		—			—			—
RCM Disciplined Equity		—		—		—		—		—		—			—			—
RCM Global EcoTrends^SM		—		—		—		—		—		2,607,611			23,754,806			8,593,818
RCM Global Water		—		—		—		—		—		6,677,724			7,677,582			1,576,686
RCM International Opportunities		—		—		—		—		—		23,886	*		548,320	*		45,774

*	Subject to limitations under IRC Sections 381-384

For the year ended November 30, 2010 the following funds had capital loss carryforwards which were utilized, expired or written off.


	Utilized		Expired		Written Off
AGI Solutions Core Allocation	$	7,621,969		—		—
AGIC Convertible		38,976,732		—		—
AGIC Emerging Growth		2,917,025		—		—
AGIC High Yield Bond		3,277,427		—		—
AGIC International Growth		—	$	1,526,782	$	16,850,277
AGIC International Growth Opportunities		8,057,277		11,677,008		—
AGIC Micro Cap		3,860,943		—		—
AGIC Small to Mid Cap Growth		978,622		—		—
AGIC Ultra Micro Cap		264,325		—		—
RCM All Horizons		158,906		—		—
RCM International Opportunities		33,041		—		—


		11.30.10		Allianz Multi-Strategy Funds Annual Report			143

Notes to Financial Statements (Cont.)

November 30, 2010

At November 30, 2010, the aggregate cost and the net unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:


	Federal Tax Cost		Unrealized Appreciation		Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)(3)
AGI Solutions 2015	$	5,396,004	$	807,847	$	625	$	807,222
AGI Solutions 2020		4,606,440		754,136		563		753,573
AGI Solutions 2030		5,211,821		1,029,756		—		1,029,756
AGI Solutions 2040		3,977,546		1,066,336		—		1,066,336
AGI Solutions 2050		3,809,261		1,090,175		—		1,090,175
AGI Solutions Core Allocation		186,161,052		35,341,884		3,229		35,338,655
AGI Solutions Growth Allocation		4,713,812		1,122,786		—		1,122,786
AGI Solutions Retirement Income		6,233,959		750,353		—		750,353
AGIC Convertible		429,839,708		75,628,543		1,737,294		73,891,249
AGIC Emerging Growth		15,782,703		4,559,077		203,286		4,355,791
AGIC High Yield Bond		88,366,133		5,225,100		482,565		4,742,535
AGIC International Growth		90,152,180		15,679,655		1,886,507		13,793,148
AGIC International Growth Opportunities		106,580,549		34,701,218		5,082,740		29,618,478
AGIC Micro Cap		42,787,540		15,488,579		885,912		14,602,667
AGIC Small to Mid Cap Growth		2,187,626		643,046		18,655		624,391
AGIC Ultra Micro Cap		3,579,363		1,030,206		31,011		999,195
NFJ Global Dividend Value		17,237,688		1,167,464		376,654		790,810
RCM All Horizons		2,179,359		148,264		62,458		85,806
RCM China Equity		4,217,892		826,320		45,264		781,056
RCM Disciplined Equity		18,302,144		2,488,006		312,694		2,175,312
RCM Global EcoTrends^SM		77,021,019		8,680,399		17,186,469		(8,506,070	)
RCM Global Water		56,078,849		7,172,199		5,363,572		1,808,627
RCM International Opportunities		11,534,305		2,020,632		624,117		1,396,515

(3)

Primary differences, if any, between book and tax net unrealized appreciation (depreciation) are attributable to wash sale loss deferrals, market to market gains on investments in securities classified as Passive Foreign Investment Companies (“PFICs”) and the differing treatment of bond premium amortization and convertible preferred securities.

For the year ended November 30, 2010, the Funds made the following tax basis distributions:


	Ordinary Income Distributions(4)		15% Long-Term Capital Gain Distributions		25% Long-Term Capital Gain Distributions		Return of Capital
AGI Solutions 2015	$	203,872		—		—		—
AGI Solutions 2020		194,426		—		—		—
AGI Solutions 2030		159,885		—		—		—
AGI Solutions 2040		142,101		—		—		—
AGI Solutions 2050		135,815		—		—		—
AGI Solutions Core Allocation		6,453,243		—		—		—
AGI Solutions Growth Allocation		108,302		—		—		—
AGI Solutions Retirement Income		271,754		—		—		—
AGIC Convertible		11,622,592		—		—		—
AGIC High Yield Bond		6,146,458		—		—		—
AGIC International Growth		115,863		—		—		—
AGIC International Growth Opportunities		1,034,765		—		—		—
NFJ Global Dividend Value		325,366		—		—		—
RCM All Horizons		13,337		—		—		—
RCM Disciplined Equity		568,712	$	26,929		—		—
RCM Global Water		47,313		—		—		—
RCM International Opportunities		92,395		—		—		—

(4)

Includes short-term capital gains

For the period ended November 30, 2010, permanent “book-tax” differences were primarily attributable to the differing treatment of foreign currency transactions, reclassification of short term capital gain dividends, expiration and write off of capital loss carryforwards, net operating losses, PFIC transactions and character differences of convertible preferred securities.


144		Allianz Multi-Strategy Funds Annual Report		11.30.10

10.

SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with $0.00001 par value. Changes in shares of beneficial interest were as follows:


	AGI Solutions 2015												AGI Solutions 2020												AGI Solutions 2030
	Year ended 11/30/2010						Period 12/29/2008† through 11/30/2009						Year ended 11/30/2010						Period 12/29/2008† through 11/30/2009						Year ended 11/30/2010						Period 12/29/2008† through 11/30/2009
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount

Shares sold:
Class A		8,944		$	161,765			3,674		$	64,809			5,684		$	104,866			1,466		$	25,492			9,725		$	188,202			8,601		$	155,144
Class C		13,916			260,509			3,589			55,978			11,871			221,781			973			17,627			23,270			459,055			3,358			60,202
Class D		6,525			119,534			4,881			84,670			6,836			124,194			2,895			49,411			9,548			185,733			5,755			102,852
Class R		—			—			—			—			—			—			—			—			—			—			—			—
Class P		—			—			—			—			—			—			—			—			—			—			—			—
Institutional Class		42,162			763,560			37,411			652,036			41,438			763,797			22			400			26,768			513,220			17,814			339,562
Administrative Class		—			—			—			—			—			—			—			—			—			—			—			—
Issued in reinvestment of dividends and distributions:
Class A		194			3,416			—			—			85			1,515			—			—			264			5,023			—			—
Class C		179			3,142			—			—			73			1,305			—			—			129			2,455			—			—
Class D		263			4,648			—			—			175			3,110			—			—			231			4,407			—			—
Class R		29			494			—			—			30			531			—			—			21			398			—			—
Class P		31			535			—			—			33			572			—			—			24			440			—			—
Institutional Class		10,816			191,116			—			—			10,424			186,080			—			—			7,573			144,883			—			—
Administrative Class		29			520			—			—			31			556			—			—			22			424			—			—
Cost of shares redeemed:
Class A		(1,507	)		(28,009	)		(83	)		(1,516	)		—			—			—			—			(5,491	)		(106,209	)		—			—
Class C		(2,003	)		(35,943	)		(376	)		(6,125	)		(2,964	)		(53,508	)		—			—			(1,118	)		(22,534	)		—			—
Class D		(1,171	)		(20,926	)		(588	)		(10,423	)		(872	)		(15,738	)		(58	)		(1,013	)		(1,946	)		(36,676	)		(108	)		(1,996	)
Class R		—			—			—			—			—			—			—			—			—			—			—			—
Class P		—			—			—			—			—			—			—			—			—			—			—			—
Institutional Class		—			—			—			—			(343	)		(6,434	)		—			—			(2,458	)		(47,101	)		—			—
Administrative Class		—			—			—			—			—			—			—			—			—			—			—			—
Net increase resulting from Fund share transactions		78,407		$	1,424,361			48,508		$	839,429			72,501		$	1,332,627			5,298		$	91,917			66,562		$	1,291,720			35,420		$	655,764

†	Commencement of operations.


		11.30.10		Allianz Multi-Strategy Funds Annual Report			145

Notes to Financial Statements (Cont.)

November 30, 2010


	AGI Solutions 2040												AGI Solutions 2050
	Year ended 11/30/2010						Period 12/29/2008† through 11/30/2009						Year ended 11/30/2010						Period 12/29/2008† through 11/30/2009
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount

Shares sold:
Class A		8,876		$	181,139			480		$	9,505			1,364		$	26,102			1,662		$	27,065
Class C		318			6,267			1,851			29,821			914			18,786			—			—
Class D		6,320			127,391			9,909			180,785			2,947			60,944			7,959			136,522
Class R		—			—			10			150			74			1,500			—			—
Class P		—			—			—			—			—			—			—			—
Institutional Class		14,100			294,654			7,604			149,795			7,645			150,706			600			11,706
Administrative Class		—			—			—			—			—			—			—			—
Issued in reinvestment of dividends and distributions:
Class A		265			5,315			—			—			46			932			—			—
Class C		57			1,140			—			—			17			334			—			—
Class D		69			1,379			—			—			146			2,918			—			—
Class R		19			386			—			—			20			388			—			—
Class P		21			422			—			—			22			431			—			—
Institutional Class		6,626			133,043			—			—			6,487			130,397			—			—
Administrative Class		20			407			—			—			20			415			—			—
Cost of shares redeemed:
Class A		(6,703	)		(130,014	)		—			—			(317	)		(6,060	)		(831	)		(16,084	)
Class C		(1,469	)		(29,707	)		(395	)		(7,157	)		—			—			—			—
Class D		(514	)		(10,372	)		(8,340	)		(155,241	)		(71	)		(1,449	)		(4,080	)		(70,819	)
Class R		—			—			—			—			—			—			—			—
Class P		—			—			—			—			—			—			—			—
Institutional Class		(7,540	)		(155,329	)		—			—			(1,931	)		(40,179	)		—			—
Administrative Class		—			—			—			—			—			—			—			—
Net increase resulting from Fund share transactions		20,465		$	426,121			11,119		$	207,658			17,383		$	346,165			5,310		$	88,390


	AGI Solutions Core Allocation
	Year ended 11/30/2010						Period 7/1/2009† through 11/30/2009						Year ended 6/30/2009
	Shares			Amount			Shares			Amount			Shares			Amount

Shares sold:
Class A		2,107,258		$	21,100,358			665,277		$	6,074,148			1,983,784		$	17,021,136
Class B		503,569			5,208,539			71,352			672,496			252,350			2,169,305
Class C		976,250			9,892,955			439,035			4,109,626			1,130,657			9,709,579
Class D		3,233			32,386			121			1,100			1,220	**		10,000	**
Class R		—			—			—			—			1,220	**		10,000	**
Class P		517,194			5,465,032			10,871			102,890			175,101	**		1,470,889	**
Institutional Class		1,022,893			10,053,350			1,512,555			14,198,006			888,169			7,029,733
Administrative Class		—			—			—			—			1,220	**		10,000	**
Issued in reinvestment of dividends and distributions:
Class A		186,839			1,843,992			19,995			191,351			275,362			2,198,801
Class B		51,317			513,069			6,176			59,661			156,091			1,254,356
Class C		172,775			1,722,144			16,978			163,501			436,271			3,493,052
Class D		60			592			6			54			7			62
Class R		45			435			6			54			7			60
Class P		455			4,480			5			52			8			64
Institutional Class		136,753			1,336,476			9,238			87,665			104,054			824,799
Administrative Class		22			222			5			48			7			62
Cost of shares redeemed:
Class A		(1,264,477	)		(12,618,236	)		(458,563	)		(4,303,996	)		(2,626,282	)		(22,261,986	)
Class B		(2,072,035	)		(20,866,817	)		(302,863	)		(2,816,443	)		(2,641,809	)		(22,971,911	)
Class C		(1,984,572	)		(19,917,499	)		(937,090	)		(8,688,256	)		(5,042,162	)		(42,658,724	)
Class D		(1,421	)		(14,099	)		—			—			—			—
Class R		—			—			—			—			—			—
Class P		(76,772	)		(760,314	)		(17,171	)		(160,985	)		(264	)		(2,233	)
Institutional Class		(879,819	)		(8,650,834	)		(189,467	)		(1,780,357	)		(541,719	)		(4,580,835	)
Administrative Class		—			—			—			—			—			—
Net increase (decrease) resulting from Fund share transactions		(600,433	)	$	(5,653,769	)		846,466		$	7,910,615			(5,446,708	)	$	(47,273,791	)

†	Commencement of operations.

**	Inclusive of shares sold to Allianz Global subsequent to commencement of operations.


146		Allianz Multi-Strategy Funds Annual Report		11.30.10


	AGI Solutions Growth Allocation												AGI Solutions Retirement Income
	Year ended 11/30/2010						Period 4/27/2009† through 11/30/2009						Year ended 11/30/2010						Period 12/29/2008† through 11/30/2009
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount

Shares sold:
Class A		108,779		$	2,286,821			1,550		$	27,548			20,355		$	364,487			14,142		$	238,089
Class C		14,437			297,344			8,433			156,772			70,654			1,256,191			6,774			119,183
Class D		341			7,105			—			—			9,938			178,032			3,797			65,300
Class R		—			—			—			—			94			1,698			1			—
Class P		—			—			—			—			—			—			1			—
Institutional Class		1,565			34,786			—			—			37,032			653,068			10,227			178,351
Administrative Class		—			—			—			—			—			—			—			—
Issued in reinvestment of dividends and distributions:
Class A		68			1,357			—			—			551			9,652			64			1,058
Class C		311			6,226			—			—			733			12,855			13			202
Class D		16			319			—			—			208			3,642			28			464
Class R		15			300			—			—			24			432			15			238
Class P		16			330			—			—			39			694			18			289
Institutional Class		4,948			99,409			—			—			13,196			230,293			5,441			87,822
Administrative Class		15			319			—			—			38			665			17			287
Cost of shares redeemed:
Class A		(73,894	)		(1,499,692	)		(178	)		(3,433	)		(3,179	)		(57,961	)		(492	)		(7,968	)
Class C		(1,064	)		(22,533	)		—			—			(2,701	)		(47,285	)		—			—
Class D		(47	)		(1,058	)		—			—			(4,603	)		(81,140	)		(405	)		(7,025	)
Class R		—			—			—			—			(26	)		(470	)		—			—
Class P		—			—			—			—			—			—			—			—
Institutional Class		—			—			—			—			(846	)		(15,606	)		—			—
Administrative Class		—			—			—			—			—			—			—			—
Net increase resulting from Fund share transactions		55,506		$	1,211,033			9,805		$	180,887			141,507		$	2,509,247			39,641		$	676,290

†	Commencement of operations.


		11.30.10		Allianz Multi-Strategy Funds Annual Report			147

Notes to Financial Statements (Cont.)

November 30, 2010


	AGIC Convertible
	Year ended 11/30/2010						Period 4/1/2009† through 11/30/2009						Year ended 3/31/2009
	Shares			Amount			Shares			Amount			Shares			Amount

Shares sold:
Class A		384,030	**	$	10,339,609	**		—			—			—			—
Class C		8,019	**		208,890	**		—			—			—			—
Class D		96,420	**		2,629,734	**		—			—			—			—
Class R		381	**		10,000	**		—			—			—			—
Class P		21,668	**		551,257	**		—			—			—			—
Institutional Class		3,666,604			94,120,282			1,852,253		$	41,089,111			875,435		$	18,412,911
Administrative Class		381	**		10,000	**		—			—			—			—
Class II—(liquidated)		—			—			—			—			1,621,749			41,196,161
Institutional Class—(converted)^#		371,892			9,243,926			268,286			5,467,462			2,843,254			53,965,866
Issued in reinvestment of dividends and distributions:
Class A		211			5,452			—			—			—			—
Class C		—	*		3			—			—			—			—
Class D		15			386			—			—			—			—
Class R		3			77			—			—			—			—
Class P		9,412			240,745			—			—			—			—
Institutional Class		74,961			1,906,796			29,892			669,520			27,942			568,643
Administrative Class		5			106			—			—			—			—
Class II—(liquidated)		20,294			514,654			25,117			558,980			45,437			859,376
Institutional Class—(converted)^#		2,499			63,286			3,079			68,517			1,837			35,016
Issued upon conversion, net ^#
Class P		1,168,070			28,057,731			—			—			—			—
Institutional Class		11,459,992			282,405,705			—			—			—			—
Institutional Class—(converted)^#		(12,628,062	)		(310,463,436	)		—			—			—			—
Cost of shares redeemed:
Class A		(12,004	)		(332,748	)		—			—			—			—
Class C		—			—			—			—			—			—
Class D		(19,043	)		(504,633	)		—			—			—			—
Class R		—			—			—			—			—			—
Class P		(437,406	)		(11,072,847	)		—			—			—			—
Institutional Class		(1,138,002	)		(28,674,805	)		(251,688	)		(5,693,143	)		(1,736,645	)		(43,467,945	)
Administrative Class		—			—			—			—			—			—
Class II—(liquidated)		(1,599,526	)		(41,861,989	)		(281	)		(6,300	)		(478,652	)		(10,541,032	)
Institutional Class—(converted)^#		(1,036,027	)		(25,350,000	)		(70	)		(1,646	)		—			—
Net increase resulting from Fund share transactions		414,787		$	12,048,181			1,926,588		$	42,152,501			3,200,357		$	61,028,996


	AGIC Emerging Growth
	Year ended 11/30/2010						Period 4/1/2009† through 11/30/2009						Year ended 3/31/2009
	Shares			Amount			Shares			Amount			Shares			Amount

Shares sold:
Institutional Class		717,419		$	7,762,077			458,353		$	4,310,648			554,485		$	5,416,300
Class R—(liquidated)		17,884			195,733			48,968			430,366			72,627			659,133
Issued in reinvestment of dividends and distributions:
Institutional Class		—			—			—			—			—			—
Class R—(liquidated)		—			—			—			—			—			—
Cost of shares redeemed:
Institutional Class		(540,575	)		(6,294,807	)		(71,623	)		(663,990	)		(209,274	)		(1,926,575	)
Class R—(liquidated)		(273,573	)		(3,106,548	)		(32,618	)		(295,189	)		(89,614	)		(792,831	)
Net increase (decrease) resulting from Fund share transactions		(78,845	)	$	(1,443,545	)		403,080		$	3,781,835			328,224		$	3,356,027

*	A zero balance may reflect actual amounts rounding to less than $1.

**	Inclusive of shares sold to Allianz Global subsequent to commencement of operations.

†	Fiscal year end changed from March 31 to November 30

#	See Note 14(c)


148		Allianz Multi-Strategy Funds Annual Report		11.30.10


	AGIC High Yield Bond
	Year ended 11/30/2010						Period 4/1/2009† through 11/30/2009						Year ended 3/31/2009
	Shares			Amount			Shares			Amount			Shares			Amount

Shares sold:
Class A		127,431	**	$	1,261,497	**		—			—			—			—
Class C		32,849	**		330,326	**		—			—			—			—
Class D		20,762	**		204,250	**		—			—			—			—
Class R		1,036	**		10,000	**		—			—			—			—
Class P		1,036	**		10,000	**		—			—			—			—
Institutional Class		4,035,907			39,214,992			2,286,156		$	19,433,673			3,227,477		$	25,191,406
Administrative Class		1,036	**		10,000	**		—			—			—			—
Issued in reinvestment of dividends and distributions:
Class A		2,564			25,739			—			—			—			—
Class C		340			3,412			—			—			—			—
Class D		220			2,151			—			—			—			—
Class R		56			532			—			—			—			—
Class P		60			577			—			—			—			—
Institutional Class		592,326			5,665,507			408,286			3,536,124			523,672			4,193,149
Administrative Class		59			568			—			—			—			—
Cost of shares redeemed:
Class A		(752	)		(7,487	)		—			—			—			—
Class C		(2,093	)		(21,026	)		—			—			—			—
Class D		(3,677	)		(36,106	)		—			—			—			—
Class R		—			—			—			—			—			—
Class P		—			—			—			—			—			—
Institutional Class		(2,652,156	)		(25,104,000	)		(1,751,564	)		(15,520,970	)		(2,469,177	)		(19,459,996	)
Administrative Class		—			—			—			—			—			—
Net increase resulting from Fund share transactions		2,157,004		$	21,570,932			942,878		$	7,448,827			1,281,972		$	9,924,559

**	Inclusive of shares sold to Allianz Global subsequent to commencement of operations.

†	Fiscal year end changed from March 31 to November 30


		11.30.10		Allianz Multi-Strategy Funds Annual Report			149

Notes to Financial Statements (Cont.)

November 30, 2010


	AGIC International Growth
	Year ended 11/30/2010						Year ended 11/30/2009
	Shares			Amount			Shares			Amount

Shares sold:
Class A		50,167		$	230,519			9,364	**	$	39,537	**
Class C		30,629			144,942			8,624	**		31,973	**
Class D		4,159			20,500			5,479	**		21,000	**
Class R		614			2,900			2,941	**		10,000	**
Class P		—			—			2,941	**		10,000	**
Institutional Class		2,367,163			11,185,164			1,061,802			3,624,700
Class II—(liquidated)		—			—			—			—
Class R—(liquidated)		—			—			8,365			25,695
Issued in reinvestment of dividends and distributions:
Class A		204			921			—			—
Class C		71			317			—			—
Class D		60			271			—			—
Class R		29			130			—			—
Class P		35			156			—			—
Institutional Class		13,623			61,550			448,963			1,644,804
Class II—(liquidated)		—			—			502,344			1,632,617
Class R—(liquidated)		—			—			164,407			468,559
Issued in reorganization:
Institutional Class#		20,924,894			99,372,339			—			—
Cost of shares redeemed:
Class A		(13,596	)		(61,461	)		—			—
Class C		(16,031	)		(77,360	)		(2,542	)		(11,514	)
Class D		(1,973	)		(9,862	)		(662	)		(3,010	)
Class R		—			—			—			—
Class P		—			—			—			—
Institutional Class		(3,780,821	)		(17,019,683	)		(1,070,744	)		(3,889,434	)
Class II—(liquidated)		—			—			(1,724,641	)		(5,373,599	)
Class R—(liquidated)		—			—			(521,186	)		(1,444,406	)
Net increase (decrease) resulting from Fund share transactions		19,579,227		$	93,851,343			(1,104,545	)	$	(3,213,078	)

**	Inclusive of shares sold to Allianz Global subsequent to commencement of operations.

#	See Note 13


150		Allianz Multi-Strategy Funds Annual Report		11.30.10


	AGIC International Growth Opportunities
	Year ended 11/30/2010						Period 4/1/2009† through 11/30/2009						Year ended 3/31/2009
	Shares			Amount			Shares			Amount			Shares			Amount

Shares sold:
Class A		6,415	**	$	200,826	**		—			—			—			—
Class C		5,652	**		177,303	**		—			—			—			—
Class D		1,225	**		34,823	**		—			—			—			—
Class R		353	**		10,000	**		—			—			—			—
Class P		651,567			17,518,153			584,960		$	13,928,228			1,091,824		$	26,847,095
Institutional Class		2,492,309			71,737,470			125,237			2,290,482			537,531			12,108,095
Administrative Class		353	**		10,000	**		—			—			—			—
Class III—(liquidated)		41,545			1,109,984			388,421			8,139,109			765,180			25,556,793
Issued in reinvestment of dividends and distributions:
Class A		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class D		—			—			—			—			—			—
Class R		—			—			—			—			—			—
Class P		14,864			380,076			—			—			621,547			10,572,511
Institutional Class		6,078			160,879			—			—			25,470			450,051
Administrative Class		—			—			—			—			—			—
Class III—(liquidated)		17,243			456,260			—			—			195,562			3,457,540
Cost of shares redeemed:
Class A		(3,320	)		(105,223	)		—			—			—			—
Class C		—			—			—			—			—			—
Class D		—			—			—			—			—			—
Class R		—			—			—			—			—			—
Class P		(1,686,848	)		(46,408,272	)		(463,967	)		(10,421,507	)		(2,101,210	)		(47,427,822	)
Institutional Class		(191,603	)		(5,294,895	)		—			—			(358,527	)		(9,046,524	)
Administrative Class		—			—			—			—			—			—
Class III—(liquidated)		(1,407,951	)		(39,838,563	)		—			—			—			—
Net increase (decrease) resulting from Fund share transactions		(52,118	)	$	148,821			634,651		$	13,936,312			777,377		$	22,517,739


	AGIC Micro Cap
	Year ended 11/30/2010						Period 4/1/2009† through 11/30/2009						Year ended 3/31/2009
	Shares			Amount			Shares			Amount			Shares			Amount

Shares sold:
Institutional Class		1,161,512		$	13,524,553			332,941		$	3,236,727			1,532,253		$	15,606,664
Issued in reinvestment of dividends and distributions:
Institutional Class		—			—			—			—			2,288			18,097
Cost of shares redeemed:
Institutional Class		(2,161,698	)		(25,716,370	)		(460,453	)		(4,362,160	)		(1,419,052	)		(12,931,589	)
Net increase (decrease) resulting from Fund share transactions		(1,000,186	)	$	(12,191,817	)		(127,512	)	$	(1,125,433	)		115,489		$	2,693,172


	AGIC Small to Mid Cap Growth
	Year ended 11/30/2010						Period 4/1/2009† through 11/30/2009				Year ended 3/31/2009
	Shares			Amount			Shares		Amount		Shares		Amount

Shares sold:
Institutional Class		603		$	5,094			—		—		32,886	$	188,770
Issued in reinvestment of dividends and distributions:
Institutional Class		—			—			—		—		—		—
Cost of shares redeemed:
Institutional Class		(279,955	)		(2,500,000	)		—		—		—		—
Net increase (decrease) resulting from Fund share transactions		(279,352	)	$	(2,494,906	)		—		—		32,886	$	188,770

**	Inclusive of shares sold to Allianz Global subsequent to commencement of operations.

†	Fiscal year end changed from March 31 to November 30


		11.30.10		Allianz Multi-Strategy Funds Annual Report			151

Notes to Financial Statements (Cont.)

November 30, 2010


	AGIC Ultra Micro Cap
	Year ended 11/30/2010						Period 4/1/2009* through 11/30/2009						Year ended 3/31/2009
	Shares			Amount			Shares			Amount			Shares			Amount

Shares sold:
Institutional Class		224,660		$	2,568,563			21,166		$	171,603			95,380		$	856,224
Issued in reinvestment of dividends and distributions:
Institutional Class		—			—			—			—			—			—
Cost of shares redeemed:
Institutional Class		(74,759	)		(843,669	)		(9,269	)		(82,062	)		(3,466	)		(19,787	)
Net increase resulting from Fund share transactions		149,901		$	1,724,894			11,897		$	89,541			91,914		$	836,437


	NFJ Global Dividend Value										RCM All Horizons
	Year ended 11/30/2010						Period 6/26/2009† through 11/30/2009				Year ended 11/30/2010						Year ended 11/30/2009
	Shares			Amount			Shares		Amount		Shares			Amount			Shares		Amount

Shares sold:
Class A		81,734		$	1,477,253			14,852	$	267,852		18,213		$	224,432			4,524	$	53,472
Class C		93,523			1,672,592			4,273		76,500		7,888			95,619			1,780		16,000
Class D		10,797			193,603			1,270		23,500		354			5,000			121		1,500
Class P		—			—			—		—		—			—			—		—
Institutional Class		679,483			11,362,655			—		—		3,125			40,000			—		—
Issued in reinvestment of dividends and distributions:
Class A		2,021			35,408			2		31		49			582			1		15
Class C		1,021			17,851			—		—		—			1			—		3
Class D		393			6,818			1		13		4			47			1		15
Class P		46			816			1		17		4			49			3		33
Institutional Class		14,770			259,393			280		4,924		1,052			12,658			751		7,875
Cost of shares redeemed:
Class A		(17,283	)		(302,141	)		—		—		(3,143	)		(37,597	)		—		—
Class C		(31,324	)		(517,992	)		—		—		(1,780	)		(22,015	)		—		—
Class D		(1,744	)		(29,898	)		—		—		(121	)		(1,552	)		—		—
Class P		—			—			—		—		—			—			—		—
Institutional Class		(5,336	)		(93,554	)		—		—		—			—			—		—
Net increase resulting from Fund share transactions		828,101		$	14,082,804			20,679	$	372,837		25,645		$	317,224			7,181	$	78,913


	RCM China Equity						RCM Disciplined Equity
	Period 6/7/2010† through 11/30/2010						Year ended 11/30/2010						Year ended 11/30/2009
	Shares			Amount			Shares			Amount			Shares			Amount

Shares sold:
Class A		32,393		$	624,076			118,813		$	1,742,605			132,765		$	1,630,884
Class C		20,334			398,035			32,038			470,880			42,518			523,268
Class D		21,374			421,614			46,145			671,695			3,361			43,000
Class P		—			—			—			—			—			—
Institutional Class		—			—			433,852			6,213,177			574,499			6,697,025
Issued in reinvestment of dividends and distributions:
Class A		—			—			4,264			60,176			134			1,374
Class C		—			—			1,613			22,514			119			1,214
Class D		—			—			359			5,043			14			147
Class P		—			—			29			413			15			157
Institutional Class		—			—			35,387			501,065			4,704			48,306
Cost of shares redeemed:
Class A		(21,004	)		(407,252	)		(123,937	)		(1,774,826	)		(22,487	)		(317,896	)
Class C		(1,431	)		(28,285	)		(36,031	)		(525,709	)		(3,942	)		(54,147	)
Class D		(2,582	)		(48,710	)		(26,588	)		(379,603	)		—			—
Class P		—			—			—			—			—			—
Institutional Class		—			—			(62,303	)		(904,226	)		(20,016	)		(296,835	)
Net increase resulting from Fund share transactions		49,084		$	959,478			423,641		$	6,103,204			711,684		$	8,276,497

*	Fiscal year end changed from March 31 to November 30

†	Commencement of operations.


152		Allianz Multi-Strategy Funds Annual Report		11.30.10


	RCM Global EcoTrends^SM												RCM Global Water
	Year ended 11/30/2010						Year ended 11/30/2009						Year ended 11/30/2010						Year ended 11/30/2009
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount

Shares sold:
Class A		306,315		$	6,051,943			814,525		$	14,685,848			559,212		$	4,552,171			1,029,101		$	6,965,753
Class C		99,132			1,927,198			357,268			6,545,488			427,388			3,431,725			485,946			3,304,463
Class D		8,520			172,194			26,508			527,749			162,204			1,337,241			22,586			172,411
Class P		139,279			2,738,886			461,103			8,332,849			441,673			3,549,309			894,082			6,015,887
Institutional Class		3,717			69,258			353			6,849			90,708			745,652			66,043			523,580
Issued in reinvestment of dividends and distributions
Class A		—			—			—			—			896			7,143			8,563			54,893
Class C		—			—			—			—			2			14			6,799			43,512
Class D		—			—			—			—			65			514			30			193
Class P		—			—			—			—			370			2,971			333			2,133
Institutional Class		—			—			—			—			208			1,633			101			637
Cost of shares redeemed:
Class A		(1,641,265	)		(31,526,892	)		(1,619,264	)		(29,451,530	)		(934,379	)		(7,465,476	)		(1,341,656	)		(8,854,960	)
Class C		(124,252	)		(2,337,005	)		(31,263	)		(595,914	)		(675,452	)		(5,362,589	)		(667,106	)		(4,360,482	)
Class D		(15,990	)		(307,547	)		(1,169	)		(23,975	)		(49,305	)		(397,854	)		(4,102	)		(31,649	)
Class P		(109,650	)		(2,073,828	)		(48,336	)		(928,317	)		(755,800	)		(6,071,545	)		(694,405	)		(4,631,049	)
Institutional Class		(260	)		(4,390	)		—			—			(1,376	)		(11,540	)		—			—
Net decrease resulting from Fund share transactions		(1,334,454	)	$	(25,290,183	)		(40,275	)	$	(900,953	)		(733,586	)	$	(5,680,631	)		(193,685	)	$	(794,678	)


	RCM International Opportunities
	Year ended 11/30/2010						Year ended 11/30/2009
	Shares			Amount			Shares			Amount

Shares sold:
Class A		289		$	3,582			2,646		$	32,302
Class C		1,055			12,703			1,926			21,410
Class D		—			—			378			4,500
Class P		—			—			—			—
Institutional Class		109,200			1,372,258			723,284			7,558,509
Issued in reinvestment of dividends and distributions
Class A		18			230			4			35
Class C		2			21			—			8
Class D		4			51			4			35
Class P		4			45			4			45
Institutional Class		7,491			92,048			2,263			22,633
Cost of shares redeemed:
Class A		(2,048	)		(23,555	)		—			—
Class C		—			—			—			—
Class D		—			—			(139	)		(1,528	)
Class P		—			—			—			—
Institutional Class		(83,529	)		(1,005,600	)		—			—
Net increase resulting from Fund share transactions		32,486		$	451,783			730,370		$	7,637,949


		11.30.10		Allianz Multi-Strategy Funds Annual Report			153

Notes to Financial Statements (Cont.)

November 30, 2010

11.

LEGAL PROCEEDINGS

In June and September 2004, the Investment Manager and certain of its affiliates (including PEA Capital LLC (“PEA”), Allianz Global Investors Distributors LLC (the “Distributor”) and Allianz Global Investors of America, L.P.), agreed to settle, without admitting or denying the allegations, claims brought by the Securities and Exchange Commission (“SEC”) and the New Jersey Attorney General alleging violations of federal and state securities laws with respect to certain open-end funds for which the Investment Manager serves as investment adviser. The settlements related to an alleged “market timing” arrangement in certain open-end funds formerly sub-advised by PEA. The Investment Manager and its affiliates agreed to pay a total of $68 million to settle the claims. In addition to monetary payments, the settling parties agreed to undertake certain corporate governance, compliance and disclosure reforms related to market timing, and consented to cease and desist orders and censures. Subsequent to these events, PEA deregistered as an investment adviser and dissolved. None of the settlements alleged that any inappropriate activity took place with respect to the Funds.

Since February 2004, the Investment Manager and certain of its affiliates and their employees have been named as defendants in a number of pending lawsuits concerning “market timing,” which allege the same or similar conduct underlying the regulatory settlements discussed above. The market timing lawsuits have been consolidated in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland (the “MDL Court”). After a number of claims in the lawsuits were dismissed by the MDL Court, the parties entered into a stipulation of settlement, which was publicly filed with the MDL Court in April 2010, resolving all remaining claims, but the settlement remains subject to the approval of the MDL Court.

The Investment Manager, the Sub-Advisers and the Distributor believe that these matters are not likely to have a material adverse effect on the Funds or on their ability to perform their respective investment advisory activities or distribution services relating to the Funds.

12.

INVESTMENTS BY AFFILIATES AND INVESTMENTS IN AFFILIATES

At November 30, 2010, Allianz Global held shares of the following Funds:


	Approximate Ownership
AGI Solutions 2015		64%
AGI Solutions 2020		76%
AGI Solutions 2030		69%
AGI Solutions 2040		89%
AGI Solutions 2050		93%
AGI Solutions Growth Allocation		77%
AGI Solutions Retirement Income		57%
AGIC Small to Mid Cap Growth		86%
NFJ Global Dividend Value		18%
RCM All Horizons		82%
RCM China Equity		80%
RCM Disciplined Equity		16%
RCM International Opportunities		26%

Investment activity by Allianz Global could have a material impact on these Funds. Allianz Global held less than 1% ownership of AGI Solutions Core Allocation, AGIC Convertible, AGIC High Yield Bond, AGIC International Growth, AGIC International Growth Opportunities, RCM Global EcoTrends^SM and RCM Global Water.


154		Allianz Multi-Strategy Funds Annual Report		11.30.10

Most of the underlying funds of AGI Solutions 2015, AGI Solutions 2020, AGI Solutions 2030, AGI Solutions 2040, AGI Solutions 2050, AGI Solutions Core Allocation, AGI Solutions Growth Allocation and AGI Solutions Retirement Income are considered to be affiliated with the Trust. The tables below show the transactions in and earnings from investments in these affiliated funds for the year ended November 30, 2010:

AGI Solutions 2015:


	Market Value 11/30/2009		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2010		Dividend Income		Net Realized Gain (Loss)
Allianz Funds:
AGIC Emerging Markets Opportunities		—	$	66,776	$	7,672	$	15,180		$	75,576		—	$	1,292
AGIC Income & Growth	$	278,099		56,929		90,427		68,553			256,008	$	9,284		753
AGIC International		—		85,595		6,123		5,252			84,926		—		203
AGIC Systematic Growth		45,800		8,593		53,226		—			—		344		(1,699	)
NFJ Dividend Value		174,671		43,474		41,293		18,091			184,085		7,819		(2,075	)
NFJ International Value		61,073		66,305		126,303		—			—		1,635		11,395
NFJ Small-Cap Value		108,557		26,809		13,492		37,992			147,450		2,382		709
RCM Global Resources		70,687		88,813		10,319		34,582			167,526		—		(324	)
Allianz Funds Multi-Strategy Trust:
AGIC Emerging Growth		—		56,861		2,817		12,700			67,107		—		363
AGIC International Growth Opportunities		—		—		14,047		41,456			122,919		—		1,481
NFJ Global Dividend Value		—		114,240		2,935		8,341			119,935		519		289
RCM Disciplined Equity		114,322		43,186		6,073		40,320			157,961		659		111
RCM International Opportunities		112,191		23,796		12,215		27,717			126,067		789		120
Nicholas-Applegate Institutional Funds:
International Growth Opportunities		101,482		16,369		—		—			—		1,274		—
International Systematic		59,774		10,699		68,591		—			—		1,518		2,025
PIMCO Funds:
Commodity RealReturn Strategy		187,551		43,350		101,974		35,167			124,161		14,984		7,778
Diversified Income		113,667		12,990		128,347		—			—		975		20,691
Floating Income		—		157,591		—		785			158,376		4,606		—
Foreign Bond (U.S. Dollar-Hedged)		203,113		269,693		10,705		29,009			473,568		8,660		183
Income		294,199		104,681		—		73,851			445,389		25,401		—
International StocksPlus^® TR Strategy (U.S. Dollar-Hedged)		—		67,003		—		(625	)		66,378		4,481		—
Investment Grade Corporate Bond		56,284		12,482		68,719		—			—		1,565		6,190
Real Return		1,193,208		589,554		—		219,056			1,855,626		49,142		—
RealEstateRealReturn Strategy		147,520		44,561		134,198		26,102			64,510		22,093		28,205
Short-Term		293,236		266,605		40,039		21,269			523,775		4,487		(34	)
Total Return		636,843		312,378		228,408		72,848			753,406		24,286		5,137
Total	$	4,252,277	$	2,589,333	$	1,167,923	$	787,646		$	5,974,749	$	186,903	$	82,793


		11.30.10		Allianz Multi-Strategy Funds Annual Report			155

Notes to Financial Statements (Cont.)

November 30, 2010

AGI Solutions 2020:


	Market Value 11/30/2009		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2010		Dividend Income		Net Realized Gain (Loss)
Allianz Funds:
AGIC Emerging Markets Opportunities		—	$	23,282	$	6,808	$	31,798		$	87,191		—	$	629
AGIC Growth	$	38,115		5,769		43,264		—			—	$	63		8,525
AGIC Income & Growth		191,187		56,008		3,654		57,611			255,120		8,493		(276	)
AGIC International		0		79,034		1,358		2,294			80,014		—		45
AGIC Systematic Growth		38,233		25,496		12,105		5,239			56,727		287		(579	)
NFJ Dividend Value		171,547		41,695		31,841		18,871			188,554		7,820		(2,134	)
NFJ International Value		41,994		51,376		90,552		—			—		1,336		8,488
NFJ Small-Cap Value		94,372		23,006		—		37,464			140,621		2,071		—
RCM Global Resources		66,989		51,816		10,565		29,476			117,716		—		(1,941	)
Allianz Funds Multi-Strategy Trust:
AGIC Emerging Growth		—		57,885		130		13,485			71,255		—		15
AGIC International Growth Opportunities		—		—		16,331		55,534			147,508		—		(303	)
NFJ Global Dividend Value		—		147,158		—		10,778			157,936		659		—
RCM Disciplined Equity		95,436		57,280		—		36,115			160,527		561		—
RCM International Opportunities		131,345		23,354		35,615		30,869			116,936		892		1,279
Nicholas-Applegate Institutional Funds:
Emerging Markets		44,551		10,694		—		—			—		724		—
International Growth Opportunities		110,803		31,977		—		—			—		1,391		—
International Systematic		53,135		23,991		75,206		—			—		1,349		1,629
PIMCO Funds:
Commodity RealReturn Strategy		164,414		49,417		43,347		47,472			168,972		18,284		(4,074	)
Diversified Income		137,837		21,103		161,146		—			—		1,238		27,810
Floating Income		—		187,829		8,698		1,302			180,478		5,665		45
Foreign Bond (U.S. Dollar-Hedged)		156,060		214,739		—		26,720			380,928		7,218		—
Income		183,035		106,201		—		51,721			321,514		17,457		—
International StocksPlus^® TR Strategy (U.S. Dollar-Hedged)		—		59,267		—		(563	)		58,704		3,855		—
Investment Grade Corporate Bond		58,678		14,269		72,880		—			—		1,943		6,435
Real Return		888,674		443,438		19,926		166,447			1,363,206		37,453		47
RealEstateRealReturn Strategy		134,912		36,990		100,984		30,725			75,350		25,834		23,347
Short-Term		187,136		237,300		57,643		14,005			369,462		3,154		22
Total Return		567,515		259,847		183,108		69,526			673,494		21,737		5,308
TOTAL	$	3,555,968	$	2,340,221	$	975,161	$	736,889		$	5,172,213	$	169,484	$	74,317


156		Allianz Multi-Strategy Funds Annual Report		11.30.10

AGI Solutions 2030:


	Market Value 11/30/2009		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)		Market Value 11/30/2010		Dividend Income		Net Realized Gain (Loss)
Allianz Funds:
AGIC Emerging Markets Opportunities		—	$	39,735	$	51,077	$	113,220	$	251,307		—	$	(312	)
AGIC Growth	$	73,408		122		72,822		—		—	$	121		16,905
AGIC Income & Growth		217,410		78,271		2,587		60,737		306,935		9,849		(212	)
AGIC International		—		150,190		11,035		3,403		141,412		—		(1,146	)
AGIC Opportunity		—		58,322		—		5,708		64,030		—		—
AGIC Systematic Growth		101,592		74,539		—		41,754		196,422		763		—
NFJ Dividend Value		275,326		43,927		56,566		23,906		273,249		11,707		(2,987	)
NFJ International Value		151,515		71,941		212,498		—		—		3,561		23,901
NFJ Renaissance		45,838		20,592		11,378		7,575		63,433		740		100
NFJ Small-Cap Value		179,556		46,994		10,419		68,778		259,662		3,940		(73	)
RCM Global Resources		85,332		92,771		—		49,585		204,002		—		—
Allianz Funds Multi-Strategy Trust:
AGIC Emerging Growth		—		41,660		19,131		96,047		274,382		—		(895	)
AGIC International Growth Opportunities		—		22,921		46,520		98,070		277,292		—		(313	)
NFJ Global Dividend Value		—		254,698		—		18,560		273,258		1,136		—
RCM Disciplined Equity		193,062		91,428		5,030		71,758		293,977		1,093		18
RCM International Opportunities		207,130		38,247		29,210		44,518		220,467		1,288		(227	)
Nicholas-Applegate Institutional Funds:
Emerging Markets		270,910		24,612		68,901		—		—		3,510		16,494
International Growth Opportunities		234,905		24,926		—		—		—		2,949		—
International Systematic		91,300		57,045		146,484		—		—		2,317		2,441
U.S. Emerging Growth		179,208		15,486		—		—		—		—		—
PIMCO Funds:
Commodity RealReturn Strategy		207,953		50,847		5,222		62,495		259,705		22,700		(490	)
Diversified Income		166,974		850		170,268		—		—		1,378		33,461
Emerging Markets Bond		157,378		14,316		94,039		18,849		84,215		5,018		16,295
Floating Income		—		236,769		17,888		1,639		220,431		6,858		(90	)
Foreign Bond (U.S. Dollar-Hedged)		182,512		198,468		14,284		27,076		376,815		7,447		207
Income		—		234,434		—		12,808		247,242		5,138		—
International StocksPlus^® TR Strategy (U.S. Dollar-Hedged)		—		86,170		—		9		86,179		5,633		—
Investment Grade Corporate Bond		142,050		4,285		141,322		—		—		307		10,361
Real Return		503,769		162,255		15,341		88,111		674,576		19,224		35
RealEstateRealReturn Strategy		184,615		42,585		120,800		40,641		111,658		35,975		29,231
Short-Term		—		430,271		59,840		3,059		373,561		2,838		70
Total Return		684,415		277,994		369,415		64,322		622,682		22,876		14,983
Total	$	4,536,158	$	2,987,671	$	1,752,077	$	1,022,628	$	6,156,892	$	178,366	$	157,757


		11.30.10		Allianz Multi-Strategy Funds Annual Report			157

Notes to Financial Statements (Cont.)

November 30, 2010

AGI Solutions 2040:


	Market Value 11/30/2009		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)		Market Value 11/30/2010		Dividend Income		Net Realized Gain (Loss)
Allianz Funds:
AGIC Emerging Markets Opportunities		—	$	2,480	$	26,240	$	130,543	$	281,184		—	$	8,430
AGIC Growth	$	158,302		262		157,038		—		—	$	262		36,454
AGIC Income & Growth		317,431		39,666		21,989		90,169		351,639		12,188		(965	)
AGIC International		—		202,987		23,691		4,793		182,643		—		(1,446	)
AGIC Opportunity		—		69,951		—		6,660		76,611		—		—
AGIC Systematic Growth		159,290		86,889		55,290		54,647		210,676		1,197		(1,207	)
NFJ Dividend Value		342,257		71,874		72,459		35,677		355,479		15,553		(4,334	)
NFJ International Value		275,375		19,909		280,066		—		—		4,909		54,954
NFJ Renaissance		42,740		23,957		4,726		8,808		71,667		1,055		229
NFJ Small-Cap Value		237,991		26,020		4,584		97,484		314,071		5,539		157
RCM Global Resources		84,748		110,578		6,470		51,237		216,341		—		(226	)
Allianz Funds Multi-Strategy Trust:
AGIC Emerging Growth		—		33,178		8,593		121,855		312,333		—		(249	)
AGIC International Growth Opportunities		—		21,156		48,768		109,898		278,664		—		1,756
NFJ Global Dividend Value		—		278,663		5,698		20,429		293,758		1,265		363
RCM Disciplined Equity		257,016		128,182		41,950		94,486		359,787		1,483		(1,723	)
RCM International Opportunities		236,990		36,765		29,061		47,653		245,842		1,767		(1,960	)
Nicholas-Applegate Institutional Funds:
Emerging Markets		317,537		8,049		61,966		—		—		4,092		15,361
International Growth Opportunities		239,729		24,377		—		—		—		3,009		—
International Systematic		100,383		95,453		192,184		—		—		3,311		2,290
U.S. Emerging Growth		205,384		16,141		—		—		—		—		—
PIMCO Funds:
Commodity RealReturn Strategy		356,868		79,009		114,699		85,220		315,424		34,714		1,370
Diversified Income		229,098		9,594		242,286		—		—		2,004		42,534
Emerging Markets Bond		240,897		18,206		102,394		40,814		170,991		10,680		15,141
Floating Income		—		281,999		20,350		1,947		263,331		8,404		(265	)
Foreign Bond (U.S. Dollar-Hedged)		—		145,740		—		1,659		147,399		1,523		—
International StocksPlus^® TR Strategy (U.S. Dollar-Hedged)		—		95,417		2,054		766		94,019		5,196		(110	)
Investment Grade Corporate Bond		184,113		8,708		189,305		—		—		3,251		16,665
RealEstateRealReturn Strategy		220,710		63,056		165,763		46,434		122,169		47,291		31,076
Short-Term		—		263,709		82,587		1,165		182,354		976		67
Total Return		—		172,327		80,290		4,969		98,830		3,994		1,823
Total	$	4,206,859	$	2,434,302	$	2,040,501	$	1,057,313	$	4,945,212	$	173,663	$	216,185


158		Allianz Multi-Strategy Funds Annual Report		11.30.10

AGI Solutions 2050:


	Market Value 11/30/2009		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)		Market Value 11/30/2010		Dividend Income		Net Realized Gain (Loss)
Allianz Funds:
AGIC Emerging Markets Opportunities		—		—	$	8,827	$	133,564	$	288,573		—	$	(188	)
AGIC Growth	$	154,882	$	257		153,644		—		—	$	257		35,667
AGIC Income & Growth		306,716		32,672		16,095		88,419		340,221		11,636		1,209
AGIC International		—		182,263		4,225		4,462		182,062		—		(439	)
AGIC Opportunity		—		97,525		—		9,562		107,087		—		—
AGIC Systematic Growth		155,850		77,392		39,050		54,657		215,651		1,171		(272	)
NFJ Dividend Value		334,846		62,121		59,209		37,310		352,465		15,469		(3,222	)
NFJ International Value		277,649		4,584		268,524		—		—		4,584		57,707
NFJ Renaissance		41,826		22,305		—		8,952		73,727		998		—
NFJ Small-Cap Value		237,991		23,029		—		97,850		315,873		5,424		—
RCM Global Resources		84,523		104,098		1,400		51,018		214,793		—		16
Allianz Funds Multi-Strategy Trust:
AGIC Emerging Growth		—		48,635		—		126,025		333,826		—		—
AGIC International Growth Opportunities		—		—		—		111,641		290,533		—		—
NFJ Global Dividend Value		—		263,772		—		19,643		283,415		1,197		—
RCM Disciplined Equity		251,439		118,475		—		95,723		391,067		1,470		—
RCM International Opportunities		231,356		16,236		9,066		49,155		241,094		1,601		(417	)
Nicholas-Applegate Institutional Funds:
Emerging Markets		311,652		12,026		65,700		—		—		4,012		17,623
International Growth Opportunities		237,649		10,859		—		—		—		2,983		—
International Systematic		93,280		89,359		181,499		—		—		2,368		5,091
U.S. Emerging Growth		205,384		9,165		—		—		—		—		—
PIMCO Funds:
Commodity RealReturn Strategy		351,903		59,323		46,915		97,773		366,514		35,612		(3,630	)
Diversified Income		225,457		4,682		233,609		—		—		1,940		43,336
Emerging Markets Bond		220,324		18,738		69,331		44,147		184,949		10,806		11,867
Floating Income		—		251,360		—		2,006		253,366		8,233		—
Foreign Bond (U.S. Dollar-Hedged)		—		103,261		—		986		104,247		1,025		—
International StocksPlus^® TR Strategy (U.S. Dollar-Hedged)		—		93,214		—		875		94,090		5,093		—
Investment Grade Corporate Bond		180,092		13,316		190,533		—		—		3,877		16,871
RealEstateRealReturn Strategy		218,677		48,888		141,877		46,305		130,220		48,057		34,914
Short-Term		—		87,831		51,322		224		37,093		306		360
Total Return		—		85,301		88,255		—		—		1,541		2,954
Total	$	4,121,496	$	1,940,687	$	1,629,081	$	1,080,297	$	4,800,866	$	169,660	$	219,447


		11.30.10		Allianz Multi-Strategy Funds Annual Report			159

Notes to Financial Statements (Cont.)

November 30, 2010

AGI Solutions Core Allocation:


	Market Value 11/30/2009		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 11/30/2010		Dividend Income		Net Realized Gain (Loss)
Allianz Funds:
AGIC Emerging Markets Opportunities		—	$	34,395	$	976,589	$	3,553,576		$	10,148,032		—	$	166,154
AGIC Growth	$	1,783,826		2,957		1,769,572		—			—	$	2,957		(378,906	)
AGIC Income & Growth		9,503,883		3,952,000		650,545		2,073,958			13,511,542		431,725		(5,928	)
AGIC International		3,089,163		5,956,152		632,119		867,572			8,499,585		91,950		(28,863	)
AGIC Opportunity		3,387,479		1,804,266		714,852		1,951,226			5,463,751		—		103,429
AGIC Systematic Growth		4,065,526		45,763		2,025,747		525,250			2,296,875		30,540		143,358
NFJ Dividend Value		—		5,488,309		356,096		145,765			5,282,224		210,915		4,246
NFJ International Value		7,835,644		1,103,066		8,585,053		—			—		148,052		1,113,015
NFJ Large Cap Value		11,901,527		254,277		5,796,995		946,569			6,584,097		222,202		(515,608	)
NFJ Renaissance		4,435,492		88,341		452,665		1,610,148			4,739,720		71,614		106,697
NFJ Small-Cap Value		4,263,977		2,292,360		610,784		2,168,825			7,237,959		139,262		59,512
RCM Global Resources		4,009,151		5,085,739		556,302		1,898,780			9,766,587		—		24,053
RCM Large-Cap Growth		10,137,733		101,084		831,695		1,848,706			10,381,897		62,337		65,600
Allianz Funds Multi-Strategy Trust:
AGIC Emerging Growth		—		3,043,676		170,345		1,895,324			8,521,701		—		4,291
AGIC International Growth Opportunities		—		286,310		1,208,101		3,883,797			11,587,301		—		45,207
NFJ Global Dividend Value		—		9,605,618		—		644,303			10,249,921		43,285		—
RCM Disciplined Equity		6,547,054		2,081,023		328,635		1,702,141			8,748,041		37,581		16,936
RCM International Opportunities		7,796,636		1,106,508		785,530		1,324,127			8,171,526		60,089		(36,145	)
Nicholas-Applegate Institutional Funds:
Emerging Markets		12,513,433		300,604		3,163,144		—			—		155,348		540,730
International Growth Opportunities		10,044,877		920,216		164,518		—			—		126,094		5,807
International Systematic		4,816,740		1,120,627		5,807,820		—			—		122,276		192,219
U.S. Emerging Growth		3,523,918		984,047		694,417		—			—		—		92,994
PIMCO Funds:
Commodity RealReturn Strategy		10,515,330		1,062,820		4,143,018		1,501,052			7,289,141		729,336		310,154
Diversified Income		7,625,047		39,426		7,778,672		—			—		64,107		1,117,625
Emerging Markets Bond		7,462,082		1,032,054		4,624,610		750,738			4,295,016		323,115		517,793
Floating Income		—		8,047,604		705,540		57,442			7,391,805		249,037		(7,701	)
Foreign Bond (U.S. Dollar-Hedged)		5,960,011		7,919,709		939,870		1,011,751			13,497,956		307,177		9,811
International StocksPlus^® TR Strategy (U.S. Dollar-Hedged)		—		3,279,992		4,485		(3,229	)		3,271,848		200,848		(431	)
Investment Grade Corporate Bond		6,843,966		230,883		6,846,907		—			—		26,054		569,379
Real Return		21,258,154		2,637,610		7,430,286		2,256,068			17,081,529		712,204		351,893
RealEstateRealReturn Strategy		9,910,270		1,415,442		7,907,092		1,371,968			3,620,554		1,211,260		2,453,379
Short-Term		199,031		18,340,961		14,226,892		16,089			4,346,801		23,259		20,025
Total Return		31,953,579		5,123,337		11,581,589		2,956,845			26,625,280		921,096		576,372
Total	$	211,383,529	$	94,787,176	$	102,470,485	$	36,958,791		$	218,610,689	$	6,723,720	$	7,637,097


