Exhibit (d)(2)(x)

               FORM OF NOVATION OF PORTFOLIO MANAGEMENT AGREEMENT

         This Novation Agreement is entered into this 30/th/ day of September,
2002 by and among Allianz Dresdner Asset Management of America L.P. (formerly
PIMCO Advisors L.P.) ("ADAM"), a Delaware limited partnership, PIMCO Equity
Advisors LLC ("PEA"), a Delaware limited liability company, and PIMCO Funds
Advisors LLC ("PFA"), a Delaware limited liability company.

         WHEREAS, PIMCO Funds: Multi-Manager Series (the "Trust") has retained
ADAM to render management services to the Trust's series pursuant to an
Investment Advisory Agreement dated May 5, 2000, as from time to time amended or
supplemented, and such agreement authorizes ADAM to engage sub-advisers to
discharge ADAM's responsibilities with respect to the management of such series;

         WHEREAS, ADAM has appointed PEA to act as portfolio manager to PIMCO
Value, Renaissance, Growth & Income, Growth, Select Growth, Target, Opportunity,
Innovation, Healthcare Innovation, Global Innovation and Select Value Funds (the
"Funds") pursuant to the terms of the Portfolio Management Agreement dated
December 31, 2001, by and between ADAM and PEA (as from time to time amended or
supplemented, the "Portfolio Management Agreement");

         WHEREAS, ADAM, PFA and PEA are all registered with the SEC as
investment advisors under the Investment Advisers Act of 1940 and the rules and
regulations thereunder, as amended from time to time;

         WHEREAS, the Trust and ADAM desire that ADAM be replaced as the Funds'
investment advisor by PFA in a transaction which does not result in a change of
actual control or management in accordance with Rule 2a-6 of the Investment
Company Act of 1940; and

         WHEREAS, ADAM desires to affect a novation of the Portfolio Management
Agreement so that PFA is substituted for ADAM as a party to such agreement and
ADAM is released from its obligations under such agreement, PFA desires to
accept the novation thereof, and PEA desires to consent to such novation;

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein, the parties hereto agree as follows:

         1.    Novation and Acceptance. Subject to the terms and conditions
contained herein, ADAM hereby affects a novation of the Portfolio Management
Agreement to substitute PFA for ADAM as party to such agreement (the
"Novation"), PEA hereby consents to such Novation and hereby releases ADAM from
all of its duties and obligations under the Portfolio Management Agreement, and
PFA hereby accepts the Novation and hereby releases ADAM from all of its duties
and obligations under the Portfolio Management Agreement and assumes all rights,
duties and obligations of ADAM under such agreement. Any procedures established
from time to time by agreement between ADAM and PEA shall be assigned to PFA,
subject to the terms and conditions contained herein and subject to amendment by
mutual agreement of PFA and PEA.



         2. Term. The Novation shall become effective on the date hereof and
shall extend for so long as the terms specified in Section 14 of the Portfolio
Management Agreement are satisfied or until terminated in accordance with said
Section 14.

         3. No Termination. The parties agree that the Novation shall not
constitute an "assignment" of the Portfolio Management Agreement for purposes of
Section 14 of the Portfolio Management Agreement or the 1940 Act, and that the
Portfolio Management Agreement, as so novated, shall remain in full force and
effect after the Novation.

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         IN WITNESS WHEREOF, the parties hereto have caused this Novation
Agreement to be executed as of the day and year first above written.

                                                 ALLIANZ DRESDNER
                                                 ASSET MANAGEMENT
                                                 OF AMERICA L.P.


                                                 By:______________________
                                                 Name:
                                                 Title:



                                                 PIMCO EQUITY ADVISORS LLC


                                                 By:______________________
                                                 Name:
                                                 Title:




                                                 PIMCO FUNDS ADVISORS LLC


                                                 By:______________________
                                                 Name:
                                                 Title: