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)

1633 Broadway, New York, New York	10019
(Address of principal executive offices)	(Zip code)

Lawrence G. Altadonna

1633 Broadway,

New York, New York 10019

(Name and address of agent for service)

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

Date of fiscal year end: November 30, 2012

Date of reporting period: May 31, 2012

ITEM 1. REPORT TO SHAREHOLDERS

Semiannual Report

May 31, 2012

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 2025 Fund

Allianz Global Investors Solutions 2030 Fund

Allianz Global Investors Solutions 2035 Fund

Allianz Global Investors Solutions 2040 Fund

Allianz Global Investors Solutions 2045 Fund

Allianz Global Investors Solutions 2050 Fund

Allianz Global Investors Solutions 2055 Fund

Allianz Global Investors Solutions Global Allocation Fund

Allianz Global Investors Solutions Global Growth     Allocation Fund

Allianz Global Investors Solutions Retirement     Income Fund

Allianz AGIC Convertible Fund

Allianz AGIC Focused Opportunity Fund

Allianz AGIC Global Managed Volatility Fund

Allianz AGIC High Yield Bond Fund

Allianz AGIC International Growth Opportunities Fund

Allianz AGIC Micro Cap Fund

Allianz AGIC Ultra Micro Cap Fund

Allianz AGIC U.S. Emerging Growth Fund

Allianz F&T Behavioral Advantage Large Cap Fund

Allianz NFJ Global Dividend Value Fund

Allianz NFJ International Value II Fund

Allianz RCM All Alpha Fund

Allianz RCM China Equity Fund

Allianz RCM Disciplined Equity Fund

Allianz RCM Global Water Fund

Allianz RCM Redwood Fund

Allianz RCM Short Duration High Income Fund

This material is authorized for use only when preceded or accompanied by the current Allianz Multi-Strategy Funds prospectus. Investors should consider the investment objectives, risks, charges and expenses of each Fund carefully before investing. This and other information is contained in the Funds’ prospectuses. Please read the prospectus carefully before you invest or send money.

Table of Contents

President’s Letter 2–3

Fund Summaries 4–87

Important Information 88–89

Benchmark Descriptions 90–91

Schedules of Investments 92–118

Statements of Assets and Liabilities 120–124

Statements of Operations 126–130

Statements of Changes in Net Assets 132–139

Financial Highlights 140–175

Notes to Financial Statements 176–215

Shareholder Meeting Results/Changes to Board of Trustees216

Matters Relating to the Trustees’ Consideration of the Investment Management and Portfolio Management Agreements 217–219

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.

Brian S. Shlissel

President

Dear Shareholder,

The U.S. economy slowed during the six-month fiscal period ended May 31, 2012. Growth was held back by continued consumer caution and growing corporate unease over future levels of taxes and spending. Abroad, Europe’s deepening sovereign debt crisis and a less robust pace of expansion in China were also contributing factors to the slowdown. U.S. stock markets, which were on the rise as the six-month period began, eased as the reporting period drew to a close. At the end of May, yields on the U.S. Treasury’s benchmark 10-year bond fell to historic lows.

Six Months in Review

At the beginning of the fiscal period, U.S. gross domestic product (“GDP”), the value of goods and services produced in the country, the broadest measure of economic activity and the principal indicator of economic performance, was expanding at an annual rate of 3.0%. This growth, the strongest since the second quarter of 2010, declined to a 1.9% annual growth rate during the first quarter of 2012.

U.S. consumers, responsible for approximately two-thirds of U.S. economic activity, remained skittish during the period as gasoline prices rose sharply, before easing as the six-month period ended. The U.S. Department of Labor reported that the unemployment rate fell from 8.7% to 8.2% during the six month period.

Europe’s deepening fiscal crisis, now in its fourth year, took on ever larger proportions during the reporting period. The credit ratings of nine “eurozone” nations, including France, were downgraded by Standard & Poor’s. Austerity measures sparked resistance in certain nations, including France, which voted its leader out of office.

Unemployment in the eurozone rose to 11.0%, as the region approached recession. Europe’s downturn has taken a toll on many U.S. companies, largely in the form of diminished profit expectations, as Europe accounts for approximately 20% of American exports.

These troubling circumstances contributed to the Federal Reserve’s (the “Fed”) revelation that it would continue to maintain its closely watched Fed Funds rate in the 0.0% to 0.25% range through late 2014. In testimony to Congress, Fed Chairman Ben Bernanke indicated his concern over the deepening European crisis and cited that the Fed is “prepared to take action” to protect the U.S. economy and financial system. Chairman Bernanke did not commit to whether this might entail a new round of “quantitative easing” to support economic activity. The Fed downgraded its forecasts for economic growth and reported that unemployment would likely remain in the 7.8% to 8.0% range for the remainder of 2012.

2 Allianz Multi-Strategy Funds

Outlook

In addition to the fiscal crisis in the European Union (“E.U.”), there is growing uncertainty in the U.S. over future levels of federal taxes and spending. A series of tax cuts are scheduled to expire on December 31, 2012 and significant spending reductions are planned to begin in January 2013. The prospect of higher taxes, reduced spending, or both, would almost certainly have a negative impact on the economy in 2013. It is notable that Chairman Bernanke has been atypically candid in his warning to Congress: “Try to avoid a situation where you have a massive cut in spending and an increase in taxes hitting all at the same time, as opposed to spreading them out over time.”

On behalf of Allianz Global Investors Fund Management and our Sub-Advisers, thank you for investing with us. We encourage you to consult with your financial advisor and to visit our website, www.allianzinvestors.com, for additional information.

We remain dedicated to your investment needs.

Sincerely,

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 index.

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

Semiannual Report May 31, 2012 3

Allianz Global Investors Solutions 2015 Fund

(Unaudited)

For the period of December 1, 2011, through May 31, 2012, as provided by Allianz Global Investors Solutions.

Portfolio Insights

For the reporting period ended May 31, 2012, Class A Shares at Net Asset Value (“NAV”) of the Allianz Global Investors Solutions 2015 Fund (the “Fund”) outperformed the Dow Jones Real Return 2015 Index (the “benchmark index”) with the Fund returning 3.52% and the benchmark index returning 2.95%.

What Happened

The question of what will become of the eurozone dominated global markets during the reporting period. As the U.S. and emerging markets continued to grow, albeit more slowly than during the second half of 2011, investors remained fixated on policy makers in Europe who, in the end, failed to take decisive enough measures to quell the prevailing uncertainty. Macroeconomic factors dominated, contributing to both the exuberant risk-on rally that began in the first week of January, as well as to the risk-off trend that characterized markets beginning in mid-March.

Earlier in the year, the bank runs in Southern Europe were temporarily interrupted when the European Central Bank (“ECB”) offered to lend to eurozone banks at 1% for up to three years while accepting a wide range of collateral. This operation, the Long-Term Refinancing Operation (“LTRO”) resulted in the risk-on move in markets early in the year. By mid-March equity markets worldwide were up 10-to-20%, with the MSCI All Country World Index (“MSCI ACWI”) up as much as 13%, the German DAX up 24% and the MSCI Emerging Markets Index up nearly 18%.

By the end of May, it became clear that, while the LTRO program did successfully slow the bank runs, it did not stop them and, importantly, it failed to address the core eurozone challenges of slow growth, poorly capitalized banks, and the need to make the choice between creating a full fiscal union to match the monetary union or allowing the euro to unravel. Instead, an unattainable circular funding problem ensued: the ECB lent to banks, which then purchased sovereign debt that market participants refused to hold. It has been reported that almost all of the demand for Spain’s bonds at recent auctions is accounted for by banks with ECB funding. (By law, the ECB cannot directly purchase sovereign debt issues at auction.)

In the face of this, risk-aversion prevailed worldwide. For the period December 31, 2011 to May 31, 2012, the MSCI ACWI gained 0.68%, falling from its high reached in mid-March by 10%. For the European markets, the Stoxx50 fell roughly 20% from mid-March to May 31, 2012.

In the rest of the world, real-side economic activity slowed. U.S. real GDP grew at around 2% while job growth in the U.S., which surged in January and February, slowed to fewer than 100,000 new jobs per month by the end of the reporting period. China’s government signaled it

expected growth to slow to a 7.5% rate this year, and it entered a renewed policy stimulus phase. Most other emerging markets either entered or continued stimulus cycles to counter the slowdown in activity driven by the uncertainty associated with the eurozone crisis and below-trend U.S. growth.

The U.S. Federal Reserve (the “Fed”) and ECB continued their programs of financial repression, supplying emergency liquidity when needed. At this point, however, the policy issues surrounding real-side imbalances related to productivity, trade, and labor markets and the banking and fiscal union issues in the eurozone dominate all of the financial engineering by institutions such as the Fed, ECB, and International Monetary Fund (“IMF”). The one crucial role they do continue to play is as providers of liquidity, which, as we saw in Spain, continues to be a critical challenge.

Portfolio Review

During the reporting period, the Fund held overweight positions relative to its benchmark in U.S. short-term and non-U.S. fixed income assets and, within equities, in U.S. small cap and commodity-related equities. It held underweight positions in U.S. large cap and non-U.S. equities, real return assets (real estate and commodities) and intermediate-term Treasury inflation-protected securities (“TIPS”) relative to its benchmark.

The equity holdings in the Fund outperformed the MSCI ACWI Index, which was up 0.48% for the reporting period, due to its underweight in non-U.S. equities.

Within equities, the Fund’s exposure to minimum-variance strategies, which tend to underperform traditional strategies in risk-on environments, detracted from its equity performance in the first quarter of 2012. During the second quarter decline in global markets, the minimum variance strategies contributed to performance.

The Fund outperformed its fixed income benchmarks. An underweight in U.S. duration overall, as well as fund selection in nominal bonds contributed to performance as Treasury yields increased during the first quarter. In the second quarter, when 10-year yields fell precipitously from their high on March 19 of 2.4% to 1.6% at the end of May, the Fund gave back some of its earlier gains. An underweight position in U.S. intermediate-term TIPS contributed to performance during reporting the period. This was slightly offset by an off-benchmark allocation to short-term TIPS. Overall, the Barclay’s U.S. Treasury (10-20 year) Total Return Index was up 7.3% for the first half of the year.

The Fund materially outperformed in commodities, due to a combination of being underweight compared to the commodity benchmark, which was down -12.1% for the six

months ended May 31, 2012, and positive fund selection. The strong performance of the PIMCO CommoditiesPLUS Fund and the PIMCO CommodityRealReturn Strategy Fund contributed to relative performance in commodities. In real estate, the Fund, which is underweight compared to the benchmark in the asset class, underperformed.

In the defensive part of the Fund portfolio, nominal bonds had more than 100 basis points of outperformance versus the benchmark. For the period, nominal bonds as measured by the Barclay’s U.S. Aggregate Index were up 3.46%. Treasury bonds were up across the board with the long end (20+ years) up 9.5% and the short end (1-3 years) flat.

Outlook

At the end of the reporting period, the Fund was positioned in approximately 64% defensive and 36% return-generating holdings. Total fixed income assets accounted for 73%. This compares with the 68% defensive and 32% return-generating allocation of its benchmark.

The Fund’s active exposures relative to its benchmark were its overweight in U.S. small cap equities, global credit and short-term bonds and its underweight in equities, commodities, real estate and intermediate-term nominal bonds and TIPS.

The world is in disequilibrium. Large global imbalances exist in trade, productivity, fiscal accounts and debt-to-GDP ratios. In the eurozone, it is decision time: can Germany lead the charge to establish a fiscal union or will there be a restructuring of the euro? The key unknowns include, first, whether the eurozone will remain intact; second, whether the changes will be orderly and third, whether the bond market will shut out fiscally insolvent countries before the required policy decisions are made and implemented.

We expect below-trend growth and continued high levels of risk-on/risk-off volatility. The U.S. and China are still growing. This should provide an anchor to world markets.

Consistent with our year-end 2011 and first quarter positioning, the Allianz Global Investors Solutions Target Date portfolios continue to be positioned for slow growth and higher-than-normal volatility. During the first quarter of 2012, with the rapid run-up in risk assets, some risk positions were modestly reduced, which has positioned the portfolios to supply liquidity during times of stress. The portfolios are overweight high-quality dividend-paying stocks, overweight U.S. stocks and underweight eurozone stocks. The portfolios are modestly underweight commodities and real estate, as well as underweight nominal duration. All the portfolios are within their benchmark-determined risk budgets.

4 Allianz Multi-Strategy Funds

Allianz Global Investors Solutions 2015 Fund (Cont.)

(Unaudited)

Average Annual Total Return for the period ended May 31, 2012

	6 Month*		1 Year		Since Inception†
Allianz Global Investors Solutions 2015 Fund Class A		3.52%		0.84%		11.18%
Allianz Global Investors Solutions 2015 Fund Class A (adjusted)		–2.18%		–4.70%		9.35%
Allianz Global Investors Solutions 2015 Fund Class C		3.15%		0.08%		10.34%
Allianz Global Investors Solutions 2015 Fund Class C (adjusted)		2.18%		–0.87%		10.34%
Allianz Global Investors Solutions 2015 Fund Class D		3.52%		0.80%		11.18%
Allianz Global Investors Solutions 2015 Fund Class R		3.32%		0.50%		10.89%
Allianz Global Investors Solutions 2015 Fund Class P		3.70%		1.15%		11.44%
Allianz Global Investors Solutions 2015 Fund Institutional Class		3.75%		1.24%		11.54%
Allianz Global Investors Solutions 2015 Fund Administrative Class		3.57%		0.91%		11.24%
Dow Jones Real Return Target Date (DJ RR 2015) Index		2.95%		3.67%		10.88%
Lipper Mixed-Asset Target 2015 Funds Average		2.81%		–2.77%		10.53%

† 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 88 and 89 for more information. The Fund’s gross expense ratios are 1.19% for Class A shares, 1.94% for Class C shares, 1.19% for Class D shares, 1.44% for Class R shares, 0.79% for Class P shares, 0.74% for Institutional Class shares and 1.04% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 0.97% for Class A shares, 1.72% for Class C shares, 1.07% for Class D shares, 1.32% for Class R shares, 0.67% for Class P shares, 0.57% for Institutional Class shares and 0.92% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

* Cumulative return

Cumulative Returns Through May 31, 2012

Fund Allocation (as of May 31, 2012)

PIMCO Real Return	31.4%
PIMCO Short-Term	8.0%
PIMCO 1-5 Year U.S. TIPS Index	6.9%
PIMCO Total Return	5.0%
iShares Barclays TIPS Bond	4.2%
PIMCO Income	4.0%
PIMCO Foreign Bond (U.S. Dollar-Hedged)	4.0%
Allianz AGIC Income & Growth	4.0%
Other	32.1%
Cash & Equivalents — Net	0.4%

Semiannual Report May 31, 2012 5

Allianz Global Investors Solutions 2015 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 (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,035.20	$	1,031.50	$	1,035.20	$	1,033.20	$	1,037.00	$	1,037.50	$	1,035.70
Expenses Paid During Period	$	1.93	$	5.74	$	2.44	$	3.71	$	0.41	$	—	$	1.68
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,023.10	$	1,019.35	$	1,022.60	$	1,021.35	$	1,024.60	$	1,025.00	$	1,023.35
Expenses Paid During Period	$	1.92	$	5.70	$	2.43	$	3.69	$	0.40	$	—	$	1.67

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.38% for Class A, 1.13% for Class C, 0.48% for Class D, 0.73% for Class R, 0.08% for Class P, 0.00% for Institutional Class and 0.33% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. 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.

6 Allianz Multi-Strategy Funds

(THIS PAGE INTENTIONALLY LEFT BLANK)

Semiannual Report May 31, 2012 7

Allianz Global Investors Solutions 2020 Fund

(Unaudited)

For the period of December 1, 2011, through May 31, 2012, as provided by Allianz Global Investors Solutions.

Portfolio Insights

For the reporting period ended May 31, 2012, Class A Shares at NAV of the Allianz Global Investors Solutions 2020 Fund (the “Fund”) outperformed the Dow Jones Real Return 2020 Index (the “benchmark index”) with the Fund returning 3.43% and the benchmark index returning 2.71%.

What Happened

The question of what will become of the eurozone dominated global markets during the reporting period. As the U.S. and emerging markets continued to grow, albeit more slowly than during the second half of 2011, investors remained fixated on policy makers in Europe who, in the end, failed to take decisive enough measures to quell the prevailing uncertainty. Macroeconomic factors dominated, contributing to both the exuberant risk-on rally that began in the first week of January, as well as to the risk-off trend that characterized markets beginning in mid-March.

Earlier in the year, the bank runs in Southern Europe were temporarily interrupted when the European Central Bank (“ECB”) offered to lend to eurozone banks at 1% for up to three years while accepting a wide range of collateral. This operation, the Long-Term Refinancing Operation (“LTRO”), resulted in the risk-on move in markets early in the year. By mid-March equity markets worldwide were up 10-to-20%, with the MSCI All Country World Index (“MSCI ACWI”) up as much as 13%, the German DAX up 24% and the MSCI Emerging Markets Index up nearly 18%.

By the end of May, it became clear that, while the LTRO program did successfully slow the bank runs, it did not stop them and, importantly, it failed to address the core eurozone challenges of slow growth, poorly capitalized banks, and the need to make the choice between creating a full fiscal union to match the monetary union or allowing the euro to unravel. Instead, an unattainable circular funding problem ensued: the ECB lent to banks, which then purchased sovereign debt that market participants refused to hold. It has been reported that almost all of the demand for Spain’s bonds at recent auctions is accounted for by banks with ECB funding. (By law, the ECB cannot directly purchase sovereign debt issues at auction.)

In the face of this, risk-aversion prevailed worldwide. For the period December 31, 2011 to May 31, 2012, the MSCI ACWI gained 0.68%, falling from its high reached in mid-March by 10%. For the European markets, the Stoxx50 fell roughly 20% from mid-March to May 31, 2012.

In the rest of the world, real-side economic activity slowed. U.S. real GDP grew at around 2% while job growth in the U.S., which surged in January and February, slowed to fewer than 100,000 new jobs per month by the end of the reporting period. China’s government signaled it

expected growth to slow to a 7.5% rate this year, and it entered a renewed policy stimulus phase. Most other emerging markets either entered or continued stimulus cycles to counter the slowdown in activity driven by the uncertainty associated with the eurozone crisis and below-trend U.S. growth.

The U.S. Federal Reserve (the “Fed”) and ECB continued their programs of financial repression, supplying emergency liquidity when needed. At this point, however, the policy issues surrounding real-side imbalances related to productivity, trade, and labor markets and the banking and fiscal union issues in the eurozone dominate all of the financial engineering by institutions such as the Fed, ECB, and International Monetary Fund (“IMF”). The one crucial role they do continue to play is as providers of liquidity, which, as we saw in Spain, continues to be a critical challenge.

Portfolio Review

During the reporting period, the Fund held overweight positions relative to the benchmark in U.S. short-term and non-U.S. fixed income assets and, within equities, in U.S. small cap and commodity-related equities. It held underweight positions in U.S. large cap and non-U.S. equities, real return assets (real estate and commodities) and intermediate-term Treasury inflation-protected securities (“TIPS”) relative to its benchmark.

The equity holdings in the Fund outperformed the MSCI ACWI Index, which was up 0.48% for the six month period, due to its underweight in non-U.S. equities.

Within equities, the Fund’s exposure to minimum-variance strategies, which tend to underperform traditional strategies in risk-on environments, detracted from its equity performance in the first quarter of 2012. During the second quarter decline in global markets, the minimum variance strategies contributed to performance.

The Fund outperformed its fixed income benchmarks. An underweight in U.S. duration overall, as well as fund selection in nominal bonds contributed to performance as Treasury yields increased during the first quarter. In the second quarter, when 10-year yields fell precipitously from their high on March 19 of 2.4% to 1.6% at the end of May, the Fund gave back some of its earlier gains. An underweight position in U.S. intermediate-term TIPS contributed to performance during the reporting period. This was slightly offset by an off-benchmark allocation to short-term TIPS. Overall, the Barclay’s U.S. Treasury (10-20 year) Total Return Index was up 7.3% for the first half of the year.

The Fund materially outperformed in commodities, due to a combination of being

underweight compared to the commodity benchmark, which was down -12.1% for the six months ended May 31, 2012, and positive fund selection. The strong performance of the PIMCO CommoditiesPLUS Fund and the PIMCO CommodityRealReturn Strategy Fund contributed to relative performance in commodities. In real estate, the Fund, which is underweight compared to the benchmark in the asset class, underperformed.

In the defensive part of the Fund portfolio, nominal bonds had more than 100 basis points of outperformance versus the benchmark. For the period, nominal bonds as measured by the Barclay’s U.S. Aggregate Index were up 3.46%. Treasury bonds were up across the board with the long end (20+ years) up 9.5% and the short end (1-3 years) flat.

Outlook

At the end of the reporting period, the Fund was positioned in approximately 57% defensive and 43% return-generating holdings. Total fixed income assets accounted for 67%. This compares with the 64% defensive and 36% return-generating allocation of its benchmark.

The Fund’s significant active exposures relative to its benchmark were its overweight in global credit and short-term bonds and its underweight in equities, commodities, real estate and intermediate-term TIPS.

The world is in disequilibrium. Large global imbalances exist in trade, productivity, fiscal accounts and debt-to-GDP ratios. In the eurozone, it is decision time: can Germany lead the charge to establish a fiscal union or will there be a restructuring of the euro? The key unknowns include, first, whether the eurozone will remain intact; second, whether the changes will be orderly and third, whether the bond market will shut out fiscally insolvent countries before the required policy decisions are made and implemented.

We expect below-trend growth and continued high levels of risk-on/risk-off volatility. The U.S. and China are still growing. This should provide an anchor to world markets.

Consistent with our year-end 2011 and first quarter positioning, the Allianz Global Investors Solutions Target Date portfolios continue to be positioned for slow growth and higher-than-normal volatility. During the first quarter of 2012, with the rapid run-up in risk assets, some risk positions were modestly reduced, which has positioned the portfolios to supply liquidity during times of stress. The portfolios are overweight high-quality dividend-paying stocks, overweight U.S. stocks and underweight eurozone stocks. The portfolios are modestly underweight Commodities and real estate, as well as underweight nominal duration. All the portfolios are within their benchmark-determined risk budgets.

8 Allianz Multi-Strategy Funds

Allianz Global Investors Solutions 2020 Fund (Cont.)

(Unaudited)

Average Annual Total Return for the period ended May 31, 2012

	6 Month*		1 Year		Since Inception†
Allianz Global Investors Solutions 2020 Fund Class A		3.43%		–0.38%		11.34%
Allianz Global Investors Solutions 2020 Fund Class A (adjusted)		–2.26%		–5.86%		9.51%
Allianz Global Investors Solutions 2020 Fund Class C		3.00%		–1.16%		10.50%
Allianz Global Investors Solutions 2020 Fund Class C (adjusted)		2.05%		–2.07%		10.50%
Allianz Global Investors Solutions 2020 Fund Class D		3.31%		–0.50%		11.31%
Allianz Global Investors Solutions 2020 Fund Class R		3.24%		–0.71%		11.04%
Allianz Global Investors Solutions 2020 Fund Class P		3.56%		–0.13%		11.59%
Allianz Global Investors Solutions 2020 Fund Institutional Class		3.58%		–0.06%		11.69%
Allianz Global Investors Solutions 2020 Fund Administrative Class		3.44%		–0.35%		11.40%
Dow Jones Real Return Target Date (DJ RR 2020) Index		2.71%		2.27%		11.10%
Lipper Mixed-Asset Target 2020 Funds Average		2.99%		–2.45%		11.30%

† 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 88 and 89 for more information. The Fund’s gross expense ratios are 1.24% for Class A shares, 1.99% for Class C shares, 1.24% for Class D shares, 1.49% for Class R shares, 0.84% for Class P shares, 0.79% for Institutional Class shares and 1.09% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 0.99% for Class A shares, 1.74% for Class C shares, 1.09% for Class D shares, 1.34% for Class R shares, 0.69% for Class P shares, 0.59% for Institutional Class shares and 0.94% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

* Cumulative return

Cumulative Returns Through May 31, 2012

Fund Allocation (as of May 31, 2012)

PIMCO Real Return	28.3%
PIMCO Short-Term	7.7%
PIMCO 1-5 Year U.S. TIPS Index	5.0%
PIMCO Total Return	4.5%
Allianz NFJ Dividend Value	4.1%
iShares Barclays TIPS Bond	4.1%
Allianz AGIC Income & Growth	4.0%
Allianz NFJ Global Dividend Value	3.6%
Other	38.0%
Cash & Equivalents — Net	0.7%

Semiannual Report May 31, 2012 9

Allianz Global Investors Solutions 2020 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 (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,034.30	$	1,030.00	$	1,033.10	$	1,032.40	$	1,035.60	$	1,035.80	$	1,034.40
Expenses Paid During Period	$	1.78	$	5.58	$	2.29	$	3.56	$	0.25	$	—	$	1.53
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,023.25	$	1,019.50	$	1,022.75	$	1,021.50	$	1,024.75	$	1,025.00	$	1,023.50
Expenses Paid During Period	$	1.77	$	5.55	$	2.28	$	3.54	$	0.25	$	—	$	1.52

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.35% for Class A, 1.10% for Class C, 0.45% for Class D, 0.70% for Class R, 0.05% for Class P, 0.00% for Institutional Class and 0.30% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. 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.

10 Allianz Multi-Strategy Funds

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Semiannual Report May 31, 2012 11

Allianz Global Investors Solutions 2025 Fund

(Unaudited)

For the period of December 19, 2011, through May 31, 2012, as provided by Allianz Global Investors Solutions.

Portfolio Insights

For the period from inception on December 19, 2011 through May 31, 2012, Class A Shares at NAV of the Allianz Global Investors Solutions 2025 Fund (the “Fund”) outperformed the Dow Jones Real Return 2025 Index (the “benchmark index”) with the Fund returning 4.52% and the benchmark index returning 3.55% since inception.

What Happened

The question of what will become of the eurozone dominated global markets during the reporting period. As the U.S. and emerging markets continued to grow, albeit more slowly than during the second half of 2011, investors remained fixated on policy makers in Europe who, in the end, failed to take decisive enough measures to quell the prevailing uncertainty. Macroeconomic factors dominated, contributing to both the exuberant risk-on rally that began in the first week of January, as well as to the risk-off trend that characterized markets beginning mid-March.

Earlier in the year, the bank runs in Southern Europe were temporarily interrupted when the European Central Bank (“ECB”) offered to lend to eurozone banks at 1% for up to three years while accepting a wide range of collateral. This operation, the Long-Term Refinancing Operation (“LTRO”) resulted in the risk-on move in markets early in the year. By mid-March equity markets worldwide were up 10-to-20%, with the MSCI All Country World Index (“MSCI ACWI”) up as much as 13%, the German DAX up 24% and the MSCI Emerging Markets Index up nearly 18%.

By the end of May, it became clear that, while the LTRO program did successfully slow the bank runs, it did not stop them and, importantly, it failed to address the core eurozone challenges of slow growth, poorly capitalized banks, and the need to make the choice between creating a full fiscal union to match the monetary union or allowing the euro to unravel. Instead, an unattainable circular funding problem ensued: the ECB lent to banks, which then purchased sovereign debt that market participants refused to hold. It has been reported that almost all of the demand for Spain’s bonds at recent auctions is accounted for by banks with ECB funding. (By law, the ECB cannot directly purchase sovereign debt issues at auction.)

In the face of this, risk-aversion prevailed worldwide. For the period December 31, 2011 to May 31, 2012, the MSCI ACWI gained 0.68%, falling from its high reached in mid-March by 10%. For the European markets, the Stoxx50 fell roughly 20% from mid-March to May 31, 2012.

In the rest of the world, real-side economic activity slowed. U.S. real GDP grew at around 2% while job growth in the U.S., which surged in January and February, slowed to fewer than 100,000 new jobs per month by the end of the

reporting period. China’s government signaled it expected growth to slow to a 7.5% rate this year, and it entered a renewed policy stimulus phase. Most other emerging markets either entered or continued stimulus cycles to counter the slowdown in activity driven by the uncertainty associated with the eurozone crisis and below-trend U.S. growth.

The U.S. Federal Reserve (the “Fed”) and ECB continued their programs of financial repression, supplying emergency liquidity when needed. At this point, however, the policy issues surrounding real-side imbalances related to productivity, trade, and labor markets and the banking and fiscal union issues in the eurozone dominate all of the financial engineering by institutions such as the Fed, ECB, and International Monetary Fund (“IMF”). The one crucial role they do continue to play is as providers of liquidity, which, as we saw in Spain, continues to be a critical challenge.

Portfolio Review

During the period from inception on December 19, 2011 through May 31, 2012, the Fund held overweight positions relative to the benchmark in U.S. short term and non-U.S. fixed income assets and, within equities, in small cap equities. It held underweight positions in U.S. large cap and non-U.S. equities, real return assets (real estate and commodities) and intermediate-term Treasury inflation-protected securities (“TIPS”) relative to its benchmark.

The equity holdings in the Fund outperformed the MSCI ACWI Index, which was up 0.48% for the six month period, due to its underweight in non-U.S. equities.

Within equities, the Fund’s exposure to minimum-variance strategies, which tend to underperform traditional strategies in risk-on environments, detracted from its equity performance in the first quarter of 2012. During the second quarter decline in global markets, the minimum variance strategies contributed to performance.

The Fund outperformed its fixed income benchmarks. An underweight in U.S. duration overall, as well as fund selection in nominal bonds contributed to performance as Treasury yields increased during the first quarter. In the second quarter, when 10-year yields fell precipitously from their high on March 19 of 2.4% to 1.6% at the end of May, the Fund gave back some of its earlier gains. An underweight position in U.S. intermediate-term TIPS contributed to performance during the reporting period. This was slightly offset by an off-benchmark allocation to short-term TIPS. Overall, the Barclay’s U.S. Treasury (10-20 year) Total Return Index was up 7.3% for the first half of the year.

The Fund materially outperformed in commodities, due to a combination of being

underweight the commodity benchmark, which was down -12.1% for the six months ended May 31, 2012, and positive fund selection. The strong performance of the PIMCO CommoditiesPLUS Fund and the PIMCO CommodityRealReturn Strategy Fund contributed to relative performance in commodities. In real estate, the Fund, which is underweight the asset class, outperformed.

In the defensive part of the Fund portfolio, nominal bonds had nearly 200 basis points of outperformance versus the benchmark. For the period, nominal bonds as measured by the Barclay’s U.S. Aggregate Index were up 3.46%. Treasury bonds were up across the board with the long end (20+ years) up 9.5% and the short end (1-3 years) flat.

Outlook

At the end of the reporting period, the Fund was positioned in approximately 52% defensive and 48% return-generating holdings. Total fixed income assets were 61%. This compares with the 56% defensive and 44% return-generating allocation of its benchmark.

The Fund’s significant active exposures relative to its benchmark were its overweight in global credit and short-term bonds and its underweight in equities, commodities, real estate and intermediate-term TIPS.

The world is in disequilibrium. Large global imbalances exist in trade, productivity, fiscal accounts and debt-to-GDP ratios. In the eurozone, it is decision time: can Germany lead the charge to establish a fiscal union or will there be a restructuring of the euro? The key unknowns include, first, will the eurozone remain intact; second, whether the changes will be orderly and third, whether the bond market will shut out fiscally insolvent countries before the required policy decisions are made and implemented.

We expect below-trend growth and continued high levels of risk-on/risk-off volatility. The U.S. and China are still growing. This should provide an anchor to world markets.

Consistent with our year-end 2011 and first quarter positioning, the Allianz Global Investors Solutions Target Date portfolios continue to be positioned for slow growth and higher-than-normal volatility. During the first quarter of 2012, with the rapid run-up in risk assets, some risk positions were modestly reduced, which has positioned the portfolios to supply liquidity during times of stress. The portfolios are overweight high-quality dividend-paying stocks, overweight U.S. stocks and underweight eurozone stocks. The portfolios are modestly underweight commodities and real estate, as well as underweight nominal duration. All the portfolios are within their benchmark-determined risk budgets.

12 Allianz Multi-Strategy Funds

Allianz Global Investors Solutions 2025 Fund (Cont.)

(Unaudited)

Cumulative Total Return for the period ended May 31, 2012

	Since Inception†
Allianz Global Investors Solutions 2025 Fund Class A		4.52%
Allianz Global Investors Solutions 2025 Fund Class A (adjusted)		–1.23%
Allianz Global Investors Solutions 2025 Fund Class R		4.38%
Allianz Global Investors Solutions 2025 Fund Class P		4.67%
Allianz Global Investors Solutions 2025 Fund Institutional Class		4.74%
Allianz Global Investors Solutions 2025 Fund Administrative Class		4.59%
Dow Jones Real Return Target Date (DJ RR 2025) Index		3.55%
Lipper Mixed-Asset Target 2025 Funds Average		2.85%

† The Fund began operations on 12/19/11. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/11.

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. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 88 and 89 for more information. The Fund’s gross expense ratios are 1.31% for Class A shares, 1.56% for Class R shares, 0.91% for Class P shares, 0.86% for Institutional Class shares and 1.16% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 1.01% for Class A shares, 1.36% for Class R shares, 0.71% for Class P shares, 0.61% for Institutional Class shares and 0.96% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

Cumulative Returns Through May 31, 2012

Fund Allocation (as of May 31, 2012)

PIMCO Real Return	25.2%
PIMCO Short-Term	7.4%
PIMCO Total Return	4.5%
iShares Barclays TIPS Bond	4.2%
Allianz NFJ Dividend Value	4.1%
Allianz NFJ Global Dividend Value	4.1%
Allianz AGIC Income & Growth	4.0%
PIMCO Foreign Bond (U.S. Dollar-Hedged)	3.5%
Other	42.3%
Cash & Equivalents — Net	0.7%

Semiannual Report May 31, 2012 13

Allianz Global Investors Solutions 2025 Fund (Cont.)

(Unaudited)

Shareholder Expense Example	Actual Performance
	Class A		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (12/19/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,045.20	$	1,043.80	$	1,046.70	$	1,047.40	$	1,045.90
Expenses Paid During Period	$	1.37	$	2.98	$	—	$	—	$	1.15
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,023.50	$	1,021.75	$	1,025.00	$	1,025.00	$	1,023.75
Expenses Paid During Period	$	1.52	$	3.29	$	—	$	—	$	1.26

The Fund commenced operations on December 19, 2011. The Actual expense example is based on the period since inception; the Hypothetical expense example is based on the period beginning December 1, 2011.

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.30% for Class A, 0.65% for Class R, 0.00% for Class P, 0.00% for Institutional Class and 0.25% for Administrative Class), multiplied by the average account value over the period, multiplied by 164/366 for the Actual expense example and 183/366 for the Hypothetical expense example. 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.

14 Allianz Multi-Strategy Funds

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Semiannual Report May 31, 2012 15

Allianz Global Investors Solutions 2030 Fund

(Unaudited)

For the period of December 1, 2011, through May 31, 2012, as provided by Allianz Global Investors Solutions.

Portfolio Insights

For the reporting period ended May 31, 2012, Class A Shares at NAV of the Allianz Global Investors Solutions 2030 Fund (the “Fund”) outperformed the Dow Jones Real Return 2030 Index (the “benchmark index”) with the Fund returning 2.75% and the benchmark index returning 1.86%.

What Happened

The question of what will become of the eurozone dominated global markets during the reporting period. As the U.S. and emerging markets continued to grow, albeit more slowly than during the second half of 2011, investors remained fixated on policy makers in Europe who, in the end, failed to take decisive enough measures to quell the prevailing uncertainty. Macroeconomic factors dominated, contributing to both the exuberant risk-on rally that began in the first week of January, as well as to the risk-off trend that characterized markets beginning in mid-March.

Earlier in the year, the bank runs in Southern Europe were temporarily interrupted when the European Central Bank (“ECB”) offered to lend to eurozone banks at 1% for up to three years while accepting a wide range of collateral. This operation, the Long-Term Refinancing Operation (“LTRO”), resulted in the risk-on move in markets early in the year. By mid-March equity markets worldwide were up 10-to-20%, with the MSCI All Country World Index (“MSCI ACWI”) up as much as 13%, the German DAX up 24% and the MSCI Emerging Markets Index up nearly 18%.

By the end of May, it became clear that, while the LTRO program did successfully slow the bank runs, it did not stop them and, importantly, it failed to address the core eurozone challenges of slow growth, poorly capitalized banks, and the need to make the choice between creating a full fiscal union to match the monetary union or allowing the euro to unravel. Instead, an unattainable circular funding problem ensued: the ECB lent to banks, which then purchased sovereign debt that market participants refused to hold. It has been reported that almost all of the demand for Spain’s bonds at recent auctions is accounted for by banks with ECB funding. (By law, the ECB cannot directly purchase sovereign debt issues at auction.)

In the face of this, risk-aversion prevailed worldwide. For the period December 31, 2011 to May 31, 2012, the MSCI ACWI gained 0.68%, falling from its high reached in mid-March by 10%. For the European markets, the Stoxx50 fell roughly 20% from mid-March to May 31, 2012.

In the rest of the world, real-side economic activity slowed. U.S. real GDP grew at around 2% while job growth in the U.S., which surged in January and February, slowed to fewer than 100,000 new jobs per month [by the end of the reporting period]. China’s government signaled

it expected growth to slow in its country to a 7.5% rate this year, and it entered a renewed policy stimulus phase. Most other emerging markets either entered or continued stimulus cycles to counter the slowdown in activity driven by the uncertainty associated with the eurozone crisis and below-trend U.S. growth.

The U.S. Federal Reserve (the “Fed”) and ECB continued their programs of financial repression, supplying emergency liquidity when needed. At this point, however, the policy issues surrounding real-side imbalances related to productivity, trade, and labor markets and the banking and fiscal union issues in the eurozone dominate all of the financial engineering by institutions such as the Fed, ECB, and International Monetary Fund (“IMF”). The one crucial role they do continue to play is as providers of liquidity, which, as we saw in Spain, continues to be a critical challenge.

Portfolio Review

During the reporting period, the Fund held overweight positions relative to its benchmark in U.S. short-term and non-U.S. fixed income assets and, within equities, in U.S. small cap and commodity-related equities. It held underweight positions in U.S. large cap and non-U.S. equities, real return assets (real estate and commodities) and intermediate-term Treasury inflation-protected securities (“TIPS”) relative to its benchmark.

The equity holdings in the Fund outperformed the MSCI ACWI, which was up 0.48% for the six month period, due to its underweight in non-U.S. equities.

Within equities, the Fund’s exposure to minimum-variance strategies, which tend to underperform traditional strategies in risk-on environments, detracted from equity performance in the first quarter of 2012. During the second quarter decline in global markets, the minimum variance strategies contributed to performance.

The Fund outperformed its fixed income benchmarks. An underweight in U.S. duration overall, as well as fund selection in nominal bonds contributed to performance as Treasury yields increased during the first quarter. In the second quarter, when 10-year yields fell precipitously from their high on March 19 of 2.4% to 1.6% at the end of May, the Fund gave back some of its earlier gains. An underweight position in U.S. intermediate-term TIPS contributed to performance during the reporting period. This was slightly offset by an off-benchmark allocation to short-term TIPS. Overall, the Barclay’s U.S. Treasury (10-20 year) Total Return Index was up 7.3% for the first half of the year.

The Fund materially outperformed in commodities, due to a combination of being underweight compared to the commodity

benchmark, which was down -12.1% for the six months ended May 31, 2012, and positive fund selection. The strong performance of the PIMCO CommoditiesPLUS Fund and the PIMCO CommodityRealReturn Strategy Fund contributed to relative performance in commodities. In real estate, the Fund, which is underweight compared to the benchmark in the asset class, underperformed.

In the defensive part of the Fund portfolio, nominal bonds had more than 100 basis points of outperformance versus the benchmark. For the period, nominal bonds as measured by the Barclay’s U.S. Aggregate Index were up 3.46%. Treasury bonds were up across the board with the long end (20+ years) up 9.5% and the short end (1-3 years) flat.

Outlook

At the end of the reporting period, the Fund was positioned in approximately 40% defensive and 60% return-generating holdings. Total fixed income assets accounted for 51%. This compares with the 45% defensive and 55% return-generating allocation of its benchmark.

The Fund’s active exposures relative to its benchmark were its overweight in global credit and short-term bonds and its underweight in equities, commodities, real estate and intermediate-term TIPS.

The world is in disequilibrium. Large global imbalances exist in trade, productivity, fiscal accounts and debt-to-GDP ratios. In the eurozone, it is decision time: can Germany lead the charge to establish a fiscal union or will there be a restructuring of the euro? The key unknowns include, first, whether the eurozone will remain intact; second, whether the changes will be orderly and third, whether the bond market will shut out fiscally insolvent countries before the required policy decisions are made and implemented.

We expect below-trend growth and continued high levels of risk-on/risk-off volatility. The U.S. and China are still growing. This should provide an anchor to world markets.

Consistent with our year-end 2011 and first quarter positioning, the Allianz Global Investors Solutions Target Date portfolios continue to be positioned for slow growth and higher-than-normal volatility. During the first quarter of 2012, with the rapid run-up in risk assets, some risk positions were modestly reduced, which has positioned the portfolios to supply liquidity during times of stress. The portfolios are overweight high-quality dividend-paying stocks, overweight U.S. stocks and underweight eurozone stocks. The portfolios are modestly underweight commodities and real estate, as well as underweight nominal duration. All the portfolios are within their benchmark-determined risk budgets.

16 Allianz Multi-Strategy Funds

Allianz Global Investors Solutions 2030 Fund (Cont.)

(Unaudited)

Average Annual Total Return for the period ended May 31, 2012

	6 Month*		1 Year		Since Inception†
Allianz Global Investors Solutions 2030 Fund Class A		2.75%		–4.50%		12.57%
Allianz Global Investors Solutions 2030 Fund Class A (adjusted)		–2.90%		–9.75%		10.72%
Allianz Global Investors Solutions 2030 Fund Class C		2.32%		–5.17%		11.84%
Allianz Global Investors Solutions 2030 Fund Class C (adjusted)		1.39%		–6.04%		11.84%
Allianz Global Investors Solutions 2030 Fund Class D		2.58%		–4.55%		12.61%
Allianz Global Investors Solutions 2030 Fund Class R		2.51%		–4.75%		12.37%
Allianz Global Investors Solutions 2030 Fund Class P		2.83%		–4.18%		12.92%
Allianz Global Investors Solutions 2030 Fund Institutional Class		2.87%		–4.09%		13.03%
Allianz Global Investors Solutions 2030 Fund Administrative Class		2.67%		–4.39%		12.73%
Dow Jones Real Return Target Date (DJ RR 2030) Index		1.86%		–2.54%		11.87%
Lipper Mixed-Asset Target 2030 Funds Average		2.64%		–5.29%		11.95%

† 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 88 and 89 for more information. The Fund’s gross expense ratios are 1.36% for Class A shares, 2.11% for Class C shares, 1.36% for Class D shares, 1.61% for Class R shares, 0.96% for Class P shares, 0.91% for Institutional Class shares and 1.21% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 1.03% for Class A shares, 1.78% for Class C shares, 1.13% for Class D shares, 1.38% for Class R shares, 0.73% for Class P shares, 0.63% for Institutional Class shares and 0.98% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

* Cumulative return

Cumulative Returns Through May 31, 2012

Fund Allocation (as of May 31, 2012)

PIMCO Real Return	20.2%
PIMCO Short-Term	5.5%
Allianz NFJ Global Dividend Value	4.9%
Allianz RCM Disciplined Equity	4.9%
Allianz AGIC Income & Growth	4.5%
Allianz NFJ Dividend Value	4.3%
PIMCO Total Return	4.0%
Wells Fargo Advantage Short-Term High Yield Bond	3.5%
Other	47.3%
Cash & Equivalents — Net	0.9%

Semiannual Report May 31, 2012 17

Allianz Global Investors Solutions 2030 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 (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,027.50	$	1,023.20	$	1,025.80	$	1,025.10	$	1,028.30	$	1,028.70	$	1,026.70
Expenses Paid During Period	$	1.37	$	5.16	$	1.87	$	3.14	$	—	$	—	$	1.11
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,023.65	$	1,019.90	$	1,023.15	$	1,021.90	$	1,025.00	$	1,025.00	$	1,023.90
Expenses Paid During Period	$	1.37	$	5.15	$	1.87	$	3.13	$	—	$	—	$	1.11

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.27% for Class A, 1.02% for Class C, 0.37% for Class D, 0.62% for Class R, 0.00% for Class P, 0.00% for Institutional Class and 0.22% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. 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.

18 Allianz Multi-Strategy Funds

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Semiannual Report May 31, 2012 19

Allianz Global Investors Solutions 2035 Fund

(Unaudited)

For the period of December 19, 2011, through May 31, 2012, as provided by Allianz Global Investors Solutions.

Portfolio Insights

For the period from inception on December 19, 2011 through May 31, 2012, Class A Shares at NAV of the Allianz Global Investors Solutions 2035 Fund (the “Fund”) outperformed the Dow Jones Real Return 2035 Index (the “benchmark index”) with the Fund returning 4.93% and the index returning 3.74% since inception.

What Happened

The question of what will become of the eurozone dominated global markets during the reporting period. As the U.S. and emerging markets continued to grow, albeit more slowly than during the second half of 2011, investors remained fixated on policy makers in Europe who, in the end, failed to take decisive enough measures to quell the prevailing uncertainty. Macroeconomic factors dominated, contributing to both the exuberant risk-on rally that began in the first week of January, as well as to the risk-off trend that characterized markets beginning in mid-March.

Earlier in the year, the bank runs in Southern Europe were temporarily interrupted when the European Central Bank (“ECB”) offered to lend to eurozone banks at 1% for up to three years while accepting a wide range of collateral. This operation, the Long-Term Refinancing Operation (“LTRO”), resulted in the risk-on move in markets early in the year. By mid-March equity markets worldwide were up 10-to-20%, with the MSCI All Country World Index (“MSCI ACWI”) up as much as 13%, the German DAX up 24% and the MSCI Emerging Markets Index up nearly 18%.

By the end of May, it became clear that, while the LTRO program did successfully slow the bank runs, it did not stop them and, importantly, it failed to address the core eurozone challenges of slow growth, poorly capitalized banks, and the need to make the choice between creating a full fiscal union to match the monetary union or allowing the euro to unravel. Instead, an unattainable circular funding problem ensued: the ECB lent to banks, which then purchased sovereign debt that market participants refused to hold. It has been reported that almost all of the demand for Spain’s bonds at recent auctions is accounted for by banks with ECB funding. (By law, the ECB cannot directly purchase sovereign debt issues at auction.)

In the face of this, risk-aversion prevailed worldwide. For the period December 31, 2011 to May 31, 2012, the MSCI ACWI gained 0.68%, falling from its high reached in mid-March by 10%. For the European markets, the Stoxx50 fell roughly 20% from mid-March to May 31, 2012.

In the rest of the world, real-side economic activity slowed. U.S. real GDP grew at around 2% while job growth in the U.S., which surged in January and February, slowed to fewer than 100,000 new jobs per month [by the end of the reporting period]. China’s government signaled it expected growth

to slow in its country to a 7.5% rate this year, and it entered a renewed policy stimulus phase. Most other emerging markets either entered or continued stimulus cycles to counter the slowdown in activity driven by the uncertainty associated with the eurozone crisis and below-trend U.S. growth.

The U.S. Federal Reserve (the “Fed”) and ECB continued their programs of financial repression, supplying emergency liquidity when needed. At this point, however, the policy issues surrounding real-side imbalances related to productivity, trade, and labor markets and the banking and fiscal union issues in the eurozone dominate all of the financial engineering by institutions such as the Fed, ECB, and International Monetary Fund (“IMF”). The one crucial role they do continue to play is as providers of liquidity, which, as we saw in Spain, continues to be a critical challenge.

Portfolio Review

During the period from inception on December 19, 2011 through May 31, 2012, the Fund held overweight positions relative to its benchmark in U.S. short term and non-U.S. fixed income assets and, within equities, in small cap equities. It held underweight positions in U.S. large cap and non-U.S. equities, real return assets (real estate and commodities) and intermediate-term Treasury inflation-protected securities (TIPS) relative to its benchmark.

The equity holdings in the Fund outperformed the MSCI ACWI, which was up 0.48% for the six month period, due to its underweight in non-U.S. equities.

Within equities, the Fund’s exposure to minimum-variance strategies, which tend to underperform traditional strategies in risk-on environments, detracted from its equity performance in the first quarter of 2012. During the second quarter decline in global markets, the minimum variance strategies contributed to performance.

The Fund outperformed its fixed income benchmarks. An underweight in U.S. duration overall, as well as fund selection in nominal bonds contributed to performance as Treasury yields increased during the first quarter. In the second quarter, when 10-year yields fell precipitously from their high on March 19 of 2.4% to 1.6% at the end of May, the Fund gave back some of its earlier gains. An underweight position in U.S. intermediate-term TIPS contributed to performance during the reporting period. This was slightly offset by an off-benchmark allocation to short-term TIPS. Overall, the Barclay’s U.S. Treasury (10-20 year) Total Return Index was up 7.3% for the first half of the year.

The Fund materially outperformed in commodities, due to a combination of being underweight compared to the commodity

benchmark, which was down -12.1% for the six months ended May 31, 2012, and positive fund selection. The strong performance of the PIMCO CommoditiesPLUS Fund and the PIMCO CommodityRealReturn Strategy Fund contributed to relative performance in commodities. In real estate, the Fund, which is underweight compared to the benchmark in the asset class, outperformed.

In the defensive part of the Fund portfolio, nominal bonds had nearly 200 basis points of outperformance versus the benchmark. For the period, nominal bonds as measured by the Barclay’s U.S. Aggregate Index were up 3.46%. Treasury bonds were up across the board with the long end (20+ years) up 9.5% and the short end (1-3 years) flat.

Outlook

At the end of the reporting period, the Fund was positioned in approximately 29% defensive and 72% return-generating holdings. Total fixed income assets accounted for 40%. This compares with the 33% defensive and 67% return-generating allocation of its benchmark.

The Fund’s active exposures relative to its benchmark were its overweight in global credit and short-term bonds and its underweight in equities, commodities, real estate and intermediate-term TIPS.

The world is in disequilibrium. Large global imbalances exist in trade, productivity, fiscal accounts and debt-to-GDP ratios. In the eurozone, it is decision time: can Germany lead the charge to establish a fiscal union or will there be a restructuring of the euro? The key unknowns include, first, whether the eurozone will remain intact; second, whether the changes will be orderly and third, whether the bond market will shut out fiscally insolvent countries before the required policy decisions are made and implemented.

We expect below-trend growth and continued high levels of risk-on/risk-off volatility. The U.S. and China are still growing. This should provide an anchor to world markets.

Consistent with our year-end 2011 and first quarter positioning, the Allianz Global Investors Solutions Target Date portfolios continue to be positioned for slow growth and higher-than-normal volatility. During the first quarter of 2012, with the rapid run-up in risk assets, some risk positions were modestly reduced, which has positioned the portfolios to supply liquidity during times of stress. The portfolios are overweight high-quality dividend-paying stocks, overweight U.S. stocks and underweight eurozone stocks. The portfolios are modestly underweight commodities and real estate, as well as underweight nominal duration. All the portfolios are within their benchmark-determined risk budgets.

20 Allianz Multi-Strategy Funds

Allianz Global Investors Solutions 2035 Fund (Cont.)

(Unaudited)

Cumulative Total Return for the period ended May 31, 2012

	Since Inception†
Allianz Global Investors Solutions 2035 Fund Class A		4.93%
Allianz Global Investors Solutions 2035 Fund Class A (adjusted)		–0.85%
Allianz Global Investors Solutions 2035 Fund Class R		4.78%
Allianz Global Investors Solutions 2035 Fund Class P		5.07%
Allianz Global Investors Solutions 2035 Fund Institutional Class		5.07%
Allianz Global Investors Solutions 2035 Fund Administrative Class		4.93%
Dow Jones Real Return Target Date (DJ RR 2035) Index		3.74%
Lipper Mixed-Asset Target 2035 Funds Average		2.84%

† The Fund began operations on 12/19/11. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/11.

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. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 88 and 89 for more information. The Fund’s gross expense ratios are 1.44% for Class A shares, 1.69% for Class R shares, 1.04% for Class P shares, 0.99% for Institutional Class shares and 1.29% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 1.06% for Class A shares, 1.41% for Class R shares, 0.76% for Class P shares, 0.66% for Institutional Class shares and 1.01% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

Cumulative Returns Through May 31, 2012

Fund Allocation (as of May 31, 2012)

PIMCO Real Return	15.4%
Allianz NFJ Dividend Value	5.7%
Allianz NFJ Global Dividend Value	5.4%
Allianz RCM Disciplined Equity	5.4%
PIMCO Short-Term	4.8%
Allianz NFJ Mid-Cap Value	4.7%
PIMCO Total Return	4.6%
Allianz AGIC Income & Growth	4.5%
Other	48.8%
Cash & Equivalents — Net	0.7%

Semiannual Report May 31, 2012 21

Allianz Global Investors Solutions 2035 Fund (Cont.)

(Unaudited)

Shareholder Expense Example	Actual Performance
	Class A		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (12/19/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,049.30	$	1,047.80	$	1,050.70	$	1,050.70	$	1,049.30
Expenses Paid During Period	$	1.01	$	2.62	$	—	$	—	$	0.78
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,023.90	$	1,022.15	$	1,025.00	$	1,025.00	$	1,024.15
Expenses Paid During Period	$	1.11	$	2.88	$	—	$	—	$	0.86

The Fund commenced operations on December 19, 2011. The Actual expense example is based on the period since inception; the Hypothetical expense example is based on the period beginning December 1, 2011.

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.22% for Class A, 0.57% for Class R, 0.00% for Class P, 0.00% for Institutional Class and 0.17% for Administrative Class), multiplied by the average account value over the period, multiplied by 164/366 for the Actual expense example and 183/366 for the Hypothetical expense example. 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.

22 Allianz Multi-Strategy Funds

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Semiannual Report May 31, 2012 23

Allianz Global Investors Solutions 2040 Fund

(Unaudited)

For the period of December 1, 2011, through May 31, 2012, as provided by Allianz Global Investors Solutions.

Portfolio Insights

For the reporting period ended May 31, 2012, Class A Shares at NAV of the Allianz Global Investors Solutions 2040 Fund (the “Fund”) outperformed the Dow Jones Real Return 2040 Index (the “benchmark index”) with the Fund returning 1.38% and the benchmark index returning 0.93%.

What Happened

The question of what will become of the eurozone dominated global markets during the reporting period. As the U.S. and emerging markets continued to grow, albeit more slowly than during the second half of 2011, investors remained fixated on policy makers in Europe who, in the end, failed to take decisive enough measures to quell the prevailing uncertainty. Macroeconomic factors dominated, contributing to both the exuberant risk-on rally that began in the first week of January, as well as to the risk-off trend that characterized markets beginning in mid-March.

Earlier in the year, the bank runs in Southern Europe were temporarily interrupted when the European Central Bank (“ECB”) offered to lend to eurozone banks at 1% for up to three years while accepting a wide range of collateral. This operation, the Long-Term Refinancing Operation (“LTRO”), resulted in the risk-on move in markets early in the year. By mid-March equity markets worldwide were up 10-to-20%, with the MSCI All Country World Index (“MSCI ACWI”) up as much as 13%, the German DAX up 24% and the MSCI Emerging Markets Index up nearly 18%.

By the end of May, it became clear that, while the LTRO program did successfully slow the bank runs, it did not stop them and, importantly, it failed to address the core eurozone challenges of slow growth, poorly capitalized banks, and the need to make the choice between creating a full fiscal union to match the monetary union or allowing the euro to unravel. Instead, an unattainable circular funding problem ensued: the ECB lent to banks, which then purchased sovereign debt that market participants refused to hold. It has been reported that almost all of the demand for Spain’s bonds at recent auctions is accounted for by banks with ECB funding. (By law, the ECB cannot directly purchase sovereign debt issues at auction.)

In the face of this, risk-aversion prevailed worldwide. For the period December 31, 2011 to May 31, 2012, the MSCI ACWI gained 0.68%, falling from its high reached in mid-March by 10%. For the European markets, the Stoxx50 fell roughly 20% from mid-March to May 31, 2012.

In the rest of the world, real-side economic activity slowed. U.S. real GDP grew at around 2% while job growth in the U.S., which surged in January and February, slowed to fewer than 100,000 new jobs per month [by the end of the

reporting period]. China’s government signaled it expected growth to slow in its country to a 7.5% rate this year, and it entered a renewed policy stimulus phase. Most other emerging markets either entered or continued stimulus cycles to counter the slowdown in activity driven by the uncertainty associated with the eurozone crisis and below-trend U.S. growth.

The U.S. Federal Reserve (the “Fed”) and ECB continued their programs of financial repression, supplying emergency liquidity when needed. At this point, however, the policy issues surrounding real-side imbalances related to productivity, trade, and labor markets and the banking and fiscal union issues in the eurozone dominate all of the financial engineering by institutions such as the Fed, ECB, and International Monetary Fund (“IMF”). The one crucial role they do continue to play is as providers of liquidity, which, as we saw in Spain, continues to be a critical challenge.

Portfolio Review

During the reporting period, the Fund held overweight positions relative to its benchmark in U.S. short-term and non-U.S. fixed income assets and, within equities, in U.S. small cap and commodity-related equities. It held underweight positions in U.S. large cap and non-U.S. equities, real return assets (real estate and commodities) and intermediate-term Treasury inflation-protected securities (TIPS) relative to its benchmark.

The equity holdings in the Fund outperformed the MSCI ACWI, which was up 0.48% for the six month period, due to its underweight in non-U.S. equities.

Within equities, the Fund’s exposure to minimum-variance strategies, which tend to underperform traditional strategies in risk-on environments, detracted from its equity performance in the first quarter of 2012. During the second quarter decline in global markets, the minimum variance strategies contributed to performance.

The Fund outperformed its fixed income benchmarks. An underweight in U.S. duration overall, as well as fund selection in nominal bonds contributed to performance as Treasury yields increased during the first quarter. In the second quarter, when 10-year yields fell precipitously from their high on March 19 of 2.4% to 1.6% at the end of May, the Fund gave back some of its earlier gains. An underweight position in U.S. intermediate-term TIPS contributed to performance during the reporting period. This was slightly offset by an off-benchmark allocation to short-term TIPS. Overall, the Barclay’s U.S. Treasury (10-20 year) Total Return Index was up 7.3% for the first half of the year.

The Fund materially outperformed in commodities, due to a combination of being

underweight compared to the commodity benchmark, which was down -12.1% for the six months ended May 31, 2012, and positive fund selection. The strong performance of the PIMCO CommoditiesPLUS Fund and the PIMCO CommodityRealReturn Strategy Fund contributed to relative performance in commodities. In real estate, the Fund, which is underweight compared to the benchmark in the asset class, underperformed.

In the defensive part of the Fund portfolio, nominal bonds had more than 100 basis points of outperformance versus the benchmark. For the period, nominal bonds as measured by the Barclay’s U.S. Aggregate Index were up 3.46%. Treasury bonds were up across the board with the long end (20+ years) up 9.5% and the short end (1-3 years) flat.

Outlook

At the end of the reporting period, the Fund was positioned in approximately 17% defensive and 83% return-generating holdings. Total fixed income assets accounted for 30%. This compares with 22% defensive and 78% return-generating allocation of its benchmark.

The Fund’s active exposures relative to its benchmark were its overweight in global credit and short-term bonds and its underweight in equities, commodities, real estate and TIPS.

The world is in disequilibrium. Large global imbalances exist in trade, productivity, fiscal accounts and debt-to-GDP ratios. In the eurozone, it is decision time: can Germany lead the charge to establish a fiscal union or will there be a restructuring of the euro? The key unknowns include, first, whether the eurozone will remain intact; second, whether the changes will be orderly and third, whether the bond market will shut out fiscally insolvent countries before the required policy decisions are made and implemented.

We expect below-trend growth and continued high levels of risk-on/risk-off volatility. The U.S. and China are still growing. This should provide an anchor to world markets.

Consistent with our year-end 2011 and first quarter positioning, the Allianz Global Investors Solutions Target Date portfolios continue to be positioned for slow growth and higher-than-normal volatility. During the first quarter of 2012, with the rapid run-up in risk assets, some risk positions were modestly reduced, which has positioned the portfolios to supply liquidity during times of stress. The portfolios are overweight high-quality dividend-paying stocks, overweight U.S. stocks and underweight eurozone stocks. The portfolios are modestly underweight commodities and real estate, as well as underweight nominal duration. All the portfolios are within their benchmark-determined risk budgets.

24 Allianz Multi-Strategy Funds

Allianz Global Investors Solutions 2040 Fund (Cont.)

(Unaudited)

Average Annual Total Return for the period ended May 31, 2012

	6 Month*		1 Year		Since Inception†
Allianz Global Investors Solutions 2040 Fund Class A		1.38%		–9.42%		13.43%
Allianz Global Investors Solutions 2040 Fund Class A (adjusted)		–4.19%		–14.40%		11.57%
Allianz Global Investors Solutions 2040 Fund Class C		0.95%		–10.15%		12.53%
Allianz Global Investors Solutions 2040 Fund Class C (adjusted)		0.05%		–10.95%		12.53%
Allianz Global Investors Solutions 2040 Fund Class D		1.28%		–9.54%		13.34%
Allianz Global Investors Solutions 2040 Fund Class R		1.18%		–9.75%		13.11%
Allianz Global Investors Solutions 2040 Fund Class P		1.50%		–9.18%		13.67%
Allianz Global Investors Solutions 2040 Fund Institutional Class		1.56%		–9.13%		13.78%
Allianz Global Investors Solutions 2040 Fund Administrative Class		1.41%		–9.37%		13.48%
Dow Jones Real Return Target Date (DJ RR 2040) Index		0.93%		–7.69%		12.42%
Lipper Mixed-Asset Target 2040 Funds Average		2.37%		–6.89%		12.16%

† 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 88 and 89 for more information. The Fund’s gross expense ratios are 1.48% for Class A shares, 2.23% for Class C shares, 1.48% for Class D shares, 1.73% for Class R shares, 1.08% for Class P shares, 1.03% for Institutional Class shares and 1.33% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 1.09% for Class A shares, 1.84% for Class C shares, 1.19% for Class D shares, 1.44% for Class R shares, 0.79% for Class P shares, 0.69% for Institutional Class shares and 1.04% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

* Cumulative return

Cumulative Returns Through May 31, 2012

Fund Allocation (as of May 31, 2012)

PIMCO Real Return	7.2%
Allianz NFJ Dividend Value	6.5%
Allianz RCM Disciplined Equity	6.4%
PIMCO CommoditiesPLUS Strategy	5.9%
Allianz AGIC Income & Growth	5.5%
Allianz NFJ Global Dividend Value	5.5%
PIMCO Total Return	4.6%
PIMCO Short-Term	4.6%
Other	53.2%
Cash & Equivalents — Net	0.6%

Semiannual Report May 31, 2012 25

Allianz Global Investors Solutions 2040 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 (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,013.80	$	1,009.50	$	1,012.80	$	1,011.80	$	1,015.00	$	1,015.60	$	1,014.10
Expenses Paid During Period	$	1.06	$	4.82	$	1.56	$	2.82	$	—	$	—	$	0.81
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,023.95	$	1,020.20	$	1,023.45	$	1,022.20	$	1,025.00	$	1,025.00	$	1,024.20
Expenses Paid During Period	$	1.06	$	4.85	$	1.57	$	2.83	$	—	$	—	$	0.81

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.21% for Class A, 0.96% for Class C, 0.31% for Class D, 0.56% for Class R, 0.00% for Class P, 0.00% for Institutional Class and 0.16% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. 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.

26 Allianz Multi-Strategy Funds

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Semiannual Report May 31, 2012 27

Allianz Global Investors Solutions 2045 Fund

(Unaudited)

For the period of December 19, 2011, through May 31, 2012, as provided by Allianz Global Investors Solutions.

Portfolio Insights

For the period from inception on December 19, 2011 through May 31, 2012, Class A Shares at NAV of the Allianz Global Investors Solutions 2045 Fund (the “Fund”) outperformed the Dow Jones Real Return 2045 Index (the “benchmark index”) with the Fund returning 4.74% and the benchmark index returning 3.99% since inception.

What Happened

The question of what will become of the eurozone dominated global markets during the reporting period. As the U.S. and emerging markets continued to grow, albeit more slowly than during the second half of 2011, investors remained fixated on policy makers in Europe who, in the end, failed to take decisive enough measures to quell the prevailing uncertainty. Macroeconomic factors dominated, contributing to both the exuberant risk-on rally that began in the first week of January, as well as to the risk-off trend that characterized markets beginning in mid-March.

Earlier in the year, the bank runs in Southern Europe were temporarily interrupted when the European Central Bank (“ECB”) offered to lend to eurozone banks at 1% for up to three years while accepting a wide range of collateral. This operation, the Long-Term Refinancing Operation (“LTRO”), resulted in the risk-on move in markets early in the year. By mid-March equity markets worldwide were up 10-to-20%, with the MSCI All Country World Index (“MSCI ACWI”) up as much as 13%, the German DAX up 24% and the MSCI Emerging Markets Index up nearly 18%.

By the end of May, it became clear that, while the LTRO program did successfully slow the bank runs, it did not stop them and, importantly, it failed to address the core eurozone challenges of slow growth, poorly capitalized banks, and the need to make the choice between creating a full fiscal union to match the monetary union or allowing the euro to unravel. Instead, an unattainable circular funding problem ensued: the ECB lent to banks, which then purchased sovereign debt that market participants refused to hold. It has been reported that almost all of the demand for Spain’s bonds at recent auctions is accounted for by banks with ECB funding. (By law, the ECB cannot directly purchase sovereign debt issues at auction.)

In the face of this, risk-aversion prevailed worldwide. For the period December 31, 2011 to May 31, 2012, the MSCI ACWI gained 0.68%, falling from its high reached in mid-March by 10%. For the European markets, the Stoxx50 fell roughly 20% from mid-March to May 31, 2012.

In the rest of the world, real-side economic activity slowed. U.S. real GDP grew at around

2% while job growth in the U.S., which surged in January and February, slowed to fewer than 100,000 new jobs per month [by the end of the reporting period]. China’s government signaled it expected growth to slow in its country to a 7.5% rate this year, and it entered a renewed policy stimulus phase. Most other emerging markets either entered or continued stimulus cycles to counter the slowdown in activity driven by the uncertainty associated with the eurozone crisis and below-trend U.S. growth.

The U.S. Federal Reserve (the “Fed”) and ECB continued their programs of financial repression, supplying emergency liquidity when needed. At this point, however, the policy issues surrounding real-side imbalances related to productivity, trade, and labor markets and the banking and fiscal union issues in the eurozone dominate all of the financial engineering by institutions such as the Fed, ECB, and International Monetary Fund (“IMF”). The one crucial role they do continue to play is as providers of liquidity, which, as we saw in Spain, continues to be a critical challenge.

Portfolio Review

During the period from inception on December 19, 2011 through May 31, 2012, the Fund held overweight positions relative to its benchmark in U.S. short term and non-U.S. fixed income assets and, within equities, in small cap equities. It held underweight positions in U.S. large cap and non-U.S. equities, real return assets (real estate and commodities) and intermediate-term Treasury inflation-protected securities (“TIPS”) relative to its benchmark.

The equity holdings in the Fund outperformed the MSCI ACWI, which was up 0.48% for the six month period, due to its underweight in non-U.S. equities.

Within equities, the Fund’s exposure to minimum-variance strategies, which tend to underperform traditional strategies in risk-on environments, detracted from its equity performance in the first quarter of 2012. During the second quarter decline in global markets, the minimum variance strategies contributed to performance.

The Fund outperformed its fixed income benchmarks. An underweight in U.S. duration overall, as well as fund selection in nominal bonds contributed to performance as Treasury yields increased during the first quarter. In the second quarter, when 10-year yields fell precipitously from their high on March 19 of 2.4% to 1.6% at the end of May, the Fund gave back some of its earlier gains. An underweight position in U.S. intermediate-term TIPS contributed to performance during the reporting period. This was slightly offset by an

off-benchmark allocation to short-term TIPS. Overall, the Barclay’s U.S. Treasury (10-20 year) Total Return Index was up 7.3% for the first half of the year.

The Fund materially outperformed in commodities, due to a combination of being underweight compared to the commodity benchmark, which was down -12.1% for the six months ended May 31, 2012, and positive fund selection. The strong performance of the PIMCO CommoditiesPLUS Fund and the PIMCO CommodityRealReturn Strategy Fund contributed to relative performance in commodities. In real estate, the Fund, which is underweight compared to the benchmark in the asset class, outperformed.

In the defensive part of the Fund portfolio, nominal bonds had nearly 200 basis points of outperformance versus the benchmark. For the period, nominal bonds as measured by the Barclay’s U.S. Aggregate Index were up 3.46%. Treasury bonds were up across the board with the long end (20+ years) up 9.5% and the short end (1-3 years) flat.

Outlook

At the end of the reporting period, the Fund was positioned in approximately 12% defensive and 88% return-generating holdings. Total fixed income assets accounted for 25%. This compares with 15% defensive and 85% return-generating allocation of its benchmark.

The Fund’s active exposures relative to its benchmark were its overweight in global credit and short-term bonds and its underweight in equities, commodities, real estate and TIPS.

The world is in disequilibrium. Large global imbalances exist in trade, productivity, fiscal accounts and debt-to-GDP ratios. In the eurozone, it is decision time: can Germany lead the charge to establish a fiscal union or will there be a restructuring of the euro? The key unknowns include, first, whether the eurozone will remain intact; second, whether the changes will be orderly and third, whether the bond market will shut out fiscally insolvent countries before the required policy decisions are made and implemented.

We expect below-trend growth and continued high levels of risk-on/risk-off volatility. The U.S. and China are still growing. This should provide an anchor to world markets.

Consistent with our year-end 2011 and first quarter positioning, the Allianz Global Investors Solutions Target Date portfolios continue to be positioned for slow growth and higher-than-normal volatility. During the first quarter of 2012, with the rapid run-up in risk assets, some risk positions were modestly reduced, which

28 Allianz Multi-Strategy Funds

Allianz Global Investors Solutions 2045 Fund (Cont.)

(Unaudited)

has positioned the portfolios to supply liquidity during times of stress. The portfolios are overweight high-quality dividend-paying

stocks, overweight U.S. stocks and underweight euro-zone stocks. The portfolios are modestly underweight commodities and real estate, as

well as underweight nominal duration. All the portfolios are within their benchmark-determined risk budgets.

Cumulative Total Return for the period ended May 31, 2012

	Since Inception†
Allianz Global Investors Solutions 2045 Fund Class A		4.74%
Allianz Global Investors Solutions 2045 Fund Class A (adjusted)		–1.02%
Allianz Global Investors Solutions 2045 Fund Class R		4.59%
Allianz Global Investors Solutions 2045 Fund Class P		4.88%
Allianz Global Investors Solutions 2045 Fund Institutional Class		4.96%
Allianz Global Investors Solutions 2045 Fund Administrative Class		4.74%
Dow Jones Real Return Target Date (DJ RR 2045) Index		3.99%
Lipper Mixed-Asset Target 2045 Funds Average		2.77%

† The Fund began operations on 12/19/11. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/11.

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. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 88 and 89 for more information. The Fund’s gross expense ratios are 1.51% for Class A shares, 1.76% for Class R shares, 1.11% for Class P shares, 1.06% for Institutional Class shares and 1.36% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 1.10% for Class A shares, 1.45% for Class R shares, 0.80% for Class P shares, 0.70% for Institutional Class shares and 1.05% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

Cumulative Returns Through May 31, 2012

Fund Allocation (as of May 31, 2012)

Allianz NFJ Dividend Value	6.5%
Allianz RCM Disciplined Equity	6.4%
Allianz NFJ Global Dividend Value	6.0%
Allianz NFJ Mid-Cap Value	5.9%
PIMCO CommoditiesPLUS Strategy	5.9%
Allianz AGIC Income & Growth	5.5%
Allianz NFJ International Value	4.8%
PIMCO Total Return	4.6%
Other	53.7%
Cash & Equivalents — Net	0.7%

Semiannual Report May 31, 2012 29

Allianz Global Investors Solutions 2045 Fund (Cont.)

(Unaudited)

Shareholder Expense Example	Actual Performance
	Class A		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (12/19/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,047.40	$	1,045.90	$	1,048.80	$	1,049.60	$	1,047.40
Expenses Paid During Period	$	0.87	$	2.48	$	—	$	—	$	0.64
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,024.05	$	1,022.30	$	1,025.00	$	1,025.00	$	1,024.30
Expenses Paid During Period	$	0.96	$	2.73	$	—	$	—	$	0.71

The Fund commenced operations on December 19, 2011. The Actual expense example is based on the period since inception; the Hypothetical expense example is based on the period beginning December 1, 2011.

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.19% for Class A, 0.54% for Class R, 0.00% for Class P, 0.00% for Institutional Class and 0.14% for Administrative Class), multiplied by the average account value over the period, multiplied by 164/366 for the Actual expense example and 183/366 for the Huypothetical expense example. 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.

30 Allianz Multi-Strategy Funds

(THIS PAGE INTENTIONALLY LEFT BLANK)

Semiannual Report May 31, 2012 31

Allianz Global Investors Solutions 2050 Fund

(Unaudited)

For the period of December 1, 2011, through May 31, 2012, as provided by Allianz Global Investors Solutions.

Portfolio Insights

For the reporting period ended May 31, 2012, Class A Shares at NAV of the Allianz Global Investors Solutions 2050 Fund (the “Fund”) outperformed the Dow Jones Real Return 2050 Index (the “benchmark index”) with the Fund returning 0.75% and the benchmark index returning 0.52%.

What Happened

The question of what will become of the eurozone dominated global markets during the reporting period. As the U.S. and emerging markets continued to grow, albeit more slowly than during the second half of 2011, investors remained fixated on policy makers in Europe who, in the end, failed to take decisive enough measures to quell the prevailing uncertainty. Macroeconomic factors dominated, contributing to both the exuberant risk-on rally that began in the first week of January, as well as to the risk-off trend that characterized markets beginning in mid-March.

Earlier in the year, the bank runs in Southern Europe were temporarily interrupted when the European Central Bank (“ECB”) offered to lend to eurozone banks at 1% for up to three years while accepting a wide range of collateral. This operation, the Long-Term Refinancing Operation (“LTRO”), resulted in the risk-on move in markets early in the year. By mid-March equity markets worldwide were up 10-to-20%, with the MSCI All Country World Index (“MSCI ACWI”) up as much as 13%, the German DAX up 24% and the MSCI Emerging Markets Index up nearly 18%.

By the end of May, it became clear that, while the LTRO program did successfully slow the bank runs, it did not stop them and, importantly, it failed to address the core eurozone challenges of slow growth, poorly capitalized banks, and the need to make the choice between creating a full fiscal union to match the monetary union or allowing the euro to unravel. Instead, an unattainable circular funding problem ensued: the ECB lent to banks, which then purchased sovereign debt that market participants refused to hold. It has been reported that almost all of the demand for Spain’s bonds at recent auctions is accounted for by banks with ECB funding. (By law, the ECB cannot directly purchase sovereign debt issues at auction.)

In the face of this, risk-aversion prevailed worldwide. For the period December 31, 2011 to May 31, 2012, the MSCI ACWI gained 0.68%, falling from its high reached in mid-March by 10%. For the European markets, the Stoxx50 fell roughly 20% from mid-March to May 31, 2012.

In the rest of the world, real-side economic activity slowed. U.S. real GDP grew at around 2% while job growth in the U.S., which surged in January and February, slowed to fewer than 100,000 new jobs per month [by the end of the

reporting period]. China’s government signaled it expected growth to slow in its country to a 7.5% rate this year, and it entered a renewed policy stimulus phase. Most other emerging markets either entered or continued stimulus cycles to counter the slowdown in activity driven by the uncertainty associated with the eurozone crisis and below-trend U.S. growth.

The U.S. Federal Reserve (the “Fed”) and ECB continued their programs of financial repression, supplying emergency liquidity when needed. At this point, however, the policy issues surrounding real-side imbalances related to productivity, trade, and labor markets and the banking and fiscal union issues in the eurozone dominate all of the financial engineering by institutions such as the Fed, ECB, and International Monetary Fund (“IMF”). The one crucial role they do continue to play is as providers of liquidity, which, as we saw in Spain, continues to be a critical challenge.

Portfolio Review

During the reporting period, the Fund held overweight positions relative to its benchmark in U.S. short-term and non-U.S. fixed income assets and, within equities, in U.S. small cap and commodity-related equities. It held underweight positions in U.S. large cap and non-U.S. equities, real return assets (real estate and commodities) and intermediate-term Treasury inflation-protected securities (TIPS) relative to its benchmark.

The equity holdings in the Fund outperformed the MSCI ACWI, which was up 0.48% for the six month period, due to its underweight in non-U.S. equities.

Within equities, the Fund’s exposure to minimum-variance strategies, which tend to underperform traditional strategies in risk-on environments, detracted from its equity performance in the first quarter of 2012. During the second quarter decline in global markets, the minimum variance strategies contributed to performance.

The Fund outperformed its fixed income benchmarks. An underweight in U.S. duration overall, as well as fund selection in nominal bonds contributed to performance as Treasury yields increased during the first quarter. In the second quarter, when 10-year yields fell precipitously from their high on March 19 of 2.4% to 1.6% at the end of May, the Fund gave back some of its earlier gains. An underweight position in U.S. intermediate-term TIPS contributed to performance during the reporting period. This was slightly offset by an off-benchmark allocation to short-term TIPS. Overall, the Barclay’s U.S. Treasury (10-20 year) Total Return Index was up 7.3% for the first half of the year.

The Fund materially outperformed in commodities, due to a combination of being underweight

compared to the commodity benchmark, which was down -12.1% for the six months ended May 31, 2012, and positive fund selection. The strong performance of the PIMCO CommoditiesPLUS Fund and the PIMCO CommodityRealReturn Strategy Fund contributed to relative performance in commodities. In real estate, the Fund, which is underweight compared to the benchmark in the asset class, underperformed.

In the defensive part of the Fund portfolio, nominal bonds had more than 100 basis points of outperformance versus the benchmark. For the period, nominal bonds as measured by the Barclay’s U.S. Aggregate Index were up 3.46%. Treasury bonds were up across the board with the long end (20+ years) up 9.5% and the short end (1-3 years) flat.

Outlook

At the end of the reporting period, the Fund was positioned in approximately 9% defensive and 91% return-generating holdings. Total fixed income assets accounted for 21%. This compares with the 11% defensive and 89% return-generating allocation of its benchmark.

The Fund’s active exposures relative to its benchmark were its overweight in global credit and short-term bonds and its underweight in equities, commodities, real estate and TIPS.

The world is in disequilibrium. Large global imbalances exist in trade, productivity, fiscal accounts and debt-to-GDP ratios. In the eurozone, it is decision time: can Germany lead the charge to establish a fiscal union or will there be a restructuring of the euro? The key unknowns include, first, whether the eurozone will remain intact; second, whether the changes will be orderly and third, whether the bond market will shut out fiscally insolvent countries before the required policy decisions are made and implemented.

We expect below-trend growth and continued high levels of risk-on/risk-off volatility. The U.S. and China are still growing. This should provide an anchor to world markets.

Consistent with our year-end 2011 and first quarter positioning, the Allianz Global Investors Solutions Target Date portfolios continue to be positioned for slow growth and higher-than-normal volatility. During the first quarter of 2012, with the rapid run-up in risk assets, some risk positions were modestly reduced, which has positioned the portfolios to supply liquidity during times of stress. The portfolios are overweight high-quality dividend-paying stocks, overweight U.S. stocks and underweight eurozone stocks. The portfolios are modestly underweight commodities and real estate, as well as underweight nominal duration. All the portfolios are within their benchmark-determined risk budgets.

32 Allianz Multi-Strategy Funds

Allianz Global Investors Solutions 2050 Fund (Cont.)

(Unaudited)

Average Annual Total Return for the period ended May 31, 2012

	6 Month*		1 Year		Since Inception†
Allianz Global Investors Solutions 2050 Fund Class A		0.75%		–10.72%		13.37%
Allianz Global Investors Solutions 2050 Fund Class A (adjusted)		–4.79%		–15.63%		11.51%
Allianz Global Investors Solutions 2050 Fund Class C		0.47%		–11.36%		12.59%
Allianz Global Investors Solutions 2050 Fund Class C (adjusted)		–0.42%		–12.15%		12.59%
Allianz Global Investors Solutions 2050 Fund Class D		0.75%		–10.81%		13.38%
Allianz Global Investors Solutions 2050 Fund Class R		0.60%		–11.03%		13.11%
Allianz Global Investors Solutions 2050 Fund Class P		0.99%		–10.46%		13.68%
Allianz Global Investors Solutions 2050 Fund Institutional Class		0.99%		–10.36%		13.79%
Allianz Global Investors Solutions 2050 Fund Administrative Class		0.83%		–10.65%		13.49%
Dow Jones Real Return 2050 Index		0.52%		–10.13%		12.52%
Dow Jones Real Return 40+ Index		0.48%		–10.33%		12.46%
Lipper Mixed-Asset Target 2050+ Funds Average		2.35%		–7.47%		12.20%

† 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 88 and 89 for more information. The Fund’s gross expense ratios are 1.53% for Class A shares, 2.28% for Class C shares, 1.53% for Class D shares, 1.78% for Class R shares, 1.13% for Class P shares, 1.08% for Institutional Class shares and 1.38% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 1.10% for Class A shares, 1.85% for Class C shares, 1.20% for Class D shares, 1.45% for Class R shares, 0.80% for Class P shares, 0.70% for Institutional Class shares and 1.05% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

The Dow Jones Real Return 2050 Index incepted on 12/31/2009. Accordingly, Dow Jones Real Return 40+ Index performance is used for periods prior to 12/31/2009.

* Cumulative return

Cumulative Returns Through May 31, 2012

Fund Allocation (as of May 31, 2012)

Allianz NFJ Dividend Value	7.0%
Allianz RCM Disciplined Equity	7.0%
Allianz AGIC Income & Growth	6.1%
Allianz NFJ Global Dividend Value	6.0%
PIMCO CommoditiesPLUS Strategy	6.0%
Allianz NFJ International Value	5.0%
PIMCO Total Return	4.6%
PIMCO Floating Income	4.6%
Other	53.6%
Cash & Equivalents — Net	0.1%

Semiannual Report May 31, 2012 33

Allianz Global Investors Solutions 2050 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 (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,007.50	$	1,004.70	$	1,007.50	$	1,006.00	$	1,009.90	$	1,009.90	$	1,008.30
Expenses Paid During Period	$	0.85	$	4.61	$	1.36	$	2.61	$	—	$	—	$	0.60
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,024.15	$	1,020.40	$	1,023.65	$	1,022.40	$	1,025.00	$	1,025.00	$	1,024.40
Expenses Paid During Period	$	0.86	$	4.65	$	1.37	$	2.63	$	—	$	—	$	0.61

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.17% for Class A, 0.92% for Class C, 0.27% for Class D, 0.52% for Class R, 0.00% for Class P, 0.00% for Institutional Class and 0.12% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. 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.

34 Allianz Multi-Strategy Funds

(THIS PAGE INTENTIONALLY LEFT BLANK)

Semiannual Report May 31, 2012 35

Allianz Global Investors Solutions 2055 Fund

(Unaudited)

For the period of December 19, 2011, through May 31, 2012, as provided by Allianz Global Investors Solutions.

Portfolio Insights

For the period from inception on December 19, 2011 through May 31, 2012, Class A Shares at NAV of the Allianz Global Investors Solutions 2055 Fund (the “Fund”) outperformed the Dow Jones Real Return 2040+ Index (the “benchmark index”) with the Fund returning 4.82% and the benchmark index returning 4.11% since inception.

What Happened

The question of what will become of the eurozone dominated global markets during the reporting period. As the U.S. and emerging markets continued to grow, albeit more slowly than during the second half of 2011, investors remained fixated on policy makers in Europe who, in the end, failed to take decisive enough measures to quell the prevailing uncertainty. Macroeconomic factors dominated, contributing to both the exuberant risk-on rally that began in the first week of January, as well as to the risk-off trend that characterized markets beginning in mid-March.

Earlier in the year, the bank runs in Southern Europe were temporarily interrupted when the European Central Bank (“ECB”) offered to lend to eurozone banks at 1% for up to three years while accepting a wide range of collateral. This operation, the Long-Term Refinancing Operation (“LTRO”), resulted in the risk-on move in markets early in the year. By mid-March equity markets worldwide were up 10-to-20%, with the MSCI All Country World Index (“MSCI ACWI”) up as much as 13%, the German DAX up 24% and the MSCI Emerging Markets Index up nearly 18%.

By the end of May, it became clear that, while the LTRO program did successfully slow the bank runs, it did not stop them and, importantly, it failed to address the core eurozone challenges of slow growth, poorly capitalized banks, and the need to make the choice between creating a full fiscal union to match the monetary union or allowing the euro to unravel. Instead, an unattainable circular funding problem ensued: the ECB lent to banks, which then purchased sovereign debt that market participants refused to hold. It has been reported that almost all of the demand for Spain’s bonds at recent auctions is accounted for by banks with ECB funding. (By law, the ECB cannot directly purchase sovereign debt issues at auction.)

In the face of this, risk-aversion prevailed worldwide. For the period December 31, 2011 to May 31, 2012, the MSCI ACWI gained 0.68%, falling from its high reached in mid-March by 10%. For the European markets, the Stoxx50 fell roughly 20% from mid-March to May 31, 2012.

In the rest of the world, real-side economic activity slowed. U.S. real GDP grew at around 2% while job growth in the U.S., which surged in January and February, slowed to fewer than

100,000 new jobs per month [by the end of the reporting period]. China’s government signaled it expected growth to slow in its country to a 7.5% rate this year, and it entered a renewed policy stimulus phase. Most other emerging markets either entered or continued stimulus cycles to counter the slowdown in activity driven by the uncertainty associated with the eurozone crisis and below-trend U.S. growth.

The U.S. Federal Reserve (the “Fed”) and ECB continued their programs of financial repression, supplying emergency liquidity when needed. At this point, however, the policy issues surrounding real-side imbalances related to productivity, trade, and labor markets and the banking and fiscal union issues in the eurozone dominate all of the financial engineering by institutions such as the Fed, ECB, and International Monetary Fund (“IMF”). The one crucial role they do continue to play is as providers of liquidity, which, as we saw in Spain, continues to be a critical challenge.

Portfolio Review

During the period from inception on December 19, 2011 through May 31, 2012, the Fund held overweight positions relative to its benchmark in U.S. short term and non-U.S. fixed income assets and, within equities, in small cap equities. It held underweight positions in U.S. large cap and non-U.S. equities, real return assets (real estate and commodities) and intermediate-term Treasury inflation-protected securities (TIPS) relative to its benchmark.

The equity holdings in the Fund outperformed the MSCI ACWI, which was up 0.48% for the six month period, due to its underweight in non-U.S. equities.

Within equities, the Fund’s exposure to minimum-variance strategies, which tend to underperform traditional strategies in risk-on environments, detracted from its equity performance in the first quarter of 2012. During the second quarter decline in global markets, the minimum variance strategies contributed to performance.

The Fund outperformed its fixed income benchmarks. An underweight in U.S. duration overall, as well as fund selection in nominal bonds contributed to performance as Treasury yields increased during the first quarter. In the second quarter, when 10-year yields fell precipitously from their high on March 19 of 2.4% to 1.6% at the end of May, the Fund gave back some of its earlier gains. An underweight position in U.S. intermediate-term TIPS contributed to performance during the reporting period. This was slightly offset by an off-benchmark allocation to short-term TIPS. Overall, the Barclay’s U.S. Treasury (10-20 year) Total Return Index was up 7.3% for the first half of the year.

The Fund materially outperformed in commodities, due to a combination of being underweight the compared to commodity benchmark, which was down -12.1% for the six months ended May 31, 2012, and positive fund selection. The strong performance of the PIMCO CommoditiesPLUS Fund and the PIMCO CommodityRealReturn Strategy Fund contributed to relative performance in commodities. In real estate, the Fund, which is underweight compared to the benchmark in the asset class, outperformed.

In the defensive part of the Fund portfolio, nominal bonds had more than 200 basis points of outperformance versus the benchmark. For the period, nominal bonds as measured by the Barclay’s U.S. Aggregate Index were up 3.46%. Treasury bonds were up across the board with the long end (20+ years) up 9.5% and the short end (1-3 years) flat.

The Target Date Funds are designed to offer individual investors comprehensive asset allocation strategies tailored to the approximate date when they expect to begin withdrawing assets. The target date included in the Fund’s name does not necessarily represent the specific year an investor will begin withdrawing assets. It is intended only as a general guide. Each Fund follows a target asset allocation schedule that changes over time to help reduce portfolio risk, increasing its exposure to conservative investments as the target date approaches. The principal value of a Fund is not guaranteed at any time, including the target date. A Fund’s shareholders may experiences losses, including losses near, at, or after the target year indicated in the Fund’s name.

Outlook

At the end of the reporting period, the Fund was positioned in approximately 9% defensive and 91% return-generating holdings. Total fixed income assets accounted for 21%. This compares with the 10% defensive and 90% return-generating allocation of its benchmark.

The Fund’s active exposures relative to its benchmark were its overweight in global credit and short-term bonds and its underweight in equities, commodities, real estate and TIPS.

The world is in disequilibrium. Large global imbalances exist in trade, productivity, fiscal accounts and debt-to-GDP ratios. In the eurozone, it is decision time: can Germany lead the charge to establish a fiscal union or will there be a restructuring of the euro? The key unknowns include, first, whether the eurozone will remain intact; second, whether the changes will be orderly and third, whether the bond market will shut out fiscally insolvent countries before the required policy decisions are made and implemented.

36 Allianz Multi-Strategy Funds

Allianz Global Investors Solutions 2055 Fund (Cont.)

(Unaudited)

We expect below-trend growth and continued high levels of risk-on/risk-off volatility. The U.S. and China are still growing. This should provide an anchor to world markets.

Consistent with our year-end 2011 and first quarter positioning, the Allianz Global Investors

Solutions Target Date portfolios continue to be positioned for slow growth and higher-than-normal volatility. During the first quarter of 2012, with the rapid run-up in risk assets, some risk positions were modestly reduced, which has positioned the portfolios to supply liquidity during times of stress. The portfolios are overweight

high-quality dividend-paying stocks, overweight U.S. stocks and underweight eurozone stocks. The portfolios are modestly underweight commodities and real estate, as well as underweight nominal duration. All the portfolios are within their benchmark-determined risk budgets.

Cumulative Total Returns for the period ended May 31, 2012

	Since Inception†
Allianz Global Investors Solutions 2055 Fund Class A		4.82%
Allianz Global Investors Solutions 2055 Fund Class A (adjusted)		–0.94%
Allianz Global Investors Solutions 2055 Fund Class R		4.61%
Allianz Global Investors Solutions 2055 Fund Class P		4.97%
Allianz Global Investors Solutions 2055 Fund Institutional Class		4.97%
Allianz Global Investors Solutions 2055 Fund Administrative Class		4.82%
Dow Jones Real Return Target Date (DJ RR 2040+) Index		4.11%
Lipper Mixed-Asset Target 2050+ Funds Average		2.67%

† The Fund began operations on 12/19/11. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/11.

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. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 88 and 89 for more information. The Fund’s gross expense ratios are 1.52% for Class A shares, 1.77% for Class R shares, 1.12% for Class P shares, 1.07% for Institutional Class shares and 1.37% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 1.10% for Class A shares, 1.45% for Class R shares, 0.80% for Class P shares, 0.70% for Institutional Class shares and 1.05% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

Cumulative Returns Through May 31, 2012

Fund Allocation (as of May 31, 2012)

Allianz Dividend Value	7.0%
Allianz RCM Disciplined Equity	6.9%
Allianz AGIC Income & Growth	6.0%
Allianz NFJ Global Dividend Value	6.0%
Allianz NFJ Mid-Cap Value	5.9%
PIMCO CommoditiesPLUS Strategy	5.9%
Allianz NFJ International Value	5.0%
PIMCO Total Return	4.6%
Other	52.0%
Cash & Equivalents — Net	0.7%

Semiannual Report May 31, 2012 37

Allianz Global Investors Solutions 2055 Fund (Cont.)

(Unaudited)

Shareholder Expense Example	Actual Performance
	Class A		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (12/19/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,048.20	$	1,046.10	$	1,049.70	$	1,049.70	$	1,048.20
Expenses Paid During Period	$	0.83	$	2.43	$	—	$	—	$	0.60
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,024.10	$	1,022.35	$	1,025.00	$	1,025.00	$	1,024.35
Expenses Paid During Period	$	0.91	$	2.68	$	—	$	—	$	0.66

The Fund commenced operations on December 19, 2011. The Actual expense example is based on the period since inception; the Hypothetical expense example is based on the period beginning December 1, 2011.

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.18% for Class A, 0.53% for Class R, 0.00% for Class P, 0.00% for Institutional Class and 0.13% for Administrative Class), multiplied by the average account value over the period, multiplied by 164/366 for the Actual expense example and 183/366 for the Hypothetical expense example. 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.

38 Allianz Multi-Strategy Funds

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Semiannual Report May 31, 2012 39

Allianz Global Investors Solutions Global Allocation Fund

(Unaudited)

For the period of December 1, 2011, through May 31, 2012, as provided by Allianz Global Investors Solutions.

Portfolio Insights

For reporting period ended May 31, 2012, Class A Shares at NAV of the Allianz Global Investors Solutions Global Allocation Fund (the “Fund”) outperformed its benchmark, which is 60% MSCI All Country World Index and 40% Barclay’s U.S. Aggregate Index (the “benchmark index”) with the Fund returning 1.91% and the benchmark index returning 1.86%.

What Happened

The question of what will become of the eurozone dominated global markets during the reporting period. As the U.S. and emerging markets continued to grow, albeit more slowly than during the second half of 2011, investors remained fixated on policy makers in Europe who, in the end, failed to take decisive enough measures to quell the prevailing uncertainty. Macroeconomic factors dominated, contributing to both the exuberant risk-on rally that began in the first week of January, as well as to the risk-off trend that characterized markets beginning in mid-March.

Earlier in the year, the bank runs in Southern Europe were temporarily interrupted when the European Central Bank (“ECB”) offered to lend to eurozone banks at 1% for up to three years while accepting a wide range of collateral. This operation, the Long-Term Refinancing Operation (“LTRO”), resulted in the risk-on move in markets early in the year. By mid-March equity markets worldwide were up 10-to-20%, with the MSCI All Country World Index (“MSCI ACWI”) up as much as 13%, the German DAX up 24% and the MSCI Emerging Markets Index up nearly 18%.

By the end of May, it became clear that, while the LTRO program did successfully slow the bank runs, it did not stop them and, importantly, it failed to address the core eurozone challenges of slow growth, poorly capitalized banks, and the need to make the choice between creating a full fiscal union to match the monetary union or allowing the euro to unravel. Instead, an unattainable circular funding problem ensued: the ECB lent to banks, which then purchased sovereign debt that market participants refused to hold. It has been reported that almost all of the demand for Spain’s bonds at recent auctions is accounted for by banks with ECB funding. (By law, the ECB cannot directly purchase sovereign debt issues at auction.)

In the face of this, risk-aversion prevailed worldwide. For the period December 31, 2011 to May 31, 2012, the MSCI ACWI gained 0.68%, falling from its high reached in mid-March by 10%. For the European markets, the Stoxx50 fell roughly 20% from mid-March to May 31, 2012.

In the rest of the world, real-side economic activity slowed. U.S. real GDP grew at around 2% while job growth in the U.S., which surged in January and February, slowed to fewer than 100,000 new jobs per month [by the end of the reporting period]. China’s government signaled it expected growth to slow in its country to a 7.5% rate this year, and it entered a renewed policy stimulus phase. Most other emerging markets either entered or continued stimulus cycles to counter the slowdown in activity driven by the uncertainty associated with the eurozone crisis and below-trend U.S. growth.

The U.S. Federal Reserve (the “Fed”) and ECB continued their programs of financial repression, supplying emergency liquidity when needed. At this point, however, the policy issues surrounding real-side imbalances related to productivity, trade, and labor markets and the banking and fiscal union issues in the eurozone dominate all of the financial engineering by institutions such as the Fed, ECB, and International Monetary Fund (“IMF”). The one crucial role they do continue to play is as providers of liquidity, which, as we saw in Spain, continues to be a critical challenge.

Portfolio Review

During the reporting period, the Fund held overweight positions relative to its benchmark in U.S. short-term, non-U.S. and inflation-protected fixed income assets and, within equities, in U.S. and non-U.S. small cap and commodity-related equities. It held overweight positions in real return assets (real estate and commodities). It held underweight positions in U.S. and non-U.S. large cap equities and emerging markets equities.

The equity holdings in the Fund approximately matched the MSCI ACWI, which was up 0.48% for the six month period, due to its overweight in U.S. small cap stocks, which returned 4.06% as measured by the Russell 2000 Index, and underweight in non-U.S. Large Cap stocks.

Within equities, the Fund’s exposure to minimum-variance strategies, which tend to underperform traditional strategies in risk-on environments, detracted from equity performance in the first quarter of 2012. During the second quarter decline in global markets, the minimum variance strategies contributed to performance.

The Fund outperformed its fixed income benchmarks in nominal bonds. An underweight in U.S. duration overall, as well as fund selection in intermediate-term bonds contributed to performance as Treasury yields increased during the first quarter. Overall, the Barclay’s U.S. Treasury (10-20 year) Total Return Index was up 7.3% for the first half of the year.

The Fund outperformed in commodities, aided by positive fund selection. The strong performance of the PIMCO CommoditiesPLUS Fund and the PIMCO CommodityRealReturn Strategy Fund contributed to relative performance in commodities. In real estate, the Fund, which is overweight compared to the benchmark in the asset class, underperformed.

In the defensive part of the Fund portfolio, nominal bonds had more than 100 basis points of outperformance versus the benchmark. For the period, nominal bonds as measured by the Barclay’s U.S. Aggregate Index were up 3.46%. Treasury bonds were up across the board with the long end (20+ years) up 9.5% and the short end (1-3 years) flat.

Outlook

At the end of the reporting period, the Fund was positioned in approximately 33% defensive and 67% return-generating holdings. Total fixed income assets accounted for 44%. This compares with the 45% defensive and 55% return-generating allocation of its benchmark.

The world is in disequilibrium. Large global imbalances exist in trade, productivity, fiscal accounts and debt-to-GDP ratios. In the eurozone, it is decision time: can Germany lead the charge to establish a fiscal union or will there be a restructuring of the euro? The key unknowns include, first, whether the eurozone will remain intact; second, whether the changes will be orderly and third, whether the bond market will shut out fiscally insolvent countries before the required policy decisions are made and implemented.

We expect below-trend growth and continued high levels of risk-on/risk-off volatility. The U.S. and China are still growing. This should provide an anchor to world markets.

Consistent with our year-end 2011 and first quarter positioning, the Allianz Global Investors Solutions Target Date and Target Risk portfolios continue to be positioned for slow growth and higher-than-normal volatility. During the first quarter of 2012, with the rapid run-up in risk assets, some risk positions were modestly reduced, which has positioned the portfolios to supply liquidity during times of stress. The portfolios are overweight high-quality dividend-paying stocks, overweight U.S. stocks and underweight eurozone stocks. The portfolios are modestly underweight commodities and real estate, as well as underweight nominal duration. All the portfolios are within their benchmark-determined risk budgets.

40 Allianz Multi-Strategy Funds

Allianz Global Investors Solutions Global Allocation Fund (Cont.)

(Unaudited)

Average Annual Total Return for the period ended May 31, 2012

	6 Month*		1 Year		5 Year		10 Year		Since Inception†
Allianz Global Investors Solutions Global Allocation Fund Class A		1.91%		–6.70%		1.20%		5.11%		5.32%
Allianz Global Investors Solutions Global Allocation Fund Class A (adjusted)		–3.69%		–11.83%		0.07%		4.51%		4.89%
Allianz Global Investors Solutions Global Allocation Fund Class B		1.54%		–7.36%		0.46%		4.55%		4.92%
Allianz Global Investors Solutions Global Allocation Fund Class B (adjusted)		–3.46%		–11.88%		0.13%		4.55%		4.92%
Allianz Global Investors Solutions Global Allocation Fund Class C		1.52%		–7.45%		0.45%		4.32%		4.54%
Allianz Global Investors Solutions Global Allocation Fund Class C (adjusted)		0.52%		–8.35%		0.45%		4.32%		4.54%
Allianz Global Investors Solutions Global Allocation Fund Class D		1.88%		–6.74%		1.20%		5.11%		5.33%
Allianz Global Investors Solutions Global Allocation Fund Class R		1.71%		–6.95%		0.95%		4.86%		5.07%
Allianz Global Investors Solutions Global Allocation Fund Class P		1.97%		–6.51%		1.41%		5.33%		5.54%
Allianz Global Investors Solutions Global Allocation Fund Institutional Class		1.94%		–6.53%		1.60%		5.56%		5.82%
Allianz Global Investors Solutions Global Allocation Fund Administrative Class		1.85%		–6.68%		1.25%		5.17%		5.38%
MSCI All Country World Index		0.48%		–12.29%		–3.69%		4.56%		3.87%
60% MSCI AC World Index, 40% Barclays Capital U.S. Aggregate Index		1.86%		–4.44%		0.93%		5.44%		5.04%
Barclays Capital U.S. Aggregate Index		3.46%		7.12%		6.72%		5.72%		5.80%
Lipper Mixed-Asset Target Allocation Moderate Funds Average		3.26%		–2.42%		0.97%		4.61%		4.60%

† 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 88 and 89 for more information. The Fund’s gross expense ratios are 2.14% for Class A shares, 2.89% for Class B shares, 2.88% for Class C shares, 2.17% for Class D shares, 2.38% for Class R shares, 2.01% for Class P shares, 1.91% for Institutional Class shares and 2.15% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 1.22% for Class A shares, 1.98% for Class B shares, 1.96% for Class C shares, 1.25% for Class D shares, 1.45% for Class R shares, 1.05% for Class P shares, 0.95% for Institutional Class shares and 1.20% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

* Cumulative return

Cumulative Returns Through May 31, 2012

Fund Allocation (as of May 31, 2012)

PIMCO Total Return	7.0%
PIMCO Short-Term	7.0%
Allianz NFJ International Value	6.5%
PIMCO Income	6.1%
PIMCO Foreign Bond (U.S. Dollar-Hedged)	6.1%
Allianz NFJ Global Dividend Value	5.0%
Allianz AGIC International Managed Volatility	4.5%
Allianz AGIC Managed Volatility	4.0%
Other	54.2%
Cash & Equivalents — Net	–0.4%

Semiannual Report May 31, 2012 41

Allianz Global Investors Solutions Global Allocation Fund (Cont.)

(Unaudited)

Shareholder Expense Example	Actual Performance
	Class A		Class B		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (12/1/11)	$	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 (5/31/12)	$	1,019.10	$	1,015.40	$	1,015.20	$	1,018.80	$	1,017.10	$	1,019.70	$	1,019.40	$	1,018.50
Expenses Paid During Period	$	2.22	$	6.00	$	5.94	$	2.27	$	3.43	$	1.26	$	0.76	$	2.02
	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 (12/1/11)	$	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 (5/31/12)	$	1,022.80	$	1,019.05	$	1,019.10	$	1,022.75	$	1,021.60	$	1,023.75	$	1,024.25	$	1,023.00
Expenses Paid During Period	$	2.23	$	6.01	$	5.96	$	2.28	$	3.44	$	1.26	$	0.76	$	2.02

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.44% for Class A, 1.19% for Class B, 1.18% for Class C, 0.45% for Class D, 0.68% for Class R, 0.25% for Class P, 0.15% for Institutional Class and 0.40% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. 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.

42 Allianz Multi-Strategy Funds

(THIS PAGE INTENTIONALLY LEFT BLANK)

Semiannual Report May 31, 2012 43

Allianz Global Investors Solutions Global Growth Allocation Fund

(Unaudited)

For the period of December 1, 2011, through May 31, 2012, as provided by Allianz Global Investors Solutions.

Portfolio Insights

For the reporting period ended May 31, 2012, Class A Shares at NAV of the Allianz Global Investors Solutions Global Growth Allocation Fund (the “Fund”) outperformed the MSCI All Country World Index (the “benchmark index”) with the Fund returning 0.77% and the benchmark index returning 0.48%.

What Happened

The question of what will become of the eurozone dominated global markets during the reporting period. As the U.S. and emerging markets continued to grow, albeit more slowly than during the second half of 2011, investors remained fixated on policy makers in Europe who, in the end, failed to take decisive enough measures to quell the prevailing uncertainty. Macroeconomic factors dominated, contributing to both the exuberant risk-on rally that began in the first week of January, as well as to the risk-off trend that characterized markets beginning in mid-March.

Earlier in the year, the bank runs in Southern Europe were temporarily interrupted when the European Central Bank (“ECB”) offered to lend to eurozone banks at 1% for up to three years while accepting a wide range of collateral. This operation, the Long-Term Refinancing Operation (“LTRO”), resulted in the risk-on move in markets early in the year. By mid-March equity markets worldwide were up 10-to-20%, with the MSCI All Country World Index (“MSCI ACWI”) up as much as 13%, the German DAX up 24% and the MSCI Emerging Markets Index up nearly 18%.

By the end of May, it became clear that, while the LTRO program did successfully slow the bank runs, it did not stop them and, importantly, it failed to address the core eurozone challenges of slow growth, poorly capitalized banks, and the need to make the choice between creating a full fiscal union to match the monetary union or allowing the euro to unravel. Instead, an unattainable circular funding problem ensued: the ECB lent to banks, which then purchased sovereign debt that market participants refused to hold. It has been reported that almost all of the demand for Spain’s bonds at recent auctions is accounted for by banks with ECB funding. (By law, the ECB cannot directly purchase sovereign debt issues at auction.)

In the face of this, risk-aversion prevailed worldwide. For the period December 31, 2011 to May 31, 2012, the MSCI ACWI gained 0.68%, falling from its high reached in mid-March by 10%. For the European markets, the Stoxx50 fell roughly 20% from mid-March to May 31, 2012.

In the rest of the world, real-side economic activity slowed. U.S. real GDP grew at around 2% while job growth in the U.S., which surged in January and February, slowed to fewer than 100,000 new jobs per month. (by the end of the reporting period) China’s government signaled it expected growth to slow in its country to a 7.5% rate this year, and it entered a renewed policy stimulus phase. Most other emerging markets either entered or continued stimulus cycles to counter the slowdown in activity driven by the uncertainty associated with the eurozone crisis and below-trend U.S. growth.

The U.S. Federal Reserve (the “Fed”) and ECB continued their programs of financial repression, supplying emergency liquidity when needed. At this point, however, the policy issues surrounding real-side imbalances related to productivity, trade, and labor markets and the banking and fiscal union issues in the eurozone dominate all of the financial engineering by institutions such as the Fed, ECB, and International Monetary Fund (“IMF”). The one crucial role they do continue to play is as providers of liquidity, which, as we saw in Spain, continues to be a critical challenge.

Portfolio Review

During the reporting period, the Fund held overweight positions relative to its benchmark in U.S. nominal and inflation-protected fixed income assets and, within equities, in U.S. and non-U.S. small cap and commodity-related equities. It held overweight positions in real return assets (real estate and commodities). It held underweight positions in U.S. and non-U.S. large cap equities and emerging markets equities.

The equity holdings in the Fund outperformed the MSCI ACWI, which was up 0.48% for the six month period, due to its underweight in non-U.S. equities.

Within equities, the Fund’s exposure to minimum-variance strategies, which tend to underperform traditional strategies in risk-on environments, detracted from its equity performance in the first quarter of 2012. During the second quarter decline in global markets, the minimum variance strategies contributed to performance.

The Fund outperformed its fixed income benchmarks in nominal bonds. An underweight in U.S. duration overall, as well as fund selection in intermediate-term bonds contributed to performance as Treasury yields increased during the first quarter. Overall, the Barclay’s U.S. Treasury (10-20 year) Total Return Index was up 7.3% for the first half of the year.

The Fund outperformed in commodities, aided by positive fund selection. The strong performance of the PIMCO CommoditiesPLUS Fund and the PIMCO CommodityRealReturn Strategy Fund contributed to relative performance in commodities. In real estate, the Fund, which is overweight compared to the benchmark in the asset class, underperformed.

In the defensive part of the Fund portfolio, nominal bonds had more than 100 basis points of outperformance versus the benchmark. For the period, nominal bonds as measured by the Barclay’s U.S. Aggregate Index were up 3.46%. Treasury bonds were up across the board with the long end (20+ years) up 9.5% and the short end (1-3 years) flat.

Outlook

At the end of the reporting period, the Fund was positioned in approximately 5% defensive and 95% return-generating holdings. Total fixed income assets accounted for 18%. This compares with compared with the 11% defensive and 89% return-generating allocation of its benchmark.

The world is in disequilibrium. Large global imbalances exist in trade, productivity, fiscal accounts and debt-to-GDP ratios. In the eurozone, it is decision time: can Germany lead the charge to establish a fiscal union or will there be a restructuring of the euro? The key unknowns include, first, whether the eurozone will remain intact; second, whether the changes will be orderly and third, whether the bond market will shut out fiscally insolvent countries before the required policy decisions are made and implemented.

We expect below-trend growth and continued high levels of risk-on/risk-off volatility. The U.S. and China are still growing. This should provide an anchor to world markets.

Consistent with our year-end 2011 and first quarter positioning, the Allianz Global Investors Solutions Target Date and Target Risk portfolios continue to be positioned for slow growth and higher-than-normal volatility. During the first quarter of 2012, with the rapid run-up in risk assets, some risk positions were modestly reduced, which has positioned the portfolios to supply liquidity during times of stress. The portfolios are overweight high-quality dividend-paying stocks, overweight U.S. stocks and underweight eurozone stocks. The portfolios are modestly underweight commodities and real estate, as well as underweight nominal duration. All the portfolios are within their benchmark-determined risk budgets

44 Allianz Multi-Strategy Funds

Allianz Global Investors Solutions Global Growth Allocation Fund (Cont.)

(Unaudited)

Average Annual Total Return for the period ended May 31, 2012

	6 Month*		1 Year		Since Inception†
Allianz Global Investors Solutions Global Growth Allocation Fund Class A		0.77%		–10.81%		14.47%
Allianz Global Investors Solutions Global Growth Allocation Fund Class A (adjusted)		–4.77%		–15.71%		12.40%
Allianz Global Investors Solutions Global Growth Allocation Fund Class C		0.37%		–11.47%		13.65%
Allianz Global Investors Solutions Global Growth Allocation Fund Class C (adjusted)		–0.60%		–12.32%		13.65%
Allianz Global Investors Solutions Global Growth Allocation Fund Class D		0.76%		–10.78%		14.50%
Allianz Global Investors Solutions Global Growth Allocation Fund Class R		0.61%		–11.02%		14.21%
Allianz Global Investors Solutions Global Growth Allocation Fund Class P		0.85%		–10.64%		14.72%
Allianz Global Investors Solutions Global Growth Allocation Fund Institutional Class		0.91%		–10.57%		14.83%
Allianz Global Investors Solutions Global Growth Allocation Fund Administrative Class		0.79%		–10.78%		14.54%
MSCI All Country World Index		0.48%		–12.29%		12.74%
Lipper Global Flexible Portfolio Funds Average		0.18%		–8.24%		10.21%

† 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 88 and 89 for more information. The Fund’s gross expense ratios are 4.15% for Class A shares, 5.38% for Class C shares, 4.52% for Class D shares, 4.82% for Class R shares, 4.18% for Class P shares, 4.08% for Institutional Class shares and 4.33% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 1.32% for Class A shares, 2.10% for Class C shares, 1.35% for Class D shares, 1.55% for Class R shares, 1.15% for Class P shares, 1.05% for Institutional Class shares and 1.30% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

* Cumulative return

Cumulative Returns Through May 31, 2012

Fund Allocation (as of May 31, 2012)

Allianz NFJ International Value	9.0%
Allianz NFJ Global Dividend Value	7.0%
Allianz NFJ Dividend Value	6.5%
Allianz RCM Disciplined Equity	6.5%
Allianz AGIC International Managed Volatility	6.1%
Allianz NFJ Small-Cap Value	5.6%
Allianz AGIC Emerging Markets Opportunities	5.5%
Allianz AGIC Income & Growth	4.5%
Other	48.7%
Cash & Equivalents — Net	0.6%

Semiannual Report May 31, 2012 45

Allianz Global Investors Solutions Global Growth Allocation 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 (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,007.70	$	1,003.70	$	1,007.60	$	1,006.10	$	1,008.50	$	1,009.10	$	1,007.90
Expenses Paid During Period	$	2.11	$	5.91	$	2.11	$	3.31	$	1.15	$	0.65	$	1.91
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,022.90	$	1,019.10	$	1,022.90	$	1,021.70	$	1,023.85	$	1,024.35	$	1,023.10
Expenses Paid During Period	$	2.12	$	5.96	$	2.12	$	3.34	$	1.16	$	0.66	$	1.92

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.42% for Class A, 1.18% for Class C, 0.42% for Class D, 0.66% for Class R, 0.23% for Class P, 0.13% for Institutional Class and 0.38% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. 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.

46 Allianz Multi-Strategy Funds

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Semiannual Report May 31, 2012 47

Allianz Global Investors Solutions Retirement Income Fund

(Unaudited)

For the period of December 1, 2011, through May 31, 2012, as provided by Allianz Global Investors Solutions.

Portfolio Insights

For the reporting period ended May 31, 2012, Class A Shares of the Allianz Global Investors Solutions Retirement Income Fund (the “Fund”) outperformed the Dow Jones Real Return Today Index (the “benchmark index”) with the Fund returning 3.63% and the benchmark index returning 3.05%.

What Happened

The question of what will become of the eurozone dominated global markets during the reporting period. As the U.S. and emerging markets continued to grow, albeit more slowly than during the second half of 2011, investors remained fixated on policy makers in Europe who, in the end, failed to take decisive enough measures to quell the prevailing uncertainty. Macroeconomic factors dominated, contributing to both the exuberant risk-on rally that began in the first week of January, as well as to the risk-off trend that characterized markets beginning in mid-March.

Earlier in the year, the bank runs in Southern Europe were temporarily interrupted when the European Central Bank (“ECB”) offered to lend to eurozone banks at 1% for up to three years while accepting a wide range of collateral. This operation, the Long-Term Refinancing Operation (“LTRO”), resulted in the risk-on move in markets early in the year. By mid-March equity markets worldwide were up 10-to-20%, with the MSCI All Country World Index (“MSCI ACWI”) up as much as 13%, the German DAX up 24% and the MSCI Emerging Markets Index up nearly 18%.

By the end of May, it became clear that, while the LTRO program did successfully slow the bank runs, it did not stop them and, importantly, it failed to address the core eurozone challenges of slow growth, poorly capitalized banks, and the need to make the choice between creating a full fiscal union to match the monetary union or allowing the euro to unravel. Instead, an unattainable circular funding problem ensued: the ECB lent to banks, which then purchased sovereign debt that market participants refused to hold. It has been reported that almost all of the demand for Spain’s bonds at recent auctions is accounted for by banks with ECB funding. (By law, the ECB cannot directly purchase sovereign debt issues at auction.)

In the face of this, risk-aversion prevailed worldwide. For the period December 31, 2011 to May 31, 2012, the MSCI ACWI gained 0.68%, falling from its high reached in mid-March by 10%. For the European markets, the Stoxx50 fell roughly 20% from mid-March to May 31, 2012.

In the rest of the world, real-side economic activity slowed. U.S. real GDP grew at around 2% while job growth in the U.S., which surged in January and February, slowed to fewer than 100,000 new jobs per month (by the end of the

reporting period). China’s government signaled it expected growth to slow in its country to a 7.5% rate this year, and it entered a renewed policy stimulus phase. Most other emerging markets either entered or continued stimulus cycles to counter the slowdown in activity driven by the uncertainty associated with the eurozone crisis and below-trend U.S. growth.

The U.S. Federal Reserve (the “Fed”) and ECB continued their programs of financial repression, supplying emergency liquidity when needed. At this point, however, the policy issues surrounding real-side imbalances related to productivity, trade, and labor markets and the banking and fiscal union issues in the eurozone dominate all of the financial engineering by institutions such as the Fed, ECB, and International Monetary Fund (“IMF”). The one crucial role they do continue to play is as providers of liquidity, which, as we saw in Spain, continues to be a critical challenge.

Portfolio Review

During the reporting period, the Fund held overweight positions relative to its benchmark in U.S. short-term and non-U.S. fixed income assets and, within equities, in U.S. small cap and commodity-related equities. It held underweight positions non-U.S. equities, real return assets (real estate and commodities) and intermediate-term Treasury inflation-protected securities (“TIPS”) relative to its benchmark.

The equity holdings in the Fund outperformed the MSCI ACWI, which was up 0.48% for the six month period, due to its underweight in non-U.S. equities.

Within equities, the Fund’s exposure to minimum-variance strategies, which tend to underperform traditional strategies in risk-on environments, detracted from its equity performance in the first quarter of 2012. During the second quarter decline in global markets, the minimum variance strategies contributed to performance.

The Fund outperformed its fixed income benchmarks. An underweight in U.S. duration overall, as well as fund selection in nominal bonds contributed to performance as Treasury yields increased during the first quarter. In the second quarter, when 10-year yields fell precipitously from their high on March 19 of 2.4% to 1.6% at the end of May, the Fund gave back some of its earlier gains. An underweight position in U.S. intermediate-term TIPS contributed to performance during the reporting period. This was slightly offset by an off-benchmark allocation to short-term TIPS. Overall, the Barclay’s U.S. Treasury (10-20 year) Total Return Index was up 7.3% for the first half of the year.

The Fund materially outperformed in commodities, aided by to a combination of being underweight the commodity benchmark, which

was down -12.1% for the six months ended May 31, 2012, and positive fund selection. The strong performance of the PIMCO CommoditiesPLUS Fund and the PIMCO CommodityRealReturn Strategy Fund contributed to relative performance in commodities. In real estate, the Fund, which is underweight compared to the benchmark in the asset class, underperformed.

In the defensive part of the Fund portfolio, nominal bonds had more than 100 basis points of outperformance versus the benchmark. For the period, nominal bonds as measured by the Barclay’s U.S. Aggregate Index were up 3.46%. Treasury bonds were up across the board with the long end (20+ years) up 9.5% and the short end (1-3 years) flat.

The Target Date Funds are designed to offer individual investors comprehensive asset allocation strategies tailored to the approximate date when they expect to begin withdrawing assets. The target date included in the Fund’s name does not necessarily represent the specific year an investor will begin withdrawing assets. It is intended only as a general guide. Each Fund follows a target asset allocation schedule that changes over time to help reduce portfolio risk, increasing its exposure to conservative investments as the target date approaches. The principal value of a Fund is not guaranteed at any time, including the target date. A Fund’s shareholders may experiences losses, including losses near, at, or after the target year indicated in the Fund’s name.

Outlook

At the end of the reporting period, the Fund was positioned in approximately 66% defensive and 34% return-generating holdings. Total fixed income assets accounted for 74%. This compares with the 70% defensive and 30% return-generating allocation of its benchmark.

The Fund’s active exposures relative to its benchmark were its overweight in global credit and short-term bonds and its underweight in commodities and intermediate-term TIPS.

The world is in disequilibrium. Large global imbalances exist in trade, productivity, fiscal accounts and debt-to-GDP ratios. In the eurozone, it is decision time: can Germany lead the charge to establish a fiscal union or will there be a restructuring of the euro? The key unknowns include, first, whether the eurozone will remain intact; second, whether the changes will be orderly and third, whether the bond market will shut out fiscally insolvent countries before the required policy decisions are made and implemented.

We expect below-trend growth and continued high levels of risk-on/risk-off volatility. The U.S.

48 Allianz Multi-Strategy Funds

Allianz Global Investors Solutions Retirement Income Fund (Cont.)

(Unaudited)

and China are still growing. This should provide an anchor to world markets.

Consistent with our year-end 2011 and first quarter positioning, the Allianz Global Investors Solutions Target Date portfolios continue to be positioned for slow growth and higher-than-

normal volatility. During the first quarter of 2012, with the rapid run-up in risk assets, some risk positions were modestly reduced, which has positioned the portfolios to supply liquidity during times of stress. The portfolios are overweight high-quality dividend-paying stocks, overweight U.S. stocks and underweight

eurozone stocks. The portfolios are modestly underweight commodities and real estate, as well as underweight nominal duration. All the portfolios are within their benchmark-determined risk budgets.

Average Annual Total Return for the period ended May 31, 2012

	6 Month*		1 Year		Since Inception†
Allianz Global Investors Solutions Retirement Income Fund Class A		3.63%		1.68%		10.87%
Allianz Global Investors Solutions Retirement Income Fund Class A (adjusted)		–2.07%		–3.91%		9.05%
Allianz Global Investors Solutions Retirement Income Fund Class C		3.27%		1.01%		10.08%
Allianz Global Investors Solutions Retirement Income Fund Class C (adjusted)		2.27%		0.05%		10.08%
Allianz Global Investors Solutions Retirement Income Fund Class D		3.55%		1.65%		10.84%
Allianz Global Investors Solutions Retirement Income Fund Class R		3.42%		1.41%		10.59%
Allianz Global Investors Solutions Retirement Income Fund Class P		3.76%		1.99%		11.13%
Allianz Global Investors Solutions Retirement Income Fund Institutional Class		3.87%		2.11%		11.25%
Allianz Global Investors Solutions Retirement Income Fund Administrative Class		3.69%		1.76%		10.95%
Dow Jones Real Return Target Date (DJ RR Today) Index		3.05%		4.30%		10.73%
Lipper Mixed-Asset Target Allocation Conservative Funds Average		3.38%		0.48%		9.97%

† 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 88 and 89 for more information. The Fund’s gross expense ratios are 1.17% for Class A shares, 1.92% for Class C shares, 1.17% for Class D shares, 1.42% for Class R shares, 0.77% for Class P shares, 0.72% for Institutional Class shares and 1.02% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.70% for Class C shares, 1.05% for Class D shares, 1.30% for Class R shares, 0.65% for Class P shares, 0.55% for Institutional Class shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

* Cumulative return

Cumulative Returns Through May 31, 2012

Fund Allocation (as of May 31, 2012)

PIMCO Real Return	32.0%
PIMCO Short-Term	9.3%
PIMCO 1-5 Year U.S. TIPS Index	7.0%
PIMCO Total Return	5.0%
iShares Barclays TIPS Bond	4.2%
PIMCO Income	4.0%
PIMCO Foreign Bond (U.S. Dollar-Hedged)	4.0%
Allianz AGIC Income & Growth	3.9%
Other	29.5%
Cash & Equivalents — Net	1.1%

Semiannual Report May 31, 2012 49

Allianz Global Investors Solutions Retirement Income 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 (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,036.30	$	1,032.70	$	1,035.50	$	1,034.20	$	1,037.60	$	1,038.70	$	1,036.90
Expenses Paid During Period	$	1.88	$	5.69	$	2.39	$	3.66	$	0.36	$	—	$	1.63
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,023.15	$	1,019.40	$	1,022.65	$	1,021.40	$	1,024.65	$	1,025.00	$	1,023.40
Expenses Paid During Period	$	1.87	$	5.65	$	2.38	$	3.64	$	0.35	$	—	$	1.62

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.37% for Class A, 1.12% for Class C, 0.47% for Class D, 0.72% for Class R, 0.07% for Class P, 0.00% for Institutional Class and 0.32% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. 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.

50 Allianz Multi-Strategy Funds

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Semiannual Report May 31, 2012 51

Allianz AGIC Convertible Fund

(Unaudited)

For the period of December 1, 2011, through May 31, 2012, as provided by Justin Kass, Portfolio Manager.

Portfolio Insights

For the reporting period ended May 31, 2012, Class A Shares, at NAV, of Allianz AGIC Convertible Fund (the “Fund”) returned 2.04%, underperforming its benchmark, the BofA Merrill Lynch All Convertibles Index (the “benchmark index”), which returned 4.65%.

For most of the reporting period, the markets reflected, without any real hesitation, that the risks to the U.S. economy had diminished. The most obvious factor driving the rally was the decoupling of U.S. and European financial risk. As economic statistics, corporate earnings, and specifically the housing market showed improvement, the odds of a double-dip recession fell off the table.

During the latter part of the reporting period, the market fell in response to global uncertainty, softer U.S. economic statistics and other macro factors. Data points on company fundamentals remained positive through May, but were ignored due to the broader sentiment shift.

In addition to a positive equity market, an increase in bond floor valuations had a positive impact on the convertible market as corporate bond spreads tightened over the reporting period.

Sector level performance was higher across the board with few exceptions for the reporting period. Transportation was higher on declining fuel prices, while the Consumer Discretionary sector was aided by automotive-related companies in addition to homebuilders. In contrast, weakening demand and lower prices for commodities led to declines in performance in the Materials and Energy sectors.

New issuance improved in the reporting period but many companies are still accessing the corporate debt markets instead of the convertible markets because of the absolute low level of interest rates.

Performance

During the reporting period, the Fund rallied, but lagged the benchmark index. Security selection was the main factor contributing to relative underperformance, while asset weighting effects were positive.

Sectors that hurt relative performance in the period included Industrials and Consumer Discretionary. While both these sectors rallied and the portfolio was overweight relative to the

benchmark, security selection detracted from relative performance. In Industrials, a consulting company and a defense and aerospace manufacturer were sold due to deteriorating operating fundamentals. Consumer Discretionary relative performance was tied to automotive-related companies. An underweight to automotive manufacturers hurt relative performance. In addition, a tire manufacturer was sold after reporting disappointing earnings.

The strongest performing issues included Financial, Healthcare and Transportation companies. In Healthcare, select pharmaceutical and biotechnology issuers performed well as earnings exceeded expectations. A trucking company, which successfully refinanced high cost debt at lower interest rates and reported volumes that exceeded expectations, helped improve the performance of the Transportation sector. Additionally, the Fund benefitted from an overweight in the Transportation sector as well as an underweight in Materials sector.

Average Annual Total Return for the period ended May 31, 2012

	6 Month*		1 Year		5 Year		10 Year		Since Inception†
Allianz AGIC Convertible Fund Class A		2.04%		–7.15%		3.96%		7.45%		9.80%
Allianz AGIC Convertible Fund Class A (adjusted)		–3.58%		–12.25%		2.80%		6.84%		9.48%
Allianz AGIC Convertible Fund Class C		1.64%		–7.83%		3.20%		6.66%		8.99%
Allianz AGIC Convertible Fund Class C (adjusted)		0.70%		–8.68%		3.20%		6.66%		8.99%
Allianz AGIC Convertible Fund Class D		2.00%		–7.18%		3.97%		7.45%		9.80%
Allianz AGIC Convertible Fund Class R		1.88%		–7.36%		3.71%		7.19%		9.53%
Allianz AGIC Convertible Fund Class P		2.10%		–6.97%		4.18%		7.67%		10.04%
Allianz AGIC Convertible Fund Institutional Class		2.19%		–6.88%		4.28%		7.78%		10.15%
Allianz AGIC Convertible Fund Administrative Class		2.02%		–7.12%		3.97%		7.45%		9.81%
BofA Merrill Lynch All Convertibles Index		4.65%		–6.91%		1.55%		5.69%		7.40%
Lipper Convertible Securities Funds Average		2.38%		–8.96%		0.85%		5.15%		7.87%

† 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 88 and 89 for more information. The Fund’s gross expense ratios are 0.97% for Class A shares, 1.74% for Class C shares, 0.98% for Class D shares, 1.22% for Class R shares, 0.83% for Class P shares, 0.70% for Institutional Class shares and 0.97% for Administrative Class shares. The ratio for Class P shares does not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratio net of this reduction is 0.80% for Class P shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

* Cumulative return

52 Allianz Multi-Strategy Funds

Allianz AGIC Convertible Fund (Cont.)

(Unaudited)

Cumulative Returns Through May 31, 2012

Industry Allocation (as of May 31, 2012)

Technology	9.7%
Pharmaceuticals	9.6%
Financial Services	7.3%
Communications	7.2%
Commercial Services	5.9%
Building & Construction	4.5%
Biotechnology	4.2%
Oil & Gas	4.1%
Other	44.0%
Cash & Equivalents — Net	3.5%

Moody’s Ratings*

(as a % of total investments)

* 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.

Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,020.40	$	1,016.40	$	1,020.00	$	1,018.80	$	1,021.00	$	1,021.90	$	1,020.20
Expenses Paid During Period	$	4.90	$	8.62	$	4.95	$	6.06	$	4.04	$	3.39	$	4.65
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,020.15	$	1,016.45	$	1,020.10	$	1,019.00	$	1,021.00	$	1,021.65	$	1,020.40
Expenses Paid During Period	$	4.90	$	8.62	$	4.95	$	6.06	$	4.04	$	3.39	$	4.65

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.97% for Class A, 1.71% for Class C, 0.98% for Class D, 1.20% for Class R, 0.80% for Class P, 0.67% for Institutional Class and 0.92% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366.

Semiannual Report May 31, 2012 53

Allianz AGIC Focused Opportunity Fund

(Unaudited)

For the period of December 1, 2011 through May 31, 2012, as provided by Michael Corelli, Portfolio Manager.

Portfolio Insights

For the reporting period ended May 31, 2012, Class A Shares, at NAV, of Allianz AGIC Focused Opportunity Fund (the “Fund”) returned -10.93%, underperforming its benchmark, the Russell 2500 Growth Index (the “benchmark index”), which returned 3.80%.

The benchmark ended 2011 with a modest decline. It began 2012 with a strong rally and the ebbing of stock correlations that had reached all-time highs during 2011.

During the month of May, investors once again became concerned with the European sovereign

debt crisis, a slowdown in China and lackluster employment data in the United States. As a result, equities experienced a global selloff. During the reporting period, the best-performing benchmark sector was Health Care, followed by Consumer Staples and Telecommunication Services. The Energy and Utilities sectors performed the worst.

Stock Selection drives performance

Stock selection was the main driver of the Fund’s underperformance versus the benchmark index, whereas sector allocation detracted to a lesser extent. The primary detractors from performance included stock selection in the Information

Technology, Energy, Materials, Consumer Discretionary, Industrials and Financials sectors. From a sector allocation perspective, the Fund’s overweight position to the Energy sector and underweight to the Health Care and Consumer Staples sectors detracted from performance. As of May 31, 2012, the Fund’s largest sector overweight positions relative to the benchmark index were in the Energy, Information Technology, Industrials and Materials sectors. The Fund’s largest sector underweight positions were in the Health Care, Consumer Staples and Financials sectors.

Average Annual Total Return for the period ended May 31, 2012

	6 Month*		1 Year		Since Inception†
Allianz AGIC Focused Opportunity Fund Class A		–10.93%		–26.30%		–9.40%
Allianz AGIC Focused Opportunity Fund Class A (adjusted)		–15.83%		–30.35%		–12.93%
Allianz AGIC Focused Opportunity Fund Institutional Class		–10.81%		–26.06%		–9.06%
Russell 2500 Growth Index		3.80%		–7.89%		1.87%
Lipper Small-Cap Growth Funds Average		3.27%		–10.11%		0.38%

† The Fund began operations on 12/27/10. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/10.

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. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 88 and 89 for more information. The Fund’s gross expense ratios are 4.88% for Class A shares and 4.70% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 1.45% for Class A shares and 1.10% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

* Cumulative return

Cumulative Returns Through May 31, 2012

Industry Allocation (as of May 31, 2012)

Oil, Gas & Consumable Fuels	13.5%
Communications Equipment	10.0%
Internet Software & Services	5.2%
Capital Markets	5.1%
Diversified Consumer Services	4.7%
Metals & Mining	4.5%
Textiles, Apparel & Luxury Goods	4.2%
Commercial Services & Supplies	4.1%
Other	47.7%
Cash & Equivalents — Net	1.0%

54 Allianz Multi-Strategy Funds

Allianz AGIC Focused Opportunity Fund (Cont.)

(Unaudited)

Shareholder Expense Example	Actual Performance
	Class A		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	890.70	$	891.90
Expenses Paid During Period	$	6.85	$	5.20
	Hypothetical  Performance
	(5% return before expenses)
	Class A		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,017.75	$	1,019.50
Expenses Paid During Period	$	7.31	$	5.55

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.45% for Class A and 1.10% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.

Semiannual Report May 31, 2012 55

Allianz AGIC Global Managed Volatility Fund

(Unaudited)

For the period of December 19, 2011, through May 31, 2012, as provided by Kunal Ghosh, Portfolio Manager.

Portfolio Insights

For the period from inception on December 19, 2011 to May 31, 2012, Class A Shares, at Net Asset Value (“NAV”), of Allianz AGIC Global Managed Volatility Fund (the “Fund”) returned 2.00%, compared to its benchmark, the MSCI World Index (the “benchmark index”), which returned 5.03% since inception.

Market Environment

During the reporting period, investors initially cheered the prospects of a global economic recovery, driving equity prices higher. Stocks rallied in January and February amid strong economic reports and monetary easing in Europe and Asia. Markets specifically rewarded higher beta and cyclical securities to start the year given the surge in investor optimism.

This phenomenon was reversed in April and particularly in May, as macroeconomic risks in Europe and slowing growth in China stalled the market rally. Investor optimism contracted as International Monetary Fund officials debated contingency plans on a potential Spanish sovereign bailout, while Greece slipped even closer to splitting from the euro. Economic indicators showed a rising risk of negative GDP for the eurozone as manufacturing and services

activity rapidly slowed. The United States was a bright spot and among the top benchmark performers for the period, given its comparative insulation from the European distress.

Sector performance was mixed, with seven of ten benchmark index sectors higher during the reporting period as Consumer Discretionary shares were up near double-digits while Energy and Materials stocks were decidedly lower.

Volatility and market risk are increasingly important given the rapidly adjusting macroeconomic environment, and we anticipate continued “risk on/risk off” periods for the foreseeable future. Like previous periods, we anticipate that macro events will likely continue having significant influence on Fund performance.

Performance driven by stock selection at the sector level

The managed volatility investment process takes advantage of the fact that stocks can have complementary risk characteristics and creates a portfolio with lower expected risk than the benchmark index over time. The portfolio is constructed in a two-stage investment process whereby we first build a minimum variance

optimization within portfolio constraints, and then use a mean variance optimization to incorporate additional alpha potential within specified risk parameters.

The Fund’s performance relative to the benchmark index was primarily due to selections at the sector level. Country results were mixed, with currency effect positively impacting Fund performance given the underweight allocation to a weakening Euro.

From a county perspective, underweights to Italy and Spain, which tended to be comprised of higher volatility stocks given the European debt concerns, helped the Fund. Conversely, an overweight allocation to Japan detracted from results as the country lagged the MSCI World benchmark index for the period.

Sector results were led by an underweight allocation to the Energy sector as well as a sizeable overweight to Consumer Staples. Securities in both sectors were selected largely as the result of their volatility attributes. Meanwhile, an underweight allocation to Information Technology offset from relative results for the period as the sector was one of the top benchmark index performers.

Cumulative Total Return for the period ended May 31, 2012

	Since Inception†
Allianz AGIC Global Managed Volatility Fund Class A		2.00%
Allianz AGIC Global Managed Volatility Fund Class A (adjusted)		–3.61%
Allianz AGIC Global Managed Volatility Fund Class C		1.67%
Allianz AGIC Global Managed Volatility Fund Class C (adjusted)		0.67%
Allianz AGIC Global Managed Volatility Fund Class D		2.00%
Allianz AGIC Global Managed Volatility Fund Class P		2.13%
Allianz AGIC Global Managed Volatility Fund Institutional Class		2.13%
MSCI World Index		5.03%
Lipper Large-Cap Core Funds Average		0.05%

† The Fund began operations on 12/19/11. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/11.

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 88 and 89 for more information. The Fund’s gross expense ratios are 2.01% for Class A shares, 2.76% for Class C shares, 2.01% for Class D shares, 1.86% for Class P shares and 1.76% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.70% for Class C shares, 0.95% for Class D shares, 0.70% for Class P shares and 0.60% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

56 Allianz Multi-Strategy Funds

Allianz AGIC Global Managed Volatility Fund (Cont.)

(Unaudited)

Cumulative Returns Through May 31, 2012

Country Allocation (as of May 31, 2012)

United States	50.1%
Japan	20.6%
Hong Kong	8.1%
Canada	7.9%
China	5.5%
Switzerland	2.3%
United Kingdom	2.1%
Belgium	0.6%
Other	0.7%
Cash & Equivalents — Net	2.1%

Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (12/19/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,020.00	$	1,016.70	$	1,020.00	$	1,021.30	$	1,021.30
Expenses Paid During Period	$	4.30	$	7.68	$	4.30	$	3.17	$	2.72
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,020.25	$	1,016.50	$	1,020.25	$	1,021.50	$	1,022.00
Expenses Paid During Period	$	4.80	$	8.57	$	4.80	$	3.54	$	3.03

The Fund commenced operations on December 19, 2011. The Actual expense example is based on the period since inception; the Hypothetical expense example is based on the period beginning December 1, 2011.

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.95% for Class A, 1.70% for Class C, 0.95% for Class D, 0.70% for Class P and 0.60% for Institutional Class), multiplied by the average account value over the period, multiplied by 164/366 for the Actual expense example and 183/366 for the Hypothetical example.

Semiannual Report May 31, 2012 57

Allianz AGIC High Yield Bond Fund

(Unaudited)

For the period of December 1, 2011, through May 31, 2012, as provided by Dough Forsyth, Portfolio Manager.

Portfolio Insights

For the reporting period ended May 31, 2012, Class A Shares at NAV of Allianz AGIC High Yield Bond Fund (the “Fund”) returned 7.01%, underperforming its benchmark, the BofA Merrill Lynch U.S. High Yield Master II Index (the “benchmark index”), which returned 7.54%.

For most of the reporting period, the markets reflected, without any real hesitation, that the risks to the U.S. economy had diminished. The most obvious factor driving the rally was the decoupling of U.S. and European financial risk. As the economic statistics, corporate earnings and specifically, the housing market showed improvement, the odds of a double-dip recession fell off the table.

During the latter part of the reporting period, the market fell in response to global uncertainty, softer U.S. economic statistics and other macro factors. Data points on company fundamentals remained positive through May, but were ignored due to the broader sentiment shift. Treasury yields fell in response to the macro data, further widening spreads.

Against this backdrop, lower rated credits produced the best results, as higher rated BB-rated securities within the benchmark index returned 7.01% over the period, whereas lower rated CCC-rated credits gained 10.83%.

High yield new issuance was robust during the six-month period, fueled by refinancing of existing high yield credits as companies looked to take advantage of low interest rates and strong investor demand.

Performance

The attribution for the reporting period’s performance came from a wide number of contributors. Issue selection was a key contributor as some of the smaller issues (by index market weight) demonstrated positive price changes.

One area of relative weakness in the portfolio resulted from the spike in prices of the lowest quality issuers. The portfolio’s underweight to this low quality group dragged on relative performance. But, as seen in past cycles, these spikes have been consistently short-lived, and the companies’ fundamental performance prevailed.

Issue selection contributed positively to relative performance. In particular, holdings in the Energy, Diversified Financial Services and Healthcare sectors benefited results. The portfolio had a lower-than-benchmark weight in Energy issuers and stronger returns from individual issues. Both of these factors aided relative performance. Additionally, the fund had less exposure to natural gas issuers which was beneficial. One specific Healthcare issue which was oversold in the prior reporting period had since rebounded on stabilized fundamentals.

Industry allocations that hurt relative performance in the reporting period included Metals/Mining, Banking and Building Materials. The portfolio had a minimal weight in Banking, and the more than 14% rally in the group was surprising. It was not a surprise that the group reacted to the macro factors, but it was a surprise how much these issuers rose in price. Long term, the simple math of net interest margin provides little incentive to invest in below investment grade banks. Despite reducing the portfolio weight in Basic Materials, one mining issuer underperformed.

Average Annual Total Return for the period ended May 31, 2012

	6 Month*		1 Year		5 Year		10 Year		Since Inception†
Allianz AGIC High Yield Bond Fund Class A		7.01%		3.06%		7.20%		8.05%		7.92%
Allianz AGIC High Yield Bond Fund Class A (adjusted)		3.00%		–0.80%		6.38%		7.64%		7.66%
Allianz AGIC High Yield Bond Fund Class C		6.75%		2.34%		6.47%		7.28%		7.13%
Allianz AGIC High Yield Bond Fund Class C (adjusted)		5.75%		1.40%		6.47%		7.28%		7.13%
Allianz AGIC High Yield Bond Fund Class D		7.07%		3.05%		7.24%		8.07%		7.93%
Allianz AGIC High Yield Bond Fund Class R		6.97%		2.73%		6.96%		7.80%		7.66%
Allianz AGIC High Yield Bond Fund Class P		7.07%		3.20%		7.39%		8.23%		8.09%
Allianz AGIC High Yield Bond Fund Institutional Class		7.21%		3.38%		7.69%		8.55%		8.42%
Allianz AGIC High Yield Bond Fund Administrative Class		7.11%		3.03%		7.22%		8.06%		7.93%
BofA Merrill Lynch US High Yield Master II Index		7.54%		3.34%		7.36%		8.84%		7.29%
Lipper High Current Yield Funds Average		7.02%		2.07%		5.12%		7.37%		5.82%

† 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 3.75% 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 88 and 89 for more information. The Fund’s gross expense ratios are 1.05% for Class A shares, 1.87% for Class C shares, 1.12% for Class D shares, 1.37% for Class R shares, 0.88% for Class P shares, 0.77% for Institutional Class shares and 1.03% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 0.91% for Class A shares, 1.70% for Class C shares, 1.00% for Class D shares, 1.15% for Class R shares, 0.75% for Class P shares, 0.65% for Institutional Class shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

* Cumulative return

58 Allianz Multi-Strategy Funds

Allianz AGIC High Yield Bond Fund (Cont.)

(Unaudited)

Cumulative Returns Through May 31, 2012

Industry Allocation (as of May 31, 2012)

Commercial Services	12.1%
Oil & Gas	10.5%
Telecommunications	10.0%
Financial Services	8.2%
Retail	4.8%
Auto Components	4.7%
Building & Construction	3.9%
Multi-Media	3.9%
Other	37.6%
Cash & Equivalents — Net	4.3%

Moody’s Ratings*

(as a % of total investments)

* 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.

Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,070.10	$	1,067.50	$	1,070.70	$	1,069.70	$	1,070.70	$	1,072.10	$	1,071.10
Expenses Paid During Period	$	4.40	$	8.27	$	4.40	$	5.74	$	3.62	$	3.11	$	4.25
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,020.75	$	1,017.00	$	1,020.75	$	1,019.45	$	1,021.50	$	1,022.00	$	1,020.90
Expenses Paid During Period	$	4.29	$	8.07	$	4.29	$	5.60	$	3.54	$	3.03	$	4.14

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.85% for Class A, 1.60% for Class C, 0.85% for Class D, 1.11% for Class R, 0.70% for Class P, 0.60% for Institutional Class and 0.82% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366.

Semiannual Report May 31, 2012 59

Allianz AGIC International Growth Opportunities Fund

(Unaudited)

For the period of December 1, 2011, through May 31, 2012, as provided by Chris Herrera, Portfolio Manager.

Portfolio Insights

For the reporting period ended May 31, 2012, Class A Shares, at NAV, of Allianz AGIC International Growth Opportunities Fund (the “Fund”) returned 2.26%, outperforming its benchmark, the S&P Developed Ex-U.S. Small Cap Growth Index (the “benchmark index”), which returned -2.23%.

The international stock market declined during the six-month period. Policymakers fought to stave off a liquidity crisis in November, expanding emergency bank access to U.S. dollar loans. Investors kicked off the 2012 New Year in a celebratory mood as policymakers in Europe and Asia opened the taps on monetary easing. However, optimism faded as investors digested news on Europe’s resurgent debt crisis, slowing economic activity and the fast-fading benefits of monetary easing. In May, International Monetary Fund officials hashed through contingency plans on a prospective Spanish sovereign bailout, while Greece edged closer to splitting from the euro.

Reports of economic deceleration echoed from Europe to the U.S., Japan, China and India. Losses in the international equity market were somewhat isolated during the reporting period, as the Energy and Materials sectors lagged the rest of the benchmark. The best-performing sectors were Consumer Discretionary, Health Care, and Consumer Staples. From a country standpoint, performance of the benchmark index was led by Indonesia, with Luxembourg, Argentina and Singapore as the top performers. Conversely, the United Arab Emirates and Greece declined markedly.

Stock selection drives performance

Stock selection, and to a lesser extent country allocation, contributed positively to the Fund’s results during the reporting period. In particular, adept stock selection in Materials, Industrials and Energy drove outperformance. This was somewhat offset by stock selection in the

Financials and Consumer Discretionary sectors. Investments in Canada, Hong Kong, and Germany were the largest sources of outperformance from a country perspective, where strong stock selection contributed to results. An overweight in the United Kingdom and underweight in South Korea were also beneficial. Conversely, weak stock selection resulted in underperformance in the United States and United Kingdom.

During the reporting period, the Fund’s largest over-weights relative to the benchmark index were in the Health Care, Information Technology, and Energy sectors. The largest relative underweights were in the Consumer Discretionary, Consumer Staples, and Industrials sectors. From a country standpoint, the United Kingdom, Hong Kong, and the United States were overweight allocations, while Japan, Australia, and South Korea were the largest country underweights.

Average Annual Total Return for the period ended May 31, 2012

	6 Month*		1 Year		5 Year		10 Year		Since Inception†
Allianz AGIC International Growth Opportunities Fund Class A		2.26%		–17.21%		–3.81%		8.92%		11.71%
Allianz AGIC International Growth Opportunities Fund Class A (adjusted)		–3.36%		–21.77%		–4.89%		8.30%		11.27%
Allianz AGIC International Growth Opportunities Fund Class C		1.89%		–17.85%		–4.52%		8.11%		10.88%
Allianz AGIC International Growth Opportunities Fund Class C (adjusted)		0.89%		–18.67%		–4.52%		8.11%		10.88%
Allianz AGIC International Growth Opportunities Fund Class D		2.26%		–17.25%		–3.81%		8.92%		11.71%
Allianz AGIC International Growth Opportunities Fund Class R		2.16%		–17.41%		–4.05%		8.65%		11.43%
Allianz AGIC International Growth Opportunities Fund Class P		2.37%		–17.00%		–3.55%		9.23%		12.07%
Allianz AGIC International Growth Opportunities Fund Institutional Class		2.49%		–16.86%		–3.42%		9.37%		12.17%
Allianz AGIC International Growth Opportunities Fund Administrative Class		2.22%		–17.28%		–3.82%		8.91%		11.70%
S&P Developed Ex-U.S. Small Cap Growth Index		–2.23%		–19.77%		–5.89%		7.00%		5.00%
Lipper International Small/Mid-Cap Growth Funds Average		0.52%		–16.55%		–3.76%		9.27%		9.04%

† 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 88 and 89 for more information. The Fund’s gross expense ratios are 1.83% for Class A shares, 2.86% for Class C shares, 2.83% for Class D shares, 1.84% for Class R shares, 1.47% for Class P shares, 1.34% for Institutional Class shares and 1.59% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 1.45% for Class A shares, 2.20% for Class C shares, 1.45% for Class D shares, 1.70% for Class R shares, 1.30% for Class P shares, 1.20% for Institutional Class shares and 1.45% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

* Cumulative return

60 Allianz Multi-Strategy Funds

Allianz AGIC International Growth Opportunities Fund (Cont.)

(Unaudited)

Cumulative Returns Through May 31, 2012

Country Allocation (as of May 31, 2012)

United Kingdom	33.1%
Japan	13.5%
Germany	9.2%
Canada	8.6%
Hong Kong	5.9%
Singapore	4.7%
Switzerland	3.7%
China	3.7%
Other	14.1%
Cash & Equivalents — Net	3.5%

Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,022.60	$	1,018.90	$	1,022.60	$	1,021.60	$	1,023.70	$	1,024.90	$	1,022.20
Expenses Paid During Period	$	7.79	$	11.66	$	7.94	$	9.00	$	6.63	$	6.02	$	7.84
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class R		Class P		Institutional Class		Administrative Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,017.30	$	1,013.45	$	1,017.15	$	1,016.10	$	1,018.45	$	1,019.05	$	1,017.25
Expenses Paid During Period	$	7.77	$	11.63	$	7.92	$	8.97	$	6.61	$	6.01	$	7.82

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.54% for Class A, 2.31% for Class C, 1.57% for Class D, 1.78% for Class R, 1.31% for Class P, 1.19% for Institutional Class and 1.55% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366.

Semiannual Report May 31, 2012 61

Allianz AGIC Micro Cap Fund

(Unaudited)

For the period of December 1, 2011, through May 31, 2012, as provided by Robert Marren, Portfolio Manager.

Portfolio Insights

For the reporting period ended May 31, 2012, Class A Shares, at NAV, of Allianz AGIC Micro Cap Fund (the “Fund”) returned 3.98%, underperforming its benchmark, the Russell Microcap Growth Index (the “benchmark index”), which returned 5.47% during the reporting period.

U.S. equities rose sharply in the New Year with the S&P 500 Index recording its best first quarter return since 1998. Investors reacted positively to reports of improving U.S. economic conditions, accommodative global central bank policies and healthy corporate earnings. Additionally, overseas contagion fears waned considerably. Meanwhile, equity volatility fell, revisiting June 2007 levels and equity trading volume declined—a potential sign investors have yet to fully embrace equities.

In the latter half of the reporting period, reports of slower economic growth across Europe, Asia and the U.S. coincided with lower equity prices around the globe. Fears of Greece exiting the euro, sovereign debt concerns in Spain and uncertainty around future global central bank initiatives exacerbated risk asset losses. Conversely,

Treasury yields hit all-time lows, the dollar rallied and equity market volatility spiked.

Within the benchmark Index, most sectors posted a positive return for the period. The stronger performing sectors included Consumer Discretionary and Health Care. Consumer Discretionary stocks rose on improved consumer sentiment and spending reports. Aiding the Health Care sector was its resiliency over the last two months of the reporting period as investors rotated into more defensive, counter-cyclical stocks. In contrast, weakening demand and lower crude oil prices led to declines in the Energy sector, while Industrials were hampered by global economic slowdown concerns.

Performance

Sector allocation was the main driver of the Fund’s underperformance versus the benchmark index, whereas stock selection positively impacted relative performance. Underperformance was largely isolated to the month of May as global uncertainty and macro factors weighed on the fund as those companies with the greatest

expectations for fundamental improvement declined the most.

From an attribution perspective, stock picking in the Materials, Industrials and Consumer Discretionary sectors was strongest. The Materials sector was aided by an agricultural chemical manufacturer that exceeded earnings and sales estimates, while a home furnishings manufacturer helped lift the Consumer Discretionary sector.

On the downside, security selection within Health Care, Information Technology and Consumer Staples negatively impacted relative returns. A microsurgical instruments manufacturer was lower on order cancellation fears, which pressured the Health Care sector. The Information Technology sector fell in part to patent infringement concerns at a software company. This position was sold due to the aforementioned headwind.

Separately, an underweight in Health Care in addition to an overweight in Industrials detracted from relative performance.

Average Annual Total Return for the period ended May 31, 2012

	6 Month**		1 Year		5 Year		10 Year		Since Inception†
Allianz AGIC Micro Cap Fund Class A*		3.98%		–15.65%		–1.27%		5.97%		10.04%
Allianz AGIC Micro Cap Fund Class A (adjusted)*		–1.74%		–20.29%		–2.38%		5.37%		9.67%
Allianz AGIC Micro Cap Fund Class P		3.99%		–15.64%		–1.08%		6.20%		10.28%
Allianz AGIC Micro Cap Fund Institutional Class		4.10%		–15.42%		–0.96%		6.31%		10.40%
Russell Microcap Growth Index		5.47%		–12.37%		–2.52%		4.39%		4.61%
Lipper Small-Cap Core Funds Average		2.82%		–8.84%		–0.87%		5.97%		9.07%

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

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. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 88 and 89 for more information. The Fund’s gross expense ratios are 1.87% for Class A shares, 1.85% for Class P shares and 1.65% for Institutional Class shares. This ratio does not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 1.82% for Class A shares, 1.65% for Class P shares and 1.54% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

* The returns presented are for A Class shares of the Fund, which were incepted on 12/19/11. These returns are based on the historic performance of the Predecessor Fund’s Class I shares prior to the reorganization, adjusted to reflect the Fund’s A Class shares’ different charges and expenses.

** Cumulative return

62 Allianz Multi-Strategy Funds

Allianz AGIC Micro Cap Fund (Cont.)

(Unaudited)

Cumulative Returns Through May 31, 2012

Industry Allocation (as of May 31, 2012)

Software	9.5%
Health Care Equipment & Supplies	7.8%
Internet Software & Services	6.4%
Trading Companies & Distributors	6.1%
Health Care Providers & Services	4.4%
Road & Rail	4.0%
Semiconductors & Semiconductor Equipment	4.0%
Hotels, Restaurants & Leisure	3.9%
Other	49.7%
Cash & Equivalents — Net	4.2%

Shareholder Expense Example	Actual Performance
	Class A		Class P		Institutional Class
Beginning Account Value*	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,079.30	$	1,039.90	$	1,041.00
Expenses Paid During Period	$	8.57	$	8.41	$	7.86
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class P		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,015.80	$	1,016.75	$	1,017.30
Expenses Paid During Period	$	9.27	$	8.32	$	7.77

*Class A commenced operations on December 19, 2011. The Actual expense example for Class A is based on the period since inception; the Actual expense example for Class P and Institutional Class and the Hypothetical expense example is based on the period beginning December 1, 2011.

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.84% for Class A, 1.65% for Class P and 1.54% for Institutional Class), multiplied by the average account value over the period, multiplied by 183 (164 for Class A)/366 for the Actual expense example and 183/366 for the Hypothetical expense example.

Semiannual Report May 31, 2012 63

Allianz AGIC Ultra Micro Cap Fund

(Unaudited)

For the period of December 1, 2011, through May 31, 2012, as provided by Robert Marren, Portfolio Manager.

Portfolio Insights

For the reporting period ended May 31, 2012, Class A Shares, at NAV, of Allianz AGIC Ultra Micro Cap Fund (the “Fund”) returned 8.78%, outperforming its benchmark, the Russell Microcap Growth Index (the “benchmark index”), which returned 5.47%.

U.S. equities rose sharply in the New Year with the S&P 500 Index recording its best first quarter return since 1998. Investors reacted positively to reports of improving U.S. economic conditions, accommodative global central bank policies and healthy corporate earnings. Additionally, overseas contagion fears waned considerably. Meanwhile, equity volatility fell, revisiting June 2007 levels and equity trading volume declined—a potential sign investors have yet to fully embrace equities.

In the latter half of the reporting period, reports of slower economic growth across Europe, Asia and the U.S. coincided with lower equity prices around

the globe. Fears of Greece exiting the euro, sovereign debt concerns in Spain and uncertainty around future global central bank initiatives exacerbated risk asset losses. Conversely, Treasury yields hit all-time lows, the dollar rallied and equity market volatility spiked.

Within the benchmark index, most sectors posted a positive return for the period. The stronger performing sectors included Consumer Discretionary and Health Care. Consumer Discretionary stocks rose on improved consumer sentiment and spending reports. Aiding the Health Care sector was its resiliency over the last two months of the reporting period as investors rotated into more defensive, counter-cyclical stocks. In contrast, weakening demand and lower crude oil prices led to declines in the Energy sector, while Industrials were hampered by global economic slowdown concerns.

Performance

Security selection was the main driver of the Fund’s outperformance versus the benchmark index, whereas sector allocation detracted, but to a much lesser extent.

From an attribution perspective, security selection in the Information Technology, Industrials and Health Care sectors was strongest. Gains in two network traffic management companies improved the performance the Information Technology sector, while a boom truck crane manufacturer and industrial MRO products distributor boosted Industrials.

On the downside, security selection within Consumer Staples negatively impacted relative returns. Among the top detractors in the sector was a coffee manufacturer/distributor. Separately, an underweight in Health Care in addition to an overweight in Industrials, detracted from relative performance.

Average Annual Total Return for the period ended May 31, 2012

	6 Month**		1 Year		Since Inception†
Allianz AGIC Ultra Micro Cap Fund Class A*		8.78%		–6.93%		9.91%
Allianz AGIC Ultra Micro Cap Fund Class A (adjusted)*		2.80%		–12.05%		8.49%
Allianz AGIC Ultra Micro Cap Fund Class P		8.98%		–6.68%		10.18%
Allianz AGIC Ultra Micro Cap Fund Institutional Class		9.03%		–6.54%		10.33%
Russell Microcap Growth Index		5.47%		–12.37%		1.73%
Lipper Small-Cap Core Fund Avg.		2.82%		–8.84%		2.85%

† 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.

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. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 88 and 89 for more information. The Fund’s gross expense ratios are 3.83% for Class A shares, 3.48% for Class P shares and 3.53% for Institutional Class shares. This ratio does not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 2.35% for Class A shares, 2.07% for Class P shares and 2.00% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

* The returns presented are for A Class shares of the Fund, which were incepted on 12/19/11. These returns are based on the historic performance of the Predecessor Fund’s Class I shares prior to the reorganization, adjusted to reflect the Fund’s A Class shares’ different charges and expenses.

** Cumulative return

64 Allianz Multi-Strategy Funds

Allianz AGIC Ultra Micro Cap Fund (Cont.)

(Unaudited)

Cumulative Returns Through May 31, 2012

Industry Allocation (as of May 31, 2012)

Health Care Equipment & Supplies	7.7%
Software	6.7%
Health Care Providers & Services	6.0%
Internet Software & Services	5.9%
Communications Equipment	4.8%
Semiconductors & Semiconductor Equipment	4.8%
Road & Rail	4.4%
Hotels, Restaurants & Leisure	4.4%
Other	50.4%
Cash & Equivalents — Net	4.9%

Shareholder Expense Example	Actual Performance
	Class A		Class P		Institutional Class
Beginning Account Value*	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,108.40	$	1,089.80	$	1,090.30
Expenses Paid During Period	$	11.53	$	11.96	$	11.24
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class P		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,012.80	$	1,013.55	$	1,014.25
Expenses Paid During Period	$	12.28	$	11.53	$	10.83

* Class A commenced operations on December 19, 2011. The Actual expense example for Class A is based on the period since inception; the Actual expense example for Class P and Institutional Class and the Hypothetical expense example is based on the period beginning December 1, 2011.

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (2.44% for Class A, 2.29% for Class P and 2.15% for Institutional Class), multiplied by the average account value over the period, multiplied by 183 (164 for Class A)/366 for the Actual expense example and 183/366 for the Hypothetical expense example.

Semiannual Report May 31, 2012 65

Allianz AGIC U.S. Emerging Growth Fund

(Unaudited)

For the period of December 1, 2011, through May 31, 2012, as provided by John McCraw, Portfolio Manager.

Portfolio Insights

For the reporting period ended May 31, 2012, Class A Shares, at NAV, of Allianz AGIC U.S. Emerging Growth Fund (the “Fund”) returned 0.69%, underperforming its benchmark, the Russell 2000 Growth Index (the “benchmark index”), which returned 3.24% during the reporting period.

U.S. equities rose sharply in the New Year with the S&P 500 Index recording its best first quarter return since 1998. Investors reacted positively to reports of improving U.S. economic conditions, accommodative global central bank policies and healthy corporate earnings. Additionally, overseas contagion fears waned considerably. Meanwhile, equity volatility fell, revisiting June 2007 levels and equity trading volume declined—a potential sign investors have yet to fully embrace equities.

In the latter half of the reporting period, reports of slower economic growth across Europe, Asia and the U.S. coincided with lower equity prices around the globe. Fears of Greece exiting the euro, sovereign debt concerns in Spain and uncertainty around future global central bank initiatives

exacerbated risk asset losses. Conversely, Treasury yields hit all-time lows, the dollar rallied and equity market volatility spiked.

Within the benchmark index, most sectors posted a positive return for the period. The strongest performing sectors included Consumer Discretionary and Health Care. Consumer Discretionary stocks rose on improved consumer sentiment and spending reports. With the exception of Consumer Staples, the Health Care sector was the only segment to record gains over the last two months of the reporting period as investors rotated into more defensive, counter-cyclical stocks. In contrast, weakening demand and lower prices for commodities led to declines in the Materials and Energy sectors.

Performance

Sector allocation was the main driver of the Fund’s underperformance versus the benchmark index, whereas stock selection detracted to a lesser extent. Global uncertainty and macro factors weighed on the fund as those companies with the

greatest expectations for fundamental improvement declined the most.

From an attribution perspective, stock picking in Consumer Discretionary, Consumer Staples and Financials was strongest. The Consumer Discretionary sector was aided by lodging company, while a manufacturer of natural and organic food products that is benefiting from secular trends around growing health-consciousness helped lift the Consumer Staples sector.

On the downside, security selection within Industrials, Information Technology and Energy negatively impacted relative returns. A railroad freight car and equipment manufacturer and an oil and gas E&P company pressured the Industrials and Energy sectors, respectively.

Separately, an underweight in Health Care and Financials in addition to an overweight in Materials and Information Technology detracted from relative performance.

Average Annual Total Return for the period ended May 31, 2012

	6 Month*		1 Year		5 Year		10 Year		Since Inception†
Allianz AGIC U.S. Emerging Growth Fund Class A		0.69%		–14.18%		–0.53%		5.24%		6.21%
Allianz AGIC U.S. Emerging Growth Fund Class A (adjusted)		–4.85%		–18.90%		–1.65%		4.65%		5.89%
Allianz AGIC U.S. Emerging Growth Fund Class C		0.36%		–14.82%		–1.26%		4.47%		5.43%
Allianz AGIC U.S. Emerging Growth Fund Class C (adjusted)		–0.57%		–15.60%		–1.26%		4.47%		5.43%
Allianz AGIC U.S. Emerging Growth Fund Class D		0.68%		–14.24%		–0.53%		5.24%		6.21%
Allianz AGIC U.S. Emerging Growth Fund Class R		0.60%		–14.39%		–0.77%		4.99%		5.95%
Allianz AGIC U.S. Emerging Growth Fund Class P		0.84%		–13.96%		–0.28%		5.51%		6.48%
Allianz AGIC U.S. Emerging Growth Fund Institutional Class		0.84%		–13.88%		–0.17%		5.61%		6.59%
Russell 2000 Growth Index		3.24%		–9.46%		0.86%		5.91%		5.46%
Lipper Small-Cap Core Funds Average		2.82%		–8.84%		–0.87%		5.97%		9.22%

† 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.

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 88 and 89 for more information. The Fund’s gross expense ratios are 2.70% for Class A shares, 3.04% for Class C shares, 2.31% for Class D shares, 2.50% for Class R shares, 2.13% for Class P shares and 1.99% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 1.50% for Class A shares, 2.21% for Class C shares, 1.48% for Class D shares, 1.67% for Class R shares, 1.25% for Class P shares and 1.15% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

* Cumulative return

66 Allianz Multi-Strategy Funds

Allianz AGIC U.S. Emerging Growth Fund (Cont.)

(Unaudited)

Cumulative Returns Through May 31, 2012

Industry Allocation (as of May 31, 2012)

Specialty Retail	9.3%
Software	7.7%
Semiconductors & Semiconductor Equipment	5.6%
Internet Software & Services	5.4%
Machinery	5.0%
Oil, Gas & Consumable Fuels	4.6%
Health Care Providers & Services	4.6%
Hotels, Restaurants & Leisure	4.4%
Other	50.3%
Cash & Equivalents — Net	3.1%

Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class R		Class P		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,006.90	$	1,003.60	$	1,006.80	$	1,006.00	$	1,008.40	$	1,008.40
Expenses Paid During Period	$	7.53	$	11.17	$	7.48	$	8.63	$	6.28	$	5.77
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class R		Class P		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,017.50	$	1,013.85	$	1,017.55	$	1,016.40	$	1,018.75	$	1,019.25
Expenses Paid During Period	$	7.57	$	11.23	$	7.52	$	8.67	$	6.31	$	5.81

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.50% for Class A, 2.23% for Class C, 1.49% for Class D, 1.72% for Class R, 1.25% for Class P and 1.15% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.

Semiannual Report May 31, 2012 67

Allianz F&T Behavioral Advantage Large Cap Fund

(Unaudited)

For the period of December 1, 2011, through May 31, 2012, as provided by the Fund’s Portfolio Management Team.

Portfolio Insights

Market Environment

For the reporting period ended May 31, 2012, Class A Shares at NAV of the Allianz F&T Behavioral Advantage Large Cap Fund (the “Fund”), returned 9.88% outperforming its benchmark, the S&P 500 Index (the “benchmark index”), which returned 6.23% over this same period.

Domestic equities delivered positive returns during the review period with the benchmark index rising 6.23% as investors focused on an improved U.S. economic environment in the period’s first half. Solid corporate earnings growth across most sectors of the market as well as an improvement in U.S. GDP to an annualized 3% in the fourth quarter of 2011, above the annual average of 2.5% over the past 20 years, helped to lift stocks. Equities rose as the calendar transitioned from 2011 to 2012 as investor appetite for risk increased both on the basis of these improved results, as well as on better news out of Europe as the eurozone agreed to another

Greek debt bailout package in March. These allayed concerns were short lived, however, as Italian and Spanish bond yields rose sharply in April on fears over creditworthiness. Increased discussions in May of a possible Greek exit from the euro raised the potential of a possible break-up of the eurozone which generated renewed concerns over global economic growth sending stocks lower to end the period.

Fund Review

The Fund seeks to capitalize on the mispricing of U.S. large-cap stocks caused by behavioral biases.

Positive stock selection was the largest contributor to the Fund’s relative performance with sector allocation also providing positive results. Stock selection within the Consumer Discretionary sector coupled with an overweight allocation to this group helped the Fund’s relative performance as this was the best performing sector during the period. Stocks in this sector, particularly among retailing stocks, were

emphasized in the portfolio due to a combination of behavioral-based adjustments. Also benefitting results were both allocation and selection among energy-related stocks, especially among oil- and gas-related shares, as weights and selection decisions were driven by multiple behavioral-based elements. Positive allocation and stock selection within the Consumer Staples sector also helped the Fund’s relative performance as these stocks were highlighted and selected due to adjustments in the weights of stocks associated with behavioral biases that tend to cause investors to underreact to information.

Detracting from results was an underweight allocation to the Technology sector as well as stock selection among technology-related stocks chiefly among hardware and equipment makers. These determinations were driven mainly by weight differences relative to the benchmark index from our process which establishes a stock’s initial weight in the portfolio based on common accounting measures.

Average Annual Total Return for the period ended May 31, 2012

	6 Month*		Since Inception†
Allianz F&T Behavioral Advantage Large Cap Fund Class A		9.88%		17.57%
Allianz F&T Behavioral Advantage Large Cap Fund Class A (adjusted)		3.83%		11.10%
Allianz F&T Behavioral Advantage Large Cap Fund Class C		9.46%		16.90%
Allianz F&T Behavioral Advantage Large Cap Fund Class C (adjusted)		8.46%		15.90%
Allianz F&T Behavioral Advantage Large Cap Fund Class D		9.88%		17.57%
Allianz F&T Behavioral Advantage Large Cap Fund Class P		10.05%		17.75%
Allianz F&T Behavioral Advantage Large Cap Fund Institutional Class		10.08%		17.86%
S&P 500 Index		6.23%		12.31%
Lipper Large-Cap Core Funds Average		4.69%		6.88%

† The Fund began operations on 9/8/11. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 8/31/11.

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 88 and 89 for more information. The Fund’s gross expense ratios are 1.92% for Class A shares, 2.67% for Class C shares, 1.92% for Class D shares, 1.77% for Class P shares and 1.67% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 0.90% for Class A shares, 1.65% for Class C shares, 0.90% for Class D shares, 0.65% for Class P shares and 0.55% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

* Cumulative return

68 Allianz Multi-Strategy Funds

Allianz F&T Behavioral Advantage Large Cap Fund (Cont.)

(Unaudited)

Cumulative Returns Through May 31, 2012

Industry Allocation (as of May 31, 2012)

Pharmaceuticals	7.3%
Oil, Gas & Consumable Fuels	5.8%
Specialty Retail	5.2%
Food & Staples Retailing	4.4%
Chemicals	3.6%
Insurance	3.5%
Media	3.4%
Hotels, Restaurants & Leisure	3.3%
Other	62.8%
Cash & Equivalents — Net	0.7%

Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,098.80	$	1,094.60	$	1,098.80	$	1,100.50	$	1,100.80
Expenses Paid During Period	$	4.72	$	8.64	$	4.72	$	3.41	$	2.89
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,020.50	$	1,016.75	$	1,020.50	$	1,021.75	$	1,022.25
Expenses Paid During Period	$	4.55	$	8.32	$	4.55	$	3.29	$	2.78

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.90% for Class A, 1.65% for Class C, 0.90% for Class D, 0.65% for Class P and 0.55% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.

Semiannual Report May 31, 2012 69

Allianz NFJ Global Dividend Value Fund

(Unaudited)

For the period of December 1, 2011, through May 31, 2012, as provided by Burns McKinney, Portfolio Manager.

Portfolio Insights

For the reporting period ended May 31, 2012, Class A Shares at NAV of Allianz NFJ Global Dividend Value Fund (the “Fund”) returned -1.68%, underperforming its benchmark, the MSCI ACWI Index (the “benchmark index”), which returned 0.48%.

The reporting period was a study in contrasts. During the first half of the reporting period, many international and global markets delivered performance gains as an improving outlook withstood the world’s laundry list of economic anxieties, and fresh waves of monetary easing in Europe and Asia, as well as a confident U.S. consumer, drove numerous securities that lagged in 2011 to notable heights. The market then reversed course as equities fell globally after the European debt crisis reached a boil. This downturn was magnified by the events of May. International Monetary Fund officials hashed through contingency plans on a prospective Spanish sovereign bailout, while Greece edged closer to splitting from the euro. Strength from the first three months of 2012 was just enough to offset the market’s weakness in the remaining months of the reporting period, and the benchmark index delivered positive results for the reporting period ended May 31, 2012.

Benchmark returns were slightly positive during the reporting period, as six of the ten sectors in the benchmark index generated positive returns. The Energy, Materials, Utilities and

Telecommunication Services sectors were the worst performing sectors. In contrast, the Consumer Discretionary, Information Technology, Healthcare and Consumer Staples sectors posted positive returns during the reporting period. On a country basis, the weakest returns were experienced by Europe’s periphery countries, including Spain, Greece, Portugal and Italy, whereas the strongest results were generated in several emerging markets countries, including the Philippines, Colombia and Egypt, according to MSCI.

Sector allocation drove the Fund’s underperformance

The Fund’s underperformance versus the benchmark index was largely due to sector allocation. Stock selection was net positive during the period and contributed to the Fund’s relative results. Both country allocation and selection by country detracted from performance, albeit to a lesser degree than sector allocation.

In terms of stock selection, the Fund’s holdings in the Utilities, Materials and Information Technology sectors were the largest contributors to performance during the reporting period. This was somewhat offset by the Fund’s holdings in the Industrials, Financials and Health care sectors.

The largest individual detractors from absolute performance were South Korea’s SK Telecom,

France-based oil and gas firm Total, and industrial companies R.R. Donnelley & Sons and Pitney Bowes. On the upside, hard disk drive manufacturer Seagate Technology, materials company Eastman Chemical and Brazilian utilities SABESP and CEMIG were the largest contributors to absolute performance.

From a sector allocation perspective, an overweight in Energy, Underweight in Consumer Discretionary and overweight in Telecommunication Services detracted the most from results, though the majority of sector allocations were negative during the reporting period.

The Fund’s country allocations were net negative during the reporting period. An underweight in the United States and overweights in Spain and Russia were the primary detractors from relative returns. In contrast, an overweight in Hong Kong as well as underweights in Canada and Italy benefited the Fund’s relative performance.

Sector weight deviations are a result of NFJ’s bottom-up investment process. On average during the reporting period, the Fund’s largest overweights relative to the benchmark index were in the Telecommunication Services, Energy and Industrials sectors, whereas the largest relative underweights were in the Consumer Discretionary, Consumer Staples and Information Technology sectors.

Average Annual Total Return for the period ended May 31, 2012

	6 Month*		1 Year		Since Inception†
Allianz NFJ Global Dividend Value Fund Class A		–1.68%		–13.33%		8.54%
Allianz NFJ Global Dividend Value Fund Class A (adjusted)		–7.09%		–18.10%		6.46%
Allianz NFJ Global Dividend Value Fund Class C		–2.07%		–13.97%		7.74%
Allianz NFJ Global Dividend Value Fund Class C (adjusted)		–3.03%		–14.80%		7.74%
Allianz NFJ Global Dividend Value Fund Class D		–1.71%		–13.32%		8.55%
Allianz NFJ Global Dividend Value Fund Class P		–1.58%		–13.13%		8.77%
Allianz NFJ Global Dividend Value Fund Institutional Class		–1.57%		–13.06%		8.87%
MSCI All Country World Index		0.48%		–12.29%		9.26%
Lipper Global Large-Cap Value Funds Average		–2.30%		–14.56%		6.59%

† 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. 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 88 and 89 for more information. The Fund’s gross expense ratios are 1.87% for Class A shares, 2.66% for Class C shares, 3.69% for Class D shares, 1.94% for Class P shares and 1.63% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 1.20% for Class A shares, 1.99% for Class C shares, 1.30% for Class D shares, 1.05% for Class P shares and 0.95% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

* Cumulative return

70 Allianz Multi-Strategy Funds

Allianz NFJ Global Dividend Value Fund (Cont.)

(Unaudited)

Cumulative Returns Through May 31, 2012

Country Allocation (as of May 31, 2012)

United States	35.2%
United Kingdom	9.6%
France	7.6%
Japan	7.2%
Brazil	5.9%
Korea (Republic of)	5.2%
Hong Kong	4.0%
Canada	3.9%
Other	18.7%
Cash & Equivalents — Net	2.7%

Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	983.20	$	979.30	$	982.90	$	984.20	$	984.30
Expenses Paid During Period	$	7.04	$	10.69	$	7.09	$	6.00	$	5.46
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,017.90	$	1,014.20	$	1,017.85	$	1,018.95	$	1,019.50
Expenses Paid During Period	$	7.16	$	10.88	$	7.21	$	6.11	$	5.55

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.42% for Class A, 2.16% for Class C, 1.43% for Class D, 1.21% for Class P and 1.10% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.

Semiannual Report May 31, 2012 71

Allianz NFJ International Value II Fund

(Unaudited)

For the period of December 1, 2011, through May 31, 2012, as provided by Baxter Hines, Portfolio Manager.

Portfolio Insights

For the period since inception on December 1, 2011 through May 31, 2012, Class A Shares at NAV of Allianz NFJ International Value II Fund (the “Fund”) returned -3.48% outperforming the MSCI EAFE Index (the “benchmark index”), which returned -5.00% since inception.

The since inception reporting period was a study in contrasts. During the first half of the reporting period, many international and global markets delivered performance gains as an improving outlook withstood the world’s laundry list of economic anxieties, and fresh waves of monetary easing in Europe and Asia, as well as a confident U.S. consumer, drove numerous securities that lagged in 2011 to notable heights. The market then reversed course as equities fell globally after the European debt crisis reached a boil. This downturn was magnified by the events of May. International Monetary Fund officials hashed through contingency plans on a prospective Spanish sovereign bailout, while Greece edged closer to splitting from the euro. Strength from the first two months of 2012 was unable to offset the market’s weakness in the remaining months of the reporting period, and the benchmark index delivered negative results during the since inception period ended May 31, 2012.

Benchmark returns stumbled during the reporting period, as seven of the ten sectors in the benchmark index generated negative returns. The

Energy, Telecommunication Services, Utilities and Materials sectors were the worst performing sectors. The only sectors that delivered positive returns were Healthcare, Consumer Staples and Consumer Discretionary. On a country basis, the weakest returns were experienced by Europe’s periphery countries, including Spain, Greece, Portugal and Italy, whereas the strongest results were generated in New Zealand, Belgium and Denmark.

Stock selection drove the Fund’s relative outperformance

The Fund’s relative outperformance versus the benchmark index was due to strong stock selection, though sector allocation did detract from relative returns during the reporting period.

In terms of stock selection, the Fund’s holdings in the Utilities, Health care and Consumer Discretionary sectors were the largest contributors to performance during the reporting period. This was somewhat offset by the Fund’s holdings in the Consumer Staples, Materials and Energy sectors.

The largest individual contributors to absolute performance were a Brazil water utility company, German Healthcare firm, and two United Kingdom-based companies, including a Consumer Discretionary firm and Financial

Services group. Conversely, two Spanish companies, insurer Mapfre and Telefonica, African Barrick Gold, a mining business operating in Tanzania, and Telecom Argentina were the largest detractors from absolute performance.

From a sector allocation perspective, underweights in the Financials, Information Technology and Industrials Sectors contributed to the Fund’s relative returns during the reporting period. Being overweight the Telecommunication Services, Energy and Utilities sectors detracted the most from results.

The Fund’s country allocations detracted from relative returns during the period. Allocations that benefited the Fund’s relative performance included an underweight in Italy and an overweight in Brazil. The primary detractors from relative returns were an underweight in Switzerland and overweights in South Korea and Argentina.

Sector weight deviations are a result of NFJ’s bottom-up investment process. On average during the reporting period, the Fund’s largest overweights relative to the benchmark index were in the Telecommunication Services, Energy and Utilities sectors, whereas the largest relative underweights were in the Financials, Information Technology and Healthcare sectors.

Cumulative Total Return for the period ended May 31, 2012

	Since Inception†
Allianz NFJ International Value II Fund Class A		–3.48%
Allianz NFJ International Value II Fund Class A (adjusted)		–8.79%
Allianz NFJ International Value II Fund Class C		–3.80%
Allianz NFJ International Value II Fund Class C (adjusted)		–4.76%
Allianz NFJ International Value II Fund Class D		–3.48%
Allianz NFJ International Value II Fund Class P		–3.31%
Allianz NFJ International Value II Fund Institutional Class		–3.29%
MSCI EAFE Index		–5.00%
Lipper International Large-Cap Value Avg.		–6.85%

† The Fund began operations on 12/1/11. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 11/30/11.

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 88 and 89 for more information. The Fund’s gross expense ratios are 3.63% for Class A shares, 4.38% for Class C shares, 3.63% for Class D shares, 3.48% for Class P shares and 3.38% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 1.30% for Class A shares, 2.05% for Class C shares, 1.30% for Class D shares, 1.05% for Class P shares and 0.95% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

72 Allianz Multi-Strategy Funds

Allianz NFJ International Value II Fund (Cont.)

(Unaudited)

Cumulative Returns Through May 31, 2012

Country Allocation (as of May 31, 2012)

United Kingdom	25.7%
Japan	24.6%
Canada	7.4%
France	5.2%
Hong Kong	4.5%
China	2.9%
Brazil	2.9%
Spain	2.8%
Other	22.5%
Cash & Equivalents — Net	1.5%

Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	965.20	$	962.00	$	965.20	$	966.90	$	967.10
Expenses Paid During Period	$	6.35	$	10.00	$	6.35	$	5.13	$	4.65
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,018.50	$	1,014.75	$	1,018.50	$	1,019.75	$	1,020.25
Expenses Paid During Period	$	6.56	$	10.33	$	6.56	$	5.30	$	4.80

The Fund commenced operations on December 1, 2011. The Actual expense example is based on the period since inception; the Hypothetical expense example is based on the period beginning December 1, 2011.

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.30% for Class A, 2.05% for Class C, 1.30% for Class D, 1.05% for Class P and 0.95% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/366 for the Actual expense example and 183/366 for the Hypothetical expense example.

Semiannual Report May 31, 2012 73

Allianz RCM All Alpha Fund

(Unaudited)

For the period of December 1, 2011, through May 31, 2012, as provided by Steve Berexa and Jing Zhou, Portfolio Managers.

Portfolio Insights

For the reporting period ended May 31, 2012, Class A Shares of Allianz RCM All Alpha Fund (the “Fund”) returned -5.78% at NAV, underperforming the BofA Merrill Lynch 3-Month U.S. Treasury Bill (the “benchmark index”), which returned 0.03% during the reporting period.

Market Environment

During the reporting period, equity markets were caught between periods of investor optimism and concern regarding the health of the U.S. and global economies. During the first half of the reporting period, equity investors reacted positively to a series of stronger than expected economic releases. In Europe, contagion fears and

reports of bank deposits leaving troubled Greek banks weighed on equity markets globally. The markets stalled in April and then gave back a significant portion of the gains made earlier in the year during May. In this time period, the S&P 500 Index returned 6.23%, MSCI Europe was down 6.08%, and MSCI AC Asia (ex Japan) returned 3.55%.

Fund Review

During the reporting period, the Fund maintained an overall market neutral exposure and zero and gross exposure between 140% to 190%. Among equities, the Technology sector was the largest detractor from performance, while the Consumer

Discretionary and Consumer Staples sectors were the largest contributors. In terms of stock selection, Human Genome Sciences Inc. was a top detractor from returns during this period, as well as Groupon, HSBC Holdings, Incyte Corp., and BioSante Pharmaceuticals Inc. Conversely, one of the top contributors to performance was Ardea Biosciences Inc. In addition, holdings in Seagate Technology Inc., Amylin Pharmaceuticals Inc., LinkedIn Corporation, and ViroPharma Inc., contributed to performance. In terms of geographical regions, Asia Pacific and North America detracted from performance, while Europe enhanced overall returns.

Average Annual Total Return for the period ended May 31, 2012

	6 Month*		1 Year		Since Inception†
Allianz RCM All Alpha Fund Class A		–5.78%		–8.86%		–7.86%
Allianz RCM All Alpha Fund Class A (adjusted)		–10.96%		–13.88%		–12.22%
Allianz RCM All Alpha Fund Class C		–6.11%		–9.50%		–8.51%
Allianz RCM All Alpha Fund Class C (adjusted)		–6.98%		–10.34%		–8.51%
Allianz RCM All Alpha Fund Class D		–5.85%		–8.87%		–7.86%
Allianz RCM All Alpha Fund Class P		–5.70%		–8.72%		–7.68%
Allianz RCM All Alpha Fund Institutional Class		–5.61%		–8.51%		–7.50%
BofA Merrill Lynch 3-Month U.S. Treasury Bill		0.03%		0.05%		0.07%
Lipper Equity Market Neutral Funds Average		–0.36%		–1.13%		–0.29%

† The Fund began operations on 3/31/11. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 3/31/11.

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 88 and 89 for more information. The Fund’s gross expense ratios are 12.29% for Class A shares, 9.85% for Class C shares, 7.10% for Class D shares, 8.76% for Class P shares and 6.36% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 2.74% for Class A shares, 3.49% for Class C shares, 2.74% for Class D shares, 2.49% for Class P shares and 2.39% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

* Cumulative return

74 Allianz Multi-Strategy Funds

Allianz RCM All Alpha Fund (Cont.)

(Unaudited)

Cumulative Returns Through May 31, 2012

Country Allocation (as of May 31, 2012)

United States	38.1%
China	17.6%
Hong Kong	11.0%
Israel	1.6%
Bermuda	1.5%
Germany	1.2%
United Kingdom	1.2%
Other	3.8%
Securities Sold Short*	–45.8%
Cash & Equivalents — Net	69.8%

* Table below details the country allocation for securities sold short.

Country Allocation — Securities Sold Short

United States	–35.8%
Switzerland	–2.3%
Ireland	–2.0%
Germany	–1.9%
United Kingdom	–1.1%
Netherlands	–1.0%
China	–0.5%
Other	–1.2%

Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	942.20	$	938.90	$	941.50	$	943.00	$	943.90
Expenses Paid During Period	$	14.91	$	17.98	$	14.95	$	13.80	$	13.32
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,009.65	$	1,006.45	$	1,009.60	$	1,010.80	$	1,011.30
Expenses Paid During Period	$	15.42	$	18.61	$	15.47	$	14.28	$	13.78

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (3.07% for Class A, 3.71% for Class C, 3.08% for Class D, 2.84% for Class P and 2.74% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.

Semiannual Report May 31, 2012 75

Allianz RCM China Equity Fund

(Unaudited)

For the period of December 1, 2011, through May 31, 2012, as provided by Christina Chung, Lead Portfolio Manager.

Portfolio Insights

For the reporting period ended May 31, 2012, Class A Shares of Allianz RCM China Equity Fund (the “Fund”) returned -2.57% at NAV underperforming the MSCI China Index (the “benchmark index”), which returned 4.33% during the reporting period.

Equity markets were caught between periods of investor optimism and investor hesitation during the reporting period. In late 2011, a decline in equities was seen as investors were anxious about potential economic slowdown. Then in early 2012, investor confidence returned and equities rallied in response to a more positive global outlook. Investor sentiment once again reversed in March of 2012 when China lowered its growth expectation and the Euro crisis returned to the headlines.

Sector allocation and stock selection drive underperformance

Stock selection in the Information Technology and Telecom Service sectors was the biggest contributor to Fund underperformance relative to the benchmark index. In the Information Technology sector, disappointing earnings detracted from Fund performance and in the Telecom Services sector, prices were undermined by weak 2011 earnings. Competition, in the form of heavier handset subsidies, also contributed to Fund underperformance.

Information Technology valuations are currently attractive and we believe that share prices, accompanied by increased 2012 earnings,

will allow for the sector to recover in the medium-term. Competition in Telecom Services is likely to continue, however its effect on the Fund will be minimized by the Fund’s relative underweight position in this sector.

Stock selection in the Consumer Discretionary sector contributed performance; however it was offset by the Fund’s overweight allocation to the sector relative to the benchmark. In the Materials sector, the Fund’s stock positioning in the packaging industry, specifically the Chinese beverage market, recorded strong relative performance which contributed to the Fund’s overall performance.

Outlook

After the sharp sell-offs across the board in May, valuations dropped to a relatively attractive level. The Fund continues to selectively add to mid/ small cap names which are believed to possess strong fundamentals and good earnings. Alpha names are believed to recover as market sentiment improves. As a part of the on-going risk management process, stocks that fail to meet performance expectations are regularly revisited to determine if fundamentals and investment drivers remain intact. If confidence exists that drivers are still intact, the position may be accumulated to take advantage of the relative share price weakness. If the fundamentals in the drivers have changed or the initial investment case is no longer valid, the loss is cut and the Fund moves out of the position.

It is believed that the Chinese equity market is oversold, especially in the case of H-shares. The Chinese government policy response, such as the June 7, 2012 interest rate cut, the lessened reserve requirement ratio, and the accelerated pace of approval for existing public infrastructure projects, will potentially support economic growth in the second half of the year. These policy actions are likely to ease concerns over an economic hard-landing in China, and could potentially trigger a short-term market rebound. However, for a sustainable market recovery, earnings need to improve and economic issues in Europe must stabilize. Hence, while there is potential for short-term market recovery, investors need to have a longer-term view of the fundamental improvement of the market. Going forward, the Fund will not be positioned toward a particular sector for stock selection; rather the Fund will favor sectors that are believed to have strong structural growth. The Fund’s strategy is to use a bottom-up approach to select stocks that are viewed to have a high conviction, particularly in the Information Technology and Industrials sectors. Additionally, the Fund will increase its position in the Consumer sector if valuations become more attractive. The Fund will continue to have an underweight position in the Banking sector for large capitalization stocks, as earnings may be undermined by the longer-term cyclical economic slowdown and the structural change of interest rate deregulation. In the shorter-term, there is risk of an asymmetric interest rate cut that could potentially lead to a margin squeeze for the banks.

Average Annual Total Return for the period ended May 31, 2012

	6 Month*		1 Year		Since Inception†
Allianz RCM China Equity Fund Class A		–2.57%		–20.62%		1.18%
Allianz RCM China Equity Fund Class A (adjusted)		–7.93%		–24.98%		–1.67%
Allianz RCM China Equity Fund Class C		–2.94%		–21.15%		0.54%
Allianz RCM China Equity Fund Class C (adjusted)		–3.83%		–21.85%		0.54%
Allianz RCM China Equity Fund Class D		–2.56%		–20.55%		1.30%
Allianz RCM China Equity Fund Class P		–2.50%		–20.42%		1.55%
Allianz RCM China Equity Fund Institutional Class		–2.44%		–20.31%		1.65%
MSCI China Index		4.33%		–20.79%		–1.67%
Lipper China Region Funds Average		–1.68%		–24.06%		–2.50%

† 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 88 and 89 for more information. The Fund’s gross expense ratios are 5.29% for Class A shares, 6.74% for Class C shares, 6.76% for Class D shares, 8.18% for Class P shares and 5.96% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 1.73% for Class A shares, 2.56% for Class C shares, 1.77% for Class D shares, 1.51% for Class P shares and 1.45% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

* Cumulative return

76 Allianz Multi-Strategy Funds

Allianz RCM China Equity Fund (Cont.)

(Unaudited)

Cumulative Returns Through May 31, 2012

Industry Allocation (as of May 31, 2012)

Commercial Banks	15.9%
Oil, Gas & Consumable Fuels	12.7%
Wireless Telecommunication Services	6.6%
Insurance	6.1%
Real Estate Management & Development	4.5%
Commercial Services & Supplies	4.4%
Electronic Equipment, Instruments & Components	4.2%
Diversified Telecommunication Services	4.2%
Other	38.3%
Cash & Equivalents — Net	3.1%

Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	974.30	$	970.60	$	974.40	$	975.00	$	975.60
Expenses Paid During Period	$	8.44	$	12.22	$	8.49	$	7.41	$	7.01
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,016.45	$	1,012.60	$	1,016.40	$	1,017.50	$	1,017.90
Expenses Paid During Period	$	8.62	$	12.48	$	8.67	$	7.57	$	7.16

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.71% for Class A, 2.48% for Class C, 1.72% for Class D, 1.50% for Class P and 1.42% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.

Semiannual Report May 31, 2012 77

Allianz RCM Disciplined Equity Fund

(Unaudited)

For the period of December 1, 2011, through May 31, 2012, as provided by Seung Minn, Lead Portfolio Manager.

Portfolio Insights

Market Environment

For the reporting period ended May 31, 2012, Class A Shares at NAV of the Allianz RCM Disciplined Equity Fund (the “Fund”), returned 1.77%, underperforming the S&P 500 Index (the “benchmark index”), which returned 6.23%.

Over the reporting period, equity markets were caught between periods of investor optimism and concern regarding the health of the U.S. and global economies. Telecommunications and Consumer Discretionary stocks led the market higher while the Energy and Materials sectors underperformed.

During the first half of the reporting period, equity investors reacted positively to a series of stronger than expected economic releases. U.S. businesses added over 200,000 jobs per month on average during the period and the number of individuals applying for unemployment benefits fell. On the housing front, sales of new and existing homes ticked up and the level of price declines seemed to moderate. Expected market volatility, as measured by the CBOE Volatility Index (VIX), declined over 40% from December to March as macroeconomic concerns subsided.

U.S. markets stalled in April and then gave back a significant portion of the gains made earlier in the

year during May. The VIX rose through the last months of the period amid softening U.S. economic data and renewed concerns over the eurozone’s debt crisis. Disappointing U.S. jobs figures replaced previously stalwart employment growth. In Europe, contagion fears and reports of bank deposits leaving troubled Greek banks weighed on equity markets globally.

Fund Review

The Fund seeks long-term capital growth by primarily investing in the stocks of companies domiciled in the U.S.

The Fund’s underperformance of the benchmark was driven by both stock selection and sector allocation. On a stock basis, the leading detractor from relative returns was the Fund’s underweight in Apple, which gained over 50% during the reporting period. Other detractors included Electronic Arts, Freeport-McMoRan Copper & Gold, Schlumberger, and Cameron International Corp. Leading contributors to relative performance included holdings in General Electric Co., eBay, AT&T, Amgen and the Fund’s lack of ownership of Oracle.

On a sector basis, the Fund’s overweight exposure to Energy stocks and underweight exposure to Consumer Discretionary stocks contributed

negatively to returns. Allocations to the Materials, Industrials, Financials and Consumer Staples sectors were also detractors. In contrast, the Fund’s overweight exposure to the Technology sector contributed positively to performance. Overall, the impact of sector allocation was negative.

Outlook

Economic reports in the U.S. have been deteriorating recently, including an uptick in unemployment and a softening in industrial production. This raises the risk of downward pressure on S&P earnings for the remainder of 2012 but also increases the likelihood of increased monetary accommodation from the Fed. Looking forward, we expect that GDP may range between 1.5% and 2.5% for the year with downside risk if the situation in Europe continues to deteriorate. Volatility may spike higher given the uncertainties surrounding the global economy as well as what is likely to be a tight presidential election in November.

In the coming months, we will continue to adhere to our investment process and remain focused on identifying undervalued companies undergoing positive change.

Average Annual Total Return for the period ended May 31, 2012

	6 Month*		1 Year		Since Inception†
Allianz RCM Disciplined Equity Fund Class A		1.77%		–6.71%		3.59%
Allianz RCM Disciplined Equity Fund Class A (adjusted)		–3.82%		–11.84%		2.09%
Allianz RCM Disciplined Equity Fund Class C		1.44%		–7.38%		2.83%
Allianz RCM Disciplined Equity Fund Class C (adjusted)		0.44%		–8.29%		2.83%
Allianz RCM Disciplined Equity Fund Class D		1.81%		–6.68%		3.60%
Allianz RCM Disciplined Equity Fund Class P		1.83%		–6.60%		3.83%
Allianz RCM Disciplined Equity Fund Institutional Class		1.95%		–6.43%		3.94%
S&P 500 Index		6.23%		–0.41%		4.28%
Lipper Large-Cap Core Funds Average		4.69%		–3.40%		1.71%

† 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 88 and 89 for more information. The Fund’s gross expense ratios are 1.40% for Class A shares, 2.15% for Class C shares, 4.05% for Class D shares, 1.26% for Class P shares and 1.12% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.70% for Class C shares, 0.95% for Class D shares, 0.80% for Class P shares and 0.70% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

* Cumulative return

78 Allianz Multi-Strategy Funds

Allianz RCM Disciplined Equity Fund (Cont.)

(Unaudited)

Cumulative Returns Through May 31, 2012

Industry Allocation (as of May 31, 2012)

Oil, Gas & Consumable Fuels	8.9%
Software	8.4%
Energy Equipment & Services	6.1%
Pharmaceuticals	5.8%
Aerospace & Defense	5.7%
Commercial Banks	5.1%
Health Care Equipment & Supplies	5.0%
Computers & Peripherals	4.6%
Other	47.6%
Cash & Equivalents — Net	2.8%

Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,017.70	$	1,014.40	$	1,018.10	$	1,018.30	$	1,019.50
Expenses Paid During Period	$	5.75	$	9.57	$	5.60	$	4.79	$	4.39
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,019.30	$	1,015.50	$	1,019.45	$	1,020.25	$	1,020.65
Expenses Paid During Period	$	5.76	$	9.57	$	5.60	$	4.80	$	4.39

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.14% for Class A, 1.90% for Class C, 1.11% for Class D, 0.95% for Class P and 0.87% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.

Semiannual Report May 31, 2012 79

Allianz RCM Global Water Fund

(Unaudited)

For the period of December 1, 2011, through May 31, 2012, as provided by Andreas Fruschki, Lead Portfolio Manager.

Portfolio Insights

Market Environment

For the reporting period ended May 31, 2012, Class A Shares of the Allianz RCM Global Water Fund (the “Fund”), at NAV returned 4.92% and outperformed its benchmark, the S&P Global Water Index (the “benchmark index”) which returned 3.79%, by more than 100 bps.

For the majority of the reporting period, the environment for stocks was favorable as the US reported encouraging economic data and water related companies released positive earnings reports. Economic concerns in late 2011 did not appear to materialize in early 2012, which brought investor confidence and equity appreciation at the start of the New Year.

In May, however, feelings of uncertainty returned after China lowered its growth expectation and the Euro crisis reappeared in the headlines. In water related stocks, M&A was a theme once again as water companies either acquired other players or became targets of other larger players seeking to gain exposure to the market. For example, Northumbrian Water was acquired by infrastructure funds in 2011 and Pentair decided to merge with Tyco to form a larger water player.

The correlation between investments in the water related market and state and public infrastructure detracted from performance because many governments struggle with austerity or lower tax revenues which can potentially delay

investments. Delays in investments may result in increased investment needs in the future as water quality standards are continuously rising and this water supply is critical to the Industrials and Agriculture industries. Currently, water infrastructure in developed nations is aging and suffering from underinvestment and in the majority of emerging markets, the water quality and availability is considered underdeveloped. This leaves growth opportunities for filtration and disinfection technology, waste water treatment, efficient pumping and accurate metering and monitoring of water quality.

Fund Review

The Fund’s outperformance versus the benchmark index was the result of both stock selection and allocation. In terms of stock selection, our best contributors included the Fund’s position in Andritz, which continues to benefit from investments in hydropower across the globe and the holding of two U.S. Industrials companies Roper Industries and Idex. The Fund also benefited from lack of ownership or underweight exposures in companies like Kurita Water in Japan, construction company FCC in Spain, and Itron, which faced increased competition from other meter companies.

Detracting from performance was the Fund’s lack of holding in Pentair, which gained after it merged with Tyco’s water filtration business. The rebound in U.S. construction related companies like

Mueller Water and Valmont were also missed. From a sector allocation perspective, the cautious stance towards construction-only companies proved to be beneficial, however the relative underweight in the Utilities sector detracted from performance. Other negative contributors were the positions in Watts Water Tech and Suez Environments Comp.

Outlook

Water related companies continue to attract the interest of investors’ as well as the interest from non-water related companies seeking to gain market exposure. This is especially the case in today’s low yield environment, where water related returns are shielded from inflationary pressures. As returns from water related companies continue to gain relative attractiveness, takeovers from Private Equity and Infrastructure Funds are expected to rise. Companies with structurally growing end-markets, such as Andritz in the case of hydropower, and Geberit in the case of efficient bathroom piping, also remain attractive. The growing focus on the quality of drinking water is also believed to provide additional growth opportunities for test and measurement technology as well as for filtration and waste water treatment equipment. Skepticism remains in European construction companies and end-markets related to public spending, while preference is given to U.S. water technology companies that sell to private clients.

Average Annual Total Return for the period ended May 31, 2012

	6 Month*		1 Year		Since Inception†
Allianz RCM Global Water Fund Class A		4.92%		–7.74%		–0.95%
Allianz RCM Global Water Fund Class A (adjusted)		–0.85%		–12.82%		–2.28%
Allianz RCM Global Water Fund Class C		4.48%		–8.46%		–1.69%
Allianz RCM Global Water Fund Class C (adjusted)		3.48%		–9.37%		–1.69%
Allianz RCM Global Water Fund Class D		4.88%		–7.81%		–0.98%
Allianz RCM Global Water Fund Class P		4.93%		–7.59%		–0.72%
Allianz RCM Global Water Fund Institutional Class		4.96%		–7.53%		–0.64%
S&P Global Water Index		3.79%		–7.81%		0.20%
Lipper Global Natural Resources Funds Average		–13.08%		–27.66%		–5.56%

† 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 88 and 89 for more information. The Fund’s gross expense ratios are 1.68% for Class A shares, 2.44% for Class C shares, 2.00% for Class D shares, 1.52% for Class P shares and 1.39% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 1.57% for Class A shares, 2.33% for Class C shares, 1.60% 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 2, 2012, as supplemented to date.

* Cumulative return

80 Allianz Multi-Strategy Funds

Allianz RCM Global Water Fund (Cont.)

(Unaudited)

Cumulative Returns Through May 31, 2012

Country Allocation (as of May 31, 2012)

United States	35.8%
United Kingdom	24.1%
Switzerland	10.5%
France	5.1%
Austria	4.8%
Sweden	4.1%
Brazil	3.2%
Netherlands	2.8%
Other	3.7%
Cash & Equivalents — Net	5.9%

Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,049.20	$	1,044.80	$	1,048.80	$	1,049.30	$	1,049.60
Expenses Paid During Period	$	7.84	$	11.71	$	8.55	$	7.28	$	6.56
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,017.35	$	1,013.55	$	1,016.65	$	1,017.90	$	1,018.60
Expenses Paid During Period	$	7.72	$	11.53	$	8.42	$	7.16	$	6.46

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.53% for Class A, 2.29% for Class C, 1.67% for Class D, 1.42% for Class P and 1.28% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.

Semiannual Report May 31, 2012 81

Allianz RCM Redwood Fund

(Unaudited)

For the period of December 1, 2011, through May 31, 2012, as provided by Todd Hawthorne and Raphael Edelman, Portfolio Managers.

Portfolio Insights

Market Environment

For the reporting period ended May 31, 2012, Class A Shares at NAV of the Allianz RCM Redwood Fund (the “Fund”) returned 1.25%, while the S&P 500 Index returned 6.23%. Equity markets were caught between periods of investor optimism and investor concern regarding the health of the U.S. and global economies. Telecommunications and Consumer Discretionary stocks led the market higher while the Energy and Materials sectors underperformed.

During the first half of the reporting period, equity investors reacted positively to a series of stronger than expected economic releases. U.S. businesses added over 200,000 jobs per month on average during the period and the number of individuals applying for unemployment benefits fell. On the housing front, sales of new and existing homes ticked up and the level of price declines seemed to moderate. Expected market volatility, as measured by the CBOE Volatility Index (VIX), declined over 40% from December to March as macroeconomic concerns subsided.

U.S. markets stalled in April and gave back a significant portion of the gains made earlier in the year during May. The VIX rose through the last months of the period amid softening U.S. economic data and renewed concerns over the Europe’s debt crisis. Disappointing U.S. jobs figures replaced previously stalwart employment growth. In Europe, contagion fears and reports of bank deposits leaving troubled Greek banks weighed on equity markets globally.

Fund Review

Over the reporting period, the Fund produced positive absolute returns in four of the six months and outperformed the S&P 500 Index in April and May while the U.S. equity market moved lower. The bottom-up fundamental approach and risk management process enabled the Fund to maintain sufficient downside protection through the heightened market volatility of May. At the sector level, the process allowed the Fund to move

from an underweight to an overweight position in Technology and to increase its allocation to Financials.

Fund holding Apple Inc. was a stand-out performer, rising nearly 50% amid the third generation iPad launch and news the company will return part of the roughly $100 billion in cash reserves to investors. Management announced a quarterly dividend of $2.65 and a $10 billion share repurchase plan. The company’s market capitalization surpassed $500 billion during the reporting period.

Hertz Global Holdings positively contributed to the Fund’s performance. During the reporting period, the car rental company reported better-than-expected quarterly earnings figures and raised its full year profit and revenue forecasts. It’s believed Hertz is benefitting from increased demand due to strength in business and leisure travel in the United States as well as from higher resale prices on its vehicles.

Health care facility operator HCA Holdings Inc. also contributed positively to performance. In February, HCA announced it would pay shareholders a special cash dividend of $2.00 per share funded with existing cash and borrowings through its credit facilities.

Conversely, the Fund’s position in Groupon Inc. detracted from the returns. Shares of the daily coupon distributor initially slid as investor feared new industry entrants could intensify the competitive environment going forward. Later, shares declined below our break-even amount after the daily coupon distributor announced it had underestimated the rate of coupon returns over the holidays and had to restate revenue and earnings for Q4 2011. Shares have since recovered some of their value and are near the break-even level.

Consumer Staples holding, Green Mountain Coffee Roasters, underperformed during the reporting period. In March, the stock declined

after Starbucks introduced plans to sell a single-serve coffee system thought to compete with Green Mountain’s Keurig systems. Later in the reporting period, the stock declined sharply after the company said it sold fewer brewers and K-Cups (single-serve coffee pods) than anticipated during its fiscal Q2. While the Fund’s long stock position detracted from returns, the short call position contributed to returns and mitigated some of the downside loss in the overall position. The Fund exited this position during the reporting period.

Oil and gas driller Anadarko Petroleum Corp. also detracted from performance. The stock retreated with crude oil prices over the latter part of the reporting period amid evidence global economic growth was slowing. Crude oil prices declined 13.6% to end the period at $86.53 a barrel. Economic growth concerns called into question the attainability of the company’s forecasted sales volumes.

Outlook

We remain cautiously optimistic on U.S. equities over the next 12 months. Economic reports in the U.S. have been deteriorating recently, including an uptick in unemployment and a softening in industrial production. This raises the risk of downward pressure on S&P earnings for the remainder of 2012 but also increases the likelihood of increased monetary accommodation from the Fed. Looking forward, GDP is expected to range between 1.5% and 2.5% for the year with downside risk if the situation in Europe continues to deteriorate.

We anticipate an increased frequency of volatility spikes given the uncertainties surrounding the global economy, as well as what is likely to be a very tight presidential election in November. Still, we are hopeful that increasingly loose monetary policy across the globe can result in a reacceleration of growth expectations and an increase in risk appetite resulting in a subsequent increase in equity prices by the second half of the year.

82 Allianz Multi-Strategy Funds

Allianz RCM Redwood Fund (Cont.)

(Unaudited)

Average Annual Total Return for the period ended May 31, 2012

	6 Month*		1 Year		Since Inception†
Allianz RCM Redwood Fund Class A		1.25%		–5.37%		–1.78%
Allianz RCM Redwood Fund Class A (adjusted)		–4.32%		–10.58%		–5.61%
Allianz RCM Redwood Fund Class C		0.91%		–6.10%		–2.49%
Allianz RCM Redwood Fund Class C (adjusted)		–0.09%		–7.04%		–2.49%
Allianz RCM Redwood Fund Class D		1.25%		–5.37%		–1.74%
Allianz RCM Redwood Fund Class P		1.38%		–5.11%		–1.50%
Allianz RCM Redwood Fund Institutional Class		1.45%		–4.98%		–1.41%
BofA Merrill Lynch 3-Month U.S. Treasury Bill		0.03%		0.05%		0.09%
S&P 500 Index		6.23%		–0.41%		5.14%
Lipper Equity Market Neutral Funds Average		–0.36%		–1.13%		0.68%

† The Fund began operations on 12/27/10. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 12/31/10.

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 88 and 89 for more information. The Fund’s gross expense ratios are 4.87% for Class A shares, 5.77% for Class C shares, 5.92% for Class D shares, 5.23% for Class P shares and 4.69% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 1.60% for Class A shares, 2.50% for Class C shares, 1.75% for Class D shares, 1.50% for Class P shares and 1.40% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

* Cumulative return

Cumulative Returns Through May 31, 2012

Industry Allocation (as of May 31, 2012)

Computers & Peripherals	9.0%
Health Care Providers & Services	7.3%
Energy Equipment & Services	5.8%
Hotels, Restaurants & Leisure	5.7%
Oil, Gas & Consumable Fuels	5.3%
Software	4.7%
Semiconductors & Semiconductor Equipment	4.1%
Textiles, Apparel & Luxury Goods	3.8%
Other	34.0%
Cash & Equivalents — Net (including Options Purchased and Written)	20.3%

Semiannual Report May 31, 2012 83

Allianz RCM Redwood Fund (Cont.)

(Unaudited)

Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,012.50	$	1,009.10	$	1,012.50	$	1,013.80	$	1,014.50
Expenses Paid During Period	$	8.55	$	12.56	$	8.80	$	7.55	$	7.05
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,016.50	$	1,012.50	$	1,016.25	$	1,017.50	$	1,018.00
Expenses Paid During Period	$	8.57	$	12.58	$	8.82	$	7.57	$	7.06

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.70% for Class A, 2.50% for Class C, 1.75% for Class D, 1.50% for Class P and 1.40% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.

84 Allianz Multi-Strategy Funds

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Semiannual Report May 31, 2012 85

Allianz RCM Short Duration High Income Fund

(Unaudited)

For the period of December 1, 2011, through May 31, 2012, as provided by Eric Scholl and Tom Saake, Portfolio Managers.

Portfolio Insights

Market Environment

Volatility in the capital markets has caused investors to reassess their portfolio risk tolerance, resulting in increases in fixed income allocations and reductions in equity allocations. With the real interest rates of U.S. Treasuries declining, high yield securities, according to many investment management professionals, offer compelling value relative to their incremental risk. The popularity of the asset class generated a $17 billion retail inflow, a large inflow by historical standards. The new capital has allowed companies who respond to demand have ample access to cheaper longer term debt financing, allowing extensions in near term debt amortizations and in many cases reductions in the cost of debt.

Fund Review

The Allianz RCM Short Duration Income Fund (the “Fund”) seeks a high level of current income while

emphasizing the preservation of capital in its investment process. For the reporting period ended May 31, 2012, the Fund’s, A Class Shares at NAV returned 4.11%, underperforming the BofA Merrill Lynch 1-3 Year BB U.S. Cash Pay High Yield Index (the “benchmark index”) which returned 5.35%. A large portion of the Fund’s underperformance can be attributed to the sizeable underweight in the Banking and Commercial Finance sectors. These two sectors represented about 13% of the Fund but over 28% of the benchmark. The Banking sector outperformed the benchmark index by roughly 3% during the six month period, while the Commercial Finance sector outperformed the benchmark by almost 2%. Underweight allocations in these two sectors caused significant drag on relative performance. Performance was largely consistent with expectations. Performance highlights during the reporting period included the upgrade of Ford to investment grade. Ford was a top 5 position for the Fund over the past six

months. Seventeen positions were also called or tendered, and in certain cases produced modest premiums to expected calls. The only position reduced due to credit concern was Chesapeake Energy.

Outlook

The key factors that underpin the high yield market, include: the historically low global government yields, the strong corporate profitability, the ongoing balance sheet repair which caused record amounts of cash to be held by high yield issuers, and the extremely low default rates. All four of these particular factors remain in place. Default rates are expected to remain low over the foreseeable future despite subdued economic recovery caused by Corporate America’s deleveraging efforts. It is our belief that the upper-tier portion of the high yield market is particularly attractive due to spread differentials between high quality, high yield and investment grade issuers.

Cumulative Total Return for the period ended May 31, 2012

	6 Month*		Since Inception†
Allianz RCM Short Duration High Income Fund Class A		4.11%		6.71%
Allianz RCM Short Duration High Income Fund Class A (adjusted)		0.21%		2.71%
Allianz RCM Short Duration High Income Fund Class C		3.78%		6.16%
Allianz RCM Short Duration High Income Fund Class C (adjusted)		2.78%		5.16%
Allianz RCM Short Duration High Income Fund Class D		4.06%		6.66%
Allianz RCM Short Duration High Income Fund Class P		4.19%		6.80%
Allianz RCM Short Duration High Income Fund Institutional Class		4.30%		6.92%
BofA Merrill Lynch 1-3 Year BB U.S. Cash Pay High Yield Index		5.35%		8.21%

† The Fund began operations on 10/3/11. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 9/30/11.

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 3.75% 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 88 and 89 for more information. The Fund’s gross expense ratios are 2.39% for Class A shares, 3.14% for Class C shares, 2.39% for Class D shares, 2.24% for Class P shares and 2.14% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 3/31/13. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.70% for Class C shares, 0.95% for Class D shares, 0.70% for Class P shares and 0.60% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated April 2, 2012, as supplemented to date.

* Cumulative return

86 Allianz Multi-Strategy Funds

Allianz RCM Short Duration High Income Fund (Cont.)

(Unaudited)

Cumulative Returns Through May 31, 2012

Industry Allocation (as of May 31, 2012)

Financial Services	13.7%
Telecommunications	11.5%
Healthcare & Hospitals	7.9%
Commercial Services	7.4%
Oil & Gas	5.5%
Containers & Packaging	5.3%
Hotels/Gaming	5.0%
Utilities	4.2%
Other	31.6%
Cash & Equivalents — Net	7.9%

Moody’s Ratings*

(as a % of total investments)

* 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.

Shareholder Expense Example	Actual Performance
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,041.10	$	1,037.80	$	1,040.60	$	1,041.90	$	1,043.00
Expenses Paid During Period	$	4.85	$	8.66	$	4.85	$	3.57	$	3.06
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class C		Class D		Class P		Institutional Class
Beginning Account Value (12/1/11)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (5/31/12)	$	1,020.25	$	1,016.50	$	1,020.25	$	1,021.50	$	1,022.00
Expenses Paid During Period	$	4.80	$	8.57	$	4.80	$	3.54	$	3.03

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.95% for Class A, 1.70% for Class C, 0.95% for Class D, 0.70% for Class P and 0.60% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.

Semiannual Report May 31, 2012 87

Important Information

(Unaudited)

The inception date on each Fund Summary page is the inception date of the Fund’s oldest share class or classes. 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 Allianz Global Investors Solutions Global Allocation Fund reorganized on May 4, 2009 when its predecessor merged into the Trust. The Global 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 U.S. Emerging Growth Fund (10/93), Allianz AGIC Micro Cap Fund (7/95), Allianz AGIC Ultra Micro Cap Fund (1/08). 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.

The Target Date Funds are designed to offer individual investors comprehensive asset allocation strategies tailored to the approximate date when they expect to begin withdrawing assets. The target date included in the Fund’s name does not necessarily represent the specific year an investor will begin withdrawing assets. It is intended only as a general guide. Each Fund follows a target asset allocation schedule that changes over time to help reduce portfolio risk, increasing its exposure to conservative investments as the target date approaches. The principal value of a Fund is not guaranteed at any time, including the target date. A Fund’s shareholders may experiences losses, including losses near, at, or after the target year indicated in the Fund’s name.

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.

Class B shares of Allianz Multi-Strategy Funds are not available for purchase, except through exchanges and dividend reinvestments for any Funds with Class B shares outstanding (currently only AGIS Global Allocation Fund).

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: A, B, C, D & R) or 1-800-498-5413 (Class P, Institutional and Administrative classes), 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: A, B, C, D & R) 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.

88 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 Semiannual Report. Please refer to this information when reviewing the Shareholder Expense Example for a Fund.

Shareholder Expense Example

Shareholders of a Fund 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 May 31, 2012.

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 = 8.6), 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, Average Annual/Cumulative Total Return and Cumulative Return charts, Shareholder Expense Examples and Allocation Summaries, is unaudited.

Allianz Global Investors Distributors LLC, 1633 Broadway, New York, NY, 10019, www.allianzinvestors.com, 1-800-988-8380 (retail classes: A, B, C, D & R) or 1-800-498-5413 (Class P, Institutional and Administrative classes).

Semiannual Report May 31, 2012 89

Benchmark Descriptions

(Unaudited)

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 U.S. Aggregate Index	The Barclays U.S. Aggregate Index is composed of securities from the Barclays 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.
Barclays U.S. Treasury 10-20 Year Total Return Index	The Barclays U.S. Treasury 10-20 Year Total Return Index includes U.S. Treasury with a maturity from 10 up to (but not including) 20 years.
BofA Merrill Lynch 1-3 Year BB U.S. Cash Pay High Yield Index	The BofA Merrill Lynch 1-3 Year BB U.S. Cash Pay High Yield Index is a subset of The BofA Merrill Lynch US Cash Pay High Yield Index including all securities with a remaining term to final maturity less than 3 years and rated BB1 through BB3, inclusive. The BofA Merrill Lynch US Cash Pay High Yield Index tracks the performance of U.S. dollar denominated below investment grade corporate debt, currently in a coupon paying period, that is publicly issued in the U.S. domestic market.
BofA Merrill Lynch 3-Month U.S. Treasury Bill	The BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged index comprised of a single issue purchased at the beginning of the month and held for a full month. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but, not beyond three months from the rebalancing date.
BofA Merrill Lynch All Convertibles Index	The BofA 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.
BofA Merrill Lynch U.S. High Yield Master II Index	The BofA Merrill Lynch U.S. 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.
CBOE Volatility Index	The CBOE Volatility Index is the Chicago Board Options Exchange Market Volatility Index, a popular measure of the implied volatility of S&P 500 Index options. It represents on measure of the market’s expectation of stock market volatility over the next 30 day period.
Custom Commodity Equity Benchmark	The Custom Commodity Equity Benchmark represents the performance of a hypothetical index developed by the Adviser. This blended benchmark is comprised of four underlying indices in the following proportions: 25% DAX Global Agribusiness Index, 30% MSCI World Energy Index, 25% World Materials Index and 20% MSCI Industrials (equal-weighted) Index. The DAX Global Agribusiness Index replicates the performance of the performance of the largest and most liquid agribusiness companies. The MSCI World Energy Index is a component of the MSCI World Index and represents the energy securities defined by MSCI. The MSCI World Materials Index is a component of the MSCI World Index and represents the materials securities defined by MSCI. The MSCI ACWI Industrials (equal-weighted) industrials securities defined by MSCI calculated equal-weighted. Performance data presently shown for MSCI and DAX Indices is net of dividend tax withholding. It is not possible to invest directly in the blended benchmark or in the indices from which it is derived.
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.

90 Allianz Multi-Strategy Funds

Benchmark Descriptions (Cont.)

(Unaudited)

Index	Description
Euro Stoxx 50 Index	The Euro Stoxx 50 Index is Europe’s leading Blue-chip index for the Eurozone and provides a Blue-chip representation of supersector leaders in the Eurozone. The index covers 50 stocks from the 12 Eurozone countries.
German DAX Index	The German DAX Index is a Blue-chip stock market index consisting of 30 major German companies trading on the Frankfurt Stock Exchange.
MSCI All Country Asia ex Japan Index	The MSCI AC Asia ex Japan Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance in Asia, excluding Japan.
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. The MSCI ACWI consists of 45 country indices comprising 24 developed and 21 emerging market country indices.
MSCI China Index	The MSCI China Index is a free float-adjusted market capitalization-weighted index of Chinese equities that includes China-affiliated corporations (“Red-chips” or “P-chips”) and China-incorporated corporations listed as “H-shares” on the Hong Kong Exchange or listed as B-shares on the Shanghai and Shenzhen exchanges.
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 Emerging Markets Index	The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.
MSCI Europe Index	The MSCI Europe Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe.
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 2000 Index	The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000 Index representing approximately 10% of total market capitalization of that index.
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.
S&P Developed Ex-U.S. Small Cap Growth Index	The Standard & Poor’s Developed Ex-U.S. 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.

Semiannual Report May 31, 2012 91

Schedules of Investments

May 31, 2012 (unaudited)

Allianz Global Investors Solutions 2015 Fund

	Shares		Value
ALLIANZ FUNDS (a)(b)—14.6%
AGIC Emerging Markets Opportunities		2,200		$48,228
AGIC Income & Growth		33,870		388,832
AGIC Opportunity (c)		2,409		47,555
AGIC U.S. Managed Volatility		7,163		97,555
NFJ Dividend Value		33,900		387,475
NFJ International Value		8,035		144,870
NFJ Mid-Cap Value		2,442		41,765
NFJ Small-Cap Value		6,204		179,368
RCM Global Commodity Equity (c)		6,634		95,003
Total Allianz Funds (cost—$1,298,545)				1,430,651
ALLIANZ FUNDS MULTI-STRATEGY TRUST (a)(b)—10.4%
AGIC Global Managed Volatility (c)		12,763		195,535
AGIC U.S. Emerging Growth (c)		7,700		95,943
NFJ Global Dividend Value		17,467		289,421
RCM Disciplined Equity		15,673		240,430
RCM Short Duration High Income		12,574		196,408
Total Allianz Funds Multi-Strategy Trust (cost—$959,485)				1,017,737
EXCHANGE-TRADED FUNDS—11.1%
iShares Barclays TIPS Bond		3,380		410,027
PIMCO 1-5 Year U.S. TIPS Index (a)		12,672		680,360
Total Exchange-Traded Funds (cost—$1,035,707)				1,090,387
OTHER MUTUAL FUNDS—5.0%
ING Global Real Estate (d)		9,110		144,842
Wells Fargo Advantage Short-Term High Yield Bond (e)		42,224		344,546
Total Other Mutual Funds (cost—$475,349)				489,388
PIMCO FUNDS (a)(b)—58.5%
CommoditiesPLUS Strategy		4,858		47,854
Commodity RealReturn Strategy		47,073		290,443
Floating Income		23,229		196,051
Foreign Bond (U.S. Dollar-Hedged)		36,368		394,596
Income		34,811		395,109
Real Return		249,314		3,084,012
RealEstateRealReturn Strategy		9,230		49,100
Short-Term		80,151		786,277
Total Return		43,902		495,218
Total PIMCO Funds (cost—$5,260,290)				5,738,660
Total Investments (cost—$9,029,376)—99.6%				9,766,823
Other assets less liabilities—0.4%				43,502
Net Assets—100.0%				$9,810,325

Allianz Global Investors Solutions 2020 Fund

	Shares		Value
ALLIANZ FUNDS (a)(b)—17.0%
AGIC Emerging Markets Opportunities		3,001		$65,778
AGIC Income & Growth		23,118		265,400
AGIC Opportunity (c)		3,284		64,835
AGIC U.S. Managed Volatility		4,889		66,591
NFJ Dividend Value		24,298		277,730
NFJ International Value		5,485		98,896
NFJ Mid-Cap Value		4,126		70,562
NFJ Small-Cap Value		3,458		99,978
RCM Global Commodity Equity (c)		4,530		64,864
RCM Large-Cap Growth		4,775		65,848
Total Allianz Funds (cost—$1,027,211)				1,140,482
ALLIANZ FUNDS MULTI-STRATEGY TRUST (a)(b)—12.6%
AGIC Global Managed Volatility (c)		9,147		140,137
AGIC International Growth Opportunities (c)		1,121		32,845
AGIC U.S. Emerging Growth (c)		7,877		98,146
NFJ Global Dividend Value		14,705		243,670
RCM Disciplined Equity		10,698		164,115
RCM Short Duration High Income		10,730		167,600
Total Allianz Funds Multi-Strategy Trust (cost—$792,863)				846,513
EXCHANGE-TRADED FUNDS—9.2%
iShares Barclays TIPS Bond		2,284		277,072
PIMCO 1-5 Year U.S. TIPS Index (a)		6,280		337,173
Total Exchange-Traded Funds (cost—$580,294)				614,245
OTHER MUTUAL FUNDS—5.0%
ING Global Real Estate (d)		6,214		98,809
Wells Fargo Advantage Short-Term High Yield Bond (e)		28,825		235,209
Total Other Mutual Funds (cost—$323,716)				334,018
PIMCO FUNDS (a)(b)—55.5%
CommoditiesPLUS Strategy		9,942		97,929
Commodity RealReturn Strategy		32,135		198,272
Floating Income		19,822		167,295
Foreign Bond (U.S. Dollar-Hedged)		21,724		235,702
Income		17,823		202,291
Real Return		153,411		1,897,701
RealEstateRealReturn Strategy		18,902		100,557
Short-Term		52,664		516,633
Total Return		26,974		304,272
Total PIMCO Funds (cost—$3,420,298)				3,720,652
Total Investments (cost—$6,144,382)—99.3%				6,655,910
Other assets less liabilities—0.7%				45,834
Net Assets—100.0%				$6,701,744

Allianz Global Investors Solutions 2025 Fund

	Shares		Value
ALLIANZ FUNDS (a)(b)—18.9%
AGIC Emerging Markets Opportunities		2,140		$46,907
AGIC Income & Growth		10,995		126,228
AGIC Opportunity (c)		1,562		30,829
AGIC U.S. Managed Volatility		2,325		31,669
NFJ Dividend Value		11,555		132,076
NFJ International Value		3,478		62,708
NFJ Mid-Cap Value		5,467		93,490
RCM Global Commodity Equity (c)		3,230		46,260
RCM Large-Cap Growth		2,271		31,313
Total Allianz Funds (cost—$591,772)				601,480
ALLIANZ FUNDS MULTI-STRATEGY TRUST (a)(b)—14.5%
AGIC Global Managed Volatility (c)		5,179		79,339
AGIC International Growth Opportunities (c)		534		15,632
AGIC U.S. Emerging Growth (c)		3,749		46,708
NFJ Global Dividend Value		7,938		131,535
RCM Disciplined Equity		7,123		109,267
RCM Short Duration High Income		5,103		79,707
Total Allianz Funds Multi-Strategy Trust (cost—$455,516)				462,188
EXCHANGE-TRADED FUNDS—7.2%
iShares Barclays TIPS Bond		1,101		133,562
PIMCO 1-5 Year U.S. TIPS Index (a)		1,798		96,535
Total Exchange-Traded Funds (cost—$225,508)				230,097
OTHER MUTUAL FUNDS—5.0%
ING Global Real Estate (d)		2,956		46,994
Wells Fargo Advantage Short-Term High Yield Bond (e)		13,708		111,861
Total Other Mutual Funds (cost—$154,299)				158,855
PIMCO FUNDS (a)(b)—53.7%
CommoditiesPLUS Strategy		7,880		77,616
Commodity RealReturn Strategy		15,282		94,288
Floating Income		9,427		79,561
Foreign Bond (U.S. Dollar-Hedged)		10,331		112,096
Income		8,477		96,211
Real Return		64,983		803,838
RealEstateRealReturn Strategy		11,983		63,748
Short-Term		24,070		236,127
Total Return		12,828		144,704
Total PIMCO Funds (cost—$1,682,790)				1,708,189
Total Investments (cost—$3,109,885)—99.3%				3,160,809
Other assets less liabilities—0.7%				22,923
Net Assets—100.0%				$3,183,732

92 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

Schedules of Investments

May 31, 2012 (unaudited)

Allianz Global Investors Solutions 2030 Fund

	Shares		Value
ALLIANZ FUNDS (a)(b)—25.4%
AGIC Emerging Markets Opportunities		8,978		$196,790
AGIC Income & Growth		31,140		357,483
AGIC International Managed Volatility		10,180		119,925
AGIC Opportunity (c)		7,862		155,202
AGIC U.S. Managed Volatility		5,853		79,723
NFJ Dividend Value		29,781		340,393
NFJ International Value		13,131		236,753
NFJ Mid-Cap Value		5,601		95,776
NFJ Small-Cap Value		7,558		218,501
RCM Global Commodity Equity (c)		10,842		155,257
RCM Large-Cap Growth		5,718		78,856
Total Allianz Funds (cost—$1,843,832)				2,034,659
ALLIANZ FUNDS MULTI-STRATEGY TRUST (a)(b)—17.3%
AGIC Global Managed Volatility (c)		13,037		199,729
AGIC International Growth Opportunities (c)		2,687		78,690
AGIC U.S. Emerging Growth (c)		9,436		117,568
NFJ Global Dividend Value		23,790		394,198
RCM Disciplined Equity		25,616		392,942
RCM Short Duration High Income		12,848		200,684
Total Allianz Funds Multi-Strategy Trust (cost—$1,250,332)				1,383,811
EXCHANGE-TRADED FUNDS—3.2%
iShares Barclays TIPS Bond (cost—$246,723)		2,087		253,174
OTHER MUTUAL FUNDS—6.0%
ING Global Real Estate (d)		12,399		197,146
Wells Fargo Advantage Short-Term High Yield Bond (e)		34,516		281,651
Total Other Mutual Funds (cost—$465,561)				478,797
PIMCO FUNDS (a)(b)—47.2%
CommoditiesPLUS Strategy		27,770		273,532
Commodity RealReturn Strategy		38,480		237,419
Floating Income		28,481		240,377
Foreign Bond (U.S. Dollar-Hedged)		22,297		241,921
Income		21,343		242,243
Real Return		131,062		1,621,243
RealEstateRealReturn Strategy		30,167		160,491
Short-Term		45,043		441,872
Total Return		28,712		323,875
Total PIMCO Funds (cost—$3,673,992)				3,782,973
Total Investments (cost—$7,480,440)—99.1%				7,933,414
Other assets less liabilities—0.9%				73,230
Net Assets—100.0%				$8,006,644

Allianz Global Investors Solutions 2035 Fund

	Shares		Value
ALLIANZ FUNDS (a)(b)—31.6%
AGIC Emerging Markets Opportunities		4,321		$94,716
AGIC Income & Growth		12,491		143,394
AGIC International Managed Volatility		5,989		70,555
AGIC Opportunity (c)		4,731		93,396
AGIC U.S. Managed Volatility		3,522		47,968
NFJ Dividend Value		15,836		181,006
NFJ International Value		7,024		126,638
NFJ Mid-Cap Value		8,833		151,037
RCM Global Commodity Equity (c)		4,785		68,526
RCM Large-Cap Growth		2,294		31,633
Total Allianz Funds (cost—$982,828)				1,008,869
ALLIANZ FUNDS MULTI-STRATEGY TRUST (a)(b)—19.4%
AGIC Global Managed Volatility (c)		5,439		83,324
AGIC International Growth Opportunities (c)		1,616		47,344
AGIC U.S. Emerging Growth (c)		5,046		62,873
NFJ Global Dividend Value		10,498		173,947
RCM Disciplined Equity		11,303		173,385
RCM Short Duration High Income		5,154		80,499
Total Allianz Funds Multi-Strategy Trust (cost—$602,710)				621,372
EXCHANGE-TRADED FUNDS—1.1%
iShares Dow Jones U.S. Real Estate Index (cost—$33,294)		549		33,610
OTHER MUTUAL FUNDS—6.5%
ING Global Real Estate (d)		5,875		93,409
Wells Fargo Advantage Short-Term High Yield Bond (e)		13,845		112,980
Total Other Mutual Funds (cost—$197,561)				206,389
PIMCO FUNDS (a)(b)—40.7%
CommoditiesPLUS Strategy		14,329		141,140
Commodity RealReturn Strategy		15,434		95,225
Floating Income		13,329		112,493
Foreign Bond (U.S. Dollar-Hedged)		4,472		48,521
Income		4,281		48,586
Real Return		39,687		490,930
RealEstateRealReturn Strategy		12,102		64,385
Short-Term		15,768		154,689
Total Return		12,957		146,152
Total PIMCO Funds (cost—$1,298,884)				1,302,121
Total Investments (cost—$3,115,277)—99.3%				3,172,361
Other assets less liabilities—0.7%				22,967
Net Assets—100.0%				$3,195,328

Allianz Global Investors Solutions 2040 Fund

	Shares		Value
ALLIANZ FUNDS (a)(b)—38.2%
AGIC Emerging Markets Opportunities		10,101		$221,408
AGIC Income & Growth		30,589		351,160
AGIC International Managed Volatility		19,091		224,894
AGIC Opportunity (c)		11,058		218,281
AGIC U.S. Managed Volatility		11,761		160,188
NFJ Dividend Value		36,188		413,627
NFJ International Value		15,483		279,152
NFJ Mid-Cap Value		6,009		102,749
NFJ Small-Cap Value		8,459		244,558
RCM Global Commodity Equity (c)		10,899		156,072
RCM Large-Cap Growth		4,596		63,382
Total Allianz Funds (cost—$2,179,177)				2,435,471
ALLIANZ FUNDS MULTI-STRATEGY TRUST (a)(b)—21.3%
AGIC Global Managed Volatility (c)		11,317		173,370
AGIC International Growth Opportunities (c)		4,319		126,501
AGIC U.S. Emerging Growth (c)		11,121		138,574
NFJ Global Dividend Value		21,035		348,545
RCM Disciplined Equity		26,771		410,665
RCM Short Duration High Income		10,326		161,287
Total Allianz Funds Multi-Strategy Trust (cost—$1,185,234)				1,358,942
EXCHANGE-TRADED FUNDS—1.6%
iShares Dow Jones U.S. Real Estate Index (cost—$99,936)		1,645		100,707
OTHER MUTUAL FUNDS—7.0%
ING Global Real Estate (d)		13,686		217,603
Wells Fargo Advantage Short-Term High Yield Bond (e)		27,740		226,356
Total Other Mutual Funds (cost—$430,858)				443,959
PIMCO FUNDS (a)(b)—31.3%
CommoditiesPLUS Strategy		38,271		376,965
Commodity RealReturn Strategy		25,770		159,003
Floating Income		34,334		289,775
Real Return		37,091		458,822
RealEstateRealReturn Strategy		24,244		128,980
Short-Term		29,618		290,551
Total Return		25,954		292,760
Total PIMCO Funds (cost—$2,112,563)				1,996,856
Total Investments (cost—$6,007,768)—99.4%				6,335,935
Other assets less liabilities—0.6%				37,269
Net Assets—100.0%				$6,373,204

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 93

Schedules of Investments

May 31, 2012 (unaudited)

Allianz Global Investors Solutions 2045 Fund

	Shares		Value
ALLIANZ FUNDS (a)(b)—40.1%
AGIC Emerging Markets Opportunities		5,081		$111,370
AGIC Income & Growth		15,383		176,600
AGIC International Managed Volatility		10,423		122,788
AGIC Opportunity (c)		6,357		125,494
AGIC U.S. Managed Volatility		5,914		80,552
NFJ Dividend Value		18,197		207,989
NFJ International Value		8,493		153,134
NFJ Mid-Cap Value		11,126		190,257
RCM Global Commodity Equity (c)		5,917		84,738
RCM Large-Cap Growth		2,311		31,871
Total Allianz Funds (cost—$1,249,760)				1,284,793
ALLIANZ FUNDS MULTI-STRATEGY TRUST (a)(b)—22.9%
AGIC Global Managed Volatility (c)		6,324		96,880
AGIC International Growth Opportunities (c)		2,714		79,492
AGIC U.S. Emerging Growth (c)		6,355		79,181
NFJ Global Dividend Value		11,539		191,207
RCM Disciplined Equity		13,460		206,480
RCM Short Duration High Income		5,193		81,117
Total Allianz Funds Multi-Strategy Trust (cost—$709,586)				734,357
EXCHANGE-TRADED FUNDS—1.6%
iShares Dow Jones U.S. Real Estate Index (cost—$50,821)		838		51,302
OTHER MUTUAL FUNDS—7.0%
ING Global Real Estate (d)		6,843		108,802
Wells Fargo Advantage Short-Term High Yield Bond (e)		13,952		113,847
Total Other Mutual Funds (cost—$212,482)				222,649
PIMCO FUNDS (a)(b)—27.7%
CommoditiesPLUS Strategy		19,243		189,548
Commodity RealReturn Strategy		20,734		127,928
Floating Income		17,268		145,741
Real Return		8,001		98,972
RealEstateRealReturn Strategy		12,189		64,848
Short-Term		11,586		113,659
Total Return		13,056		147,276
Total PIMCO Funds (cost—$909,755)				887,972
Total Investments (cost—$3,132,404)—99.3%				3,181,073
Other assets less liabilities—0.7%				23,220
Net Assets—100.0%				$3,204,293

Allianz Global Investors Solutions 2050 Fund

	Shares		Value
ALLIANZ FUNDS (a)(b)—43.1%
AGIC Emerging Markets Opportunities		10,676		$234,011
AGIC Income & Growth		30,847		354,127
AGIC International Managed Volatility		20,167		237,565
AGIC Opportunity (c)		13,153		259,643
AGIC U.S. Managed Volatility		10,871		148,069
NFJ Dividend Value		36,024		411,754
NFJ International Value		16,263		293,224
NFJ Mid-Cap Value		4,911		83,983
NFJ Small-Cap Value		9,208		266,202
RCM Global Commodity Equity (c)		12,093		173,178
RCM Large-Cap Growth		4,248		58,576
Total Allianz Funds (cost—$2,253,942)				2,520,332
ALLIANZ FUNDS MULTI-STRATEGY TRUST (a)(b)—24.6%
AGIC Global Managed Volatility (c)		11,622		178,053
AGIC International Growth
Opportunities (c)		5,985		175,312
AGIC U.S. Emerging Growth (c)		14,015		174,629
NFJ Global Dividend Value		21,212		351,479
RCM Disciplined Equity		26,646		408,744
RCM Short Duration High Income		9,546		149,114
Total Allianz Funds Multi-Strategy Trust (cost—$1,253,023)				1,437,331
EXCHANGE-TRADED FUNDS—1.7%
iShares Dow Jones U.S. Real Estate Index (cost—$98,199)		1,616		98,931
OTHER MUTUAL FUNDS—5.9%
ING Global Real Estate (d)		14,128		224,642
Wells Fargo Advantage Short-Term High Yield Bond (e)		14,656		119,593
Total Other Mutual Funds (cost—$331,283)				344,235
PIMCO FUNDS (a)(b)—24.6%
CommoditiesPLUS Strategy		35,380		348,490
Commodity RealReturn Strategy		38,115		235,173
Floating Income		31,743		267,908
RealEstateRealReturn Strategy		22,409		119,215
Short-Term		20,082		196,999
Total Return		24,003		270,752
Total PIMCO Funds (cost—$1,570,498)				1,438,537
Total Investments (cost—$5,506,945)—99.9%				5,839,366
Other assets less liabilities—0.1%				7,424
Net Assets—100.0%				$5,846,790

Allianz Global Investors Solutions 2055 Fund

	Shares			Value
ALLIANZ FUNDS (a)(b)—42.9%
AGIC Emerging Markets Opportunities		5,792			$126,961
AGIC Income & Growth		16,743			192,206
AGIC International Managed Volatility		10,945			128,936
AGIC Opportunity (c)		7,133			140,806
AGIC U.S. Managed Volatility		5,900			80,361
NFJ Dividend Value		19,552			223,475
NFJ International Value		8,825			159,116
NFJ Mid-Cap Value		11,100			189,808
RCM Global Commodity Equity (c)		6,564			93,998
RCM Large-Cap Growth		2,306			31,795
Total Allianz Funds (cost—$1,330,540)					1,367,462
ALLIANZ FUNDS MULTI-STRATEGY TRUST (a)(b)—24.4%
AGIC Global Managed Volatility (c)		6,309			96,656
AGIC International Growth Opportunities (c)		3,249			95,158
AGIC U.S. Emerging Growth (c)		7,607			94,787
NFJ Global Dividend Value		11,512			190,747
RCM Disciplined Equity		14,460			221,824
RCM Short Duration High Income		5,181			80,926
Total Allianz Funds Multi-Strategy Trust (cost—$752,406)					780,098
EXCHANGE-TRADED FUNDS—1.6%
iShares Dow Jones U.S. Real Estate Index (cost—$51,124)		843			51,608
OTHER MUTUAL FUNDS—5.9%
ING Global Real Estate (d)		7,800			124,012
Wells Fargo Advantage Short-Term High Yield Bond (e)		7,954			64,905
Total Other Mutual Funds (cost—$177,853)					188,917
PIMCO FUNDS (a)(b)—24.5%
CommoditiesPLUS Strategy		19,196			189,081
Commodity RealReturn Strategy		20,684			127,623
Floating Income		17,227			145,398
Real Return		—	(f)		1
RealEstateRealReturn Strategy		12,160			64,692
Short-Term		10,898			106,913
Total Return		13,026			146,937
Total PIMCO Funds (cost—$806,295)					780,645
Total Investments (cost—$3,118,218)—99.3%					3,168,730
Other assets less liabilities—0.7%					23,206
Net Assets—100.0%					$3,191,936

94 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

Schedules of Investments

May 31, 2012 (unaudited)

Allianz Global Investors Solutions Global Allocation Fund

	Shares		Value
ALLIANZ FUNDS (a)(b)—34.4%
AGIC Emerging Markets Opportunities		274,903		$6,025,867
AGIC Income & Growth		530,024		6,084,677
AGIC International Managed Volatility		779,624		9,183,966
AGIC Opportunity (c)		203,134		4,009,855
AGIC U.S. Managed Volatility		298,988		4,072,221
NFJ Dividend Value		442,083		5,053,008
NFJ International Value		734,413		13,241,462
NFJ Large Cap Value		288,663		4,032,617
NFJ Mid-Cap Value		48,646		831,840
NFJ Small-Cap Value		207,105		5,987,406
RCM Global Commodity Equity (c)		492,930		7,058,757
RCM Large-Cap Growth		291,935		4,025,789
Total Allianz Funds (cost—$61,994,418)				69,607,465
ALLIANZ FUNDS MULTI-STRATEGY TRUST (a)(b)—19.5%
AGIC Global Managed Volatility (c)		532,619		8,159,718
AGIC International Growth Opportunities (c)		137,095		4,015,527
AGIC U.S. Emerging Growth (c)		405,168		5,048,393
NFJ Global Dividend Value		611,715		10,136,116
RCM Disciplined Equity		457,872		7,023,755
RCM Short Duration High Income		328,033		5,123,877
Total Allianz Funds Multi-Strategy Trust (cost—$35,591,089)				39,507,386
EXCHANGE-TRADED FUNDS (a)—3.2%
PIMCO 1-5 Year U.S. TIPS Index (cost—$6,387,209)		121,140		6,504,007
OTHER MUTUAL FUNDS—6.6%
ING Global Real Estate (d)		379,770		6,038,348
Wells Fargo Advantage Short-Term High Yield Bond (e)		881,291		7,191,336
Total Other Mutual Funds (cost—$12,902,354)				13,229,684
PIMCO FUNDS (a)(b)—36.7%
CommoditiesPLUS Strategy		202,711		$1,996,702
Commodity RealReturn Strategy		654,943		4,040,998
Floating Income		848,357		7,160,131
Foreign Bond (U.S. Dollar-Hedged)		1,138,583		12,353,626
Income		1,089,844		12,369,730
Real Return		642,599		7,948,954
Short-Term		1,448,389		14,208,698
Total Return		1,261,327		14,227,770
Total PIMCO Funds (cost—$73,475,720)				74,306,609

	Principal Amount (000s)		Value
Repurchase Agreements—0.3%
State Street Bank & Trust Co., dated 5/31/12, 0.01%, due 6/1/12, proceeds $669,001; collateralized by U.S. Treasury Notes, 0.875%, due 12/31/16, valued at $685,060 including accrued interest
(cost—$669,000)		$669		$669,000
Total Investments (cost—$191,019,790)—100.7%				203,824,151
Liabilities in excess of other assets—(0.7)%				(1,366,690	)
Net Assets—100.0%				$202,457,461

Allianz Global Investors Solutions Global Growth Allocation Fund

	Shares		Value
ALLIANZ FUNDS (a)(b)—50.4%
AGIC Emerging Markets Opportunities		16,723		$366,564
AGIC Income & Growth		26,382		302,867
AGIC International Managed Volatility		34,492		406,315
AGIC Opportunity (c)		13,314		262,816
AGIC U.S. Managed Volatility		12,396		168,836
NFJ Dividend Value		38,145		435,998
NFJ International Value		33,368		601,620
NFJ Mid-Cap Value		3,366		57,551
NFJ Small-Cap Value		12,973		375,054
RCM Global Commodity Equity (c)		18,367		263,019
RCM Large-Cap Growth		9,688		133,597
Total Allianz Funds (cost—$3,070,825)				3,374,237
ALLIANZ FUNDS MULTI-STRATEGY TRUST (a)(b)—26.5%
AGIC Global Managed Volatility (c)		17,673		270,743
AGIC International Growth Opportunities (c)		7,963		233,232
AGIC U.S. Emerging Growth (c)		15,978		199,082
NFJ Global Dividend Value		28,213		467,492
RCM Disciplined Equity		28,217		432,842
RCM Short Duration High Income		10,885		170,029
Total Allianz Funds Multi-Strategy Trust (cost—$1,533,299)				1,773,420
EXCHANGE-TRADED FUNDS—1.7%
iShares Dow Jones U.S. Real Estate Index (cost—$112,008)		1,843		112,828
OTHER MUTUAL FUNDS—7.4%
ING Global Real Estate (d)		16,111		256,164
Wells Fargo Advantage Short-Term High Yield Bond (e)		29,244		238,634
Total Other Mutual Funds (cost—$478,429)				494,798
PIMCO FUNDS (a)(b)—13.4%
CommoditiesPLUS Strategy		13,451		132,491
Commodity RealReturn Strategy		32,596		201,116
Floating Income		34,586		291,908
Foreign Bond (U.S. Dollar-Hedged)		12,594		136,643
Income		12,055		136,819
Total PIMCO Funds (cost—$976,132)				898,977
Total Investments (cost—$6,170,693)—99.4%				6,654,260
Other assets less liabilities—0.6%				42,482
Net Assets—100.0%				$6,696,742

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 95

Schedules of Investments

May 31, 2012 (unaudited)

Allianz Global Investors Solutions Retirement Income Fund

	Shares		Value
ALLIANZ FUNDS (a)(b)—13.2%
AGIC Emerging Markets Opportunities		4,126		$90,443
AGIC Income & Growth		63,558		729,650
AGIC Opportunity (c)		4,520		89,224
AGIC U.S. Managed Volatility		13,441		183,065
NFJ Dividend Value		63,609		727,056
NFJ International Value		10,059		181,369
NFJ Mid-Cap Value		2,750		47,030
NFJ Small-Cap Value		7,738		223,708
RCM Global Commodity Equity (c)		12,445		178,212
Total Allianz Funds (cost—$2,341,919)				2,449,757
ALLIANZ FUNDS MULTI-STRATEGY TRUST (a)(b)—10.8%
AGIC Global Managed Volatility (c)		23,951		366,924
AGIC U.S. Emerging Growth (c)		14,449		180,035
NFJ Global Dividend Value		32,774		543,058
RCM Disciplined Equity		35,287		541,299
RCM Short Duration High Income		23,597		368,589
Total Allianz Funds Multi-Strategy Trust (cost—$1,953,505)				1,999,905
EXCHANGE-TRADED FUNDS—11.2%
iShares Barclays TIPS Bond		6,430		780,023
PIMCO 1-5 Year U.S. TIPS Index (a)		24,247		1,301,822
Total Exchange-Traded Funds (cost—$2,002,879)				2,081,845
OTHER MUTUAL FUNDS—5.0%
ING Global Real Estate (d)		17,086		271,674
Wells Fargo Advantage Short-Term High Yield Bond (e)		79,241		646,606
Total Other Mutual Funds (cost—$898,429)				918,280
PIMCO FUNDS (a)(b)—58.7%
CommoditiesPLUS Strategy		9,116		89,791
Commodity RealReturn Strategy		73,626		454,272
Floating Income		21,796		183,960
Foreign Bond (U.S. Dollar-Hedged)		68,252		740,533
Income		65,331		741,507
Real Return		480,130		5,939,208
RealEstateRealReturn Strategy		17,317		92,129
Short-Term		174,857		1,715,348
Total Return		82,392		929,380
Total PIMCO Funds (cost—$10,226,893)				10,886,128

	Principal Amount (000s)		Value
Repurchase Agreements—0.8%
State Street Bank & Trust Co., dated 5/31/12, 0.01%, due 6/1/12, proceeds $149,000; collateralized by U.S. Treasury Notes, 0.875%, due 12/31/16, valued at $152,236 including accrued interest
(cost—$149,000)		$149		$149,000
Total Investments (cost—$17,572,625)—99.7%				18,484,915
Other assets less liabilities—0.3%				49,028
Net Assets—100.0%				$18,533,943
Notes to Schedules of Investments for Allianz Global Investors Solution Funds:
(a) Affiliated fund.
(b) Institutional Class share of each mutual fund.
(c) Non-income producing.
(d) Class I share of each mutual fund.
(e) Administrator Class share of each mutual fund.
(f) Less than one share.
Glossary:
TIPS—Treasury Inflation Protected Securities

Allianz AGIC Convertible Fund     

	Principal Amount (000s)		Value
CONVERTIBLE BONDS—85.4%
Aerospace & Defense—1.1%
Triumph Group, Inc. (e),
3.213%, 10/1/26		$4,070		$8,969,262
Airlines—1.2%
Continental Airlines, Inc. (c),
4.50%, 1/15/15		6,605		10,015,327
Automotive—3.1%
Ford Motor Co.,
4.25%, 11/15/16		3,965		5,764,119
4.25%, 12/15/36		905		1,285,100
TRW Automotive, Inc.,
3.50%, 12/1/15		5,590		8,475,837
Wabash National Corp.,
3.375%, 5/1/18		9,740		9,478,871
				25,003,927
Biotechnology—4.2%
Cubist Pharmaceuticals, Inc.,
2.50%, 11/1/17		6,800		10,276,500
Gilead Sciences, Inc.,
1.625%, 5/1/16		9,760		12,529,400
Vertex Pharmaceuticals, Inc.,
3.35%, 10/1/15		8,235		11,034,900
				33,840,800
Building & Construction—4.5%
D.R. Horton, Inc.,
2.00%, 5/15/14		8,335		11,575,231
Lennar Corp. (a)(b),
3.25%, 11/15/21		6,415		8,844,681
MasTec, Inc.,
4.00%, 6/15/14		8,025		10,131,563
Ryland Group, Inc.,
1.625%, 5/15/18		6,030		6,135,525
				36,687,000
Commercial Services—5.9%
Alliance Data Systems Corp.,
1.75%, 8/1/13		6,610		10,691,675
Avis Budget Group, Inc.,
3.50%, 10/1/14		5,605		6,747,019
Cenveo Corp. (a)(b),
7.00%, 5/15/17		11,030		9,430,650
DFC Global Corp.,
3.00%, 4/1/28		10,015		10,916,350
Hertz Global Holdings, Inc.,
5.25%, 6/1/14		5,850		10,208,250
				47,993,944
Communications—7.2%
BroadSoft, Inc. (a)(b),
1.50%, 7/1/18		7,700		7,295,750
DealerTrack Holdings, Inc. (a)(b),
1.50%, 3/15/17		9,775		9,958,281
Equinix, Inc.,
4.75%, 6/15/16		5,455		11,244,119
Interpublic Group of Cos., Inc.,
4.75%, 3/15/23		9,560		10,324,800
Priceline.com, Inc. (a)(b),
1.25%, 3/15/15		4,590		9,633,262
VeriSign, Inc.,
3.25%, 8/15/37		8,120		10,302,250
				58,758,462
Computers & Peripherals—2.9%
Cadence Design Systems, Inc.,
2.625%, 6/1/15		6,375		9,331,406
EMC Corp., Ser. B,
1.75%, 12/1/13		7,825		12,011,375

96 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

Schedules of Investments

May 31, 2012 (unaudited)

	Principal Amount (000s)		Value
NetApp, Inc.,
1.75%, 6/1/13		$2,385		$2,647,350
				23,990,131
Diversified Manufacturing—1.1%
Textron, Inc.,
4.50%, 5/1/13		4,665		8,536,950
Electrical Equipment—2.0%
EnerSys (e),
3.375%, 6/1/38		9,440		10,537,400
General Cable Corp. (e),
4.50%, 11/15/29		5,615		5,874,694
				16,412,094
Financial Services—2.5%
Air Lease Corp. (a)(b),
3.875%, 12/1/18		10,045		10,333,794
BGC Partners, Inc. (a)(b),
4.50%, 7/15/16		10,795		10,241,756
				20,575,550
Healthcare—2.0%
Hologic, Inc. (e),
2.00%, 12/15/37		5,935		6,068,538
Integra LifeSciences Holdings Corp. (a)(b),
1.625%, 12/15/16		11,010		10,445,737
				16,514,275
Healthcare & Hospitals—1.3%
Molina Healthcare, Inc.,
3.75%, 10/1/14		9,560		10,802,800
Hotels/Gaming—1.3%
MGM Resorts International,
4.25%, 4/15/15		10,590		10,497,338
Insurance—2.6%
American Equity Investment Life Holding Co. (a)(b),
3.50%, 9/15/15		9,255		9,949,125
Amtrust Financial Services, Inc. (a)(b),
5.50%, 12/15/21		9,835		11,285,662
				21,234,787
Machinery—3.0%
Chart Industries, Inc.,
2.00%, 8/1/18		8,825		10,303,188
Greenbrier Cos., Inc. (a)(b),
3.50%, 4/1/18		6,870		5,753,625
Terex Corp.,
4.00%, 6/1/15		6,605		8,495,681
				24,552,494
Multi-Media—3.8%
Liberty Interactive LLC,
3.125%, 3/30/23		9,055		10,322,700
3.50%, 1/15/31		17,765		10,903,269
XM Satellite Radio, Inc. (a)(b),
7.00%, 12/1/14		7,180		9,342,975
				30,568,944
Oil & Gas—4.1%
Hornbeck Offshore Services, Inc. (e),
1.625%, 11/15/26		10,120		10,189,828
Oil States International, Inc.,
2.375%, 7/1/25		2,555		5,368,694
Pioneer Natural Resources Co.,
2.875%, 1/15/38		4,270		7,082,862
Stone Energy Corp. (a)(b),
1.75%, 3/1/17		11,600		10,585,000
				33,226,384
Pharmaceuticals—9.6%
Akorn, Inc. (a)(b),
3.50%, 6/1/16		6,685		11,364,500

	Principal Amount (000s)		Value
BioMarin Pharmaceutical, Inc.,
1.875%, 4/23/17		$5,450		$10,075,688
Endo Health Solutions, Inc.,
1.75%, 4/15/15		3,875		4,834,062
Medicis Pharmaceutical Corp.,
1.375%, 6/1/17		11,140		11,293,175
Medivation, Inc.,
2.625%, 4/1/17		8,440		9,706,000
Mylan, Inc.,
3.75%, 9/15/15		6,390		11,182,500
Salix Pharmaceuticals Ltd.,
2.75%, 5/15/15		7,960		10,487,300
Valeant Pharmaceuticals International, Inc. (a)(b),
5.375%, 8/1/14		2,735		9,408,400
				78,351,625
Real Estate Investment Trust—3.9%
Boston Properties L.P.,
3.75%, 5/15/36		9,060		10,135,875
DDR Corp.,
1.75%, 11/15/40		10,430		11,003,650
Host Hotels & Resorts L.P. (a)(b),
2.50%, 10/15/29		8,320		10,649,600
				31,789,125
Retail—2.1%
Group 1 Automotive, Inc. (e),
2.25%, 6/15/36		10,765		11,572,375
Saks, Inc.,
2.00%, 3/15/24		4,985		5,159,475
				16,731,850
Technology—9.7%
Concur Technologies, Inc. (a)(b),
2.50%, 4/15/15		8,375		11,149,219
Micron Technology, Inc., Ser. A (a)(b),
1.50%, 8/1/31		10,680		9,238,200
Microsoft Corp. (a)(b),
zero coupon, 6/15/13		10,270		10,847,688
Nuance Communications, Inc.,
2.75%, 8/15/27		7,635		9,610,556
Salesforce.com, Inc.,
0.75%, 1/15/15		5,990		10,242,900
Teradyne, Inc.,
4.50%, 3/15/14		2,445		6,561,769
VeriFone Systems, Inc.,
1.375%, 6/15/12		10,470		10,509,262
Xilinx, Inc.,
2.625%, 6/15/17		8,625		10,748,906
				78,908,500
Telecommunications—3.9%
Anixter International, Inc.,
1.00%, 2/15/13		7,150		7,972,250
Ciena Corp. (a)(b),
3.75%, 10/15/18		8,425		8,582,969
Level 3 Communications, Inc.,
6.50%, 10/1/16		2,075		2,834,969
SBA Communications Corp.,
1.875%, 5/1/13		9,825		12,514,593
				31,904,781
Wholesale—2.4%
Titan Machinery, Inc. (a)(b),
3.75%, 5/1/19		8,960		9,094,400
WESCO International, Inc.,
6.00%, 9/15/29		4,575		10,167,938
				19,262,338
Total Convertible Bonds (cost—$659,794,287)				695,128,688

	Shares		Value
CONVERTIBLE PREFERRED STOCK—10.6%
Automobiles—0.6%
General Motors Co., Ser. B,
4.75%, 12/1/13		123,580		$4,537,858
Financial Services—4.8%
AMG Capital Trust I,
5.10%, 4/15/36		216,930		10,656,686
Bank of America Corp., Ser. L (d),
7.25%, 1/30/13		11,525		10,764,350
Citigroup, Inc.,
7.50%, 12/15/12		86,160		7,244,333
Wells Fargo & Co., Ser. L (d),
7.50%, 3/15/13		9,785		10,851,467
				39,516,836
Household Durables—1.3%
Stanley Black & Decker, Inc.,
4.75%, 11/17/15		92,130		10,722,089
Insurance—1.2%
MetLife, Inc.,
5.00%, 9/11/13		165,425		9,703,831
Road/Rail—1.3%
2010 Swift Mandatory Common Exchange Security Trust (b),
6.00%, 12/31/13		1,002,345		10,490,743
Utilities—1.4%
PPL Corp.,
8.75%, 5/1/14		216,160		11,326,784
Total Convertible Preferred Stock (cost—$88,786,089)				86,298,141
COMMON STOCK—0.5%
Machinery—0.5%
Actuant Corp., Class A (cost—$3,388,245)		156,488		4,095,291
	Principal Amount (000s)
Repurchase Agreements—3.6%
State Street Bank & Trust Co., dated 5/31/12, 0.01%, due 6/1/12, proceeds $29,582,008; collateralized by Federal Home Loan Bank, 3.68%, due 2/27/32, valued at $30,177,544 including accrued interest
(cost—$29,582,000)		$29,582		29,582,000
Total Investments (cost—$781,550,621)—100.1%				815,104,120
Liabilities in excess of other assets—(0.1)%				(847,432	)
Net Assets—100.0%				$814,256,688
Notes to Schedule of Investments:
(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $203,435,274, representing 25.0% of net assets.
(b) 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.

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 97

Schedules of Investments

May 31, 2012 (unaudited)

(c) Fair-Valued—Security with a value of $10,015,327, representing 1.2% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(d) Perpetual maturity. The date shown is the next call date.

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

Allianz AGIC Focused Opportunity Fund

	Shares		Value
COMMON STOCK—99.0%
Automobiles—1.7%
Tesla Motors, Inc. (a)		2,000		$59,000
Biotechnology—3.6%
Ariad Pharmaceuticals, Inc. (a)		4,175		69,180
Cubist Pharmaceuticals, Inc. (a)		1,325		53,159
				122,339
Capital Markets—5.1%
Financial Engines, Inc. (a)		3,900		81,822
WisdomTree Investments, Inc. (a)		13,775		92,017
				173,839
Commercial Services & Supplies—4.1%
Encore Capital Group, Inc. (a)		2,800		67,872
Mobile Mini, Inc. (a)		5,425		74,540
				142,412
Communications Equipment—10.0%
Acme Packet, Inc. (a)		6,750		154,440
Aruba Networks, Inc. (a)		4,724		62,073
Sycamore Networks, Inc. (a)		9,650		127,959
				344,472
Construction & Engineering—1.6%
KBR, Inc.		2,225		56,671
Diversified Consumer Services—4.7%
American Public Education, Inc. (a)		3,725		105,902
New Oriental Education & Technology Group ADR (a)		2,025		53,682
				159,584
Diversified Telecommunication Services—0.8%
Cogent Communications Group, Inc. (a)		1,600		28,384
Electrical Equipment—3.6%
Polypore International, Inc. (a)		3,300		122,067
Electronic Equipment, Instruments & Components—3.4%
IPG Photonics Corp. (a)		2,725		116,630
Energy Equipment & Services—2.5%
Weatherford International Ltd. (a)		7,075		84,971
Health Care Equipment & Supplies—3.8%
Abiomed, Inc. (a)		2,350		47,775
Align Technology, Inc. (a)		2,625		81,979
				129,754
Hotels, Restaurants & Leisure—2.7%
Life Time Fitness, Inc. (a)		2,125		91,078
Internet & Catalog Retail—2.4%
NetFlix, Inc. (a)		1,325		84,058
Internet Software & Services—5.2%
Constant Contact, Inc. (a)		4,250		86,062
VistaPrint NV (a)		2,700		91,476
				177,538
IT Services—3.3%
Lender Processing Services, Inc.		4,975		114,823
Machinery—3.8%
Manitowoc Co., Inc.		1,875		19,500
Wabash National Corp. (a)		15,738		109,536
				129,036
Metals & Mining—4.5%
Globe Specialty Metals, Inc.		5,950		69,734

	Shares		Value
Walter Energy, Inc.		1,750		$84,788
				154,522
Oil, Gas & Consumable Fuels—13.5%
Carrizo Oil & Gas, Inc. (a)		5,200		114,972
Comstock Resources, Inc. (a)		12,875		192,481
Goodrich Petroleum Corp. (a)		2,775		40,987
Ultra Petroleum Corp. (a)		6,100		112,972
				461,412
Pharmaceuticals—2.8%
Questcor Pharmaceuticals, Inc. (a)		2,350		97,290
Professional Services—2.7%
Acacia Research Corp. (a)		2,700		93,879
Road & Rail—2.1%
Swift Transporation Co. (a)		6,650		70,556
Semiconductors & Semiconductor Equipment—3.0%
Cavium, Inc. (a)		4,250		102,892
Software—2.5%
BroadSoft, Inc. (a)		3,090		84,388
Textiles, Apparel & Luxury Goods—4.2%
Lululemon Athletica, Inc. (a)		1,025		74,456
Under Armour, Inc., Class A (a)		675		67,993
				142,449
Trading Companies & Distributors—1.4%
United Rentals, Inc. (a)		1,425		49,234
Total Investments (cost—$4,071,017)—99.0%				3,393,278
Other assets less liabilities—1.0%				33,783
Net Assets—100.0%				$3,427,061
Notes to Schedule of Investments:
(a) Non-income producing.
Glossary:
ADR—American Depositary Receipt

98 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

Schedules of Investments

May 31, 2012 (unaudited)

Allianz AGIC Global Managed Volatility Fund

	Shares		Value
COMMON STOCK—97.9%
Belgium—0.6%
Barco NV		1,221		$67,578
Canada—7.9%
Alimentation Couche Tard, Inc.		929		36,742
BCE, Inc.		10,310		411,462
Bell Aliant, Inc.		3,567		90,932
E-L Financial Corp. Ltd.		191		76,929
Fairfax Financial Holdings Ltd.		213		83,934
Manitoba Telecom Services, Inc.		2,793		91,184
TELUS Corp.		3,035		172,371
				963,554
China—5.5%
Bank of Communications Co., Ltd., Class H		112,000		72,382
China Mobile Ltd.		23,200		235,321
Huaneng Power International, Inc., Class H		188,000		117,586
Maanshan Iron & Steel, Class H		152,000		36,513
Shanghai Electric Group Co., Ltd., Class H		68,000		30,815
Zijin Mining Group Co., Ltd., Class H (a)(c)		552,000		174,955
				667,572
Hong Kong—8.1%
CLP Holdings Ltd.		20,600		168,092
First Pacific Co., Ltd.		68,000		70,197
Hong Kong & China Gas Co., Ltd.		55,600		130,770
Hongkong Land Holdings Ltd.		23,000		128,430
Jardine Matheson Holdings Ltd.		1,500		72,356
Link REIT		59,800		231,254
Power Assets Holdings Ltd.		26,200		182,719
				983,818
Italy—0.4%
Milano Assicurazioni SpA (c)		152,132		45,738
Japan—20.6%
Aiful Corp. (c)		27,100		50,322
Benesse Holdings, Inc.		1,700		76,500
Chugai Pharmaceutical Co., Ltd.		4,600		82,949
Daikyo, Inc.		89,000		195,481
East Japan Railway Co.		2,400		142,700
Eisai Co., Ltd.		2,400		97,872
ITOCHU Corp.		20,300		222,036
Japan Real Estate Investment Corp., REIT		8		70,590
Nippon Building Fund, Inc., REIT		10		91,182
Nippon Telegraph & Telephone Corp.		8,200		353,049
Nissin Food Products Co., Ltd.		2,900		105,937
NTT DoCoMo, Inc.		88		140,390
Osaka Gas Co., Ltd.		21,000		82,266
Secom Co., Ltd.		2,400		105,960
Takeda Pharmaceutical Co., Ltd.		5,500		229,870
Toho Gas Co., Ltd.		11,000		62,322
Tokyo Gas Co., Ltd.		17,000		80,626
Tsumura & Co.		2,400		52,814
West Japan Railway Co.		6,500		254,952
				2,497,818

	Shares		Value
Netherlands—0.3%
Aegon NV		9,789		$41,325
Switzerland—2.3%
Nestle S.A.		4,926		279,523
United Kingdom—2.1%
De La Rue PLC		2,151		33,209
Randgold Resources Ltd.		2,711		216,141
				249,350
United States—50.1%
Altria Group, Inc.		3,100		99,789
American Capital Agency Corp., REIT		15,300		499,851
Annaly Capital Management, Inc., REIT		25,800		428,796
Arctic Cat, Inc. (c)		2,400		86,784
Autozone, Inc. (c)		1,200		456,312
Capitol Federal Financial, Inc.		13,100		152,615
Consolidated Edison, Inc.		2,800		169,008
DISH Network Corp., Class A		7,300		204,692
Dollar General Corp. (c)		1,500		73,365
Duke Energy Corp.		18,200		400,036
General Mills, Inc.		11,500		440,220
Hershey Co.		2,500		167,150
Kellogg Co.		700		34,146
Kimberly-Clark Corp.		4,600		365,010
Kraft Foods, Inc., Class A		2,500		95,675
Leapfrog Enterprises, Inc. (c)		18,900		196,938
McDonald’s Corp.		4,200		375,228
PepsiCo, Inc.		6,000		407,100
Procter & Gamble Co.		6,700		417,343
Saia, Inc. (c)		3,100		67,053
Southern Co.		9,900		454,509
Wal-Mart Stores, Inc.		7,400		487,068
				6,078,688
Total Investments (cost—$12,049,282) (b)—97.9%				11,874,964
Other assets less liabilities—2.1%				252,825
Net Assets—100.0%				$12,127,789
Notes to Schedule of Investments:
(a) Fair-Valued—Security with a value of $174,955, representing 1.4% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(b) Securities with an aggregate value of $4,657,767, representing 38.4% 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:
REIT—Real Estate Investment Trust

Allianz AGIC High Yield Bond Fund

	Principal Amount (000s)		Value
CORPORATE BONDS & NOTES—95.7%
Aerospace & Defense—3.9%
AAR Corp. (a)(b),
7.25%, 1/15/22		$3,020		$3,012,450
BE Aerospace, Inc.,
8.50%, 7/1/18		2,725		2,983,875
TransDigm, Inc.,
7.75%, 12/15/18		1,905		2,033,587
Triumph Group, Inc.,
8.00%, 11/15/17		2,295		2,478,600
				10,508,512
Apparel & Textiles—1.1%
Quiksilver, Inc.,
6.875%, 4/15/15		3,000		2,970,000
Auto Components—4.7%
American Axle & Manufacturing, Inc.,
7.75%, 11/15/19		2,000		2,120,000
7.875%, 3/1/17		3,500		3,609,375
Commercial Vehicle Group, Inc.,
7.875%, 4/15/19		3,000		3,015,000
Cooper-Standard Automotive, Inc.,
8.50%, 5/1/18		2,750		2,970,000
Titan International, Inc.,
7.875%, 10/1/17		1,055		1,097,200
				12,811,575
Automotive—3.5%
Chrysler Group LLC,
8.25%, 6/15/21		3,305		3,329,788
Jaguar Land Rover PLC (a)(b),
7.75%, 5/15/18		3,310		3,351,375
Navistar International Corp.,
8.25%, 11/1/21		2,725		2,874,875
				9,556,038
Building & Construction—3.9%
Beazer Homes USA, Inc.,
9.125%, 5/15/19		760		634,600
Dycom Investments, Inc.,
7.125%, 1/15/21		2,130		2,215,200
Gibraltar Industries, Inc. (e),
8.00%, 12/1/15		2,326		2,384,150
KB Home,
8.00%, 3/15/20		1,715		1,663,550
MasTec, Inc.,
7.625%, 2/1/17		355		368,312
Standard Pacific Corp.,
8.375%, 5/15/18		3,100		3,344,125
				10,609,937
Chemicals—0.5%
Omnova Solutions, Inc. (e),
7.875%, 11/1/18		1,350		1,343,250
Commercial Services—12.1%
Avis Budget Car Rental LLC,
7.75%, 5/15/16		3,500		3,605,000
9.75%, 3/15/20		500		550,000
Cardtronics, Inc.,
8.25%, 9/1/18		2,190		2,419,950
Cenveo Corp. (a)(b),
11.50%, 5/15/17		2,855		2,483,850
Deluxe Corp.,
7.00%, 3/15/19		1,650		1,707,750
Emergency Medical Services Corp.,
8.125%, 6/1/19		3,140		3,218,500
ExamWorks Group, Inc. (b)(c),
9.00%, 7/15/19		3,195		3,266,888
Harland Clarke Holdings Corp.,
9.50%, 5/15/15		2,250		1,996,875
Hertz Corp. (a)(b),
6.75%, 4/15/19		725		744,938

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 99

Schedules of Investments

May 31, 2012 (unaudited)

	Principal Amount (000s)		Value
Hertz Corp.,
6.75%, 4/15/19		$1,370		$1,407,675
Interactive Data Corp.,
10.25%, 8/1/18		965		1,073,562
Monitronics International, Inc. (a)(b),
9.125%, 4/1/20		2,435		2,374,125
National Money Mart Co.,
10.375%, 12/15/16		2,185		2,425,350
RSC Equipment Rental, Inc.,
8.25%, 2/1/21		1,980		2,103,750
United Rentals North America, Inc.,
8.375%, 9/15/20		3,110		3,187,750
				32,565,963
Communications—0.6%
Affinion Group, Inc. (d),
11.50%, 10/15/15		1,895		1,646,281
Consumer Products—3.6%
Jarden Corp.,
7.50%, 5/1/17		930		1,032,300
Mead Products LLC (a)(b),
6.75%, 4/30/20		2,500		2,581,250
Revlon Consumer Products Corp.,
9.75%, 11/15/15		2,765		2,979,288
Reynolds Group Issuer, Inc. (a)(b),
9.875%, 8/15/19		3,180		3,176,025
				9,768,863
Diversified Manufacturing—1.2%
Park-Ohio Industries, Inc.,
8.125%, 4/1/21		3,180		3,291,300
Electrical Equipment—1.7%
General Cable Corp.,
7.125%, 4/1/17		620		638,600
WireCo WorldGroup, Inc. (e),
9.50%, 5/15/17		3,835		4,007,575
				4,646,175
Electronics—2.8%
Kemet Corp.,
10.50%, 5/1/18		3,144		3,293,340
NXP BV (a)(b),
9.75%, 8/1/18		2,655		3,006,788
Viasystems, Inc. (a)(b),
7.875%, 5/1/19		1,145		1,122,100
				7,422,228
Financial Services—8.2%
Capital One Capital V,
10.25%, 8/15/39		3,090		3,213,600
CIT Group, Inc. (a)(b),
7.00%, 5/2/16		3,300		3,300,000
CNG Holdings, Inc. (a)(b),
9.375%, 5/15/20		2,310		2,333,100
Community Choice Financial, Inc. (a)(b),
10.75%, 5/1/19		3,000		2,977,500
International Lease Finance Corp.,
8.25%, 12/15/20		2,980		3,330,150
Nationstar Mortgage LLC (a)(b),
9.625%, 5/1/19		2,140		2,236,300
PBF Holding Co. LLC (a)(b)(d),
8.25%, 2/15/20		1,515		1,478,337
SLM Corp.,
8.45%, 6/15/18		2,000		2,120,000
Springleaf Finance Corp.,
6.90%, 12/15/17		1,555		1,228,450
				22,217,437
Healthcare & Hospitals—0.4%
Kinetic Concepts, Inc. (a)(b),
10.50%, 11/1/18		1,050		1,065,750
Hotels/Gaming—3.1%
Caesars Entertainment Operating Co., Inc.,
11.25%, 6/1/17		2,745		2,930,288

	Principal Amount (000s)		Value
12.75%, 4/15/18		$2,495		$1,971,050
MGM Resorts International,
11.375%, 3/1/18		2,600		3,009,500
Wynn Las Vegas LLC (a)(b),
5.375%, 3/15/22		470		456,487
				8,367,325
Internet Software & Services—2.1%
Earthlink, Inc.,
8.875%, 5/15/19		3,477		3,407,460
Equinix, Inc.,
8.125%, 3/1/18		2,000		2,195,000
				5,602,460
Leisure—1.0%
NCL Corp., Ltd.,
9.50%, 11/15/18		2,410		2,638,950
Machinery—0.9%
Terex Corp.,
8.00%, 11/15/17		2,340		2,392,650
Metals & Mining—1.7%
AK Steel Corp.,
8.375%, 4/1/22		2,090		1,954,150
Thompson Creek Metals Co., Inc.,
7.375%, 6/1/18		3,310		2,747,300
				4,701,450
Multi-Media—3.9%
Cablevision Systems Corp.,
8.625%, 9/15/17		2,460		2,699,850
Cambium Learning Group, Inc.,
9.75%, 2/15/17		3,080		2,926,000
Clear Channel Worldwide Holdings, Inc.,
9.25%, 12/15/17		1,990		2,139,250
Mediacom Broadband LLC,
8.50%, 10/15/15		2,730		2,818,725
				10,583,825
Oil & Gas—10.5%
BreitBurn Energy Partners L.P.,
8.625%, 10/15/20		2,245		2,340,413
Carrizo Oil & Gas, Inc.,
8.625%, 10/15/18		2,965		3,113,250
Concho Resources, Inc.,
7.00%, 1/15/21		1,900		2,047,250
Endeavour International Corp. (a)(b),
12.00%, 3/1/18		1,720		1,754,400
Energy XXI Gulf Coast, Inc.,
9.25%, 12/15/17		2,490		2,689,200
EV Energy Partners L.P.,
8.00%, 4/15/19		2,100		2,131,500
Everest Acquisition LLC (a)(b),
9.375%, 5/1/20		2,425		2,488,656
Laredo Petroleum, Inc. (a)(b),
7.375%, 5/1/22		1,175		1,204,375
Northern Oil and Gas, Inc. (a)(b),
8.00%, 6/1/20		1,760		1,760,000
Pioneer Drilling Co.,
9.875%, 3/15/18		3,370		3,555,350
United Refining Co.,
10.50%, 2/28/18		2,560		2,630,400
Vanguard Natural Resources LLC,
7.875%, 4/1/20		2,775		2,743,781
				28,458,575
Paper/Paper Products—0.1%
Verso Paper Holdings LLC,
8.75%, 2/1/19		715		257,400
Pharmaceuticals—0.9%
Endo Health Solutions, Inc.,
7.00%, 12/15/20		2,355		2,460,975

	Principal Amount (000s)		Value
Retail—4.8%
Brown Shoe Co., Inc.,
7.125%, 5/15/19		$3,030		$2,980,762
DineEquity, Inc.,
9.50%, 10/30/18		3,100		3,382,875
Fifth & Pacific Co., Inc. (a)(b),
10.50%, 4/15/19		2,920		3,292,300
Neiman Marcus Group, Inc.,
10.375%, 10/15/15		2,680		2,810,677
Rite Aid Corp.,
9.50%, 6/15/17		500		482,500
				12,949,114
Technology—3.9%
Advanced Micro Devices, Inc.,
8.125%, 12/15/17		2,695		2,903,862
First Data Corp.,
9.875%, 9/24/15		3,245		3,236,888
12.625%, 1/15/21		1,260		1,193,850
Freescale Semiconductor, Inc. (a)(b),
10.125%, 3/15/18		2,900		3,139,250
				10,473,850
Telecommunications—10.0%
Cincinnati Bell, Inc.,
8.75%, 3/15/18		3,340		3,114,550
Clearwire Communications LLC (a)(b),
12.00%, 12/1/15		670		587,925
Consolidated Communications Finance Co. (a)(b),
10.875%, 6/1/20		2,110		2,120,550
Cricket Communications, Inc.,
7.75%, 10/15/20		1,210		1,111,688
Crown Castle International Corp.,
9.00%, 1/15/15		1,000		1,092,500
Hughes Satellite Systems Corp.,
7.625%, 6/15/21		2,390		2,485,600
Intelsat Jackson Holdings S.A.,
7.25%, 4/1/19		2,095		2,102,856
ITC Deltacom, Inc.,
10.50%, 4/1/16		2,435		2,575,013
MetroPCS Wireless, Inc.,
6.625%, 11/15/20		2,235		2,167,950
Nextel Communications, Inc.,
7.375%, 8/1/15		2,545		2,500,462
NII Capital Corp.,
8.875%, 12/15/19		2,170		2,018,100
Sprint Nextel Corp. (a)(b),
11.50%, 11/15/21		1,050		1,110,375
West Corp.,
11.00%, 10/15/16		2,535		2,683,931
Windstream Corp.,
7.50%, 6/1/22		1,500		1,458,750
				27,130,250
Trading Companies & Distributors—1.0%
Aircastle Ltd.,
9.75%, 8/1/18		2,460		2,687,550
Transportation—2.3%
Quality Distribution LLC,
9.875%, 11/1/18		2,740		2,993,450
Swift Services Holdings, Inc.,
10.00%, 11/15/18		2,935		3,169,800
				6,163,250
Utilities—1.0%
Edison Mission Energy,
7.00%, 5/15/17		1,650		891,000
Texas Competitive Electric Holdings Co. LLC (a)(b),
11.50%, 10/1/20		2,500		1,687,500
				2,578,500

100 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

Schedules of Investments

May 31, 2012 (unaudited)

	Principal Amount (000s)		Value
Wholesale—0.3%
WESCO Distribution, Inc.,
7.50%, 10/15/17		$890		$912,250
Total Corporate Bonds & Notes (cost—$255,540,127)				258,781,683
Repurchase Agreements—3.4%
State Street Bank & Trust Co., dated 5/31/12, 0.01%, due 6/1/12, proceeds $9,082,003; collateralized by Fannie Mae, 2.75%, due 4/16/19, valued at $9,267,825 including accrued interest
(cost—$9,082,000)		9,082		9,082,000
Total Investments (cost—$264,622,127)—99.1%				267,863,683
Other assets less liabilities—0.9%				2,428,078
Net Assets—100.0%				$270,291,761
Notes to Schedule of Investments:
(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $54,845,706, representing 20.3% of net assets.
(b) 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.
(c) When-issued. To be settled after May 31, 2012.
(d) Fair-Valued—Securities with an aggregate value of $3,124,618, representing 1.2% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(e) Step Bond—Coupon is a fixed rate for an initial period then resets at a specific date and rate.

Allianz AGIC International Growth Opportunities Fund

	Shares		Value
COMMON STOCK—95.0%
Australia—1.1%
NRW Holdings Ltd.		387,187		$1,258,037
Canada—8.6%
AuRico Gold, Inc. (b)		216,954		1,617,414
Calfrac Well Services Ltd.		64,571		1,432,272
Cineplex, Inc.		65,405		1,866,181
Cogeco Cable, Inc.		57,370		2,557,307
Home Capital Group, Inc.		30,512		1,285,058
Southern Pacific Resource Corp. (b)		794,972		1,169,925
				9,928,157
China—3.7%
7 Days Group Holdings Ltd. ADR (b)		124,900		1,209,032
Hollysys Automation Technologies Ltd. (b)		190,400		1,709,792
Mongolian Mining Corp. (b)		1,972,500		1,326,731
				4,245,555
Finland—1.2%
Outotec Oyj		35,783		1,415,326
France—3.2%
Ingenico		87,644		3,709,050
Germany—9.2%
Carl Zeiss Meditec AG		91,950		2,238,688
Deutsche Wohnen AG		172,292		2,668,842
Gerresheimer AG (b)		44,995		1,978,724
Kabel Deutschland Holding AG (b)		39,591		2,252,952
Wirecard AG		83,374		1,512,230
				10,651,436
Hong Kong—5.9%
Dah Sing Financial Holdings Ltd.		418,400		1,222,675
L’Occitane International S.A.		1,225,500		2,973,474
VTech Holdings Ltd.		241,800		2,643,526
				6,839,675
Italy—0.5%
Safilo Group SpA (b)		92,128		535,871
Japan—13.5%
Air Water, Inc.		220,000		2,534,877
FP Corp.		29,500		1,772,162
Nabtesco Corp.		110,700		2,470,370
Nippon Shokubai Co., Ltd.		201,000		2,246,847
OKUMA Corp.		204,000		1,337,641
Tadano Ltd.		406,000		3,007,261
Tsuruha Holdings, Inc.		37,800		2,237,826
				15,606,984
Malaysia—1.9%
Alliance Financial Group Bhd.		1,743,000		2,245,690
Netherlands—2.0%
Koninklijke Ten Cate NV		37,544		893,358
Unit 4 NV		59,270		1,441,863
				2,335,221
Norway—2.7%
Pacific Drilling S.A. (b)		160,200		1,361,700
Petroleum Geo-Services ASA		153,526		1,791,898
				3,153,598

	Shares		Value
Singapore—4.7%
Goodpack Ltd.		761,000		$969,572
Hyflux Ltd.		1,567,500		1,533,140
M1 Ltd.		1,521,000		2,887,293
				5,390,005
Switzerland—3.7%
Dufry AG (b)		20,243		2,301,825
Partners Group Holding AG		11,893		1,973,914
				4,275,739
United Kingdom—33.1%
Abcam PLC		470,158		2,851,941
African Minerals Ltd. (b)		264,752		1,537,875
APR Energy PLC		68,396		839,522
ARM Holdings PLC		142,738		1,116,869
Babcock International Group PLC		140,868		1,849,895
Britvic PLC		351,619		1,800,452
Catlin Group Ltd.		395,332		2,449,221
Chemring Group PLC		207,277		1,018,377
Cookson Group PLC		157,529		1,529,675
Croda International PLC		75,520		2,616,131
Hargreaves Lansdown PLC		287,297		2,133,813
Hikma Pharmaceuticals PLC		220,943		2,208,492
IG Group Holdings PLC		361,964		2,422,369
John Wood Group PLC		138,575		1,503,559
Meggitt PLC		336,324		1,964,676
Petrofac Ltd.		78,375		1,881,143
Rotork PLC		93,912		2,945,440
Senior PLC		1,029,950		3,202,795
Victrex PLC		107,137		2,315,091
				38,187,336
Total Common Stock (cost—$99,541,816)				109,777,680
PREFERRED STOCK—1.5%
Brazil—1.5%
Banco do Estado do Rio Grande do Sul, Class B (cost—$647,270)		221,400		1,756,402
	Principal Amount (000s)
Repurchase Agreements—3.2%
State Street Bank & Trust Co., dated 5/31/12, 0.01%, due 6/1/12, proceeds $3,663,001; collateralized by U.S. Treasury Notes, 0.875%, due 12/31/16, valued at $3,739,921 including accrued interest
(cost—$3,663,000)		$3,663		3,663,000
Total Investments (cost—$103,852,086) (a)—99.7%				115,197,082
Other assets less liabilities—0.3%				335,659
Net Assets—100.0%				$115,532,741

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 101

Schedules of Investments

May 31, 2012 (unaudited)

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $95,568,999, representing 82.7% 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

Allianz AGIC Micro Cap Fund

	Shares		Value
COMMON STOCK—95.8%
Aerospace & Defense—0.4%
Astronics Corp. (b)		7,500		$191,400
Air Freight & Logistics—1.6%
Echo Global Logistics, Inc. (b)		20,700		352,107
XPO Logistics, Inc. (b)		22,100		394,706
				746,813
Auto Components—0.8%
Amerigon, Inc. (b)		32,900		394,142
Biotechnology—2.5%
Dusa Pharmaceuticals, Inc. (b)		87,700		452,532
Ligand Pharmaceuticals, Inc., Class B (b)		17,100		214,263
Neurocrine Biosciences, Inc. (b)		26,700		178,623
Pharmacyclics, Inc. (b)		10,300		323,626
				1,169,044
Capital Markets—1.7%
HFF, Inc., Class A (b)		32,800		429,024
ICG Group, Inc. (b)		39,800		346,260
				775,284
Chemicals—2.8%
American Vanguard Corp.		29,500		795,025
Flotek Industries, Inc. (b)		29,000		308,850
GSE Holding, Inc. (b)		19,134		208,561
				1,312,436
Commercial Banks—2.3%
Banner Corp.		19,000		364,800
First Merchants Corp.		29,600		347,208
West Coast Bancorp (b)		20,600		387,280
				1,099,288
Commercial Services & Supplies—1.2%
Metalico, Inc. (b)		35,400		89,562
Team, Inc. (b)		18,300		488,244
				577,806
Communications Equipment—1.5%
Procera Networks, Inc. (b)		33,600		702,240
Computers & Peripherals—1.7%
Datalink Corp. (b)		59,700		592,224
OCZ Technology Group, Inc. (b)		51,400		230,272
				822,496
Construction & Engineering—0.8%
Great Lakes Dredge & Dock Corp.		57,300		372,450
Containers & Packaging—0.9%
Myers Industries, Inc.		24,500		412,090
Diversified Telecommunication Services—1.5%
8x8, Inc. (b)		72,400		292,496
inContact, Inc. (b)		75,100		392,773
				685,269
Electronic Equipment, Instruments & Components—2.7%
GSI Group, Inc. (b)		32,600		378,486
Measurement Specialties, Inc. (b)		7,500		245,025
Newport Corp. (b)		30,400		361,456
Radisys Corp. (b)		50,000		292,000
				1,276,967
Energy Equipment & Services—2.6%
Dawson Geophysical Co. (b)		9,869		224,026
Gulf Island Fabrication, Inc.		13,700		342,500
Matrix Service Co. (b)		29,300		304,427

	Shares		Value
Mitcham Industries, Inc. (b)		19,300		$364,770
				1,235,723
Food Products—0.6%
Smart Balance, Inc. (b)		47,800		283,454
Health Care Equipment & Supplies—7.8%
Antares Pharma, Inc. (b)		113,300		308,176
Cantel Medical Corp.		25,050		547,593
Cynosure, Inc., Class A (b)		20,800		410,176
Endologix, Inc. (b)		47,400		644,166
ICU Medical, Inc. (b)		7,800		401,310
OraSure Technologies, Inc. (b)		40,000		414,000
Spectranetics Corp. (b)		40,600		400,722
SurModics, Inc. (b)		19,900		277,207
Synergetics USA, Inc. (b)		69,700		249,526
				3,652,876
Health Care Providers & Services—4.4%
Acadia Healthcare Co., Inc. (b)		18,800		336,520
AMN Healthcare Services, Inc. (b)		53,200		319,200
Capital Senior Living Corp. (b)		39,000		385,320
Metropolitan Health Networks, Inc. (b)		65,900		573,330
U.S. Physical Therapy, Inc.		19,700		478,710
				2,093,080
Health Care Technology—2.0%
HealthStream, Inc. (b)		26,800		566,016
Omnicell, Inc. (b)		27,300		357,357
				923,373
Hotels, Restaurants & Leisure—3.9%
AFC Enterprises, Inc. (b)		25,800		551,088
Bravo Brio Restaurant Group, Inc. (b)		16,200		266,004
Caribou Coffee Co., Inc. (b)		22,900		272,510
Red Robin Gourmet Burgers, Inc. (b)		11,800		377,600
Town Sports International Holdings, Inc. (b)		30,100		352,471
				1,819,673
Internet Software & Services—6.4%
InfoSpace, Inc. (b)		27,900		356,004
Internap Network Services Corp. (b)		70,500		502,665
Saba Software, Inc. (b)		51,900		433,365
SPS Commerce, Inc. (b)		18,000		497,520
Stamps.com, Inc. (b)		15,100		370,856
Vocus, Inc. (b)		19,900		320,987
Web.com Group, Inc. (b)		34,500		549,240
				3,030,637
IT Services—0.8%
Virtusa Corp. (b)		26,400		386,232
Leisure Equipment & Products—1.1%
Arctic Cat, Inc. (b)		14,800		535,168
Machinery—3.7%
American Railcar Industries, Inc. (b)		17,800		376,470
Commercial Vehicle Group, Inc. (b)		21,200		185,076
Dynamic Materials Corp.		17,100		288,648
Greenbrier Cos., Inc. (b)		20,100		278,184
Manitex International, Inc. (b)		35,400		287,448
Wabash National Corp. (b)		44,600		310,416
				1,726,242
Metals & Mining—2.2%
AM Castle & Co. (b)		26,100		286,317
Horsehead Holding Corp. (b)		29,300		259,598

102 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

Schedules of Investments

May 31, 2012 (unaudited)

	Shares		Value
Universal Stainless & Alloy (b)		12,500		$503,000
				1,048,915
Multiline Retail—0.7%
Gordmans Stores, Inc. (b)		18,600		331,266
Oil, Gas & Consumable Fuels—3.5%
Abraxas Petroleum Corp. (b)		100,100		276,276
Approach Resources, Inc. (b)		17,600		493,328
Callon Petroleum Co. (b)		66,100		284,891
Georesources, Inc. (b)		7,100		253,470
Magnum Hunter Resources Corp. (b)		79,900		321,997
				1,629,962
Paper & Forest Products—0.8%
Neenah Paper, Inc.		14,100		367,446
Personal Products—0.7%
Elizabeth Arden, Inc. (b)		9,900		341,154
Pharmaceuticals—1.2%
Hi-Tech Pharmacal Co., Inc. (b)		6,700		193,563
Santarus, Inc. (b)		56,100		373,626
				567,189
Professional Services—1.1%
Mistras Group, Inc. (b)		23,700		534,198
Road & Rail—4.0%
Celadon Group, Inc.		31,600		509,076
Quality Distribution, Inc. (b)		30,900		328,158
Roadrunner Transportation Systems, Inc. (b)		26,700		448,560
Saia, Inc. (b)		28,600		618,618
				1,904,412
Semiconductors & Semiconductor Equipment—4.0%
ChipMOS TECHNOLOGIES (Bermuda) Ltd. (b)		23,700		293,761
CVD Equipment Corp. (b)		21,000		249,900
Mattson Technology, Inc. (b)		131,300		232,401
Mindspeed Technologies, Inc. (b)		53,900		167,090
PDF Solutions, Inc. (b)		53,300		471,705
Silicon Image, Inc. (b)		54,200		239,564
Silicon Motion Technology Corp. ADR (b)		16,600		224,764
				1,879,185
Software—9.5%
Accelrys, Inc. (b)		46,200		360,360
Actuate Corp. (b)		48,800		325,984
Allot Communications Ltd. (b)		24,800		645,296
Bottomline Technologies, Inc. (b)		22,000		393,360
Callidus Software, Inc. (b)		64,200		320,358
Clicksoftware Technologies Ltd.		34,900		299,442
Glu Mobile, Inc. (b)		97,900		452,298
Kenexa Corp. (b)		18,500		539,645
Magic Software Enterprises Ltd. (b)		66,200		383,960
Monotype Imaging Holdings, Inc. (b)		29,000		397,300
PROS Holdings, Inc. (b)		22,700		341,181
				4,459,184
Specialty Retail—2.8%
America’s Car-Mart, Inc. (b)		9,700		418,555
Body Central Corp. (b)		16,800		246,120
Lithia Motors, Inc., Class A		26,900		656,898
				1,321,573

	Shares		Value
Textiles, Apparel & Luxury Goods—2.3%
Movado Group, Inc.		19,400		$537,380
Oxford Industries, Inc.		12,100		557,205
				1,094,585
Thrifts & Mortgage Finance—0.7%
HomeStreet, Inc. (b)		10,200		336,600
Trading Companies & Distributors—6.1%
Aceto Corp.		43,600		371,908
CAI International, Inc. (b)		18,600		344,844
DXP Enterprises, Inc. (b)		14,900		700,300
H&E Equipment Services, Inc. (b)		25,700		407,859
SeaCube Container Leasing Ltd.		29,100		530,202
Titan Machinery, Inc. (b)		16,700		515,195
				2,870,308
Transportation Infrastructure—0.5%
Aegean Marine Petroleum Network, Inc.		51,100		247,835
Total Common Stock (cost—$39,032,968)				45,157,995
	Units
WARRANTS—0.0%
Oil, Gas & Consumable Fuels—0.0%
Magnum Hunter Resources Corp., expires 10/14/13 (a)(b) (cost—$0)		9,960		—
	Principal Amount (000s)
Repurchase Agreements—2.7%
State Street Bank & Trust Co., dated 5/31/12, 0.01%, due 6/1/12, proceeds $1,277,000; collateralized by Fannie Mae, 2.75%, due 4/16/19, valued at $1,303,125 including accrued interest
(cost—$1,277,000)		$1,277		1,277,000
Total Investments (cost—$40,309,968)—98.5%				46,434,995
Other assets less liabilities—1.5%				692,386
Net Assets—100.0%				$47,127,381
Notes to Schedule of Investments:
(a) Fair-Valued—Security with a value of $0. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(b) Non-income producing.
Glossary:
ADR—American Depositary Receipt

Allianz AGIC Ultra Micro Cap Fund

	Shares		Value
COMMON STOCK—95.1%
Aerospace & Defense—3.2%
Astronics Corp. (b)		5,400		$137,808
CPI Aerostructures, Inc. (b)		11,200		163,072
EDAC Technologies Corp. (b)		10,800		126,036
				426,916
Air Freight & Logistics—1.9%
Park-Ohio Holdings Corp. (b)		6,700		123,615
XPO Logistics, Inc. (b)		7,400		132,164
				255,779
Auto Components—0.8%
Amerigon, Inc. (b)		9,300		111,414
Biotechnology—1.2%
Dusa Pharmaceuticals, Inc. (b)		30,800		158,928
Building Products—0.8%
US Home Systems, Inc.		12,400		106,268
Chemicals—0.7%
Flotek Industries, Inc. (b)		8,900		94,785
Commercial Banks—3.1%
First California Financial Group, Inc. (b)		26,900		182,382
First Connecticut Bancorp, Inc.		9,200		119,876
Preferred Bank (b)		9,500		116,565
				418,823
Commercial Services & Supplies—0.2%
Metalico, Inc. (b)		8,300		20,999
Communications Equipment—4.8%
CalAmp Corp. (b)		22,300		136,699
Procera Networks, Inc. (b)		12,000		250,800
Silicom Ltd. (b)		10,400		145,288
Telular Corp.		15,200		114,000
				646,787
Computers & Peripherals—1.9%
Datalink Corp. (b)		19,300		191,456
OCZ Technology Group, Inc. (b)		13,900		62,272
				253,728
Distributors—0.7%
VOXX International Corp. (b)		10,100		99,586
Diversified Telecommunication Services—2.3%
8x8, Inc. (b)		29,400		118,776
inContact, Inc. (b)		36,200		189,326
				308,102
Electronic Equipment, Instruments & Components—0.6%
ID Systems, Inc. (b)		20,300		85,260
Energy Equipment & Services—3.2%
Bolt Technology Corp.		10,300		127,411
Mitcham Industries, Inc. (b)		10,300		194,670
RigNet, Inc. (b)		7,000		109,270
				431,351
Food Products—1.0%
Inventure Foods, Inc. (b)		20,900		129,998
Health Care Equipment & Supplies—7.7%
Antares Pharma, Inc. (b)		35,000		95,200
AtriCure, Inc. (b)		7,800		70,122
Cynosure, Inc., Class A (b)		7,900		155,788
IRIS International, Inc. (b)		12,600		134,316
Spectranetics Corp. (b)		19,300		190,491
Synergetics USA, Inc. (b)		29,200		104,536
TearLab Corp. (b)		38,800		125,712
Trinity Biotech PLC ADR		13,100		150,650
				1,026,815

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 103

Schedules of Investments

May 31, 2012 (unaudited)

	Shares		Value
Health Care Providers & Services—6.0%
Acadia Healthcare Co., Inc. (b)		11,550		$206,745
AMN Healthcare Services, Inc. (b)		18,800		112,800
Capital Senior Living Corp. (b)		13,000		128,440
Metropolitan Health Networks, Inc. (b)		22,000		191,400
U.S. Physical Therapy, Inc.		6,810		165,483
				804,868
Health Care Technology—2.0%
HealthStream, Inc. (b)		7,500		158,400
Mediware Information Systems (b)		7,600		106,400
				264,800
Hotels, Restaurants & Leisure—4.4%
Carrols Restaurant Group, Inc. (b)		12,500		76,250
Famous Dave’s Of America, Inc. (b)		12,000		124,200
Fiesta Restaurant Group, Inc. (b)		10,500		128,100
Jamba, Inc. (b)		67,900		129,010
Town Sports International Holdings, Inc. (b)		10,900		127,639
				585,199
Insurance—1.2%
Homeowners Choice, Inc.		11,400		155,610
Internet & Catalog Retail—1.3%
Vitacost.com, Inc. (b)		23,500		180,715
Internet Software & Services—5.9%
Internap Network Services Corp. (b)		24,200		172,546
Points International Ltd. (b)		14,400		162,288
Saba Software, Inc. (b)		21,300		177,855
SPS Commerce, Inc. (b)		7,000		193,480
Stamps.com, Inc. (b)		3,500		85,960
				792,129
IT Services—3.0%
Computer Task Group, Inc. (b)		10,400		126,568
Innodata Isogen, Inc. (b)		30,600		170,442
Mattersight Corp. (b)		15,600		109,356
				406,366
Life Sciences Tools & Services—1.2%
Medtox Scientific, Inc. (b)		7,800		157,638
Machinery—1.5%
Manitex International, Inc. (b)		24,600		199,752
Marine—0.7%
Rand Logistics, Inc. (b)		12,200		91,500
Media—1.4%
Ballantyne Strong, Inc. (b)		28,300		181,969
Metals & Mining—1.1%
Universal Stainless & Alloy (b)		3,700		148,888
Oil, Gas & Consumable Fuels—3.8%
Abraxas Petroleum Corp. (b)		33,700		93,012
Callon Petroleum Co. (b)		22,500		96,975
Evolution Petroleum Corp. (b)		14,400		115,488
Triangle Petroleum Corp. (b)		22,800		116,280
Voyager Oil & Gas, Inc. (b)		47,100		88,077
				509,832
Pharmaceuticals—2.1%
Heska Corp.		10,900		133,089
Santarus, Inc. (b)		22,500		149,850
				282,939

	Shares		Value
Professional Services—2.1%
Barrett Business Services, Inc.		6,100		$120,475
GP Strategies Corp. (b)		10,000		157,600
				278,075
Road & Rail—4.4%
Celadon Group, Inc.		9,000		144,990
Quality Distribution, Inc. (b)		15,150		160,893
Saia, Inc. (b)		8,600		186,018
Vitran Corp., Inc. (b)		15,000		105,000
				596,901
Semiconductors & Semiconductor Equipment—4.8%
Integrated Silicon Solution, Inc. (b)		12,000		112,320
Mattson Technology, Inc. (b)		49,300		87,261
Nova Measuring Instruments Ltd. (b)		17,500		125,475
PDF Solutions, Inc. (b)		23,100		204,435
Ultra Clean Holdings (b)		18,100		107,876
				637,367
Software—6.7%
Allot Communications Ltd. (b)		8,100		210,762
American Software, Inc., Class A		15,800		125,768
Callidus Software, Inc. (b)		26,000		129,740
ePlus, Inc. (b)		4,400		138,292
Glu Mobile, Inc. (b)		33,000		152,460
Magic Software Enterprises Ltd. (b)		23,700		137,460
				894,482
Specialty Retail—1.7%
Destination Maternity Corp.		6,500		126,750
TravelCenters of America LLC (b)		21,900		101,616
				228,366
Textiles, Apparel & Luxury Goods—0.9%
RG Barry Corp.		9,900		127,314
Thrifts & Mortgage Finance—1.8%
First Financial Holdings, Inc.		10,900		104,640
HomeStreet, Inc. (b)		4,000		132,000
				236,640
Trading Companies & Distributors—2.3%
Aceto Corp.		13,400		114,302
DXP Enterprises, Inc. (b)		4,200		197,400
				311,702
Transportation Infrastructure—0.7%
Aegean Marine Petroleum Network, Inc.		19,100		92,635
Total Common Stock (cost—$11,334,730)				12,741,226
	Units
WARRANTS—0.0%
Oil, Gas & Consumable Fuels—0.0%
Magnum Hunter Resources Corp., expires 10/14/13 (a)(b)
(cost—$0)		1,960		—

	Principal Amount (000s)		Value
Repurchase Agreements—3.4%
State Street Bank & Trust Co., dated 5/31/12, 0.01%, due 6/1/12, proceeds $462,000; collateralized by Fannie Mae, 2.75%, due 4/16/19, valued at $474,338 including accrued interest
(cost—$462,000)		$462		$462,000
Total Investments (cost—$11,796,730)—98.5%				13,203,226
Other assets less liabilities—1.5%				199,542
Net Assets—100.0%				$13,402,768
Notes to Schedule of Investments:
(a) Fair-Valued—Security with a value of $0. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(b) Non-income producing.
Glossary:
ADR—American Depositary Receipt

104 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

Schedules of Investments

May 31, 2012 (unaudited)

Allianz AGIC U.S. Emerging Growth Fund

	Shares		Value
COMMON STOCK—96.9%
Aerospace & Defense—1.1%
Triumph Group, Inc.		3,500		$209,440
Biotechnology—2.2%
BioMarin Pharmaceutical, Inc. (b)		3,900		138,996
Cubist Pharmaceuticals, Inc. (b)		3,100		124,372
Onyx Pharmaceuticals, Inc. (b)		3,600		164,808
				428,176
Building Products—0.5%
Ameresco, Inc., Class A (b)		9,500		102,125
Chemicals—2.1%
Flotek Industries, Inc. (b)		9,500		101,175
Olin Corp.		6,200		118,854
PolyOne Corp.		9,686		128,146
TPC Group, Inc. (b)		2,300		72,657
				420,832
Commercial Banks—1.5%
Citizens Republic Bancorp, Inc. (b)		9,600		156,096
Susquehanna Bancshares, Inc.		13,800		132,894
				288,990
Commercial Services & Supplies—0.6%
ACCO Brands Corp. (b)		10,500		95,760
Metalico, Inc. (b)		9,400		23,782
				119,542
Communications Equipment—1.2%
EchoStar Corp., Class A (b)		4,600		128,662
Netgear, Inc. (b)		3,800		119,282
				247,944
Computers & Peripherals—1.6%
Datalink Corp. (b)		10,200		101,184
Electronics for Imaging, Inc. (b)		8,700		128,238
OCZ Technology Group, Inc. (b)		19,100		85,568
				314,990
Construction & Engineering—1.1%
Chicago Bridge & Iron Co. NV		3,600		129,384
Dycom Industries, Inc. (b)		4,600		90,068
				219,452
Consumer Finance—1.4%
DFC Global Corp. (b)		7,950		131,016
First Cash Financial Services, Inc. (b)		3,900		146,094
				277,110
Containers & Packaging—0.5%
Rock-Tenn Co., Class A		1,900		98,021
Distributors—0.8%
Core-Mark Holding Co., Inc.		3,600		156,564
Diversified Telecommunication Services—0.6%
Premiere Global Services, Inc. (b)		14,100		117,876
Electrical Equipment—0.4%
Belden, Inc.		2,500		78,125
Electronic Equipment, Instruments & Components—2.4%
Anixter International, Inc.		1,600		92,016
Coherent, Inc. (b)		2,100		92,694
Newport Corp. (b)		7,500		89,175
OSI Systems, Inc. (b)		3,300		210,606
				484,491

	Shares		Value
Energy Equipment & Services—2.9%
Dawson Geophysical Co. (b)		3,600		$81,720
Helix Energy Solutions Group, Inc. (b)		8,100		138,753
ION Geophysical Corp. (b)		20,043		121,460
Mitcham Industries, Inc. (b)		6,700		126,630
Tesco Corp. (b)		9,100		109,382
				577,945
Food & Staples Retailing—0.5%
Pricesmart, Inc.		1,600		108,128
Food Products—1.6%
B&G Foods, Inc.		3,800		91,504
Hain Celestial Group, Inc. (b)		3,900		216,411
				307,915
Health Care Equipment & Supplies—1.3%
Endologix, Inc. (b)		10,700		145,413
Syneron Medical Ltd. (b)		11,000		116,930
				262,343
Health Care Providers & Services—4.6%
Air Methods Corp. (b)		2,000		182,300
Hanger Orthopedic Group, Inc. (b)		6,000		129,420
Mmodal, Inc. (b)		13,800		173,466
MWI Veterinary Supply, Inc. (b)		1,700		158,015
Team Health Holdings, Inc. (b)		6,000		136,440
WellCare Health Plans, Inc. (b)		2,200		124,234
				903,875
Hotels, Restaurants & Leisure—4.4%
Bally Technologies, Inc. (b)		3,300		153,615
Buffalo Wild Wings, Inc. (b)		1,500		127,665
Gaylord Entertainment Co. (b)		4,400		166,980
Scientific Games Corp., Class A (b)		12,900		110,166
Shuffle Master, Inc. (b)		10,600		168,116
Six Flags Entertainment Corp.		3,400		155,142
				881,684
Household Durables—1.1%
KB Home		11,200		81,200
Ryland Group, Inc.		5,800		129,688
				210,888
Internet Software & Services—5.4%
Bankrate, Inc. (b)		6,000		104,280
Dice Holdings, Inc. (b)		13,400		131,722
IAC/InterActiveCorp.		2,700		121,284
InfoSpace, Inc. (b)		9,500		121,220
Internap Network Services Corp. (b)		17,700		126,201
Stamps.com, Inc. (b)		3,800		93,328
ValueClick, Inc. (b)		8,500		149,090
Velti PLC (b)		11,500		83,950
Web.com Group, Inc. (b)		9,300		148,056
				1,079,131
IT Services—2.1%
Global Cash Access Holdings, Inc. (b)		23,000		162,150
MAXIMUS, Inc.		3,200		145,632
Wright Express Corp. (b)		1,800		100,908
				408,690
Leisure Equipment & Products—0.5%
Polaris Industries, Inc.		1,400		106,358
Life Sciences Tools & Services—0.7%
Parexel International Corp. (b)		5,000		133,800
Machinery—5.0%
Chart Industries, Inc. (b)		2,300		143,658
Colfax Corp. (b)		3,600		101,988

	Shares		Value
Greenbrier Cos., Inc. (b)		6,300		$87,192
Manitowoc Co., Inc.		11,600		120,640
Sauer-Danfoss, Inc.		2,000		72,260
Terex Corp. (b)		8,000		133,040
Titan International, Inc.		5,400		120,960
Trinity Industries, Inc.		3,500		86,450
Wabash National Corp. (b)		17,700		123,192
				989,380
Media—1.2%
Liberty Media Corp.—Liberty Capital, Class A (b)		1,000		84,770
Lions Gate Entertainment Corp. (b)		10,900		145,188
				229,958
Metals & Mining—1.9%
Carpenter Technology Corp.		2,400		108,144
Haynes International, Inc.		2,500		127,500
Universal Stainless & Alloy (b)		3,300		132,792
				368,436
Oil, Gas & Consumable Fuels—4.6%
Berry Petroleum Co., Class A		3,000		116,730
Bonanza Creek Energy, Inc. (b)		8,300		141,598
Golar LNG Ltd.		3,500		122,605
Gulfport Energy Corp. (b)		3,700		68,376
Kodiak Oil & Gas Corp. (b)		15,200		123,272
Magnum Hunter Resources Corp. (b)		22,200		89,466
Sanchez Energy Corp. (b)		5,900		142,485
World Fuel Services Corp.		2,800		105,000
				909,532
Paper & Forest Products—0.7%
Schweitzer-Mauduit International, Inc.		2,100		140,490
Personal Products—0.4%
Nu Skin Enterprises, Inc., Class A		2,000		85,760
Pharmaceuticals—4.2%
Endo Health Solutions, Inc. (b)		4,000		130,080
Impax Laboratories, Inc. (b)		6,300		130,599
Jazz Pharmaceuticals PLC (b)		2,900		125,280
Medicines Co. (b)		5,500		120,890
Questcor Pharmaceuticals, Inc. (b)		2,700		111,780
Salix Pharmaceuticals Ltd. (b)		2,600		134,706
Vivus, Inc. (b)		3,100		76,849
				830,184
Professional Services—1.0%
Acacia Research Corp. (b)		3,800		132,126
Huron Consulting Group, Inc. (b)		2,500		78,150
				210,276
Real Estate Management & Development—1.0%
Altisource Portfolio Solutions S.A. (b)		3,300		190,938
Road & Rail—2.4%
Avis Budget Group, Inc. (b)		10,300		152,955
Genesee & Wyoming, Inc., Class A (b)		1,700		85,187
Roadrunner Transportation Systems, Inc. (b)		7,900		132,720
Swift Transporation Co. (b)		10,046		106,588
				477,450
Semiconductors & Semiconductor Equipment—5.6%
Advanced Energy Industries, Inc. (b)		9,000		122,850
Cirrus Logic, Inc. (b)		5,900		169,448

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 105

Schedules of Investments

May 31, 2012 (unaudited)

	Shares		Value
Entegris, Inc. (b)		13,700		$105,627
Fairchild Semiconductor International, Inc. (b)		9,800		129,458
Kulicke & Soffa Industries, Inc. (b)		13,600		143,072
Monolithic Power Systems, Inc. (b)		8,300		155,957
Omnivision Technologies, Inc. (b)		7,500		121,350
Silicon Image, Inc. (b)		20,600		91,052
Silicon Motion Technology Corp. ADR (b)		5,600		75,824
				1,114,638
Software—7.7%
ACI Worldwide, Inc. (b)		4,000		152,760
Aspen Technology, Inc. (b)		7,300		161,330
Cadence Design Systems, Inc. (b)		15,600		159,120
Glu Mobile, Inc. (b)		31,400		145,068
Guidewire Software, Inc. (b)		5,700		147,687
Kenexa Corp. (b)		5,400		157,518
Magic Software Enterprises Ltd. (b)		18,700		108,460
Mentor Graphics Corp. (b)		12,300		173,430
Net 1 UEPS Technologies, Inc. (b)		12,100		105,391
Netscout Systems, Inc. (b)		6,800		136,340
Parametric Technology Corp. (b)		4,300		86,860
				1,533,964
Specialty Retail—9.3%
Aeropostale, Inc. (b)		8,300		153,550
Ascena Retail Group, Inc. (b)		8,200		155,226
Bebe Stores, Inc.		16,600		105,908
Body Central Corp. (b)		5,800		84,970
Genesco, Inc. (b)		2,100		139,650
GNC Holdings, Inc., Class A		4,800		184,944
Lithia Motors, Inc., Class A		6,200		151,404
Men’s Wearhouse, Inc.		3,700		133,163
Penske Automotive Group, Inc.		6,400		157,312
Rent-A-Center, Inc.		3,600		121,212
Sally Beauty Holdings, Inc. (b)		5,400		142,722
Select Comfort Corp. (b)		5,200		142,272
Zumiez, Inc. (b)		4,700		172,913
				1,845,246
Textiles, Apparel & Luxury Goods—2.3%
Oxford Industries, Inc.		3,800		174,990
Skechers U.S.A., Inc., Class A (b)		8,300		141,017
Steven Madden Ltd. (b)		3,450		139,863
				455,870
Thrifts & Mortgage Finance—1.6%
Nationstar Mortgage Holdings, Inc. (b)		8,300		159,111
Ocwen Financial Corp. (b)		10,100		161,903
				321,014
Trading Companies & Distributors—3.5%
Aircastle Ltd.		9,900		109,989
H&E Equipment Services, Inc. (b)		6,600		104,742
Kaman Corp.		3,300		96,525
Rush Enterprises, Inc., Class A (b)		5,500		91,135
Titan Machinery, Inc. (b)		4,600		141,910
WESCO International, Inc. (b)		2,600		154,674
				698,975
Transportation Infrastructure—1.4%
Aegean Marine Petroleum Network, Inc.		19,000		92,150

	Shares		Value
Macquarie Infrastructure Co. LLC		5,800		$192,734
				284,884
Total Common Stock (cost—$16,938,779)				19,231,430
	Units
WARRANTS—0.0%
Oil, Gas & Consumable Fuels—0.0%
Magnum Hunter Resources Corp., expires 10/14/13 (a)(b) (cost—$0)		2,110		—
	Principal Amount (000s)
Repurchase Agreements—2.5%
State Street Bank & Trust Co., dated 5/31/12, 0.01%, due 6/1/12, proceeds $490,000; collateralized by Fannie Mae, 2.75%, due 4/16/19, valued at $500,400 including accrued interest
(cost—$490,000)		$490		490,000
Total Investments (cost—$17,428,779)—99.4%				19,721,430
Other assets less liabilities—0.6%				125,966
Net Assets—100.0%				$19,847,396
Notes to Schedule of Investments:
(a) Fair-Valued—Security with a value of $0. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(b) Non-income producing.
Glossary:
ADR—American Depositary Receipt

Allianz F&T Behavioral Advantage Large Cap Fund

	Shares		Value
COMMON STOCK—99.3%
Aerospace & Defense—3.1%
BE Aerospace, Inc. (a)		200		$8,664
Boeing Co.		600		41,766
General Dynamics Corp.		300		19,203
Goodrich Corp.		100		12,577
Hexcel Corp. (a)		300		7,314
Honeywell International, Inc.		900		50,094
L-3 Communications Holdings, Inc.		250		17,048
Lockheed Martin Corp.		450		37,260
Northrop Grumman Corp.		950		55,812
Precision Castparts Corp.		200		33,242
Raytheon Co.		200		10,064
Rockwell Collins, Inc.		150		7,556
Textron, Inc.		300		7,089
TransDigm Group, Inc. (a)		100		12,300
Triumph Group, Inc.		150		8,976
United Technologies Corp.		850		62,993
				391,958
Air Freight & Logistics—0.5%
Expeditors International of Washington, Inc.		150		5,738
FedEx Corp.		300		26,742
United Parcel Service, Inc., Class B		450		33,723
				66,203
Airlines—0.3%
Alaska Air Group, Inc. (a)		400		13,720
Delta Air Lines, Inc. (a)		1,650		19,965
				33,685
Automobiles—0.1%
Harley-Davidson, Inc.		300		14,454
Beverages—2.7%
Beam, Inc.		800		48,448
Brown-Forman Corp., Class B		200		17,436
Coca-Cola Co.		1,200		89,676
Coca-Cola Enterprises, Inc.		300		8,208
Constellation Brands, Inc., Class A (a)		750		14,468
Dr. Pepper Snapple Group, Inc.		200		8,252
Molson Coors Brewing Co., Class B		500		19,225
Monster Beverage Corp. (a)		600		43,560
PepsiCo, Inc.		1,350		91,597
				340,870
Biotechnology—3.3%
Alexion Pharmaceuticals, Inc. (a)		450		40,756
Amgen, Inc.		1,550		107,756
Biogen Idec, Inc. (a)		600		78,450
Celgene Corp. (a)		1,150		78,488
Cepheid, Inc. (a)		150		5,674
Gilead Sciences, Inc. (a)		1,600		79,920
Myriad Genetics, Inc. (a)		300		7,239
Regeneron Pharmaceuticals, Inc. (a)		150		20,348
				418,631
Building Products—0.0%
Simpson Manufacturing Co., Inc.		200		5,558
Capital Markets—0.5%
Ameriprise Financial, Inc.		150		7,188
Franklin Resources, Inc.		250		26,698
LPL Investment Holdings, Inc.		200		6,476
SEI Investments Co.		250		4,478
State Street Corp.		200		8,242

106 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

Schedules of Investments

May 31, 2012 (unaudited)

	Shares		Value
T. Rowe Price Group, Inc.		100		$5,759
WP Carey & Co., LLC		150		6,835
				65,676
Chemicals—3.6%
Air Products & Chemicals, Inc.		200		15,808
Airgas, Inc.		200		17,362
Albemarle Corp.		200		12,140
Celanese Corp., Ser. A		250		9,952
CF Industries Holdings, Inc.		200		34,192
Dow Chemical Co.		1,250		38,825
Eastman Chemical Co.		200		9,312
FMC Corp.		200		10,194
HB Fuller Co.		200		6,080
LyondellBasell Industries NV, Class A		1,200		47,352
Monsanto Co.		950		73,340
Mosaic Co.		200		9,536
PPG Industries, Inc.		350		36,204
Praxair, Inc.		350		37,184
Rockwood Holdings, Inc. (a)		200		9,680
Sensient Technologies Corp.		150		5,478
Sherwin-Williams Co.		200		25,928
Sigma-Aldrich Corp.		200		13,874
Valhi, Inc.		1,650		23,397
Valspar Corp.		100		4,821
WR Grace & Co. (a)		150		7,875
				448,534
Commercial Banks—2.1%
BB&T Corp.		250		7,555
BOK Financial Corp.		150		8,362
Commerce Bancshares, Inc.		200		7,748
Cullen/Frost Bankers, Inc.		100		5,689
First Republic Bank (a)		250		7,850
Investors Bancorp, Inc. (a)		400		5,976
PNC Financial Services Group, Inc.		450		27,639
U.S. Bancorp		2,550		79,331
Wells Fargo & Co.		3,400		108,970
				259,120
Commercial Services & Supplies—0.7%
Cintas Corp.		400		14,760
Clean Harbors, Inc. (a)		100		6,207
Corrections Corp. of America (a)		250		6,518
Covanta Holding Corp.		300		4,692
Iron Mountain, Inc.		350		9,922
KAR Auction Services, Inc. (a)		450		6,705
Republic Services, Inc.		450		11,862
Rollins, Inc.		400		8,496
Stericycle, Inc. (a)		50		4,363
Waste Management, Inc.		250		8,110
				81,635
Communications Equipment—1.2%
Cisco Systems, Inc.		5,050		82,466
Motorola Solutions, Inc.		1,000		48,080
Plantronics, Inc.		150		4,514
QUALCOMM, Inc.		300		17,193
				152,253
Computers & Peripherals—0.7%
Apple, Inc. (a)		100		57,773
Dell, Inc. (a)		950		11,714
EMC Corp. (a)		500		11,925
Western Digital Corp. (a)		350		10,986
				92,398
Construction & Engineering—0.1%
Chicago Bridge & Iron Co. NV		100		3,594
Quanta Services, Inc. (a)		300		6,774
				10,368
Consumer Finance—1.5%
American Express Co.		2,450		136,784

	Shares		Value
Credit Acceptance Corp. (a)		100		$8,474
Discover Financial Services		1,050		34,766
SLM Corp.		850		11,874
				191,898
Containers & Packaging—0.3%
Aptargroup, Inc.		150		7,600
Ball Corp.		350		13,990
Graphic Packaging Holding Co. (a)		1,100		5,445
Packaging Corp. of America		250		6,707
Silgan Holdings, Inc.		200		8,360
				42,102
Distributors—0.3%
Genuine Parts Co.		350		22,050
LKQ Corp. (a)		250		9,110
Pool Corp.		200		7,394
				38,554
Diversified Consumer Services—0.3%
Apollo Group, Inc., Class A (a)		450		14,319
H&R Block, Inc.		550		8,399
Service Corp. International		800		9,160
				31,878
Diversified Financial Services—0.9%
Bank of America Corp.		2,450		18,008
JPMorgan Chase & Co.		2,100		69,615
Leucadia National Corp.		150		3,048
Moody’s Corp.		450		16,465
				107,136
Diversified Telecommunication Services—2.6%
AT&T, Inc.		6,650		227,230
TW Telecom, Inc. (a)		300		6,957
Verizon Communications, Inc.		2,150		89,526
				323,713
Electric Utilities—1.2%
American Electric Power Co., Inc.		850		32,734
Cleco Corp.		200		8,168
El Paso Electric Co.		150		4,604
Hawaiian Electric Industries, Inc.		200		5,522
Idacorp, Inc.		150		5,893
Northeast Utilities		328		11,811
NV Energy, Inc.		650		11,245
Pinnacle West Capital Corp.		100		4,938
PNM Resources, Inc.		400		7,460
Portland General Electric Co.		200		5,030
Southern Co.		1,000		45,910
Xcel Energy, Inc.		350		9,807
				153,122
Electrical Equipment—0.6%
Acuity Brands, Inc.		100		5,450
AMETEK, Inc.		300		15,213
Emerson Electric Co.		350		16,369
Generac Holdings, Inc. (a)		300		7,425
Hubbell, Inc., Class B		150		11,838
Roper Industries, Inc.		150		15,183
				71,478
Electronic Equipment, Instruments & Components—0.5%
Amphenol Corp., Class A		150		7,978
Anixter International, Inc.		50		2,876
Arrow Electronics, Inc. (a)		100		3,391
Avnet, Inc. (a)		250		7,622
Cognex Corp.		150		5,248
FEI Co. (a)		100		4,577
Ingram Micro, Inc., Class A (a)		450		8,024
Insight Enterprises, Inc. (a)		250		3,722
Jabil Circuit, Inc.		400		7,652
Tech Data Corp. (a)		150		7,142
				58,232

	Shares		Value
Energy Equipment & Services—0.1%
Helix Energy Solutions Group, Inc. (a)		400		$6,852
Oceaneering International, Inc.		150		6,933
				13,785
Financial Services—1.2%
MasterCard, Inc., Class A		250		101,628
Visa, Inc., Class A		450		51,840
				153,468
Food & Staples Retailing—4.4%
Casey’s General Stores, Inc.		100		5,663
Costco Wholesale Corp.		600		51,834
CVS Caremark Corp.		3,000		134,820
Harris Teeter Supermarkets, Inc.		100		3,753
Kroger Co.		1,000		22,010
SYSCO Corp.		500		13,955
Wal-Mart Stores, Inc.		4,700		309,354
Whole Foods Market, Inc.		200		17,722
				559,111
Food Products—2.6%
Archer-Daniels-Midland Co.		450		14,346
Bunge Ltd.		200		11,900
Campbell Soup Co.		950		30,115
ConAgra Foods, Inc.		1,100		27,665
Corn Products International, Inc.		100		5,109
Hershey Co.		200		13,372
HJ Heinz Co.		200		10,616
Hormel Foods Corp.		550		16,450
Kellogg Co.		200		9,756
Kraft Foods, Inc., Class A		3,050		116,724
Lancaster Colony Corp.		100		6,732
McCormick & Co., Inc.		100		5,636
Mead Johnson Nutrition Co., Class A		350		28,259
Sara Lee Corp.		1,300		27,170
Smithfield Foods, Inc. (a)		500		9,835
				333,685
Gas Utilities—0.1%
New Jersey Resources Corp.		100		4,198
Oneok, Inc.		100		8,299
Questar Corp.		300		6,021
				18,518
Health Care Equipment & Supplies—1.8%
Baxter International, Inc.		1,050		53,151
Becton Dickinson & Co.		50		3,656
Boston Scientific Corp. (a)		2,500		14,350
Cooper Cos., Inc.		100		8,518
Covidien PLC		250		12,945
Gen-Probe, Inc. (a)		100		8,091
Haemonetics Corp. (a)		50		3,486
IDEXX Laboratories, Inc. (a)		100		8,484
Intuitive Surgical, Inc. (a)		50		26,155
Medtronic, Inc.		1,400		51,576
Resmed, Inc. (a)		200		6,196
Sirona Dental Systems, Inc. (a)		100		4,278
St. Jude Medical, Inc.		150		5,763
Stryker Corp.		150		7,717
Varian Medical Systems, Inc. (a)		150		8,799
Zimmer Holdings, Inc.		100		6,065
				229,230
Health Care Providers & Services—2.8%
Aetna, Inc.		1,000		40,890
Cardinal Health, Inc.		300		12,414
Centene Corp. (a)		100		3,614
DaVita, Inc. (a)		50		4,062
HCA Holdings, Inc.		1,450		37,686
Health Net, Inc. (a)		250		6,405
Healthsouth Corp. (a)		200		3,828
Henry Schein, Inc. (a)		150		11,146
Humana, Inc.		300		22,917

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 107

Schedules of Investments

May 31, 2012 (unaudited)

	Shares		Value
Laboratory Corp. of America Holdings (a)		100		$8,328
Magellan Health Services, Inc. (a)		150		6,326
McKesson Corp.		300		26,184
Omnicare, Inc.		300		9,456
Patterson Cos., Inc.		200		6,648
Quest Diagnostics, Inc.		100		5,690
Select Medical Holdings Corp. (a)		750		6,930
UnitedHealth Group, Inc.		1,900		105,963
WellCare Health Plans, Inc. (a)		100		5,647
WellPoint, Inc.		450		30,326
				354,460
Health Care Technology—0.3%
Cerner Corp. (a)		250		19,490
SXC Health Solutions Corp. (a)		150		13,456
				32,946
Hotels, Restaurants & Leisure—3.3%
Bob Evans Farms, Inc.		150		6,081
Brinker International, Inc.		250		8,078
Chipotle Mexican Grill, Inc., Class A (a)		50		20,654
Choice Hotels International, Inc.		150		5,458
Domino’s Pizza, Inc.		350		10,748
Dunkin’ Brands Group, Inc.		400		12,988
Marriott International, Inc., Class A		750		29,032
McDonald’s Corp.		1,490		133,117
Penn National Gaming, Inc. (a)		200		9,190
Starbucks Corp.		1,850		101,546
Wendy’s Co.		1,450		6,656
Wyndham Worldwide Corp.		600		29,880
Yum! Brands, Inc.		650		45,734
				419,162
Household Durables—0.5%
D.R. Horton, Inc.		850		14,110
Garmin Ltd.		250		10,740
Mohawk Industries, Inc. (a)		100		6,810
NVR, Inc. (a)		15		12,072
Pulte Group, Inc. (a)		1,000		9,360
Tempur-Pedic International, Inc. (a)		150		6,931
Tupperware Brands Corp.		100		5,405
				65,428
Household Products—2.6%
Church & Dwight Co., Inc.		300		15,972
Clorox Co.		150		10,320
Colgate-Palmolive Co.		750		73,725
Energizer Holdings, Inc. (a)		100		7,291
Kimberly-Clark Corp.		650		51,578
Procter & Gamble Co.		2,800		174,412
				333,298
Independent Power Producers & Energy Traders—0.1%
NRG Energy, Inc. (a)		1,200		18,384
Industrial Conglomerates—2.4%
3M Co.		1,000		84,410
General Electric Co.		10,350		197,582
Tyco International Ltd.		500		26,580
				308,572
Insurance—3.5%
ACE Ltd.		1,150		83,180
Allstate Corp.		350		11,879
American Financial Group, Inc.		300		11,667
Amtrust Financial Services, Inc.		200		5,750
Assurant, Inc.		200		6,676
Berkshire Hathaway, Inc., Class B (a)		100		7,936
Chubb Corp.		600		43,242
Cincinnati Financial Corp.		200		7,216

	Shares		Value
CNA Financial Corp.		700		$19,915
Erie Indemnity Co., Class A		150		10,780
Fidelity National Financial, Inc., Class A		300		5,652
HCC Insurance Holdings, Inc.		200		6,252
Kemper Corp.		150		4,394
Loews Corp.		700		27,223
Marsh & McLennan Cos., Inc.		750		23,985
MBIA, Inc. (a)		2,450		21,976
Mercury General Corp.		200		8,720
Primerica, Inc.		250		6,018
ProAssurance Corp.		100		8,814
Progressive Corp.		750		16,298
Reinsurance Group of America, Inc.		100		5,017
RenaissanceRe Holdings Ltd.		100		7,707
Torchmark Corp.		300		13,998
Travelers Cos., Inc.		850		53,116
White Mountains Insurance Group Ltd.		20		10,300
WR Berkley Corp.		350		13,412
				441,123
Internet & Catalog Retail—0.2%
Expedia, Inc.		150		6,884
Priceline.com, Inc. (a)		25		15,637
				22,521
Internet Software & Services—0.6%
eBay, Inc. (a)		700		27,433
Google, Inc., Class A (a)		40		23,234
InterActiveCorp.		250		11,230
VeriSign, Inc.		400		15,292
				77,189
IT Services—3.2%
Accenture PLC, Class A		100		5,710
Alliance Data Systems Corp. (a)		100		12,600
Amdocs Ltd. (a)		250		7,188
Automatic Data Processing, Inc.		700		36,505
Booz Allen Hamilton Holding Corp.		400		6,484
Cognizant Technology Solutions Corp., Class A (a)		100		5,825
Convergys Corp. (a)		400		5,580
Fidelity National Information Services, Inc.		250		8,195
Fiserv, Inc. (a)		200		13,486
Gartner, Inc. (a)		200		8,136
Global Payments, Inc.		100		4,248
International Business Machines Corp.		1,350		260,415
Jack Henry & Associates, Inc.		200		6,602
Paychex, Inc.		350		10,490
Total System Services, Inc.		350		8,144
Wright Express Corp. (a)		100		5,606
				405,214
Leisure Equipment & Products—0.2%
Mattel, Inc.		350		10,896
Polaris Industries, Inc.		200		15,194
				26,090
Life Sciences Tools & Services—0.3%
Agilent Technologies, Inc.		200		8,132
Bio-Rad Laboratories, Inc., Class A (a)		50		4,980
Charles River Laboratories International, Inc. (a)		150		5,007
Mettler-Toledo International, Inc. (a)		50		7,806
Waters Corp. (a)		100		7,978
				33,903
Machinery—1.3%
Barnes Group, Inc.		200		4,654
CLARCOR, Inc.		150		7,320

	Shares		Value
Crane Co.		100		$3,789
Cummins, Inc.		100		9,695
Donaldson Co., Inc.		400		14,308
Dover Corp.		200		11,312
Illinois Tool Works, Inc.		400		22,460
Ingersoll-Rand PLC		250		10,328
Kennametal, Inc.		200		6,952
Lincoln Electric Holdings, Inc.		200		9,516
Mueller Industries, Inc.		100		4,248
Pall Corp.		250		13,915
Parker Hannifin Corp.		150		12,261
Sauer-Danfoss, Inc.		250		9,032
Snap-On, Inc.		100		6,051
Wabtec Corp.		100		7,261
Woodward, Inc.		150		5,656
				158,758
Media—3.4%
CBS Corp., Class B		950		30,324
Charter Communications, Inc. (a)		550		34,485
Comcast Corp., Class A		300		8,673
DIRECTV, Class A (a)		850		37,782
John Wiley & Sons, Inc., Class A		150		6,825
McGraw-Hill Cos., Inc.		800		34,704
Morningstar, Inc.		150		8,391
News Corp., Class A		2,650		50,880
Omnicom Group, Inc.		350		16,688
Sirius XM Radio, Inc. (a)		6,050		11,434
Time Warner Cable, Inc.		150		11,310
Time Warner, Inc.		1,200		41,364
Viacom, Inc., Class B		850		40,571
Virgin Media, Inc.		400		8,812
Walt Disney Co.		1,750		79,993
				422,236
Metals & Mining—0.4%
Allied Nevada Gold Corp. (a)		100		2,594
Newmont Mining Corp.		500		23,580
Southern Copper Corp.		650		18,492
				44,666
Multiline Retail—1.3%
Dollar General Corp. (a)		1,100		53,801
Dollar Tree, Inc. (a)		400		41,272
Family Dollar Stores, Inc.		150		10,162
J.C. Penney Co., Inc. (a)		400		10,492
Macy’s, Inc.		1,000		38,050
Target Corp.		200		11,582
				165,359
Multi-Utilities—1.3%
Alliant Energy Corp.		200		8,738
Ameren Corp.		700		22,617
CenterPoint Energy, Inc.		700		14,161
CMS Energy Corp.		300		6,990
Consolidated Edison, Inc.		400		24,144
Dominion Resources, Inc.		300		15,618
DTE Energy Co.		300		17,049
Integrys Energy Group, Inc.		150		8,115
MDU Resources Group, Inc.		400		8,988
Public Service Enterprise Group, Inc.		400		12,476
TECO Energy, Inc.		350		6,090
Vectren Corp.		200		5,864
Wisconsin Energy Corp.		300		11,352
				162,202
Office Electronics—0.0%
Zebra Technologies Corp., Class A (a)		150		5,020
Oil, Gas & Consumable Fuels—5.8%
Cabot Oil & Gas Corp.		150		4,881
Chevron Corp.		2,330		229,062
ConocoPhillips		690		35,990
Exxon Mobil Corp.		3,570		280,709

108 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

Schedules of Investments

May 31, 2012 (unaudited)

	Shares		Value
Kinder Morgan Management LLC (a)		203		$14,419
Kinder Morgan, Inc.		300		10,257
Marathon Oil Corp.		1,550		38,611
Occidental Petroleum Corp.		550		43,599
Phillips 66 (a)		345		10,360
Spectra Energy Corp.		1,450		41,630
Targa Resources Corp.		200		8,868
Williams Cos., Inc.		200		6,106
				724,492
Paper & Forest Products—0.1%
Domtar Corp.		100		7,911
Personal Products—0.3%
Estee Lauder Cos., Inc., Class A		250		13,538
Herbalife Ltd.		300		13,437
Nu Skin Enterprises, Inc., Class A		150		6,432
				33,407
Pharmaceuticals—7.3%
Abbott Laboratories		2,850		176,102
Allergan, Inc.		450		40,612
Bristol-Myers Squibb Co.		2,850		95,019
Eli Lilly & Co.		1,600		65,520
Forest Laboratories, Inc. (a)		550		19,250
Johnson & Johnson		1,628		101,636
Merck & Co., Inc.		3,950		148,441
Pfizer, Inc.		10,900		238,383
Salix Pharmaceuticals Ltd. (a)		150		7,772
Viropharma, Inc. (a)		250		5,035
Warner Chilcott PLC, Class A (a)		850		16,031
				913,801
Professional Services—0.3%
Dun & Bradstreet Corp.		50		3,379
Equifax, Inc.		250		11,292
FTI Consulting, Inc. (a)		200		6,314
Nielsen Holdings NV (a)		800		22,192
				43,177
Real Estate Investment Trust—3.0%
American Capital Agency Corp.		200		6,534
American Tower Corp.		550		35,684
Annaly Capital Management, Inc.		800		13,296
AvalonBay Communities, Inc.		100		13,975
Boston Properties, Inc.		200		20,586
Camden Property Trust		100		6,511
Equity Lifestyle Properties, Inc.		100		6,586
Equity Residential		400		24,440
Essex Property Trust, Inc.		50		7,523
Extra Space Storage, Inc.		200		5,672
Federal Realty Investment Trust		100		9,828
General Growth Properties, Inc.		1,250		20,938
HCP, Inc.		400		16,336
Hospitality Properties Trust		250		5,877
Macerich Co.		150		8,557
Plum Creek Timber Co., Inc.		150		5,475
Public Storage		350		46,714
Rayonier, Inc.		150		6,446
Realty Income Corp.		200		7,666
RLJ Lodging Trust		300		5,289
Simon Property Group, Inc.		550		81,136
Taubman Centers, Inc.		50		3,650
Ventas, Inc.		350		20,587
Vornado Realty Trust		50		4,096
				383,402
Road & Rail—1.4%
Dollar Thrifty Automotive Group, Inc. (a)		100		8,158
J.B. Hunt Transport Services, Inc.		250		14,282
Landstar System, Inc.		100		5,270
Norfolk Southern Corp.		550		36,036
Old Dominion Freight Line, Inc. (a)		150		6,534

	Shares		Value
Union Pacific Corp.		900		$100,260
				170,540
Semiconductors & Semiconductor Equipment—1.8%
Intel Corp.		7,250		187,340
KLA-Tencor Corp.		100		4,583
LSI Logic Corp. (a)		1,400		9,310
Marvell Technology Group Ltd.		800		10,024
Maxim Integrated Products, Inc.		200		5,032
Semtech Corp. (a)		200		4,818
Xilinx, Inc.		200		6,394
				227,501
Software—3.2%
Activision Blizzard, Inc.		1,600		18,784
Adobe Systems, Inc. (a)		250		7,762
Ansys, Inc. (a)		150		9,281
Aspen Technology, Inc. (a)		250		5,525
CA, Inc.		900		22,383
Fair Isaac Corp.		150		6,099
Intuit, Inc.		400		22,492
MICROS Systems, Inc. (a)		150		7,914
Microsoft Corp.		5,900		172,221
NetSuite, Inc. (a)		150		7,038
Oracle Corp.		2,500		66,175
Red Hat, Inc. (a)		200		10,276
SS&C Technologies Holdings, Inc. (a)		300		7,074
Symantec Corp. (a)		1,250		18,550
Synopsys, Inc. (a)		300		8,865
Tyler Technologies, Inc. (a)		150		5,595
Ultimate Software Group, Inc. (a)		50		4,017
				400,051
Specialty Retail—5.2%
Aaron’s, Inc.		200		5,310
Advance Auto Parts, Inc.		250		18,235
Ascena Retail Group, Inc. (a)		400		7,572
Autozone, Inc. (a)		150		57,039
Bed Bath & Beyond, Inc. (a)		350		25,288
Foot Locker, Inc.		350		11,109
GNC Holdings, Inc., Class A		150		5,780
Hibbett Sports, Inc. (a)		150		8,404
Home Depot, Inc.		4,100		202,294
Limited Brands, Inc.		500		22,180
Lowe’s Cos., Inc.		1,200		32,064
Men’s Wearhouse, Inc.		150		5,398
O’Reilly Automotive, Inc. (a)		350		33,526
PetSmart, Inc.		300		19,332
Pier 1 Imports, Inc.		350		5,705
Ross Stores, Inc.		600		37,938
Sally Beauty Holdings, Inc. (a)		500		13,215
Select Comfort Corp. (a)		200		5,472
TJX Cos., Inc.		2,500		106,150
Tractor Supply Co.		150		13,703
Ulta Salon Cosmetics & Fragrance, Inc.		150		13,406
				649,120
Textiles, Apparel & Luxury Goods—1.5%
Carter’s, Inc. (a)		150		8,090
Coach, Inc.		650		43,842
Fossil, Inc. (a)		100		7,316
Nike, Inc., Class B		850		91,953
PVH Corp.		200		16,200
Ralph Lauren Corp.		150		22,320
				189,721
Thrifts & Mortgage Finance—0.1%
Northwest Bancshares, Inc.		500		5,735
TFS Financial Corp. (a)		550		5,153
				10,888
Tobacco—3.3%
Altria Group, Inc.		3,200		103,008

	Shares		Value
Lorillard, Inc.		350		$43,260
Philip Morris International, Inc.		2,570		217,191
Reynolds American, Inc.		1,300		54,392
				417,851
Trading Companies & Distributors—0.6%
Applied Industrial Technologies,
Inc.		150		5,656
Fastenal Co.		650		28,750
MSC Industrial Direct Co., Inc., Class A		100		7,171
W.W. Grainger, Inc.		150		29,048
				70,625
Transportation Infrastructure—0.1%
Macquarie Infrastructure Co. LLC		200		6,646
Water Utilities—0.1%
American Water Works Co., Inc.		350		11,974
Aqua America, Inc.		250		5,775
				17,749
Wireless Telecommunication Services—0.2%
Crown Castle International
Corp. (a)		500		27,300
U.S. Cellular Corp. (a)		100		3,739
				31,039
Total Investments (cost—$11,573,753)—99.3%				12,501,705
Other assets less liabilities—0.7%				94,090
Net Assets—100.0%				$12,595,795
Notes to Schedule of Investments:
(a) Non-income producing.

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 109

Schedules of Investments

May 31, 2012 (unaudited)

Allianz NFJ Global Dividend Value Fund

	Shares		Value
COMMON STOCK—97.3%
Australia—2.2%
Telstra Corp. Ltd.		261,300		$904,037
Brazil—5.9%
Cia de Saneamento Basico do Estado de Sao Paulo ADR		12,200		850,706
Cia Energetica de Minas Gerais ADR		49,625		855,039
Vale S.A. ADR		39,000		714,090
				2,419,835
Canada—3.9%
Barrick Gold Corp.		19,400		757,764
Toronto-Dominion Bank/The		11,200		855,344
				1,613,108
China—2.2%
China Mobile Ltd. ADR		17,700		897,921
France—7.6%
Sanofi		23,900		1,628,000
Total S.A.		35,400		1,525,705
				3,153,705
Germany—3.6%
RWE AG		19,600		718,121
Siemens AG		9,300		767,831
				1,485,952
Hong Kong—4.0%
First Pacific Co., Ltd.		815,800		842,159
Yue Yuen Industrial Holdings Ltd.		265,476		828,147
				1,670,306
Japan—7.2%
Asahi Glass Co., Ltd.		79,700		534,440
Mitsubishi Corp.		38,300		747,342
Mizuho Financial Group, Inc.		563,800		823,748
Sega Sammy Holdings, Inc.		49,500		879,386
				2,984,916
Korea (Republic of)—5.2%
POSCO		2,500		762,934
SK Telecom Co., Ltd.		13,700		1,392,808
				2,155,742
Russian Federation—1.8%
Lukoil OAO ADR (b)		14,500		759,510
South Africa—3.8%
Sasol Ltd. ADR		36,500		1,550,520
Spain—1.7%
Banco Santander S.A.		129,142		687,932
Switzerland—3.4%
Credit Suisse Group AG (b)		34,700		663,223
Zurich Financial Services AG (b)		3,700		760,546
				1,423,769
United Kingdom—9.6%
AstraZeneca PLC		20,700		836,179
BAE Systems PLC		187,000		790,193
Ensco PLC, Class A		16,000		718,560
Marks & Spencer Group PLC		161,600		828,315
Tesco PLC		174,900		816,237
				3,989,484
United States—35.2%
Altria Group, Inc.		30,000		965,700
Annaly Capital Management, Inc., REIT		56,500		939,030
Axis Capital Holdings Ltd.		29,600		973,840

	Shares		Value
CA, Inc.		32,900		$818,223
ConocoPhillips		16,400		855,424
EI Du Pont de Nemours & Co.		17,800		859,028
Intel Corp.		34,700		896,648
International Paper Co.		26,400		770,880
JPMorgan Chase & Co.		22,600		749,190
Kimberly-Clark Corp.		12,900		1,023,615
Microsoft Corp.		28,800		840,672
Northrop Grumman Corp.		15,100		887,125
Pfizer, Inc.		43,200		944,784
Phillips 66 (b)		26,950		809,308
Pitney Bowes, Inc.		51,100		697,004
Seagate Technology PLC		32,600		763,818
Xerox Corp.		110,800		799,976
				14,594,265
Total Common Stock (cost—$45,018,306)				40,291,002
	Principal Amount (000s)
Repurchase Agreements—2.7%
State Street Bank & Trust Co., dated 5/31/12, 0.01%, due 6/1/12, proceeds $1,141,000; collateralized by Freddie Mac, 3.00%, due 1/17/19, valued at $1,167,981 including accrued interest
(cost—$1,141,000)		$1,141		1,141,000
Total Investments (cost—$46,159,306) (a)—100.0%				41,432,002
Liabilities in excess of other assets—(0.0)%				(17,534	)
Net Assets—100.0%				$41,414,468
Notes to Schedule of Investments:
(a) Securities with an aggregate value of $17,737,283, representing 42.8% 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
REIT—Real Estate Investment Trust

Allianz NFJ International Value II Fund

	Shares		Value
COMMON STOCK—98.5%
Argentina—0.8%
Telecom Argentina S.A. ADR		2,000		$24,220
Australia—1.4%
AMP Ltd.		7,000		26,401
SP AusNet		15,300		15,042
				41,443
Austria—0.6%
OMV AG		700		19,101
Brazil—2.9%
Cia de Saneamento Basico do Estado de Sao Paulo ADR		600		41,838
Vale S.A. ADR		2,400		43,944
				85,782
Canada—7.4%
Atco Ltd., Class I		400		27,648
Barrick Gold Corp.		800		31,439
Calfrac Well Services Ltd.		600		13,309
Canadian Imperial Bank of Commerce		400		27,911
Cogeco Cable, Inc.		500		22,288
Genworth MI Canada, Inc.		1,100		19,756
Manulife Financial Corp.		2,700		29,095
Maple Leaf Foods, Inc.		1,400		15,724
Power Financial Corp.		1,200		29,394
				216,564
China—1.9%
Guangshen Railway Co., Ltd., Class H		82,000		26,483
Yanzhou Coal Mining Co., Ltd. ADR		1,900		31,654
				58,137
France—5.2%
Arkema S.A.		400		26,404
AXA S.A.		2,100		23,689
Cie Generale des Etablissements Michelin		300		17,588
Rallye S.A.		500		14,268
Sanofi		600		40,870
Valeo S.A.		700		29,682
				152,501
Germany—2.2%
Bayerische Motoren Werke AG		200		15,192
Deutsche Boerse AG		500		23,925
Muenchener Rueckversicherungs AG		200		24,874
				63,991
Hong Kong—5.5%
CNOOC Ltd.		16,000		28,774
First Pacific Co., Ltd.		38,000		39,228
Guangdong Investment Ltd.		56,000		36,668
Jardine Strategic Holdings Ltd.		1,000		30,178
Wheelock & Co. Ltd.		9,000		26,831
				161,679
Israel—1.8%
Israel Chemicals Ltd. ADR		2,800		29,232
Teva Pharmaceutical Industries Ltd. ADR		600		23,514
				52,746
Japan—24.6%
Asahi Glass Co., Ltd.		4,000		26,823
Asahi Group Holdings Ltd.		2,000		42,705
Chiba Bank Ltd.		4,000		22,515
Coca-Cola West Holdings Co., Ltd.		2,100		35,253

110 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

Schedules of Investments

May 31, 2012 (unaudited)

	Shares		Value
Daiichikosho Co., Ltd.		1,600		$33,038
Electric Power Development Co., Ltd.		1,200		31,051
Heiwa Corp.		1,300		23,497
Hoya Corp.		1,400		29,969
Idemitsu Kosan Co., Ltd.		300		27,125
IHI Corp.		13,000		26,643
JTEKT Corp.		3,400		32,983
Kaken Pharmaceutical Co., Ltd.		2,000		26,032
KDDI Corp.		7		43,223
KYORIN Holdings, Inc.		1,000		20,640
Marubeni Corp.		4,000		25,536
Mitsui & Co., Ltd.		2,900		40,759
Nihon Kohden Corp.		600		17,128
Nippon Shokubai Co., Ltd.		2,000		22,357
Nippon Telegraph & Telephone Corp.		1,000		43,055
Nissan Motor Co., Ltd.		2,400		23,082
Otsuka Holdings Co., Ltd.		800		25,143
Suruga Bank Ltd.		2,800		25,682
Toshiba TEC Corp.		4,000		14,064
Toyo Suisan Kaisha Ltd.		1,000		25,581
Tsuruha Holdings, Inc.		300		17,760
Zeon Corp.		3,000		22,978
				724,622
Korea (Republic of)—2.6%
KT Corp. ADR		2,200		25,630
POSCO ADR		400		30,292
Shinhan Financial Group Co., Ltd. ADR		300		19,326
				75,248
Netherlands—1.7%
Aalberts Industries NV		1,400		22,518
Koninklijke KPN NV		2,900		27,426
				49,944
Norway—2.3%
Statoil ASA		1,800		40,787
Yara International ASA		700		26,544
				67,331
Russian Federation—2.2%
Gazprom OAO ADR (c)		3,700		32,486
Lukoil OAO ADR		600		31,428
				63,914
Singapore—1.2%
First Resources Ltd.		9,000		11,582
UOL Group Ltd.		7,000		23,836
				35,418
South Africa—1.6%
MTN Group Ltd. ADR		1,300		20,839
Sasol Ltd. ADR		600		25,488
				46,327
Spain—2.8%
Duro Felguera S.A.		3,400		18,730
Enagas S.A.		800		12,506
Mapfre S.A.		14,200		27,579
Telefonica S.A.		2,100		23,375
				82,190
Sweden—0.7%
Saab AB		1,300		20,195
Switzerland—1.5%
Aryzta AG (c)		300		13,542
Roche Holdings AG		200		31,300
				44,842
Taiwan—1.0%
Advanced Semiconductor Engineering, Inc. ADR		6,400		29,632

	Shares		Value
Turkey—0.9%
KOC Holding AS ADR		1,575		$25,594
United Kingdom—25.7%
Aberdeen Asset Management PLC		3,300		12,399
African Barrick Gold PLC		4,500		22,874
Anglo American PLC		800		24,384
AstraZeneca PLC		1,000		40,395
Aviva PLC		6,100		24,758
BAE Systems PLC		7,600		32,115
BP PLC		4,200		25,532
BT Group PLC, Class A		12,500		39,767
Centrica PLC		5,400		25,795
G4S PLC		7,500		31,990
Greene King PLC		3,000		22,683
Imperial Tobacco Group PLC		1,200		43,412
Inchcape PLC		5,300		25,742
Kingfisher PLC		7,400		32,294
Marks & Spencer Group PLC		5,800		29,729
Mondi PLC		3,100		24,326
Old Mutual PLC		14,737		32,292
Reckitt Benckiser Group PLC		600		31,929
Rio Tinto PLC		700		30,116
Royal Dutch Shell PLC, Class A		1,300		40,408
Sage Group PLC		6,700		26,562
Smith & Nephew PLC		3,300		30,873
Tesco PLC		8,200		38,268
Vodafone Group PLC		13,600		36,271
William Hill PLC		7,000		29,253
				754,167
Total Common Stock (cost—$3,096,772)				2,895,588
RIGHTS—0.0%
Australia—0.0%
SP AusNet (a)(c), expires 6/12/12 (cost—$0)		2,295		22
Total Investments (cost—$3,096,772) (b)—98.5%				2,895,610
Other assets less liabilities—1.5%				44,583
Net Assets—100.0%				$2,940,193
Notes to Schedule of Investments:
(a) Fair-Valued—Security with a value of $22, representing 0.0% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(b) Securities with an aggregate value of $2,243,907, representing 76.3% 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

Allianz RCM All Alpha Fund

	Shares		Value
COMMON STOCK—76.0%
Belgium—0.2%
Solvay S.A.		84		$8,840
Bermuda—1.5%
Marvell Technology Group Ltd.		5,675		71,108
Canada—0.2%
YM Biosciences, Inc. (b)		5,808		11,442
China—17.6%
Bank of China Ltd., Class H		83,000		31,659
Beijing Enterprises Holdings Ltd.		4,000		22,911
China Coal Energy Co., Ltd., Class H		27,000		24,973
China Construction Bank Corp., Class H		104,000		72,346
China Everbright International Ltd.		95,000		42,479
China Life Insurance Co., Ltd., Class H		18,000		42,325
China Mobile Ltd.		8,000		81,145
China Resources Land Ltd.		8,000		15,012
China Telecom Corp. Ltd., Class H		100,000		45,904
China Unicom Hong Kong Ltd.		6,000		8,147
CNOOC Ltd.		36,000		64,742
Comba Telecom Systems Holdings Ltd.		45,850		20,677
Industrial & Commercial Bank of China, Class H		104,000		63,458
Kunlun Energy Co., Ltd.		20,000		34,185
PetroChina Co., Ltd., Class H		34,000		42,875
Ping An Insurance Group Co., Class H		3,000		21,977
SINA Corp. (b)		697		37,129
Sino-Ocean Land Holdings Ltd.		40,500		16,486
Tencent Holdings Ltd.		1,800		49,378
Tingyi Cayman Islands Holding Corp.		6,000		14,226
Zhongsheng Group Holdings Ltd.		8,500		13,640
Zhuzhou CSR Times Electric Co., Ltd., Class H		14,000		40,473
ZTE Corp., Class H		10,600		21,085
				827,232
France—0.7%
Arkema S.A.		83		5,479
Casino Guichard Perrachon S.A.		98		8,233
LVMH Moet Hennessy Louis Vuitton S.A.		63		9,325
Renault S.A.		196		8,238
				31,275
Germany—1.2%
BASF SE		152		10,667
Lanxess AG		245		16,370
Symrise AG		430		12,137
TUI AG (b)		1,360		7,634
Wacker Chemie AG		105		7,214
				54,022
Hong Kong—11.0%
Aeon Stores Hong Kong Co., Ltd.		19,000		58,996
BOC Hong Kong Holdings Ltd.		12,500		34,302
Champion REIT		86,000		34,872
China Communications Construction Co., Ltd., Class H		16,000		14,982
Dah Sing Financial Holdings Ltd.		5,200		15,196
Focus Media Holding Ltd. ADR		400		8,320

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 111

Schedules of Investments

May 31, 2012 (unaudited)

	Shares		Value
Great Eagle Holdings Ltd.		10,000		$24,938
HKT Trust		5,130		3,904
Hong Kong Exchange and Clearing Ltd.		2,000		28,130
Hutchison Whampoa Ltd.		6,000		49,140
Jardine Matheson Holdings Ltd.		400		19,295
Kerry Properties Ltd.		6,000		24,019
Li & Fung Ltd.		14,000		25,604
Lifestyle International Holdings Ltd.		4,000		8,680
Natural Beauty Bio-Technology Ltd.		110,000		18,849
PCCW Ltd.		95,000		34,718
Sa Sa International Holdings Ltd.		34,000		19,337
Sun Hung Kai Properties Ltd.		3,000		33,710
Swire Pacific Ltd., Class A		2,500		26,918
Swire Properties Ltd.		6,450		17,202
Wynn Macau Ltd.		6,800		16,513
				517,625
Ireland—1.1%
Amarin Corp. PLC ADR (b)		3,688		43,703
C&C Group PLC		1,809		7,672
				51,375
Israel—1.6%
Protalix BioTherapeutics, Inc. (b)		11,807		76,273
Netherlands—0.5%
NXP Semiconductor NV (b)		1,196		25,248
Singapore—0.3%
Avago Technologies Ltd.		400		13,240
Spain—0.2%
Inditex S.A.		106		8,769
Switzerland—0.6%
Actelion Ltd. (b)		498		18,877
Cie Financiere Richemont S.A.		143		8,196
				27,073
United Kingdom—1.2%
Aegis Group PLC		2,919		7,335
Anglo American PLC		331		10,089
Burberry Group PLC		177		3,745
HSBC Holdings PLC		1,600		12,632
Imperial Tobacco Group PLC		288		10,419
Rio Tinto PLC		220		9,465
				53,685
United States—38.1%
Achillion Pharmaceuticals, Inc. (b)		6,077		43,633
Affymax, Inc. (b)		1,592		22,511
Alnylam Pharmaceuticals, Inc. (b)		5,763		59,013
Apple, Inc. (b)		161		93,015
Ariad Pharmaceuticals, Inc. (b)		655		10,853
Array Biopharma, Inc. (b)		11,194		36,381
Bankrate, Inc. (b)		1,611		27,999
Baxter International, Inc.		1,091		55,226
Bottomline Technologies, Inc. (b)		709		12,677
Cell Therapeutics, Inc. (b)		9,942		8,945
Centene Corp. (b)		507		18,323
Cepheid, Inc. (b)		1,123		42,483
Cisco Systems, Inc.		3,606		58,886
Citrix Systems, Inc. (b)		553		40,413
Covidien PLC		611		31,638
Dynavax Technologies Corp. (b)		5,782		21,798
Edwards Lifesciences Corp. (b)		538		45,929
Endologix, Inc. (b)		868		11,796
Fairchild Semiconductor International, Inc. (b)		1,918		25,337

	Shares		Value
Google, Inc., Class A (b)		128		$74,350
Groupon, Inc. (b)		5,868		62,436
Halozyme Therapeutics, Inc. (b)		5,400		41,256
HeartWare International, Inc. (b)		413		33,606
Hologic, Inc. (b)		591		9,905
Idenix Pharmaceuticals, Inc. (b)		2,956		26,722
Intel Corp.		1,384		35,763
Isis Pharmaceuticals, Inc. (b)		2,161		21,372
JDS Uniphase Corp. (b)		2,416		24,522
Jive Software, Inc. (b)		1,150		19,263
Lam Research Corp. (b)		1,522		56,771
MAKO Surgical Corp. (b)		532		12,082
Medivation, Inc. (b)		886		74,628
Microsoft Corp.		2,416		70,523
NetApp, Inc. (b)		1,258		37,438
NetFlix, Inc. (b)		494		31,339
OncoGenex Pharmaceutical, Inc. (b)		4,098		51,471
Onyx Pharmaceuticals, Inc. (b)		885		40,515
OpenTable, Inc. (b)		893		35,470
Pfizer, Inc.		947		20,711
PMC-Sierra, Inc. (b)		6,748		43,052
Priceline.com, Inc. (b)		78		48,788
Repligen Corp. (b)		2,061		8,429
Rovi Corp. (b)		1,863		45,513
Salesforce.com, Inc. (b)		259		35,903
SIGA Technologies, Inc. (b)		2,923		6,752
Skyworks Solutions, Inc. (b)		500		13,430
St. Jude Medical, Inc.		1,076		41,340
Symantec Corp. (b)		2,073		30,763
Teradyne, Inc. (b)		1,312		18,958
Western Digital Corp. (b)		800		25,112
XenoPort, Inc. (b)		2,254		13,254
Zalicus, Inc. (b)		8,000		7,600
				1,785,893
Total Common Stock (cost—$4,011,700)				3,563,100
	Principal Amount (000s)
Repurchase Agreements—15.8%
State Street Bank & Trust Co., dated 5/31/12, 0.01%, due 6/1/12, proceeds $742,000; collateralized by U.S. Treasury Notes, 0.875%, due 12/31/16, valued at $761,178 including accrued interest
(cost—$742,000)		$742		742,000
Total Investments, before securities sold short (cost—$4,753,700)—91.8%				4,305,100
	Shares
SECURITIES SOLD SHORT (c)—(45.8)%
Common Stock—(36.8)%
Belgium—(0.3)%
Anheuser-Busch InBev NV		223		(15,088	)
China—(0.5)%
Netease, Inc. ADR (b)		398		(24,820	)
Denmark—(0.4)%
Christian Hansen Holding A/S		288		(8,033	)
Novozymes A/S, Class B		311		(8,369	)
				(16,402	)
Finland—(0.1)%
Nokian Renkaat Oyj		108		(4,071	)
France—(0.4)%
Danone S.A.		258		(16,549	)

	Shares		Value
Germany—(1.7)%
Beiersdorf AG		159	$	(10,044	)
Continental AG		102		(8,540	)
Daimler AG		214		(9,958	)
HeidelbergCement AG		30		(1,313	)
Metro AG		375		(10,816	)
SAP AG ADR		660		(37,831	)
				(78,502	)
Ireland—(2.0)%
Jazz Pharmaceuticals PLC (b)		996		(43,027	)
Shire PLC ADR		622		(52,503	)
				(95,530	)
Netherlands—(1.0)%
Akzo Nobel NV		319		(14,573	)
Heineken NV		304		(14,488	)
Koninklijke DSM NV		211		(10,049	)
Unilever NV Dutch Certificate		281		(8,828	)
				(47,938	)
Switzerland—(2.3)%
Garmin Ltd.		723		(31,060	)
Novartis AG ADR		996		(51,822	)
Syngenta AG		79		(25,445	)
				(108,327	)
United Kingdom—(1.1)%
ARM Holdings PLC ADR		1,112		(26,121	)
AstraZeneca PLC ADR		647		(26,145	)
				(52,266	)
United States—(27.0)%
3D Systems Corp. (b)		838		(25,475	)
Align Technology, Inc. (b)		451		(14,085	)
Altera Corp.		720		(24,055	)
Amazon.com, Inc. (b)		198		(42,156	)
Analog Devices, Inc.		650		(23,640	)
Applied Materials, Inc.		2,214		(22,871	)
Boston Scientific Corp. (b)		2,666		(15,303	)
C.R. Bard, Inc.		348		(33,822	)
Cerner Corp. (b)		305		(23,778	)
Cirrus Logic, Inc. (b)		694		(19,932	)
Cognex Corp.		562		(19,664	)
Concur Technologies, Inc. (b)		379		(23,441	)
Corning, Inc.		2,102		(27,305	)
Corporate Executive Board Co.		639		(23,221	)
Covance, Inc. (b)		609		(28,258	)
Cree, Inc. (b)		771		(19,329	)
Cymer, Inc. (b)		486		(26,327	)
Equinix, Inc. (b)		141		(22,998	)
F5 Networks, Inc. (b)		287		(29,699	)
Gartner, Inc. (b)		538		(21,886	)
InterActiveCorp.		406		(18,237	)
International Business Machines Corp.		261		(50,347	)
Intuit, Inc.		544		(30,589	)
KLA-Tencor Corp.		389		(17,828	)
Laboratory Corp. of America Holdings (b)		164		(13,658	)
LifePoint Hospitals, Inc. (b)		379		(13,955	)
Liquidity Services, Inc. (b)		434		(27,728	)
Millennial Media, Inc. (b)		1,309		(18,038	)
National Instruments Corp.		1,034		(26,925	)
Owens & Minor, Inc.		1,812		(51,588	)
QUALCOMM, Inc.		320		(18,339	)
Red Hat, Inc. (b)		781		(40,128	)
Robert Half International, Inc.		785		(22,310	)
SanDisk Corp. (b)		689		(22,530	)
Seagate Technology PLC		1,139		(26,687	)
Stryker Corp.		920		(47,334	)
TripAdvisor, Inc. (b)		910		(39,021	)
United Therapeutics Corp. (b)		912		(40,347	)
Varian Medical Systems, Inc. (b)		572		(33,553	)
VCA Antech, Inc. (b)		2,014		(43,382	)
VeriSign, Inc.		1,153		(44,079	)
Viropharma, Inc. (b)		1,917		(38,608	)

112 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

Schedules of Investments

May 31, 2012 (unaudited)

	Shares		Value
VMware, Inc., Class A (b)		421		$(39,157	)
Volcano Corp. (b)		1,112		(31,792	)
Volterra Semiconductor Corp. (b)		837		(23,252	)
				(1,266,657	)
Total Common Stock (proceeds received—$1,813,536)				(1,726,150	)
Exchange-Traded Funds—(8.8)%
United States—(8.8)%
Guggenheim S&P 500 Equal Weight Healthcare		200		(14,230	)
Health Care Select Sector SPDR		4,864		(175,834	)
iShares Nasdaq Biotechnology Index		1,800		(221,778	)
Total Exchange-Traded Funds (proceeds received—$389,947)				(411,842	)
Preferred Stock—(0.2)%
Germany—(0.2)%
Henkel AG & Co. KGaA (proceeds received—$11,534)		175		(11,433	)
Total Securities Sold Short (proceeds received—$2,215,017)				(2,149,425	)
Total Investments, net of securities sold short (cost—$2,538,683) (a)—46.0%				2,155,675
Other assets less other liabilities—54.0%				2,535,637
Net Assets—100.0%				$4,691,312
Notes to Schedule of Investments:
(a) Securities (net of securities sold short) with a net value of $1,210,428, representing 25.8% 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.
(c) Fund pledged cash collateral of $2,179,986 for securities sold short.
Glossary:
ADR—American Depositary Receipt
REIT—Real Estate Investment Trust
SPDR—Standard & Poor’s Depositary Receipts

Allianz RCM China Equity Fund

	Shares		Value
COMMON STOCK—96.9%
China—83.1%
Bank of China Ltd., Class H		380,500		$145,135
Beijing Enterprises Holdings Ltd.		11,000		63,004
China Coal Energy Co., Ltd., Class H		41,000		37,922
China Construction Bank Corp., Class H		340,800		237,073
China Everbright International Ltd.		367,000		164,103
China Life Insurance Co., Ltd.,
Class H		60,500		142,260
China Mobile Ltd.		24,500		248,507
China National Materials Co., Ltd., Class H		123,000		40,723
China Oilfield Services Ltd., Class H		38,000		52,303
China Resources Land Ltd.		26,000		48,790
China Shenhua Energy Co., Ltd., Class H		20,500		71,954
China Telecom Corp. Ltd., Class H		254,000		116,597
China Unicom Hong Kong Ltd.		30,000		40,735
CNOOC Ltd.		113,000		203,217
Comba Telecom Systems Holdings Ltd.		141,600		63,859
CSR Corp. Ltd., Class H		99,000		75,861
Digital China Holdings Ltd.		98,000		158,232
Industrial & Commercial Bank of
China, Class H		358,335		218,647
Kunlun Energy Co., Ltd.		54,000		92,298
PetroChina Co., Ltd., Class H		58,000		73,140
Ping An Insurance Group Co., Class H		12,000		87,907
Poly Hong Kong Investments Ltd. (b)		96,000		46,627
Qingling Motors Co., Ltd., Class H		428,000		115,048
Sino-Ocean Land Holdings Ltd.		184,500		75,103
Tencent Holdings Ltd.		5,700		156,363
Tingyi Cayman Islands Holding Corp.		20,000		47,420
Yantai Changyu Pioneer Wine Co., Ltd., Class B		8,112		83,623
Yuexiu Transport Infrastructure Ltd.		124,000		58,506
Zhongsheng Group Holdings Ltd.		30,000		48,140
Zhuzhou CSR Times Electric Co., Ltd., Class H		28,700		82,969
ZTE Corp., Class H		19,160		38,112
				3,134,178
Hong Kong—13.8%
Aeon Stores Hong Kong Co., Ltd.		34,500		107,124
China Communications Construction Co., Ltd., Class H		43,000		40,265
CPMC Holdings Ltd.		226,000		137,936
Focus Media Holding Ltd. ADR		1,724		35,859
Natural Beauty Bio-Technology Ltd.		350,000		59,975
Sa Sa International Holdings Ltd.		130,000		73,935
Wynn Macau Ltd.		26,000		63,138
				518,232
Total Investments (cost—$4,172,717) (a)—96.9%				3,652,410

	Value
Other assets less liabilities—3.1%		$117,427
Net Assets—100.0%		$3,769,837
Notes to Schedule of Investments:
(a) Securities with an aggregate value of $3,449,452, representing 91.5% 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.
Glossary:
ADR—American Depositary Receipt

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 113

Schedules of Investments

May 31, 2012 (unaudited)

Allianz RCM Disciplined Equity Fund

	Shares		Value
COMMON STOCK—97.2%
Aerospace & Defense—5.7%
BE Aerospace, Inc. (a)		16,010		$693,553
Boeing Co.		27,763		1,932,583
				2,626,136
Beverages—1.7%
PepsiCo, Inc.		11,800		800,630
Biotechnology—3.9%
Amgen, Inc.		12,583		874,770
Celgene Corp. (a)		13,670		932,978
				1,807,748
Capital Markets—3.6%
Morgan Stanley		20,242		270,433
Northern Trust Corp.		18,669		806,128
SEI Investments Co.		32,420		580,642
				1,657,203
Chemicals—4.3%
Air Products & Chemicals, Inc.		8,697		687,411
Mosaic Co.		17,780		847,750
Rockwood Holdings, Inc. (a)		9,540		461,736
				1,996,897
Commercial Banks—5.1%
PNC Financial Services Group, Inc.		10,501		644,971
U.S. Bancorp		17,390		541,003
Wells Fargo & Co.		35,950		1,152,198
				2,338,172
Communications Equipment—3.4%
Brocade Communications Systems, Inc. (a)		74,488		346,369
QUALCOMM, Inc.		21,000		1,203,510
				1,549,879
Computers & Peripherals—4.6%
Apple, Inc. (a)		1,910		1,103,464
EMC Corp. (a)		43,300		1,032,705
				2,136,169
Diversified Telecommunication Services—4.6%
AT&T, Inc.		44,193		1,510,075
Verizon Communications, Inc.		14,672		610,942
				2,121,017
Electronic Equipment, Instruments & Components—1.9%
Corning, Inc.		58,000		753,420
FLIR Systems, Inc.		6,024		128,492
				881,912
Energy Equipment & Services—6.1%
Cameron International Corp. (a)		16,140		737,437
National-Oilwell Varco, Inc.		11,410		761,617
Schlumberger Ltd.		20,900		1,321,925
				2,820,979
Financial Services—1.4%
JPMorgan Chase & Co.		19,675		652,226
Food Products—2.1%
Archer-Daniels-Midland Co.		29,900		953,212
Health Care Equipment & Supplies—5.0%
Hologic, Inc. (a)		28,700		481,012
Medtronic, Inc.		2,540		93,573
St. Jude Medical, Inc.		14,941		574,033
Varian Medical Systems, Inc. (a)		20,007		1,173,611
				2,322,229

	Shares		Value
Household Products—2.1%
Procter & Gamble Co.		15,368		$957,273
Industrial Conglomerates—4.2%
General Electric Co.		101,100		1,929,999
Insurance—1.4%
MetLife, Inc.		21,290		621,881
Internet Software & Services—2.8%
Akamai Technologies, Inc. (a)		22,000		645,480
eBay, Inc. (a)		16,200		634,878
				1,280,358
Machinery—2.3%
Caterpillar, Inc.		12,248		1,073,170
Metals & Mining—2.9%
Cliffs Natural Resources, Inc.		7,200		344,016
Freeport-McMoRan Copper & Gold, Inc.		30,800		986,832
				1,330,848
Multiline Retail—1.6%
Target Corp.		12,900		747,039
Oil, Gas & Consumable Fuels—8.9%
Apache Corp.		4,350		354,003
Chevron Corp.		10,300		1,012,593
Exxon Mobil Corp.		23,200		1,824,216
Southwestern Energy Co. (a)		10,093		282,907
Williams Cos., Inc.		20,900		638,077
				4,111,796
Pharmaceuticals—5.8%
Abbott Laboratories		11,770		727,268
Johnson & Johnson		11,350		708,581
Pfizer, Inc.		56,000		1,224,720
				2,660,569
Semiconductors & Semiconductor Equipment—3.4%
Intel Corp.		47,300		1,222,232
Marvell Technology Group Ltd.		27,602		345,853
				1,568,085
Software—8.4%
Activision Blizzard, Inc.		41,010		481,457
Adobe Systems, Inc. (a)		36,831		1,143,603
Autodesk, Inc. (a)		21,419		685,836
Electronic Arts, Inc. (a)		26,500		360,930
Intuit, Inc.		11,400		641,022
Nuance Communications, Inc. (a)		26,000		537,940
				3,850,788
Total Common Stock (cost—$43,824,269)				44,796,215
	Principal Amount (000s)
Repurchase Agreements—2.8%
State Street Bank & Trust Co., dated 5/31/12, 0.01%, due 6/1/12, proceeds $1,292,000; collateralized by Freddie Mac, 3.00%, due 1/17/19, valued at $1,319,871 including accrued interest
(cost—$1,292,000)		$1,292		1,292,000
Total Investments (cost—$45,116,269)—100.0%				46,088,215

	Value
Other assets less liabilities—0.0%		$4,630
Net Assets—100.0%		$46,092,845
Notes to Schedule of Investments:
(a) Non-income producing.

114 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

Schedules of Investments

May 31, 2012 (unaudited)

Allianz RCM Global Water Fund

	Shares		Value
COMMON STOCK—94.1%
Austria—4.8%
Andritz AG		95,776		$5,077,528
Brazil—3.2%
Cia de Saneamento Basico do Estado de Sao Paulo ADR		47,866		3,337,696
China—0.8%
China Everbright International Ltd.		1,882,000		841,529
Finland—1.1%
Kemira Oyj		105,608		1,105,509
France—5.1%
Suez Environnement Co.		213,847		2,325,481
Veolia Environnement S.A.		265,464		3,058,887
				5,384,368
Hong Kong—1.8%
Beijing Enterprises Water Group Ltd. (c)		3,000,000		620,627
Fook Woo Group Holdings Ltd. (a)(c)		944,000		116,760
Guangdong Investment Ltd.		1,834,000		1,200,894
				1,938,281
Netherlands—2.8%
Aalberts Industries NV		125,000		2,010,553
Arcadis NV		43,214		898,826
				2,909,379
Sweden—4.1%
Alfa Laval AB		258,022		4,266,537
Switzerland—10.5%
Geberit AG (c)		46,492		9,043,910
Sulzer AG		17,000		2,037,806
				11,081,716
United Kingdom—24.1%
Halma PLC		415,324		2,509,211
Pennon Group PLC		539,540		6,101,488
RPS Group PLC		446,924		1,428,422
Severn Trent PLC		214,430		5,696,596
United Utilities Group PLC		952,192		9,657,958
				25,393,675
United States—35.8%
American Water Works Co., Inc.		250,084		8,555,374
Aqua America, Inc.		146,400		3,381,840
Danaher Corp.		140,415		7,297,367
Franklin Electric Co., Inc.		53,690		2,626,515
IDEX Corp.		97,054		3,855,955
Lindsay Corp.		12,522		696,849
Roper Industries, Inc.		11,339		1,147,734
Tetra Tech, Inc. (c)		95,424		2,384,646
Watts Water Technologies, Inc., Class A		84,568		2,794,972
Xylem, Inc.		194,214		4,919,441
				37,660,693
Total Common Stock (cost—$96,516,752)				98,996,911

	Principal Amount (000s)		Value
Repurchase Agreements—4.8%
State Street Bank & Trust Co., dated 5/31/12, 0.01%, due 6/1/12, proceeds $5,068,001; collateralized by Federal Home Loan Bank, 3.68%, due 2/27/32, valued at $5,172,713 including accrued interest
(cost—$5,068,000)		$5,068		$5,068,000
Total Investments (cost—$101,584,752) (b)—98.9%				104,064,911
Other assets less liabilities—1.1%				1,153,032
Net Assets—100.0%				$105,217,943
Notes to Schedule of Investments:
(a) Fair-Valued—Security with a value of $116,760, representing 0.1% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(b) Securities with an aggregate value of $57,881,762, representing 55.0% 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

Allianz RCM Redwood Fund

	Shares		Value
COMMON STOCK—79.7%
Aerospace & Defense—0.5%
Boeing Co. (a)		700		$48,727
Airlines—1.0%
United Continental Holdings, Inc. (a)(b)		4,000		100,680
Automobiles—2.7%
Ford Motor Co. (a)		24,700		260,832
Chemicals—1.7%
Potash Corp. of Saskatchewan, Inc. (a)		4,300		169,979
Communications Equipment—0.7%
Juniper Networks, Inc. (a)(b)		3,700		63,640
Computers & Peripherals—9.0%
Apple, Inc. (a)(b)		900		519,957
NetApp, Inc. (a)(b)		3,900		116,064
SanDisk Corp. (a)(b)		2,900		94,830
Western Digital Corp. (a)(b)		4,500		141,255
				872,106
Diversified Financial Services—1.5%
Citigroup, Inc. (a)		5,600		148,456
Diversified Telecommunication Services—2.2%
Verizon Communications, Inc. (a)		5,200		216,528
Energy Equipment & Services—5.8%
Cameron International Corp. (a)(b)		4,000		182,760
National-Oilwell Varco, Inc. (a)		3,100		206,925
Transocean Ltd. (a)		4,300		175,569
				565,254
Financial Services—1.0%
JPMorgan Chase & Co. (a)		2,800		92,820
Food & Staples Retailing—1.4%
Whole Foods Market, Inc. (a)		1,500		132,915
Health Care Equipment & Supplies—1.8%
Baxter International, Inc. (a)		3,400		172,108
Health Care Providers & Services—7.3%
Aetna, Inc. (a)		6,500		265,785
Express Scripts Holding Co. (a)(b)		3,600		187,884
HCA Holdings, Inc. (a)		9,700		252,103
				705,772
Hotels, Restaurants & Leisure—5.7%
Carnival Corp., UNIT (a)		5,600		179,704
Las Vegas Sands Corp. (a)		8,100		374,058
				553,762
Industrial Conglomerates—2.2%
Danaher Corp. (a)		4,100		213,077
Machinery—1.4%
Eaton Corp. (a)		3,200		136,512
Media—2.7%
CBS Corp., Class B (a)		8,400		268,128
Metals & Mining—3.2%
Freeport-McMoRan Copper & Gold, Inc. (a)		4,300		137,772
U.S. Steel Corp. (a)		8,400		170,520
				308,292

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 115

Schedules of Investments

May 31, 2012 (unaudited)

	Shares		Value
Oil, Gas & Consumable Fuels—5.3%
Consol Energy, Inc. (a)		2,900		$81,432
EOG Resources, Inc. (a)		1,400		139,020
Southwestern Energy Co. (a)(b)		5,100		142,953
Suncor Energy, Inc. (a)		5,700		153,843
				517,248
Paper & Forest Products—2.3%
International Paper Co. (a)		7,500		219,000
Personal Products—2.9%
Avon Products, Inc. (a)		5,300		87,715
Estee Lauder Cos., Inc., Class A (a)		3,600		194,940
				282,655
Road & Rail—1.9%
Hertz Global Holdings, Inc. (a)(b)		13,400		182,374
Semiconductors & Semiconductor Equipment—4.1%
Broadcom Corp., Class A (a)(b)		4,000		129,400
Intel Corp. (a)		4,800		124,032
Marvell Technology Group Ltd. (a)		11,900		149,107
				402,539
Software—4.7%
Citrix Systems, Inc. (a)(b)		2,100		153,468
Oracle Corp. (a)		11,300		299,111
				452,579
Specialty Retail—2.9%
Abercrombie & Fitch Co., Class A (a)		3,000		100,620
Guess?, Inc. (a)		3,900		103,896
Tiffany & Co. (a)		1,400		77,546
				282,062
Textiles, Apparel & Luxury Goods—3.8%
Coach, Inc. (a)		3,500		236,075
Deckers Outdoor Corp. (a)(b)		2,400		133,608
				369,683
Total Common Stock (cost—$8,107,257)				7,737,728
	Principal Amount (000s)
Repurchase Agreements—37.6%
State Street Bank & Trust Co., dated 5/31/12, 0.01%, due 6/1/12, proceeds $3,654,001; collateralized by Federal Home Loan Bank, 3.68%, due 2/27/32, valued at $3,729,638 including accrued interest
(cost—$3,654,000)		$3,654		3,654,000
	Contracts
OPTIONS PURCHASED (b)—0.2%
Put Options—0.2%
S&P 500 ETF Trust (CBOE), strike price $129, expires 8/18/12
(cost—$18,659)		38		16,644
Total Investments, before options written (cost—$11,779,916)—117.5%				11,408,372

	Contracts		Value
OPTIONS WRITTEN (b)—(17.4)%
Call Options—(14.9)%
Abercrombie & Fitch Co. (CBOE),
strike price $38, expires 1/19/13		30		$(10,950	)
Aetna, Inc. (CBOE), strike price $40, expires 1/19/13		65		(31,200	)
Apple, Inc. (CBOE), strike price $450, expires 1/19/13		9		(132,525	)
Avon Products, Inc. (CBOE), strike price $15, expires 10/20/12		53		(13,780	)
Baxter International, Inc. (CBOE),
strike price $50, expires 1/19/13		34		(12,665	)
Boeing Co. (CBOE), strike price $55, expires 1/19/13		7		(11,445	)
Broadcom Corp. (CBOE), strike price $30, expires 1/19/13		40		(20,400	)
Cameron International Corp. (CBOE),
strike price $38, expires 1/19/13		40		(43,000	)
Carnival Corp. (CBOE), strike price $30, expires 1/19/13		56		(23,520	)
CBS Corp. (CBOE), strike price $20, expires 1/19/13		84		(102,060	)
Citigroup, Inc. (CBOE), strike price $30, expires 1/19/13		56		(14,168	)
Citrix Systems, Inc. (CBOE), strike price $55, expires 1/19/13		21		(45,990	)
Coach, Inc. (CBOE), strike price $50, expires 1/19/13		35		(68,600	)
Consol Energy, Inc. (CBOE), strike price $30, expires 1/19/13		29		(10,440	)
Danaher Corp. (CBOE), strike price $40, expires 1/19/13		41		(53,710	)
Deckers Outdoor Corp. (CBOE),
strike price $65, expires 1/19/13		24		(12,600	)
Eaton Corp. (CBOE), strike price $37.50, expires 1/19/13		32		(23,520	)
EOG Resources, Inc. (CBOE), strike price $85, expires 1/19/13		14		(28,000	)
Estee Lauder Cos. (CBOE), strike price $48.75, expires 1/19/13		36		(30,780	)
Express Scripts, Inc. (CBOE), strike price $42.50, expires 1/19/13		36		(42,930	)
Ford Motor Co. (CBOE), strike price $11, expires 9/22/12		115		(6,555	)
strike price $10, expires 1/19/13		132		(19,008	)
Freeport-McMoRan Copper & Gold, Inc. (CBOE),
strike price $23, expires 1/19/13		43		(41,710	)
Guess?, Inc. (CBOE), strike price $26, expires 6/16/12		39		(4,387	)
HCA Holdings, Inc. (CBOE), strike price $23, expires 1/19/13		97		(48,985	)

	Contracts		Value
Hertz Global Holdings, Inc. (CBOE),
strike price $11, expires 6/16/12		134		$(30,150	)
Intel Corp. (CBOE), strike price $22.50, expires 1/19/13		48		(20,448	)
International Paper Co. (CBOE),
strike price $25, expires 1/19/13		75		(42,937	)
JPMorgan Chase & Co. (CBOE),
strike price $28, expires 1/19/13		28		(19,208	)
Juniper Networks, Inc. (CBOE),
strike price $17.50, expires 1/19/13		37		(9,213	)
Las Vegas Sands Corp. (CBOE),
strike price $38, expires 1/19/13		81		(85,455	)
Marvell Technology Group Ltd. (CBOE),
strike price $12.50, expires 1/19/13		119		(19,278	)
National-Oilwell Varco, Inc. (CBOE),
strike price $60, expires 8/18/12		31		(29,372	)
NetApp, Inc. (CBOE), strike price $30, expires 1/19/13		39		(14,918	)
Oracle Corp. (CBOE), strike price $22, expires 6/16/12		70		(32,200	)
strike price $25, expires 1/19/13		43		(14,835	)
Potash Corp. of Saskatchewan (CBOE),
strike price $40, expires 9/22/12		43		(12,513	)
Sandisk Corp. (CBOE), strike price $29, expires 1/19/13		29		(20,735	)
Southwestern Energy Co. (CBOE),
strike price $30, expires 6/16/12		51		(2,091	)
Suncor Energy, Inc. (CBOE), strike price $28, expires 1/19/13		57		(16,872	)
Tiffany & Co. (CBOE), strike price $50, expires 1/19/13		14		(13,020	)
Transocean Ltd. (CBOE), strike price $35, expires 1/19/13		43		(40,528	)
U.S. Steel Corp. (CBOE), strike price $21, expires 1/19/13		84		(28,980	)
United Continental Holdings, Inc. (CBOE),
strike price $15, expires 1/19/13		40		(44,700	)
Verizon Communications, Inc. (CBOE),
strike price $35, expires 1/19/13		52		(36,920	)
Western Digital Corp. (CBOE), strike price $30, expires 1/19/13		45		(26,280	)
Whole Foods Market, Inc. (CBOE),
strike price $72.50, expires 1/19/13		15		(30,375	)
				(1,443,956	)
Put Options—(2.5)%
Abbott Laboratories (CBOE), strike price $50, expires 8/18/12		49		(1,470	)
American Express Co. (CBOE),
strike price $47, expires 1/19/13		76		(21,128	)
Anadarko Petroleum Corp. (CBOE),
strike price $70, expires 8/18/12		42		(49,980	)

116 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

Schedules of Investments

May 31, 2012 (unaudited)

	Contracts		Value
Caterpillar, Inc. (CBOE), strike price $75, expires 1/19/13		33		$(19,140	)
Google, Inc. (CBOE), strike price $500, expires 1/19/13		9		(24,390	)
Groupon, Inc. (CBOE), strike price $13, expires 1/19/13		138		(73,140	)
Hasbro, Inc. (CBOE), strike price $32.50, expires 1/19/13		47		(10,293	)
Pfizer, Inc. (CBOE), strike price $17, expires 6/16/12		80		(160	)
strike price $18, expires 6/16/12		80		(80	)
QUALCOMM, Inc. (CBOE), strike price $40, expires 7/21/12		36		(504	)
S&P 500 ETF Trust (CBOE), strike price $119, expires 8/18/12		38		(7,714	)
St. Jude Medical, Inc. (CBOE), strike price $35, expires 10/20/12		43		(8,600	)
Tempur Pedic International (CBOE),
strike price $55, expires 9/22/12		28		(31,360	)
				(247,959	)
Total Options Written (premiums received—$2,206,636)				(1,691,915	)
Total Investments, net of options written (cost—$9,573,280)—100.1%				9,716,457
Other liabilities in excess of other assets—(0.1)%				(9,539	)
Net Assets—100.0%				$9,706,918
Notes to Schedule of Investments:
(a) All or partial amount segregated for the benefit of the counterparty as collateral for options written.
(b) Non-income producing.
Glossary:
CBOE—Chicago Board Options Exchange
UNIT—More than one class of securities traded together

Allianz RCM Short Duration High Income Fund

	Principal Amount (000s)		Value
CORPORATE BONDS & NOTES—80.3%
Apparel & Textiles—2.1%
Hanesbrands, Inc., FRN,
4.146%, 12/15/14		$1,012		$1,014,540
Auto Components—2.6%
American Axle & Manufacturing, Inc.,
5.25%, 2/11/14		792		821,700
7.875%, 3/1/17		405		417,656
				1,239,356
Chemicals—1.3%
NOVA Chemicals Corp., FRN,
3.855%, 11/15/13		625		626,563
Commercial Services—7.3%
ARAMARK Corp.,
8.50%, 2/1/15		1,000		1,025,010
Avis Budget Car Rental LLC,
7.75%, 5/15/16		820		844,600
Corrections Corp. of America,
6.75%, 1/31/14		32		32,160
Iron Mountain, Inc.,
6.625%, 1/1/16		860		862,150
National Money Mart Co.,
10.375%, 12/15/16		547		607,170
UR Financing Escrow Corp. (a)(c),
5.75%, 7/15/18		70		71,400
				3,442,490
Containers & Packaging—2.5%
Ball Corp.,
7.125%, 9/1/16		455		495,950
Crown Americas LLC,
7.625%, 5/15/17		195		211,575
Sealed Air Corp.,
7.875%, 6/15/17		450		488,250
				1,195,775
Electrical Equipment—1.2%
General Cable Corp., FRN,
2.843%, 4/1/15		602		565,880
Financial Services—12.1%
Ally Financial, Inc.,
4.50%, 2/11/14		1,250		1,250,000
CIT Group, Inc. (a)(c),
4.75%, 2/15/15		1,190		1,188,513
Ford Motor Credit Co. LLC,
3.875%, 1/15/15		1,300		1,355,106
International Lease Finance Corp.,
6.625%, 11/15/13		1,467		1,507,342
SLM Corp.,
5.00%, 4/15/15		175		175,735
5.375%, 5/15/14		250		257,980
				5,734,676
Food & Beverage—1.0%
Constellation Brands, Inc.,
8.375%, 12/15/14		73		83,129
Stater Bros. Holdings, Inc.,
7.75%, 4/15/15		376		385,870
				468,999
Healthcare & Hospitals—7.5%
Community Health Systems, Inc.,
8.875%, 7/15/15		679		697,248
Fresenius US Finance II, Inc. (a)(c),
9.00%, 7/15/15		495		568,013

	Principal Amount (000s)		Value
HCA, Inc.,
6.50%, 2/15/16		$775		$820,531
9.875%, 2/15/17		323		353,685
Health Management Associates, Inc.,
6.125%, 4/15/16		1,050		1,105,125
				3,544,602
Holding Companies—2.0%
Leucadia National Corp.,
8.125%, 9/15/15		860		965,350
Hotels/Gaming—4.1%
MGM Resorts International,
5.875%, 2/27/14		675		694,406
6.625%, 7/15/15		856		883,285
Wynn Las Vegas LLC,
7.875%, 11/1/17		350		383,250
				1,960,941
Leisure—1.1%
Royal Caribbean Cruises Ltd.,
7.00%, 6/15/13		250		260,000
7.25%, 6/15/16		230		248,400
				508,400
Machinery—0.7%
Case New Holland, Inc.,
7.75%, 9/1/13		300		320,250
Metals & Mining—3.5%
FMG Resources (August 2006) Pty Ltd. (a)(c),
7.00%, 11/1/15		930		934,650
Steel Dynamics, Inc.,
7.75%, 4/15/16		716		741,060
				1,675,710
Multi-Media—4.1%
Cequel Communications Holdings I LLC (a)(c),
8.625%, 11/15/17		575		608,781
DISH DBS Corp.,
6.625%, 10/1/14		65		69,063
7.00%, 10/1/13		175		185,062
Quebecor Media, Inc.,
7.75%, 3/15/16		1,047		1,078,410
				1,941,316
Oil & Gas—5.5%
Chesapeake Energy Corp.,
7.625%, 7/15/13		335		350,075
Newfield Exploration Co.,
6.625%, 4/15/16		1,037		1,062,925
Regency Energy Partners L.P.,
9.375%, 6/1/16		330		363,000
Targa Resources Partners L.P.,
8.25%, 7/1/16		775		809,875
				2,585,875
Pharmaceuticals—2.3%
Valeant Pharmaceuticals International (a)(c),
6.50%, 7/15/16		1,050		1,076,250
Real Estate Investment Trust—3.5%
Felcor Lodging L.P.,
10.00%, 10/1/14		584		668,680
Host Hotels & Resorts L.P.,
6.375%, 3/15/15		290		294,350
6.75%, 6/1/16		690		708,975
				1,672,005
Retail—1.7%
JC Penney Corp., Inc.,
6.875%, 10/15/15		150		152,812
Limited Brands, Inc.,
5.25%, 11/1/14		125		132,500

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 117

Schedules of Investments

May 31, 2012 (unaudited)

	Principal Amount (000s)		Value
Pantry, Inc.,
7.75%, 2/15/14		$425		$422,875
Penske Automotive Group, Inc.,
7.75%, 12/15/16		75		77,813
				786,000
Technology—1.6%
First Data Corp.,
9.875%, 9/24/15		750		748,125
Telecommunications—8.4%
CC Holdings GS V LLC (a)(c),
7.75%, 5/1/17		150		162,000
Cricket Communications, Inc.,
7.75%, 5/15/16		862		913,720
Crown Castle International Corp.,
9.00%, 1/15/15		420		458,850
Intelsat S.A.,
6.50%, 11/1/13		106		108,915
Nextel Communications, Inc.,
5.95%, 3/15/14		515		515,000
6.875%, 10/31/13		655		658,275
Qwest Communications International, Inc.,
8.00%, 10/1/15		255		269,382
SBA Telecommunications, Inc.,
8.00%, 8/15/16		850		911,625
				3,997,767
Utilities—4.2%
AES Corp.,
7.75%, 3/1/14		200		216,000
7.75%, 10/15/15		300		334,500
CMS Energy Corp.,
2.75%, 5/15/14		250		252,351
DPL, Inc. (a)(c),
6.50%, 10/15/16		430		460,100
Ipalco Enterprises, Inc. (a)(c),
7.25%, 4/1/16		300		327,000
Sabine Pass LNG L.P.,
7.50%, 11/30/16		385		409,063
				1,999,014
Total Corporate Bonds & Notes (cost—$37,709,594)				38,069,884
SENIOR LOANS (a)(b)—5.1%
Financial Services—1.0%
Capital Automotive L.P. Term B,
5.25%, 3/11/17		495		488,807
Technology—1.0%
First Data Corp., Term B1,
2.995%, 9/24/14		500		475,573
Telecommunications—3.1%
Asurion LLC,
5.50%, 5/24/18		994		981,622
Univision Communications, Inc.,
4.489%, 3/31/17		500		459,907
				1,441,529
Total Senior Loans (cost—$2,438,706)				2,405,909
CONVERTIBLE BONDS—4.7%
Containers & Packaging—2.8%
Owens-Brockway Glass Container, Inc. (a)(c),
3.00%, 6/1/15		1,400		1,331,750
Energy—1.9%
Alpha Appalachia Holdings, Inc.,
3.25%, 8/1/15		1,040		881,400
Total Convertible Bonds (cost—$2,315,759)				2,213,150

	Principal Amount (000s)		Value
SHORT-TERM INVESTMENTS—8.6%
Corporate Notes—2.0%
Commercial Services—0.1%
ARAMARK Corp.,
5.00%, 6/1/12		$63		$63,000
Financial Services—0.6%
International Lease Finance Corp.,
6.375%, 3/25/13		250		255,938
Healthcare & Hospitals—0.4%
HCA, Inc.,
6.25%, 2/15/13		195		199,875
Hotels/Gaming—0.9%
MGM Resorts International,
6.75%, 4/1/13		425		436,156
Total Corporate Notes (cost—$940,753)				954,969
Repurchase Agreements—6.6%
State Street Bank & Trust Co., dated 5/31/12, 0.01%, due 6/1/12, proceeds $3,152,001; collateralized by U.S. Treasury Notes, 0.875%, due 12/31/16, valued at $3,217,246 including accrued interest
(cost—$3,152,000)		3,152		3,152,000
Total Short-Term Investments (cost—$4,092,753)				4,106,969
Total Investments (cost—$46,556,812)—98.7%				46,795,912
Other assets less liabilities—1.3%				637,765
Net Assets—100.0%				$47,433,677
Notes to Schedule of Investments:
(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $9,134,366, representing 19.3% of net assets.
(b) These securities generally pay interest at rates which are periodically pre-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the “LIBOR” or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. These securities are generally considered to be restricted as the Fund is ordinarily contractually obligated to receive approval from the Agent bank and/or borrower prior to disposition. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional payments by the borrower. Such prepayments cannot be predicted with certainty. The interest rate disclosed reflects the rate in effect on May 31, 2012.
(c) 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.
Glossary:
FRN—Floating Rate Note. The interest rate disclosed reflects the rate in effect on May 31, 2012.
LIBOR—London Inter-Bank Offered Rate

118 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

(THIS PAGE INTENTIONALLY LEFT BLANK)

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 119

Statements of Assets and Liabilities

May 31, 2012 (Unaudited)
	AGI Solutions 2015			AGI Solutions 2020		AGI Solutions 2025		AGI Solutions 2030
Assets:
Investments, at value	$	899,415		$	611,090	$	292,417	$	731,971
Investments in Affiliates, at value		8,867,408			6,044,820		2,868,392		7,201,443
Repurchase agreements, at value		—			—		—		—
Cash		66,591			48,493		22,207		84,210
Receivable for investments in Affiliates sold		—			—		—		—
Receivable for Fund shares sold		—			2,000		—		—
Dividends receivable from Affiliates		3,295			1,633		467		—
Receivable from Investment Manager		1,452			1,334		545		2,137
Prepaid expenses		—			—		—		—
Total Assets		9,838,161			6,709,370		3,184,028		8,019,761
Liabilities:
Payable for investments in Affiliates purchased		—			—		—		—
Payable for Fund shares redeemed		—			—		—		—
Administrative fees payable		1,438			777		277		968
Distribution fees payable		1,437			572		14		525
Servicing fees payable		758			256		5		348
Accrued expenses		24,203			6,021		—		11,276
Total Liabilities		27,836			7,626		296		13,117
Net Assets	$	9,810,325		$	6,701,744	$	3,183,732	$	8,006,644
Net Assets Consist of:
Shares of beneficial interest: Par value ($0.00001 per share)	$	5		$	4	$	2	$	4
Paid-in-capital in excess of par		9,232,217			6,148,549		3,069,564		7,472,793
Undistributed (dividends in excess of) net investment income		34,397			32,338		30,294		46,573
Accumulated net realized gain (loss)		(193,741	)		9,325		32,948		34,300
Net unrealized appreciation of investments		737,447			511,528		50,924		452,974
Net Assets	$	9,810,325		$	6,701,744	$	3,183,732	$	8,006,644
Cost of Investments	$	843,323		$	572,878	$	283,749	$	712,284
Cost of Investments in Affiliates	$	8,186,053		$	5,571,504	$	2,826,136	$	6,768,156
Cost of Repurchase Agreements	$	—		$	—	$	—	$	—
Net Assets:
Class A	$	1,127,713		$	352,544	$	10,454	$	582,391
Class B		—			—		—		—
Class C		2,141,309			715,510		—		616,205
Class D		335,019			122,553		—		412,964
Class R		14,239			14,306		10,438		14,898
Class P		36,444			30,091		10,468		15,151
Institutional Class		6,141,204			5,452,277		3,141,915		6,349,973
Administrative Class		14,397			14,463		10,457		15,062
Shares Issued and Outstanding:
Class A		61,312			19,622		673		31,586
Class B		—			—		—		—
Class C		118,235			40,420		—		33,753
Class D		18,211			6,811		—		22,342
Class R		774			795		672		805
Class P		1,971			1,664		674		814
Institutional Class		331,914			301,298		201,938		340,984
Administrative Class		780			801		673		811
Net Asset Value and Redemption Price Per Share:*
Class A	$	18.39		$	17.97	$	15.53	$	18.44
Class B		—			—		—		—
Class C		18.11			17.70		—		18.26
Class D		18.40			18.00		—		18.48
Class R		18.39			17.99		15.51		18.51
Class P		18.49			18.08		15.55		18.61
Institutional Class		18.50			18.10		15.56		18.62
Administrative Class		18.46			18.06		15.54		18.58

* Net asset value and redemption price per share may not recalculate exactly due to rounding.

120 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

AGI Solutions 2035		AGI Solutions 2040		AGI Solutions 2045		AGI Solutions 2050		AGI Solutions 2055		AGI Solutions Global Allocation			AGI Solutions Global Growth Allocation		AGI Solutions Retirement Income
$	239,999	$	544,666	$	273,951	$	443,166	$	240,525	$	13,229,684		$	607,626	$	1,698,303
	2,932,362		5,791,269		2,907,122		5,396,200		2,928,205		189,925,467			6,046,634		16,637,612
	—		—		—		—		—		669,000			—		149,000
	22,495		52,522		22,663		52,274		22,618		244			47,781		19
	—		—		—		—		—		185,001			—		—
	—		—		—		190		—		14,366			—		57,715
	—		—		—		—		—		31,496			—		6,304
	773		2,203		865		2,091		890		14,784			19,395		3,682
	—		—		—		—		—		44,818			48,768		—
	3,195,629		6,390,660		3,204,601		5,893,921		3,192,238		204,114,860			6,770,204		18,552,635
	—		—		—		—		—		450,018			—		—
	—		—		—		23,863		—		922,806			—		7,485
	281		657		285		572		283		—			—		3,761
	15		190		16		158		15		51,290			865		4,678
	5		139		7		73		4		32,221			465		2,735
	—		16,470		—		22,465		—		201,064			72,132		33
	301		17,456		308		47,131		302		1,657,399			73,462		18,692
$	3,195,328	$	6,373,204	$	3,204,293	$	5,846,790	$	3,191,936	$	202,457,461		$	6,696,742	$	18,533,943
$	2	$	3	$	2	$	3	$	2	$	196		$	3	$	10
	3,075,795		5,987,142		3,099,276		5,470,313		3,085,456		213,752,000			6,187,573		17,816,775
	28,047		40,315		25,352		36,910		24,043		(1,084,421	)		18,911		(155,717	)
	34,400		17,577		30,994		7,143		31,923		(23,014,675	)		6,688		(39,415	)
	57,084		328,167		48,669		332,421		50,512		12,804,361			483,567		912,290
$	3,195,328	$	6,373,204	$	3,204,293	$	5,846,790	$	3,191,936	$	202,457,461		$	6,696,742	$	18,533,943
$	230,855	$	530,794	$	263,303	$	429,482	$	228,977	$	12,902,354		$	590,437	$	1,622,038
$	2,884,422	$	5,476,974	$	2,869,101	$	5,077,463	$	2,889,241	$	177,448,436		$	5,580,256	$	15,801,587
$	—	$	—	$	—	$	—	$	—	$	669,000		$	—	$	149,000
$	10,492	$	195,353	$	19,569	$	76,271	$	10,480	$	69,929,180		$	916,285	$	4,550,051
	—		—		—		—		—		6,111,169			—		—
	—		102,901		—		50,891		—		71,674,804			1,132,289		7,220,757
	—		325,848		—		190,845		—		116,874			56,802		1,120,397
	10,476		15,258		14,610		17,170		10,907		13,786			36,871		18,036
	10,506		15,498		10,490		15,502		10,494		1,100,936			15,294		14,350
	3,153,354		5,702,939		3,148,389		5,480,700		3,149,573		51,946,578			4,523,978		5,596,086
	10,500		15,407		11,235		15,411		10,482		1,564,134			15,223		14,266
	675		10,776		1,263		4,275		676		6,798,678			45,582		248,692
	—		—		—		—		—		583,920			—		—
	—		5,706		—		2,872		—		6,893,462			56,973		398,975
	—		18,039		—		10,683		—		11,394			2,832		60,971
	673		843		945		962		705		1,346			1,844		959
	675		852		676		863		676		107,024			760		775
	202,324		313,125		202,878		304,817		202,906		5,095,463			224,793		307,855
	675		848		725		859		676		148,941			758		772
$	15.56	$	18.13	$	15.49	$	17.84	$	15.50	$	10.29		$	20.10	$	18.30
	—		—		—		—		—		10.47			—		—
	—		18.03		—		17.72		—		10.40			19.87		18.10
	—		18.06		—		17.86		—		10.26			20.06		18.38
	15.54		18.09		15.47		17.85		15.47		10.24			19.99		18.80
	15.58		18.20		15.51		17.97		15.52		10.29			20.11		18.52
	15.59		18.21		15.52		17.98		15.52		10.19			20.13		18.18
	15.56		18.17		15.49		17.94		15.50		10.50			20.09		18.49

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 121

Statements of Assets and Liabilities  (Cont.)

May 31, 2012 (Unaudited)
	AGIC Convertible			AGIC Focused Opportunity			AGIC Global Managed Volatility			AGIC High Yield Bond
Assets:
Investments, at value	$	785,522,120		$	3,393,278		$	11,874,964		$	258,781,683
Repurchase agreements, at value		29,582,000			—			—			9,082,000
Cash		1,073,806			33,468			—			448
Foreign currency, at value		—			—			26,870			—
Receivable for investments sold		—			100,636			305,556			—
Receivable for Fund shares sold		1,543,098			—			—			1,469,927
Dividends and interest receivable (net of foreign taxes)		4,995,650			381			68,450			4,750,822
Unrealized appreciation of forward foreign currency contracts		—			—			—			—
Tax reclaim receivable		—			—			4,518			—
Receivable from Investment Manager		—			9,893			14,808			—
Receivable for variation margin on futures contracts		—			—			—			—
Deposits with brokers for securities sold short collateral		—			—			—			—
Prepaid expenses and other assets		55,714			15,077			4,859			50,694
Total Assets		822,772,388			3,552,733			12,300,025			274,135,574
Liabilities:
Payable for investments purchased		6,543,411			71,473			—			3,500,310
Securities sold short, at value		—			—			—			—
Payable to custodian for cash overdraft		—			—			127,968			—
Payable for Fund shares redeemed		1,231,125			—			—			135,604
Dividends payable on securities sold short		—			—			—			—
Investment management fees payable		390,268			—			—			109,512
Distribution fees payable		38,523			—			7			15,703
Servicing fees payable		31,219			40			7			31,137
Payable for securities sold short expenses		—			—			—			—
Unrealized depreciation of forward foreign currency contracts		—			—			—			—
Accrued expenses		281,154			54,159			44,254			51,547
Total Liabilities		8,515,700			125,672			172,236			3,843,813
Net Assets	$	814,256,688		$	3,427,061		$	12,127,789		$	270,291,761
Net Assets Consist of:
Shares of beneficial interest: Par value ($0.00001 per share)	$	309		$	3		$	8		$	278
Paid-in-capital in excess of par		806,639,371			4,392,880			12,043,881			267,318,645
Undistributed (dividends in excess of) net investment income		(2,114,006	)		(19,482	)		169,702			(45,895	)
Accumulated net realized gain (loss)		(23,822,485	)		(268,601	)		88,141			(222,823	)
Net unrealized appreciation (depreciation) of investments, securities sold short and foreign currency transactions		33,553,499			(677,739	)		(173,943	)		3,241,556
Net Assets	$	814,256,688		$	3,427,061		$	12,127,789		$	270,291,761
Cost of Investments	$	751,968,621		$	4,071,017		$	12,049,282		$	255,540,127
Cost of Repurchase Agreements	$	29,582,000		$	—		$	—		$	9,082,000
Cost of Foreign Currency	$	—		$	—		$	27,882		$	—
Proceeds Received from Securities Sold Short	$	—		$	—		$	—		$	—
Net Assets:
Class A	$	79,861,351		$	173,304		$	10,203		$	97,094,531
Class C		29,408,085			—			10,169			24,974,631
Class D		31,598,315			—			10,203			24,235,032
Class R		171,247			—			—			1,749,948
Class P		42,508,575			—			10,215			21,363,157
Institutional Class		628,787,955			3,253,757			12,086,999			100,862,497
Administrative Class		1,921,160			—			—			11,965
Shares Issued and Outstanding:
Class A		3,019,859			14,349			666			9,843,872
Class C		1,110,641			—			667			2,534,096
Class D		1,196,454			—			667			2,516,465
Class R		6,487			—			—			182,184
Class P		1,611,617			—			667			2,226,595
Institutional Class		23,872,542			267,693			788,712			10,482,898
Administrative Class		72,849			—			—			1,248
Net Asset Value and Redemption Price Per Share:*
Class A	$	26.45		$	12.08		$	15.30		$	9.86
Class C		26.48			—			15.25			9.86
Class D		26.41			—			15.30			9.63
Class R		26.40			—			—			9.61
Class P		26.38			—			15.32			9.59
Institutional Class		26.34			12.15			15.32			9.62
Administrative Class		26.37			—			—			9.59

* Net asset value and redemption price per share may not recalculate exactly due to rounding.

122 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

AGIC International Growth Opportunities			AGIC Micro Cap			AGIC Ultra Micro Cap			AGIC U.S. Emerging Growth			F&T Behavioral Advantage Large Cap		NFJ Global Dividend Value			NFJ International Value II			RCM All Alpha
$	111,534,082		$	45,157,995		$	12,741,226		$	19,231,430		$	12,501,705	$	40,291,002		$	2,895,610		$	3,563,100
	3,663,000			1,277,000			462,000			490,000			—		1,141,000			—			742,000
	29,660			564			14,638			88			29,830		—			9,541			311
	93,909			—			—			—			—		41,245			30,479			99,193
	—			998,727			244,525			86,984			—		—			—			458,546
	47,602			17,840			158,021			65,404			52,421		77,946			—			—
	368,921			4,726			4,718			8,950			31,244		307,984			28,663			13,016
	—			—			—			—			—		—			—			245
	72,691			—			—			—			28		8,383			1,552			177
	—			—			—			2,709			13,068		—			13,309			19,986
	—			—			—			—			—		—			—			14,062
	—			—			—			—			—		—			—			2,179,986
	49,893			24,581			25,529			38,613			12,882		42,574			7,912			25,400
	115,859,758			47,481,433			13,650,657			19,924,178			12,641,178		41,910,134			2,987,066			7,116,022
	—			230,736			195,921			23,546			—		276,011			—			213,278
	—			—			—			—			—		—			—			2,149,425
	—			—			—			—			—		459			—			—
	27,865			10,626			3,233			161			—		126,602			—			—
	—			—			—			—			—		—			—			1,705
	81,793			43,609			7,557			—			—		9,515			—			—
	372			—			—			144			9		2,194			6			30
	1,314			13			341			300			8		1,900			7			25
	—			—			—			—			—		—			—			2,442
	—			—			—			—			—		—			—			17
	215,673			69,068			40,837			52,631			45,366		78,985			46,860			57,788
	327,017			354,052			247,889			76,782			45,383		495,666			46,873			2,424,710
$	115,532,741		$	47,127,381		$	13,402,768		$	19,847,396		$	12,595,795	$	41,414,468		$	2,940,193		$	4,691,312
$	40		$	44		$	9		$	16		$	7	$	25		$	2		$	4
	124,711,502			51,858,035			12,381,660			17,609,032			10,819,340		45,778,124			3,045,997			5,525,287
	2,021,550			(314,349	)		(103,125	)		(64,726	)		90,350		516,378			47,144			(32,246	)
	(22,547,803	)		(10,541,376	)		(282,272	)		10,423			758,146		(149,658	)		48,846			(411,681	)
	11,347,452			6,125,027			1,406,496			2,292,651			927,952		(4,730,401	)		(201,796	)		(390,052	)
$	115,532,741		$	47,127,381		$	13,402,768		$	19,847,396		$	12,595,795	$	41,414,468		$	2,940,193		$	4,691,312
$	100,189,086		$	39,032,968		$	11,334,730		$	16,938,779		$	11,573,753	$	45,018,306		$	3,096,772		$	4,011,700
$	3,663,000		$	1,277,000		$	462,000		$	490,000		$	—	$	1,141,000		$	—		$	742,000
$	94,152		$	—		$	—		$	—		$	—	$	42,974		$	31,014		$	99,204
$	—		$	—		$	—		$	—		$	—	$	—		$	—		$	2,215,017
$	4,331,774		$	98,006		$	1,851,055		$	1,124,086		$	15,146	$	4,579,499		$	9,655		$	40,849
	499,829			—			—			204,761			14,022		3,177,640			9,619			42,488
	106,078			—			—			31,334			11,780		495,710			9,655			9,088
	10,365			—			—			9,720			—		—			—			—
	29,243,647			381,231			263,793			18,935			11,777		971,032			9,667			9,114
	81,330,633			46,648,144			11,287,920			18,458,560			12,543,070		32,190,587			2,901,597			4,589,773
	10,415			—			—			—			—		—			—			—
	149,616			9,232			130,242			90,743			862		275,402			667			3,232
	17,516			—			—			16,703			801		193,106			667			3,393
	3,662			—			—			2,529			671		29,566			668			720
	359			—			—			787			—		—			—			—
	1,025,268			35,959			18,575			1,522			669		58,054			668			720
	2,777,180			4,390,221			792,732			1,481,670			712,698		1,942,950			200,368			361,629
	359			—			—			—			—		—			—			—
$	28.95		$	10.62		$	14.21		$	12.39		$	17.57	$	16.63		$	14.46		$	12.64
	28.54			—			—			12.26			17.51		16.46			14.43			12.52
	28.97			—			—			12.39			17.57		16.77			14.46			12.63
	28.88			—			—			12.35			—		—			—			—
	28.52			10.60			14.20			12.44			17.59		16.73			14.48			12.67
	29.29			10.63			14.24			12.46			17.60		16.57			14.48			12.69
	28.97			—			—			—			—		—			—			—

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 123

Statements of Assets and Liabilities  (Cont.)

May 31, 2012 (Unaudited)
	RCM China Equity			RCM Disciplined Equity		RCM Global Water			RCM Redwood			RCM Short Duration High Income
Assets:
Investments, at value	$	3,652,410		$	44,796,215	$	98,996,911		$	7,754,372		$	43,643,912
Repurchase agreements, at value		—			1,292,000		5,068,000			3,654,000			3,152,000
Cash		95,198			858		405			8,293			102
Foreign currency, at value		—			—		629,760			—			—
Receivable for investments sold		69,284			18,668		127,985			—			—
Receivable for Fund shares sold		100			18,609		229,637			—			737,887
Dividends and interest receivable (net of foreign taxes)		25,964			110,289		448,672			10,145			692,309
Tax reclaim receivable		—			—		88,742			—			—
Receivable from Investment Manager		14,563			—		—			7,232			—
Prepaid expenses		42,991			37,611		35,355			31,079			16,655
Total Assets		3,900,510			46,274,250		105,625,467			11,465,121			48,242,865
Liabilities:
Payable for investments purchased		73,502			82,770		16			—			723,503
Options written, at value		—			—		—			1,691,915			—
Payable for Fund shares redeemed		—			3,217		59,883			—			37,692
Investment management fees payable		—			6,049		86,122			—			8,744
Distribution fees payable		59			794		15,642			24			3,225
Servicing fees payable		134			1,917		17,995			400			3,141
Accrued expenses		56,978			86,658		227,866			65,864			32,883
Total Liabilities		130,673			181,405		407,524			1,758,203			809,188
Net Assets	$	3,769,837		$	46,092,845	$	105,217,943		$	9,706,918		$	47,433,677
Net Assets Consist of:
Shares of beneficial interest: Par value ($0.00001 per share)	$	3		$	30	$	114		$	7		$	30
Paid-in-capital in excess of par		4,408,228			44,722,612		118,227,000			10,040,428			47,112,260
Undistributed (dividends in excess of) net investment income		(548	)		226,201		656,646			(12,272	)		28,930
Accumulated net realized gain (loss)		(117,522	)		172,056		(16,115,452	)		(464,424	)		53,357
Net unrealized appreciation (depreciation) of investments, options written and foreign currency transactions		(520,324	)		971,946		2,449,635			143,179			239,100
Net Assets	$	3,769,837		$	46,092,845	$	105,217,943		$	9,706,918		$	47,433,677
Cost of Investments	$	4,172,717		$	43,824,269	$	96,516,752		$	8,125,916		$	43,404,812
Cost of Repurchase Agreements	$	—		$	1,292,000	$	5,068,000		$	3,654,000		$	3,152,000
Cost of Foreign Currency	$	—		$	—	$	651,245		$	—		$	—
Premiums Received for Options Written	$	—		$	—	$	—		$	2,206,636		$	—
Net Assets:
Class A	$	170,211		$	7,241,065	$	58,957,006		$	1,729,919		$	9,079,028
Class C		89,692			1,196,331		23,843,784			33,354			5,357,587
Class D		353,369			351,069		4,304,387			162,044			1,455,877
Class P		22,873			36,086		16,277,294			133,023			3,397,998
Institutional Class		3,133,692			37,268,294		1,835,472			7,648,578			28,143,187
Shares Issued and Outstanding:
Class A		12,811			475,683		6,362,596			118,289			581,592
Class C		6,790			79,603		2,624,038			2,306			343,704
Class D		26,340			22,693		465,004			11,078			93,310
Class P		1,723			2,350		1,750,944			9,064			217,691
Institutional Class		235,646			2,429,815		198,617			520,458			1,801,872
Net Asset Value and Redemption Price Per Share:*
Class A	$	13.29		$	15.22	$	9.27		$	14.62		$	15.61
Class C		13.21			15.03		9.09			14.47			15.59
Class D		13.42			15.47		9.26			14.63			15.60
Class P		13.28			15.35		9.30			14.68			15.61
Institutional Class		13.30			15.34		9.24			14.70			15.62

* Net asset value and redemption price per share may not recalculate exactly due to rounding.

124 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

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See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 125

Statements of Operations

Periods ended May 31, 2012 (Unaudited)
	AGI Solutions 2015			AGI Solutions 2020			AGI Solutions 2025*			AGI Solutions 2030			AGI Solutions 2035*
Investment Income:
Interest	$	—		$	—		$	—		$	1		$	—
Dividends, net of foreign withholding taxes		11,324			7,626			3,674			9,655			3,867
Dividends from investments in Affiliates		169,973			115,111			54,826			147,343			57,408
Contribution from Investment Manager (see Note 6)		610			1,340			1,416			4,069			2,611
Total Income		181,907			124,077			59,916			161,068			63,886
Expenses:
Investment management fees		2,486			1,652			717			1,982			734
Administration fees		8,794			4,516			1,458			5,609			1,492
Distribution and/or servicing fees — Administrative Class		18			18			12			19			12
Distribution fees — Class B		—			—			—			—			—
Distribution fees — Class C		8,044			2,664			—			2,464			—
Distribution fees — Class R		18			18			12			19			12
Administrative servicing fees — Class P		—			—			—			—			—
Servicing fees — Class A		1,661			434			12			695			12
Servicing fees — Class B		—			—			—			—			—
Servicing fees — Class C		2,681			888			—			821			—
Servicing fees — Class D		407			160			—			510			—
Servicing fees — Class R		18			18			12			19			12
Sub-transfer agent fees — Class A		—			—			—			—			—
Sub-transfer agent fees — Class B		—			—			—			—			—
Sub-transfer agent fees — Class C		—			—			—			—			—
Sub-transfer agent fees — Class D		—			—			—			—			—
Sub-transfer agent fees — Class P		—			—			—			—			—
Sub-transfer agent fees — Institutional Class		—			—			—			—			—
Sub-transfer agent fees — Administrative Class		—			—			—			—			—
Legal fees		—			—			—			—			—
Trustees’ fees		—			—			—			—			—
Audit and tax service fees		—			—			—			—			—
Registration fees		—			—			—			—			—
Custodian and accounting agent fees		—			—			—			—			—
Shareholder communications expense		—			—			—			—			—
Transfer agent fees		—			—			—			—			—
Organizational expenses		—			—			10,773			—			10,773
Miscellaneous expenses		—			—			—			—			—
Total Expenses		24,127			10,368			12,996			12,138			13,047
Less: Fee Waiver/Reimbursement from Investment Manager		(8,618	)		(5,486	)		(12,940	)		(7,217	)		(13,000	)
Net Expenses		15,509			4,882			56			4,921			47
Net Investment Income		166,398			119,195			59,860			156,147			63,839
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		3,178			2,708			5,430			1,836			3,341
Investments in Affiliates		6,223			(38,410	)		24,721			(33,232	)		27,837
Net capital gain distributions received from underlying Affiliated funds		127,361			79,372			2,797			79,927			3,222
Net change in unrealized appreciation/depreciation of:
Investments		26,516			19,876			8,668			21,127			9,144
Investments in Affiliates		26,927			41,605			42,256			(28,986	)		47,940
Net Realized and Change in Unrealized Gain (Loss)		190,205			105,151			83,872			40,672			91,484
Net Increase in Net Assets Resulting from Investment Operations	$	356,603		$	224,346		$	143,732		$	196,819		$	155,323

* Commencement of operations, December 19, 2011.

126 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

AGI Solutions 2040			AGI Solutions 2045*			AGI Solutions 2050			AGI Solutions 2055*			AGI Solutions Global Allocation			AGI Solutions Global Growth Allocation			AGI Solutions Retirement Income
$	—		$	—		$	—		$	—		$	17		$	—		$	8
	9,036			4,262			7,329			3,458			236,408			10,630			19,674
	108,197			62,528			111,452			62,367			3,323,917			109,442			291,192
	5,419			3,083			6,531			3,245			—			—			809
	122,652			69,873			125,312			69,070			3,560,342			120,072			311,683
	1,578			743			1,516			746			908,470			30,201			4,505
	3,749			1,515			3,401			1,516			—			—			21,617
	20			13			20			12			2,065			20			18
	—			—			—			—			29,270			—			—
	370			—			192			—			287,543			4,641			25,863
	20			14			22			13			18			49			22
	—			—			—			—			765			8			—
	228			16			107			12			92,662			1,320			5,932
	—			—			—			—			9,757			—			—
	123			—			64			—			95,848			1,547			8,621
	360			—			259			—			175			50			1,174
	20			14			22			13			18			49			22
	—			—			—			—			10,722			1,757			—
	—			—			—			—			8			—			—
	—			—			—			—			10,534			1,041			—
	—			—			—			—			21			12			—
	—			—			—			—			1,629			—			—
	—			—			—			—			7,680			2,346			—
	—			—			—			—			247			—			—
	—			—			—			—			24,717			8,129			—
	—			—			—			—			30,466			1,247			—
	—			—			—			—			21,421			13,685			—
	—			—			—			—			30,790			28,485			—
	—			—			—			—			25,447			30,097			—
	—			—			—			—			27,213			576			—
	—			—			—			—			41,490			3,826			—
	—			10,773			—			10,773			—			—			—
	—			—			—			—			6,415			2,759			—
	6,468			13,088			5,603			13,085			1,665,391			131,845			67,774
	(5,300	)		(13,039	)		(4,960	)		(13,043	)		(959,749	)		(119,000	)		(18,074	)
	1,168			49			643			42			705,642			12,845			49,700
	121,484			69,824			124,669			69,028			2,854,700			107,227			261,983
	(1,324	)		3,548			290			3,776			40,869			(120	)		3,429
	(41,966	)		23,495			(66,369	)		23,844			3,356,919			(55,301	)		(72,804	)
	63,130			3,951			64,240			4,303			1,865,037			79,467			221,075
	24,624			10,648			25,016			11,548			484,553			30,621			46,159
	(87,580	)		38,021			(96,640	)		38,964			(4,690,299	)		(94,769	)		151,957
	(43,116	)		79,663			(73,463	)		82,435			1,057,079			(40,102	)		349,816
$	78,368		$	149,487		$	51,206		$	151,463		$	3,911,779		$	67,125		$	611,799

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 127

Statements of Operations  (Cont.)

Periods ended May 31, 2012 (Unaudited)
	AGIC Convertible			AGIC Focused Opportunity			AGIC Global Managed Volatility (1)			AGIC High Yield Bond		AGIC International Growth Opportunities
Investment Income:
Interest	$	8,141,473		$	1		$	26		$	9,321,238	$	162
Dividends, net of foreign withholding taxes		2,735,204			1,740			200,296			—		1,555,870
Miscellaneous income		132,018			—			—			191,100		—
Total Income		11,008,695			1,741			200,322			9,512,338		1,556,032
Expenses:
Investment management fees		2,154,233			15,084			20,355			552,401		636,652
Distribution and/or servicing fees — Administrative Class		2,251			—			—			15		167
Distribution fees — Class C		109,849			—			35			73,610		1,918
Distribution fees — Class R		142			—			—			1,000		14
Administrative servicing fees — Class P		19,526			—			5			9,018		16,010
Servicing fees — Class A		93,747			344			11			107,664		5,718
Servicing fees — Class C		36,616			—			11			24,537		639
Servicing fees — Class D		44,806			—			11			28,560		1,810
Servicing fees — Class R		142			—			—			1,000		14
Sub-transfer agent fees — Class A		19,596			491			—			935		642
Sub-transfer agent fees — Class C		6,060			—			—			383		616
Sub-transfer agent fees — Class D		11,443			—			—			421		3,027
Sub-transfer agent fees — Class R		20			—			—			15		—
Sub-transfer agent fees — Class P		9,583			—			—			39		20,108
Sub-transfer agent fees — Institutional Class		11			491			—			23		3,557
Sub-transfer agent fees — Administrative Class		2			—			—			—		—
Legal fees		37,354			7,428			9,198			8,730		9,807
Dividends on securities sold short		—			—			—			—		—
Trustees’ fees		95,630			519			2,671			14,516		18,937
Audit and tax service fees		28,400			12,989			12,986			19,521		15,733
Registration fees		45,153			13,386			3,038			38,070		35,193
Custodian and accounting agent fees		58,241			30,358			56,865			37,178		92,074
Interest expense		—			—			—			—		—
Shareholder communications expense		58,633			6,556			3,691			5,857		7,966
Transfer agent fees		26,425			961			3,013			7,975		7,070
Organizational expenses		—			—			18,014			—		—
Securities sold short expenses		—			—			—			—		—
Miscellaneous expenses		18,053			1,525			3,681			4,086		5,967
Total Expenses		2,875,916			90,132			133,585			935,554		883,639
Less: Fee Waiver/Reimbursement from Investment Manager		(2,517	)		(68,909	)		(102,965	)		—		(90,912	)
Net Expenses		2,873,399			21,223			30,620			935,554		792,727
Net Investment Income (Loss)		8,135,296			(19,482	)		169,702			8,576,784		763,305
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(19,686,589	)		(157,532	)		92,298			14,338		(2,152,798	)
Securities sold short		—			—			—			—		—
Foreign currency transactions		—			—			(4,157	)		—		6,590
Futures contracts		—			—			—			—		—
Net change in unrealized appreciation/depreciation of:
Investments		18,746,306			(279,158	)		(174,318	)		5,180,883		5,209,805
Securities sold short		—			—			—			—		—
Foreign currency transactions		—			—			375			—		284
Futures contracts		—			—			—			—		—
Net Realized and Change in Unrealized Gain (Loss)		(940,283	)		(436,690	)		(85,802	)		5,195,221		3,063,881
Net Increase (Decrease) in Net Assets Resulting from Investment Operations	$	7,195,013		$	(456,172	)	$	83,900		$	13,772,005	$	3,827,186

(1) Commencement of operations, December 19, 2011.

(2) Commencement of operations, December 1, 2011.

128 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

AGIC Micro Cap			AGIC Ultra Micro Cap			AGIC U.S. Emerging Growth			F&T Behavioral Advantage Large Cap			NFJ Global Dividend Value			NFJ International Value II (2)			RCM All Alpha
$	68		$	19		$	36		$	1		$	45		$	4		$	43
	67,914			23,268			49,820			136,636			1,090,801			68,162			38,083
	—			—			—			—			—			—			—
	67,982			23,287			49,856			136,637			1,090,846			68,166			38,126
	310,128			87,561			94,387			24,257			162,991			12,569			31,533
	—			—			—			—			—			—			—
	—			—			757			46			12,800			39			661
	—			—			13			—			—			—			—
	196			130			8			5			450			5			5
	31			607			1,318			14			7,349			13			80
	—			—			252			15			4,267			13			220
	—			—			60			14			881			13			41
	—			—			13			—			—			—			—
	—			—			128			—			1,183			—			366
	—			—			22			—			886			—			433
	—			—			4			—			11,044			—			5
	—			—			2			—			—			—			—
	23			55			11			—			3			—			360
	11,042			3,011			1,096			—			4,141			—			366
	—			—			—			—			—			—			—
	10,561			7,957			8,415			9,625			5,961			9,631			3,971
	—			—			—			—			—			—			15,480
	6,400			1,426			3,004			1,139			4,529			2,849			715
	15,489			12,908			12,912			12,893			13,558			13,580			12,764
	19,295			20,943			31,837			11,459			19,667			6,603			31,933
	30,840			29,802			45,170			51,062			48,909			51,327			71,058
	—			—			—			—			—			—			273
	5,034			3,120			10,119			2,625			4,810			1,817			1,607
	2,616			1,256			4,044			2,490			4,491			3,224			2,175
	—			—			—			—			—			27,079			—
	—			—			—			—			—			—			14,819
	3,149			2,108			2,083			2,180			3,441			2,516			5,228
	414,804			170,884			215,655			117,824			311,361			131,278			194,093
	(32,473	)		(44,471	)		(91,991	)		(84,356	)		(66,480	)		(116,255	)		(123,854	)
	382,331			126,413			123,664			33,468			244,881			15,023			70,239
	(314,349	)		(103,126	)		(73,808	)		103,169			845,965			53,143			(32,113	)
	783,476			(13,352	)		407,808			756,159			(3,079	)		47,457			127,100
	—			—			—			—			—			—			(274,380	)
	—			—			—			—			(2,382	)		1,389			(1,446	)
	—			—			—			—			—			—			(81,157	)
	1,425,475			864,816			(150,430	)		256,300			(2,633,940	)		(201,162	)		(93,215	)
	—			—			—			—			—			—			84,755
	—			—			—			—			(2,700	)		(634	)		(479	)
	—			—			—			—			—			—			(11,807	)
	2,208,951			851,464			257,378			1,012,459			(2,642,101	)		(152,950	)		(250,629	)
$	1,894,602		$	748,338		$	183,570		$	1,115,628		$	(1,796,136	)	$	(99,807	)	$	(282,742	)

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 129

Statements of Operations  (Cont.)

Six Months ended May 31, 2012 (Unaudited)
	RCM China Equity			RCM Disciplined Equity			RCM Global Water			RCM Redwood			RCM Short Duration High Income
Investment Income:
Interest	$	4		$	39		$	228		$	150		$	820,271
Dividends, net of foreign withholding taxes		35,289			451,872			1,523,855			77,640			—
Miscellaneous income		—			—			—			—			33,178
Total Income		35,293			451,911			1,524,083			77,790			853,449
Expenses:
Investment management fees		22,545			157,010			427,358			49,199			74,909
Distribution fees — Class C		391			4,611			86,335			148			14,939
Administrative servicing fees — Class P		42			16			9,198			77			662
Servicing fees — Class A		241			8,407			52,944			1,893			6,101
Servicing fees — Class C		130			1,537			28,778			49			4,980
Servicing fees — Class D		485			331			5,783			326			1,031
Sub-transfer agent fees — Class A		451			403			2,049			22			20
Sub-transfer agent fees — Class C		430			366			1,751			30			15
Sub-transfer agent fees — Class D		1,801			6,405			4,703			1,708			5
Sub-transfer agent fees — Class P		—			73			3,634			—			—
Sub-transfer agent fees — Institutional Class		3			1,464			18			494			13
Legal fees		5,894			11,895			17,213			10,706			2,928
Trustees’ fees		634			6,381			9,537			1,123			1,434
Audit and tax service fees		12,938			18,836			20,676			13,657			13,162
Registration fees		19,379			19,231			26,288			28,136			13,667
Custodian and accounting agent fees		42,331			34,139			51,040			46,201			33,594
Shareholder communications expense		3,771			2,379			10,176			3,897			3,574
Transfer agent fees		2,361			4,800			5,710			2,468			4,555
Miscellaneous expenses		2,511			2,919			6,124			2,701			2,337
Total Expenses		116,338			281,203			769,315			162,835			177,926
Less: Fee Waiver/Reimbursement from Investment Manager		(85,838	)		(60,927	)		(1,527	)		(90,958	)		(51,732	)
Net Expenses		30,500			220,276			767,788			71,877			126,194
Net Investment Income		4,793			231,635			756,295			5,913			727,255
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(14,080	)		146,310			2,001,182			398,542			35,676
Options written		—			—			—			(214,940	)		—
Foreign currency transactions		(112	)		—			(47,909	)		(4	)		—
Net change in unrealized appreciation/depreciation of:
Investments		(70,690	)		230,799			(804,178	)		(397,775	)		144,095
Options written		—			—			—			315,698			—
Foreign currency transactions		(17	)		—			(39,158	)		2			—
Net Realized and Change in Unrealized Gain (Loss)		(84,899	)		377,109			1,109,937			101,523			179,771
Net Increase (Decrease) in Net Assets Resulting from Investment Operations	$	(80,106	)	$	608,744		$	1,866,232		$	107,436		$	907,026

130 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

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See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 131

Statements of Changes in Net Assets

	AGI Solutions 2015						AGI Solutions 2020						AGI Solutions 2025
	Six Months ended May 31, 2012 (Unaudited)			Year ended November 30, 2011			Six Months ended May 31, 2012 (Unaudited)			Year ended November 30, 2011			Period December 19, 2011** through May 31, 2012 (Unaudited)
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income	$	166,398		$	276,899		$	119,195		$	191,696		$	59,860
Net realized gain (loss) on investments		3,178			(271,569	)		2,708			(141	)		5,430
Net realized gain (loss) on investments in Affiliates		6,223			129,716			(38,410	)		202,519			24,721
Net capital gain distributions received from underlying Affiliated funds		127,361			82,696			79,372			65,857			2,797
Net change in unrealized appreciation/depreciation on investments		26,516			9,612			19,876			1,097			8,668
Net change in unrealized appreciation/depreciation of investments in Affiliates		26,927			(133,218	)		41,605			(305,178	)		42,256
Net increase (decrease) in net assets resulting from investment operations		356,603			94,136			224,346			155,850			143,732
Dividends and Distributions to Shareholders from:
Net investment income
Class A		(57,065	)		(10,630	)		(12,596	)		(8,073	)		(96	)
Class C		(71,142	)		(21,440	)		(22,396	)		(8,054	)		—
Class D		(9,370	)		(6,776	)		(3,794	)		(7,981	)		—
Class R		(483	)		(470	)		(469	)		(532	)		(95	)
Class P		(553	)		(522	)		(1,453	)		(585	)		(97	)
Institutional Class		(238,384	)		(216,651	)		(203,293	)		(211,840	)		(29,182	)
Administrative Class		(526	)		(502	)		(513	)		(565	)		(96	)
Net realized capital gains
Class A		(31,768	)		(4,210	)		(13,533	)		(3,051	)		—
Class C		(47,896	)		(8,692	)		(28,097	)		(3,333	)		—
Class D		(5,211	)		(2,725	)		(4,203	)		(3,073	)		—
Class R		(287	)		(202	)		(552	)		(219	)		—
Class P		(289	)		(203	)		(1,485	)		(219	)		—
Institutional Class		(121,636	)		(82,209	)		(204,080	)		(77,658	)		—
Administrative Class		(288	)		(203	)		(555	)		(219	)		—
Total Dividends and Distributions to Shareholders		(584,898	)		(355,435	)		(497,019	)		(325,402	)		(29,566	)
Fund Share Transactions:
Net proceeds from the sale of shares		530,525			11,699,923			378,694			1,247,644			—
Issued in reinvestment of dividends and distributions		581,765			345,333			497,019			323,246			29,566
Cost of shares redeemed		(1,162,968	)		(8,026,128	)		(263,672	)		(458,904	)		—
Net increase (decrease) from Fund share transactions		(50,678	)		4,019,128			612,041			1,111,986			29,566
Total Increase (Decrease) in Net Assets		(278,973	)		3,757,829			339,368			942,434			143,732
Net Assets:
Beginning of period		10,089,298			6,331,469			6,362,376			5,419,942			3,040,000
End of period*	$	9,810,325		$	10,089,298		$	6,701,744		$	6,362,376		$	3,183,732
* Including undistributed net investment income of:	$	34,397		$	245,522		$	32,338		$	157,657		$	30,294

** Commencement of operations.

132 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

AGI Solutions 2030						AGI Solutions 2035			AGI Solutions 2040						AGI Solutions 2045			AGI Solutions 2050
Six Months ended May 31, 2012 (Unaudited)			Year ended November 30, 2011			Period December 19, 2011** through May 31, 2012 (Unaudited)			Six Months ended May 31, 2012 (Unaudited)			Year ended November 30, 2011			Period December 19, 2011** through May 31, 2012 (Unaudited)			Six Months ended May 31, 2012 (Unaudited)			Year ended November 30, 2011
$	156,147		$	207,023		$	63,839		$	121,484		$	182,944		$	69,824		$	124,669		$	181,058
	1,836			(993	)		3,341			(1,324	)		(280	)		3,548			290			(937	)
	(33,232	)		382,933			27,837			(41,966	)		460,687			23,495			(66,369	)		464,769
	79,927			73,459			3,222			63,130			45,533			3,951			64,240			39,167
	21,127			(10,587	)		9,144			24,624			(21,456	)		10,648			25,016			(21,979	)
	(28,986	)		(560,355	)		47,940			(87,580	)		(655,438	)		38,021			(96,640	)		(664,920	)
	196,819			91,480			155,323			78,368			11,990			149,487			51,206			(2,842	)
	(15,955	)		(12,651	)		(117	)		(5,161	)		(3,580	)		(145	)		(3,920	)		(2,830	)
	(18,082	)		(20,950	)		—			(2,456	)		(754	)		—			(1,430	)		(1,841	)
	(13,093	)		(12,302	)		—			(6,323	)		(15,855	)		—			(6,972	)		(8,336	)
	(468	)		(548	)		(115	)		(472	)		(658	)		(144	)		(580	)		(796	)
	(707	)		(603	)		(117	)		(550	)		(706	)		(146	)		(594	)		(767	)
	(219,827	)		(219,909	)		(35,326	)		(197,775	)		(229,713	)		(43,892	)		(204,871	)		(238,178	)
	(514	)		(583	)		(117	)		(520	)		(685	)		(145	)		(564	)		(745	)
	(25,443	)		(8,381	)		—			(12,264	)		(3,476	)		—			(8,671	)		(2,657	)
	(37,384	)		(14,720	)		—			(7,171	)		(973	)		—			(4,061	)		(1,858	)
	(21,174	)		(8,048	)		—			(15,250	)		(14,585	)		—			(16,020	)		(7,816	)
	(817	)		(384	)		—			(1,224	)		(657	)		—			(1,424	)		(785	)
	(1,069	)		(386	)		—			(1,232	)		(650	)		—			(1,272	)		(705	)
	(324,265	)		(137,481	)		—			(430,949	)		(207,142	)		—			(427,220	)		(214,788	)
	(820	)		(385	)		—			(1,229	)		(649	)		—			(1,269	)		(704	)
	(679,618	)		(437,331	)		(35,792	)		(682,576	)		(480,083	)		(44,472	)		(678,868	)		(482,806	)
	1,005,960			1,558,607			5			712,513			1,097,663			14,806			752,799			899,799
	677,068			433,832			35,792			682,040			479,646			44,472			678,868			482,806
	(545,671	)		(604,459	)		—			(201,730	)		(416,757	)		—			(461,214	)		(317,289	)
	1,137,357			1,387,980			35,797			1,192,823			1,160,552			59,278			970,453			1,065,316
	654,558			1,042,129			155,328			588,615			692,459			164,293			342,791			579,668
	7,352,086			6,309,957			3,040,000			5,784,589			5,092,130			3,040,000			5,503,999			4,924,331
$	8,006,644		$	7,352,086		$	3,195,328		$	6,373,204		$	5,784,589		$	3,204,293		$	5,846,790		$	5,503,999
$	46,573		$	159,072		$	28,047		$	40,315		$	132,088		$	25,352		$	36,910		$	131,172

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 133

Statements of Changes in Net Assets  (Cont.)

	AGI Solutions 2055			AGI Solutions Global Allocation						AGI Solutions Global Growth Allocation
	Period December 19, 2011** through May 31, 2012 (Unaudited)			Six Months ended May 31, 2012 (Unaudited)			Year ended November 30, 2011			Six Months ended May 31, 2012 (Unaudited)			Year ended November 30, 2011
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income (loss)	$	69,028		$	2,854,700		$	4,908,439		$	107,227		$	219,522
Net realized gain (loss) on investments and foreign currency transactions		3,776			40,869			(16,270	)		(120	)		(7,838	)
Net realized gain (loss) on investments in Affiliates		23,844			3,356,919			13,681,481			(55,301	)		60,109
Net capital gain distributions received from underlying Affiliated funds		4,303			1,865,037			2,492,756			79,467			52,576
Net change in unrealized appreciation/depreciation of investments and foreign currency transactions		11,548			484,553			(404,454	)		30,621			(25,073	)
Net change in unrealized appreciation/depreciation of investments in Affiliates		38,964			(4,690,299	)		(19,791,460	)		(94,769	)		(568,103	)
Net increase (decrease) in net assets resulting from investment operations		151,463			3,911,779			870,492			67,125			(268,807	)
Dividends and Distributions to Shareholders from:
Net investment income
Class A		(147	)		(1,462,486	)		(2,774,023	)		(32,138	)		(94,539	)
Class B		—			(134,229	)		(409,188	)		—			—
Class C		—			(1,218,902	)		(2,485,096	)		(29,927	)		(17,913	)
Class D		—			(3,124	)		(4,271	)		(1,219	)		(857	)
Class R		(145	)		(260	)		(469	)		(1,149	)		(557	)
Class P		(148	)		(29,470	)		(279,378	)		(527	)		(614	)
Institutional Class		(44,398	)		(1,059,156	)		(1,625,066	)		(160,415	)		(186,310	)
Administrative Class		(147	)		(31,494	)		(27,410	)		(503	)		(593	)
Net realized capital gains
Class A		—			—			—			(9,796	)		(54,061	)
Class C		—			—			—			(10,563	)		(12,178	)
Class D		—			—			—			(319	)		(506	)
Class R		—			—			—			(305	)		(353	)
Class P		—			—			—			(131	)		(354	)
Institutional Class		—			—			—			(38,590	)		(104,813	)
Administrative Class		—			—			—			(130	)		(353	)
Total Dividends and Distributions to Shareholders		(44,985	)		(3,939,121	)		(7,604,901	)		(285,712	)		(474,001	)
Fund Share Transactions:
Net proceeds from the sale of shares		473			14,093,150			58,674,509			84,571			6,408,417
Issued in reinvestment of dividends and distributions		44,985			3,459,387			6,157,895			285,712			473,469
Cost of shares redeemed		—			(28,489,323	)		(66,254,822	)		(564,758	)		(4,891,746	)
Net increase (decrease) from Fund share transactions		45,458			(10,936,786	)		(1,422,418	)		(194,475	)		1,990,140
Total Increase (Decrease) in Net Assets		151,936			(10,964,128	)		(8,156,827	)		(413,062	)		1,247,332
Net Assets:
Beginning of period		3,040,000			213,421,589			221,578,416			7,109,804			5,862,472
End of period*	$	3,191,936		$	202,457,461		$	213,421,589		$	6,696,742		$	7,109,804
* Including undistributed (dividends in excess of) net investment income of:	$	24,043		$	(1,084,421	)	$	—		$	18,911		$	137,562

** Commencement of operations.

134 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

AGI Solutions Retirement Income						AGIC Convertible						AGIC Focused Opportunity						AGIC Global Managed Volatility
Six Months ended May 31, 2012 (Unaudited)			Year ended November 30, 2011			Six Months ended May 31, 2012 (Unaudited)			Year ended November 30, 2011			Six Months ended May 31, 2012 (Unaudited)			Period December 27, 2010** through November 30, 2011			Period December 19, 2011** through May 31, 2012 (Unaudited)
$	261,983		$	276,787		$	8,135,296		$	13,515,490		$	(19,482	)	$	(27,806	)	$	169,702
	3,429			(78,931	)		(19,686,589	)		40,625,938			(157,532	)		156,426			88,141
	(72,804	)		36,900			—			—			—			—			—
	221,075			90,557			—			—			—			—			—
	46,159			9,776			18,746,306			(61,179,301	)		(279,158	)		(398,581	)		(173,943	)
	151,957			(49,759	)		—			—			—			—			—
	611,799			285,330			7,195,013			(7,037,873	)		(456,172	)		(269,961	)		83,900
	(117,196	)		(62,533	)		(1,499,474	)		(957,854	)		—			—			—
	—			—			—			—			—			—			—
	(146,104	)		(78,501	)		(520,804	)		(169,824	)		—			—			—
	(18,849	)		(13,949	)		(747,672	)		(526,275	)		—			—			—
	(390	)		(269	)		(1,390	)		(390	)		—			—			—
	(362	)		(275	)		(834,767	)		(733,948	)		—			—			—
	(138,965	)		(185,546	)		(12,830,039	)		(12,210,089	)		—			—			—
	(343	)		(264	)		(35,977	)		(18,431	)		—			—			—
	(47,553	)		(7,236	)		(3,325,994	)		—			(24,242	)		—			—
	(65,965	)		(16,425	)		(1,535,392	)		—			—			—			—
	(3,216	)		(3,247	)		(1,712,835	)		—			—			—			—
	(166	)		(158	)		(2,087	)		—			—			—			—
	(136	)		(147	)		(1,990,978	)		—			—			—			—
	(49,034	)		(52,899	)		(29,547,548	)		—			(215,912	)		—			—
	(135	)		(146	)		(75,958	)		—			—			—			—
	(588,414	)		(421,595	)		(54,660,915	)		(14,616,811	)		(240,154	)		—			—
	4,704,873			12,641,832			247,919,063			661,048,240			550,348			2,870,022			10,519,668
	586,905			391,107			22,601,092			5,106,625			239,228			—			—
	(2,303,596	)		(4,389,854	)		(92,089,892	)		(466,779,801	)		(197,590	)		(2,078,660	)		(515,779	)
	2,988,182			8,643,085			178,430,263			199,375,064			591,986			791,362			10,003,889
	3,011,567			8,506,820			130,964,361			177,720,380			(104,340	)		521,401			10,087,789
	15,522,376			7,015,556			683,292,327			505,571,947			3,531,401			3,010,000			2,040,000
$	18,533,943		$	15,522,376		$	814,256,688		$	683,292,327		$	3,427,061		$	3,531,401		$	12,127,789
$	(155,717	)	$	4,509		$	(2,114,006	)	$	6,220,821		$	(19,482	)	$	—		$	169,702

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 135

Statements of Changes in Net Assets  (Cont.)

	AGIC High Yield Bond						AGIC International Growth Opportunities						AGIC Micro Cap
	Six Months ended May 31, 2012 (Unaudited)			Year ended November 30, 2011			Six Months ended May 31, 2012 (Unaudited)			Year ended November 30, 2011			Six Months ended May 31, 2012 (Unaudited)			Year ended November 30, 2011
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income (loss)	$	8,576,784		$	8,309,349		$	763,305		$	1,516,412		$	(314,349	)	$	(687,031	)
Net realized gain (loss) on investments and foreign currency transactions		14,338			4,130,656			(2,146,208	)		12,447,683			783,476			9,959,033
Net change in unrealized appreciation/depreciation of investments and foreign currency transactions		5,180,883			(6,821,184	)		5,210,089			(24,021,161	)		1,425,475			(10,302,986	)
Net increase (decrease) in net assets resulting from investment operations		13,772,005			5,618,821			3,827,186			(10,057,066	)		1,894,602			(1,030,984	)
Dividends and Distributions to Shareholders from:
Net investment income
Class A		(3,170,579	)		(1,189,011	)		—			(6,118	)		—			—
Class C		(657,707	)		(270,365	)		—			(3,632	)		—			—
Class D		(853,377	)		(270,297	)		—			(709	)		—			—
Class R		(29,931	)		(8,658	)		—			(181	)		—			—
Class P		(714,162	)		(141,725	)		—			(187,858	)		—			—
Institutional Class		(3,196,479	)		(7,043,390	)		—			(1,412,519	)		—			—
Administrative Class		(444	)		(877	)		—			(200	)		—			—
Net realized capital gains
Class A		(894,484	)		—			—			—			—			—
Class C		(187,117	)		—			—			—			—			—
Class D		(292,429	)		—			—			—			—			—
Class R		(4,888	)		—			—			—			—			—
Class P		(174,361	)		—			—			—			(68,342	)		(990	)
Institutional Class		(1,008,410	)		—			—			—			(7,380,186	)		(4,874,491	)
Administrative Class		(159	)		—			—			—			—			—
Total Dividends and Distributions to Shareholders		(11,184,527	)		(8,924,323	)		—			(1,611,217	)		(7,448,528	)		(4,875,481	)
Fund Share Transactions:
Net proceeds from the sale of shares		117,964,252			157,748,543			24,422,798			40,396,077			2,972,302			9,239,034
Issued in reinvestment of dividends and distributions		7,520,874			7,773,901			—			1,588,561			7,445,633			4,858,597
Cost of shares redeemed		(33,563,792	)		(82,025,262	)		(37,533,410	)		(41,655,571	)		(4,676,149	)		(18,843,120	)
Net increase (decrease) from Fund share transactions		91,921,334			83,497,182			(13,110,612	)		329,067			5,741,786			(4,745,489	)
Total Increase (Decrease) in Net Assets		94,508,812			80,191,680			(9,283,426	)		(11,339,216	)		187,860			(10,651,954	)
Net Assets:
Beginning of period		175,782,949			95,591,269			124,816,167			136,155,383			46,939,521			57,591,475
End of period*	$	270,291,761		$	175,782,949		$	115,532,741		$	124,816,167		$	47,127,381		$	46,939,521
* Including undistributed (dividends in excess of) net investment income of:	$	(45,895	)	$	—		$	2,021,550		$	1,258,245		$	(314,349	)	$	—

** Commencement of operations.

136 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

AGIC Ultra Micro Cap						AGIC U.S. Emerging Growth						F&T Behavioral Advantage Large Cap					NFJ Global Dividend Value
Six Months ended May 31, 2012 (Unaudited)			Year ended November 30, 2011			Six Months ended May 31, 2012 (Unaudited)			Year ended November 30, 2011			Six Months ended May 31, 2012 (Unaudited)			Period September 8, 2011** through November 30, 2011		Six Months ended May 31, 2012 (Unaudited)			Year ended November 30, 2011
$	(103,126	)	$	(159,422	)	$	(73,808	)	$	(114,504	)	$	103,169		$	34,637	$	845,965		$	1,019,080
	(13,352	)		65,964			407,808			2,843,821			756,159			1,987		(5,461	)		417,727
	864,816			(470,632	)		(150,430	)		(1,944,919	)		256,300			671,652		(2,636,640	)		(2,898,867	)
	748,338			(564,090	)		183,570			784,398			1,115,628			708,276		(1,796,136	)		(1,462,060	)
	—			—			—			—			(39	)		—		(41,579	)		(219,808	)
	—			—			—			—			(15	)		—		(14,353	)		(69,843	)
	—			—			—			—			(39	)		—		(270	)		(39,625	)
	—			—			—			—			—			—		—			—
	—			—			—			—			(44	)		—		(7,681	)		(4,055	)
	—			—			—			—			(47,354	)		—		(264,792	)		(750,103	)
	—			—			—			—			—			—		—			—
	—			—			(62,966	)		—			—			—		(118,047	)		(25,382	)
	—			—			(9,981	)		—			—			—		(54,051	)		(18,876	)
	—			—			(2,039	)		—			—			—		(9,663	)		(3,160	)
	—			—			(718	)		—			—			—		—			—
	(3,948	)		(690	)		(1,158	)		—			—			—		(12,950	)		(198	)
	(162,280	)		(275,392	)		(1,343,785	)		—			—			—		(366,849	)		(236,890	)
	—			—			—			—			—			—		—			—
	(166,228	)		(276,082	)		(1,420,647	)		—			(47,491	)		—		(890,235	)		(1,367,940	)
	3,581,349			9,820,872			2,564,692			9,556,536			731,891			—		19,828,879			29,646,613
	166,228			272,971			1,356,908			—			47,491			—		883,808			1,291,805
	(914,189	)		(3,895,074	)		(4,722,551	)		(8,534,325	)		—			—		(8,285,276	)		(14,540,781	)
	2,833,388			6,198,769			(800,951	)		1,022,211			779,382			—		12,427,411			16,397,637
	3,415,498			5,358,597			(2,038,028	)		1,806,609			1,847,519			708,276		9,741,040			13,567,637
	9,987,270			4,628,673			21,885,424			20,078,815			10,748,276			10,040,000		31,673,428			18,105,791
$	13,402,768		$	9,987,270		$	19,847,396		$	21,885,424		$	12,595,795		$	10,748,276	$	41,414,468		$	31,673,428
$	(103,125	)	$	1		$	(64,726	)	$	9,082		$	90,350		$	34,672	$	516,378		$	(912	)

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 137

Statements of Changes in Net Assets  (Cont.)

	NFJ International Value II			RCM All Alpha						RCM China Equity
	Period December 1, 2011** through May 31, 2012 (Unaudited)			Six Months ended May 31, 2012 (Unaudited)			Period March 31, 2011** through November 30, 2011			Six Months ended May 31, 2012 (Unaudited)			Year ended November 30, 2011
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income (loss)	$	53,143		$	(32,113	)	$	(30,553	)	$	4,793		$	50,736
Net realized gain (loss) on investments, securities sold short, options written, futures contracts and foreign currency transactions		48,846			(229,883	)		232,007			(14,192	)		207,371
Net change in unrealized appreciation/depreciation of investments, securities sold short, options written, futures contracts and foreign currency transactions		(201,796	)		(20,746	)		(369,306	)		(70,707	)		(1,237,165	)
Net increase (decrease) in net assets resulting from investment operations		(99,807	)		(282,742	)		(167,852	)		(80,106	)		(979,058	)
Dividends and Distributions to Shareholders from:
Net investment income
Class A		(14	)		—			—			(1,389	)		(64	)
Class C		—			—			—			(3	)		(4	)
Class D		(14	)		—			—			(1	)		(134	)
Class P		(17	)		—			—			(1,768	)		(108	)
Institutional Class		(5,954	)		—			—			(49,266	)		(3,229	)
Net realized capital gains
Class A		—			(5,695	)		—			(15,652	)		(8,757	)
Class C		—			(24,921	)		—			(8,710	)		(10,957	)
Class D		—			(2,432	)		—			(18,776	)		(14,081	)
Class P		—			(696	)		—			(9,873	)		(3,793	)
Institutional Class		—			(349,684	)		—			(254,826	)		(166,553	)
Total Dividends and Distributions to Shareholders		(5,999	)		(383,428	)		—			(360,264	)		(207,680	)
Fund Share Transactions:
Net proceeds from the sale of shares		—			6,756			661,770			517,768			8,186,016
Issued in reorganization		—			—			—			—			—
Issued in reinvestment of dividends and distributions		5,999			383,428			—			360,263			207,264
Cost of shares redeemed		—			(361,497	)		(205,123	)		(538,551	)		(8,284,004	)
Net increase (decrease) from Fund share transactions		5,999			28,687			456,647			339,480			109,276
Total Increase (Decrease) in Net Assets		(99,807	)		(637,483	)		288,795			(100,890	)		(1,077,462	)
Net Assets:
Beginning of period		3,040,000			5,328,795			5,040,000			3,870,727			4,948,189
End of period*	$	2,940,193		$	4,691,312		$	5,328,795		$	3,769,837		$	3,870,727
* Including undistributed (dividends in excess of) net investment income of:	$	47,144		$	(32,246	)	$	(133	)	$	(548	)	$	47,086

** Commencement of operations.

138 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

RCM Disciplined Equity						RCM Global Water						RCM Redwood						RCM Short Duration High Income
Six Months ended May 31, 2012 (Unaudited)			Year ended November 30, 2011			Six Months ended May 31, 2012 (Unaudited)			Year ended November 30, 2011			Six Months ended May 31, 2012 (Unaudited)			Period December 27, 2010** through November 30, 2011			Six Months ended May 31, 2012 (Unaudited)			Period October 3, 2010** through November 30, 2011
$	231,635		$	480,801		$	756,295		$	277,017		$	5,913		$	(18,889	)	$	727,255		$	52,011
	146,310			669,870			1,953,273			(1,641,333	)		183,598			(648,022	)		35,676			16,338
	230,799			(1,438,080	)		(843,336	)		918,096			(82,075	)		225,254			144,095			95,005
	608,744			(287,409	)		1,866,232			(446,220	)		107,436			(441,657	)		907,026			163,354
	(56,910	)		(9,590	)		(159,469	)		(4,490	)		—			—			(118,094	)		(710	)
	(1,298	)		(122	)		(23	)		(26	)		—			—			(79,258	)		(1,890	)
	(1	)		(2	)		(22,679	)		(8	)		—			—			(20,094	)		(214	)
	(234	)		(70	)		(118,625	)		(3,468	)		—			—			(34,972	)		(37	)
	(427,735	)		(134,207	)		(10,656	)		(544	)		—			—			(467,412	)		(27,146	)
	(84,008	)		(51,262	)		—			—			—			—			—			—
	(16,224	)		(18,214	)		—			—			—			—			—			—
	(1,908	)		(10,010	)		—			—			—			—			—			—
	(344	)		(307	)		—			—			—			—			—			—
	(537,599	)		(509,946	)		—			—			—			—			—			—
	(1,126,261	)		(733,730	)		(311,452	)		(8,536	)		—			—			(719,830	)		(29,997	)
	7,523,831			39,113,519			16,439,425			36,101,494			1,357,302			7,783,783			41,720,006			4,760,891
	—			—			35,766,152			—			—			—			—			—
	1,026,310			711,216			180,055			2,840			—			—			709,409			29,997
	(9,803,705	)		(11,402,007	)		(19,264,213	)		(23,073,847	)		(1,243,517	)		(896,429	)		(5,090,349	)		(56,830	)
	(1,253,564	)		28,422,728			33,121,419			13,030,487			113,785			6,887,354			37,339,066			4,734,058
	(1,771,081	)		27,401,589			34,676,199			12,575,731			221,221			6,445,697			37,526,262			4,867,415
	47,863,926			20,462,337			70,541,744			57,966,013			9,485,697			3,040,000			9,907,415			5,040,000
$	46,092,845		$	47,863,926		$	105,217,943		$	70,541,744		$	9,706,918		$	9,485,697		$	47,433,677		$	9,907,415
$	226,201		$	480,744		$	656,646		$	211,803		$	(12,272	)	$	(18,185	)	$	28,930		$	21,505

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 139

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)			Total from Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AGI Solutions 2015:
Class A
5/31/2012+	$	18.86	$	0.33	$	0.29		$	0.62	$	(0.70	)	$	(0.39	)
11/30/2011		19.28		0.38		0.23			0.61		(0.74	)		(0.29	)
11/30/2010		18.38		0.48		1.22			1.70		(0.68	)		(0.12	)
12/29/2008* - 11/30/2009		15.00		0.53		2.85			3.38		—			—
Class C
5/31/2012+	$	18.53	$	0.24	$	0.31		$	0.55	$	(0.58	)	$	(0.39	)
11/30/2011		19.09		0.31		0.14			0.45		(0.72	)		(0.29	)
11/30/2010		18.25		0.36		1.19			1.55		(0.59	)		(0.12	)
12/29/2008* - 11/30/2009		15.00		0.40		2.85			3.25		—			—
Class D
5/31/2012+	$	18.87	$	0.25	$	0.38		$	0.63	$	(0.71	)	$	(0.39	)
11/30/2011		19.30		0.58		—			0.58		(0.72	)		(0.29	)
11/30/2010		18.40		0.52		1.18			1.70		(0.68	)		(0.12	)
12/29/2008* - 11/30/2009		15.00		0.53		2.87			3.40		—			—
Class R
5/31/2012+	$	18.85	$	0.26	$	0.33		$	0.59	$	(0.66	)	$	(0.39	)
11/30/2011		19.27		0.55		—			0.55		(0.68	)		(0.29	)
11/30/2010		18.35		0.53		1.13			1.66		(0.62	)		(0.12	)
12/29/2008* - 11/30/2009		15.00		0.47		2.88			3.35		—			—
Class P
5/31/2012+	$	18.97	$	0.28	$	0.38		$	0.66	$	(0.75	)	$	(0.39	)
11/30/2011		19.37		0.65		(0.01	)		0.64		(0.75	)		(0.29	)
11/30/2010		18.43		0.61		1.13			1.74		(0.68	)		(0.12	)
12/29/2008* - 11/30/2009		15.00		0.53		2.90			3.43		—			—
Institutional Class
5/31/2012+	$	18.99	$	0.33	$	0.34		$	0.67	$	(0.77	)	$	(0.39	)
11/30/2011		19.39		0.66		—			0.66		(0.77	)		(0.29	)
11/30/2010		18.45		0.61		1.14			1.75		(0.69	)		(0.12	)
12/29/2008* - 11/30/2009		15.00		0.55		2.90			3.45		—			—
Administrative Class
5/31/2012+	$	18.94	$	0.30	$	0.33		$	0.63	$	(0.72	)	$	(0.39	)
11/30/2011		19.34		0.61		—			0.61		(0.72	)		(0.29	)
11/30/2010		18.40		0.58		1.14			1.72		(0.66	)		(0.12	)
12/29/2008* - 11/30/2009		15.00		0.51		2.89			3.40		—			—

+ Unaudited.

* 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. Income dividends and capital gain 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 fee 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.

140 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

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 Rate
$	(1.09	)	$	18.39		3.52	%	$	1,128		0.38	%(c)		0.60	%(c)		3.57	%(c)		35	%
	(1.03	)		18.86		3.27			1,564		0.47			2.06			2.03			108
	(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
$	(0.97	)	$	18.11		3.15	%	$	2,141		1.13	%(c)		1.35	%(c)		2.65	%(c)		35	%
	(1.01	)		18.53		2.44			2,347		1.22			2.66			1.65			108
	(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
$	(1.10	)	$	18.40		3.52	%	$	335		0.48	%(c)		0.60	%(c)		2.66	%(c)		35	%
	(1.01	)		18.87		3.20			251		0.50			2.22			3.07			108
	(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
$	(1.05	)	$	18.39		3.32	%	$	14		0.73	%(c)		0.85	%(c)		2.85	%(c)		35	%
	(0.97	)		18.85		2.94			14		0.75			2.46			2.91			108
	(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
$	(1.14	)	$	18.49		3.70	%	$	37		0.08	%(c)		0.20	%(c)		3.02	%(c)		35	%
	(1.04	)		18.97		3.44			14		0.25			2.00			3.41			108
	(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
$	(1.16	)	$	18.50		3.75	%	$	6,141		—	%(c)		0.15	%(c)		3.58	%(c)		35	%
	(1.06	)		18.99		3.53			5,885		0.15			1.90			3.48			108
	(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
$	(1.11	)	$	18.46		3.57	%	$	14		0.33	%(c)		0.45	%(c)		3.24	%(c)		35	%
	(1.01	)		18.94		3.23			14		0.42			2.17			3.23			108
	(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

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 141

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)			Total from Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AGI Solutions 2020:
Class A
5/31/2012+	$	18.82	$	0.31	$	0.29		$	0.60	$	(0.70	)	$	(0.75	)
11/30/2011		19.43		0.49		0.04			0.53		(0.83	)		(0.31	)
11/30/2010		18.58		0.52		1.18			1.70		(0.66	)		(0.19	)
12/29/2008* - 11/30/2009		15.00		0.53		3.05			3.58		—			—
Class C
5/31/2012+	$	18.53	$	0.24	$	0.28		$	0.52	$	(0.60	)	$	(0.75	)
11/30/2011		19.21		0.30		0.09			0.39		(0.76	)		(0.31	)
11/30/2010		18.46		0.32		1.22			1.54		(0.60	)		(0.19	)
12/29/2008* - 11/30/2009		15.00		0.40		3.06			3.46		—			—
Class D
5/31/2012+	$	18.84	$	0.27	$	0.32		$	0.59	$	(0.68	)	$	(0.75	)
11/30/2011		19.43		0.72		(0.19	)		0.53		(0.81	)		(0.31	)
11/30/2010		18.59		0.52		1.17			1.69		(0.66	)		(0.19	)
12/29/2008* - 11/30/2009		15.00		0.53		3.06			3.59		—			—
Class R
5/31/2012+	$	18.81	$	0.28	$	0.29		$	0.57	$	(0.64	)	$	(0.75	)
11/30/2011		19.40		0.53		(0.05	)		0.48		(0.76	)		(0.31	)
11/30/2010		18.55		0.55		1.09			1.64		(0.60	)		(0.19	)
12/29/2008* - 11/30/2009		15.00		0.47		3.08			3.55		—			—
Class P
5/31/2012+	$	18.94	$	0.38	$	0.24		$	0.62	$	(0.73	)	$	(0.75	)
11/30/2011		19.51		0.42		0.16			0.58		(0.84	)		(0.31	)
11/30/2010		18.62		0.64		1.10			1.74		(0.66	)		(0.19	)
12/29/2008* - 11/30/2009		15.00		0.54		3.08			3.62		—			—
Institutional Class
5/31/2012+	$	18.96	$	0.34	$	0.30		$	0.64	$	(0.75	)	$	(0.75	)
11/30/2011		19.53		0.64		(0.04	)		0.60		(0.86	)		(0.31	)
11/30/2010		18.64		0.64		1.12			1.76		(0.68	)		(0.19	)
12/29/2008* - 11/30/2009		15.00		0.55		3.09			3.64		—			—
Administrative Class
5/31/2012+	$	18.90	$	0.31	$	0.29		$	0.60	$	(0.69	)	$	(0.75	)
11/30/2011		19.48		0.59		(0.05	)		0.54		(0.81	)		(0.31	)
11/30/2010		18.60		0.61		1.10			1.71		(0.64	)		(0.19	)
12/29/2008* - 11/30/2009		15.00		0.52		3.08			3.60		—			—
AGI Solutions 2025:
Class A
12/19/2011* - 5/31/2012+	$	15.00	$	0.26	$	0.41		$	0.67	$	(0.14	)	$	—
Class R
12/19/2011* - 5/31/2012+	$	15.00	$	0.24	$	0.41		$	0.65	$	(0.14	)	$	—
Class P
12/19/2011* - 5/31/2012+	$	15.00	$	0.29	$	0.41		$	0.70	$	(0.15	)	$	—
Institutional Class
12/19/2011* - 5/31/2012+	$	15.00	$	0.29	$	0.42		$	0.71	$	(0.15	)	$	—
Administrative Class
12/19/2011* - 5/31/2012+	$	15.00	$	0.27	$	0.41		$	0.68	$	(0.14	)	$	—

+ Unaudited.

* 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. Income dividends and capital gain 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 fee 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.

(e) See Note 6.

142 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

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 Rate
$	(1.45	)	$	17.97		3.43	%	$	353		0.35	%(c)		0.60	%(c)		3.42	%(c)		34	%
	(1.14	)		18.82		2.82			351		0.48			2.71			2.56			56
	(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
$	(1.35	)	$	17.70		3.00	%	$	716		1.10	%(c)		1.35	%(c)		2.63	%(c)		34	%
	(1.07	)		18.53		2.07			669		1.23			3.40			1.61			56
	(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
$	(1.43	)	$	18.00		3.31	%	$	123		0.45	%(c)		0.60	%(c)		2.98	%(c)		34	%
	(1.12	)		18.84		2.85			115		0.52			2.91			3.80			56
	(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
$	(1.39	)	$	17.99		3.24	%	$	14		0.70	%(c)		0.85	%(c)		3.03	%(c)		34	%
	(1.07	)		18.81		2.57			14		0.77			3.09			2.77			56
	(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
$	(1.48	)	$	18.08		3.56	%	$	30		0.05	%(c)		0.20	%(c)		4.13	%(c)		34	%
	(1.15	)		18.94		3.07			42		0.17			1.39			2.24			56
	(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
$	(1.50	)	$	18.10		3.58	%	$	5,452		—	%(c)(e)		0.15	%(c)		3.76	%(c)		34	%
	(1.17	)		18.96		3.16			5,157		0.17			2.51			3.34			56
	(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
$	(1.44	)	$	18.06		3.44	%	$	14		0.30	%(c)		0.45	%(c)		3.43	%(c)		34	%
	(1.12	)		18.90		2.87			14		0.44			2.78			3.09			56
	(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
$	(0.14	)	$	15.53		4.52	%	$	10		0.30	%(c)		0.93	%(c)		3.78	%(c)		20	%
$	(0.14	)	$	15.51		4.38	%	$	10		0.65	%(c)		1.22	%(c)		3.43	%(c)		20	%
$	(0.15	)	$	15.55		4.67	%	$	11		—	%(c)(e)		0.53	%(c)		4.08	%(c)		20	%
$	(0.15	)	$	15.56		4.74	%	$	3,142		—	%(c)(e)		0.49	%(c)		4.18	%(c)		20	%
$	(0.14	)	$	15.54		4.59	%	$	11		0.25	%(c)		0.78	%(c)		3.83	%(c)		20	%

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 143

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)			Total from Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AGI Solutions 2030:
Class A
5/31/2012+	$	19.77	$	0.32	$	0.15		$	0.47	$	(0.69	)	$	(1.11	)
11/30/2011		20.78		0.50		(0.10	)		0.40		(0.85	)		(0.56	)
11/30/2010		19.36		0.50		1.59			2.09		(0.51	)		(0.16	)
12/29/2008* - 11/30/2009		15.00		0.41		3.95			4.36		—			—
Class C
5/31/2012+	$	19.51	$	0.29	$	0.11		$	0.40	$	(0.54	)	$	(1.11	)
11/30/2011		20.59		0.37		(0.09	)		0.28		(0.80	)		(0.56	)
11/30/2010		19.28		0.26		1.66			1.92		(0.45	)		(0.16	)
12/29/2008* - 11/30/2009		15.00		0.28		4.00			4.28		—			—
Class D
5/31/2012+	$	19.82	$	0.34	$	0.12		$	0.46	$	(0.69	)	$	(1.11	)
11/30/2011		20.82		0.53		(0.12	)		0.41		(0.85	)		(0.56	)
11/30/2010		19.40		0.47		1.62			2.09		(0.51	)		(0.16	)
12/29/2008* - 11/30/2009		15.00		0.41		3.99			4.40		—			—
Class R
5/31/2012+	$	19.81	$	0.33	$	0.12		$	0.45	$	(0.64	)	$	(1.11	)
11/30/2011		20.80		0.52		(0.15	)		0.37		(0.80	)		(0.56	)
11/30/2010		19.37		0.49		1.54			2.03		(0.44	)		(0.16	)
12/29/2008* - 11/30/2009		15.00		0.34		4.03			4.37		—			—
Class P
5/31/2012+	$	19.95	$	0.40	$	0.11		$	0.51	$	(0.74	)	$	(1.11	)
11/30/2011		20.92		0.58		(0.12	)		0.46		(0.87	)		(0.56	)
11/30/2010		19.45		0.58		1.56			2.14		(0.51	)		(0.16	)
12/29/2008* - 11/30/2009		15.00		0.41		4.04			4.45		—			—
Institutional Class
5/31/2012+	$	19.97	$	0.39	$	0.12		$	0.51	$	(0.75	)	$	(1.11	)
11/30/2011		20.94		0.62		(0.14	)		0.48		(0.89	)		(0.56	)
11/30/2010		19.47		0.59		1.56			2.15		(0.52	)		(0.16	)
12/29/2008* - 11/30/2009		15.00		0.43		4.04			4.47		—			—
Administrative Class
5/31/2012+	$	19.91	$	0.36	$	0.12		$	0.48	$	(0.70	)	$	(1.11	)
11/30/2011		20.88		0.58		(0.14	)		0.44		(0.85	)		(0.56	)
11/30/2010		19.43		0.55		1.54			2.09		(0.48	)		(0.16	)
12/29/2008* - 11/30/2009		15.00		0.39		4.04			4.43		—			—
AGI Solutions 2035:
Class A
12/19/2011* - 5/31/2012+	$	15.00	$	0.28	$	0.45		$	0.73	$	(0.17	)	$	—
Class R
12/19/2011* - 5/31/2012+	$	15.00	$	0.26	$	0.45		$	0.71	$	(0.17	)	$	—
Class P
12/19/2011* - 5/31/2012+	$	15.00	$	0.30	$	0.46		$	0.76	$	(0.18	)	$	—
Institutional Class
12/19/2011* - 5/31/2012+	$	15.00	$	0.31	$	0.46		$	0.77	$	(0.18	)	$	—
Administrative Class
12/19/2011* - 5/31/2012+	$	15.00	$	0.29	$	0.44		$	0.73	$	(0.17	)	$	—

+ Unaudited.

* 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. Income dividends and capital gain 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 fee 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.

(e) See Note 6.

144 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

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 Rate
$	(1.80	)	$	18.44		2.75	%	$	583		0.27	%(c)		0.60	%(c)		3.41	%(c)		41	%
	(1.41	)		19.77		1.76			460		0.45			2.50			2.43			52
	(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
$	(1.65	)	$	18.26		2.32	%	$	616		1.02	%(c)		1.35	%(c)		3.10	%(c)		41	%
	(1.36	)		19.51		1.20			654		1.21			3.34			1.84			52
	(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
$	(1.80	)	$	18.48		2.58	%	$	413		0.37	%(c)		0.60	%(c)		3.58	%(c)		41	%
	(1.41	)		19.82		1.89			377		0.48			2.51			2.59			52
	(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
$	(1.75	)	$	18.51		2.51	%	$	15		0.62	%(c)		0.85	%(c)		3.43	%(c)		41	%
	(1.36	)		19.81		1.66			14		0.74			2.82			2.54			52
	(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
$	(1.85	)	$	18.61		2.83	%	$	15		—	%(c)(e)		0.20	%(c)		4.15	%(c)		41	%
	(1.43	)		19.95		2.13			19		0.22			2.27			2.84			52
	(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
$	(1.86	)	$	18.62		2.87	%	$	6,350		—	%(c)(e)		0.15	%(c)		4.10	%(c)		41	%
	(1.45	)		19.97		2.23			5,813		0.13			2.24			3.04			52
	(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
$	(1.81	)	$	18.58		2.67	%	$	15		0.22	%(c)		0.45	%(c)		3.83	%(c)		41	%
	(1.41	)		19.91		1.99			15		0.41			2.52			2.85			52
	(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
$	(0.17	)	$	15.56		4.93	%	$	10		0.22	%(c)		0.92	%(c)		3.96	%(c)		19	%
$	(0.17	)	$	15.54		4.78	%	$	10		0.57	%(c)		1.19	%(c)		3.61	%(c)		19	%
$	(0.18	)	$	15.58		5.07	%	$	11		—	%(c)(e)		0.52	%(c)		4.26	%(c)		19	%
$	(0.18	)	$	15.59		5.07	%	$	3,153		—	%(c)(e)		0.48	%(c)		4.36	%(c)		19	%
$	(0.17	)	$	15.56		4.93	%	$	11		0.17	%(c)		0.77	%(c)		4.01	%(c)		19	%

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 145

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)			Total from Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AGI Solutions 2040:
Class A
5/31/2012+	$	20.22	$	0.31	$	(0.07	)	$	0.24	$	(0.69	)	$	(1.64	)
11/30/2011		21.88		0.52		(0.27	)		0.25		(0.97	)		(0.94	)
11/30/2010		20.08		0.73		1.71			2.44		(0.49	)		(0.15	)
12/29/2008* - 11/30/2009		15.00		0.30		4.78			5.08		—			—
Class C
5/31/2012+	$	20.07	$	0.25	$	(0.09	)	$	0.16	$	(0.56	)	$	(1.64	)
11/30/2011		21.65		0.27		(0.18	)		0.09		(0.73	)		(0.94	)
11/30/2010		19.92		0.57		1.69			2.26		(0.38	)		(0.15	)
12/29/2008* - 11/30/2009		15.00		0.19		4.73			4.92		—			—
Class D
5/31/2012+	$	20.16	$	0.25	$	(0.03	)	$	0.22	$	(0.68	)	$	(1.64	)
11/30/2011		21.88		0.76		(0.51	)		0.25		(1.03	)		(0.94	)
11/30/2010		20.05		0.52		1.92			2.44		(0.46	)		(0.15	)
12/29/2008* - 11/30/2009		15.00		0.32		4.73			5.05		—			—
Class R
5/31/2012+	$	20.16	$	0.31	$	(0.11	)	$	0.20	$	(0.63	)	$	(1.64	)
11/30/2011		21.85		0.56		(0.36	)		0.20		(0.95	)		(0.94	)
11/30/2010		20.03		0.59		1.80			2.39		(0.42	)		(0.15	)
12/29/2008* - 11/30/2009		15.00		0.26		4.77			5.03		—			—
Class P
5/31/2012+	$	20.31	$	0.37	$	(0.11	)	$	0.26	$	(0.73	)	$	(1.64	)
11/30/2011		21.97		0.67		(0.36	)		0.31		(1.03	)		(0.94	)
11/30/2010		20.12		0.68		1.80			2.48		(0.48	)		(0.15	)
12/29/2008* - 11/30/2009		15.00		0.33		4.79			5.12		—			—
Institutional Class
5/31/2012+	$	20.33	$	0.38	$	(0.11	)	$	0.27	$	(0.75	)	$	(1.64	)
11/30/2011		22.00		0.68		(0.36	)		0.32		(1.05	)		(0.94	)
11/30/2010		20.13		0.70		1.82			2.52		(0.50	)		(0.15	)
12/29/2008* - 11/30/2009		15.00		0.35		4.78			5.13		—			—
Administrative Class
5/31/2012+	$	20.26	$	0.35	$	(0.11	)	$	0.24	$	(0.69	)	$	(1.64	)
11/30/2011		21.93		0.63		(0.36	)		0.27		(1.00	)		(0.94	)
11/30/2010		20.09		0.65		1.80			2.45		(0.46	)		(0.15	)
12/29/2008* - 11/30/2009		15.00		0.31		4.78			5.09		—			—
AGI Solutions 2045:
Class A
12/19/2011* - 5/31/2012+	$	15.00	$	0.26	$	0.45		$	0.71	$	(0.22	)	$	—
Class R
12/19/2011* - 5/31/2012+	$	15.00	$	0.26	$	0.43		$	0.69	$	(0.22	)	$	—
Class P
12/19/2011* - 5/31/2012+	$	15.00	$	0.33	$	0.40		$	0.73	$	(0.22	)	$	—
Institutional Class
12/19/2011* - 5/31/2012+	$	15.00	$	0.34	$	0.40		$	0.74	$	(0.22	)	$	—
Administrative Class
12/19/2011* - 5/31/2012+	$	15.00	$	0.31	$	0.40		$	0.71	$	(0.22	)	$	—

+ Unaudited.

* 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. Income dividends and capital gain 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 fee 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.

(e) See Note 6.

146 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

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 Rate
$	(2.33	)	$	18.13		1.38	%	$	195		0.21	%(c)		0.60	%(c)		3.26	%(c)		32	%
	(1.91	)		20.22		0.81			151		0.42			2.96			2.42			53
	(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
$	(2.20	)	$	18.03		0.95	%	$	103		0.96	%(c)		1.35	%(c)		2.67	%(c)		32	%
	(1.67	)		20.07		0.07			87		1.15			3.56			1.30			53
	(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
$	(2.32	)	$	18.06		1.28	%	$	326		0.31	%(c)		0.60	%(c)		2.70	%(c)		32	%
	(1.97	)		20.16		0.77			187		0.46			3.00			3.57			53
	(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
$	(2.27	)	$	18.09		1.18	%	$	15		0.56	%(c)		0.85	%(c)		3.26	%(c)		32	%
	(1.89	)		20.16		0.54			15		0.70			3.22			2.63			53
	(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
$	(2.37	)	$	18.20		1.50	%	$	16		—	%(c)(e)		0.20	%(c)		3.91	%(c)		32	%
	(1.97	)		20.31		1.06			15		0.21			2.75			3.11			53
	(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
$	(2.39	)	$	18.21		1.56	%	$	5,703		—	%(c)(e)		0.15	%(c)		3.95	%(c)		32	%
	(1.99	)		20.33		1.11			5,315		0.10			2.65			3.15			53
	(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
$	(2.33	)	$	18.17		1.41	%	$	15		0.16	%(c)		0.45	%(c)		3.66	%(c)		32	%
	(1.94	)		20.26		0.87			15		0.38			2.93			2.94			53
	(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
$	(0.22	)	$	15.49		4.93	%	$	20		0.19	%(c)		0.93	%(c)		3.64	%(c)		14	%
$	(0.22	)	$	15.47		4.78	%	$	15		0.54	%(c)		1.17	%(c)		3.64	%(c)		14	%
$	(0.22	)	$	15.51		5.07	%	$	10		—	%(c)(e)		0.53	%(c)		4.61	%(c)		14	%
$	(0.22	)	$	15.52		5.07	%	$	3,148		—	%(c)(e)		0.47	%(c)		4.71	%(c)		14	%
$	(0.22	)	$	15.49		4.93	%	$	11		0.14	%(c)		0.78	%(c)		4.24	%(c)		14	%

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 147

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)			Total from Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AGI Solutions 2050:
Class A
5/31/2012+	$	20.16	$	0.43	$	(0.31	)	$	0.12	$	(0.76	)	$	(1.68	)
11/30/2011		22.00		0.61		(0.34	)		0.27		(1.09	)		(1.02	)
11/30/2010		20.07		0.62		1.93			2.55		(0.43	)		(0.19	)
12/29/2008* - 11/30/2009		15.00		0.31		4.76			5.07		—			—
Class C
5/31/2012+	$	19.92	$	0.29	$	(0.22	)	$	0.07	$	(0.59	)	$	(1.68	)
11/30/2011		21.85		0.44		(0.34	)		0.10		(1.01	)		(1.02	)
11/30/2010		19.96		0.43		1.96			2.39		(0.31	)		(0.19	)
12/29/2008* - 11/30/2009		15.00		0.18		4.78			4.96		—			—
Class D
5/31/2012+	$	20.15	$	0.35	$	(0.23	)	$	0.12	$	(0.73	)	$	(1.68	)
11/30/2011		22.01		0.59		(0.34	)		0.25		(1.09	)		(1.02	)
11/30/2010		20.09		0.62		1.93			2.55		(0.44	)		(0.19	)
12/29/2008* - 11/30/2009		15.00		0.32		4.77			5.09		—			—
Class R
5/31/2012+	$	20.12	$	0.33	$	(0.24	)	$	0.09	$	(0.68	)	$	(1.68	)
11/30/2011		21.97		0.58		(0.37	)		0.21		(1.04	)		(1.02	)
11/30/2010		20.06		0.61		1.88			2.49		(0.39	)		(0.19	)
12/29/2008* - 11/30/2009		15.00		0.26		4.80			5.06		—			—
Class P
5/31/2012+	$	20.27	$	0.40	$	(0.24	)	$	0.16	$	(0.78	)	$	(1.68	)
11/30/2011		22.10		0.69		(0.39	)		0.30		(1.11	)		(1.02	)
11/30/2010		20.14		0.71		1.89			2.60		(0.45	)		(0.19	)
12/29/2008* - 11/30/2009		15.00		0.33		4.81			5.14		—			—
Institutional Class
5/31/2012+	$	20.30	$	0.39	$	(0.22	)	$	0.17	$	(0.81	)	$	(1.68	)
11/30/2011		22.12		0.69		(0.35	)		0.34		(1.14	)		(1.02	)
11/30/2010		20.16		0.73		1.89			2.62		(0.47	)		(0.19	)
12/29/2008* - 11/30/2009		15.00		0.34		4.82			5.16		—			—
Administrative Class
5/31/2012+	$	20.23	$	0.37	$	(0.23	)	$	0.14	$	(0.75	)	$	(1.68	)
11/30/2011		22.06		0.65		(0.38	)		0.27		(1.08	)		(1.02	)
11/30/2010		20.11		0.68		1.89			2.57		(0.43	)		(0.19	)
12/29/2008* - 11/30/2009		15.00		0.30		4.81			5.11		—			—
AGI Solutions 2055:
Class A
12/19/2011* - 5/31/2012+	$	15.00	$	0.31	$	0.41		$	0.72	$	(0.22	)	$	—
Class R
12/19/2011* - 5/31/2012+	$	15.00	$	0.28	$	0.41		$	0.69	$	(0.22	)	$	—
Class P
12/19/2011* - 5/31/2012+	$	15.00	$	0.33	$	0.41		$	0.74	$	(0.22	)	$	—
Institutional Class
12/19/2011* - 5/31/2012+	$	15.00	$	0.34	$	0.40		$	0.74	$	(0.22	)	$	—
Administrative Class
12/19/2011* - 5/31/2012+	$	15.00	$	0.31	$	0.41		$	0.72	$	(0.22	)	$	—

+ Unaudited.

* 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. Income dividends and capital gain 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 fee 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.

(e) See Note 6.

148 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

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 Rate
$	(2.44	)	$	17.84		0.75	%	$	76		0.17	%(c)		0.60	%(c)		4.55	%(c)		30	%
	(2.11	)		20.16		0.80			71		0.41			2.92			2.85			51
	(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
$	(2.27	)	$	17.72		0.47	%	$	51		0.92	%(c)		1.35	%(c)		3.06	%(c)		30	%
	(2.03	)		19.92		(0.01	)		48		1.17			3.70			2.09			51
	(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
$	(2.41	)	$	17.86		0.75	%	$	191		0.27	%(c)		0.60	%(c)		3.66	%(c)		30	%
	(2.11	)		20.15		0.75			189		0.44			3.02			2.74			51
	(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
$	(2.36	)	$	17.85		0.60	%	$	17		0.52	%(c)		0.85	%(c)		3.52	%(c)		30	%
	(2.06	)		20.12		0.51			17		0.69			3.21			2.71			51
	(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
$	(2.46	)	$	17.97		0.99	%	$	16		—	%(c)(e)		0.20	%(c)		4.17	%(c)		30	%
	(2.13	)		20.27		0.96			15		0.19			2.75			3.21			51
	(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
$	(2.49	)	$	17.98		0.99	%	$	5,481		—	%(c)(e)		0.15	%(c)		4.13	%(c)		30	%
	(2.16	)		20.30		1.11			5,149		0.09			2.65			3.22			51
	(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
$	(2.43	)	$	17.94		0.83	%	$	15		0.12	%(c)		0.45	%(c)		3.92	%(c)		30	%
	(2.10	)		20.23		0.82			15		0.37			2.93			3.04			51
	(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
$	(0.22	)	$	15.50		4.82	%	$	11		0.18	%(c)		0.93	%(c)		4.23	%(c)		14	%
$	(0.22	)	$	15.47		4.61	%	$	11		0.53	%(c)		1.17	%(c)		3.83	%(c)		14	%
$	(0.22	)	$	15.52		4.97	%	$	10		—	%(c)(e)		0.53	%(c)		4.53	%(c)		14	%
$	(0.22	)	$	15.52		4.97	%	$	3,150		—	%(c)(e)		0.47	%(c)		4.63	%(c)		14	%
$	(0.22	)	$	15.50		4.82	%	$	10		0.13	%(c)		0.78	%(c)		4.28	%(c)		14	%

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 149

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)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AGI Solutions Global Allocation:
Class A
5/31/2012+	$	10.30	$	0.15	$	0.05		$	0.20		$	(0.21	)	$	—
11/30/2011		10.58		0.25		(0.14	)		0.11			(0.39	)		—
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	)
Class B
5/31/2012+	$	10.48	$	0.13	$	0.03		$	0.16		$	(0.17	)	$	—
11/30/2011		10.74		0.22		(0.20	)		0.02			(0.28	)		—
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	)
Class C
5/31/2012+	$	10.41	$	0.12	$	0.04		$	0.16		$	(0.17	)	$	—
11/30/2011		10.69		0.18		(0.16	)		0.02			(0.30	)		—
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	)
Class D
5/31/2012+	$	10.27	$	0.20	$	(0.01	)	$	0.19		$	(0.20	)	$	—
11/30/2011		10.56		0.17		(0.06	)		0.11			(0.40	)		—
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
5/31/2012+	$	10.26	$	0.14	$	0.04		$	0.18		$	(0.20	)	$	—
11/30/2011		10.54		0.23		(0.15	)		0.08			(0.36	)		—
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
5/31/2012+	$	10.28	$	0.18	$	0.02		$	0.20		$	(0.19	)	$	—
11/30/2011		10.56		0.27		(0.14	)		0.13			(0.41	)		—
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
5/31/2012+	$	10.21	$	0.16	$	0.04		$	0.20		$	(0.22	)	$	—
11/30/2011		10.48		0.27		(0.13	)		0.14			(0.41	)		—
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	)
Administrative Class
5/31/2012+	$	10.51	$	0.16	$	0.04		$	0.20		$	(0.21	)	$	—
11/30/2011		10.78		0.13		(0.01	)		0.12			(0.39	)		—
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	)		—

+ Unaudited.

* 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.

150 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

Tax Basis Return of Capital			Total Dividends and Distributions			Redemption Fees (a)(f)			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/ 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 Rate
$	—		$	(0.21	)	$	—		$	10.29		1.91	%	$	69,929		0.44	%(e)		1.32	%(e)		2.91	%(e)		37	%
	—			(0.39	)		—			10.30		0.95			73,816		0.47			1.35			2.32			64
	—			(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
$	—		$	(0.17	)	$	—		$	10.47		1.54	%	$	6,111		1.19	%(e)		2.04	%(e)		2.45	%(e)		37	%
	—			(0.28	)		—			10.48		0.15			9,467		1.22			2.10			1.95			64
	—			(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
$	—		$	(0.17	)	$	—		$	10.40		1.52	%	$	71,675		1.18	%(e)		2.07	%(e)		2.17	%(e)		37	%
	—			(0.30	)		—			10.41		0.15			78,367		1.22			2.09			1.64			64
	—			(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	)	$	—		$	10.26		1.88	%	$	117		0.45	%(e)		1.32	%(e)		3.75	%(e)		37	%
	—			(0.40	)		—			10.27		0.95			197		0.45			1.38			1.56			64
	—			(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
$	—		$	(0.20	)	$	—		$	10.24		1.71	%	$	14		0.68	%(e)		1.55	%(e)		2.61	%(e)		37	%
	—			(0.36	)		—			10.26		0.73			14		0.72			1.59			2.11			64
	—			(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
$	—		$	(0.19	)	$	—		$	10.29		1.97	%	$	1,101		0.25	%(e)		1.35	%(e)		3.45	%(e)		37	%
	—			(0.41	)		—			10.28		1.13			1,996		0.27			1.22			2.52			64
	—			(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
$	—		$	(0.22	)	$	—		$	10.19		1.94	%	$	51,946		0.15	%(e)		1.08	%(e)		3.06	%(e)		37	%
	—			(0.41	)		—			10.21		1.31			47,916		0.16			1.12			2.50			64
	—			(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
$	—		$	(0.21	)	$	—		$	10.50		1.85	%	$	1,564		0.40	%(e)		1.32	%(e)		2.97	%(e)		37	%
	—			(0.39	)		—			10.51		1.05			1,649		0.41			1.36			1.19			64
	—			(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) 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. Income dividends and capital gain and return of capital 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 fee 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.

(d) Does not include expenses of the investment companies in which the Fund invests.

(e) Annualized.

(f) Effective May 1, 2009, Fund redemption fees were eliminated.

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 151

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)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AGI Solutions Global Growth Allocation:
Class A
5/31/2012+	$	20.72	$	0.35	$	(0.20	)	$	0.15		$	(0.59	)	$	(0.18	)
11/30/2011		22.03		0.45		(0.33	)		0.12			(0.91	)		(0.52	)
11/30/2010		19.96		0.47		2.09			2.56			(0.35	)		(0.14	)
4/27/2009* - 11/30/2009		15.00		0.17		4.79			4.96			—			—
Class C
5/31/2012+	$	20.49	$	0.23	$	(0.16	)	$	0.07		$	(0.51	)	$	(0.18	)
11/30/2011		21.81		0.24		(0.28	)		(0.04	)		(0.76	)		(0.52	)
11/30/2010		19.87		0.44		1.96			2.40			(0.32	)		(0.14	)
4/27/2009* - 11/30/2009		15.00		0.09		4.78			4.87			—			—
Class D
5/31/2012+	$	20.78	$	0.29	$	(0.14	)	$	0.15		$	(0.69	)	$	(0.18	)
11/30/2011		22.06		0.48		(0.36	)		0.12			(0.88	)		(0.52	)
11/30/2010		19.96		0.63		1.94			2.57			(0.33	)		(0.14	)
4/27/2009* - 11/30/2009		15.00		0.17		4.79			4.96			—			—
Class R
5/31/2012+	$	20.73	$	0.26	$	(0.14	)	$	0.12		$	(0.68	)	$	(0.18	)
11/30/2011		22.01		0.40		(0.34	)		0.06			(0.82	)		(0.52	)
11/30/2010		19.93		0.62		1.91			2.53			(0.31	)		(0.14	)
4/27/2009* - 11/30/2009		15.00		0.14		4.79			4.93			—			—
Class P
5/31/2012+	$	20.85	$	0.32	$	(0.16	)	$	0.16		$	(0.72	)	$	(0.18	)
11/30/2011		22.12		0.63		(0.48	)		0.15			(0.90	)		(0.52	)
11/30/2010		19.99		0.71		1.91			2.62			(0.35	)		(0.14	)
4/27/2009* - 11/30/2009		15.00		0.19		4.80			4.99			—			—
Institutional Class
5/31/2012+	$	20.87	$	0.33	$	(0.14	)	$	0.19		$	(0.75	)	$	(0.18	)
11/30/2011		22.14		0.65		(0.48	)		0.17			(0.92	)		(0.52	)
11/30/2010		20.00		0.73		1.91			2.64			(0.36	)		(0.14	)
4/27/2009* - 11/30/2009		15.00		0.20		4.80			5.00			—			—
Administrative Class
5/31/2012+	$	20.81	$	0.31	$	(0.16	)	$	0.15		$	(0.69	)	$	(0.18	)
11/30/2011		22.08		0.59		(0.47	)		0.12			(0.87	)		(0.52	)
11/30/2010		19.97		0.68		1.90			2.58			(0.33	)		(0.14	)
4/27/2009* - 11/30/2009		15.00		0.17		4.80			4.97			—			—

+ Unaudited.

* 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. Income dividends and capital gain 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 fee 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.

152 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value End of Period		Total Return (b)			Net Assets End of Period (000s)		Ratio of Expenses  to AverageNet Assetswith FeeWaiver/ 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 Rate
$	(0.77	)	$	20.10		0.77	%	$	916		0.42	%(c)		3.89	%(c)		3.28	%(c)		28	%
	(1.43	)		20.72		0.17			1,283		0.47			3.23			2.02			85
	(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
$	(0.69	)	$	19.87		0.37	%	$	1,132		1.18	%(c)		4.51	%(c)		2.20	%(c)		28	%
	(1.28	)		20.49		(0.53	)		1,241		1.20			4.46			1.13			85
	(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
$	(0.87	)	$	20.06		0.76	%	$	57		0.42	%(c)		3.71	%(c)		2.81	%(c)		28	%
	(1.40	)		20.78		0.19			37		0.45			3.60			2.20			85
	(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
$	(0.86	)	$	19.99		0.61	%	$	37		0.66	%(c)		3.85	%(c)		2.53	%(c)		28	%
	(1.34	)		20.73		(0.08	)		36		0.71			3.90			1.84			85
	(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
$	(0.90	)	$	20.11		0.85	%	$	15		0.23	%(c)		3.45	%(c)		3.08	%(c)		28	%
	(1.42	)		20.85		0.34			15		0.27			3.26			2.84			85
	(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
$	(0.93	)	$	20.13		0.91	%	$	4,524		0.13	%(c)		3.46	%(c)		3.18	%(c)		28	%
	(1.44	)		20.87		0.43			4,483		0.17			3.16			2.95			85
	(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
$	(0.87	)	$	20.09		0.79	%	$	15		0.38	%(c)		3.60	%(c)		2.93	%(c)		28	%
	(1.39	)		20.81		0.20			15		0.42			3.41			2.69			85
	(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

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 153

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)		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AGI Solutions Retirement Income:
Class A
5/31/2012+	$	18.27	$	0.30	$	0.36	$	0.66	$	(0.45	)	$	(0.18	)
11/30/2011		18.52		0.37		0.25		0.62		(0.67	)		(0.20	)
11/30/2010		17.81		0.47		1.05		1.52		(0.61	)		(0.20	)
12/29/2008* - 11/30/2009		15.00		0.53		2.71		3.24		(0.43	)		—
Class C
5/31/2012+	$	18.09	$	0.21	$	0.37	$	0.58	$	(0.39	)	$	(0.18	)
11/30/2011		18.36		0.27		0.21		0.48		(0.55	)		(0.20	)
11/30/2010		17.83		0.28		1.11		1.39		(0.66	)		(0.20	)
12/29/2008* - 11/30/2009		15.00		0.41		2.72		3.13		(0.30	)		—
Class D
5/31/2012+	$	18.36	$	0.17	$	0.48	$	0.65	$	(0.45	)	$	(0.18	)
11/30/2011		18.60		0.49		0.13		0.62		(0.66	)		(0.20	)
11/30/2010		17.83		0.49		1.04		1.53		(0.56	)		(0.20	)
12/29/2008* - 11/30/2009		15.00		0.52		2.72		3.24		(0.41	)		—
Class R
5/31/2012+	$	18.77	$	0.28	$	0.35	$	0.63	$	(0.42	)	$	(0.18	)
11/30/2011		18.73		0.53		0.05		0.58		(0.34	)		(0.20	)
11/30/2010		17.86		0.49		1.01		1.50		(0.43	)		(0.20	)
12/29/2008* - 11/30/2009		15.00		0.47		2.74		3.21		(0.35	)		—
Class P
5/31/2012+	$	18.49	$	0.33	$	0.36	$	0.69	$	(0.48	)	$	(0.18	)
11/30/2011		18.41		0.63		0.03		0.66		(0.38	)		(0.20	)
11/30/2010		17.85		0.57		0.99		1.56		(0.80	)		(0.20	)
12/29/2008* - 11/30/2009		15.00		0.54		2.74		3.28		(0.43	)		—
Institutional Class
5/31/2012+	$	18.16	$	0.32	$	0.37	$	0.69	$	(0.49	)	$	(0.18	)
11/30/2011		18.40		0.65		0.02		0.67		(0.71	)		(0.20	)
11/30/2010		17.85		0.57		1.01		1.58		(0.83	)		(0.20	)
12/29/2008* - 11/30/2009		15.00		0.55		2.74		3.29		(0.44	)		—
Administrative Class
5/31/2012+	$	18.46	$	0.31	$	0.36	$	0.67	$	(0.46	)	$	(0.18	)
11/30/2011		18.40		0.59		0.03		0.62		(0.36	)		(0.20	)
11/30/2010		17.83		0.54		0.99		1.53		(0.76	)		(0.20	)
12/29/2008* - 11/30/2009		15.00		0.52		2.74		3.26		(0.43	)		—

+ Unaudited.

* 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. Income dividends and capital gain 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 fee 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.

(e) See Note 6.

154 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

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 Rate
$	(0.63	)	$	18.30		3.63	%	$	4,550		0.37	%(c)		0.60	%(c)		3.23	%(c)		33	%
	(0.87	)		18.27		3.45			4,427		0.46			1.60			2.01			74
	(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
$	(0.57	)	$	18.10		3.27	%	$	7,221		1.12	%(c)		1.35	%(c)		2.34	%(c)		33	%
	(0.75	)		18.09		2.71			5,820		1.22			2.48			1.50			74
	(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
$	(0.63	)	$	18.38		3.55	%	$	1,121		0.47	%(c)		0.60	%(c)		1.81	%(c)		33	%
	(0.86	)		18.36		3.42			326		0.51			2.21			2.65			74
	(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
$	(0.60	)	$	18.80		3.42	%	$	18		0.72	%(c)		0.85	%(c)		2.92	%(c)		33	%
	(0.54	)		18.77		3.18			17		0.76			4.59			2.82			74
	(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
$	(0.66	)	$	18.52		3.76	%	$	14		0.07	%(c)		0.20	%(c)		3.58	%(c)		33	%
	(0.58	)		18.49		3.69			14		0.26			4.47			3.38			74
	(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
$	(0.67	)	$	18.18		3.87	%	$	5,596		—	%(c)(e)		0.15	%(c)		3.54	%(c)		33	%
	(0.91	)		18.16		3.77			4,904		0.16			1.81			3.53			74
	(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
$	(0.64	)	$	18.49		3.69	%	$	14		0.32	%(c)		0.45	%(c)		3.33	%(c)		33	%
	(0.56	)		18.46		3.49			14		0.44			4.65			3.21			74
	(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 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 155

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)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AGIC Convertible:
Class A
5/31/2012+	$	28.11	$	0.27		$	0.24		$	0.51		$	(0.60	)	$	(1.57	)
11/30/2011		28.21		0.55			0.01			0.56			(0.66	)		—
4/12/2010* - 11/30/2010		26.22		0.38			1.82			2.20			(0.21	)		—
Class C
5/31/2012+	$	28.15	$	0.17		$	0.23		$	0.40		$	(0.50	)	$	(1.57	)
11/30/2011		28.30		0.34			0.03			0.37			(0.52	)		—
4/12/2010* - 11/30/2010		26.22		0.24			1.84			2.08			—	(e)		—
Class D
5/31/2012+	$	28.08	$	0.26		$	0.24		$	0.50		$	(0.60	)	$	(1.57	)
11/30/2011		28.16		0.54			0.03			0.57			(0.65	)		—
4/12/2010* - 11/30/2010		26.22		0.40			1.79			2.19			(0.25	)		—
Class R
5/31/2012+	$	28.08	$	0.24		$	0.23		$	0.47		$	(0.58	)	$	(1.57	)
11/30/2011		28.17		0.48			0.02			0.50			(0.59	)		—
4/12/2010* - 11/30/2010		26.22		0.33			1.82			2.15			(0.20	)		—
Class P
5/31/2012+	$	28.04	$	0.29		$	0.23		$	0.52		$	(0.61	)	$	(1.57	)
11/30/2011		28.12		0.60			0.01			0.61			(0.69	)		—
6/7/2010* - 11/30/2010		24.02		0.27			4.11			4.38			(0.28	)		—
Institutional Class
5/31/2012+	$	28.00	$	0.31		$	0.23		$	0.54		$	(0.63	)	$	(1.57	)
11/30/2011		28.08		0.63			0.01			0.64			(0.72	)		—
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	)		(0.14	)
3/31/2008		24.35		0.37			0.58			0.95			(0.32	)		(0.10	)
3/31/2007		24.57		0.45			2.03			2.48			(0.47	)		(2.23	)
Administrative Class
5/31/2012+	$	28.04	$	0.27		$	0.23		$	0.50		$	(0.60	)	$	(1.57	)
11/30/2011		28.14		0.55			0.01			0.56			(0.66	)		—
4/12/2010* - 11/30/2010		26.22		0.37			1.83			2.20			(0.28	)		—
AGIC Focused Opportunity:
Class A
5/31/2012+	$	14.63	$	(0.10	)	$	(1.45	)	$	(1.55	)	$	—		$	(1.00	)
12/27/2010* - 11/30/2011		15.00		(0.13	)		(0.24	)		(0.37	)		—			—
Institutional Class
5/31/2012+	$	14.69	$	(0.07	)	$	(1.47	)	$	(1.54	)	$	—		$	(1.00	)
12/27/2010* - 11/30/2011		15.00		(0.11	)		(0.20	)		(0.31	)		—			—

+ Unaudited

* 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) 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. Income dividends and capital gain 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 fee 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) Ratio of expenses to average net assets net of reimbursement/recoupment offset was 0.99%, 0.98%, 0.89% and 0.85% for the period ended November 30, 2009 and the years ended March 31, 2009, March 31, 2008 and March 31, 2007, respectively.

(e) Less than $(0.01) per share.

156 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

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 Rate
$	(2.17	)	$	26.45		2.04	%	$	79,861		0.97	%(c)		0.97	%(c)		1.94	%(c)		53	%
	(0.66	)		28.11		1.95			64,857		0.97			0.97			1.89			129
	(0.21	)		28.21		8.46			10,500		0.96	(c)		0.97	(c)		2.25	(c)		116
$	(2.07	)	$	26.48		1.64	%	$	29,408		1.71	%(c)		1.71	%(c)		1.20	%(c)		53	%
	(0.52	)		28.15		1.26			27,465		1.74			1.74			1.17			129
	—	(e)		28.30		7.94			227		1.77	(c)		1.77	(c)		1.40	(c)		116
$	(2.17	)	$	26.41		2.00	%	$	31,598		0.98	%(c)		0.98	%(c)		1.91	%(c)		53	%
	(0.65	)		28.08		1.99			30,176		0.98			0.98			1.83			129
	(0.25	)		28.16		8.46			2,180		0.93	(c)		0.94	(c)		2.31	(c)		116
$	(2.15	)	$	26.40		1.88	%	$	171		1.20	%(c)		1.20	%(c)		1.76	%(c)		53	%
	(0.59	)		28.08		1.76			37		1.22			1.22			1.67			129
	(0.20	)		28.17		8.29			11		1.25	(c)		1.26	(c)		1.97	(c)		116
$	(2.18	)	$	26.38		2.10	%	$	42,509		0.80	%(c)		0.82	%(c)		2.11	%(c)		53	%
	(0.69	)		28.04		2.14			37,551		0.80			0.83			2.07			129
	(0.28	)		28.12		18.34			21,417		0.84	(c)		0.87	(c)		2.35	(c)		116
$	(2.20	)	$	26.34		2.19	%	$	628,788		0.67	%(c)		0.67	%(c)		2.25	%(c)		53	%
	(0.72	)		28.00		2.24			521,854		0.70			0.70			2.16			129
	(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
	(0.57	)		19.01		(21.30	)		20,664		1.03	(d)		1.03			1.86			91
	(0.42	)		24.88		3.84			47,773		1.03	(d)		1.03			1.45			98
	(2.70	)		24.35		10.79			39,022		1.02	(d)		1.02			1.89			92
$	(2.17	)	$	26.37		2.02	%	$	1,921		0.92	%(c)		0.92	%(c)		1.99	%(c)		53	%
	(0.66	)		28.04		2.00			1,352		0.97			0.97			1.90			129
	(0.28	)		28.14		8.45			11		0.98	(c)		0.99	(c)		2.23	(c)		116
$	(1.00	)	$	12.08		(10.93	)%	$	173		1.45	%(c)		5.27	%(c)		(1.37	)%(c)		94	%
	—			14.63		(2.47	)		374		1.45	(c)		4.88	(c)		(0.86	)(c)		167
$	(1.00	)	$	12.15		(10.81	)%	$	3,254		1.10	%(c)		4.74	%(c)		(1.01	)%(c)		94	%
	—			14.69		(2.07	)		3,157		1.10	(c)		4.70	(c)		(0.75	)(c)		167

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 157

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)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AGIC Global Managed Volatlity:
Class A
12/19/2011* - 5/31/2012+	$	15.00	$	0.22	$	0.08		$	0.30		$	—		$	—
Class C
12/19/2011* - 5/31/2012+	$	15.00	$	0.17	$	0.08		$	0.25		$	—		$	—
Class D
12/19/2011* - 5/31/2012+	$	15.00	$	0.22	$	0.08		$	0.30		$	—		$	—
Class P
12/19/2011* - 5/31/2012+	$	15.00	$	0.24	$	0.08		$	0.32		$	—		$	—
Institutional Class
12/19/2011* - 5/31/2012+	$	15.00	$	0.23	$	0.09		$	0.32		$	—		$	—
AGIC High Yield Bond:
Class A
5/31/2012+	$	9.69	$	0.37	$	0.29		$	0.66		$	(0.36	)	$	(0.13	)
11/30/2011		10.03		0.72		(0.28	)		0.44			(0.78	)		—
4/12/2010* - 11/30/2010		9.65		0.49		0.19			0.68			(0.30	)		—
Class C
5/31/2012+	$	9.68	$	0.33	$	0.30		$	0.63		$	(0.32	)	$	(0.13	)
11/30/2011		10.02		0.65		(0.29	)		0.36			(0.70	)		—
4/12/2010* - 11/30/2010		9.65		0.45		0.19			0.64			(0.27	)		—
Class D
5/31/2012+	$	9.47	$	0.36	$	0.29		$	0.65		$	(0.36	)	$	(0.13	)
11/30/2011		9.79		0.72		(0.28	)		0.44			(0.76	)		—
4/12/2010* - 11/30/2010		9.65		0.48		0.18			0.66			(0.52	)		—
Class R
5/31/2012+	$	9.45	$	0.35	$	0.29		$	0.64		$	(0.35	)	$	(0.13	)
11/30/2011		9.80		0.68		(0.28	)		0.40			(0.75	)		—
4/12/2010* - 11/30/2010		9.65		0.47		0.18			0.65			(0.50	)		—
Class P
5/31/2012+	$	9.44	$	0.37	$	0.28		$	0.65		$	(0.37	)	$	(0.13	)
11/30/2011		9.78		0.72		(0.27	)		0.45			(0.79	)		—
4/12/2010* - 11/30/2010		9.65		0.50		0.17			0.67			(0.54	)		—
Institutional Class
5/31/2012+	$	9.46	$	0.37	$	0.29		$	0.66		$	(0.37	)	$	(0.13	)
11/30/2011		9.80		0.76		(0.30	)		0.46			(0.80	)		—
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	)		—
Administrative Class
5/31/2012+	$	9.43	$	0.36	$	0.29		$	0.65		$	(0.36	)	$	(0.13	)
11/30/2011		9.78		0.72		(0.30	)		0.42			(0.77	)		—
4/12/2010* - 11/30/2010		9.65		0.49		0.17			0.66			(0.53	)		—

+ Unaudited.

* 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) 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. Income dividends and capital gain 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 fee 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) Ratio of expenses to average net assets net of reimbursement/recoupment offset was 0.61%, 0.61%, 0.57% and 0.52% for the period ended November 30, 2009 and the years ended March 31, 2009, March 31, 2008 and March 31, 2007, respectively.

158 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

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 to Average Net Assets			Portfolio Turnover Rate
$	—		$	15.30		2.00	%	$	10		0.95	%(c)		2.67	%(c)		3.15	%(c)		55	%
$	—		$	15.25		1.67	%	$	10		1.70	%(c)		3.42	%(c)		2.40	%(c)		55	%
$	—		$	15.30		2.00	%	$	10		0.95	%(c)		2.67	%(c)		3.15	%(c)		55	%
$	—		$	15.32		2.13	%	$	10		0.70	%(c)		2.53	%(c)		3.40	%(c)		55	%
$	—		$	15.32		2.13	%	$	12,087		0.60	%(c)		2.41	%(c)		3.34	%(c)		55	%
$	(0.49	)	$	9.86		7.01	%	$	97,095		0.85	%(c)		0.85	%(c)		7.41	%(c)		37	%
	(0.78	)		9.69		4.29			61,339		1.05			1.05			7.19			168
	(0.30	)		10.03		7.07			1,296		1.11	(c)		1.47	(c)		7.70	(c)		144
$	(0.45	)	$	9.86		6.75	%	$	24,975		1.60	%(c)		1.60	%(c)		6.69	%(c)		37	%
	(0.70	)		9.68		3.53			12,443		1.82			1.87			6.56			168
	(0.27	)		10.02		6.73			311		1.87	(c)		2.21	(c)		7.12	(c)		144
$	(0.49	)	$	9.63		7.07	%	$	24,235		0.85	%(c)		0.85	%(c)		7.40	%(c)		37	%
	(0.76	)		9.47		4.42			20,378		1.07			1.12			7.36			168
	(0.52	)		9.79		7.09			169		1.11	(c)		1.47	(c)		7.84	(c)		144
$	(0.48	)	$	9.61		6.97	%	$	1,750		1.11	%(c)		1.11	%(c)		7.22	%(c)		37	%
	(0.75	)		9.45		4.02			342		1.33			1.37			7.23			168
	(0.50	)		9.80		6.97			11		1.36	(c)		1.63	(c)		7.74	(c)		144
$	(0.50	)	$	9.59		7.07	%	$	21,363		0.70	%(c)		0.70	%(c)		7.59	%(c)		37	%
	(0.79	)		9.44		4.57			11,096		0.88			0.88			7.49			168
	(0.54	)		9.78		7.22			11		0.97	(c)		1.14	(c)		8.13	(c)		144
$	(0.50	)	$	9.62		7.21	%	$	100,862		0.60	%(c)		0.60	%(c)		7.67	%(c)		37	%
	(0.80	)		9.46		4.66			70,174		0.61			0.77			7.65			168
	(0.81	)		9.80		16.23			93,782		0.63			0.93			8.65			144
	(0.52	)		9.17		31.50			69,667		0.61	(c)		0.61	(c)(d)		9.08	(c)		120
	(0.77	)		7.40		(13.01	)		49,233		0.64			0.64	(d)		8.56			55
	(0.81	)		9.36		(1.06	)		50,271		0.63			0.63	(d)		7.66			81
	(0.76	)		10.27		10.76			63,925		0.64			0.64	(d)		7.21			92
$	(0.49	)	$	9.59		7.11	%	$	12		0.82	%(c)		0.82	%(c)		7.41	%(c)		37	%
	(0.77	)		9.43		4.27			11		1.03			1.03			7.25			168
	(0.53	)		9.78		7.12			11		1.12	(c)		1.28	(c)		7.98	(c)		144

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 159

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)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AGIC International Growth Opportunities:
Class A
5/31/2012+	$	28.31	$	0.14		$	0.50		$	0.64		$	—		$	—
11/30/2011		31.36		0.12			(2.56	)		(2.44	)		(0.61	)		—
4/12/2010* - 11/30/2010		28.30		(0.01	)		3.07			3.06			—			—
Class C
5/31/2012+	$	28.01	$	0.03		$	0.50		$	0.53		$	—		$	—
11/30/2011		31.22		0.06			(2.72	)		(2.66	)		(0.55	)		—
4/12/2010* - 11/30/2010		28.30		(0.24	)		3.16			2.92			—			—
Class D
5/31/2012+	$	28.33	$	0.13		$	0.51		$	0.64		$	—		$	—
11/30/2011		31.37		0.07			(2.53	)		(2.46	)		(0.58	)		—
4/12/2010* - 11/30/2010		28.30		0.04			3.03			3.07			—			—
Class R
5/31/2012+	$	28.27	$	0.11		$	0.50		$	0.61		$	—		$	—
11/30/2011		31.32		0.16			(2.70	)		(2.54	)		(0.51	)		—
4/12/2010* - 11/30/2010		28.30		0.05			2.97			3.02			—			—
Class P
5/31/2012+	$	27.86	$	0.16		$	0.50		$	0.66		$	—		$	—
11/30/2011		30.35		0.30			(2.67	)		(2.37	)		(0.12	)		—
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	)		—			(4.70	)
3/31/2008		57.36		0.14			3.43			3.57			(1.27	)		(19.56	)
3/31/2007		49.86		0.05			9.07			9.12			—			(1.62	)
Institutional Class
5/31/2012+	$	28.58	$	0.19		$	0.52		$	0.71		$	—		$	—
11/30/2011		31.45		0.37			(2.74	)		(2.37	)		(0.50	)		—
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	)		—			(4.70	)
3/31/2008		57.63		0.39			3.17			3.56			(0.35	)		(19.56	)
3/31/2007		50.01		0.02			9.22			9.24			—			(1.62	)
Administrative Class
5/31/2012+	$	28.34	$	0.31		$	0.32		$	0.63		$	—		$	—
11/30/2011		31.37		0.24			(2.70	)		(2.46	)		(0.57	)		—
4/12/2010* - 11/30/2010		28.30		0.09			2.98			3.07			—			—

+ Unaudited.

* 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) 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. Income dividends and capital gain 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 fee 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) Ratio of expenses to average net assets net of reimbursement/recoupment offset was 1.41%, 1.17%, 1.13% and 1.18% for the period ended November 30, 2009 and the years ended March 31, 2009, March 31, 2008 and March 31, 2007, respectively.

(e) Ratio of expenses to average net assets net of reimbursement/recoupment offset was 1.26%, 1.01%, 1.00% and 1.03% for the period ended November 30, 2009 and the years ended March 31, 2009, March 31, 2008 and March 31, 2007, respectively.

160 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

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 Rate
$	—		$	28.95		2.26	%	$	4,332		1.54	%(c)		1.58	%(c)		0.94	%(c)		19	%
	(0.61	)		28.31		(8.03	)		4,103		1.60			1.83			0.40			66
	—			31.36		10.81			97		1.66	(c)		1.70	(c)		(0.07	)(c)		57
$	—		$	28.54		1.89	%	$	500		2.31	%(c)		2.54	%(c)		0.21	%(c)		19	%
	(0.55	)		28.01		(8.75	)		455		2.34			2.86			0.19			66
	—			31.22		10.32			176		2.44	(c)		2.48	(c)		(1.23	)(c)		57
$	—		$	28.97		2.26	%	$	106		1.57	%(c)		1.96	%(c)		0.88	%(c)		19	%
	(0.58	)		28.33		(8.08	)		1,440		1.61			2.83			0.22			66
	—			31.37		10.85			38		1.66	(c)		1.83	(c)		0.22	(c)		57
$	—		$	28.88		2.16	%	$	10		1.78	%(c)		1.84	%(c)		0.71	%(c)		19	%
	(0.51	)		28.27		(8.32	)		10		1.82			1.84			0.51			66
	—			31.32		10.67			11		1.91	(c)		2.35	(c)		0.27	(c)		57
$	—		$	28.52		2.37	%	$	29,244		1.31	%(c)		1.52	%(c)		1.09	%(c)		19	%
	(0.12	)		27.86		(7.86	)		34,772		1.32			1.47			0.95			66
	(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	)		16.29		(48.16	)		39,680		1.44			1.44	(d)		1.14			106
	(20.83	)		40.10		2.74			113,239		1.44			1.44	(d)		0.26			86
	(1.62	)		57.36		18.71			104,003		1.43			1.43	(d)		0.09			127
$	—		$	29.29		2.48	%	$	81,331		1.19	%(c)		1.31	%(c)		1.26	%(c)		19	%
	(0.50	)		28.58		(7.74	)		84,026		1.20			1.34			1.14			66
	(0.64	)		31.45		18.22			89,186		1.23			1.70			0.86			57
	—			26.91		58.95			14,224		1.26	(c)		1.26	(c)(e)		1.09	(c)		64
	(4.70	)		16.93		(48.08	)		6,828		1.29			1.29	(e)		1.27			106
	(19.91	)		41.28		2.90			8,213		1.27			1.27	(e)		0.57			86
	(1.62	)		57.63		18.90			73,640		1.28			1.28	(e)		0.05			127
$	—		$	28.97		2.22	%	$	10		1.55	%(c)		1.63	%(c)		2.10	%(c)		19	%
	(0.57	)		28.34		(8.09	)		10		1.57			1.59			0.75			66
	—			31.37		10.85			11		1.66	(c)		2.04	(c)		0.53	(c)		57

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 161

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)			Total from Investment Operations			Distributions from Net Realized Capital Gains
AGIC Micro Cap:
Class A
12/19/2011* - 5/31/2012+	$	9.84	$	(0.08	)	$	0.86		$	0.78		$	—
Class P
5/31/2012+	$	12.20	$	(0.08	)	$	0.44		$	0.36		$	(1.96	)
12/27/2010* - 11/30/2011		14.20		(0.15	)		(1.64	)		(1.79	)		(0.21	)
Institutional Class
5/31/2012+	$	12.22	$	(0.07	)	$	0.44		$	0.37		$	(1.96	)
11/30/2011		13.80		(0.17	)		(0.16	)		(0.33	)		(1.25	)
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	)		—	(f)
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	)
AGIC Ultra Micro Cap:
Class A
12/19/2011* - 5/31/2012+	$	12.82	$	(0.13	)	$	1.52		$	1.39		$	—
Class P
5/31/2012+	$	13.26	$	(0.14	)	$	1.31		$	1.17		$	(0.23	)
12/27/2010* - 11/30/2011		13.80		(0.29	)		(0.22	)		(0.51	)		(0.03	)
Institutional Class
5/31/2012+	$	13.29	$	(0.13	)	$	1.31		$	1.18		$	(0.23	)
11/30/2011		13.25		(0.29	)		1.08			0.79			(0.75	)
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	)		—

+ Unaudited.

* 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) 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. Income dividends and capital gain 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 fee 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) Ratio of expenses to average net assets net of reimbursement/recoupment offset was 1.63%, 0.91%, 1.38% and 1.19% for the period ended November 30, 2009 and the years ended March 31, 2009, March 31, 2008 and March 31, 2007, respectively.

(e) 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.

(f) Less than $(0.01) per share.

162 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 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 Rate
$	10.62		7.93	%	$	98		1.84	%(c)		1.94	%(c)		(1.51	)%(c)		31	%
$	10.60		3.99	%	$	381		1.65	%(c)		1.74	%(c)		(1.37	)%(c)		31	%
	12.20		(12.43	)		426		1.65	(c)		1.85	(c)		(1.35	)(c)		74
$	10.63		4.10	%	$	46,648		1.54	%(c)		1.67	%(c)		(1.27	)%(c)		31	%
	12.22		(2.88	)		46,514		1.54			1.65			(1.24	)		74
	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
$	14.21		10.84	%	$	1,851		2.44	%(c)		3.13	%(c)		(1.97	)%(c)		47	%
$	14.20		8.98	%	$	264		2.29	%(c)		3.00	%(c)		(1.90	)%(c)		47	%
	13.26		(3.64	)		230		2.41	(c)		3.48	(c)		(2.23	)(c)		101
$	14.24		9.03	%	$	11,288		2.15	%(c)		2.92	%(c)		(1.75	)%(c)		47	%
	13.29		6.04			9,757		2.24			3.53			(2.06	)		101
	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)(e)		(1.81	)(c)		87
	5.78		(37.72	)		1,084		2.40			2.40	(e)		(2.05	)		109
	9.28		(7.20	)		886		2.31	(c)		2.31	(c)(e)		(2.10	)(c)		19

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 163

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)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AGIC U.S. Emerging Growth:
Class A
5/31/2012+	$	13.34	$	(0.07	)	$	0.11		$	0.04		$	—		$	(0.99	)
12/20/2010* - 11/30/2011		13.77		(0.11	)		(0.32	)		(0.43	)		—			—
Class C
5/31/2012+	$	13.25	$	(0.12	)	$	0.12		$	—		$	—		$	(0.99	)
12/20/2010* - 11/30/2011		13.77		(0.22	)		(0.30	)		(0.52	)		—			—
Class D
5/31/2012+	$	13.34	$	(0.07	)	$	0.11		$	0.04		$	—		$	(0.99	)
12/20/2010* - 11/30/2011		13.77		(0.11	)		(0.32	)		(0.43	)		—			—
Class R
5/31/2012+	$	13.31	$	(0.08	)	$	0.11		$	0.03		$	—		$	(0.99	)
12/20/2010* - 11/30/2011		13.77		(0.15	)		(0.31	)		(0.46	)		—			—
Class P
5/31/2012+	$	13.37	$	(0.05	)	$	0.11		$	0.06		$	—		$	(0.99	)
12/20/2010* - 11/30/2011		13.77		(0.09	)		(0.31	)		(0.40	)		—			—
Institutional Class
5/31/2012+	$	13.39	$	(0.04	)	$	0.10		$	0.06		$	—		$	(0.99	)
11/30/2011		12.84		(0.07	)		0.62			0.55			—			—
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	)		—			(0.88	)
3/31/2007		13.90		(0.07	)		0.19			0.12			—			(0.93	)
F&T Behavioral Advantage Large Cap:
Class A
5/31/2012+	$	16.05	$	0.12		$	1.46		$	1.58		$	(0.06	)	$	—
9/8/2011* - 11/30/2011		15.00		0.04			1.01			1.05			—			—
Class C
5/31/2012+	$	16.02	$	0.05		$	1.46		$	1.51		$	(0.02	)	$	—
9/8/2011* - 11/30/2011		15.00		0.01			1.01			1.02			—			—
Class D
5/31/2012+	$	16.05	$	0.12		$	1.46		$	1.58		$	(0.06	)	$	—
9/8/2011* - 11/30/2011		15.00		0.04			1.01			1.05			—			—
Class P
5/31/2012+	$	16.05	$	0.14		$	1.47		$	1.61		$	(0.07	)	$	—
9/8/2011* - 11/30/2011		15.00		0.05			1.00			1.05			—			—
Institutional Class
5/31/2012+	$	16.06	$	0.15		$	1.46		$	1.61		$	(0.07	)	$	—
9/8/2011* - 11/30/2011		15.00		0.05			1.01			1.06			—			—

+ Unaudited.

* 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) 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. Income dividends and capital gain 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 fee 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) Ratio of expenses to average net assets net of reimbursement/recoupment offset was 1.16%, 0.90%, 0.72% and 0.72% for the period ended November 30, 2009, and the years ended March 31, 2009, March 31, 2008 and March 31, 2007, respectively.

(e) Less than 1%.