160		Allianz Multi-Strategy Funds Annual Report		11.30.10

AGI Solutions Growth Allocation:


	Market Value 11/30/2009		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)		Market Value 11/30/2010		Dividend Income		Net Realized Gain (Loss)
Allianz Funds:
AGIC Emerging Markets Opportunities		—	$	40,794	$	48,798	$	130,814	$	320,261		—	$	(3,324	)
AGIC Growth	$	156,020		36,166		189,056		—		—	$	259		29,385
AGIC Income & Growth		304,734		219,265		119,399		72,065		418,840		13,226		(3,545	)
AGIC International		—		241,002		26,256		4,623		217,408		—		(1,961	)
AGIC Opportunity		—		118,303		8,751		10,823		120,295		—		(80	)
AGIC Systematic Growth		156,997		162,727		101,553		52,590		237,800		1,179		(3,044	)
NFJ Dividend Value		337,333		267,465		179,588		70,614		434,768		16,660		(9,588	)
NFJ International Value		284,748		116,801		381,898		—		—		5,222		53,805
NFJ Renaissance		42,125		58,370		21,809		9,369		88,069		1,010		(637	)
NFJ Small-Cap Value		232,124		169,101		89,845		106,387		369,268		5,420		(1,271	)
RCM Global Resources		84,384		202,083		50,375		60,382		270,937		—		(1,153	)
Allianz Funds Multi-Strategy Trust:
AGIC Emerging Growth		—		96,447		47,255		125,221		366,929		—		174
AGIC International Growth Opportunities		—		52,463		46,799		118,735		319,723		—		(2,789	)
NFJ Global Dividend Value		—		374,243		33,860		22,082		361,672		1,414		(793	)
RCM Disciplined Equity		253,253		300,725		104,043		85,162		469,072		1,495		(4,099	)
RCM International Opportunities		250,874		137,590		72,911		57,960		313,506		1,759		(5,089	)
Nicholas-Applegate Institutional Funds:
Emerging Markets		315,421		75,319		99,876		—		—		4,279		13,819
International Growth Opportunities		235,685		74,250		35,290		—		—		2,959		(1,520	)
International Systematic		102,726		129,049		227,458		—		—		2,608		1,646
U.S. Emerging Growth		207,758		69,445		33,351		—		—		—		(2,063	)
PIMCO Funds:
Commodity RealReturn Strategy		362,796		241,988		177,155		104,666		422,109		38,324		(13,528	)
Diversified Income		218,189		71,602		293,097		—		—		2,008		37,711
Emerging Markets Bond		226,056		139,212		175,451		35,022		203,187		11,533		11,474
Floating Income		—		393,469		91,133		1,763		302,946		8,804		(1,154	)
Foreign Bond (U.S. Dollar-Hedged)		—		125,388		9,075		1,058		117,268		1,133		(103	)
International StocksPlus^® TR Strategy (U.S. Dollar-Hedged)		—		170,656		16,180		1,622		155,676		6,810		(423	)
Investment Grade Corporate Bond		172,811		84,166		254,578		—		—		4,181		20,299
RealEstateRealReturn Strategy		204,864		136,347		194,529		55,776		152,285		52,963		32,239
Total Return		—		173,103		118,626		2,516		58,574		2,295		1,581
Total	$	4,148,898	$	4,477,539	$	3,247,995	$	1,129,250	$	5,720,593	$	185,541	$	145,969


		11.30.10		Allianz Multi-Strategy Funds Annual Report			161

Notes to Financial Statements (Cont.)

November 30, 2010

AGI Solutions Retirement Income:


	Market Value 11/30/2009		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)		Market Value 11/30/2010		Dividend Income		Net Realized Gain (Loss)
Allianz Funds:
AGIC Emerging Markets Opportunities		—	$	46,060	$	935	$	11,160	$	56,332		—	$	47
AGIC Income & Growth	$	287,969		121,086		135,357		61,845		286,551	$	8,829		14,336
AGIC International		—		109,804		42,080		3,181		67,228		—		(3,678	)
NFJ Dividend Value		109,107		80,743		19,258		12,211		177,345		5,992		(841	)
NFJ International Value		71,092		82,900		147,615		—		—		1,966		5,316
NFJ Small-Cap Value		83,116		55,876		20,399		32,501		140,301		1,824		(358	)
RCM Global Resources		49,612		72,882		12,931		22,305		119,907		—		(579	)
Allianz Funds Multi-Strategy Trust:
AGIC Emerging Growth		—		49,141		1,151		11,353		59,382		—		39
AGIC International Growth Opportunities		—		38,713		4,869		27,494		98,722		—		198
NFJ Global Dividend Value		—		126,275		2,558		8,646		132,450		516		87
RCM Disciplined Equity		82,133		56,983		6,203		28,724		139,789		475		158
RCM International Opportunities		91,870		58,596		31,990		21,385		120,150		649		(1,998	)
Nicholas-Applegate Institutional Funds:
International Growth Opportunities		43,376		8,878		1,687		—		—		544		(1	)
International Systematic		49,698		27,034		74,891		—		—		1,262		434
PIMCO Funds:
Commodity RealReturn Strategy		85,970		59,420		37,290		24,411		113,621		7,976		4,192
Diversified Income		94,742		4,001		100,170		—		—		808		16,074
Floating Income		—		144,898		45,330		709		99,680		3,380		(597	)
Foreign Bond (U.S. Dollar-Hedged)		189,726		353,800		—		22,719		554,793		9,033		—
Income		313,814		185,050		4,354		82,149		547,407		28,743		14
International StocksPlus^® TR Strategy (U.S. Dollar-Hedged)		—		88,153		13,315		470		74,850		5,925		(458	)
Real Return		1,305,379		900,345		—		247,891		2,292,027		55,557		—
RealEstateRealReturn Strategy		111,041		43,078		82,575		20,548		75,600		17,318		26,059
Short-Term		353,841		430,793		98,026		25,420		691,338		5,449		—
Total Return		553,360		409,169		192,213		68,705		802,438		23,381		4,560
Total	$	3,875,846	$	3,553,678	$	1,075,197	$	733,827	$	6,649,911	$	179,627	$	63,004

13.

FUND REORGANIZATION

Prior to the opening of business on March 22, 2010, the Allianz NACM International Growth Fund (the “Allianz Fund”) acquired all assets and liabilities of the Nicholas-Applegate International Growth Fund (the “NACM Fund”). The purpose of the transaction was to combine two funds managed by Allianz Global Investors Fund Management LLC with comparable investment objectives and strategies. The acquisition was accomplished by a tax-free exchange of 2,538,266 Class I shares and 10,027,746 Class II shares of the NACM Fund, valued at $99,372,339 in total, for 4,236,267 and 16,688,627, respectively, of the Institutional Class shares of the Allianz Fund. The investment portfolio of the NACM Fund, with a fair value of $101,198,651 and identified cost of $91,475,364 at March 19, 2010, was the principal asset acquired by the Allianz Fund. For financial reporting purposes, assets received and shares issued by the Allianz Fund were recorded at fair value; however, the cost basis of the investments received from the NACM Fund was carried forward to align ongoing reporting of the Allianz Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Immediately prior to the acquisition, the Allianz Fund’s net assets were $4,236,652. The NACM Fund’s unrealized appreciation at acquisition date was $9,724,720.

Assuming the acquisition had been completed on December 1, 2009, the beginning of the annual reporting period of the Allianz Fund, the Allianz Fund’s pro forma results of operations for the year ended November 30, 2010, would have been as follows:


Net investment income	$ 925,090	*
Net gain on investments and foreign currency transactions	$ 7,395,021	**
Net increase in net assets resulting from operations	$ 8,320,111

*	$841,001 as reported, plus $74,593 of the NACM Fund premerger, plus $9,496 of pro-forma expense adjustments.

**	$2,457,774 as reported, plus $4,937,247 of the NACM Fund premerger.

Because both the Allianz Fund and the NACM Fund continuously sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the NACM Fund that have been included in the Allianz Fund’s Statement of Operations since March 22, 2010.

See Note 10, Shares of Beneficial Interest, for the changes in shares outstanding for the Allianz Fund during the year ended November 30, 2010.


162		Allianz Multi-Strategy Funds Annual Report		11.30.10

14.

REORGANIZATIONS AND EVENTS

a. Allianz RCM China Equity Fund

On June 7, 2010, AGIFM launched the Allianz RCM China Equity Fund. RCM is the Fund’s Sub-Adviser and has delegated the day-to-day portfolio management of the Fund to its affiliate, RCM AP. RCM AP was formed in 2006 and is licensed by the Hong Kong Securities and Futures Commission (“SFC”). It became a registered adviser with the U.S. Securities and Exchange Commission (“SEC”) in January 2007. RCM AP succeeded to all of Allianz Global Investors Hong Kong Limited’s equity management business in Hong Kong. RCM AP and RCM are affiliated companies under common control that are part of the same investment platform. RCM AP is located at 21/F, Cheung Kong Center, 2 Queen’s Road Central, Hong Kong.

b. Novation of Nicholas-Applegate Capital Management LLP (“NACM”) Sub-Advisory Contracts

On August 25, 2010, the sub-advisory contracts between AGIFM and NACM with respect to series of the Trust were novated to AGI Capital, which was NACM’s direct parent and is a registered investment adviser. AGI Capital manages the applicable Funds’ assets in a manner substantially similar to how NACM managed them. All of the employees of NACM became employees of AGI Capital and manage the applicable Funds’ assets consistent with the strategies, policies, and guidelines previously established by the clients with NACM. Following transfer of the employees and contracts to AGI Capital, NACM was merged into AGI Capital.

The applicable Funds and new names are:


Former Name		Current Name
Allianz NACM Convertible Fund		Allianz AGIC Convertible Fund
Allianz NACM Emerging Growth Fund		Allianz AGIC Emerging Growth Fund
Allianz NACM High Yield Bond Fund		Allianz AGIC High Yield Bond Fund
Allianz NACM International Growth Fund		Allianz AGIC International Growth Fund
Allianz NACM International Growth Opportunities Fund		Allianz AGIC International Growth Opportunities Fund
Allianz NACM Micro Cap Fund		Allianz AGIC Micro Cap Fund
Allianz NACM Small to Mid Cap Growth Fund		Allianz AGIC Small to Mid Cap Growth Fund
Allianz NACM Ultra Micro Cap Fund		Allianz AGIC Ultra Micro Cap Fund

c. Allianz AGIC Convertible Fund

On May 24, 2010, the Board of Trustees of the Trust approved a series of share class authorization, reclassification and conversion transactions relating to Class P and Institutional Class shares of Allianz AGIC Convertible Fund. Effective June 4, 2010, the Fund launched “Class P-1” shares. At the close of business on June 7, 2010, Class P shares of 1,168,070 in the amount of $28,057,731 held in accounts on platforms maintained by third-party service organizations (i.e., not including Class P shares of the Fund held in accounts serviced by the Fund’s investment manager or distributor) automatically converted into shares of the new Class P-1 of the Fund. Class P-1 shares had the same shareholders’ rights and privileges with respect to exchanges, purchases, redemptions, distributions and other actions, and charged the same annual fund operating expenses, as those for Class P shareholders of the Fund. The Trust adopted an Administrative Services Plan for Class P-1 shares, which, similar to the Trust’s Administrative Services Plan for Class P shares, permitted the Fund to make service fee payments at an annual rate of up to 0.10% of the Fund’s average daily net assets attributable to its Class P-1 shares, for the provision of certain administrative, recordkeeping and other services to Class P-1 shareholders.

Class P shares of 3,252,668 in the amount of $78,131,128 held in accounts serviced by the Fund’s investment manager or distributor were reclassified as “Institutional-1 Class” shares of the Fund immediately after the close of business on June 7, 2010. Simultaneously, the estimated annual fund operating expenses, after applying expense reductions pursuant to the Trust’s Expense Limitation Agreement, that are applicable to Institutional-1 Class shares of the Fund were lowered by 0.10%, from 0.82% to 0.72%, to reflect the termination of the Trust’s Administrative Services Plan for Class P shares with respect to this share class. The resulting net expense ratio was expected to match the “Total Annual Fund Operating Expenses After Expense Reductions” of Institutional Class shares of the Fund as stated in the applicable Prospectus.

At the close of business on June 7, 2010, Institutional Class shares of the Fund ceased to be available for purchase, or for exchanges by shareholders of other series of the Trust and series of Allianz Funds, PIMCO Funds and PIMCO Equity Series. At the close of business June 10, 2010, Institutional Class shares of 12,628,062 in the amount of $310,463,436 automatically converted into Institutional-1 Class shares of the Fund.

At the close of business on June 14, 2010, Institutional-1 Class shares of the Fund were reclassified as Institutional Class shares of the Fund, and Class P-1 shares of the Fund were reclassified as Class P shares of the Fund.The Fund ceased to have any Institutional-1 Class shares or Class P-1 shares authorized or outstanding.


		11.30.10		Allianz Multi-Strategy Funds Annual Report			163

Notes to Financial Statements (Cont.)

November 30, 2010

15.

SUBSEQUENT EVENTS

Effective December 20, 2010, Allianz AGIC Emerging Growth Fund added the following share classes: A, C, D, P and R.

Effective December 27, 2010, the following two new funds commenced operations as series of the Trust:

Allianz AGIC Focused Opportunity Fund (“AGIC Focused Opportunity”)

Allianz RCM Redwood Fund (“RCM Redwood”)

The investment objective of AGIC Focused Opportunity is to seek maximum long-term capital appreciation. The RCM Redwood seeks long-term capital appreciation with a high degree of downside protection and reduced volatility relative to the broad U.S. equity market.

Effective December 27, 2010, the Allianz AGIC Micro Cap and Allianz AGIC Ultra Micro Cap Funds added Class P shares.

On December 9, 2010, the following Funds declared short-term and/or long-term capital gain distributions to shareholders, payable December 9, 2010 to shareholders of record on December 8, 2010:



Fund Name	Short-Term Capital Gains		Long-Term Capital Gains
AGIC Micro Cap		—	$	1.04142
AGIC Ultra Micro Cap		—		0.71722
NFJ Global Dividend Value	$	0.17287		0.10478
RCM China Equity		0.33179		—
RCM Disciplined Equity		0.31337		0.09249

On December 16, 2010, the following Funds declared net investment income dividends to shareholders, payable December 16, 2010 to shareholders of record on December 15, 2010:


Fund Name	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
AGIC Convertible	$	0.27031	$	0.23473	$	0.27295	$	0.24497	$	0.27278	$	0.27997	$	0.26252
AGIC High Yield Bond		0.08260		0.07146		0.08296		0.07820		0.08566		0.08768		0.08296
AGIC International Growth		0.02918		0.00147		0.03319		0.01377		0.03357		0.03806		N/A
AGIC International Growth Opportunities		0.60825		0.55318		0.57872		0.51265		0.12141		0.49834		0.56504
NFJ Global Dividend Value		0.03135		0.00336		0.02562		N/A		0.00709		0.03967		N/A
RCM All Horizons		0.71909		0.63431		0.61912		N/A		0.73638		0.74801		N/A
RCM Disciplined Equity		0.07883		0.00240		0.00003		N/A		0.09527		0.10966		N/A
RCM Global Water		0.00170		0.00001		0.00005		N/A		0.00270		0.00374		N/A
RCM International Opportunities		0.04910		0.03395		0.00282		N/A		0.13530		0.14611		N/A

On December 30, 2010, the following Funds declared net investment income dividends and/or short-term and long-term capital gain distributions to shareholders, payable December 30, 2010 to shareholders of record on December 29, 2010:


Fund Name	Class A		Class B		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class		Short- Term Capital Gains		Long- Term Capital Gains
AGI Solutions 2015	$	0.73523		N/A	$	0.71822	$	0.72413	$	0.67589	$	0.74941	$	0.76736	$	0.72142	$	0.13262	$	0.15856
AGI Solutions 2020		0.82993		N/A		0.75793		0.81468		0.76377		0.83775		0.85562		0.80964		0.07900		0.23466
AGI Solutions 2030		0.84804		N/A		0.79568		0.85466		0.79741		0.87407		0.89427		0.84628		0.22288		0.33619
AGI Solutions 2040		0.97331		N/A		0.73298		1.02725		0.94651		1.02720		1.04796		0.99709		0.12178		0.82321
AGI Solutions 2050		1.09062		N/A		1.01430		1.09202		1.03844		1.11433		1.13538		1.08403		0.21174		0.81214
AGI Solutions Core Allocation		0.21841	$	0.18893		0.19731		0.22185		0.21396		0.22444		0.22396		0.22026		—		—
AGI Solutions Growth Allocation		0.90508		N/A		0.76124		0.87798		0.81749		0.89879		0.91999		0.86867		0.17706		0.34050
AGI Solutions Retirement Income		0.24710		N/A		0.21560		0.24851		0.23529		0.25386		0.25863		0.24748		0.08750		0.11515


164		Allianz Multi-Strategy Funds Annual Report		11.30.10

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of Allianz Funds Multi-Strategy Trust

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of AGI Solutions 2015 Fund, AGI Solutions 2020 Fund, AGI Solutions 2030 Fund, AGI Solutions 2040 Fund, AGI Solutions 2050 Fund, AGI Solutions Core Allocation Fund, AGI Solutions Growth Allocation Fund, AGI Retirement Income Fund, Allianz AGIC Convertible Fund, Allianz AGIC Emerging Growth Fund, Allianz AGIC High Yield Bond Fund, Allianz AGIC International Growth Fund, Allianz AGIC International Growth Opportunities Fund, Allianz AGIC Micro Cap Fund, Allianz AGIC Small to Mid Cap Growth Fund, Allianz AGIC Ultra Micro Cap Fund, Allianz NFJ Global Dividend Value Fund, Allianz RCM All Horizons Fund, Allianz RCM China Equity Fund, Allianz RCM Disciplined Equity Fund, Allianz RCM Global EcoTrends^SM Fund, Allianz RCM Global Water Fund and Allianz RCM International Opportunities Fund, each a fund of the Allianz Funds Multi-Strategy Trust (hereafter referred to as the “Funds”) at November 30, 2010, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2010 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

January 26, 2011


		11.30.10		Allianz Multi-Strategy Funds Annual Report			165

Shareholder Meeting Results/Changes to Board of Trustees and Officers

(unaudited)

Shareholder Meeting Results:

The Trust held a meeting of shareholders on September 14, 2010. Shareholders voted as indicated below:


	Affirmative		Withheld Authority
Re-election of Paul Belica		35,281,878		1,135,326
Election of Bradford K. Gallagher		35,109,065		1,308,139
Re-election of James A. Jacobson		35,178,536		1,238,668
Re-election of Hans W. Kertess		35,235,815		1,181,389
Re-election of John C. Maney†		35,560,520		856,684
Re-election of William B. Ogden, IV		35,310,501		1,106,703
Re-election of Alan Rappaport		35,312,172		1,105,032

†	Interested Trustee

Changes to Board of Trustees and Officers:

Robert E. Connor served as a Trustee of the Funds until his death on April 8, 2010.

Alan Rappaport was appointed by the Board of Trustees to serve as a Trustee of the Funds effective June 22, 2010. Mr. Rappaport has substantial senior executive experience in the financial services industry. He formerly served as Chairman and President of the private banking division of Bank of America and as Vice Chairman of U.S. Trust. He is currently the Vice Chairman of Roundtable Investment Partners, an investment banking firm.

R. Peter Sullivan, III announced his retirement from the Funds’ Board of Trustees effective July 31, 2010.

Bradford K. Gallagher was elected by the shareholders to serve as a Trustee of the Funds on September 14, 2010. Mr.Gallagher has substantial executive and board experience in the financial services and investment management industries. He has served as director to several other investment companies. Having served on the Operating Committee of Fidelity Investments and as a Managing Director and President of Fidelity Investments Institutional Services Company, he provides the Trust with significant asset management industry expertise. He also brings significant securities industry experience, having served as a developer and founder of several enterprises and private investment vehicles.

E. Blake Moore Jr. resigned as President and Chief Executive Officer of the Funds effective December 31, 2010.

On January 1, 2011, Brian S. Shlissel became President of the Funds, Lawrence G. Altadonna became Treasurer of the Funds and Orhan Dzemaili became an Assistant Treasurer of the Funds.


166		Allianz Multi-Strategy Funds Annual Report		11.30.10

Matters Relating to the Trustees’ Consideration of the Investment Management and Portfolio Management Agreements

(unaudited)

The Investment Company Act of 1940, as amended, requires that both the full Board of Trustees (the “Trustees”) and a majority of the Trustees who are not interested persons of the Trust (the “Independent Trustees”), voting separately, initially approve any new investment management agreement or sub-advisory agreement for a Fund. The agreements approved during the period covered by this report relate to the organization of the Allianz RCM Redwood Fund (the “Fund”).

The Trustees met in-person on September 21, 2010 for the specific purpose of considering whether to approve: the Amended and Restated Investment Management Agreement (the “Advisory Agreement”) with Allianz Global Investors Fund Management LLC (the “Investment Manager”), and the Sub-Advisory Agreement between the Investment Manager and RCM Capital Management LLC (“RCM”). The Amended and Restated Investment Management Agreement and the Sub-Advisory Agreement are collectively referred to herein as the “Agreements”.

The Board and the Independent Trustees unanimously approved, for an initial 2-year term, the Agreements with respect to the Allianz RCM Redwood Fund, a new series of the Trust, which commenced operations on December 27, 2010.

In connection with their deliberations regarding the proposed approval of the Agreements, the Independent Trustees considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. As described below, the Independent Trustees considered the nature, quality, and extent of the various investment management, administrative and other services to be performed by the Investment Manager and RCM together, the “Advisers” under the Agreements.

In connection with their deliberations, the Independent Trustees noted that they had received and relied upon materials provided by AGIFM which included, among other items: (i) information provided by Lipper Inc. (“Lipper”) on the annualized return investment performance for various time periods of a group of funds identified by Lipper with substantially similar investment classifications/objectives to those of the Fund, (ii) information on the management fees and other expenses of comparable funds identified by Lipper, (iii) information regarding the investment performance and management fees of comparable portfolios of other clients of RCM, including institutional separate accounts, (iv) an estimate of the anticipated profitability to AGIFM and its affiliates from their relationship with the Fund, (v) descriptions of various functions performed by the Advisers, such as portfolio management, compliance monitoring and portfolio trading practices, and (vi) information regarding the overall organization of the Advisers, including information regarding senior management, portfolio managers and other personnel proposed to provide investment management, administrative and other services to the Fund.

The Independent Trustees noted that their conclusions as to the approval of the Agreements would be based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors figured particularly in their deliberations (described below), although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors.

As part of their review, the Independent Trustees examined the Advisers’ abilities to provide high quality investment management and other services to the Fund. Among other information, they considered the investment philosophy and research and decision-making processes of RCM; the experience of key advisory personnel of RCM who would be responsible for portfolio management of the Fund; the ability of the Advisers to attract and retain capable personnel; the capability and integrity of the senior management and staff of the Advisers; and the level of skill required to manage the Fund. They also reviewed the quality of each Adviser’s expected services with respect to regulatory compliance and ability to conduct compliance with the investment policies of the Fund; the

nature, extent and quality of certain administrative services the Investment Manager would be responsible for providing to the Fund; and conditions that might affect the Advisers’ ability to provide high quality services to the Fund in the future under the Agreements, including each organization’s respective business reputation, financial condition and operational stability. Based on the foregoing, the Independent Trustees concluded that RCM’s investment processes, research capabilities and philosophy were well suited to the Fund given their investment objectives and policies, and that the Advisers would be able to meet any reasonably foreseeable obligations under each Agreement.

In assessing the reasonableness of the Fund’s proposed fees under the Agreements, the Independent Trustees considered, among other information, the Fund’s proposed management fee and its expected total expense ratio as a percentage of anticipated average daily net assets, taking into account the fee waiver and expense limitation arrangements that the Investment Manager would observe during the Fund’s first year, and the advisory fees and total expense ratios of comparable funds identified by Lipper.

The Independent Trustees considered how the Fund was expected to compare to its Lipper peers as to the total expense ratio, in addition to considering comparisons of the proposed management fees with the advisory fees of peer funds. The Independent Trustees took into account that a comparison of the Fund’s proposed management fee to the advisory fee of peer funds is complicated because the Fund’s proposed management fee includes a component for administrative services while many peer funds have separate advisory and administration agreements with separate fees. The Independent Trustees therefore placed significant emphasis on the estimated total expense ratio of the Fund compared to the total expense ratios of the peer funds, recognizing that the fees for investment advisory, administrative services and fund operating expenses would be subsumed within the total expense ratio of all funds.

Because the Fund had not yet commenced operations, the Trustees did not have investment performance to compare to the Fund’s peer group’s returns.

The Independent Trustees also considered the management fees charged by the Advisers to other clients, including fees charged by the Advisers to institutional and separate account clients with similar investment strategies as the Fund.

The Independent Trustees also considered the estimated profitability to the Advisers from their relationship with the Fund and determined that such profitability would not be excessive.

The Independent Trustees indicated that they also took into account that, as an open-end fund, the Fund did intend to raise additional assets, so as the assets of the Fund grow over time, the Fund could gain potential economies of scale by having its expenses spread over an increasing asset base, thus potentially lowering the total fund expenses as a percent of fund assets.

Additionally, the Independent Trustees considered so-called “fall-out benefits” to the Advisers and their affiliates, such as reputational value derived from serving as investment advisers to the Fund.

The Independent Trustees then discussed the proposed distribution arrangements and plans for the Fund and determined that there is a reasonable likelihood that the arrangements will benefit the Fund and its shareholders.

After reviewing these and other factors described herein, the Independent Trustees concluded, within the context of their overall conclusions regarding the Agreements, that the fees payable under each Agreement represent reasonable compensation in light of the nature, extent and quality of the services to be provided by the Advisers to the Fund. After further discussion, the Independent Trustees determined to approve the Agreements and distribution agreement and plans.


		11.30.10		Allianz Multi-Strategy Funds Annual Report			167

Federal Income Tax Information

(unaudited)

As required by the Internal Revenue Code regulations, shareholders must be notified within 60 days of the Trust’s fiscal year end ( November 30, 2010) regarding the status of qualified dividend income fore individuals and the dividend received deduction for corporations, and foreign tax credit.

Long-Term Capital Gain Distributions (15%) During the year ended 2010, RCM Disciplined Equity distributed long-term capital gains of $26,929.