164 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

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 Rate
$	(0.99	)	$	12.39		0.69	%	$	1,124		1.50	%(c)		2.31	%(c)		(1.01	)%(c)		44	%
	—			13.34		(3.12	)		837		1.50	(c)		2.70	(c)		(0.92	)(c)		111
$	(0.99	)	$	12.26		0.36	%	$	205		2.23	%(c)		3.07	%(c)		(1.74	)%(c)		44	%
	—			13.25		(3.78	)		134		2.25	(c)		3.04	(c)		(1.60	)(c)		111
$	(0.99	)	$	12.39		0.68	%	$	31		1.49	%(c)		2.29	%(c)		(1.06	)%(c)		44	%
	—			13.34		(3.12	)		27		1.50	(c)		2.31	(c)		(0.86	)(c)		111
$	(0.99	)	$	12.35		0.60	%	$	10		1.72	%(c)		2.56	%(c)		(1.24	)%(c)		44	%
	—			13.31		(3.34	)		10		1.75	(c)		2.50	(c)		(1.14	)(c)		111
$	(0.99	)	$	12.44		0.84	%	$	19		1.25	%(c)		2.26	%(c)		(0.75	)%(c)		44	%
	—			13.37		(2.90	)		15		1.25	(c)		2.13	(c)		(0.65	)(c)		111
$	(0.99	)	$	12.46		0.84	%	$	18,458		1.15	%(c)		2.03	%(c)		(0.68	)%(c)		44	%
	—			13.39		4.28			20,862		1.15			1.99			(0.53	)		111
	—			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)(d)		(0.53	)(c)		97
	—			6.59		(42.45	)		6,591		1.21			1.21	(d)		(0.34	)		146
	(0.88	)		11.45		(7.01	)		7,499		1.21			1.21	(d)		(0.46	)		129
	(0.93	)		13.09		1.30			7,409		1.21			1.21	(d)		(0.54	)		148
$	(0.06	)	$	17.57		9.88	%	$	15		0.90	%(c)		2.18	%(c)		1.36	%(c)		47	%
	—			16.05		7.00			11		0.90	(c)		2.84	(c)		1.14	(c)		—	(e)
$	(0.02	)	$	17.51		9.46	%	$	14		1.65	%(c)		2.95	%(c)		0.61	%(c)		47	%
	—			16.02		6.80			10		1.65	(c)		3.59	(c)		0.38	(c)		—	(e)
$	(0.06	)	$	17.57		9.88	%	$	12		0.90	%(c)		2.18	%(c)		1.35	%(c)		47	%
	—			16.05		7.00			11		0.90	(c)		2.84	(c)		1.14	(c)		—	(e)
$	(0.07	)	$	17.59		10.05	%	$	12		0.65	%(c)		2.03	%(c)		1.60	%(c)		47	%
	—			16.05		7.00			11		0.65	(c)		2.70	(c)		1.39	(c)		—	(e)
$	(0.07	)	$	17.60		10.08	%	$	12,543		0.55	%(c)		1.94	%(c)		1.70	%(c)		47	%
	—			16.06		7.07			10,705		0.55	(c)		2.58	(c)		1.48	(c)		—	(e)

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 165

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)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
NFJ Global Dividend Value
Class A
5/31/2012+	$	17.35	$	0.35	$	(0.64	)	$	(0.29	)	$	(0.13	)	$	(0.30	)
11/30/2011		17.91		0.55		(0.19	)		0.36			(0.64	)		(0.28	)
11/30/2010		18.16		0.43		0.38			0.81			(0.71	)		(0.35	)
6/26/2009* - 11/30/2009		15.00		0.15		3.04			3.19			(0.03	)		—
Class C
5/31/2012+	$	17.19	$	0.30	$	(0.65	)	$	(0.35	)	$	(0.08	)	$	(0.30	)
11/30/2011		17.76		0.43		(0.20	)		0.23			(0.52	)		(0.28	)
11/30/2010		18.12		0.28		0.41			0.69			(0.70	)		(0.35	)
6/26/2009* - 11/30/2009		15.00		0.10		3.02			3.12			—	(d)		—
Class D
5/31/2012+	$	17.38	$	0.38	$	(0.68	)	$	(0.30	)	$	(0.01	)	$	(0.30	)
11/30/2011		17.86		0.61		(0.23	)		0.38			(0.58	)		(0.28	)
11/30/2010		18.17		0.43		0.37			0.80			(0.76	)		(0.35	)
6/26/2009* - 11/30/2009		15.00		0.15		3.04			3.19			(0.02	)		—
Class P
5/31/2012+	$	17.45	$	0.40	$	(0.67	)	$	(0.27	)	$	(0.15	)	$	(0.30	)
11/30/2011		17.82		0.42		(0.02	)		0.40			(0.49	)		(0.28	)
11/30/2010		18.17		0.46		0.38			0.84			(0.84	)		(0.35	)
6/26/2009* - 11/30/2009		15.00		0.16		3.04			3.20			(0.03	)		—
Institutional Class
5/31/2012+	$	17.29	$	0.41	$	(0.67	)	$	(0.26	)	$	(0.16	)	$	(0.30	)
11/30/2011		17.83		0.64		(0.21	)		0.43			(0.69	)		(0.28	)
11/30/2010		18.17		0.41		0.46			0.87			(0.86	)		(0.35	)
6/26/2009* - 11/30/2009		15.00		0.17		3.03			3.20			(0.03	)		—
NFJ International Value II
Class A
12/1/2011* - 5/31/2012+	$	15.00	$	0.24	$	(0.76	)	$	(0.52	)	$	(0.02	)	$	—
Class C
12/1/2011* - 5/31/2012+	$	15.00	$	0.18	$	(0.75	)	$	(0.57	)	$	—	(d)	$	—
Class D
12/1/2011* - 5/31/2012+	$	15.00	$	0.24	$	(0.76	)	$	(0.52	)	$	(0.02	)	$	—
Class P
12/1/2011* - 5/31/2012+	$	15.00	$	0.25	$	(0.74	)	$	(0.49	)	$	(0.03	)	$	—
Institutional Class
12/1/2011* - 5/31/2012+	$	15.00	$	0.26	$	(0.75	)	$	(0.49	)	$	(0.03	)	$	—

+ Unaudited.

* 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. Income dividends and capital gain 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 fee 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) Less than $(0.01) per share.

166 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

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 to Average Net  Assets			Portfolio Turnover Rate
$	(0.43	)	$	16.63		(1.68	)%	$	4,579		1.42	%(c)		1.67	%(c)		3.86	%(c)		24	%
	(0.92	)		17.35		1.85			6,821		1.50			1.92			3.01			66
	(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
$	(0.38	)	$	16.46		(2.07	)%	$	3,178		2.16	%(c)		2.43	%(c)		3.34	%(c)		24	%
	(0.80	)		17.19		1.12			3,020		2.25			2.71			2.39			66
	(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
$	(0.31	)	$	16.77		(1.71	)%	$	496		1.43	%(c)		4.75	%(c)		4.15	%(c)		24	%
	(0.86	)		17.38		1.91			558		1.50			3.74			3.27			66
	(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
$	(0.45	)	$	16.73		(1.58	)%	$	971		1.21	%(c)		1.47	%(c)		4.44	%(c)		24	%
	(0.77	)		17.45		2.13			718		1.30			1.99			2.41			66
	(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
$	(0.46	)	$	16.57		(1.57	)%	$	32,190		1.10	%(c)		1.39	%(c)		4.53	%(c)		24	%
	(0.97	)		17.29		2.21			20,556		1.20			1.68			3.51			66
	(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
$	(0.02	)	$	14.46		(3.48	)%	$	9		1.30	%(c)		7.73	%(c)		3.04	%(c)		10	%
$	—	(d)	$	14.43		(3.80	)%	$	9		2.05	%(c)		8.48	%(c)		2.28	%(c)		10	%
$	(0.02	)	$	14.46		(3.48	)%	$	10		1.30	%(c)		7.73	%(c)		3.04	%(c)		10	%
$	(0.03	)	$	14.48		(3.31	)%	$	10		1.05	%(c)		7.59	%(c)		3.29	%(c)		10	%
$	(0.03	)	$	14.48		(3.29	)%	$	2,902		0.95	%(c)		7.48	%(c)		3.39	%(c)		10	%

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 167

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)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
RCM All Alpha:
Class A
5/31/2012+	$	14.48	$	(0.12	)	$	(0.68	)	$	(0.80	)	$	—		$	(1.04	)
3/31/2011* - 11/30/2011		15.00		(0.13	)		(0.39	)		(0.52	)		—			—
Class C
5/31/2012+	$	14.41	$	(0.17	)	$	(0.68	)	$	(0.85	)	$	—		$	(1.04	)
3/31/2011* - 11/30/2011		15.00		(0.20	)		(0.39	)		(0.59	)		—			—
Class D
5/31/2012+	$	14.48	$	(0.12	)	$	(0.69	)	$	(0.81	)	$	—		$	(1.04	)
3/31/2011* - 11/30/2011		15.00		(0.13	)		(0.39	)		(0.52	)		—			—
Class P
5/31/2012+	$	14.49	$	(0.09	)	$	(0.69	)	$	(0.78	)	$	—		$	(1.04	)
3/31/2011* - 11/30/2011		15.00		(0.08	)		(0.43	)		(0.51	)		—			—
Institutional Class
5/31/2012+	$	14.51	$	(0.08	)	$	(0.70	)	$	(0.78	)	$	—		$	(1.04	)
3/31/2011* - 11/30/2011		15.00		(0.08	)		(0.41	)		(0.49	)		—			—
RCM China Equity:
Class A
5/31/2012+	$	15.01	$	—	(d)	$	(0.42	)	$	(0.42	)	$	(0.10	)	$	(1.20	)
11/30/2011		19.81		0.60			(4.58	)		(3.98	)		—	(d)		(0.82	)
6/7/2010* - 11/30/2010		15.00		(0.09	)		4.90			4.81			—			—
Class C
5/31/2012+	$	14.88	$	(0.06	)	$	(0.41	)	$	(0.47	)	$	—	(d)	$	(1.20	)
11/30/2011		19.78		(0.10	)		(3.98	)		(4.08	)		—	(d)		(0.82	)
6/7/2010* - 11/30/2010		15.00		(0.17	)		4.95			4.78			—			—
Class D
5/31/2012+	$	15.04	$	(0.01	)	$	(0.41	)	$	(0.42	)	$	—	(d)	$	(1.20	)
11/30/2011		19.84		0.02			(3.99	)		(3.97	)		(0.01	)		(0.82	)
6/7/2010* - 11/30/2010		15.00		(0.08	)		4.92			4.84			—			—
Class P
5/31/2012+	$	15.10	$	(0.04	)	$	(0.37	)	$	(0.41	)	$	(0.21	)	$	(1.20	)
11/30/2011		19.87		0.12			(4.06	)		(3.94	)		(0.01	)		(0.82	)
6/7/2010* - 11/30/2010		15.00		(0.02	)		4.89			4.87			—			—
Institutional Class
5/31/2012+	$	15.12	$	0.02		$	(0.43	)	$	(0.41	)	$	(0.21	)	$	(1.20	)
11/30/2011		19.88		0.18			(4.10	)		(3.92	)		(0.02	)		(0.82	)
6/7/2010* - 11/30/2010		15.00		(0.01	)		4.89			4.88			—			—

+ Unaudited.

* 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. Income dividends and capital gain 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 fee 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) Less than $(0.01) per share.

(e) Proceeds from short sales and assets used to cover short positions are included in the amounts of securities sold and purchased, respectively. The portfolio turnover rate exclusive of proceeds from short sales and assets used to cover short positions was 193%.

(f) Proceeds from short sales and assets used to cover short positions are included in the amounts of securities sold and purchased, respectively. The portfolio turnover rate exclusive of proceeds from short sales and assets used to cover short positions was 404%.

168 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

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 with Fee Waiver/ Reimbursement without Short Selling and Interest Expenses			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
$	(1.04	)	$	12.64		(5.78	)%	$	41		3.07	%(c)		1.75	%(c)		8.78	%(c)		(1.74	)%(c)		349	%(e)
	—			14.48		(3.47	)		79		2.74	(c)		1.75	(c)		14.87	(c)		(1.37	)(c)		881	(f)
$	(1.04	)	$	12.52		(6.11	)%	$	42		3.71	%(c)		2.50	%(c)		8.35	%(c)		(2.51	)%(c)		349	%(e)
	—			14.41		(3.93	)		344		3.48	(c)		2.50	(c)		12.43	(c)		(2.20	)(c)		881	(f)
$	(1.04	)	$	12.63		(5.85	)%	$	9		3.08	%(c)		1.75	%(c)		7.71	%(c)		(1.74	)%(c)		349	%(e)
	—			14.48		(3.47	)		34		2.79	(c)		1.75	(c)		9.68	(c)		(1.30	)(c)		881	(f)
$	(1.04	)	$	12.67		(5.70	)%	$	9		2.84	%(c)		1.50	%(c)		15.32	%(c)		(1.32	)%(c)		349	%(e)
	—			14.49		(3.40	)		10		2.44	(c)		1.50	(c)		11.34	(c)		(0.84	)(c)		881	(f)
$	(1.04	)	$	12.69		(5.61	)%	$	4,590		2.74	%(c)		1.40	%(c)		7.64	%(c)		(1.22	)%(c)		349	%(e)
	—			14.51		(3.27	)		4,862		2.47	(c)		1.40	(c)		8.94	(c)		(0.83	)(c)		881	(f)
$	(1.30	)	$	13.29		(2.57	)%	$	170		1.71	%(c)		1.71	%(c)		6.19	%(c)		(0.03	)%(c)		21	%
	(0.82	)		15.01		(20.45	)		191		1.73			1.73			5.29			3.25			132
	—			19.81		32.07			239		1.90	(c)		1.90	(c)		8.21	(c)		(0.99	)(c)		21
$	(1.20	)	$	13.21		(2.94	)%	$	90		2.48	%(c)		2.48	%(c)		7.29	%(c)		(0.82	)%(c)		21	%
	(0.82	)		14.88		(21.02	)		108		2.56			2.56			6.74			(0.56	)		132
	—			19.78		31.87			387		2.65	(c)		2.65	(c)		8.88	(c)		(1.88	)(c)		21
$	(1.20	)	$	13.42		(2.56	)%	$	353		1.72	%(c)		1.72	%(c)		6.66	%(c)		(0.13	)%(c)		21	%
	(0.83	)		15.04		(20.40	)		232		1.77			1.77			6.76			0.14			132
	—			19.84		32.27			386		1.90	(c)		1.90	(c)		8.10	(c)		(0.91	)(c)		21
$	(1.41	)	$	13.28		(2.50	)%	$	23		1.50	%(c)		1.50	%(c)		5.37	%(c)		(0.60	)%(c)		21	%
	(0.83	)		15.10		(20.18	)		124		1.51			1.51			8.18			0.79			132
	—			19.87		32.47			13		1.65	(c)		1.65	(c)		8.13	(c)		(0.19	)(c)		21
$	(1.41	)	$	13.30		(2.44	)%	$	3,134		1.42	%(c)		1.42	%(c)		5.49	%(c)		0.34	%(c)		21	%
	(0.84	)		15.12		(20.11	)		3,216		1.45			1.45			5.96			1.04			132
	—			19.88		32.53			3,923		1.55	(c)		1.55	(c)		8.01	(c)		(0.08	)(c)		21

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 169

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)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
RCM Disciplined Equity:
Class A
5/31/2012+	$	15.34	$	0.06		$	0.20		$	0.26		$	(0.15	)	$	(0.23	)
11/30/2011		15.11		0.14			0.59			0.73			(0.08	)		(0.42	)
11/30/2010		14.53		0.08			1.09			1.17			(0.05	)		(0.54	)
11/30/2009		10.58		0.08			4.11			4.19			(0.06	)		(0.18	)
7/15/2008* - 11/30/2008		15.00		0.04			(4.46	)		(4.42	)		—			—
Class C
5/31/2012+	$	15.07	$	—	(e)	$	0.21		$	0.21		$	(0.02	)	$	(0.23	)
11/30/2011		14.89		0.01			0.59			0.60			—	(d)		(0.42	)
11/30/2010		14.39		(0.03	)		1.07			1.04			—	(d)		(0.54	)
11/30/2009		10.56		(0.02	)		4.09			4.07			(0.06	)		(0.18	)
7/15/2008* - 11/30/2008		15.00		0.02			(4.46	)		(4.44	)		—			—
Class D
5/31/2012+	$	15.43	$	0.07		$	0.20		$	0.27		$	—	(d)	$	(0.23	)
11/30/2011		15.12		0.12			0.61			0.73			—	(d)		(0.42	)
11/30/2010		14.57		0.09			1.07			1.16			(0.07	)		(0.54	)
11/30/2009		10.58		0.08			4.13			4.21			(0.04	)		(0.18	)
7/15/2008* - 11/30/2008		15.00		0.04			(4.46	)		(4.42	)		—			—
Class P
5/31/2012+	$	15.46	$	0.08		$	0.19		$	0.27		$	(0.15	)	$	(0.23	)
11/30/2011		15.21		0.17			0.60			0.77			(0.10	)		(0.42	)
11/30/2010		14.60		0.12			1.09			1.21			(0.06	)		(0.54	)
11/30/2009		10.59		0.11			4.13			4.24			(0.05	)		(0.18	)
7/15/2008* - 11/30/2008		15.00		0.05			(4.46	)		(4.41	)		—			—
Institutional Class
5/31/2012+	$	15.46	$	0.08		$	0.21		$	0.29		$	(0.18	)	$	(0.23	)
11/30/2011		15.21		0.18			0.60			0.78			(0.11	)		(0.42	)
11/30/2010		14.60		0.13			1.10			1.23			(0.08	)		(0.54	)
11/30/2009		10.60		0.12			4.12			4.24			(0.06	)		(0.18	)
7/15/2008* - 11/30/2008		15.00		0.06			(4.46	)		(4.40	)		—			—

+ Unaudited.

* 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. Income dividends and capital gain 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 fee 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) Less than $(0.01) per share.

(e) Less than $0.01 per share.

170 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 See accompanying Notes to Financial Statements

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 Rate
$	(0.38	)	$	15.22		1.77	%	$	7,241		1.14	%(c)		1.36	%(c)		0.80	%(c)		13	%
	(0.50	)		15.34		4.83			5,632		1.27			1.50			0.90			30
	(0.59	)		15.11		8.38			1,740		1.34			2.24			0.53			30
	(0.24	)		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
$	(0.25	)	$	15.03		1.44	%	$	1,196		1.90	%(c)		2.15	%(c)		0.03	%(c)		13	%
	(0.42	)		15.07		4.04			1,075		2.03			2.25			0.08			30
	(0.54	)		14.89		7.51			615		2.09			2.92			(0.23	)		30
	(0.24	)		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
$	(0.23	)	$	15.47		1.81	%	$	351		1.11	%(c)		6.18	%(c)		0.85	%(c)		13	%
	(0.42	)		15.43		4.84			131		1.28			4.15			0.72			30
	(0.61	)		15.12		8.29			362		1.34			2.68			0.59			30
	(0.22	)		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
$	(0.38	)	$	15.35		1.83	%	$	36		0.95	%(c)		1.66	%(c)		1.01	%(c)		13	%
	(0.52	)		15.46		5.05			23		1.06			1.36			1.06			30
	(0.60	)		15.21		8.63			11		1.08			2.04			0.79			30
	(0.23	)		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
$	(0.41	)	$	15.34		1.95	%	$	37,269		0.87	%(c)		1.10	%(c)		1.05	%(c)		13	%
	(0.53	)		15.46		5.15			41,003		0.96			1.22			1.17			30
	(0.62	)		15.21		8.78			17,734		0.98			1.93			0.92			30
	(0.24	)		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

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 171

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)			Total from Investment Operations			Dividends from Net Investment Income
RCM Global Water:
Class A
5/31/2012+	$	8.89	$	0.09		$	0.34		$	0.43		$	(0.05	)
11/30/2011		8.75		0.06			0.08			0.14			—	(g)
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
5/31/2012+	$	8.70	$	0.04		$	0.35		$	0.39		$	—	(g)
11/30/2011		8.62		(0.01	)		0.09			0.08			—	(g)
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
5/31/2012+	$	8.87	$	0.06		$	0.37		$	0.43		$	(0.04	)
11/30/2011		8.73		0.04			0.10			0.14			—	(g)
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
5/31/2012+	$	8.93	$	0.09		$	0.35		$	0.44		$	(0.07	)
11/30/2011		8.77		0.07			0.09			0.16			—	(g)
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
5/31/2012+	$	8.88	$	0.10		$	0.33		$	0.43		$	(0.07	)
11/30/2011		8.71		0.08			0.09			0.17			—	(g)
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	)		—

+ Unaudited.

* 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. Income dividends and capital gain 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 fee 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) Inclusive of expenses offset by custody credits earned on cash balances at the custodian bank. (See note 1(m) 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.

172 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 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 Rate
$	—		$	9.27		4.92	%	$	58,957		1.53	%(c)		1.53	%(c)		2.00	%(c)		56	%
	—			8.89		1.62			27,101		1.68			1.68			0.60			73
	—			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
$	—		$	9.09		4.48	%	$	23,844		2.29	%(c)		2.29	%(c)		0.97	%(c)		56	%
	—			8.70		0.93			20,842		2.44			2.44			(0.15	)		73
	—			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
$	—		$	9.26		4.88	%	$	4,304		1.67	%(c)		1.74	%(c)		1.39	%(c)		56	%
	—			8.87		1.60			5,214		1.72			2.00			0.47			73
	—			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
$	—		$	9.30		4.93	%	$	16,277		1.42	%(c)		1.42	%(c)		1.87	%(c)		56	%
	—			8.93		1.85			16,118		1.49			1.52			0.79			73
	—			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
$	—		$	9.24		4.96	%	$	1,835		1.28	%(c)		1.28	%(c)		2.05	%(c)		56	%
	—			8.88		1.99			1,267		1.37			1.39			0.91			73
	—			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

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 173

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)			Total from Investment Operations			Dividends from Net Investment Income
RCM Redwood:
Class A
5/31/2012+	$	14.46	$	(0.01	)	$	0.17		$	0.16		$	—
12/27/2010* - 11/30/2011		15.00		(0.07	)		(0.47	)		(0.54	)		—
Class C
5/31/2012+	$	14.36	$	(0.07	)	$	0.18		$	0.11		$	—
12/27/2010* - 11/30/2011		15.00		(0.20	)		(0.44	)		(0.64	)		—
Class D
5/31/2012+	$	14.46	$	(0.02	)	$	0.19		$	0.17		$	—
12/27/2010* - 11/30/2011		15.00		(0.08	)		(0.46	)		(0.54	)		—
Class P
5/31/2012+	$	14.49	$	0.01		$	0.18		$	0.19		$	—
12/27/2010* - 11/30/2011		15.00		(0.01	)		(0.50	)		(0.51	)		—
Institutional Class
5/31/2012+	$	14.50	$	0.01		$	0.19		$	0.20		$	—
12/27/2010* - 11/30/2011		15.00		(0.03	)		(0.47	)		(0.50	)		—
RCM Short Duration High Income:
Class A
5/31/2012+	$	15.32	$	0.36		$	0.27		$	0.63		$	(0.34	)
10/3/2011* - 11/30/2011		15.00		0.12			0.25			0.37			(0.05	)
Class C
5/31/2012+	$	15.31	$	0.29		$	0.28		$	0.57		$	(0.29	)
10/3/2011* - 11/30/2011		15.00		0.10			0.25			0.35			(0.04	)
Class D
5/31/2012+	$	15.32	$	0.36		$	0.26		$	0.62		$	(0.34	)
10/3/2011* - 11/30/2011		15.00		0.12			0.25			0.37			(0.05	)
Class P
5/31/2012+	$	15.32	$	0.39		$	0.25		$	0.64		$	(0.35	)
10/3/2011* - 11/30/2011		15.00		0.10			0.28			0.38			(0.06	)
Institutional Class
5/31/2012+	$	15.32	$	0.38		$	0.27		$	0.65		$	(0.35	)
10/3/2011* - 11/30/2011		15.00		0.11			0.27			0.38			(0.06	)

+ Unaudited.

* 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. Income dividends and capital gain 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 fee 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.

174 Allianz Multi-Strategy Funds Semiannual Report 5.31.12 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 (Loss) to Average Net  Assets			Portfolio Turnover Rate
$	14.62		1.11	%	$	1,730		1.70	%(c)		3.47	%(c)		(0.13	)%(c)		49	%
	14.46		(3.60	)		1,414		1.75	(c)		4.87	(c)		(0.49	)(c)		107
$	14.47		0.77	%	$	33		2.50	%(c)		4.35	%(c)		(0.91	)%(c)		49	%
	14.36		(4.27	)		46		2.50	(c)		5.77	(c)		(1.42	)(c)		107
$	14.63		1.18	%	$	162		1.75	%(c)		4.75	%(c)		(0.24	)%(c)		49	%
	14.46		(3.60	)		467		1.75	(c)		5.92	(c)		(0.58	)(c)		107
$	14.68		1.31	%	$	133		1.50	%(c)		3.32	%(c)		0.14	%(c)		49	%
	14.49		(3.40	)		167		1.50	(c)		5.23	(c)		(0.07	)(c)		107
$	14.70		1.38	%	$	7,649		1.40	%(c)		3.23	%(c)		0.18	%(c)		49	%
	14.50		(3.33	)		7,392		1.40	(c)		4.69	(c)		(0.22	)(c)		107
$	15.61		4.11	%	$	9,079		0.95	%(c)		1.19	%(c)		4.57	%(c)		28	%
	15.32		2.50			532		0.95	(c)		2.99	(c)		4.97	(c)		10
$	15.59		3.78	%	$	5,358		1.70	%(c)		1.97	%(c)		3.69	%(c)		28	%
	15.31		2.36			1,245		1.70	(c)		3.72	(c)		4.26	(c)		10
$	15.60		4.06	%	$	1,456		0.95	%(c)		1.18	%(c)		4.61	%(c)		28	%
	15.32		2.50			65		0.95	(c)		2.88	(c)		4.95	(c)		10
$	15.61		4.19	%	$	3,398		0.70	%(c)		1.01	%(c)		5.00	%(c)		28	%
	15.32		2.50			10		0.70	(c)		2.84	(c)		4.22	(c)		10
$	15.62		4.30	%	$	28,143		0.60	%(c)		0.97	%(c)		4.85	%(c)		28	%
	15.32		2.52			8,055		0.60	(c)		2.72	(c)		4.58	(c)		10

See accompanying Notes to Financial Statements 5.31.12 Allianz Multi-Strategy Funds Semiannual Report 175

Notes to Financial Statements

May 31, 2012 (unaudited)

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 twenty-nine separate investment funds, each a “Fund” and collectively the “Funds”. Allianz Global Investors Fund Management LLC (the “Investment Manager”), serves as the Funds’ investment manager and is an indirect, wholly-owned subsidiary of Allianz Asset Management of America L.P. (“AAM”), formerly Allianz Global Investors of America L.P. prior to December 31, 2011. AAM is an indirect, wholly-owned subsidiary 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. As of November 1, 2009, Class B shares are no longer available for purchase, except through exchanges and dividend reinvestments.

The following Funds sold and issued shares of beneficial interest to AAM during the six months ended May 31, 2012 and the year ended November 30, 2011:

AGI Solutions 2025/AGI Solutions 2035/AGI Solutions 2045/ AGI Solutions 2055
Class	Date		Shares		Amount
A		12/19/11		667	$	10,000
R		12/19/11		666		10,000
P		12/19/11		667		10,000
Institutional		12/19/11		200,000		3,000,000
Administrative		12/19/11		667		10,000
				202,667	$	3,040,000
AGIC Focused Opportunity
Class	Date		Shares		Amount
A		12/27/10		667	$	10,000
Institutional		12/27/10		200,000		3,000,000
				200,667	$	3,010,000
AGIC Global Managed Volatility
Class	Date		Shares		Amount
A		12/19/11		666	$	10,000
C		12/19/11		667		10,000
D		12/19/11		667		10,000
P		12/19/11		667		10,000
Institutional		12/19/11		133,333		2,000,000
				136,000	$	2,040,000
AGIC Micro Cap
Class	Date		Shares		Amount
A		12/19/11		1,016	$	10,000
P		12/27/10		704		10,000
				1,720	$	20,000
AGIC Ultra Micro Cap
Class	Date		Shares		Amount
A		12/19/11		780	$	10,000
P		12/27/10		725		10,000
				1,505	$	20,000

AGIC U.S. Emerging Growth
Class	Date		Shares		Amount
A		12/20/10		726	$	10,000
C		12/20/10		726		10,000
D		12/20/10		726		10,000
R		12/20/10		726		10,000
P		12/20/10		726		10,000
				3,630	$	50,000
F&T Behavioral Advantage Large Cap
Class	Date		Shares		Amount
A		9/8/11		667	$	10,000
C		9/8/11		667		10,000
D		9/8/11		667		10,000
P		9/8/11		666		10,000
Institutional		9/8/11		666,666		10,000,000
				669,333	$	10,040,000
NFJ International Value II
Class	Date		Shares		Amount
A		12/1/11		667	$	10,000
C		12/1/11		667		10,000
D		12/1/11		667		10,000
P		12/1/11		666		10,000
Institutional		12/1/11		200,000		3,000,000
				202,667	$	3,040,000
RCM All Alpha
Class	Date		Shares		Amount
A		3/31/11		667	$	10,000
C		3/31/11		667		10,000
D		3/31/11		666		10,000
P		3/31/11		667		10,000
Institutional		3/31/11		333,333		5,000,000
				336,000	$	5,040,000
RCM Redwood
Class	Date		Shares		Amount
A		12/27/10		667	$	10,000
C		12/27/10		667		10,000
D		12/27/10		666		10,000
P		12/27/10		667		10,000
Institutional		12/27/10		200,000		3,000,000
				202,667	$	3,040,000
RCM Short Duration High Income
Class	Date		Shares		Amount
A		10/3/11		667	$	10,000
C		10/3/11		667		10,000
D		10/3/11		666		10,000
P		10/3/11		667		10,000
Institutional		10/3/11		333,333		5,000,000
				336,000	$	5,040,000

176 Allianz Multi-Strategy Funds Semiannual Report 5.31.12

The investment objective of each of AGI Solutions 2015, AGI Solutions 2020, AGI Solutions 2025, AGI Solutions 2030, AGI Solutions 2035, AGI Solutions 2040, AGI Solutions 2045, AGI Solutions 2050 and AGI Solutions 2055 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. The investment objective of AGI Solutions Global Growth Allocation and AGI Solutions Global Allocation is to seek after-inflation capital appreciation and, secondarily, current income. AGI Solutions Retirement Income’s investment objective is to seek current income and secondarily, capital appreciation. 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 Global Managed Volatility, Allianz F&T Behavior Advantage Large Cap, Allianz NFJ International Value II, Allianz RCM China Equity, Allianz RCM Disciplined Equity and Allianz RCM Global Water 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 RCM Short Duration High Income is to seek a high level of current income. The investment objective of Allianz AGIC Focused Opportunity, Allianz AGIC International Growth Opportunities, Allianz AGIC Micro Cap, Allianz AGIC Ultra Micro Cap and Allianz AGIC U.S. Emerging Growth 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. Allianz RCM All Alpha’s investment objective is to seek maximum total return while minimizing the effect of market volatility. The investment objective of Allianz RCM Redwood is to seek long-term capital appreciation with a high degree of downside protection and reduced volatility relative to the broad U.S. equity market. 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.

In April 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) related to the accounting for repurchase agreements and similar agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. The ASU modifies the criteria for determining effective control of transferred assets and as a result certain agreements may be accounted for as secured borrowings. The ASU is effective prospectively for new transfers and existing transactions that are modified in the first interim or annual period beginning on or after December 15, 2011. The Funds’ management is evaluating the implications of this change.

In May 2011, FASB issued an ASU to develop common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with Generally Accepted Accounting Principles (“GAAP”) and International Financial Reporting Standards (“IFRSs”). FASB concluded that the amendments in this ASU will improve the comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with GAAP and IFRSs. The ASU is effective prospectively for interim or annual period beginning on or after December 15, 2011. The Funds’ management is evaluating the implications of this change.

In December 2011, the FASB issued ASU No. 2011-11, “Disclosures About Offsetting Assets and Liabilities”, which requires enhanced disclosures that will enable users to evaluate the effect or potential effect of netting arrangements on an entity’s financial position, including the effect or potential effect of rights of setoff associated with certain financial instruments and derivative instruments. The amendments are effective for fiscal years beginning on or after January 1, 2013. The Funds are currently evaluating the effect that the guidance may have on their financial statements.

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 for which a development/event occurs that may significantly impact the value of a security, are fair-valued, in good faith, pursuant to procedures approved by the Board of Trustees, or persons acting at their discretion pursuant to procedures approved 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. Exchange-traded futures and options on futures are valued at the price determined by the relevant exchange. Securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. 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 share class of a Fund 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 each Fund’s financial statements. The NAV of each share class of a Fund 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 NAV of each share class of a Fund is calculated. With respect to certain foreign securities, the Funds may fair-value securities using modeling tools provided by third-party vendors.

5.31.12 Allianz Multi-Strategy Funds Semiannual Report 177

Notes to Financial Statements  (Cont.)

May 31, 2012 (unaudited)

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 each Fund’s financial statements. Fair value pricing may require subjective determinations about the value of a security or other asset, and fair values used to determine the NAV of each share class of a Fund 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 six months ended May 31, 2012 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 is 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 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 & 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 and notes 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 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.

Option Contracts—Option contracts traded over the counter (“OTC”) are valued by independent pricing services based on pricing models that incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts based on a given strike price. To the extent that these inputs are observable, the values of OTC option contracts 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.

Senior Loans—Senior Loans are valued by independent pricing services based on the average of quoted prices received from multiple dealers or valued relative to other benchmark securities when broker-dealers quotes are unavailable. To the extent that these inputs are observable, the values of Senior Loans 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.

178 Allianz Multi-Strategy Funds Semiannual Report 5.31.12

A summary of the inputs used at May 31, 2012 in valuing each Fund’s assets and liabilities is listed below (refer to the Schedules of Investments and Notes 7(a) and 7(c) for more detailed information on Investments in Securities and Other Financial Instruments):

AGI Solutions 2015:
	Level 1– Quoted  Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Allianz Funds	$	1,430,651		—		—	$	1,430,651
Allianz Funds Multi-Strategy Trust		1,017,737		—		—		1,017,737
Exchange-Traded Funds		1,090,387		—		—		1,090,387
Other Mutual Funds		489,388		—		—		489,388
PIMCO Funds		5,738,660		—		—		5,738,660
Total Investments	$	9,766,823		—		—	$	9,766,823
AGI Solutions 2020:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level  3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Allianz Funds	$	1,140,482		—		—	$	1,140,482
Allianz Funds Multi-Strategy Trust		846,513		—		—		846,513
Exchange-Traded Funds		614,245		—		—		614,245
Other Mutual Funds		334,018		—		—		334,018
PIMCO Funds		3,720,652		—		—		3,720,652
Total Investments	$	6,655,910		—		—	$	6,655,910
AGI Solutions 2025:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Allianz Funds	$	601,480		—		—	$	601,480
Allianz Funds Multi-Strategy Trust		462,188		—		—		462,188
Exchange-Traded Funds		230,097		—		—		230,097
Other Mutual Funds		158,855		—		—		158,855
PIMCO Funds		1,708,189		—		—		1,708,189
Total Investments	$	3,160,809		—		—	$	3,160,809
AGI Solutions 2030:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Allianz Funds	$	2,034,659		—		—	$	2,034,659
Allianz Funds Multi-Strategy Trust		1,383,811		—		—		1,383,811
Exchange-Traded Funds		253,174		—		—		253,174
Other Mutual Funds		478,797		—		—		478,797
PIMCO Funds		3,782,973		—		—		3,782,973
Total Investments	$	7,933,414		—		—	$	7,933,414

5.31.12 Allianz Multi-Strategy Funds Semiannual Report 179

Notes to Financial Statements  (Cont.)

May 31, 2012 (unaudited)

AGI Solutions 2035:
	Level 1– Quoted  Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Allianz Funds	$	1,008,869		—		—	$	1,008,869
Allianz Funds Multi-Strategy Trust		621,372		—		—		621,372
Exchange-Traded Funds		33,610		—		—		33,610
Other Mutual Funds		206,389		—		—		206,389
PIMCO Funds		1,302,121		—		—		1,302,121
Total Investments	$	3,172,361		—		—	$	3,172,361
AGI Solutions 2040:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Allianz Funds	$	2,435,471		—		—	$	2,435,471
Allianz Funds Multi-Strategy Trust		1,358,942		—		—		1,358,942
Exchange-Traded Funds		100,707		—		—		100,707
Other Mutual Funds		443,959		—		—		443,959
PIMCO Funds		1,996,856		—		—		1,996,856
Total Investments	$	6,335,935		—		—	$	6,335,935
AGI Solutions 2045:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Allianz Funds	$	1,284,793		—		—	$	1,284,793
Allianz Funds Multi-Strategy Trust		734,357		—		—		734,357
Exchange-Traded Funds		51,302		—		—		51,302
Other Mutual Funds		222,649		—		—		222,649
PIMCO Funds		887,972		—		—		887,972
Total Investments	$	3,181,073		—		—	$	3,181,073
AGI Solutions 2050:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Allianz Funds	$	2,520,332		—		—	$	2,520,332
Allianz Funds Multi-Strategy Trust		1,437,331		—		—		1,437,331
Exchange-Traded Funds		98,931		—		—		98,931
Other Mutual Funds		344,235		—		—		344,235
PIMCO Funds		1,438,537		—		—		1,438,537
Total Investments	$	5,839,366		—		—	$	5,839,366

180 Allianz Multi-Strategy Funds Semiannual Report 5.31.12

AGI Solutions 2055:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Allianz Funds	$	1,367,462		—		—	$	1,367,462
Allianz Funds Multi-Strategy Trust		780,098		—		—		780,098
Exchange-Traded Funds		51,608		—		—		51,608
Other Mutual Funds		188,917		—		—		188,917
PIMCO Funds		780,645		—		—		780,645
Total Investments	$	3,168,730		—		—	$	3,168,730
AGI Solutions Global Allocation:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Allianz Funds	$	69,607,465		—		—	$	69,607,465
Allianz Funds Multi-Strategy Trust		39,507,386		—		—		39,507,386
Exchange-Traded Funds		6,504,007		—		—		6,504,007
Other Mutual Funds		13,229,684		—		—		13,229,684
PIMCO Funds		74,306,609		—		—		74,306,609
Repurchase Agreements		—	$	669,000		—		669,000
Total Investments	$	203,155,151	$	669,000		—	$	203,824,151
AGI Solutions Global Growth Allocation:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Allianz Funds	$	3,374,237		—		—	$	3,374,237
Allianz Funds Multi-Strategy Trust		1,773,420		—		—		1,773,420
Exchange-Traded Funds		112,828		—		—		112,828
Other Mutual Funds		494,798		—		—		494,798
PIMCO Funds		898,977		—		—		898,977
Total Investments	$	6,654,260		—		—	$	6,654,260
AGI Solutions Retirement Income:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Allianz Funds	$	2,449,757		—		—	$	2,449,757
Allianz Funds Multi-Strategy Trust		1,999,905		—		—		1,999,905
Exchange-Traded Funds		2,081,845		—		—		2,081,845
Other Mutual Funds		918,280		—		—		918,280
PIMCO Funds		10,886,128		—		—		10,886,128
Repurchase Agreements		—	$	149,000		—		149,000
Total Investments	$	18,335,915	$	149,000		—	$	18,484,915

5.31.12 Allianz Multi-Strategy Funds Semiannual Report 181

Notes to Financial Statements  (Cont.)

May 31, 2012 (unaudited)

AGIC Convertible:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Convertible Bonds:
Airlines		—		—	$	10,015,327	$	10,015,327
All Other		—	$	685,113,361		—		685,113,361
Convertible Preferred Stock:
Financial Services	$	28,860,150		10,656,686		—		39,516,836
Road/Rail		—		10,490,743		—		10,490,743
All Other		36,290,562		—		—		36,290,562
Common Stock		4,095,291		—		—		4,095,291
Repurchase Agreements		—		29,582,000		—		29,582,000
Total Investments	$	69,246,003	$	735,842,790	$	10,015,327	$	815,104,120
AGIC Focused Opportunity:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Common Stock	$	3,393,278		—		—	$	3,393,278
AGIC Global Managed Volatility:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Common Stock:
Belgium		—	$	67,578		—	$	67,578
China		—		492,617	$	174,955		667,572
Hong Kong		—		983,818		—		983,818
Italy		—		45,738		—		45,738
Japan		—		2,497,818		—		2,497,818
Netherlands		—		41,325		—		41,325
Switzerland		—		279,523		—		279,523
United Kingdom		—		249,350		—		249,350
All Other	$	7,042,242		—		—		7,042,242
Total Investments	$	7,042,242	$	4,657,767	$	174,955	$	11,874,964
AGIC High Yield Bond:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Corporate Bonds & Notes:
Communications		—		—	$	1,646,281	$	1,646,281
Financial Services		—	$	20,739,100		1,478,337		22,217,437
All Other		—		234,917,965		—		234,917,965
Repurchase Agreements		—		9,082,000		—		9,082,000
Total Investments		—	$	264,739,065	$	3,124,618	$	267,863,683

182 Allianz Multi-Strategy Funds Semiannual Report 5.31.12

AGIC International Growth Opportunities:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs			Value at 5/31/12
Investments in Securities – Assets
Common Stock:
Canada	$	9,928,157		—		—		$	9,928,157
China		2,918,824	$	1,326,731		—			4,245,555
Norway		1,361,700		1,791,898		—			3,153,598
All Other		—		92,450,370		—			92,450,370
Preferred Stock		1,756,402		—		—			1,756,402
Repurchase Agreements		—		3,663,000		—			3,663,000
Total Investments	$	15,965,083	$	99,231,999		—		$	115,197,082
AGIC Micro Cap:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs			Value at 5/31/12
Investments in Securities – Assets
Common Stock	$	45,157,995		—		—		$	45,157,995
Warrants		—		—		—	†		—	†
Repurchase Agreements		—	$	1,277,000		—			1,277,000
Total Investments	$	45,157,995	$	1,277,000		—	†	$	46,434,995

† Security is fair-valued at $0.

AGIC Ultra Micro Cap:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs			Value at 5/31/12
Investments in Securities – Assets
Common Stock	$	12,741,226		—		—		$	12,741,226
Warrants		—		—		—	†		—	†
Repurchase Agreements		—	$	462,000		—			462,000
Total Investments	$	12,741,226	$	462,000		—	†	$	13,203,226

† Security is fair-valued at $0.

AGIC U.S. Emerging Growth:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs			Value at 5/31/12
Investments in Securities – Assets
Common Stock	$	19,231,430		—		—		$	19,231,430
Warrants		—		—		—	†		—	†
Repurchase Agreements		—	$	490,000		—			490,000
Total Investments	$	19,231,430	$	490,000		—	†	$	19,721,430

† Security is fair-valued at $0.

F&T Behavioral Advantage Large Cap:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Common Stock	$	12,501,705		—		—	$	12,501,705

5.31.12 Allianz Multi-Strategy Funds Semiannual Report 183

Notes to Financial Statements  (Cont.)

May 31, 2012 (unaudited)

NFJ Global Dividend Value:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Common Stock:
Australia		—	$	904,037		—	$	904,037
France		—		3,153,705		—		3,153,705
Germany		—		1,485,952		—		1,485,952
Hong Kong		—		1,670,306		—		1,670,306
Japan		—		2,984,916		—		2,984,916
Korea (Republic of)		—		2,155,742		—		2,155,742
Spain		—		687,932		—		687,932
Switzerland		—		1,423,769		—		1,423,769
United Kingdom	$	718,560		3,270,924		—		3,989,484
All Other		21,835,159		—		—		21,835,159
Repurchase Agreements		—		1,141,000		—		1,141,000
Total Investments	$	22,553,719	$	18,878,283		—	$	41,432,002
NFJ International Value II:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Common Stock:
Argentina	$	24,220		—		—	$	24,220
Brazil		85,782		—		—		85,782
Canada		216,564		—		—		216,564
China		31,654	$	55,257		—		86,911
Israel		52,746		—		—		52,746
Korea (Republic of)		75,248		—		—		75,248
Russian Federation		63,914		—		—		63,914
South Africa		46,327		—		—		46,327
Taiwan		29,632		—		—		29,632
Turkey		25,594		—		—		25,594
All Other		—		2,188,650		—		2,188,650
Rights:
Australia		—		—	$	22		22
Total Investments	$	651,681	$	2,243,907	$	22	$	2,895,610
RCM All Alpha:
	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Common Stock:
Belgium		—	$	8,840		—	$	8,840
China	$	37,129		790,103		—		827,232
France		—		31,275		—		31,275
Germany		—		54,022		—		54,022
Hong Kong		103,367		414,258		—		517,625
Spain		—		8,769		—		8,769
Switzerland		—		27,073		—		27,073
United Kingdom		—		53,685		—		53,685
All Other		2,034,579		—		—		2,034,579
Repurchase Agreements		—		742,000		—		742,000
Total Investments in Securities – Assets	$	2,175,075	$	2,130,025		—	$	4,305,100

184 Allianz Multi-Strategy Funds Semiannual Report 5.31.12

	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Liabilities
Securities Sold Short, at value:
Common Stock:
Belgium		—		$	(15,088	)		—	$	(15,088	)
Denmark		—			(16,402	)		—		(16,402	)
Finland		—			(4,071	)		—		(4,071	)
France		—			(16,549	)		—		(16,549	)
Germany	$	(37,831	)		(40,671	)		—		(78,502	)
Netherlands		—			(47,938	)		—		(47,938	)
Switzerland		(82,882	)		(25,445	)		—		(108,327	)
All Other		(1,439,273	)		—			—		(1,439,273	)
Exchange-Traded Funds		(411,842	)		—			—		(411,842	)
Preferred Stock		—			(11,433	)		—		(11,433	)
Total Investments in Securities – Liabilities	$	(1,971,828	)	$	(177,597	)		—	$	(2,149,425	)
Other Financial Instruments* – Assets
Foreign Exchange Contracts		—		$	245			—	$	245
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		—		$	(17	)		—	$	(17	)
Market Price	$	(6,788	)		—			—		(6,788	)
Total Other Financial Instruments* – Liabilities		(6,788	)	$	(17	)		—	$	(6,805	)
Total Investments	$	196,459		$	1,952,656			—	$	2,149,115
RCM China Equity:
	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Common Stock:
China		—		$	3,134,178			—	$	3,134,178
Hong Kong	$	202,958			315,274			—		518,232
Total Investments	$	202,958		$	3,449,452			—	$	3,652,410
RCM Disciplined Equity:
	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Common Stock	$	44,796,215			—			—	$	44,796,215
Repurchase Agreements		—		$	1,292,000			—		1,292,000
Total Investments	$	44,796,215		$	1,292,000			—	$	46,088,215
RCM Global Water:
	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Common Stock:
Brazil	$	3,337,696			—			—	$	3,337,696
Hong Kong		—		$	1,821,521		$	116,760		1,938,281
United States		37,660,693			—			—		37,660,693
All Other		—			56,060,241			—		56,060,241
Repurchase Agreements		—			5,068,000			—		5,068,000
Total Investments	$	40,998,389		$	62,949,762		$	116,760	$	104,064,911

5.31.12 Allianz Multi-Strategy Funds Semiannual Report 185

Notes to Financial Statements  (Cont.)

May 31, 2012 (unaudited)

RCM Redwood:
	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Common Stock	$	7,737,728			—			—	$	7,737,728
Repurchase Agreements		—		$	3,654,000			—		3,654,000
Options Purchased:
Market Price		16,644			—			—		16,644
Total Investments in Securities – Assets	$	7,754,372		$	3,654,000			—	$	11,408,372
Investments in Securities – Liabilities
Options Written, at value:
Market Price	$	(1,691,675	)	$	(240	)		—	$	(1,691,915	)
Total Investments	$	6,062,697		$	3,653,760			—	$	9,716,457
RCM Short Duration High Income:
	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 5/31/12
Investments in Securities – Assets
Corporate Bonds & Notes		—		$	38,069,884			—	$	38,069,884
Senior Loans		—			2,405,909			—		2,405,909
Convertible Bonds		—			2,213,150			—		2,213,150
Short-Term Investments		—			4,106,969			—		4,106,969
Total Investments		—		$	46,795,912			—	$	46,795,912

There were no significant transfers between Levels 1 and 2 during the six months ended May 31, 2012.

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the six months ended May 31, 2012, was as follows:

AGIC Convertible:

	Beginning Balance 11/30/11		Purchases		Sales			Accrued Discounts (Premiums)		Net Realized Gain  (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3**			Ending Balance 5/31/12
Investments in Securities – Assets
Convertible Bonds:
Airlines		—	$	9,307,206		—			—		—		$	708,121			—		—		$	10,015,327
Machinery	$	10,628,700		1,530,485	$	(5,550,052	)	$	32,126	$	(652,700	)		(234,934	)		—	$	(5,753,625	)		—
Total Investments	$	10,628,700	$	10,837,691	$	(5,550,052	)	$	32,126	$	(652,700	)	$	473,187			—	$	(5,753,625	)	$	10,015,327

The net change in unrealized appreciation/depreciation of Level 3 investments which the Fund held at May 31, 2012 was $708,121.

AGIC Global Managed Volatility:

	Beginning Balance 11/30/11		Purchases		Sales			Accrued Discounts (Premiums)		Net Realized Gain  (Loss)		Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3		Ending Balance 5/31/12
Investments in Securities – Assets
Common Stock:
China		—	$	281,487	$	(58,816	)		—	$	8,687	$	(56,403	)		—		—	$	174,955

The net change in unrealized appreciation/depreciation of Level 3 investments which the Fund held at May 31, 2012 was $(56,403).

186 Allianz Multi-Strategy Funds Semiannual Report 5.31.12

AGIC High Yield Bond:

	Beginning Balance 11/30/11		Purchases		Sales			Accrued Discounts (Premiums)		Net Realized Gain  (Loss)		Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3**			Ending Balance 5/31/12
Investments in Securities – Assets
Corporate Bonds & Notes:
Automotive	$	3,645,199	$	3,099,000	$	(3,585,349	)	$	6,833	$	7,044	$	178,648			—	$	(3,351,375	)		—
Communications		—		1,836,638		—			2,959		—		(193,316	)		—		—		$	1,646,281
Financial Services		—		1,646,036		(161,587	)		654		8,762		(15,528	)		—		—			1,478,337
Total Investments	$	3,645,199	$	6,581,674	$	(3,746,936	)	$	10,446	$	15,806	$	(30,196	)		—	$	(3,351,375	)	$	3,124,618

The net change in unrealized appreciation/depreciation of Level 3 investments which the Fund held at May 31, 2012 was $(208,844).

AGIC Micro Cap:

Beginning Balance 11/30/11

Purchases

Sales

Accrued Discounts (Premiums)

Net Realized Gain  (Loss)

Net Change in Unrealized Appreciation/ Depreciation

Transfers into Level 3

Transfers out of Level 3

Ending Balance 5/31/12

Investments in Securities – Assets

Warrants

—

†

—

—

—

—

—

—

—

—

†

† Security is fair-valued at $0.

AGIC Ultra Micro Cap:

Beginning Balance 11/30/11

Purchases

Sales

Accrued Discounts (Premiums)

Net Realized Gain  (Loss)

Net Change in Unrealized Appreciation/ Depreciation

Transfers into Level 3

Transfers out of Level 3

Ending Balance 5/31/12

Investments in Securities – Assets

Warrants

—

†

—

—

—

—

—

—

—

—

†

† Security is fair-valued at $0.

AGIC U.S. Emerging Growth:

Beginning Balance 11/30/11

Purchases

Sales

Accrued Discounts (Premiums)

Net Realized Gain  (Loss)

Net Change in Unrealized Appreciation/ Depreciation

Transfers into Level 3

Transfers out of Level 3

Ending Balance 5/31/12

Investments in Securities – Assets

Warrants

—

†

—

—

—

—

—

—

—

—

†

† Security is fair-valued at $0.

NFJ International Value II:

	Beginning Balance 11/30/11		Purchases			Sales		Accrued Discounts (Premiums)		Net Realized Gain  (Loss)		Net Change in Unrealized Appreciation/ Depreciation		Transfers into Level 3		Transfers out of Level 3		Ending Balance 5/31/12
Investments in Securities – Assets
Rights:
Australia		—		—	†		—		—		—	$	22		—		—	$	22

† Rights were received as part of an offering.

The net change in unrealized appreciation/depreciation of Level 3 investments which the Fund held at May 31, 2012 was $22.

5.31.12 Allianz Multi-Strategy Funds Semiannual Report 187

Notes to Financial Statements  (Cont.)

May 31, 2012 (unaudited)

RCM Global Water:

	Beginning Balance 11/30/11		Purchases			Sales			Accrued Discounts (Premiums)		Net Realized Gain  (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3		Ending Balance 5/31/12
Investments in Securities – Assets
Common Stock:
China	$	13,580		—		$	(16,590	)		—	$	(79,741	)	$	82,751			—		—		—
Hong Kong		—	$	350,150	†		—			—		—			(233,390	)		—		—	$	116,760
Total Investments	$	13,580	$	350,150		$	(16,590	)		—	$	(79,741	)	$	(150,639	)		—		—	$	116,760

† Security acquired in merger with Allianz RCM Global EcoTrends^SM Fund.

The net change in unrealized appreciation/depreciation of Level 3 investments which the Fund held at May 31, 2012 was $(233,390).

Net realized gain (loss) and net change in unrealized appreciation/depreciation are reflected on the Statements of Operations.

* Other financial instruments are derivatives not reflected in the Schedules of Investments, such as futures contracts and forward foreign currency contracts, which are valued at the unrealized appreciation (depreciation) of the instrument.

** Transferred out of Level 3 into Level 2 because sufficient observable inputs were available.

(c) Investment Transactions and Investment Income.  Investment transactions are accounted for on the trade date. Securities purchased and sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses on investments are determined on an identified cost basis. Interest income adjusted for the accretion of discount and amortization of premium is recorded on an accrual basis. Discounts or premiums on debt securities purchased are accreted or amortized, respectively, to interest income over the lives of the respective securities. Conversion premium is not amortized.

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. Payments received from real estate investment trust securities may be comprised of dividends, realized gains and return of capital. The payment may initially be recorded as dividend income and may subsequently be reclassified as realized gains and/or return of capital upon receipt of information from the issuer. Payments considered return of capital reduce the cost basis of the respective security. 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. Facility fees and other fees (such as origination fees) received on settlement date are amortized as income over the expected term of the senior loan. Facility fees and other fees received after settlement date relating to senior loans and consent fees relating to corporate actions are recorded as miscellaneous income upon receipt. 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 other 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.

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 May 31, 2012. The Funds’ 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 AGI Solutions Global Allocation, AGI Solutions Retirement Income, AGIC Convertible, AGIC High Yield Bond, NFJ Global Dividend Value, NFJ International Value II and RCM Short Duration High Income) declare dividends and distributions from net investment income and net realized capital gains, if any, annually. AGI Solutions Global Allocation, AGI Solutions Retirement Income, AGIC Convertible, NFJ Global Dividend Value and NFJ International Value II declare dividends from net investment income quarterly and distributions from net realized capital gains, if any, annually. AGIC High Yield Bond and RCM Short Duration High Income declare dividends from net investment income monthly and distributions from net realized capital gains, if any, annually. The Funds record dividends 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 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 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, include administration, administrative servicing, distribution, 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 currencies 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.

188 Allianz Multi-Strategy Funds Semiannual Report 5.31.12

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 Withholding 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: AGIC Global Managed Volatility—$9,132, AGIC International Growth Opportunities—$79,295, AGIC Micro Cap—$1,542, AGIC U.S. Emerging Growth—$54, F&T Behavioral Advantage Large Cap—$140, NFJ Global Dividend Value—$55,446, NFJ International Value II—$5,725, RCM All Alpha—$959, RCM China Equity—$2,025, RCM Global Water—$130,581 and RCM Redwood—$338.

(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) Securities Sold Short.  Certain Funds engage in short sales for investment and risk management purposes. Short sales are transactions in which a Fund sells a security or other instrument (such as an option, forward, future or other derivative contract) it does not own. When the Funds engage in a short sale, they must borrow the security sold short and deliver it to the counterparty. The Funds will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Until a short position is closed out, the net proceeds of the short sale will be retained by the lending broker to the extent necessary to meet margin requirements, together with any additional assets the broker requires as collateral. A fund is also required to designate, on its books or the books of its custodian, liquid assets (less any additional collateral held by the broker) to cover the short sale obligation, marked-to-market daily. Short sales expose the Funds to the risk that they will be required to cover the short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the applicable Fund. A short sale is “against the box” if the Funds hold in their portfolio or have the right to acquire the security sold short at no additional cost. The Funds will be subject to additional risks to the extent that they engage in short sales that are not “against the box.” A Fund’s loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(k) Warrants.  The Funds may receive warrants. Warrants are securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants are freely transferable and are often

traded on major exchanges. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

(l) Senior Loans.  The Funds purchase assignments of, and participations in, Senior Loans originated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company or other financial institution (the “Agent”) for a lending syndicate of financial institutions (the “Lender”). When purchasing an assignment, the Funds succeed to all the rights and obligations under the loan agreement with the same rights and obligations as the assigning Lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning Lender.

(m) Custody Credits on Cash Balances.  The Funds may 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. The Funds did not earn custody credits in the six months ended May 31, 2012. Cash overdraft charges, if any, are included in custodian and accounting agent fees.

(n) When-Issued/Delayed-Delivery Transactions.  When-issued or delayed-delivery transactions involve a commitment to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Funds will set aside liquid assets in an amount sufficient to meet the purchase price and maintain these assets until the settlement date in a designated account. When purchasing a security on a delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations; consequently, such fluctuations are taken into account when determining the net asset value. The Funds my dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a realized gain or loss. When a security is sold on delayed-delivery basis, the Funds do not participate in future gains and losses with respect to the security.

(o) Inflation-Indexed Bonds.  Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond,

5.31.12 Allianz Multi-Strategy Funds Semiannual Report 189

Notes to Financial Statements  (Cont.)

May 31, 2012 (unaudited)

however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be considered interest income in the Statements of Operations, even though investors do not receive principal until maturity.

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 risk) or failure of the other party to a transaction to perform (counterparty risk). The Funds are also exposed to other risks such as, but not limited to, interest rate, foreign currency, credit and leverage 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.

Variable and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if interest rates increase. Inverse floating rate securities may also exhibit greater price volatility than a fixed rate obligation with similar credit quality. When the Funds hold variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the NAV of the Funds’ shares.

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, it 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 Funds’ investments in foreign currency-denominated securities may reduce the returns of the Funds.

The Funds are subject 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 securities may decline due to general market conditions (market risk) 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 (including sub-sub-advisers), Allianz Global Investors Capital LLC (“AGI Capital”), Allianz Global Investors Solutions LLC (“AGIS”), Caywood-Scholl Capital Management LLC (“Caywood-Scholl”), NFJ Investment Group LLC (“NFJ”), RCM Asia Pacific Limited (“RCM AP”), RCM Capital Management LLC (“RCM”) and Allianz Global Investors Europe GmbH (“AGI Europe”), each an affiliate of the Investment Manager, and Fuller & Thaler Asset Management, Inc. (“Fuller & Thaler”), 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 Funds may be exposed to risks associated with leverage. Leverage may cause the value of the Funds’ shares to be more volatile than if the Funds did not use leverage. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of the Funds’ portfolio securities. The Funds may engage in transactions or purchase instruments that give rise to forms of leverage. In addition, to the extent the Funds employs leverage, interest costs may not be recovered by any appreciation of the securities purchased with the leverage proceeds and could exceed the Funds’ investment returns, resulting in greater losses.

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.

190 Allianz Multi-Strategy Funds Semiannual Report 5.31.12

3. UNDERLYING FUNDS AND OTHER ACQUIRED FUNDS RISK

AGI Solutions 2015, AGI Solutions 2020, AGI Solutions 2025, AGI Solutions 2030, AGI Solutions 2035, AGI Solutions 2040, AGI Solutions 2045, AGI Solutions 2050, AGI Solutions 2055, AGI Solutions Global Allocation, AGI Solutions Global Growth Allocation and AGI Solutions Retirement Income invest their assets primarily in series of Allianz Funds, Allianz Funds Multi-Strategy Trust, PIMCO Equity Series, PIMCO Funds and PIMCO sponsored exchange-traded Funds (“ETFs”) (together, “Underlying Funds”). The Funds may also invest a portion of their assets in unaffiliated ETFs and mutual funds and pooled vehicles (together, “Other Acquired Funds”). Accordingly, the investment performance of these Funds 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 derivatives and hedging activities requires qualitative disclosure regarding objectives and strategies for using derivatives, quantitative disclosure about fair value amounts of gains and losses on derivatives, 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.

Futures Contracts.  The Funds use futures contracts to manage their exposure to the securities markets or the movements in interest rates and currency values. A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into such a contract, the Funds are required to pledge to the broker an amount of cash or securities equal to the minimum “initial margin” requirements of the exchange. Pursuant to the contracts, the Funds agree to receive from or pay to the broker an amount of cash or securities equal to the daily fluctuation in the value of the contracts. Such receipts or payments are known as “variation margin” and are recorded by the Funds as unrealized appreciation or depreciation. When the contracts are closed, the Funds record a realized gain or loss equal to the difference between the value of the contracts at the time they were opened and the

value at the time they were closed. Any unrealized appreciation or depreciation recorded is simultaneously reversed. The use of futures transactions involves various risks, including the risk of an imperfect correlation in the movements in the price of futures contracts, interest rates and underlying hedging assets, and possible inability or unwillingness of counterparties to meet the terms of their contracts.

Options Transactions.  The Funds purchase put and call options on securities and indices for hedging purposes, risk management purposes or otherwise as part of their investment strategies. The risk associated with purchasing an option includes the risk that the Funds pay a premium whether or not the option is exercised. Additionally, the Funds bear the risk of loss of premiums and changes in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of put options are decreased by the premiums paid.

The Funds write (sell) put and call options on securities and indices to earn premiums, for hedging purposes, risk management purposes or otherwise as part of their investment strategies. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the option written. These liabilities, if any, are reflected as options written in the Funds’ Statements of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchased transactions, as a realized loss. If a call option written is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a put option written is exercised, the premium reduces the cost basis of the security. In writing an option, the Funds bear the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Funds purchasing a security at a price different from its current market value.

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 risk in excess of the unrealized appreciation (depreciation) reflected in the Funds’ Statements of Assets and Liabilities.

5.31.12 Allianz Multi-Strategy Funds Semiannual Report 191

Notes to Financial Statements  (Cont.)

May 31, 2012 (unaudited)

The following is a summary of the fair valuations of the Funds’ derivatives categorized by risk exposure.

The effect of derivatives on the Statements of Assets and Liabilities at May 31, 2012:

RCM All Alpha:

Location	Market Price		Foreign Exchange Contracts			Total
Asset derivatives:
Receivable for variation margin on futures contracts*	$	14,062		—		$	14,062
Unrealized appreciation of forward foreign currency contracts		—	$	245			245
Total asset derivatives	$	14,062	$	245		$	14,307
Liability derivatives:
Unrealized depreciation of forward foreign currency contracts		—	$	(17	)	$	(17	)

RCM Redwood:

Location	Market Price
Asset derivatives:
Investments, at value (options purchased)	$	16,644
Liability derivatives:
Options written, at value	$	(1,691,915	)

* Included in the net unrealized depreciation of $6,788 on futures contracts, as reported in section 7(a) of the Notes to Financial Statements.

The effect of derivatives on the Statements of Operations for the six months ended May 31, 2012:

RCM All Alpha:

Location	Market Price		Foreign Exchange Contracts		Total
Net realized loss on:
Futures contracts	$	(81,157)		—	$	(81,157)
Foreign currency transactions (forward foreign currency contracts)		—	$	(3,927)		(3,927)
Total net realized loss	$	(81,157)	$	(3,927)	$	(85,084)
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	(11,807)		—	$	(11,807)
Foreign currency transactions (forward foreign currency contracts)		—	$	137		137
Total net change in unrealized appreciation/depreciation	$	(11,807)	$	137	$	(11,670)

RCM China Equity:

Location	Foreign Exchange Contracts
Net realized gain on:
Foreign currency transactions (forward foreign currency contracts)	$	187

RCM Global Water:

Location	Foreign Exchange Contracts
Net realized loss on:
Foreign currency transactions (forward foreign currency contracts)	$	(20,407	)

RCM Redwood:

Location	Market Price
Net realized loss on:
Investments (options purchased)	$	(28,363	)
Options written		(214,940	)
Total net realized loss	$	(243,303	)
Net change in unrealized appreciation/depreciation of:
Investments (options purchased)	$	16,662
Options written		315,698
Total net change in unrealized appreciation/depreciation	$	332,360

The average volume (measured at each fiscal quarter-end) of derivative activity during the six months ended May 31, 2012:

	Options Purchased		Options Written		Futures Contracts(1)		Forward Foreign Currency Contracts (2)
	Contracts(1)		Contracts(1)		Short		Purchased		Sold
RCM All Alpha		—		—		60	$	52,428	$	36,144
RCM Global Water		—		—		—		2,715,404		2,167,421
RCM Redwood		40		3,139		—		—		—

(1) Number of contracts

(2) U.S. $ value on origination date

5. INVESTMENT MANAGER/ADMINISTRATOR/SUB-ADVISER/DISTRIBUTOR

Investment Management Fee.  Each Fund has 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.

Administration Fee.  AGIFM provides administrative services to AGI Solutions 2015, AGI Solutions 2020, AGI Solutions 2025, AGI Solutions 2030, AGI Solutions 2035, AGI Solutions 2040, AGI Solutions 2045, AGI Solutions 2050, AGI Solutions 2055 and AGI Solutions Retirement Income and also bears the cost of most third-party administrative services required by the Funds, in return it receives from each share class of each Fund a monthly administration fee based on each share class’ average daily net assets (the “Administration Fee”).

192 Allianz Multi-Strategy Funds Semiannual Report 5.31.12

The Investment Management Fee and Administration Fee for all classes are charged at an annual rate as indicated in the following table:

	All Classes						Class A, C, D and R			Class P and Administrative			Institutional Class
	Management Fee			Effective Management Fee			Administrative Fee
AGI Solutions 2015		0.05	%		0.05	%		0.30	%		0.15	%		0.10	%
AGI Solutions 2020		0.05			0.05			0.30			0.15			0.10
AGI Solutions 2025		0.05			0.05			0.30			0.15			0.10
AGI Solutions 2030		0.05			0.05			0.30			0.15			0.10
AGI Solutions 2035		0.05			0.05			0.30			0.15			0.10
AGI Solutions 2040		0.05			0.05			0.30			0.15			0.10
AGI Solutions 2045		0.05			0.05			0.30			0.15			0.10
AGI Solutions 2050		0.05			0.05			0.30			0.15			0.10
AGI Solutions 2055		0.05			0.05			0.30			0.15			0.10
AGI Solutions Global Allocation		0.85			0.15			N/A			N/A			N/A
AGI Solutions Global Growth Allocation		0.85			0.15			N/A			N/A			N/A
AGI Solutions Retirement Income		0.05			0.05			0.30			0.15			0.10
AGIC Convertible		0.57			0.57			N/A			N/A			N/A
AGIC Focused Opportunity		0.80			0.80			N/A			N/A			N/A
AGIC Global Managed Volatility		0.40			0.40			N/A			N/A			N/A
AGIC High Yield Bond		0.48			0.48			N/A			N/A			N/A
AGIC International Growth Opportunities		1.00			1.00			N/A			N/A			N/A
AGIC Micro Cap		1.25			1.25			N/A			N/A			N/A
AGIC Ultra Micro Cap		1.50			1.50			N/A			N/A			N/A
AGIC U.S. Emerging Growth		0.90			0.90			N/A			N/A			N/A
F&T Behavioral Advantage Large Cap		0.40			0.40			N/A			N/A			N/A
NFJ Global Dividend Value		0.80	*		0.83			N/A			N/A			N/A
NFJ International Value II		0.80			0.80			N/A			N/A			N/A
RCM All Alpha		1.25			1.25			N/A			N/A			N/A
RCM China Equity		1.10			1.10			N/A			N/A			N/A
RCM Disciplined Equity		0.60	*		0.67			N/A			N/A			N/A
RCM Global Water		0.95			0.95			N/A			N/A			N/A
RCM Redwood Fund		1.00			1.00			N/A			N/A			N/A
RCM Short Duration High Income		0.48			0.48			N/A			N/A			N/A

* Management fee rates effective April 2, 2012. Prior management fee rates were 0.85% and 0.70%, respectively.

The Investment Manager has retained its affiliates (AGI Capital, AGIS, NFJ and RCM) and Fuller & Thaler to manage the Funds’ investments. Subject to the supervision of the Investment Manager, AGI Capital, AGIS, Fuller & Thaler, NFJ and RCM (collectively the “Sub-Advisers”) are responsible for making all of the investment decisions for the Funds for which they serve as sub-adviser. 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, AGI Europe, Caywood-Scholl and RCM AP to conduct the day to day portfolio management of all the Funds it sub-advises with the exception of RCM All Alpha, RCM Disciplined Equity and RCM Redwood as indicated below. RCM (and not the RCM Funds or the Investment Manager), in turn, pays AGI Europe, Caywood-Scholl and RCM AP an annual fee, payable monthly for their services.

Sub-Adviser(s)	Funds
AGIS	AGI Solutions 2015, AGI Solutions 2020, AGI Solutions 2025, AGI Solutions 2030, AGI Solutions 2035, AGI Solutions 2040, AGI Solutions 2045, AGI Solutions 2050, AGI Solutions 2055, AGI Solutions Global Allocation, AGI Solutions Global Growth Allocation, AGI Solutions Retirement Income
AGI Capital	AGIC Convertible, AGIC Focused Opportunity, AGIC Global Managed Volatility, AGIC High Yield Bond, AGIC International Growth Opportunities, AGIC Micro Cap, AGIC Ultra Micro Cap, AGIC U.S. Emerging Growth
Fuller & Thaler	F&T Behavioral Advantage Large Cap
NFJ	NFJ Global Dividend Value, NFJ International Value II
RCM	RCM All Alpha, RCM Disciplined Equity, RCM Redwood
RCM & AGI Europe	RCM Global Water
RCM and Caywood-Scholl	RCM Short Duration High Income
RCM & RCM AP	RCM China Equity

5.31.12 Allianz Multi-Strategy Funds Semiannual Report 193

Notes to Financial Statements  (Cont.)

May 31, 2012 (unaudited)

Distribution and Servicing Fees.   Allianz Global Investors Distributors LLC (the “Distributor”), an affiliate of AAM, the Investment Manager and the Sub-Advisers (with the exception of Fuller & Thaler), 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 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 Administrative 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 beyond the date in which they are incurred, subject always to the limit that no more than 0.25% of the average daily net assets attributable to the Administrative Class may be expensed.

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 (“CDSC”) paid by the shareholders upon certain redemptions of Class A, B and C shares. For the six months ended May 31, 2012, the Distributor received $28,303 representing commissions (sales charges) and CDSC.

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)		N/A			0.97	%		N/A			1.72	%		1.07	%		1.32	%		0.67	%		0.57	%*		0.92	%
AGI Solutions 2020(2)		N/A			0.99			N/A			1.74			1.09			1.34			0.69			0.59	*		0.94
AGI Solutions 2025(2)		N/A			1.01			N/A			N/A			N/A			1.36			0.71			0.61	*		0.96
AGI Solutions 2030(2)		N/A			1.03			N/A			1.78			1.13			1.38			0.73	*		0.63	*		0.98
AGI Solutions 2035(2)		N/A			1.06			N/A			N/A			N/A			1.41			0.76	*		0.66	*		1.01
AGI Solutions 2040(2)		N/A			1.09			N/A			1.84			1.19			1.44			0.79	*		0.69	*		1.04
AGI Solutions 2045(2)		N/A			1.10			N/A			N/A			N/A			1.45			0.80	*		0.70	*		1.05
AGI Solutions 2050(2)		N/A			1.10			N/A			1.85			1.20			1.45			0.80	*		0.70	*		1.05
AGI Solutions 2055(2)		N/A			1.10			N/A			N/A			N/A			1.45			0.80	*		0.70	*		1.05
AGI Solutions Global Allocation(3)		0.70	%		0.43			1.19	%		1.17			0.46			0.66			0.26			0.16			0.41
AGI Solutions Global Growth Allocation(3)		0.70			0.40			N/A			1.18			0.40			0.63			0.23			0.13			0.38
AGI Solutions Retirement Income(2)		N/A			0.95			N/A			1.70			1.05			1.30			0.65			0.55	*		0.90
AGIC Convertible(4)		N/A			N/A			N/A			N/A			N/A			N/A			0.80			N/A			N/A
AGIC Focused Opportunity(4)		N/A			1.45			N/A			N/A			N/A			N/A			N/A			1.10			N/A
AGIC Global Managed Volatility(5)		N/A			0.95			N/A			1.70			0.95			N/A			0.70			0.60			N/A
AGIC High Yield Bond(4)		N/A			0.91			N/A			1.70			1.00			1.15			0.75			0.65			0.90
AGIC International Growth Opportunities(4)		N/A			1.45			N/A			2.20			1.45			1.70			1.30			1.20			1.45
AGIC Micro Cap(4)		N/A			1.82			N/A			N/A			N/A			N/A			1.65			1.54			N/A
AGIC Ultra Micro Cap(4)		N/A			2.35			N/A			N/A			N/A			N/A			2.07			2.00			N/A
AGIC U.S. Emerging Growth(4)		N/A			1.50			N/A			2.21			1.48			1.67			1.25			1.15			N/A
F&T Behavioral Advantage Large Cap(4)		N/A			0.90			N/A			1.65			0.90			N/A			0.65			0.55			N/A
NFJ Global Dividend Value(4)		N/A			1.20			N/A			1.99			1.30			N/A			1.05			0.95			N/A
NFJ International Value II(5)		N/A			1.30			N/A			2.05			1.30			N/A			1.05			0.95			N/A
RCM All Alpha(6)		N/A			1.75			N/A			2.50			1.75			N/A			1.50			1.40			N/A
RCM China Equity(4)		N/A			1.73			N/A			2.56			1.77			N/A			1.51			1.45			N/A
RCM Disciplined Equity(4)		N/A			0.95			N/A			1.70			0.95			N/A			0.80			0.70			N/A
RCM Global Water(4)		N/A			1.57			N/A			2.33			1.60			N/A			1.40			1.30			N/A
RCM Redwood Fund(4)		N/A			1.60			N/A			2.50			1.75			N/A			1.50			1.40			N/A
RCM Short Duration High Income(4)		N/A			0.95			N/A			1.70			0.95			N/A			0.70			0.60			N/A

(1) Effective April 2, 2012, the Investment Manager has contractually agreed to irrevocably waive a portion of its management fee with respect to the noted Funds. The waiver is calculated on average daily net assets of each applicable Fund that are attributable to investments in either Underlying Funds or Other Acquired Funds 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

194 Allianz Multi-Strategy Funds Semiannual Report 5.31.12

in Other Acquired Funds will continue through at least March 31, 2013. 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) The Investment Manager has contractually agreed, until March 31, 2013, to irrevocably waive its management and administrative fees and reimburse any additional Other Expenses or Acquired Fund Fees and Expenses, to the extent that Total Annual Fund Operating Expenses after Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed the rates noted in the table above based on 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.

(3) Effective April 2, 2012, the Investment Manager has contractually agreed, until March 31, 2013, 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, but excluding interest, tax, extraordinary expenses, Acquired Fund Fees and Expenses and certain credits and other expenses, exceed the rates noted in the table above based on 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) Effective April 2, 2012, the Investment Manager has contractually agreed, until March 31, 2013, 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.

(5) The Investment Manager has contractually agreed, until March 31, 2013, 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.

(6) Effective April 2, 2012, the Investment Manager has contractually agreed, until March 31, 2013, 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, certain credits and other expenses, and short sale fees and substitute dividend expense on securities sold short, 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.

* As a result of reimbursing expenses inclusive of Acquired Fund Fees and Expenses, the Investment Manager reimbursed amounts in excess of the respective share class’ operating expenses. The aggregate excess reimbursement is accounted for as Contribution from Investment Manager on the Statements of Operations.

7. INVESTMENTS IN SECURITIES

For the six months ended May 31, 2012, purchases and sales of investments, other than short-term securities, were:

	Purchases		Sales
AGI Solutions 2015	$	3,468,956	$	3,814,200
AGI Solutions 2020		2,539,549		2,242,160
AGI Solutions 2025		3,719,173		639,439
AGI Solutions 2030		3,895,652		3,212,821
AGI Solutions 2035		3,707,649		623,550
AGI Solutions 2040		2,724,872		2,031,951
AGI Solutions 2045		3,548,660		443,299
AGI Solutions 2050		2,292,463		1,812,565
AGI Solutions 2055		3,541,000		450,402
AGI Solutions Global Allocation		78,348,553		88,039,718
AGI Solutions Global Growth Allocation		1,960,670		2,420,774
AGI Solutions Retirement Income		8,751,703		5,927,153
AGIC Convertible		511,695,139		392,311,156
AGIC Focused Opportunity		3,817,718		3,523,231

	Purchases		Sales
AGIC Global Managed Volatility	$	17,356,947	$	5,399,963
AGIC High Yield Bond		167,468,986		80,577,565
AGIC International Growth Opportunities		23,124,615		33,155,966
AGIC Micro Cap		14,785,827		17,970,811
AGIC Ultra Micro Cap		7,385,990		5,353,604
AGIC U.S. Emerging Growth		8,974,876		11,780,321
F&T Behavioral Advantage Large Cap		6,499,830		5,707,085
NFJ Global Dividend Value		20,729,444		9,106,205
NFJ International Value II		3,371,095		321,780
RCM All Alpha*		7,696,840		8,276,658
RCM China Equity		838,109		924,486
RCM Disciplined Equity		6,144,084		9,070,677
RCM Global Water		77,453,224		48,929,692
RCM Redwood Fund		4,476,828		6,233,414
RCM Short Duration High Income		43,167,007		7,940,343

* Securities sold short of $5,630,355; covers on securities sold short of $6,373,453.

(a) Futures contracts outstanding at May 31, 2012:

	RCM All Alpha:
Type	Contracts			Market Value (000s)			Expiration Date		Unrealized Depreciation
Short: Mini-Hang Seng Index		(56	)	$	(1,337	)		6/28/12	$	(6,788	)

(b) Transactions in options written for the six months ended May 31, 2012:

	RCM Redwood:
	Contracts			Premiums
Options outstanding, November 30, 2011		3,457		$	2,616,595
Options written		4,185			3,076,403
Options terminated in closing transactions		(3,904	)		(3,105,468	)
Options exercised		(588	)		(359,652	)
Options expired		(105	)		(21,242	)
Options outstanding, May 31, 2012		3,045		$	2,206,636

5.31.12 Allianz Multi-Strategy Funds Semiannual Report 195

Notes to Financial Statements  (Cont.)

May 31, 2012 (unaudited)

(c) Forward foreign currency contracts outstanding at May 31, 2012:

	RCM All Alpha:
	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value May 31, 2012		Unrealized Appreciation (Depreciation)
Purchased:
59,125 Danish Krone settling 6/6/12		State Street Bank & Trust		$  9,853		$  9,839		$ (14)
Sold:
48,993 Danish Krone settling 6/4/12		State Street Bank & Trust		8,151		8,153		(2	)
20,318 Euro settling 6/1/12		State Street Bank & Trust		25,368		25,123		245
15,264 Swiss Franc settling 6/4/12		State Street Bank & Trust		15,713		15,714		(1	)
								$  228

8. INCOME TAX INFORMATION

Under the Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010, for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in preenactment taxable years. As a result of this, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long term capital losses rather than being considered all short-term capital losses.

At May 31, 2012, the aggregate cost basis and the net unrealized appreciation (depreciation) of investments (before options written and securities sold short) for federal income tax purposes were:

	Federal Tax Cost Basis		Unrealized Appreciation		Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
AGI Solutions 2015	$	9,192,807	$	651,015	$	76,999	$	574,016
AGI Solutions 2020		6,179,073		555,758		78,921		476,837
AGI Solutions 2025		3,109,955		74,595		23,741		50,854
AGI Solutions 2030		7,534,901		574,673		176,160		398,513
AGI Solutions 2035		3,115,375		88,088		31,102		56,986
AGI Solutions 2040		6,052,439		502,991		219,495		283,496
AGI Solutions 2045		3,132,548		89,373		40,848		48,525
AGI Solutions 2050		5,564,158		497,968		222,760		275,208
AGI Solutions 2055		3,118,409		90,802		40,481		50,321
AGI Solutions Global Allocation		192,701,557		14,700,925		3,578,331		11,122,594
AGI Solutions Global Growth Allocation		6,235,702		625,303		206,745		418,558
AGI Solutions Retirement Income		17,733,661		860,684		109,430		751,254
AGIC Convertible		784,083,862		58,095,163		27,074,905		31,020,258
AGIC Focused Opportunity		4,170,059		109,109		885,890		(776,781	)
AGIC Global Managed Volatility		12,061,281		355,391		541,708		(186,317	)
AGIC High Yield Bond		265,086,788		6,743,702		3,966,807		2,776,895
AGIC International Growth Opportunities		104,313,414		19,660,570		8,776,902		10,883,668
AGIC Micro Cap		40,426,637		9,126,691		3,118,333		6,008,358
AGIC Ultra Micro Cap		11,824,235		1,961,001		582,010		1,378,991
AGIC U.S. Emerging Growth		17,498,569		3,450,119		1,227,258		2,222,861
F&T Behavioral Advantage Large Cap		11,573,913		1,169,134		241,342		927,792
NFJ Global Dividend Value		46,506,982		1,348,706		6,423,686		(5,074,980	)
NFJ International Value II		3,096,772		65,335		266,497		(201,162	)
RCM All Alpha		4,864,316		103,443		662,659		(559,216	)
RCM China Equity		4,251,896		104,826		704,312		(599,486	)
RCM Disciplined Equity		45,180,008		3,732,089		2,823,882		908,207
RCM Global Water		101,827,794		8,248,352		6,011,235		2,237,117
RCM Redwood Fund		11,781,976		327,543		701,147		(373,604	)
RCM Short Duration High Income		46,659,379		410,594		274,061		136,533

Differences, if any, between book and tax cost basis were attributable to wash sale loss deferrals and the differing treatment of bond premium amortization.

196 Allianz Multi-Strategy Funds Semiannual Report 5.31.12

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5.31.12 Allianz Multi-Strategy Funds Semiannual Report 197

Notes to Financial Statements  (Cont.)

May 31, 2012 (unaudited)

9. 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
	Six Months ended 5/31/2012 (unaudited)						Year ended 11/30/2011						Six Months ended 5/31/2012 (unaudited)						Year ended 11/30/2011
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		5,329		$	98,576			220,926		$	4,167,874			3,791		$	68,889			12,177		$	230,391
Class C		10,917			198,855			380,309			7,134,565			3,896			70,101			33,327			628,732
Class D		6,679			120,703			7,626			143,268			2,554			45,212			3,668			69,245
Class R		—			—			—			—			—			—			—			—
Class P		1,188			22,000			—			—			—			—			6,940			129,337
Institutional Class		4,907			90,391			13,342			254,216			10,627			194,492			9,966			189,939
Administrative Class		—			—			—			—			—			—			—			—
Issued in reinvestment of dividends and distributions:
Class A		4,990			88,833			805			14,840			1,502			26,129			523			9,718
Class C		6,593			115,904			1,117			20,378			2,937			50,493			618			11,387
Class D		819			14,582			515			9,501			459			7,997			594			11,053
Class R		43			770			36			672			58			1,021			41			750
Class P		47			842			39			725			168			2,938			43			804
Institutional Class		20,135			360,020			16,118			298,512			23,292			407,373			15,474			288,749
Administrative Class		46			814			38			705			61			1,068			42			784
Cost of shares redeemed:
Class A		(31,948	)		(590,802	)		(150,679	)		(2,828,639	)		(4,308	)		(78,490	)		(1,965	)		(38,133	)
Class C		(25,941	)		(469,281	)		(270,732	)		(4,977,183	)		(2,520	)		(44,666	)		(8,458	)		(151,876	)
Class D		(2,569	)		(47,405	)		(5,436	)		(104,148	)		(2,326	)		(42,611	)		(7,781	)		(147,520	)
Class R		—			—			—			—			—			—			—			—
Class P		—			—			—			—			(749	)		(13,771	)		(5,437	)		(101,889	)
Institutional Class		(2,982	)		(55,480	)		(5,995	)		(116,158	)		(4,596	)		(84,134	)		(1,006	)		(19,486	)
Administrative Class		—			—			—			—			—			—			—			—
Net increase (decrease) resulting from Fund share transactions		(1,747	)	$	(50,678	)		208,029		$	4,019,128			34,846		$	612,041			58,766		$	1,111,986

† Commencement of operations.

* Actual amount rounds to less than 1 share.

198 Allianz Multi-Strategy Funds Semiannual Report 5.31.12

AGI Solutions 2025				AGI Solutions 2030												AGI Solutions 2035					AGI Solutions 2040
Period 12/19/2011† through 5/31/2012 (unaudited)				Six Months ended 5/31/2012 (unaudited)						Year ended 11/30/2011						Period 12/19/2011† through 5/31/2012 (unaudited)					Six Months ended 5/31/2012 (unaudited)						Year ended 11/30/2011
Shares		Amount		Shares			Amount			Shares			Amount			Shares			Amount		Shares			Amount			Shares			Amount
	—	$	—		14,950		$	281,455			15,810		$	323,879			—		$	—		3,099		$	58,193			5,614		$	120,997
	—		—		2,213			41,820			16,657			335,179			—			—		851			16,077			4,045			89,062
	—		—		2,441			46,007			6,487			136,180			—			—		7,644			142,944			11,093			246,687
	—		—		—			—			—			—			—			—		1			20			—			—
	—		—		—			—			221			4,804			—			—		—			—			—			—
	—		—		33,400			636,678			36,945			758,565			—			—		26,307			495,279			29,094			640,917
	—		—		—			—			—			—			—	*		5		—			—			—			—
	6		96		2,259			40,511			945			18,838			8			117		974			17,357			332			7,018
	—		—		3,113			55,466			1,791			35,670			—			—		542			9,628			82			1,727
	—		—		1,813			32,605			948			19,046			—			—		1,189			21,104			1,427			30,041
	6		95		71			1,284			47			932			7			115		95			1,696			62			1,315
	7		97		98			1,776			49			988			8			117		100			1,781			65			1,356
	1,938		29,182		30,077			544,092			17,701			357,390			2,324			35,326		35,203			628,725			20,635			436,855
	6		96		74			1,334			48			968			8			117		98			1,749			63			1,334
	—		—		(8,891	)		(169,049	)		(7,253	)		(149,223	)		—			—		(732	)		(13,313	)		(2,096	)		(45,131	)
	—		—		(5,119	)		(95,163	)		(11,208	)		(214,448	)		—			—		—			—			(843	)		(16,172	)
	—		—		(929	)		(17,487	)		(2,565	)		(53,345	)		—			—		(79	)		(1,519	)		(11,346	)		(244,099	)
	—		—		—			—			—			—			—			—		—			—			(10	)		(223	)
	—		—		(244	)		(4,698	)		—			—			—			—		—			—			—			—
	—		—		(13,499	)		(259,274	)		(9,337	)		(187,443	)		—			—		(9,815	)		(186,898	)		(5,089	)		(111,132	)
	—		—		—			—			—			—			—			—		—			—			—			—
	1,963	$	29,566		61,827		$	1,137,357			67,286		$	1,387,980			2,355		$	35,797		65,477		$	1,192,823			53,128		$	1,160,552

5.31.12 Allianz Multi-Strategy Funds Semiannual Report 199

Notes to Financial Statements  (Cont.)