Qualified Dividend Income Under the Jobs And Growth Tax Relief Reconciliation Act of 2003 (the “Act”), the following percentages or ordinary dividends paid during the fiscal year ended November 30, 2010 are designated as “qualified dividend income” as defined in the Act:


AGI Solutions 2015			9%
AGI Solutions 2020			11%
AGI Solutions 2030			16%
AGI Solutions 2040			20%
AGI Solutions 2050			20%
AGI Solutions Core Allocation			22%
AGI Solutions Growth Allocation			23%
AGI Solutions Retirement Income			8%
AGIC Convertible			19%
AGIC Emerging Growth			0%
AGIC High Yield Bond			0%
AGIC International Growth			100%
AGIC International Growth Opportunities			100%
AGIC Micro Cap			0%
AGIC Small to Mid Cap Growth			0%
AGIC Ultra Micro Cap			0%
NFJ Global Dividend Value			82%
RCM All Horizons			100%
RCM China Equity			0%
RCM Disciplined Equity			56%
RCM Global EcoTrends^SM			0%
RCM Global Water			100%
RCM International Opportunities			100%

Dividend Received Deduction Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Fund’s dividend distribution that qualifies under tax law. The percentage of the following Funds’ fiscal 2010 ordinary income dividends that qualify for the corporate dividend received deduction is set forth below:


AGI Solutions 2015			0%
AGI Solutions 2020			0%
AGI Solutions 2030			0%
AGI Solutions 2040			0%
AGI Solutions 2050			0%
AGI Solutions Core Allocation			0%
AGI Solutions Growth Allocation			0%
AGI Solutions Retirement Income			0%
AGIC Convertible			17%
AGIC Emerging Growth			0%
AGIC High Yield Bond			0%
AGIC International Growth			0%
AGIC International Growth Opportunities			0%
AGIC Micro Cap			0%
AGIC Small to Mid Cap Growth			0%
AGIC Ultra Micro Cap			0%
NFJ Global Dividend Value			32%
RCM All Horizons			65%
RCM China Equity			0%
RCM Disciplined Equity			56%
RCM Global EcoTrends^SM			0%
RCM Global Water			100%
RCM International Opportunities			0%

Shareholders are advised to consult with their own tax advisor with respect to the tax consequences of their investments in the Trust. In January 2011, shareholders will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received in calendar year 2010.


168		Allianz Multi-Strategy Funds Annual Report		11.30.10

Foreign Tax Credit The following Funds had elected to pass through the credit for tax paid in foreign countries. The foreign income and foreign tax per share outstanding on November 30, 2010 are as follows:


	Gross Foreign Dividends		Gross Foreign Dividends per share		Foreign Tax		Foreign Tax per share
AGIC International Growth	$	1,673,144	$	0.11355	$	132,147	$	0.00897
AGIC International Growth Opportunities		2,384,512		0.61128		112,696		0.02889
NFJ Global Dividend Value		188,858		0.36621		12,597		0.02443
RCM China Equity		27,809		0.12916		1,477		0.00686
RCM Global EcoTrends^SM		896,477		0.20435		81,603		0.01860
RCM Global Water		1,048,330		0.14970		83,851		0.01197
RCM International Opportunities		361,856		0.34228		33,471		0.03166

Shareholders will receive more detailed information along with their Form 1099-DIV in January 2011.

The following Funds had elected to pass through the credit for tax paid in foreign countries. The foreign income and foreign tax per share oustanding on November 30, 2009 are as follows:


	Gross Foreign Dividends		Gross Foreign Dividends per share		Foreign Tax		Foreign Tax per share
AGIC International Growth	$	196,891	$	0.11954	$	15,331	$	0.00931
NFJ Global Dividend Value		23,369		0.12474		1,179		0.00630
RCM All Horizons		22,321		0.15567		1,155		0.00806
RCM Global Water		1,274,806		0.17242		107,590		0.01455
RCM International Opportunities		202,901		0.20296		15,153		0.01516


		11.30.10		Allianz Multi-Strategy Funds Annual Report			169

Privacy Policy

(unaudited)

Our Commitment to You

We consider customer privacy to be a fundamental aspect of our relationship with shareholders and are committed to maintaining the confidentiality, integrity and security of our current, prospective and former shareholders’ personal information. To ensure our shareholders’ privacy, we have developed policies that are designed to protect this confidentiality, while allowing shareholders’ needs to be served.

Obtaining Personal Information

In the course of providing shareholders with products and services, we may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder’s brokerage or financial advisory firm, financial adviser or consultant, and/or from information captured on our internet web sites.

Respecting Your Privacy

As a matter of policy, we do not disclose any personal or account information provided by shareholders or gathered by us to non-affiliated third parties, except as required for our everyday business purposes, such as to process transactions or service a shareholder’s account, or as otherwise permitted by law. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information and gathering shareholder proxies. We may also retain non-affiliated financial services providers, such as broker-dealers, to market our shares or products, and we may enter into joint-marketing arrangements with them and other financial companies. We may also retain marketing and research service firms to conduct research on shareholder satisfaction. These companies may have access to a shareholder’s personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. We may also provide a shareholder’s personal and account information to their respective brokerage or financial advisory firm, Custodian, and/or to their financial advisor or consultant.

Sharing Information with Third Parties

We reserve the right to disclose or report personal information to non-affiliated third parties, in limited circumstances, where we believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect our rights or property or upon reasonable request by any Fund in which a shareholder has chosen to invest. In addition, we may disclose information about a shareholder or a shareholder’s accounts to a non-affiliated third party only if we receive a shareholder’s written request or consent.

Sharing Information with Affiliates

We may share shareholder information with our affiliates in connection with our affiliates’ everyday business purposes, such as servicing a shareholder’s account, but our affiliates may not use this information to market products and services to you except in conformance with applicable laws or regulations. The information we share includes information about our experiences and transactions with a shareholder and may include, for example, a shareholder’s participation in one of the Funds or in other investment programs, a shareholder’s ownership of certain types of accounts (such as IRAs), or other data about a shareholder’s transactions or accounts. Our affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

We take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, we have also implemented procedures that are designed to restrict access to a shareholder’s non-public personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In addition, we have physical, electronic, and procedural safeguards in place to guard a shareholder’s non-public personal information.

Disposal of Confidential Records

We will dispose of records, if any, that are knowingly derived from data received from a consumer reporting agency regarding a shareholder that is an individual in a manner that ensures the confidentiality of the data is maintained. Such records include, among other things, copies of consumer reports and notes of conversations with individuals at consumer reporting agencies.


170		Allianz Multi-Strategy Funds Annual Report		11.30.10

Allianz Funds Multi-Strategy Trust—Board of Trustees

(unaudited)


Name, Date of Birth, Position(s) Held with Funds, Length of Service, Other Trusteeships/Directorships Held by Trustee; Number of Portfolios in Fund Complex/Outside Fund Complexes Currently Overseen by Trustee		Principal Occupation(s) During Past 5 Years:

The address of each trustee is 1345 Avenue of the Americas, New York, NY 10105.

Hans W. Kertess Date of Birth: 7/12/39 Chairman of the Board of Trustees since: 2008 Trustee since: 2008 Trustee/Director of 54 Funds in Fund Complex; Trustee/Director of no funds outside of Fund Complex		President, H. Kertess & Co., a financial advisory company. Formerly, Managing Director, Royal Bank of Canada Capital Markets.

Paul Belica Date of Birth: 9/27/21 Trustee since: 2008 Trustee/Director of 54 funds in Fund Complex Trustee/Director of no funds outside of Fund Complex		Retired. Formerly Director, Student Loan Finance Corp., Education Loans, Inc., Goal Funding, Inc., Goal Funding II, Inc. and Surety Loan Fund, Inc. Formerly, Manager of Stratigos Fund LLC, Whistler Fund LLC, Xanthus Fund LLC & Wynstone Fund LLC.

Bradford K. Gallagher Date of Birth: 2/28/44 Trustee since: 2010 Trustee/Director of 54 funds in Fund Complex Trustee/Director of no funds outside of Fund Complex		Founder, Spyglass Investments LLC, a private investment vehicle (since 2001); Founder, President and CEO of Cypress Holding Company and Cypress Tree Investment Management Company (since 1995); Trustee, The Common Fund (since 2005); Director, Anchor Point Inc. (since 1995); Chairman and Trustee, Atlantic Maritime Heritage Foundation (since 2007); Director, Shielding Technology Inc. (since 2006). Formerly, Chairman and Trustee of Grail Advisors ETF Trust (2009-2010); and Trustee of Nicholas-Applegate Institutional Funds (2007-2010).

James A. Jacobson Date of Birth: 2/3/45 Trustee since: 2009 Trustee/Director of 54 funds in Fund Complex Trustee/Director of 16 funds in the Alpine Mutual Funds Complex		Retired. Formerly, Vice Chairman and Managing Director of Spear, Leeds & Kellogg Specialists LLC, specialist firm on the New York Stock Exchange.

John C. Maney† Date of Birth: 8/3/59 Trustee since: 2008 Trustee/Director of 79 Funds in Fund Complex Trustee/Director of no Funds outside the Fund Complex		Management Board, Managing Director and Chief Executive Officer of Allianz Global Investors Fund Management LLC; Management Board and Managing Director of Allianz Global Investors of America L.P. since January 2005 and Chief Operating Officer of Allianz Global Investors of America L.P. since November 2006.

William B. Ogden, IV Date of Birth: 1/11/45 Trustee since: 2008 Trustee/Director of 54 Funds in Fund Complex Trustee/Director of no funds outside of Fund Complex		Asset Management Industry Consultant. Formerly, Managing Director, Investment Banking Division of Citigroup Global Markets Inc.

Alan Rappaport Date of Birth: 3/13/53 Trustee since: 2010 Trustee/Director of 54 funds in Fund Complex Trustee/Director of no funds outside of Fund Complex		Vice Chairman, Roundtable Investment Partners since 2009; Chairman (formerly President), Private Bank of Bank of America; Vice Chairman, US Trust (2001-2008).

†

Mr. Maney is an “interested person” of the Trust, as defined in Section 2(a)(19) of the 1940 Act, due to his affiliation with Allianz Global Investors of America L.P. In addition to Mr. Maney’s positions set forth in the table above, he holds the following positions with affiliated persons: Management Board, Managing Director and Chief Operating Officer of Allianz Global Investors of America LLC; Member—Board of Directors and Chief Operating Officer of Allianz Global Investors of America Holdings Inc. and Oppenheimer Group, Inc.; Managing Director and Chief Operating Officer of Allianz Global Investors NY Holdings LLC; Managing Director and Chief Operating Officer of Allianz Hedge Fund Partners Holding L.P. and Allianz Global Investors U.S. Retail LLC; Compensation Committee of NFJ Investment Group LLC; Management Board of Nicholas-Applegate Holdings LLC; Member – Board of Directors and Chief Operating Officer of PIMCO Global Advisors (Resources) Limited; Executive Vice President of PIMCO Japan Ltd.; Chief Operating Officer of Allianz Global Investors U.S. Holding II LLC; and Member and Chairman – Board of Directors, President and Chief Operating Officer of PFP Holdings, Inc. and Managing Director of Allianz Global Investors Capital LLC.


		11.30.10		Allianz Multi-Strategy Funds Annual Report			171

Allianz Funds Multi-Strategy Trust—Officers

(unaudited)


Name, Date of Birth, Position(s) Held with Funds.		Principal Occupation(s) During Past 5 Years:

Brian S. Shlissel Date of Birth: 11/14/64 President since: 2011		Managing Director, Head of Mutual Fund Services, Allianz Global Investors Fund Management LLC; President and Chief Executive Officer of 29 funds in the Fund Complex; President of 50 funds in the Fund Complex and Treasurer of The Korea Fund, Inc. Formerly, Treasurer, Principal Financial and Accounting Officer of 50 funds in the Fund Complex.

Lawrence G. Altadonna Date of Birth: 3/10/66 Treasurer, Principal Financial and Accounting Officer since: 2011		Senior Vice President, Director of Fund Administration, Allianz Global Investors Fund Management LLC; Treasurer, Principal Financial and Accounting Officer of 79 funds in the Fund Complex; Assistant Treasurer of The Korea Fund, Inc. Formerly, Assistant Treasurer of 50 funds in the Fund Complex.

Thomas J. Fuccillo Date of Birth: 3/22/68 Vice President, Secretary & Chief Legal Officer since: 2008		Executive Vice President, Chief Legal Officer and Secretary, Allianz Global Investors Fund Management LLC; Executive Vice President of Allianz Global Investors of America L.P; Vice President, Secretary and Chief Legal Officer of 79 funds in the Fund Complex; Secretary and Chief Legal Officer of The Korea Fund, Inc.

Scott Whisten Date of Birth: 3/13/71 Assistant Treasurer since: 2008		Senior Vice President, Allianz Global Investors Fund Management LLC; Assistant Treasurer of 79 funds in the Fund Complex.

Richard J. Cochran Date of Birth: 1/23/61 Assistant Treasurer since: 2008		Vice President, Allianz Global Investors Fund Management LLC, Assistant Treasurer of 79 funds in the Funds Complex and of the Korea Fund Inc. Formerly, Tax Manager, Teachers Insurance Annuity Association/College Retirement Equity Fund (TIAA-CREF) (2002-2008).

Orhan Dzemaili Date of Birth: 4/18/74 Assistant Treasurer since: 2011		Vice President, Allianz Global Investors Fund Management LLC; Assistant Treasurer of 79 funds in the Fund Complex. Formerly, Accounting Manager, Prudential Investments LLC (2004-2007).

Youse E. Guia Date of Birth: 9/3/72 Chief Compliance Officer since: 2008		Senior Vice President, Chief Compliance Officer, Allianz Global Investors of America L.P.; Chief Compliance Officer of 79 funds in the Fund Complex and of The Korea Fund, Inc.

Kathleen A. Chapman Date of Birth: 11/11/54 Assistant Secretary since: 2008		Senior Paralegal, Allianz Global Investors of America, L.P.; Assistant Secretary of 79 funds in the Fund Complex.

Lagan Srivastava Date of Birth: 9/20/77 Assistant Secretary since: 2008		Assistant Secretary of 79 funds in the Fund Complex and of The Korea Fund, Inc.

Richard H. Kirk Date of Birth: 4/6/61 Assistant Secretary since: 2008		Senior Vice President, Allianz Global Investors of America L.P. (since 2004). Senior Vice President, Associate General Counsel, Allianz Global Investors Distributors LLC. Assistant Secretary of 50 funds in the Fund Complex.

Officers hold office at the pleasure of the Board and until their successors are appointed and qualified or until their earlier resignation or removal


172		Allianz Multi-Strategy Funds Annual Report		11.30.10

Allianz Funds Multi-Strategy Trust

Trustees

Hans W. Kertess

Chairman of the Board of Trustees

Paul Belica

Bradford K. Gallagher

James A. Jacobson

John C. Maney

William B. Ogden, IV

Alan Rappaport

Investment Manager

Allianz Global Investors Fund Management LLC

1345 Avenue of the Americas

New York, NY 10105

Sub-Advisers

Allianz Global Investors Advisory GmbH

Mainzer Lanstrasse 11-13

Frankfurt-am-Main, Germany

Allianz Global Investors Capital LLC

600 West Broadway, 30^th Floor

San Diego, CA 92101

Allianz Global Investors Solutions LLC

600 West Broadway

San Diego, CA 92101

NFJ Investment Group LLC

2100 Ross Avenue, Suite 1840

Dallas, TX 75201

RCM Asia Pacific Limited

21^st Floor, Cheung Kong Center

2 Queen’s Road Central

Hong Kong

RCM Capital Management LLC

555 Mission Street, Suite 1700

San Francisco, CA 94105

Distributor

Allianz Global Investors Distributors LLC

1345 Avenue of the Americas

New York, NY 10105

Fund Officers

Brian S. Shlissel

President

Lawrence G. Altadonna

Treasurer, Principal Financial and Accounting Officer

Thomas J. Fuccillo

Vice President, Secretary & Chief Legal Officer

Scott Whisten

Assistant Treasurer

Richard J. Cochran

Assistant Treasurer

Orhan Dzemaili

Assistant Treasurer

Youse E. Guia

Chief Compliance Officer

Kathleen A. Chapman

Assistant Secretary

Lagan Srivastava

Assistant Secretary

Richard H. Kirk

Assistant Secretary

Custodian & Accounting Agent

State Street Bank & Trust Co.

801 Pennsylvania Avenue

Kansas City, MO 64105

Shareholder Servicing and Transfer Agents

Boston Financial Data Services, Inc.

(Class A, Class B, Class C, Class D and Class R shares)

P.O. Box 8050

Boston, MA 02266-8050

(Class P, Institutional Class and Administrative Class shares)

330 West 9^th Street

Kansas City, MO 64105

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

300 Madison Avenue

New York, NY 10017

Legal Counsel

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

This report, including the financial information herein, is transmitted to the shareholders of the Trust for their information. It is not a prospectus, circular or representation intended for use in the purchase of shares of each Fund or any securities mentioned in this report.

Contact your financial adviser, or if you receive account statements directly from Allianz Global Investors, you can also call (800) 426-0107 for Class A, B, C, D and R shares or (800) 498-5413 for Class P, Institutional Class and Administrative Class shares. Telephone representatives are available Monday-Friday 8:30 am to 8:00 pm Eastern Time. Or visit our website, www.allianzinvestors.com.

Allianz Global Investors has more than $1 trillion under management for our clients worldwide.* Our U.S. investment managers—PIMCO, NFJ Investment Group, RCM, Allianz Global Investors Capital and Allianz Global Investors Solutions—provide clients with a comprehensive and constantly evolving range of investment styles and products.

For more information about any of our innovative investment solutions or client services, call your financial advisor or visit www.allianzinvestors. com.

* Assets under management are for Allianz Global Investors AG as of 6/30/10.

Investors should consider the investment objectives, risks, charges and expenses of the above mentioned Funds carefully before investing. This and other information is contained in the Fund’s prospectus, which may be obtained by contacting your financial advisor, by visiting www.allianzinvestors.com or by calling 1-800-988-8380 (retail classes) or 1-800-498-5413 (Class P, Institutional and Administrative classes). Please read the prospectus carefully before you invest or send money.

Allianz Global Investors Fund Management LLC serves as the investment manager for the Allianz Funds and the Allianz Multi-Strategy Funds. PIMCO is the investment manager for the PIMCO Funds and PIMCO Equity Series. The PIMCO Funds, the Allianz Funds and the Allianz Multi-Strategy Funds are distributed by Allianz Global Investors Distributors LLC. ^© 2011. For information about any product, contact your financial advisor.

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AZ750AR_113010

AGI-2011-01-19-0286

ITEM 2.

CODE OF ETHICS

(a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies — Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s President and Chief Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-254-5197. The code of ethics are included as an Exhibit 99.CODE ETH hereto.

(b)

The CODE OF ETHICS PURSUANT TO SECTION 406 OF THE SARBANES-OXLEY ACT OF 2002 FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS (the “Code”) is updated to remove interested trustees from being subject to the Code, which is not required under Section 406 of the Sarbanes-Oxley Act of 2002. The Code also was updated to remove examples of specific conflict of interest situations and to add an annual certification requirement for Covered Officers. In addition, the approval or ratification process for material amendments to the Code was clarified to include approval by a majority of the independent trustees.

(c)	During the period covered by this report, there were not any waivers or implicit waivers to a provision of the code of ethics adopted in 2(a) above.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT

The registrant’s Board has determined that Paul Belica and James A. Jacobson, members of the Board’s Audit Oversight Committee are “audit committee financial experts,” and that they are “independent,” for purposes of this Item.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

Audit fees. The aggregate fees billed for each of the last two fiscal years (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $282,000 in 2009 and $478,000 in 2010.

Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the principal accountants that are reasonably related to the performance of the audit registrant’s financial statements and are not reported under paragraph (e) of this Item were $0 in 2009 and $0 in 2010.

Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax service and tax planning (“Tax Services”) were $153,500 in 2009 and $237,500 in 2010. These services consisted of review or preparation of U.S. federal, state, local and excise tax returns.

All Other Fees. There were no other Fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant.

1. Audit Committee Pre-Approval Policies and Procedures. The Registrant’s Audit Committee has established policies and procedures for pre-approval of all audit and permissible non-audit services by the Auditor for the Registrant, as well as the Auditor’s engagements related directly to the operations and financial reporting of the Registrant. The Registrant’s policy is stated below.

Allianz Funds Multi-Strategy Trust (The “Trust”)

AUDIT OVERSIGHT COMMITTEE POLICY

FOR

PRE-APPROVAL OF SERVICES PROVIDED BY THE INDEPENDENT ACCOUNTANTS

The Trust’s Audit Oversight Committee (“Committee”) is charged with the oversight of the Trust’s financial reporting policies and practices and their internal controls. As part of this responsibility, the Committee must pre-approve any independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement by the independent accountants, the Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

a review of the nature of the professional services expected to be provided,

the fees to be charged in connection with the services expected to be provided

a review of the safeguards put into place by the accounting firm to safeguard independence, and

periodic meetings with the accounting firm.

POLICY FOR AUDIT AND NON-AUDIT SERVICES TO BE PROVIDED TO THE TRUST

On an annual basis, the Committee of the Trust will review and pre-approve the scope of the audits of the Trust and proposed audit fees, and permitted non-audit (including audit under related) services that may be performed by the Trust’s independent accountants. At least annually, the Committee will receive a report of all audit and non-audit services that were rendered in the previous calendar year pursuant to this Policy.

In addition to the Committee’s pre-approval of services pursuant to this Policy, the engagement of the independent accounting firm for any permitted non-audit service provided to the fund with also require the separate written pre-approval of the President of the Trust, who will confirm, independently that the accounting firm’s engagement will not adversely affect

the firm’s independence. All non-audit services performed by the independent accounting firm will be disclosed, as required, in filings with the Securities and Exchange Commission.

AUDIT SERVICES

The categories of audit services and related fees to be reviewed and pre-approved annually by the Committee are:

Annual Trust financial statement audits

Seed audits (related to new product filings, as required)

SEC and regulatory filings and consents

Semiannual financial statement review

AUDIT-RELATED SERVICES

The following categories of audit-related services are considered to be consistent with the role of the Trust’s independent accountants and services falling under one of these categories will be pre-approved by the Committee on an annual basis if the Committee deems those services to be consistent with the accounting firm’s independence:

Accounting consultations

Trust merger support services

Agreed upon procedure reports (inclusive of semiannual report review)

Other Attestation reports

Comfort letters

Other internal control reports

Individual audit-related services that fall within one of these categories and are not presented to the Committee as part of the annual pre-approval process described above, may be pre-approved, if deemed consistent with the accounting firm’s independence, by the Committee Chair (or any other Committee member who is a disinterested trustee under the Investment Company to whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $250,000 any such pre-approval shall be reported to the full Committee at its next regularly scheduled meeting.

TAX SERVICES

The following categories of tax services are considered to be consistent with the role of the Trust’s independent accountants and services falling under one of these categories will be pre-approved by the Committee on an annual basis if the Committee deems those services to be consistent with the accounting firm’s independence:

Tax compliance services related to the filing or amendment of the following:

Federal, state and local income tax compliance; and, sales and use tax compliance

Timely RIC qualification reviews

Tax distribution analysis and planning

Tax authority examination services

Tax appeals support services

Accounting methods studies

Trust merger support services

Other tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Committee as part of the annual pre-approval process described above, may be pre-approved, if deemed consistent with the accounting firm’s independence, by the Committee Chair (or any other Committee member who is a disinterested trustee under the Investment Company Act to whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $250,000 any such pre-approval shall be reported to the full Committee at its next regularly scheduled meeting.

PROSCRIBED SERVICES

The Trust’s independent accountants will not render services in the following categories of non-audit services:

Bookkeeping or other services related to the accounting records or financial statements of the Trust

Financial information systems design and implementation

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

Actuarial services

Internal audit outsourcing services

Management functions or human resources

Broker or dealer, investment adviser or investment banking services

Legal services and expert services unrelated to the audit

Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

PRE-APPROVAL OF NON-AUDIT SERVICES PROVIDED TO OTHER ENTITIES WITHIN THE FUND COMPLEX

The Committee will pre-approve annually any permitted non-audit services to be provided to Allianz Global Investors Fund Management LLC or any other investment manager to the Trust (but not including any sub-adviser whose role is primarily portfolio management and is sub-contracted by the investment manager) (the “Investment Manager”) and any entity controlling, controlled by, or under common control with the Investment Manager that provides ongoing services to the Trust (including affiliated sub-advisers to the Trust), provided, in each case, that the engagement relates directly to the operations and financial reporting of the Trust

(such entities, including the Investment Manager, shall be referred to herein as the “Accounting Affiliates”). Individual projects that are not presented to the Committee as part of the annual pre-approval process, may be pre-approved, if deemed consistent with the accounting firm’s independence, by the Committee Chairman (or any other Committee member who is a disinterested trustee under the Investment Company Act to whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $250,000. Any such pre-approval shall be reported to the full Committee at its next regularly scheduled meeting.

Although the Committee will not pre-approve all services provided to the Investment Manager and its affiliates, the Committee will receive an annual report from the Trust’s independent accounting firm showing the aggregate fees for all services provided to the Investment Manager and its affiliates.

DE MINIMUS EXCEPTION TO REQUIREMENT OF PRE-APPROVAL OF NON-AUDIT SERVICES

With respect to the provision of permitted non-audit services to the Trust or Accounting Affiliates, the pre-approval requirement is waived if:

(1)

The aggregate amount of all such permitted non-audit services provided constitutes no more than (i) with respect to such services provided to the Trust, five percent (5%) of the total amount of revenues paid by the Trust to its independent accountant during the fiscal year in which the services are provided, and (ii) with respect to such services provided to Accounting Affiliates, five percent (5%) of the total amount of revenues paid to the Trust’s independent accountant by the Fund and the Accounting Affiliates during the fiscal year in which the services are provided;

(2)

Such services were not recognized by the Trust at the time of the engagement for such services to be non-audit services; and

(3)

Such services are promptly brought to the attention of the Committee and approved prior to the completion of the audit by the Committee or by the Committee Chairman (or any other Committee member who is a disinterested trustee under the Investment Company Act to whom this Committee Chairman or other delegate shall be reported to the full Committee at its next regularly scheduled meeting.

2. No services were approved pursuant to the procedures contained in paragraph (C) (7) (i) (C) of Rule 2-01 of Registration S-X.

Not applicable.

Non-audit fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to the Adviser, for the 2009 Reporting

Period was $694,368 and the 2010 Reporting Period was $3,410,410.

Auditor Independence. The Registrant’s Audit Oversight Committee has considered whether the provision of non-audit services that were rendered to the Adviser which were not pre-approved is compatible with maintaining the Auditor’s independence.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANT

Disclosure not required for open-end management investment companies.

ITEM 6.

SCHEDULE OF INVESTMENTS

(a)	Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form.

(b)	Not applicable due to no such divestments during the semi-annual period covered since the previous Form NCSR filing.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Disclosure not required for open-end management investment companies.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Disclosure not required for open-end management investment companies.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED COMPANIES.

Disclosure not required for open-end management investment companies.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees since the Trust last provided disclosure in response to this item.

ITEM 11.

CONTROLS AND PROCEDURES

(a)	(a) The registrant’s President and Chief Executive Officer and Treasurer, Principal Financial & Accounting Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as

amended are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b)

There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(c)) under the Act (17 CFR 270.3a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.

EXHIBITS


(a)(1)		Exhibit 99.CODE ETH – Code of Ethics

(a)(2)		Exhibit 99.CERT – Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

(a)(3)		Not applicable

(b)		Exhibit 99.906CERT – Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Allianz Funds Multi-Strategy Trust

By		/s/ BRIAN S. SHLISSEL
		Brian S. Shlissel
		President

Date: February 2, 2011


By		/s/ LAWRENCE G. ALTADONNA
		Lawrence G. Altadonna
		Treasurer, Principal Financial & Accounting Officer

Date: February 2, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By		/s/ BRIAN S. SHLISSEL
		Brian S. Shlissel
		President

Date: February 2, 2011


By		/s/ LAWRENCE G. ALTADONNA
		Lawrence G. Altadonna
		Treasurer, Principal Financial & Accounting Officer

Date: February 2, 2011