May 31, 2012 (unaudited)

	AGI Solutions 2045				AGI Solutions 2050												AGI Solutions 2055
	Period 12/19/2011† through 5/31/2012 (unaudited)				Six Months ended 5/31/2012 (unaudited)						Year ended 11/30/2011						Period 12/19/2011† through 5/31/2012 (unaudited)
	Shares		Amount		Shares			Amount			Shares			Amount			Shares		Amount
Shares sold:
Class A		587	$	9,633		1,761		$	34,482			684		$	14,910			—	$	—
Class B		—		—		—			—			—			—			—		—
Class C		—		—		157			2,975			862			18,466			—		—
Class D		—		—		3,059			57,444			6,770			147,498			—		—
Class R		268		4,373		—			—			13			300			29		473
Class P		—		—		—			—			—			—			—		—
Institutional Class		—		—		34,996			657,898			32,790			718,625			—		—
Administrative Class		49		800		—			—			—			—			—		—
Issued in reinvestment of dividends and distributions:
Class A		9		145		715			12,591			259			5,487			9		147
Class B		—		—		—			—			—			—			—		—
Class C		—		—		313			5,491			176			3,699			—		—
Class D		—		—		1,303			22,991			764			16,152			—		—
Class R		10		144		114			2,005			75			1,581			9		145
Class P		10		146		106			1,866			69			1,472			10		148
Institutional Class		2,878		43,892		35,671			632,091			21,336			452,966			2,906		44,398
Administrative Class		9		145		103			1,833			69			1,449			9		147
Cost of shares redeemed:
Class A		—		—		(1,735	)		(32,590	)		—			—			—		—
Class B		—		—		—			—			—			—			—		—
Class C		—		—		—			—			(234	)		(4,998	)		—		—
Class D		—		—		(3,026	)		(57,643	)		(5,755	)		(125,472	)		—		—
Class R		—		—		—			—			—			—			—		—
Class P		—		—		—			—			—			—			—		—
Institutional Class		—		—		(19,523	)		(370,981	)		(9,254	)		(186,819	)		—		—
Administrative Class		—		—		—			—			—			—			—		—
Net increase (decrease) resulting from Fund share transactions		3,820	$	59,278		54,014		$	970,453			48,624		$	1,065,316			2,972	$	45,458

† Commencement of operations.

200 Allianz Multi-Strategy Funds Semiannual Report 5.31.12

AGI Solutions Global Allocation												AGI Solutions Global Growth Allocation												AGI Solutions Retirement Income
Six Months ended 5/31/2012 (unaudited)						Year ended 11/30/2011						Six Months ended 5/31/2012 (unaudited)						Year ended 11/30/2011						Six Months ended 5/31/2012 (unaudited)						Year ended 11/30/2011
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	431,628		$	4,554,482			2,076,224		$	22,748,010			1,215		$	25,164			223,452		$	5,078,028			54,199		$	990,511			348,769		$	6,401,188
	15,339			160,997			109,260			1,189,717			—			—			—			—			—			—			—			—
	158,580			1,702,440			1,070,196			11,826,738			1,570			32,501			55,881			1,244,881			107,500			1,948,332			292,384			5,303,764
	7,077			74,700			19,921			215,620			981			20,000			2,084			48,027			53,325			981,595			22,659			421,542
	—			—			—			—			330			6,906			1,058			22,481			22			420			118			2,165
	11,009			117,102			373,677			4,139,192			—			—			—			—			—			—			—			—
	711,477			7,421,577			1,523,099			16,540,118			—			—			655			15,000			43,320			784,015			28,261			513,173
	5,792			61,852			182,902			2,015,114			—			—			—			—			—			—			—			—
	119,011			1,235,454			213,023			2,255,028			2,114			41,934			6,792			148,479			9,068			163,598			3,335			60,135
	11,440			120,475			32,770			355,329			—			—			—			—			—			—			—			—
	95,723			1,004,604			184,001			1,976,583			2,059			40,491			1,383			30,091			11,847			211,781			4,168			74,683
	301			3,091			409			4,239			78			1,537			44			953			1,203			21,994			927			16,928
	25			260			44			469			74			1,454			41			910			30			556			23			427
	505			5,244			631			6,607			33			658			44			967			27			498			24			422
	102,783			1,058,765			146,751			1,532,230			10,035			199,005			13,257			291,123			10,483			187,999			13,199			238,102
	2,974			31,494			2,594			27,410			32			633			44			946			27			479			23			410
	(916,213	)		(9,670,945	)		(1,969,825	)		(21,239,981	)		(19,655	)		(406,726	)		(205,328	)		(4,409,253	)		(56,828	)		(1,043,343	)		(141,959	)		(2,594,125	)
	(345,772	)		(3,720,665	)		(918,539	)		(10,168,418	)		—			—			—			—			—			—			—			—
	(886,130	)		(9,446,462	)		(1,922,238	)		(20,959,980	)		(7,204	)		(151,597	)		(19,499	)		(415,777	)		(42,126	)		(761,308	)		(50,938	)		(924,124	)
	(15,142	)		(158,735	)		(4,398	)		(45,007	)		—			—			(1,331	)		(27,885	)		(11,314	)		(209,132	)		(15,459	)		(283,019	)
	—			—			—			—			(300	)		(6,435	)		(41	)		(767	)		(6	)		(116	)		(2	)		(43	)
	(98,640	)		(1,035,715	)		(789,585	)		(8,040,489	)		—			—			—			—			—			—			—			—
	(411,730	)		(4,274,480	)		(515,167	)		(5,464,560	)		—			—			(1,667	)		(38,064	)		(16,002	)		(289,697	)		(32,456	)		(588,543	)
	(16,705	)		(182,321	)		(29,870	)		(336,387	)		—			—			—			—			—			—			—			—
	(1,016,668	)	$	(10,936,786	)		(214,120	)	$	(1,422,418	)		(8,638	)	$	(194,475	)		76,869		$	1,990,140			164,775		$	2,988,182			473,076		$	8,643,085

5.31.12 Allianz Multi-Strategy Funds Semiannual Report 201

Notes to Financial Statements  (Cont.)

May 31, 2012 (unaudited)

	AGIC Convertible												AGIC Focused Opportunity
	Six Months ended 5/31/2012 (unaudited)						Year ended 11/30/2011						Six Months ended 5/31/2012 (unaudited)						Period 12/27/10† through 11/30/2011
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		1,457,614		$	40,447,006			4,117,960		$	123,448,545			833		$	11,848			151,347		$	2,556,561
Class C		266,866			7,370,220			1,127,292			33,950,033			—			—			—			—
Class D		652,534			17,971,103			2,659,522			79,835,213			—			—			—			—
Class R		5,127			142,659			941			27,672			—			—			—			—
Class P		666,908			18,246,384			1,396,611			42,036,615			—			—			—			—
Institutional Class		5,931,043			162,773,613			12,596,468			379,973,300			35,941			538,500			18,563			313,461
Administrative Class		35,041			968,078			57,949			1,776,862			—			—			—			—
Issued in reinvestment of dividends and distributions:
Class A		164,606			4,319,823			24,953			705,516			1,827			23,316			—			—
Class C		40,230			1,053,523			3,270			92,229			—			—			—			—
Class D		93,640			2,453,154			17,875			513,118			—			—			—			—
Class R		59			1,540			10			290			—			—			—			—
Class P		52,643			1,379,395			19,385			551,169			—			—			—			—
Institutional Class		507,833			13,281,722			113,374			3,227,183			16,842			215,912			—			—
Administrative Class		4,273			111,935			607			17,120			—			—			—			—
Cost of shares redeemed:
Class A		(909,469	)		(24,978,484	)		(2,208,042	)		(64,609,157	)		(13,921	)		(197,590	)		(126,404	)		(2,018,002	)
Class C		(172,186	)		(4,707,804	)		(162,850	)		(4,488,169	)		—			—			—			—
Class D		(624,471	)		(17,116,896	)		(1,680,038	)		(47,371,791	)		—			—			—			—
Class R		(21	)		(573	)		(13	)		(354	)		—			—			—			—
Class P		(447,201	)		(12,215,792	)		(838,473	)		(23,947,520	)		—			—			—			—
Institutional Class		(1,200,777	)		(32,660,180	)		(10,856,516	)		(326,061,953	)		—			—			(3,653	)		(60,658	)
Administrative Class		(14,697	)		(410,163	)		(10,710	)		(300,857	)		—			—			—			—
Net increase (decrease) resulting from Fund share transactions		6,509,595		$	178,430,263			6,379,575		$	199,375,064			41,522		$	591,986			39,853		$	791,362

† Commencement of operations.

202 Allianz Multi-Strategy Funds Semiannual Report 5.31.12

AGIC Global Managed  Volatility						AGIC High Yield Bond												AGIC International Growth Opportunities
Period 12/19/2011† through 5/31/2012 (unaudited)						Six Months ended 5/31/2012 (unaudited)						Year ended 11/30/2011						Six Months ended 5/31/2012 (unaudited)						Year ended 11/30/2011
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	—		$	—			3,865,638		$	38,064,303			7,294,133		$	71,461,055			35,522		$	1,048,344			163,667		$	4,967,701
	—			—			1,441,027			14,285,877			1,570,906			15,647,870			2,560			75,919			16,858			555,978
	—			—			977,403			9,501,387			2,814,482			27,460,035			5,900			182,646			72,980			2,231,467
	—			—			169,686			1,657,523			35,718			340,228			—			—			—			—
	—			—			1,945,032			18,874,469			1,185,293			11,265,964			167,265			4,697,837			246,894			7,927,089
	688,912			10,519,668			3,657,442			35,580,693			3,197,108			31,573,391			590,021			17,441,552			744,286			24,713,842
	—			—			—			—			—			—			30,727			976,500			—			—
	—			—			138,870			1,369,480			57,534			577,352			—			—			177			5,749
	—			—			58,676			578,221			21,544			214,281			—			—			111			3,589
	—			—			118,862			1,142,302			27,520			268,209			—			—			22			709
	—			—			3,076			29,612			908			8,658			—			—			6			181
	—			—			38,934			373,249			8,258			79,460			—			—			5,191			165,614
	—			—			419,207			4,027,407			669,136			6,625,064			—			—			43,209			1,412,519
	—			—			63			603			90			877			—			—			6			200
	—			—			(491,736	)		(4,861,187	)		(1,149,810	)		(11,398,552	)		(30,849	)		(944,567	)		(21,996	)		(667,282	)
	—			—			(250,786	)		(2,478,078	)		(338,367	)		(3,368,940	)		(1,292	)		(39,311	)		(6,373	)		(203,437	)
	—			—			(731,383	)		(7,095,483	)		(707,724	)		(6,867,411	)		(53,058	)		(1,554,981	)		(23,407	)		(675,841	)
	—			—			(26,817	)		(262,234	)		(1,479	)		(13,948	)		—			—			—			—
	—			—			(933,240	)		(9,070,233	)		(18,778	)		(180,619	)		(390,240	)		(11,034,382	)		(540,624	)		(17,514,175	)
	(33,533	)		(515,779	)		(1,009,359	)		(9,796,577	)		(6,023,553	)		(60,195,792	)		(752,515	)		(22,970,764	)		(683,269	)		(22,594,836	)
	—			—			—			—			—			—			(30,727	)		(989,405	)		—			—
	655,379		$	10,003,889			9,390,595		$	91,921,334			8,642,919		$	83,497,182			(426,686	)	$	(13,110,612	)		17,738		$	329,067

5.31.12 Allianz Multi-Strategy Funds Semiannual Report 203

Notes to Financial Statements  (Cont.)

May 31, 2012 (unaudited)

	AGIC Micro Cap												AGIC Ultra Micro Cap
	Six Months ended 5/31/2012 (unaudited)						Year ended 11/30/2011						Six Months ended 5/31/2012 (unaudited)						Year ended 11/30/2011
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		9,649	**	$	106,035	**		—		$	—			131,260	**	$	1,958,411	**		—			—
Class C		—			—			—			—			—			—			—			—
Class D		—			—			—			—			—			—			—			—
Class R		—						—			—			—			—			—			—
Class P		8,156			92,540			51,302	**		629,729	**		1,235			17,975			37,462	**	$	539,748	**
Institutional Class		248,390			2,773,727			614,035			8,609,305			109,583			1,604,963			620,622			9,281,124
Administrative Class		—			—			—			—			—			—			—			—
Issued in reinvestment of dividends and distributions:
Class A		—			—			—			—			—			—			—			—
Class C		—			—			—			—			—			—			—			—
Class D		—			—			—			—			—			—			—			—
Class R		—			—			—			—			—			—			—			—
Class P		6,876			68,342			90			990			306			3,948			56			683
Institutional Class		741,436			7,377,291			369,423			4,857,607			12,551			162,280			20,706			272,288
Administrative Class		—			—			—			—			—			—			—			—
Cost of shares redeemed:
Class A		(417	)		(5,076	)		—			—			(1,018	)		(14,955	)		—			—
Class C		—			—			—			—			—			—			—			—
Class D		—			—			—			—			—			—			—			—
Class R		—			—			—			—			—			—			—			—
Class P		(13,971	)		(149,151	)		(16,494	)		(207,268	)		(330	)		(5,000	)		(20,154	)		(284,644	)
Institutional Class		(406,415	)		(4,521,922	)		(1,349,277	)		(18,635,852	)		(63,673	)		(894,234	)		(256,290	)		(3,610,430	)
Administrative Class		—			—			—			—			—			—			—			—
Net increase (decrease) resulting from Fund share transactions		593,704		$	5,741,786			(330,921	)	$	(4,745,489	)		189,914		$	2,833,388			402,402		$	6,198,769

** Inclusive of shares sold to AAM subsequent to commencement of operations.

204 Allianz Multi-Strategy Funds Semiannual Report 5.31.12

AGIC U.S. Emerging Growth												F&T Behavioral Advantage Large Cap								NFJ Global Dividend Value
Six Months ended 5/31/2012 (unaudited)						Year ended 11/30/2011						Six Months ended 5/31/2012 (unaudited)				Period 9/8/2011 through 11/30/2011				Six Months ended 5/31/2012 (unaudited)						Year ended 11/30/2011
Shares			Amount			Shares			Amount			Shares		Amount		Shares		Amount		Shares			Amount			Shares			Amount
	32,992		$	432,173			68,566	**	$	850,073	**		193	$	3,431		—	$	—		28,911		$	510,490			654,259		$	12,566,440
	8,379			113,365			23,576	**		362,381	**		133		2,433		—		—		54,873			984,659			134,507			2,496,832
	2,583			32,850			2,433	**		35,805	**		1		25		—		—		18,650			351,337			82,330			1,583,468
	—			—			726	**		10,000	**		—		—		—		—		—			—			—			—
	475			6,500			1,180	**		16,110	**		—		—		—		—		17,557			326,296			46,644			880,403
	152,841			1,979,804			594,912			8,282,167			43,063		726,002		—		—		955,761			17,656,097			634,966			12,119,470
	—			—			—			—			—		—		—		—		—			—			—			—
	568			6,682			—			—			2		39		—		—		9,262			155,934			10,682			193,347
	853			9,981			—			—			1		15		—		—		3,941			65,668			4,615			83,603
	173			2,039			—			—			3		40		—		—		602			9,933			2,305			42,712
	61			719			—			—			—		—		—		—		—			—			—			—
	98			1,158			—			—			3		44		—		—		1,200			20,631			267			4,254
	113,057			1,336,329			—			—			2,969		47,353		—		—		36,880			631,642			53,512			967,889
	—			—			—			—			—		—		—		—		—			—			—			—
	(5,541	)		(73,723	)		(5,842	)		(80,925	)		—		—		—		—		(155,841	)		(2,813,423	)		(353,864	)		(6,584,050	)
	(2,614	)		(34,063	)		(13,491	)		(205,863	)		—		—		—		—		(41,390	)		(739,689	)		(31,600	)		(552,423	)
	(2,288	)		(30,624	)		(372	)		(5,309	)		—		—		—		—		(21,798	)		(387,075	)		(63,906	)		(1,053,860	)
	—			—			—			—			—		—		—		—		—			—			—			—
	(206	)		(2,833	)		(25	)		(300	)		—		—		—		—		(1,864	)		(33,887	)		(6,464	)		(110,123	)
	(342,760	)		(4,581,308	)		(599,871	)		(8,241,928	)		—		—		—		—		(238,762	)		(4,311,202	)		(352,604	)		(6,240,325	)
	—			—			—			—			—		—		—		—		—			—			—			—
	(41,329	)	$	(800,951	)		71,792		$	1,022,211			46,368	$	779,382		—	$	—		667,982		$	12,427,411			815,649		$	16,397,637

5.31.12 Allianz Multi-Strategy Funds Semiannual Report 205

Notes to Financial Statements  (Cont.)

May 31, 2012 (unaudited)

	NFJ International Value  II				RCM All Alpha
	Six Months ended 5/31/2012 (unaudited)				Six Months ended 5/31/2012 (unaudited)						Period 3/31/11† through 11/30/2011
	Shares		Amount		Shares			Amount			Shares			Amount
Shares sold:
Class A		—		—		337		$	4,280			4,810		$	70,225
Class C		—		—		188			2,476			32,288			461,545
Class D		—		—		—			—			1,664			25,000
Class P		—		—		—			—			5,326			80,000
Institutional Class		—		—		—			—			1,745			25,000
Issued in reinvestment of dividends and distributions:
Class A		1	$	13		434			5,695			—			—
Class C		—		—		1,908			24,922			—			—
Class D		1		14		185			2,431			—			—
Class P		1		18		53			696			—			—
Institutional Class		368		5,954		26,551			349,684			—			—
Issued in reorganization:#
Class A		—		—		—			—			—			—
Class C		—		—		—			—			—			—
Class D		—		—		—			—			—			—
Class P		—		—		—			—			—			—
Institutional Class		—		—		—			—			—			—
Cost of shares redeemed:
Class A		—		—		(2,997	)		(39,647	)		(19	)		(259	)
Class C		—		—		(22,584	)		(298,973	)		(9,074	)		(129,764	)
Class D		—		—		(1,795	)		(22,877	)		—			—
Class P		—		—		—			—			(5,326	)		(75,100	)
Institutional Class		—		—		—			—			—			—
Net increase (decrease) resulting from Fund share transactions		371	$	5,999		2,280		$	28,687			31,414		$	456,647

† Commencement of operations.

# See Note 11(a) in Notes to Financial Statements.

206 Allianz Multi-Strategy Funds Semiannual Report 5.31.12

RCM China Equity												RCM Disciplined Equity												RCM Global Water
Six Months ended 5/31/2012 (unaudited)						Year ended 11/30/2011						Six Months ended 5/31/2012 (unaudited)						Year ended 11/30/2011						Six Months ended 5/31/2012 (unaudited)						Year ended 11/30/2011
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	1,104		$	15,867			90,773		$	1,749,359			135,547		$	2,199,624			320,925		$	4,983,306			913,298		$	8,502,182			1,496,912		$	14,215,662
	136			1,887			14,246			279,066			16,338			256,945			55,204			879,783			129,829			1,193,047			448,459			4,209,014
	34,941			500,014			323,806			5,930,841			15,038			250,233			57,383			948,750			85,055			797,181			628,059			5,908,570
	—			—			7,325			124,750			806			13,555			1,354			22,250			574,395			5,516,495			1,165,121			10,832,366
	—			—			5,379			102,000			302,339			4,803,474			2,007,040			32,279,430			46,998			430,520			99,025			935,882
	1,311			17,041			533			8,611			2,780			41,146			2,509			38,348			10,435			89,740			182			1,707
	678			8,713			622			10,961			1,205			17,344			1,220			18,336			1			9			1			8
	1,443			18,777			823			14,010			130			1,909			653			10,012			2,630			22,592			1			8
	889			11,641			251			3,901			38			578			25			376			6,619			57,058			61			574
	23,203			304,091			10,115			169,781			64,668			965,333			41,925			644,144			1,245			10,656			58			543
	—			—			—			—			—			—			—			—			2,987,721			28,821,196			—			—
	—			—			—			—			—			—			—			—			480,744			4,556,642			—			—
	—			—			—			—			—			—			—			—			31,837			306,909			—			—
	—			—			—			—			—			—			—			—			202,617			1,960,299			—			—
	—			—			—			—			—			—			—			—			12,597			121,106			—			—
	(2,303	)		(32,848	)		(90,663	)		(1,701,325	)		(29,793	)		(476,565	)		(71,454	)		(1,103,510	)		(596,410	)		(5,646,823	)		(1,052,353	)		(9,700,364	)
	(1,291	)		(18,671	)		(27,171	)		(502,150	)		(9,233	)		(146,085	)		(26,436	)		(390,005	)		(382,257	)		(3,496,041	)		(629,642	)		(5,714,031	)
	(25,452	)		(377,072	)		(328,680	)		(6,079,143	)		(945	)		(15,033	)		(73,524	)		(1,087,726	)		(242,023	)		(2,264,926	)		(173,033	)		(1,574,117	)
	(7,408	)		(106,101	)		—			—			(5	)		(77	)		(579	)		(9,364	)		(837,919	)		(7,809,731	)		(549,706	)		(5,028,372	)
	(294	)		(3,859	)		(90	)		(1,386	)		(589,172	)		(9,165,945	)		(563,108	)		(8,811,402	)		(4,894	)		(46,692	)		(114,534	)		(1,056,963	)
	26,957		$	339,480			7,269		$	109,276			(90,259	)	$	(1,253,564	)		1,753,137		$	28,422,728			3,422,518		$	33,121,419			1,318,611		$	13,030,487

5.31.12 Allianz Multi-Strategy Funds Semiannual Report 207

Notes to Financial Statements  (Cont.)

May 31, 2012 (unaudited)

	RCM Redwood												RCM Short Duration High Income
	Six Months ended 5/31/2012 (unaudited)						Period 12/27/10† through 11/30/2011						Six Months ended 5/31/2012 (unaudited)						Period 10/3/11† through 11/30/2011
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		23,351		$	350,578			100,467		$	1,505,398			657,619		$	10,290,907			35,561		$	542,812
Class C		495			7,433			27,047			401,295			298,532			4,638,356			82,665			1,256,840
Class D		4,322			65,000			31,660			476,177			105,320			1,646,498			3,585			54,878
Class P		—			—			10,826			156,001			257,672			4,044,167			—			—
Institutional Class		61,892			934,291			344,304			5,244,912			1,351,713			21,100,078			190,569			2,906,361
Issued in reinvestment of dividends and distributions:
Class A		—			—			—			—			7,524			117,680			46			710
Class C		—			—			—			—			5,015			78,187			124			1,890
Class D		—			—			—			—			1,274			19,939			14			214
Class P		—			—			—			—			2,198			34,420			2			37
Institutional Class		—			—			—			—			29,353			459,183			1,772			27,146
Cost of shares redeemed:
Class A		(2,858	)		(42,580	)		(3,338	)		(47,013	)		(118,289	)		(1,855,931	)		(1,536	)		(23,527	)
Class C		(1,366	)		(20,126	)		(24,537	)		(355,904	)		(41,159	)		(641,167	)		(2,140	)		(32,739	)
Class D		(25,570	)		(380,943	)		—			—			(17,549	)		(275,411	)		—			—
Class P		(2,429	)		(36,506	)		—			—			(42,848	)		(669,875	)		—			—
Institutional Class		(51,083	)		(763,362	)		(34,655	)		(493,512	)		(104,831	)		(1,647,965	)		(37	)		(564	)
Net increase resulting from Fund share transactions		6,754		$	113,785			451,774		$	6,887,354			2,391,544		$	37,339,066			310,625		$	4,734,058

† Commencement of operations.

10. INVESTMENTS BY AFFILIATES AND INVESTMENTS IN AFFILIATES

At May 31, 2012, AAM held 5% or more of the outstanding shares of the following Funds:

Issuer Name	Approximate ownership
AGI Solutions 2015		44	%
AGI Solutions 2020		65	%
AGI Solutions 2025		100	%
AGI Solutions 2030		57	%
AGI Solutions 2035		100	%
AGI Solutions 2040		73	%
AGI Solutions 2045		100	%
AGI Solutions 2050		80	%
AGI Solutions 2055		100	%
AGI Solutions Global Growth Allocation		69	%
AGI Solutions Retirement Income		23	%
AGIC Focused Opportunity		83	%
AGIC Global Managed Volatility		17	%
F&T Behavioral Advantage Large Cap		94	%
NFJ International Value II		100	%
RCM All Alpha		98	%
RCM China Equity		82	%
RCM Redwood		31	%
RCM Short Duration High Income		11	%

208 Allianz Multi-Strategy Funds Semiannual Report 5.31.12

The tables below show the transactions in and earnings from the Underlying Funds for the six months ended May 31, 2012:

AGI Solutions 2015:

	Market Value 11/30/2011		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 5/31/2012		Dividend Income		Net Realized Gain (Loss)
Allianz Funds:
AGIC Emerging Markets Opportunities	$	117,716	$	6,643	$	76,326	$	3,317		$	48,228	$	969	$	2,491
AGIC Income & Growth		408,791		47,674		62,573		49,525			388,832		9,988		(1,270	)
AGIC International Managed Volatility		120,253		—		116,902		—			—		—		(5,831	)
AGIC Opportunity		165,223		14,674		138,355		2,579			47,555		—		2,062
AGIC U.S. Managed Volatility		—		98,917		641		(716	)		97,555		—		(5	)
NFJ Dividend Value		412,253		42,209		73,058		39,833			387,475		6,080		1,710
NFJ International Value		231,759		16,046		97,921		(8,290	)		144,870		1,172		(12,964	)
NFJ Mid-Cap Value		75,537		17,775		50,437		1,546			41,765		822		717
NFJ Small-Cap Value		180,139		8,410		—		30,020			179,368		3,404		—
RCM Global Commodity Equity		199,494		18,026		113,207		14,291			95,003		—		10,151
RCM Large-Cap Growth		159,065		—		156,537		—			—		—		6,964
Allianz Funds Multi-Strategy Trust:
AGIC Global Managed Volatility		—		206,976		13,669		2,028			195,535		—		201
AGIC International Growth Opportunities		78,648		3,451		85,565		—			—		—		29,958
AGIC U.S. Emerging Growth		209,411		18,840		128,431		11,501			95,943		—		10,603
NFJ Global Dividend Value		312,881		42,438		55,480		(3,551	)		289,421		2,568		(2,445	)
RCM Disciplined Equity		465,944		30,350		258,947		48,198			240,430		3,035		9,498
RCM Short Duration High Income		—		205,171		8,868		75			196,408		2,836		30
PIMCO Funds:
1-5 Year U.S. TIPS Index		1,495,515		—		819,937		12,627			680,360		5,365		10,045
CommoditiesPLUS Strategy		199,027		54,610		192,830		(6,756	)		47,854		—		(37,894	)
Commodity RealReturn Strategy		—		378,842		35,016		(49,993	)		290,443		36,730		(3,390	)
Floating Income		249,991		8,523		68,631		(7,692	)		196,051		4,904		(3,770	)
Foreign Bond (U.S. Dollar-Hedged)		397,220		26,136		40,080		35,422			394,596		10,605		(47	)
Income		301,605		130,917		51,072		51,463			395,109		17,140		(365	)
Real Return		2,321,102		956,056		259,187		396,215			3,084,012		44,836		(2,429	)
RealEstateRealReturn Strategy		—		55,143		11,688		4,912			49,100		4,468		734
Short-Term		1,108,651		425,553		749,623		19,422			786,277		4,929		(8,699	)
Total Return		402,066		112,402		38,835		35,379			495,218		10,122		168
Total	$	9,612,291	$	2,925,782	$	3,703,816	$	681,355		$	8,867,408	$	169,973	$	6,223

AGI Solutions 2020:

	Market Value 11/30/2011		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 5/31/2012		Dividend Income		Net Realized Gain (Loss)
Allianz Funds:
AGIC Emerging Markets Opportunities	$	95,166	$	9,082	$	36,771	$	17,357		$	65,778	$	859	$	3,342
AGIC Income & Growth		256,182		25,284		11,810		37,676			265,400		6,531		(923	)
AGIC International Managed Volatility		96,371		—		93,309		—			—		—		(7,298	)
AGIC Opportunity		126,768		15,491		79,458		(2,104	)		64,835		—		(6,672	)
AGIC U.S. Managed Volatility		—		68,292		1,197		(489	)		66,591		—		(15	)
NFJ Dividend Value		322,080		22,892		70,412		29,499			277,730		4,158		(2,594	)
NFJ International Value		161,294		9,810		68,411		(9,940	)		98,896		761		(9,709	)
NFJ Mid-Cap Value		63,261		17,636		9,998		(545	)		70,562		1,001		658
NFJ Small-Cap Value		100,407		4,688		—		24,653			99,978		1,897		—
RCM Global Commodity Equity		130,095		12,189		71,011		13,085			64,864		—		8,093
RCM Large-Cap Growth		97,713		4,396		38,854		4,077			65,848		127		(678	)
Allianz Funds Multi-Strategy Trust:
AGIC Global Managed Volatility		—		142,189		3,347		1,325			140,137		—		(30	)
AGIC International Growth Opportunities		96,736		4,931		73,869		11,000			32,845		—		27,021
AGIC U.S. Emerging Growth		130,407		17,565		44,551		7,958			98,146		—		(5,270	)
NFJ Global Dividend Value		304,351		30,904		81,637		(4,084	)		243,670		2,095		(9,152	)
RCM Disciplined Equity		304,655		19,289		161,392		37,650			164,115		1,918		2,368
RCM Short Duration High Income		—		173,336		5,550		(198	)		167,600		2,186		12
PIMCO Funds:
1-5 Year U.S. TIPS Index		766,230		—		432,134		6,041			337,173		2,692		8,501
CommoditiesPLUS Strategy		213,170		45,257		140,589		(19,784	)		97,929		4,341		(40,352	)
Commodity RealReturn Strategy		—		237,988		4,000		(35,341	)		198,272		23,828		(375	)
Floating Income		188,733		9,283		35,262		(6,436	)		167,295		4,013		(1,852	)
Foreign Bond (U.S. Dollar-Hedged)		252,125		27,767		51,345		28,474			235,702		6,648		518
Income		190,210		72,808		68,753		38,639			202,291		9,933		969
Real Return		1,311,596		634,577		90,061		254,318			1,897,701		26,436		(480	)
RealEstateRealReturn Strategy		—		106,093		13,456		7,441			100,557		7,224		479
Short-Term		637,957		273,617		395,993		12,599			516,633		3,027		(4,998	)
Total Return		189,647		120,390		16,113		20,445			304,272		5,436		27
Total	$	6,035,154	$	2,105,754	$	2,099,283	$	473,316		$	6,044,820	$	115,111	$	(38,410	)

5.31.12 Allianz Multi-Strategy Funds Semiannual Report 209

Notes to Financial Statements  (Cont.)

May 31, 2012 (unaudited)

AGI Solutions 2025:

	Market Value 11/30/2011*		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 5/31/2012		Dividend Income		Net Realized Gain (Loss)
Allianz Funds:
AGIC Emerging Markets Opportunities		—	$	64,880	$	21,502	$	806		$	46,907	$	600	$	2,723
AGIC Income & Growth		—		130,430		5,491		969			126,228		2,859		320
AGIC Opportunity		—		48,848		22,323		777			30,829		—		3,527
AGIC U.S. Managed Volatility		—		32,526		620		(232	)		31,669		—		(5	)
NFJ Dividend Value		—		160,729		35,303		4,781			132,076		2,004		1,869
NFJ International Value		—		68,465		8,508		1,556			62,708		475		1,195
NFJ Mid-Cap Value		—		98,438		5,001		(460	)		93,490		967		513
RCM Global Commodity Equity		—		51,535		5,001		(1,008	)		46,260		—		734
RCM Large-Cap Growth		—		32,001		3,675		2,519			31,313		62		468
Allianz Funds Multi-Strategy Trust:
AGIC Global Managed Volatility		—		79,182		611		777			79,339		—		(9	)
AGIC International Growth Opportunities		—		46,452		38,366		1,294			15,632		—		6,252
AGIC U.S. Emerging Growth		—		48,489		4,489		2,207			46,708		—		501
NFJ Global Dividend Value		—		142,384		14,459		1,976			131,535		1,156		1,634
RCM Disciplined Equity		—		113,244		5,003		498			109,267		935		528
RCM Short Duration High Income		—		81,120		1,337		(80	)		79,707		1,050		4
PIMCO Funds:
1-5 Year U.S. TIPS Index		—		303,988		210,049		477			96,535		485		2,119
CommoditiesPLUS Strategy		—		87,942		2,476		(7,934	)		77,616		4,174		84
Commodity RealReturn Strategy		—		110,263		1,873		(14,026	)		94,288		11,423		(76	)
Floating Income		—		93,929		16,764		1,934			79,561		1,741		462
Foreign Bond (U.S. Dollar-Hedged)		—		124,389		14,099		1,734			112,096		2,934		72
Income		—		113,467		20,950		3,255			96,211		4,269		439
Real Return		—		816,778		42,654		29,072			803,838		11,419		642
RealEstateRealReturn Strategy		—		68,231		9,871		4,890			63,748		4,881		498
Short-Term		—		334,226		101,227		2,940			236,127		1,144		188
Total Return		—		145,332		4,201		3,534			144,704		2,248		39
Total		—	$	3,397,268	$	595,853	$	42,256		$	2,868,392	$	54,826	$	24,721

AGI Solutions 2030:

	Market Value 11/30/2011		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 5/31/2012		Dividend Income		Net Realized Gain (Loss)
Allianz Funds:
AGIC Emerging Markets Opportunities	$	220,725	$	38,487	$	54,414	$	60,291		$	196,790	$	2,112	$	2,310
AGIC Income & Growth		329,430		46,354		11,451		34,253			357,483		8,790		(961	)
AGIC International Managed Volatility		165,948		16,497		56,669		(8,589	)		119,925		3,416		(7,385	)
AGIC Opportunity		294,819		32,038		173,162		951			155,202		—		(17,098	)
AGIC U.S. Managed Volatility		—		83,523		3,183		(585	)		79,723		—		(32	)
NFJ Dividend Value		369,407		46,421		77,839		40,986			340,393		5,081		(3,205	)
NFJ International Value		349,585		28,668		131,888		(27,108	)		236,753		1,781		(18,503	)
NFJ Mid-Cap Value		60,186		44,809		8,485		9,327			95,776		1,155		45
NFJ Small-Cap Value		219,440		10,245		—		55,801			218,501		4,146		—
RCM Global Commodity Equity		226,116		31,064		85,702		22,230			155,257		—		6,724
RCM Large-Cap Growth		146,623		9,677		79,583		3,270			78,856		148		(3,700	)
Allianz Funds Multi-Strategy Trust:
AGIC Global Managed Volatility		—		211,322		13,214		1,713			199,729		—		(93	)
AGIC International Growth Opportunities		200,305		8,941		141,526		27,057			78,690		—		35,569
AGIC U.S. Emerging Growth		184,955		23,886		85,186		37,980			117,568		—		(325	)
NFJ Global Dividend Value		353,260		79,348		22,510		(8,190	)		394,198		3,461		(1,410	)
RCM Disciplined Equity		368,443		58,696		30,926		75,143			392,942		4,397		43
RCM Short Duration High Income		—		214,554		13,659		(224	)		200,684		2,665		13
PIMCO Funds:
1-5 Year U.S. TIPS Index		496,092		13,303		512,730		—			—		645		11,060
CommoditiesPLUS Strategy		292,492		96,619		75,003		(77,471	)		273,532		14,934		(18,434	)
Commodity RealReturn Strategy		—		288,049		4,439		(45,613	)		237,419		27,513		(578	)
Floating Income		256,812		29,577		51,981		(8,380	)		240,377		5,752		(2,656	)
Foreign Bond (U.S. Dollar-Hedged)		220,530		93,653		79,359		28,134			241,921		6,729		460
Income		147,881		114,494		28,331		12,428			242,243		9,862		175
Real Return		721,145		1,018,211		162,072		164,039			1,621,243		22,420		(145	)
RealEstateRealReturn Strategy		—		170,449		27,119		16,048			160,491		13,921		1,113
Short-Term		1,301,866		301,709		1,157,044		2,540			441,872		3,410		(16,347	)
Total Return		147,441		206,938		39,897		17,256			323,875		5,005		128
Total	$	7,073,501	$	3,317,532	$	3,127,372	$	433,287		$	7,201,443	$	147,343	$	(33,232	)

210 Allianz Multi-Strategy Funds Semiannual Report 5.31.12

AGI Solutions 2035:

	Market Value 11/30/2011*		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 5/31/2012		Dividend Income		Net Realized Gain (Loss)
Allianz Funds:
AGIC Emerging Markets Opportunities		—	$	114,954	$	24,774	$	1,654		$	94,716	$	1,049	$	2,882
AGIC Income & Growth		—		143,319		1,019		1,160			143,394		3,294		(66	)
AGIC International Managed Volatility		—		70,277		1,369		1,535			70,555		2,088		112
AGIC Opportunity		—		112,139		25,576		2,783			93,396		—		4,050
AGIC U.S. Managed Volatility		—		47,971		2,083		2,097			47,968		241		(17	)
NFJ Dividend Value		—		190,841		17,670		6,706			181,006		2,749		1,129
NFJ International Value		—		132,847		11,055		3,475			126,638		973		1,371
NFJ Mid-Cap Value		—		152,475		7,501		5,315			151,037		2,211		748
RCM Global Commodity Equity		—		74,098		4,824		(1,324	)		68,526		—		576
RCM Large-Cap Growth		—		46,152		18,041		2,640			31,633		62		882
Allianz Funds Multi-Strategy Trust:
AGIC Global Managed Volatility		—		84,419		1,869		800			83,324		—		(26	)
AGIC International Growth Opportunities		—		77,842		41,156		3,983			47,344		—		6,675
AGIC U.S. Emerging Growth		—		62,449		3,027		3,141			62,873		—		310
NFJ Global Dividend Value		—		182,423		13,162		2,995			173,947		1,542		1,691
RCM Disciplined Equity		—		173,655		9,048		7,816			173,385		2,058		962
RCM Short Duration High Income		—		82,810		2,222		(73	)		80,499		1,080		(16	)
PIMCO Funds:
1-5 Year U.S. TIPS Index		—		151,994		153,494		—			—		—		1,500
CommoditiesPLUS Strategy		—		156,490		—		(15,350	)		141,140		6,261		—
Commodity RealReturn Strategy		—		109,579		—		(14,354	)		95,225		11,454		—
Floating Income		—		124,068		14,720		2,788			112,493		2,466		357
Foreign Bond (U.S. Dollar-Hedged)		—		59,661		12,014		812			48,521		1,366		62
Income		—		66,342		19,817		1,631			48,586		2,374		430
Real Return		—		496,673		23,201		17,052			490,930		6,533		406
RealEstateRealReturn Strategy		—		98,465		43,275		6,116			64,385		7,263		3,079
Short-Term		—		289,037		137,269		2,206			154,689		991		715
Total Return		—		149,494		5,703		2,336			146,152		1,353		25
Total		—	$	3,450,474	$	593,889	$	47,940		$	2,932,362	$	57,408	$	27,837

AGI Solutions 2040:

	Market Value 11/30/2011		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 5/31/2012		Dividend Income		Net Realized Gain (Loss)
Allianz Funds:
AGIC Emerging Markets Opportunities	$	242,185	$	30,042	$	40,251	$	71,145		$	221,408	$	2,201	$	(141	)
AGIC Income & Growth		318,509		43,451		3,716		57,760			351,160		8,593		(378	)
AGIC International Managed Volatility		228,259		55,362		48,816		(17,024	)		224,894		5,312		(7,609	)
AGIC Opportunity		301,434		30,210		109,113		(10,298	)		218,281		—		(11,794	)
AGIC U.S. Managed Volatility		115,930		59,866		12,763		33,423			160,188		894		(220	)
NFJ Dividend Value		379,829		36,216		5,075		55,038			413,627		5,989		(417	)
NFJ International Value		391,744		23,294		124,320		(35,278	)		279,152		2,044		(20,176	)
NFJ Mid-Cap Value		74,483		30,421		—		10,202			102,749		1,100		—
NFJ Small-Cap Value		245,608		11,467		—		68,822			244,558		4,641		—
RCM Global Commodity Equity		201,889		29,689		59,482		22,072			156,072		—		7,050
RCM Large-Cap Growth		116,001		5,649		63,299		432			63,382		170		211
Allianz Funds Multi-Strategy Trust:
AGIC Global Managed Volatility		—		180,137		8,199		1,473			173,370		—		(41	)
AGIC International Growth Opportunities		209,364		10,265		103,962		43,529			126,501		—		25,021
AGIC U.S. Emerging Growth		163,810		22,596		37,593		37,188			138,574		—		(6,697	)
NFJ Global Dividend Value		331,815		40,331		8,154		(3,732	)		348,545		3,015		(1,487	)
RCM Disciplined Equity		378,839		40,510		5,252		95,386			410,665		4,471		(64	)
RCM Short Duration High Income		—		170,437		9,005		(136	)		161,287		2,138		(9	)
PIMCO Funds:
1-5 Year U.S. TIPS Index		188,796		—		189,183		—			—		246		3,273
CommoditiesPLUS Strategy		375,971		131,380		73,896		(114,176	)		376,965		19,471		(19,334	)
Commodity RealReturn Strategy		—		187,828		—		(28,825	)		159,003		17,934		—
Floating Income		290,257		28,882		35,741		(10,025	)		289,775		6,800		(1,783	)
Real Return		—		556,822		116,695		18,323			458,822		6,892		372
RealEstateRealReturn Strategy		—		143,998		29,420		12,901			128,980		11,681		1,501
Short-Term		863,498		267,801		838,716		1,986			290,551		2,522		(9,303	)
Total Return		—		305,850		17,258		4,109			292,760		2,083		59
Total	$	5,418,221	$	2,442,504	$	1,939,909	$	314,295		$	5,791,269	$	108,197	$	(41,966	)

5.31.12 Allianz Multi-Strategy Funds Semiannual Report 211

Notes to Financial Statements  (Cont.)

May 31, 2012 (unaudited)

AGI Solutions 2045:

	Market Value 11/30/2011*		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 5/31/2012		Dividend Income		Net Realized Gain (Loss)
Allianz Funds:
AGIC Emerging Markets Opportunities		—	$	130,499	$	24,201	$	2,063		$	111,370	$	1,199	$	3,009
AGIC Income & Growth		—		176,958		1,583		1,328			176,600		4,051		(103	)
AGIC International Managed Volatility		—		120,099		—		2,689			122,788		3,607		—
AGIC Opportunity		—		142,747		24,831		3,906			125,494		—		3,672
AGIC U.S. Managed Volatility		—		80,694		4,467		4,360			80,552		482		(35	)
NFJ Dividend Value		—		205,805		5,810		7,835			207,989		3,171		159
NFJ International Value		—		153,500		5,949		4,939			153,134		1,179		644
NFJ Mid-Cap Value		—		188,450		5,500		6,897			190,257		2,764		410
RCM Global Commodity Equity		—		90,813		5,000		(1,672	)		84,738		—		597
RCM Large-Cap Growth		—		30,635		1,708		2,688			31,871		62		256
Allianz Funds Multi-Strategy Trust:
AGIC Global Managed Volatility		—		98,199		2,206		917			96,880		—		(30	)
AGIC International Growth Opportunities		—		108,702		42,931		6,754			79,492		—		6,967
AGIC U.S. Emerging Growth		—		79,146		4,304		3,825			79,181		—		514
NFJ Global Dividend Value		—		193,846		7,263		3,866			191,207		1,706		758
RCM Disciplined Equity		—		203,069		6,352		9,480			206,480		2,432		283
RCM Short Duration High Income		—		84,125		2,939		(71	)		81,117		1,088		2
PIMCO Funds:
CommoditiesPLUS Strategy		—		208,869		—		(19,321	)		189,548		10,435		—
Commodity RealReturn Strategy		—		147,226		—		(19,298	)		127,928		15,271		—
Floating Income		—		157,669		15,785		3,611			145,741		3,192		246
Real Return		—		199,498		105,385		3,653			98,972		2,098		1,206
RealEstateRealReturn Strategy		—		114,455		59,874		6,171			64,848		8,054		4,096
Short-Term		—		188,172		76,945		1,621			113,659		775		811
Total Return		—		153,046		7,583		1,780			147,276		962		33
Total		—	$	3,256,222	$	410,616	$	38,021		$	2,907,122	$	62,528	$	23,495

AGI Solutions 2050:

	Market Value 11/30/2011		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 5/31/2012		Dividend Income		Net Realized Gain (Loss)
Allianz Funds:
AGIC Emerging Markets Opportunities	$	254,129	$	42,040	$	51,064	$	72,487		$	234,011	$	2,368	$	1,211
AGIC Income & Growth		330,365		63,235		32,627		63,145			354,127		8,928		(1,651	)
AGIC International Managed Volatility		252,113		38,101		43,524		(17,921	)		237,565		6,737		(7,263	)
AGIC Opportunity		340,287		45,982		122,143		(13,893	)		259,643		—		(11,569	)
AGIC U.S. Managed Volatility		110,221		64,773		24,151		32,281			148,069		855		70
NFJ Dividend Value		388,945		48,653		29,047		58,440			411,754		6,247		(21	)
NFJ International Value		391,291		27,803		114,840		(36,482	)		293,224		2,216		(16,937	)
NFJ Mid-Cap Value		69,977		36,765		21,543		9,283			83,983		1,053		379
NFJ Small-Cap Value		267,345		12,481		—		75,187			266,202		5,052		—
RCM Global Commodity Equity		224,572		30,575		63,548		23,566			173,178		—		2,841
RCM Large-Cap Growth		110,299		6,197		60,282		297			58,576		109		(2,198	)
Allianz Funds Multi-Strategy Trust:
AGIC Global Managed Volatility		—		199,761		23,135		1,671			178,053		—		(244	)
AGIC International Growth Opportunities		223,015		27,391		88,108		61,214			175,312		—		11,532
AGIC U.S. Emerging Growth		166,852		35,317		17,028		32,039			174,629		—		(1,842	)
NFJ Global Dividend Value		332,095		54,137		20,307		(5,654	)		351,479		3,197		(567	)
RCM Disciplined Equity		387,915		50,788		26,995		95,152			408,744		4,591		562
RCM Short Duration High Income		—		163,891		14,665		(114	)		149,114		2,042		2
PIMCO Funds:
CommoditiesPLUS Strategy		385,019		135,094		116,727		(97,404	)		348,490		18,385		(32,425	)
Commodity RealReturn Strategy		—		301,140		20,563		(42,641	)		235,173		27,346		(2,763	)
Floating Income		275,970		48,699		63,241		(8,650	)		267,908		6,540		(2,646	)
Real Return		—		196,776		199,165		—			—		1,228		2,389
RealEstateRealReturn Strategy		—		129,387		22,694		11,807			119,215		10,783		715
Short-Term		642,366		66,045		509,877		926			196,999		1,831		(6,019	)
Total Return		—		301,853		35,177		4,001			270,752		1,944		75
Total	$	5,152,776	$	2,126,884	$	1,720,451	$	318,737		$	5,396,200	$	111,452	$	(66,369	)

212 Allianz Multi-Strategy Funds Semiannual Report 5.31.12

AGI Solutions 2055:

	Market Value 11/30/2011*		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 5/31/2012		Dividend Income		Net Realized Gain (Loss)
Allianz Funds:
AGIC Emerging Markets Opportunities		—	$	146,671	$	24,999	$	2,283		$	126,961	$	1,349	$	3,006
AGIC Income & Growth		—		194,646		3,744		1,479			192,206		4,442		(175	)
AGIC International Managed Volatility		—		126,146		—		2,790			128,936		3,797		—
AGIC Opportunity		—		158,719		25,915		4,309			140,806		—		3,693
AGIC U.S. Managed Volatility		—		80,788		4,785		4,397			80,361		482		(39	)
NFJ Dividend Value		—		219,844		5,000		8,474			223,475		3,424		157
NFJ International Value		—		159,695		6,385		5,155			159,116		1,230		651
NFJ Mid-Cap Value		—		189,568		7,483		7,048			189,808		2,810		675
RCM Global Commodity Equity		—		99,754		4,600		(1,706	)		93,998		—		550
RCM Large-Cap Growth		—		30,512		1,658		2,693			31,795		62		248
Allianz Funds Multi-Strategy Trust:
AGIC Global Managed Volatility		—		99,555		3,783		919			96,656		—		(35	)
AGIC International Growth Opportunities		—		123,996		44,224		8,116			95,158		—		7,270
AGIC U.S. Emerging Growth		—		94,195		4,532		4,640			94,787		—		484
NFJ Global Dividend Value		—		193,160		7,062		3,872			190,747		1,708		777
RCM Disciplined Equity		—		217,924		6,697		10,214			221,824		2,620		383
RCM Short Duration High Income		—		84,177		3,183		(69	)		80,926		1,089		1
PIMCO Funds:
CommoditiesPLUS Strategy		—		208,456		—		(19,375	)		189,081		10,435		—
Commodity RealReturn Strategy		—		146,954		—		(19,331	)		127,623		15,275		—
Floating Income		—		163,286		21,824		3,602			145,398		3,215		334
Real Return		—		100,160		101,181		—			1		660		1,022
RealEstateRealReturn Strategy		—		114,472		59,945		6,157			64,692		8,072		4,008
Short-Term		—		177,613		73,022		1,524			106,913		733		798
Total Return		—		153,279		8,151		1,773			146,937		964		36
Total		—	$	3,283,570	$	418,173	$	38,964		$	2,928,205	$	62,367	$	23,844

AGI Solutions Global Allocation:

	Market Value 11/30/2011		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 5/31/2012		Dividend Income		Net Realized Gain (Loss)
Allianz Funds:
AGIC Emerging Markets Opportunities	$	7,258,451	$	1,281,141	$	2,276,532	$	1,381,584		$	6,025,867	$	70,712	$	334,596
AGIC Income & Growth		7,571,983		359,869		1,724,134		779,463			6,084,677		162,872		162,445
AGIC International Managed Volatility		8,633,917		1,269,363		378,650		(70,852	)		9,183,966		255,487		(28,143	)
AGIC Opportunity		7,433,793		842,868		4,365,569		1,466,307			4,009,855		—		317,970
AGIC U.S. Managed Volatility		2,166,343		2,365,845		382,274		512,461			4,072,221		16,253		3,773
NFJ Dividend Value		5,459,330		108,741		575,395		426,235			5,053,008		79,931		45,517
NFJ International Value		14,121,571		1,008,479		1,605,901		(1,669,383	)		13,241,462		104,773		(118,828	)
NFJ Large-Cap Value		4,340,098		108,808		529,125		825,529			4,032,617		56,929		85,222
NFJ Mid-Cap Value		2,678,797		120,107		1,928,499		308,734			831,840		21,585		654,067
NFJ Small-Cap Value		6,013,123		280,730		—		1,926,449			5,987,406		113,621		—
RCM Global Commodity Equity		8,724,654		1,212,207		2,195,510		710,673			7,058,757		—		273,054
RCM Large-Cap Growth		7,496,097		49,942		3,668,803		1,015,847			4,025,789		8,249		616,040
Allianz Funds Multi-Strategy Trust:
AGIC Global Managed Volatility		—		8,542,823		404,331		28,359			8,159,718		—		(7,133	)
AGIC International Growth Opportunities		7,081,374		204,082		3,743,861		1,274,427			4,015,527		—		1,149,095
AGIC U.S. Emerging Growth		7,648,836		748,995		3,046,980		1,090,456			5,048,393		—		490,930
NFJ Global Dividend Value		9,787,057		1,740,023		1,006,534		(70,908	)		10,136,116		91,934		38,639
RCM Disciplined Equity		8,710,241		415,965		2,035,328		1,609,729			7,023,755		87,408		154,955
RCM Short Duration High Income		—		5,451,445		311,732		(15,766	)		5,123,877		69,808		(70	)
PIMCO Funds:
0-5 Year High Yield Corporate Bond Index Fund		326,978		—		329,998		—			—		—		5,378
1-5 Year U.S. TIPS Index		21,284,459		—		14,883,925		116,798			6,504,007		60,371		135,609
CommoditiesPLUS Strategy		3,456,973		337,088		1,422,352		(678,052	)		1,996,702		138,741		(438,412	)
Commodity RealReturn Strategy		—		5,000,814		178,076		(762,694	)		4,040,998		518,538		(19,046	)
Floating Income		9,580,005		394,364		3,076,352		(310,676	)		7,160,131		194,475		(188,174	)
Foreign Bond (U.S. Dollar-Hedged)		8,340,909		5,369,514		1,667,758		1,004,734			12,353,626		329,527		12,333
Income		7,371,833		6,470,175		1,916,256		361,336			12,369,730		544,641		23,876
Real Return		—		8,535,840		846,009		248,649			7,948,954		61,483		10,474
Short-Term		33,308,970		9,659,795		28,711,567		83,978			14,208,698		113,574		(366,997	)
Total Return		7,295,261		8,528,509		2,028,286		883,614			14,227,770		223,005		9,749
Total	$	206,091,053	$	70,407,532	$	85,239,737	$	12,477,031		$	189,925,467	$	3,323,917	$	3,356,919

5.31.12 Allianz Multi-Strategy Funds Semiannual Report 213

Notes to Financial Statements  (Cont.)

May 31, 2012 (unaudited)

AGI Solutions Global Growth Allocation:

	Market Value 11/30/2011		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 5/31/2012		Dividend Income		Net Realized Gain (Loss)
Allianz Funds:
AGIC Emerging Markets Opportunities	$	358,901	$	106,613	$	85,609	$	82,989		$	366,564	$	4,017	$	(889	)
AGIC Income & Growth		321,912		15,047		29,174		47,632			302,867		7,999		163
AGIC International Managed Volatility		363,685		102,559		43,641		(39,469	)		406,315		10,416		(6,929	)
AGIC Opportunity		431,779		39,758		209,452		(4,152	)		262,816		—		(18,019	)
AGIC U.S. Managed Volatility		147,767		58,619		32,883		38,936			168,836		1,072		1,702
NFJ Dividend Value		513,434		14,591		96,349		97,215			435,998		6,900		1,401
NFJ International Value		587,403		99,786		76,453		(66,690	)		601,620		4,792		(7,089	)
NFJ Mid-Cap Value		105,561		16,418		62,734		8,758			57,551		995		3,623
NFJ Small-Cap Value		376,665		17,585		—		107,964			375,054		7,117		—
RCM Global Commodity Equity		330,749		25,949		65,199		29,387			263,019		—		2,662
RCM Large-Cap Growth		258,768		270		129,327		842			133,597		270		(6,634	)
Allianz Funds Multi-Strategy Trust:
AGIC Global Managed Volatility		—		294,425		24,422		1,059			270,743		—		(319	)
AGIC International Growth Opportunities		360,609		10,875		158,794		87,158			233,232		—		15,963
AGIC U.S. Emerging Growth		223,658		22,573		34,585		75,214			199,082		—		3,988
NFJ Global Dividend Value		511,509		30,521		56,173		(12,119	)		467,492		4,297		(3,301	)
RCM Disciplined Equity		513,820		21,949		101,954		89,243			432,842		5,318		3,614
RCM Short Duration High Income		—		182,950		12,436		(434	)		170,029		2,038		(51	)
PIMCO Funds:
CommoditiesPLUS Strategy		214,388		17,684		77,099		(41,064	)		132,491		9,227		(21,533	)
Commodity RealReturn Strategy		—		265,813		27,522		(34,343	)		201,116		27,005		(2,832	)
Floating Income		425,766		17,042		159,388		(8,475	)		291,908		7,675		(10,801	)
Foreign Bond (U.S. Dollar-Hedged)		—		151,221		16,811		2,059			136,643		3,546		174
Income		—		154,142		22,412		4,668			136,819		5,991		421
Short-Term		772,985		8,604		775,232		—			—		767		(10,615	)
Total	$	6,819,359	$	1,674,994	$	2,297,649	$	466,378		$	6,046,634	$	109,442	$	(55,301	)

AGI Solutions Retirement Income:

	Market Value 11/30/2011		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 5/31/2012		Dividend Income		Net Realized Gain (Loss)
Allianz Funds:
AGIC Emerging Markets Opportunities	$	122,726	$	67,478	$	104,280	$	3,488		$	90,443	$	1,531	$	1,215
AGIC Income & Growth		613,325		159,517		30,340		28,636			729,650		17,484		(1,873	)
AGIC International Managed Volatility		177,860		3,831		176,706		—			—		—		(10,534	)
AGIC Opportunity		231,625		42,961		193,051		4,277			89,224		—		214
AGIC U.S. Managed Volatility		—		187,068		2,637		(1,345	)		183,065		—		(21	)
NFJ Dividend Value		623,707		164,653		66,777		40,897			727,056		10,352		912
NFJ International Value		316,457		41,538		167,492		(501	)		181,369		1,325		(24,025	)
NFJ Mid-Cap Value		18,963		59,585		28,284		(1,973	)		47,030		27		317
NFJ Small-Cap Value		224,668		10,489		—		26,008			223,708		4,245		—
RCM Global Commodity Equity		306,714		49,878		159,593		8,351			178,212		—		(1,608	)
RCM Large-Cap Growth		227,741		12,780		237,427		—			—		—		15,507
Allianz Funds Multi-Strategy Trust:
AGIC Global Managed Volatility		—		380,680		16,992		3,139			366,924		—		97
AGIC International Growth Opportunities		72,835		—		72,529		—			—		—		16,649
AGIC U.S. Emerging Growth		235,798		48,904		95,507		6,734			180,035		—		(5,364	)
NFJ Global Dividend Value		470,431		148,643		55,172		(11,234	)		543,058		4,673		(2,407	)
RCM Disciplined Equity		535,239		109,415		100,005		47,657			541,299		5,719		(452	)
RCM Short Duration High Income		—		381,147		12,670		104			368,589		5,358		7
PIMCO Funds:
1-5 Year U.S. TIPS Index		2,166,731		42,473		915,051		22,552			1,301,822		9,363		4,920
CommoditiesPLUS Strategy		232,105		106,599		230,749		(12,833	)		89,791		—		(36,064	)
Commodity RealReturn Strategy		—		557,379		21,108		(79,307	)		454,272		51,152		(2,692	)
Floating Income		227,589		36,650		87,128		(2,238	)		183,960		4,790		(4,027	)
Foreign Bond (U.S. Dollar-Hedged)		623,279		169,278		72,480		38,312			740,533		18,482		268
Income		629,872		355,101		273,050		77,123			741,507		35,423		(2,449	)
Real Return		4,157,040		2,837,246		1,197,371		552,323			5,939,208		85,543		(5,407	)
RealEstateRealReturn Strategy		—		95,474		13,000		9,208			92,129		7,740		447
Short-Term		1,922,549		1,154,248		1,367,119		29,536			1,715,348		9,785		(16,219	)
Total Return		624,752		351,365		81,409		47,111			929,380		18,200		(215	)
Total	$	14,762,006	$	7,574,380	$	5,777,927	$	836,025		$	16,637,612	$	291,192	$	(72,804	)

* Commencement of operations, December 19, 2011.

214 Allianz Multi-Strategy Funds Semiannual Report 5.31.12

11. FUND EVENTS

a. Reorganization

Prior to the opening of business on February 27, 2012, Allianz RCM Global Water Fund (the “Survivor Fund”) acquired all assets and liabilities of Allianz RCM Global EcoTrends^SM Fund (the “Target Fund”). The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies. The acquisition was accomplished by a tax-free exchange of shares of the Target Fund, valued at $35,766,152 in total, for shares of the Survivor Fund as follows:

	Shares of Target Fund		Shares of Survivor Fund
Class A		1,489,283		2,987,721
Class C		241,552		480,744
Class D		15,843		31,837
Class P		100,556		202,617
Institutional Class		6,191		12,597

The investment portfolio of the Target Fund, with a market value of $34,252,539 and identified cost of $34,244,073 at February 24, 2012, was the principal asset acquired by the Survivor Fund. For financial reporting purposes, assets received and shares issued by the Survivor Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Survivor Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Immediately prior to the

acquisition, the Survivor Fund’s net assets were $73,746,391. The Target Fund’s net unrealized appreciation of investments at acquisition date was $8,466.

See Note 9 in the Notes to Financial Statements for the changes in shares outstanding for the Survivor Fund during the six months ended May 31, 2012.

b. New Funds

On December 1, 2011, Allianz NFJ International Value II Fund commenced operations as a series of the Trust, offering Class A, C, D, P and Institutional Class shares.

On December 19, 2011, Allianz Global Investors Solutions 2025, Allianz Global Investors Solutions 2035, Allianz Global Investors Solutions 2045 and Allianz Global Investors Solutions 2055 each commenced operations as a series of the Trust, with each Fund offering Class A, P, R, Institutional and Administrative Class shares.

On December 19, 2011, Allianz AGIC Global Managed Volatility commenced operations as a series of the Trust, offering Class A, C, D, P and Institutional Class shares.

c. Fund Liquidation

On May 21, 2012, Allianz AGIC International Growth liquidated as a series of the Trust.

d. New Share Classes

On December 19, 2011, Allianz AGIC Micro Cap and Allianz AGIC Ultra Micro Cap began offering Class A shares.

12. SUBSEQUENT EVENTS

On June 1, 2012, Allianz NFJ International Small-Cap Value commenced operations as a series of the Trust. The investment objective is to seek long-term capital appreciation.

On June 21, 2012, the following Funds declared net investment income dividends to shareholders, payable June 21, 2012 to shareholders of record on June 20, 2012:

Fund Name	Class A		Class B		Class C		Class D		Class R		Institutional Class		Administrative Class		Class P
AGI Solutions Global Allocation	$	0.04849	$	0.02536	$	0.02858	$	0.04952	$	0.04277	$	0.05571	$	0.04905	$	0.05329
AGI Solutions Retirement		0.08651		N/A		0.05340		0.08211		0.07031		0.10168		0.08943		0.10075
AGIC Convertible		0.08374		N/A		0.03640		0.07416		0.06079		0.10686		0.08829		0.09746
AGIC High Yield Bond		0.06023		N/A		0.05416		0.06007		0.05896		0.06250		0.06073		0.06174
NFJ Global Dividend Value		0.21551		N/A		0.18127		0.18080		N/A		0.22729		N/A		0.22284
NFJ International Value II		0.20871		N/A		0.18077		0.20871		N/A		0.22187		N/A		0.21808
RCM Short Duration High Income		0.08124		N/A		0.07174		0.07981		N/A		0.08458		N/A		0.08331

On June 22, 2012, Allianz RCM All Alpha liquidated as a series of the Trust.

On July 11, 2012, shareholders of AGIC International Growth Opportunities approved a change in the Fund’s sub-adviser to take effect on July 13, 2012. RCM Capital Management LLC and AGI Europe GmbH assumed the roles of sub-adviser and portfolio manager, respectively. The Fund changed its name to Allianz RCM International Small Cap and adopted a new non-fundamental investment policy to invest at least 80% of its net assets (plus borrowings made for investment purposes) in companies with smaller market capitalizations. Related changes were made to the Fund’s benchmark and portfolio managers.

There were no other subsequent events that require recognition or disclosure. In preparing these financial statements, the Funds’ management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

5.31.12 Allianz Multi-Strategy Funds Semiannual Report 215

Shareholder Meeting Results/Changes to Board of Trustees

(unaudited)

Shareholder Meeting Results:

The Trust on behalf of it series, Allianz AGIC International Growth Opportunities Fund, held a special meeting of shareholders on July 11, 2012. Shareholders voted on the following proposals:

Proposal 1:

Approval of RCM Capital Management LLC as the new sub-adviser to the Fund and the terms of a Sub-Advisory Agreement relating to the Fund between Allianz Global Investors Fund Management LLC and RCM Capital Management LLC.

Proposal 2:

Approval of Allianz Global Investors Europe GmbH as the portfolio manager to the Fund and the terms of a Portfolio Management Agreement relating to the Fund between RCM Capital Management LLC and Allianz Global Investors Europe GmbH.

The Fund’s shareholders voted as indicated below:

	For		Against		Abstain
Proposal 1		2,243,402		55,242		122,530
Proposal 2		2,232,222		66,422		122,530

Changes to Board of Trustees:

Paul Belica retired from the Funds’ Board of Trustees effective December 31, 2011.

216 Allianz Multi-Strategy Funds Semiannual Report 5.31.12

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

(unaudited)

The Investment Company Act of 1940, as amended (the “1940 Act”), 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 and annually approve the continuation of (i) the Trust’s Amended and Restated Investment Management Agreement on behalf of each Fund with Allianz Global Investors Fund Management LLC (the “Investment Manager”), (ii) the Sub-Advisory Agreements between the Investment Manager and the applicable sub-adviser for each Fund, and (iii) the Portfolio Management Agreements between RCM Capital Management LLC (“RCM”) and each of Allianz Global Investors Europe Holding GmbH (“AGIE”), RCM Asia Pacific Limited (“RCM AP”) and Caywood-Scholl Capital Management LLC (“Caywood-Scholl”) for certain Funds in the Trust. The Amended and Restated Investment Management Agreement, the Sub-Advisory Agreements and the Portfolio Management Agreements are collectively referred to herein as the “Agreements”. The sub-advisers for the Funds appearing in this report include Allianz Global Investors Solutions LLC (“AGIS”), Allianz Global Investors Capital LLC (“AGIC”), Fuller & Thaler Asset Management, Inc. (“Fuller & Thaler”), NFJ Investment Group LLC (“NFJ”), RCM, AGIE, RCM AP and Caywood-Scholl (the “Sub-Advisers”).

The new agreements approved during the period covered by this report relate to the organization of Allianz Global Investors Solutions 2025 Fund (the “2025 Fund”), Allianz Global Investors Solutions 2035 Fund (the “2035 Fund”), Allianz Global Investors Solutions 2045 Fund (the “2045 Fund”), Allianz Global Investors Solutions 2055 Fund (“2055 Fund” and, together with the 2025 Fund, 2035 Fund and 2045 Fund, the “New AGIS Funds”), Allianz AGIC Global Managed Volatility Fund (“AGIC Global Managed Volatility Fund”) and NFJ International Small-Cap Value Fund (“NFJ Small-Cap Value Fund” and together with the New AGIS Funds and AGIC Global Managed Volatility Fund, the “New Funds”). At an in-person meeting held on December 13-14, 2011, the Board and the Independent Trustees unanimously approved, for an initial 2-year term, the Agreements with respect to the New AGIS Funds and AGIC Global Managed Volatility Fund, each a new series of the Trust, which commenced operations on December 19, 2011. On April 3-4, 2012, at an in-person meeting, the Board and the Independent Trustees unanimously approved, for an initial two-year term, the Agreements with respect to NFJ Small-Cap Value Fund, a new series of the Trust, which commenced operations on June 1, 2012.

At the in-person meeting held on March 13, 2012, the Board and the Independent Trustees unanimously approved the continuation of the Agreements for an interim period from April 1, 2012 through April 30, 2012 with respect to the Allianz AGIC Convertible Fund, Allianz AGIC Focused Opportunity Fund, Allianz AGIC High Yield Bond Fund, Allianz AGIC International Growth Fund¹, Allianz AGIC International Growth Opportunities Fund², Allianz AGIC Micro Cap Fund, Allianz AGIC Ultra Micro Cap Fund, Allianz AGIC U.S. Emerging Growth Fund, Allianz NFJ Global Dividend Value Fund, Allianz Global Investors Solutions 2015 Fund (the “2015 Fund”), Allianz Global Investors Solutions 2020 Fund (the “2020 Fund”), Allianz Global Investors Solutions 2030 Fund (the “2030 Fund”), Allianz Global Investors Solutions 2040 Fund (the “2040 Fund”), Allianz Global Investors Solutions 2050 Fund (the “2050 Fund”), Allianz Global Investors Solutions Global Allocation Fund, Allianz Global Investors Solutions Global Growth Allocation Fund, Allianz Global Investors Solutions Retirement Income Fund, Allianz RCM China Equity Fund, Allianz RCM Disciplined Equity Fund, Allianz RCM Global Water Fund and Allianz RCM Redwood Fund (the “Renewal Funds” and together with the New Funds, the “Funds”).

At the in-person meeting held on April 3-4, 2012, the Board and the Independent Trustees unanimously approved the continuation of the Renewal Funds Agreements for an additional one-year period.

¹  AGIC International Growth Fund was liquidated on May 21, 2012.

²  Effective on July 16, 2012, the Fund changed its name to Allianz RCM International Small-Cap Fund.

The material factors and conclusions that formed the basis of these approvals for the Funds are discussed below.

The Independent Trustees were assisted in their evaluation of the factors that they deemed to be material, including those factors described below, by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Fund management during the contract review meetings.

In connection with their deliberations regarding the approval of the Agreements, the Trustees, including 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 Trustees considered the nature, extent and quality of the various investment management, administrative and other services to be performed by the Investment Manager and the Sub-Advisers under the Agreements.

In connection with their contract review meetings, the Trustees received and relied upon materials provided by the Investment Manager including, among other items: (i) information provided by Lipper, Inc. (“Lipper”) for all the Funds except the New AGIS Funds and AGIC Global Managed Volatility Fund for which the peer group data was provided by Morningstar Direct (“Morningstar”), on the investment performance of a group of funds with investment classifications and/or objectives comparable to those of the Funds identified by Lipper or Morningstar, as applicable, and the performance of applicable benchmark indices and on the total return investment performance (based on net assets) of the Renewal Funds for various time periods; and (ii) information on the New Funds’ management fees and other anticipated expenses and on the Renewal Funds’ management fees and other expenses and information provided by Lipper or Morningstar, as applicable, on the management fees and other expenses of comparable funds identified by Lipper or Morningstar, as applicable; (iii) information regarding the investment performance and management fees of comparable portfolios of other clients of the Sub-Advisers, including institutional separate accounts and other clients, (iv) an estimate of the profitability to the Investment Manager and its affiliates from their relationship with the New Funds and the estimated profitability to the Investment Manager from its relationship with the Renewal Funds for the twelve months ended December 31, 2011; (v) descriptions of various functions to be performed by the Investment Manager, and the Sub-Advisers for the Funds, such as portfolio management, compliance monitoring and portfolio trading practices, and (vi) information regarding the overall organization of the Investment Manager and the Sub-Advisers, including information regarding senior management, portfolio managers and other personnel proposed to provide investment management, administrative and other services to the Funds. The Trustees’ conclusions as to the approval of the Agreements were based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. The Trustees evaluated all information available to them on a fund-by-fund basis, and their determinations were made separately in respect of each Fund. However, they also took into account in their review those interests of each series of the Trust that were in common.

Fund-specific performance results reviewed by the Trustees are discussed below, though, due to the passage of time, they are likely to differ from performance results for more recent periods, including those shown elsewhere in this report.

Funds Sub-Advised by AGIS (AGIS Funds). The Trustees reviewed comparative information showing performance of the AGIS 2015, AGIS 2020, AGIS 2030, AGIS 2040, AGIS 2050, AGIS Global Allocation, AGIS Global

5.31.12 Allianz Multi-Strategy Funds Semiannual Report 217

Matters Relating to the Trustees’ Consideration of the Investment Management and Portfolio Management Agreements  (Cont.)

(unaudited)

Growth Allocation and AGIS Retirement Income Funds against their respective performance universes. For the AGIS 2015 Fund, performance was above median for the one- and two-year periods. For the AGIS 2020 Fund, performance was below median (in the 4^th quintile) for the one-year period and below median (in the 3^rd quintile) for the two-year period. For the AGIS 2030 Fund, performance was below median (in the 4^th quintile) for the one-year period and below median (in the 3^rd quintile) for the two-year period. For the AGIS 2040 Fund, performance was below median (in the 5^th quintile) for the one-year period and above median for the two-year period. For the AGIS 2050 Fund, performance was below median (in the 4^th quintile) for the one-year period and above median for the two-year period. For the AGIS Global Allocation Fund, performance was below median (in the 5^th quintile) for the one-year period and above median for the two-, three-, five- and ten-year periods. For the AGIS Global Growth Allocation Fund, performance was above median for the one- and two-year periods. For the AGIS Retirement Income Fund, performance was above median for the one- and two-year periods.

Funds Sub-Advised by AGIC (AGIC Funds). The Trustees reviewed comparative information showing performance of the AGIC Convertible, AGIC Focused Opportunity, AGIC High Yield Bond, AGIC International Growth, AGIC International Growth Opportunities, AGIC Micro Cap, AGIC Ultra Micro Cap and AGIC U.S. Emerging Growth Funds against their respective performance universes. For the AGIC Convertible Fund, performance was above median for the one-, two-, three-, five- and ten-year periods (comparison based on institutional share class). For the AGIC Focused Opportunity Fund, performance was above median since inception. For the AGIC High Yield Bond Fund, performance was above median for the one-, two-, three-, five- and ten-year periods (comparison based on institutional share class). For the AGIC International Growth Fund, performance was above median for the one- and two-year periods, below median (5^th quintile) for the three-year period and above median for the five- and ten-year periods. For the AGIC International Growth Opportunities Fund, performance was below median (4^th quintile) for the one- and two-year periods and above median for the three-, five- and ten-year periods (comparison based on institutional share class). For the AGIC Micro Cap Fund, performance was below median for the one-, two- and three-year periods (5^th, 3^rd and 3^rd quintile respectively), above median for the five-year period and below median (3^rd quintile) for the ten-year period (comparison based on institutional share class). For the AGIC Ultra Micro Cap Fund, performance was above median for the one-, two- and three-year periods (comparison based on institutional share class). For the AGIC U.S. Emerging Growth Fund, performance was above median for the one-, two-, three- and five-year periods and below median (4^th quintile) for the 10-year period.

Fund Sub-Advised by NFJ (NFJ Fund). The Trustees reviewed comparative information showing performance of the NFJ Global Dividend Value Fund against its respective performance universe. For the NFJ Global Dividend Value Fund, performance was above median for the one- and two-year periods.

Funds Sub-Advised by RCM (RCM Funds). The Trustees reviewed comparative information showing performance of the RCM Disciplined Equity and RCM Redwood Funds against their respective performance universes. For the RCM Disciplined Equity Fund, performance was below median (3^rd quintile) for the one- and two-year periods and above median for the three-year period. For the RCM Redwood Fund, performance was below median (5^th quintile) since inception.

Fund Sub-Advised by RCM and RCM AP (RCM & RCM AP Fund). The Trustees reviewed comparative information showing performance of the RCM China Equity Fund against its respective performance universe. For the RCM China Equity Fund, performance was below median (4^th quintile) for the one-year period.

Fund Sub-Advised by RCM and AGIE (RCM & AGIE Fund). The Trustees reviewed comparative information showing performance of the RCM Global Water Fund against its respective performance universe. For the RCM Global Water Fund, performance was above median for the one- and two-year periods and below median (3^rd quintile) for the three-year period.

As part of their review, the Trustees examined the ability of the Investment Manager and the Sub-Advisers to provide high-quality investment management and other services to the Funds. The Trustees considered the investment philosophy and research and decision making processes of the Sub-Advisers; the experience of key advisory personnel of the Sub-Advisers responsible for portfolio management of the Funds; the ability of the Investment Manager and the Sub-Advisers to attract and retain capable personnel; the capability and integrity of the senior management and staff of the Investment Manager and the Sub-Advisers; and the level of skill required to manage the Funds. In addition, the Trustees reviewed the quality of the Investment Manager’s and the Sub-Advisers’ services with respect to regulatory compliance and ability to comply with the investment and compliance policies and procedures of the Funds; the nature, extent and quality of certain administrative services the Investment Manager would be responsible for providing to the New Funds and is responsible for providing to the Renewal Funds; and conditions that might affect the ability of the Investment Manager or the Sub-Advisers to provide high-quality services to the Funds in the future under the Agreements, including each organization’s respective business reputation, financial condition and operational stability. Based on the foregoing, the Trustees concluded that the Sub-Advisers’ investment process, research capabilities and philosophy were well-suited to each Fund given its investment objectives and policies, and that the Investment Manager and the Sub-Advisers would be able to meet and/or continue to meet any reasonably foreseeable obligations under each Agreement.

In assessing the reasonableness of the Funds’ fees under the Agreements, the Trustees considered, among other information, each Fund’s management fee (or, in the case of the 2015 Fund, 2020 Fund, 2030 Fund, 2040 Fund and 2050 Fund, each Fund’s advisory fee) and the expected and/or actual total expense ratio as a percentage of average daily net assets and the management fees and total expense ratios of comparable funds identified by Lipper or Morningstar, as applicable. The Trustees also noted the management fee waiver agreement and expense limitation agreements for the Funds that cap expenses.

In comparing the Funds to their respective Lipper or Morningstar, as applicable, peers with respect to expenses, the Trustees noted that the Funds were not charged a separate administration fee, recognizing that their management fee includes a component for administrative services, while many peer funds in the Lipper or Morningstar, as applicable, categories have separate advisory and administration agreements with separate fees. Therefore, the Trustees, at the recommendation of the Investment Manager, also considered the expected total expense ratio of each New Fund and estimated total expense ratios of the Renewal Funds compared to the total expenses of the peer funds, recognizing that the fees for management and administrative services and other non-management fees would be subsumed within the total expense ratio.

The Trustees reviewed information provided by Lipper and an independent consultant comparing each Fund’s advisory fee or management fee and ratios of total expenses (less Rule 12b-1 /distribution fees) to net assets (“total expense ratios”) for two share classes (retail and institutional share classes) to those of a group of comparable funds for the most recent fiscal year ended November 30, 2011. The Fund-specific fee and expense results discussed below were prepared and provided by Lipper and other sources that were not independently verified by the Trustees.

AGIS Funds. For the AGIS 2015 and AGIS Retirement Income Funds, advisory fees and total expense ratios were below median (meaning the

218 Allianz Multi-Strategy Funds Semiannual Report 5.31.12

advisory fees and total expense ratios of these Funds were less than the median fees and expenses in their peer group) for both the retail and institutional expense groups. For the AGIS 2020 Fund, advisory fees were below median for both the retail and institutional expense groups and total expense ratios were at median for both the retail and institutional expense groups. For the AGIS 2030 Fund, advisory fees were below median for both the retail and institutional expense groups and total expense ratios were above median (in the 4^th quintile) for the retail expense group and below median for the institutional expense group. For the AGIS 2040 and AGIS 2050 Funds, advisory fees were below median for both the retail and institutional expense groups and total expense ratios were above median (in the 4^th and 5^th quintiles respectively) for the retail and institutional expense groups. For the AGIS Global Allocation Fund, management fees were above median (in the 5^th quintile) for both the retail and institutional expense groups and total expense ratios were above median (in the 3^rd quintile) for the retail expense group and at median for the institutional expense group. For the AGIS Global Growth Allocation Fund, management fees were above median for both the retail and institutional expense groups and total expense ratios were at median for the retail expense group and below median for the institutional expense group.

AGIC Funds. For the AGIC Convertible, AGIC Focused Opportunity, AGIC High Yield Bond, AGIC U.S. Emerging Growth and AGIC International Growth Funds, management fees and total expense ratios were below median for both the retail and institutional expense groups. For the AGIC International Growth Opportunities Fund, management fees were above median (4^th quintile) for both the retail and institutional expense groups and total expense ratios were above median (4^th quintile) for both the retail and institutional expense groups. For the AGIC Micro Cap and AGIC Ultra Micro Cap Funds (which did not have Retail Class shares during the period), management fees were above median (5^th quintile) for the institutional expense group and total expense ratios were above median (5^th quintile) for the institutional expense group.

NFJ Fund. For the NFJ Global Dividend Value Fund, management fees were above median (4^th and 5^th quintile respectively) for both the retail and institutional expense groups and total expense ratios were above median (3^rd and 4^th quintiles respectively) for the retail and institutional expense groups.

RCM Funds. For the RCM Disciplined Equity and RCM Redwood Funds, management fees were below median for both the retail and institutional expense groups and total expense ratios were below median for both the retail and institutional expense groups.

RCM & RCM AP Fund. For the RCM China Equity Fund, management fees were below median for both the retail and institutional expense groups and total expense ratios were below median for both the retail and institutional expense groups.

RCM & AGIE Fund. For the RCM Global Water Fund, management fees were below median for both the retail and institutional expense groups and total expense ratios were above median (4^th quintile) for both the retail and institutional expense groups.

Because the New Funds had not yet commenced operations, the Trustees did not have investment performance to compare to each New Fund’s respective peer group’s returns.

To the extent possible, the Trustees considered each Fund’s management fee charged by the Investment Manager and respective Sub-Adviser to other clients, including traditional domestic funds relative to international funds and sector funds. The Trustees noted that the management fee to be paid by the New Funds was generally in line with the fees paid by other institutional funds managed by AGIS, AGIC and NFJ, respectively. The Trustees also considered the estimate of the profitability of the Investment Manager and its affiliates from their investment management relationship with the New Funds. Additionally, the Trustees considered the estimated profitability of the Investment Manager from its relationship with each Renewal Fund and determined that such profitability did not appear to be excessive. The Trustees also took into account that, as open-end investment companies, the Funds intend to raise additional assets, so as the assets of the Funds grow over time, the Funds could gain potential economies of scale by having their expenses spread over an increasing asset base, thus potentially lowering the total fund expenses as a percentage of fund assets. Additionally, the Trustees considered so-called “fall-out benefits” to the Investment Manager, the Sub-Advisers and their affiliates, such as reputational value derived from serving as Investment Manager and Sub-Advisers to the Funds.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the Agreements, that they were satisfied with the Investment Manager’s and Sub-Advisers’ responses and efforts to continue to improve the Renewal Funds’ investment performance. The Trustees also considered the management fees charged by the Sub-Advisers to other clients, traditional domestic funds relative to international funds and sector funds and, where applicable, fees charged by the Sub-Advisers to institutional and separate account clients with investment strategies similar to those of the Renewal Funds. Regarding the institutional separate accounts, the Trustees noted that the management fees paid by the Renewal Funds are either in line with or slightly higher than the fees paid by these clients of the Sub-Advisers, but were advised that the administrative burdens for the Investment Manager and the Sub-Advisers with respect to the Renewal Funds were relatively higher, due in part to the more extensive regulatory regime to which the Renewal Funds are subject in comparison to institutional separate accounts. The Trustees also concluded that the fees payable under each Agreement represent reasonable compensation in light of the nature, extent and quality of services to be provided by the Investment Manager or Sub-Advisers, as the case may be.

5.31.12 Allianz Multi-Strategy Funds Semiannual Report 219

Allianz Funds Multi-Strategy Trust

Trustees

Hans W. Kertess

Chairman of the Board of Trustees

Deborah A. DeCotis

Bradford K. Gallagher

James A. Jacobson

John C. Maney

William B. Ogden, IV

Alan Rappaport

Officers

Brian S. Shlissel

President

Lawrence G. Altadonna

Treasurer, Principal Financial & 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

Lagan Srivastava

Assistant Secretary

Richard H. Kirk

Assistant Secretary

Investment Manager

Allianz Global Investors Fund Management LLC

1633 Broadway

New York, NY 10019

Sub-Advisers

Allianz Global Investors Capital LLC

600 West Broadway, Suite 2900

San Diego, CA 92101

Allianz Global Investors Europe GmbH

Mainzer Lanstrasse 11-13

Frankfurt-am-Main, Germany

Allianz Global Investors Solutions LLC

600 West Broadway

San Diego, CA 92101

Caywood-Scholl Capital Management LLC

4250 Exectutive Square, Suite 400

La Jolla, CA 92037

Fuller & Thaler Asset Management, Inc.¹

411 Borel Avenue, Suite 300

San Mateo, CA 94402

NFJ Investment Group LLC

2100 Ross Avenue, Suite 700

Dallas, TX 75201

RCM Asia Pacific Limited

21st 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

1633 Broadway

New York, NY 10019

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, 5^th Floor

Kansas City, MO 64105

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

300 Madison Avenue

New York, NY 10017

Legal Counsel

Ropes & Gray LLC

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.

The financial information included herein is taken from the records of the Funds without examination by an independent registered public accounting firm, who did not express an opinion herein.

Contact your financial adviser, or if you receive account statements directly from Allianz, you can also call (800) 988-8380 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.

¹  Fuller & Thaler Asset Management, Inc. is an independently owned investment firm.

About Allianz Global Investors

We are active asset managers operating across 19 markets with specialized in-house research teams around the globe. We manage more than $392 billion in assets for individuals, families and institutions worldwide and employ almost 2,800 people, including 500 investment professionals.*

For more information about any of our investment solutions or client services, call your financial advisor or visit www.allianzinvestors.com.

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: A, B, C, D & R) or 1-800-498-5413 (Class P, Institutional and Administrative classes). Please read the prospectus carefully before you invest or send money.

* As of 3/31/12

Allianz Global Investors Fund Management LLC serves as the investment manager for the Allianz Funds and the Allianz Multi-Strategy Funds. Allianz Funds and the Allianz Multi-Strategy Funds are distributed by Allianz Global Investors Distributors LLC. ^© 2012. For information about any product, contact your financial advisor.

Receive this report electronically and eliminate paper mailings.

To enroll, go to www.allianzinvestors.com/edelivery.

AZ750SA_053112

AGI-2012-05-24-3904

ITEM 2. CODE OF ETHICS

(a) Not required in this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not required in this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not required in this filing.

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.

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 were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Trustees since the Fund’s last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The registrant’s President and Treasurer, Principal Financial & Accounting Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))), 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 control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-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) Not required in this filing.

(a) (2) Exhibit 99.302 Cert. — Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

(a) (3) Not applicable

(b) Exhibit 99.906 Cert. — Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Signatures

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: July 30, 2012

By:	/s/ Lawrence G. Altadonna
	Lawrence G. Altadonna
	Treasurer, Principal Financial &
	Accounting Officer

Date: July 30, 2012

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: July 30, 2012

By:	/s/ Lawrence G. Altadonna
	Lawrence G. Altadonna
	Treasurer, Principal Financial &
	Accounting Officer

Date: July 30, 2012